Category: Industry
McLarens & Peak Engineering to offer facilities management solutions through new JV company
Jun 18, 2018 (LBO) – McOcean Property Developers (Pvt) Ltd., (a member of the McLarens Group) in a joint venture with Peak Engineering & Consultancy (Pte) Ltd., of Singapore, launched McPeak Lanka (Private) Limited; a company that offers Integrated Facilities Management Solutions to the local market. McPeak Lanka intends to provide integrated facilities management solutions […]
SriLankan will continue to fly : The airline to break-even in three years: Min Kiriella
Jun 18, 2018 (LBO) – The government has no plans to close down SriLankan Airlines but the National carriers’ income and expenditure should be bridged, Minister Lakshman Kiriella said. The Minister of Public Entreprise and Kandy City Development also said that the airline is likely to break-even in three years. He made these comments while on […]
Kim Jong Un finds Singapore clean and beautiful, impressed by its economic development
BY ALVIN CHENG-HIN LIM On June 12, 2018, the US and North Korean leaders Donald Trump and Kim Jong-un held a summiton Sentosa island in Singapore in which they committed to establishing a “new relationship” between their countries “in accordance with the desire of the peoples of the two countries for peace and prosperity,” and […]
Sri Lanka’s private insurance providers exploit language barrier: Research
Jun 15, 2018 (LBO) – Sri Lanka’s top five general insurance providers which account for two-thirds of the market share, is seem to exploit the language barrier as none of them issue insurance documents for certain policies in Sinhala and Tamil, a recent research showed. The research study conducted by Verité Research has found out […]
Sri Lanka to introduce Euro 4 fuel in July, No impact on current pricing
Jun 14, 2018 (LBO) – Sri Lanka’s Ministry of Petroleum Resources Development said the Government will introduce Euro 4 fuel to the market and replace super diesel and 95 octane petrol, in July.“Euro 4 doesn’t affect petrol (Octane 92) and auto diesel to leave the market and the prices won’t also rise.Euro 4 will be sold as […]
Fitch-rated finance Cos unlikely to face immediate rating action despite new Regs
Jun 14, 2018 (LBO) – Fitch Ratings says finance companies rated by them are unlikely to face immediate rating action, as they believe all have adequate capital to meet the thresholds that will apply from 1 July 2018. Even after taking account of potential RWA changes, based on the current asset mix – and most […]
Fitch revises Sampath Bank outlook to stable from negative; affirms A+(lka)
Jun 13, 2018 (LBO) – Fitch Ratings has affirmed the National Long-Term Rating of Sampath Bank at A+(lka) and revised the outlook to stable from negative. Fitch has also affirmed Sampath Bank’s subordinated debentures at A(lka). KEY RATING DRIVERS The revision in the Outlook reflects Fitch’s expectation that the bank would be able to sustain […]
Beira Lake to be developed into Commercial hub in Colombo
Jun 13, 2018 (LBO) – Over 200 acres of land around the Baire Lake in Colombo 02 belonging to the Ports Authority, Sathosa and Transport Ministry are being developed as Commercial hub, the ministry of Megapolis and Western Development said.Speaking at the launch of a three kilometre linear park along Beira Lake Megapolis Minister Patali Ranawaka […]
Chevron Lubricants Lanka (LLUB) in Decline as CEO Kishu Gomes Exits
June 12, 2018 (LBO) – On May 22, 2018 Kishu Gomes resigned as Managing Director/CEO and as a Director of Chevron Lubricants Lanka with ‘immediate effect’ as per stock exchange disclosure. He was immediately replaced by the company’s Chairman Rochna Kaul, who has served as General Manager Chevron Lubricants in Pakistan. The abrupt resignation came […]
High Tech Swiss firm eyes Sri Lanka for investment
Jun 11, 2018 (LBO) – KUK Electronics AG, a high technology swiss electronic manufacturer are exploring the the possibility of setting up a manufacturing plant in Sri Lanka with the objective of exporting their products. KUK Electronic AG, which was established in 1990 in Appenzell, Switzerland, operates production facilities in China, Slovakia, France, The Netherlands […]
SLASSCOM to organise IT /BPM week in Galle
Jun 11, 2018 (LBO) – As part of SLASSCOM’s initiative to advocate the creation of regional cities and bring about inclusive growth to Sri Lanka, it is organising Galle IT/BPM Week on 22 June, 6th and 7th of July 2018 to build human capacity in the regional cities. Galle IT Week is the third of […]
SriLankan Airlines CEO Suren Ratwatte retires amid Commission hearings
June 08, 2018 (LBO) – SriLankan Airlines CEO Suren Ratwatte has submitted a letter announcing his early retirement, few days after Presidential Commission on SriLankan and Mihin commenced witness hearings. Ratwatte appointed as the Chief Executive Officer of SriLankan Airlines and Mihin Lanka with effect from October 2015. Presidential Commission is to investigate alleged irregularities […]