Category: Industry
‘s SAGT goes live with Navis terminal system
June 28, 2017 (LBO) – Navis, a part of Cargotec Corporation, a provider of operational technologies and services across the shipping supply chain, said South Asia Gateway Terminal (SAGT) in the Port of Colombo has successfully gone live with Navis’ N4 terminal system and N4 Billing. “SAGT selected the Navis terminal system to better optimize […]
Ceylinco Life Fund crosses Rs80 bln mark
(PRESS RELEASE) The Life Fund of Ceylinco Life crossed Rs 80 billion in May 2017, making it the fastest-growing Life Fund in the local industry, the life insurance market leader has announced. The company said this milestone was achieved in a little more than 29 years of operation, a feat as yet unmatched in Sri […]
Anilana Hotels to sell 51-pct stake to Somap International
June 28, 2017 (LBO) – Sri Lanka’s Anilana Hotels said an international firm Somap International (Private) Limited plans to invest in up to 51 percent of the company by way of an issue of new shares, with a total investment of 667 million rupees. Accordingly, 513 million new shares will be issued at a price […]
Malinga to face inquiry for breach of contract terms, emergency ExCo called
Sri Lanka Cricket today announced that it had called an Emergency meeting of its Executive Committee at 7 pm at SLC Headquarters in order to table & regularize the following agenda items. * Resignation of Mr. Graham Ford * Interim appointment of National Team Head Coach * Disciplinary inquiry against Mr. Lasith Malinga * Under […]
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 […]