Category: Industry
Union Bank (UBC) continues to stagnate 4 years after historic TPG investment
July 25, 2018 (LBO) – Colombo Stock Exchange listed Union Bank of Colombo (UBC) reported lacklustre results for the quarter ended June 2018. These results have been a continuation of the slow performance the company has displayed over the last several years. Although showing decent growth in revenue, operating income, and profit after tax, the […]
USD 100Mn World Bank aid to modernize the education system in Sri Lanka
Jul 25, 2018 (LBO) – Sri Lanka signed a US 100 million dollas credit agreement with the World Bank to support Sri Lanka’s efforts to strengthen and modernize the general education system in the country, the Finance Ministry said. The General Education Modernization Project (GEM)will modernize and diversify the curriculum of general education in keeping with the transformation […]
USD25.6 million contribution from Wathupitiwela EPZ to export earnings
Jul 25, 2018 (LBO) – The BOI’s Wathupitiwela Export Processing Zone (WEPZ) has contributed US 25,599,216.25 dollars (US$ 25.6 Mn) in export revenue as at end of March 2018, a statement said. WEPZ is located in the Gampaha District, about 42 Km away from Colombo.It was established in 1998 on a land area of 123.17 […]
Cabinet nod for Govt. to write off microfinance debt
Jul 25, 2018 (LBO) – Sri Lanka’s government approved a Cabinet paper to write off non-consumption loans up to 100,000 rupees given to women by all registered finance companies. “This scheme of relief initially will be limited to women who have obtained microfinance loans for non-consumption purposes in 12 drought-affected districts, the Finance Ministry said in […]
‘s HDFC Bank
Jul 24, 2018 (LBO) – Fitch Ratings has maintained Housing Development Finance Corporation Bank of Sri Lanka’s (HDFC Bank) National Long-Term Rating of ‘BBB-(lka)’ on Rating Watch Negative (RWN), a statement said. “The RWN, first placed in August 2017, has been maintained pending a capital infusion from the Sri Lankan state (B+/Stable) to help HDFC […]
CSE listed Asian Hotels (AHPL) profit evaporates as new competitors emerge
July 24, 2018 (LBO) – Colombo Stock Exchange listed Asian Hotels and Properties (AHPL) reported weak results for the quarter ended June 30, 2018. Revenue was down 14% and profits were down sharply by 77%. The listed group owns the Cinnamon Grand and Cinnamon Lakeside hotels, making it the owner of the largest amount of […]
EGUARDIAN brings Fortinet’s third generation of network security toSri Lanka
(PRESS RELEASE) – EGUARDIAN Lanka, Sri Lanka’s leading value added IT distributor, recently held a knowledge sharing forum for their customers on Fortinet’s Security Fabric at the Cinnamon Grand. IT Heads from finance, telecom and software industry were in attendance to learn about the latest innovationsto the Security Fabric that can help protect their networks […]
Sri Lanka to launch electric three wheelers by 2020
Jul 24, 2018 (LBO) – Sri Lanka together with Japan Sri Lanka Comprehensive Partnership secretariat and T-PLAN has built an electric three-wheeler. “I am indeed encouraged by the electric three-wheeler developed by Japan Sri Lanka Comprehensive Partnership secretariat and T-PLAN,” Mangala Samaraweera, Minister of Finance said. “It is considered to have incorporated some of the cutting-edge technology […]
Sri Lanka announces biggest youtube meetup of the year with “YouTube Open Mic”
YouTube Open Mic Night is the first of its kind in Sri Lanka, and an event to bring together the country’s leading YouTube Celebrities, Brand Ambassadors, Content Creators, Influencers and YouTube Enthusiasts and will be happening on 10th of August from 6pm onwards at the Spice Room at Shangri-La Hotel, Colombo. This event is powered […]
Opinion: Suren Ratwatte was underpaid as CEO of Sri Lankan Airlines
July 23, 2018 (LBO) – A recent uproar has been created by the Right to Information Commission’s disclosure of the executive compensation package of former Sri Lankan Airlines CEO Suren Ratwatte.The disclosure indicated that Ratwatte made approximately US$20,000 monthly basic salary as CEO, plus perks which can be estimated at US$5000 per month. The indicates […]
Colombo Port transshipments up by 19.8-pct in 1H; targets 7mn TEUs for 2018
July 22, 2018 (LBO) – Establishing a record in transshipment operations, the Colombo Port has witnessed the highest growth of 19.8 percent in transshipment container throughput for the first half of 2018 as against the corresponding period in 2017.During the first half of 2018, the Port of Colombo handled 2,733,906 TEUs of transshipment containers as […]
Guardian Acuity Asset Management Unit Trust Funds bags Gold and Silver
MEDIA RELEASE July 22, 2018 (LBO) – Guardian Acuity Asset Management underlined its position as one of Sri Lanka’s leading unit trust management companies, winning the Gold and Silver awards for the Best Unit Trust Fund at the CFA Sri Lanka Capital Market Awards 2018, held in Colombo Tuesday 26th June 2018. The Guardian Acuity […]