Category: Industry
Singapore listed Hotel Properties buys Tangalla Bay Hotels for Rs385mn
Aug 30, 2018 (LBO) – Singapore listed hotelier, Hotel Properties Limited (HPL) through an associate company has acquired 94.71 percent stake in Tangalla Bay Hotels in Sri Lanka for 385 million rupees. West Asia Investments Pte Ltd, a newly incorporated associated company of HPL Properties (West Asia) Pte Ltd, which is, in turn, a wholly […]
Opinion: Pulling back the curtain on privatization of Sri Lanka’s plantation sector
Dr. Romesh Bandaranaike shares his unique perspective of Sri Lanka’s plantations With the fate of Sri Lanka’s plantation industry continuing to remain as a hot-button issue of debate in the media, numerous views have been aired on the rationale behind the privatization of state plantations in 1992. In order to clarify the facts regarding privatization […]
SriLankan Airlines increases capacity between Colombo and Singapore
Aug 29, 2018 (LBO) – SriLankan Airlines said it is expanding the capacity on the Colombo-Singapore-Colombo route with the introduction of wide-bodied Airbus A330 aircraft that are equipped with the latest in-flight entertainment systems, luxurious seating and onboard cuisine. Effective 29th October 2018, SriLankan Airlines will increase frequencies to 21 flights per week from the […]
‘s Santani Resort named in Time magazines 100 ‘World’s Greatest Places’
Aug 29, 2018 (LBO) – Sri Lanka’s Santani Resort, has been named in the Time magazines 100 ‘World’s Greatest Places’. “We have received unprecedented international recognition since opening the hotel a year and a half ago, but to be featured on “World’s Greatest” list by TIME is really a great honour,” Vickum Nawagamuwage, Founder/Chief Executive, Santani said. […]
Cotton Collection divests to Softlogic Group
Aug 29, 2018 (LBO) – Sri Lankan fashion retailer, Cotton Collection Ltd. yesterday announced in a statement it has divested for an undisclosed amount its shares to ODEL Plc, a subsidiary of Softlogic Holdings Plc. Niloufer Esufally Anverally, the founder and creator of the all-Sri Lankan brand Cotton Collection, maintains ownership of her alternate brand […]
Ashok Pathirage buying controversial NDB shares after 1 year hiatus
August 28, 2018 (LBO) – Softlogic Chairman and CEO Ashok Pathirage has started buying NDB shares in the open market according to a Colombo Stock Exchange disclosure. His last purchases of stock in the bank were approximately one year ago at significantly higher prices. These new purchases amount to a few million rupees worth of […]
Financial Intelligence Unit enters into MoU with Insurance Regulatory Commission
Aug 28, 2018 (LBO) – In terms of the provisions of the Financial Transactions Reporting Act, No. 6 of 2006 (FTRA), the Financial Intelligence Unit (FIU) of Sri Lanka entered into a Memorandum of Understanding (MOU) with the Insurance Regulatory Commission of Sri Lanka (IRCSL) on August 01, 2018 at the Central Bank of Sri […]
Sri Lanka official reserves at USD9.3Bn : Rupee depreciated by 5.0-pct by Aug 2018
Aug 28, 2018 (LBO) – The Central Bank of Sri Lanka said reflecting developments in the domestic and global foreign exchange markets, the Sri Lankan rupee depreciated by 5.0 percent during the year up to 27 August 2018 against the US dollar. Furthermore, reflecting cross currency movements, the Sri Lankan rupee depreciated against the euro, […]
Japanese Defense Minister commends recent progress of Colombo Port
Aug 27, 2018 (LBO) – Japanese Defense Minister Itsunori Onodera has commended the progress acquired by the Port of Colombo during the recent past, Sri Lanka Ports Authority said.Defense Minister Onodera recently paid a historic visit to the Port of Colombo marking a landmark in the maritime history of Sri Lanka. During the visit, the […]
SAKS analytics introduces disruptive innovation to Sri Lanka, partners with AntWorks
Aug 27, 2018 (LBO) – As regional businesses continue to make incremental progress in their augmentation of technology into operational and strategic business processes, a subsidiary of one of Sri Lanka’s largest and oldest conglomerates, SAKS Analytics, announced a breakthrough partnership with global artificial intelligence (AI) and intelligent automation company, AntWorks, in a bid to introduce […]
STAX presents research on investment and FTA potential at SL-Singapore business council
Aug 27, 2018 (LBO) – Local research consultancy, STAX presented an overall view of key challenges in investment, potential opportunities for investment and growth, and the significance of the Sri Lanka Singapore free trade agreement, recently. Drawing on STAX’s extensive research capabilities and experience operating in the Singaporean market, Manager Firaz Markar presented an overall […]
Data science enthusiasts explore emerging trends at Colombo big data meetup
Aug 27, 2018 (LBO) – Industry professionals, big data enthusiasts, academics and students congregated at the latest edition of the Colombo Big Data Meetup held recently at the Virtusa auditorium. Powered by Virtusa, the interactive sessions apprised participants of the latest developments in Big Data tools and technologies. Selvendra Selvarajah, Associate Architect at Virtusa and […]