Category: Industry
Colombo Stock Exchange lifts trading ban on Brac Lanka Finance
Dec 15, 2016 (LBO) – Sri Lanka’s securities watchdog, the Securities & Exchange Commission has instructed the Colombo Stock Exchange to lift the trading ban imposed on Brac Lanka Finance. The SEC earlier imposed a trading suspension on Brac Lanka Finance under section 246 of the Companies Act. The securities regulator thereafter specified a procedure […]
PUCSL warns of power shortages in Q1 2017
Dec 15, 2016 (LBO) – The Public Utilities Commission of Sri Lanka (PUCSL), the regulator of the state-run CEB, issued a warning after observing the risks in December that included only two of three generators at the Lakvijaya coal power plant being in working condition and possibility of inadequate rainfall. “Only two units of Lakvijaya Plant are […]
Central Bank approves Richard Pieris, Chilaw Finance amalgamation
Dec 14, 2016 (LBO) – Sri Lanka’s Central Bank has granted approval for the amalgamation of Clilaw Finance with Richard Pieris Finance, by taking over all the assets and liabilities of Clilaw Finance. Following the approval granted by the Central Bank on 05th December, the Board of Directors of Richard Pieris Finance has approved the […]
Uber completes one year in Colombo,Sri Lanka
Dec 14, 2016 (LBO) – Uber, the on-demand technology company has completed a year of operations in Colombo and are looking to hire more people to join their team as they expand operations in Sri Lanka. “When we launched Uber in Sri Lanka back in 2015, it was an exciting alternative to get around the city. […]
Sri Lanka exporters await confirmation of RAMIS
Dec 09, 2016 (LBO) – Sri Lanka’s Exporters Association, which represents a majority of the island’s exporters, has urgently called upon the Finance Ministry to confirm that RAMIS will be fully implemented, and that it will be operational by January 2017. Paperless SVAT system provided exporters with a significant level of relief towards the constraints […]
Samsung designs all-screen front for Galaxy S8 phones
Dec 08, 2016 (LBO) – World’s biggest smartphone vendor Samsung is planning to create an all-screen front for the Galaxy S8 smartphones coming out next year, reports said. A virtual home button will also be included in the screen while scrapping the physical home button and embedding the fingerprint sensor also in the display. The […]
200 Chinese couples eye mass wedding in Sri Lanka
Dec 08, 2016 (LBO) – Sri Lanka’s capital Colombo has been chosen by 200 Chinese couples to hold a mass wedding event. Tourism Development Minister John Amaratunga told Parliament today there is growing interest among the Chinese and Indians to hold mass weddings in Sri Lanka. “Already, reservations have been made for 200 Chinese couples […]
Sri Lanka to ink JV with Chinese firm to develop southern port
Dec 07, 2016 (Reuters) – Sri Lanka will take part in a joint venture with China Merchants Port Holdings Company Limited to develop a port in its south, where China has also been offered an investment zone. The cabinet approved a plan under which Sri Lanka will lease 80 percent of the Hambantota port to […]
Sri Lanka’s first management accreditation for tourism unveiled
Dec 07, 2016 (LBO) – Sri Lanka’s first ever professional management accreditation for its surging tourism and hospitality sector has been unveiled in Colombo. Certified Management Accountants Sri Lanka has introduced this specialized Finance and Management Accounting programme for the hospitality industry in collaboration with Sri Lanka Institute of Tourism and Hotel Management. Inaugurating the […]
Solar can already generate more energy than oil: study
by Nafeez Ahmed While the world has been going crazy, solar has quietly tipped over the edge and kicked oil and gas off the cliff of history. A new scientific review finds that scientists are dramatically underestimating the efficiency and power of solar panels, because their data is at least seven years old. And that’s […]
Fitch rates Bank of Ceylon subordinated debt final AA(lka)
Fitch Ratings Lanka has assigned Bank of Ceylon’s (BOC; AA+(lka)/Stable) proposed Basel II-compliant subordinated debentures of up to LKR8bn a final National Long-Term Rating of ‘AA(lka)’. The final rating is the same as the expected rating assigned on 25 October 2016, and follows the receipt of documents conforming to information already received. The proposed issuance, […]
Ceylinco Life’s income tops Rs 17 billion in nine months
Dec 06, 2016 (LBO) – Ceylinco Life has reported total income of 17.165 billion rupees for the nine months ending 30th September 2016, reflecting growth of 15.3 per cent over the corresponding period of last year. Premium income for the nine months improved by 11 per cent to 11 billion rupees, while investment and other […]