Category: Industry
Sri Lanka Navy to complete pedestrian walkway near Supreme Court
June 01, 2017 (LBO) – The Urban Development Authority has proposed that Sri Lanka Navy should complete stage III of the pedestrian walkway along the St. Sebastian canal area from the Technical Junction towards the Supreme Courts Complex. The width of the proposed walkway is 06 meters (20 feet) and the length is 1,485 meters […]
LOLC records historic profit before tax of Rs24bn
Sustaining its unblemished track record, LOLC Group concluded an excellent year sealed by its strongest financial performance to date. For the year ended 31st March 2017, the Group recorded PBT of 24.4Bn and PAT of Rs. 20.9Bn, an increase of 106% and 124% respectively, compared to the previous year. The consolidated gross income grew by […]
Sri Lanka reinsures natural disasters with Renaissance Singapore
May 31, 2017 (LBO) – Sri Lanka has selected Renaissance Reinsurance Singapore as the lead reinsurer of the national natural disaster and emergency relief insurance scheme for the year 2017/18. This cover was introduced last year for natural disasters covering the whole country, and payment of claims have been expanded to include a range of […]
SriLankan expands network to Myanmar from June
SriLankan Airlines will expand its network to Yangon, capital of Myanmar, from 1st June 2017, with the commencement of a codeshare partnership with Myanmar Airways International (MAI), one of Myanmar’s best-known airlines. SriLankan will codeshare on flights operated by MAI between Bangkok and Yangon; and also Singapore and Yangon; while MAI will codeshare on flights […]
Foreign relief aid pledged to Sri Lanka after floods
May 30, 2017 (LBO) – Sri Lanka’s official flood death toll rose to 177 on Monday as the island sought international assistance. High Commissioners and Ambassadors from the United Kingdom, United States and Japan met with the newly appointed Foreign Minister Ravi Karunanayake and pledged their support in various forms of relief aid. Japan had […]
New entrants to apartment development industry will face difficulties: Developer
May 29, 2017 (LBO) – Sri Lanka’s newer entrants into the apartment development industry will find it difficult to compete with established players as a result of revisions to Government policy over the past year, including the removal of tax concessions for real-estate development, a South Asian property developer said. Iconic Developments (Pvt.) Ltd, stated […]
SriLankan Airlines adds Melbourne to network from October
May 29, 2017 (LBO) – SriLankan Airlines will be establishing its presence in Australia with daily non-stop services to Melbourne commencing October 29th this year, the airline said. The non-stop services will also facilitate passengers from the Middle East and South Asia seeking onward connectivity via Colombo to/from Australia, a statement said. “This also means […]
Developer reacts to CB Governor’s comments on apartment industry
(PRESS RELEASE) Responding swiftly and strongly to the statement made by the Governor of the Central Bank with regard to the apartment development industry, stalwarts of the industry have stated that it was irresponsible and damaging. “I know we are living in a post truth world, but some of the broad generalizations made by the […]
Dialog starts operations of 4.5G LTE home broadband in Colombo
Sri Lanka achieved yet another milestone on the region’s broadband technology landscape this week, as Dialog Axiata announced the launch of its commercial 4.5G TDD LTE network. The roll-out of South Asia’s first commercial 4.5G TDD LTE network with Dialog’s Home Broadband services will be initially available in selected zones in the city of Colombo, […]
DFCC sells stake in Commercial Bank to subscribe for rights issue
May 25, 2017 (LBO) – Sri Lanka’s DFCC Bank Wednesday sold 1.18 percent of the issued voting shares in Commercial Bank, the bank said in a stock exchange filing. Accordingly, 10 million shares were sold at 138 rupees per share, and the bank has recognized a net capital gain of 915 million rupees. Commercial Bank’s […]
Huawei launches GR5 2017 Premium in Sri Lanka
(PRESS RELEASE) – Huawei, the leading smartphone brand in Sri Lanka recently introduced the Huawei GR5 2017 Premiumedition to the Sri Lankan public. The new smartphone series showcases a stylish and value packed exterior along with technologically advanced features and functionality. The device optimizes its offerings in the form of a dual-back, professional level camera […]