Category: Industry
Sri Lanka to implement tranche 2 of green power development program
Oct 18, 2018 (LBO) – Sri Lanka plans to implement the tranche 2 of the green power development and energy efficiency improvement investment program. The program includes three major components; transmission infrastructure enhancement, efficiency improvement of medium voltage network and demand-side management improvement for energy efficiency. Accordingly, Secretary of the Finance Ministry Dr.R H S […]
Sri Lanka vehicle registrations down in Sept 2018
Oct 17, 2018 (LBO) – Sri Lanka’s motor car registrations dropped to 4,990 units in September 2018 from 7,003 in the previous month following hike in taxes imposed by the government earlier this year, data compiled by JB Securities equities research shows. Total registrations were down to 34,293 units from 43,190 in the month of August. […]
Pharma industry withdraws 11 drugs from market: Importing not commercially viable
Oct 17, 2018 (LBO) – The Sri Lanka Chamber of Pharmaceutical Industry (SLCPI) in a statement to media said that despite persistent appeals, the Government has failed to address the issue of a fair and proper pricing mechanism for pharmaceutical products in light of the sharply depreciating Sri Lankan Rupee against the US Dollar. “With over […]
Sri Lanka DoC in breakthrough entry to world’s largest retail market
Sri Lanka’s Department of Commerce (DoC) has reported the country’s largest ever global trade linkage for Sri Lankan exports sector so far on 16 October in Colombo. The DoC also stressed that for the first time in a decade, Sri Lankan exports to this huge market has doubled. “The visit of China National Agriculture Wholesale […]
Mitra announces strategic plans to expand SL company in 2019 and rapidly growing ASEAN and East African regions
Oct 16, 2018 (LBO) – Mitra Innovation announced its plans for rapid global expansion this week, during their annual leadership and strategy programme in Colombo, Sri lanka. During the conference, the Mitra Innovation founders shared experiences and insights relating to the organisation’s progress during the year 2018. The founders also revealed plans to expand operations […]
SAARC looks to go high tech to boost regional trade : Minister
Oct 15, 2018 (LBO) – Despite low trade within the region, there is potential for using information and communication technologies to contribute to social and economic progress across South Asian countries, Minister of Industry and Commerce said. “Despite the challenges, the e-commerce and related sectors in the South Asian countries offer huge business and investment […]
FMO supports Nations Trust Bank’s growth and drives job creation in Sri Lanka
Oct. 15, 2018 (LBO) – FMO, a Dutch Development Bank recently arranged a US 50 million dollar syndicated loan for Nations Trust Bank (NTB) in Sri Lanka. The loan supports further growth in Nations Trust Bank’s business banking activities which, for a number of years,has been strategically geared more towards small and medium enterprises and […]
Amalgamation of Janashakthi General with Allianz Insurance completed
Oct 15, 2018 (LBO) – Allianz Insurance Lanka Limited (Allianz Lanka) said, the acquisition of Janashakthi General Insurance in February 2018, has now been successfully completed with the amalgamation of the two firms. The new entity will henceforth operate as Allianz Insurance Lanka Limited. The Company has relocated its head office to No. 675, Dr. Danister […]
MINILANKA HERITAGE PARK, an eco-friendly miniature theme park proposed by ICT4SIDS
Press release from Mr.Vittorio Coco regarding project to advance the United Nations Sustainable Development Goals (SDGs) in Sri Lanka in Tourism sector. The Representative of ICT4SIDS in the Indian Ocean Region, Mr. Vittorio Coco, announced on Tuesday 9th October the initiation and planning phase of the MiniLankaHeritage Park, a multi-stakeholders and ambitious tourism project placing an […]
Global sporting retailer, Decathlon, opens 1st store at Battaramulla
Opening up a whole new world of sports innovation for Sri Lanka, Decathlon Sri Lanka has launched its first store at Battaramulla on 13th October 2018, located at 260/1, Pannipitiya Road, Battaramulla, prominently located beside the Buddhadasa ground. Demonstrating its passion for sports, Decathlon’s store offers a unique sport store concept that showcases 2500 products […]
Sri Lanka revises fuel prices: Diesel not increased
Oct 10, 2018 (LBO) – Sri Lanka’s government increased the prices of petrol and super diesel with effect from midnight Wednesday. Issuing a statement the Ministry of Finance said the price of 92 octane petrol will be increased by six rupees to 155 rupees a litre.95 octane petrol will go up by eight rupees to […]
NDB rights issue 60% subscribed, Rs3.8bn raised
October 10, 2018 (LBO) – Colombo Stock Exchange (CSE) listed NDB Bank has raised Rs3.8bn through a rights issue in difficult market conditions. Although the rights issue aimed to raise over Rs6bn, it was only 60% subscribed. Analysts say that the issue was a relative success, as the subscription was taken up during very difficult […]