Category: Industry
Laugfs enters residential apartment development
June 27, 2017 (LBO) – Sri Lanka’s Laugfs Property Developers, a subsidiary of Laugfs Gas PLC, has formed a fully owned subsidiary to undertake residential apartment complex projects. The new entity, Laugfs on Reid (Private) Limited, incorporated under the Companies Act last week, is located at their head office premises. Laugfs Property Developers (Private) Limited […]
Sri Lanka Economic Summit to discuss need for Smarter Trade Strategy
June 27, 2017 (LBO) – ‘Sri Lanka Economic Summit 2017’ will dig deeper into the island’s trade reform agenda anchored towards new preferential trade pacts, tariff liberalization and export promotion, with the participation of experts representing both local and international trade bodies. A thematic session titled ‘Executing a Smarter Trade Strategy Amidst Turbulence’ will have a […]
Facebook, Microsoft, Twitter, YouTube in forum to counter terrorism
June 27, 2017 (LBO) – Facebook, Microsoft, Twitter and YouTube announced Monday the formation of a ‘Global Internet Forum to Counter Terrorism.’ The companies in a joint statement said the forum “will help us continue to make our hosted consumer services hostile to terrorists and violent extremists.” The forum builds on the EU Internet Forum […]
Fairway Holdings acquires Multi Finance
Fairway Holdings, a rapidly diversifying conglomerate, recently acquired Multi Finance PLC under its umbrella with a view to giving this erstwhile financial institution that is known for its trust for 42 years and excellent array of financial services a veritable boost to serve its clients even better. Multi Finance has shown much resilience and stability […]
Qatar Airways eyes investment in American Airlines
June 23, 2017 (LBO) – Qatar Airways, an airline faced with a middle-eastern diplomatic row, is looking at a stake in American Airlines, the airline said in a statement. “Qatar Airways sees a strong investment opportunity in American Airlines,” it said. “Qatar Airways believes in American Airlines’ fundamentals and intends to build a passive position in […]
IB Growth Fund to increase share in Amana Bank through Rights Issue
June 23, 2017 (LBO) – Jeddah-based IDB Group’s IB Growth Fund (Labuan) LLP has acquired 1,000 shares in Amana Bank, Thursday at 3.70 rupees each making way for the company to become a shareholder and participate in a Rights Issue later. The Amana bank has already received a commitment from the Islamic Corporation for the Development […]
Political commitment needed for sustainable tourism: Amaratunga
June 22, 2017 (LBO) – The importance of political commitment for sustainable tourism goals, as well as the tools to measure sustainability, was highlighted during an international tourism conference that commenced in Manila, Philippines Wednesday. Minister of Tourism Development and Christian Religious Affairs John Amaratunga, representing Sri Lanka at the 6th International Conference on Tourism […]
Sri Lanka to postpone SVAT abolition till end 2017
June 22, 2017 (LBO) – Sri Lanka’s cabinet approval has been granted to postpone the abolition of SVAT system until the end of this year. Accordingly, the SVAT abolition will take effect from 01 January 2018 after the necessary legislation is passed through Parliament. This decision has been taken in order to give sufficient time […]
Improved Swedish interest in Sri Lanka imports after GSP+
An increased interest to import products from Sri Lanka to Sweden has been noticed since the GSP+ came in to function. This was confirmed on Tuesday 20th June during a well-attended breakfast seminar in Stockholm at the premises of the Swedish National Board of Trade. The seminar was organised by the Sri Lankan Embassy in […]
SriLankan hosts ‘Rumble in Jungle’ mountain biking race 2017
SriLankan Airlines successfully conducted ‘Rumble in the Jungle’ the premier mountain biking event that attracts local and international cycling pros and enthusiasts recently . Conducted for the fourth consecutive year, ‘Rumble in the Jungle’ is a grueling yet thrilling race that enables local and international participants to experience the diverse beauty of the island. On […]
Fitch expects more interest rate pressure for Sri Lankan corporates
June 20, 2017 (LBO) – Fitch Ratings says it expects rising domestic interest rates to hurt Sri Lankan corporates over the next 12 months. Releasing a statement, the rating agency said borrowing costs of corporates have increased more than 200bp in the 12 months to March 2017. The Central Bank increased policy rates by 125bp […]
Sri Lanka calls EOIs for ferry system in Colombo
June 19, 2017 (LBO) – Sri Lanka’s Megapolis Ministry said it has called for expressions of interest to establish a ferry system in Colombo canals through a public-private partnership. “Tenders will close on 24 July and a potential shortlist of investors is to be announced in nine weeks,” issuing a statement, the ministry said. “The […]