Category: Industry
Browns Beach Hotels to raise Rs1.4bn through rights issue
Aug 23, 2016 (LBO) – Sri Lanka’s Browns Beach Hotels is to raise 1.4 billion rupees by way of a rights issue subject to necessary approvals, the company said in a stock exchange filing. The company is to issue 54 million new ordinary shares at 25.85 rupees each in the ratio of 5 new shares […]
Asian Regulatory Reforms to Increase Appetite for Reinsurance: Fitch
Fitch Ratings-Singapore/Hong Kong-22 August 2016: Fitch Ratings believes that various regulatory initiatives in the region could lead indirectly to greater demand for reinsurance, as direct insurers rethink risk-management strategies and appetite. Asian regulators have implemented – or are in the process of implementing – a range of measures that would alter the operating and business […]
Suspension of melodious SriLankan pilot, too little too late
Aug 22, 2016 (LBO) – SriLankan Airlines, which usually gets in the spotlight for allegations of cronyism, has done a turnaround by suspending a pilot who failed a breathalyzer test. This may be a case of too little too late for the debt-laden airline. Sri Lankan flight UL 554 out of Frankfurt Germany on the […]
Ceylon Chamber launches TIPS for trade policies
Aug 22, 2016 (LBO) – The Ceylon Chamber of Commerce said it has launched “Trade Intelligence for the Private Sector” (TIPS), a platform to raise awareness on engagement with trade policy. “We recognized that Chamber members and the wider business community are interested in, and concerned about, the implications of trade liberalization and trade agreements […]
VirtusaPolaris Receives Stevie Award for Investor Relations and Technical Innovation
(PRESS RELEASE) – WESTBOROUGH, Mass.,– VirtusaPolaris, the market-facing brand of Virtusa Corporation and Polaris Consulting & Services, Ltd., and a leading worldwide provider of information technology (IT) consulting and outsourcing services, announcedthat it has been awarded two Stevie Award recognitions; a Gold award for Investor Relations and a Silver award for Most Innovative Technology Company […]
Sri Lanka grade A office space demand exceeds supply – JLL
Aug 22, 2016 (LBO) – Sri Lanka’s capital office market has occupancy as high as 95 percent and occupiers and supply of Grade A office space remains minimal, the latest Jones Lang LaSalle Sri Lanka report says. “Demand for Grade A space in 2016 will be around 3.8 million sq ft, and with the current […]
Abolishing minimum rates will disturb Sri Lanka hotel investments: hotelier
Aug 22, 2016 (LBO) – Sharp fluctuations in hotel revenues will prevent long term planning and investment in Sri Lanka’s hotel sector, especially if minimum rates are abolished, says Sanath Ukwatte, chairman of Mt. Lavinia Hotel. Tourism Development ministry said last month it plans to abolish the minimum room rates for both luxury and normal […]
‘s Janashakthi launches next gen smart tech challenge
Aug 19, 2016 (LBO) – Sri Lanka’s Janashakthi Insurance says it has launched their latest campaign to capture the innovative minds of today’s youth – the ‘Janashakthi Full Option Appathon’, the Next Gen Smart Tech Challenge. The team-based challenge will have youth competing for the one million rupee prize by proposing and developing apps that […]
Sri Lanka tourist arrivals hit all-time high in July 2016
Aug 19, 2016 (LBO) – Tourist arrivals to Sri Lanka hit an all-time high in July this year, statistics from Sri Lanka Tourism Development Authority showed. The number of arrivals which clocked 209,351 represented a growth of 19.1 percent compared to July last year and is the highest number recorded in a single month since […]
Amana Takaful Life Limited shares debut on CSE
(PRESS RELEASE) – Amana Takaful Life Limited (ATLL), a fully-owned subsidiary of Amana Takaful PLC, rang the opening bell to commence trading and celebrate the listing ofits shares on the Diri Savi Board of the Colombo Stock Exchange (CSE) today. The ceremony was attended by Directors of ATLL Dato’ Mohd Fadzli Yusof, Mr. Fazal Ghaffoor, […]
Sri Lanka inks deal for ICT cooperation with Huawei
Aug 18, 2016 (LBO) – Sri Lanka’s Ministry of Telecommunication and Digital Infrastructure and Huawei have signed a Memorandum of Understanding on information communication technology cooperation in China recently. “We will accelerate the local ICT talent development and this year, we will also establish a Customer Solution Integration and Innovation Center in Sri Lanka.,” Li […]
‘s Cabinet writes off Hyatt Regency in Hambantota
Aug 18, 2016 (LBO) – Sri Lanka’s Cabinet has approved shifting four billion rupees allocated for the Hyatt Regency project in Hambantota to the Grand Hyatt project in Colombo, effectively completing the write off of the Hambantota project. “Although, 315 million rupees has been spent, constructions of the said hotel has not been commenced,” a […]