Category: Industry
Cargills Bank gathers momentum in 2017
(PRESS RELEASE) – In its third year of operations, Cargills Bank achieved a satisfactory profit before tax of Rs. 621Mn, which included a substantial one-off gain of Rs. 410 Mn. The Bank’s Net Interest Income grew 55% to reach Rs. 1.48 Bn, whilst Net Fee and Commission Income increased by 43% to Rs. 114Mn during […]
‘s CPC receives overhaul to boost efficiency
Apr 19, 2018 (LBO) – The Ceylon Petroleum Corporation’s (CPC) Sapugaskanda Oil Refinery successfully completed a 35-day overhaul and renovation programme recently, aimed to boost efficiency, reliability and productivity of the refinery. The 50-year-old facility,which is the only oil refinery in Sri Lanka, refines imported crude oil to supply 30 percent of the energy demand […]
Sri Lanka pledges support for Commonwealth small states trade finance facility
Apr 18, 2018 (LBO) – Sri Lanka pledged financial contribution to setup the Small States Trade Financial Facility, In order to help Small States get access to global markets. On the margins of the ongoing Commonwealth Heads of Government Meeting in the United Kingdom. Mangala Samaraweera, minister of finance signed this agreement on behalf of […]
Sri Lanka Govt to ensure continued progress of financial inclusion: Fin Min
Apr 18, 2018 (LBO) – Minister of Finance Mangala Samaraweera says it is important for the Sri Lankan financial system to have robust access and engagement with the global financial architecture. The challenge for countries like Sri Lanka is how to ensure continued progress of financial inclusion, he said. “One negative fall-out is “de-risking”, the scenario […]
Sri Lanka Police arrests suspects in tourist assault in Mirissa
Apr 18, 2018 (LBO) – Sri Lanka’s Tourist Police is actively involved in the investigation and is assisting the Weligama police by facilitating contact with the victims in an incident where a group of tourists were sexually harassed and assaulted a few days ago. “Some of them have left the island. The police are in touch […]
Virtusa says 85-pct businesses plan to invest in digital transformation in 2018
Virtusa Corporation(NASDAQ GS:VRTU), a global provider of digital engineering and IT outsourcing services that accelerate business outcomes for its clients, announced the findings of The Digital Transformation Race Has Begun, a September 2017 study commissioned by Virtusa and conducted by Forrester Consulting, that reflects the digital maturity of firms worldwide. The study evaluates the state of […]
Sri Lanka’s CEB threaten TU action, Says not liable for inconvenience to public
Apr 17, 2018 (LBO) – Sri Lanka’s Ceylon Electricity Board Engineers Union (CEBEU), of the state owned electricity supplier Ceylon Electricity Board (CEB) is to take a trade union action from 20th April against its regulator Public Utilities Commission of Sri Lanka demanding the approval CEB’s power generation plan. The regulator amended and approved the […]
DFCC relaunches their credit cards
DFCC Bank relaunched their Credit Card range at a special event on 28 March at the Cinnamon Grand, Colombo amidst a large gathering of clients, prominent personalities, Directors, CEOs, top Executives and Business Leaders of the industry.Adding a nice twist to the event, a fashion show was staged depicting the variety of cards the Bank […]
Sri Lanka Central Bank issues warning on virtual currencies
Apr 17, 2018 (LBO) – The Central Bank has warned the pubic about the use of “virtual currencies”, commonly used to refer to digitally created representations of value that are issued by private developers and denominated in their own unit of account. “It is hereby notified to the public that CBSL has not given licence or […]
SriLankan reports revenue of Rs.126.9Bn in 2017/18
Apr 16, 2018 (LBO) – National carrier SriLankan Airlines has achieved a un-audited annual passenger revenue of 126.9 billion rupees (US Dollars 830.7 million) for its just ended financial year of 2017/18. “This is the highest ever in the Company’s 38-year history,” the Airline said in a statement. The revenue comes on the back of recent […]
‘s Norochcholai power plant shuts down temporarily
Apr 12, 2018 (LBO) – The unit one of Lakvijaya power station which is also known as the Norochcholai power station has been shut down following the release of harmful emissions from its smokestack. The provincial environmental authority of North Western province has asked the Norochcholai plant to be shut down from yesterday evening (11/4/18), an official […]
Asia will grow at 6-pct in 2018, Trade risk warnings: ADB
Apr 12, 2018 (LBO) – The Asian Development Bank raised its 2018 economic growth estimate for developing Asia to 6.0 per cent from 5.8 per cent, citing solid export demand, but said US protectionist measures and any retaliation against them could undermine trade. Growth in developing Asia would only ease slightly to 5.9 per cent […]