Category: Industry
Mobitel explores acquisition of Etisalat: report
Aug 01, 2016 (LBO) – Sri Lanka’s Mobitel intends to explore acquisition of Etisalat, after the Cabinet Committee on Economic Matters said it could carry out a due diligence prior to negotiations between the mobile companies, a media report said. A Committee is already looking into the proposed acquisition of Hutch, the fourth mobile phone […]
Asian shares edge up as soft U.S. GDP cuts Fed rate hike bets
TOKYO, Aug 1 (Reuters) – Asian shares ticked up slightly on Monday after disappointing U.S. economic growth data reduced expectations of a rate hike by the U.S. Federal Reserve in the next few months. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.3 percent in early trade, staying near its one-year high hit last […]
‘s Merchant property sale for amalgamation
July 29, 2016 (LBO) – Sri Lanka’s People’s Leasing and Finance says it will amalgamate with People’s Merchant Finance within this financial year subject to two conditions, the company said. In a stock exchange filing, People’s Leasing and Finance said the first condition is the sale of People’s Merchant Finance property located at Nawam Mawatha, […]
Sri Lanka could better harness bio-gas: Waste Management Authority
Jul 29, 2016 (LBO) – Bio-gas can be used in Sri Lanka as a cheaper and cleaner renewable energy alternative to petroleum-based fuels, a senior official said. “Using domestic waste management and converting it into bio gas could be a boon to the developing island’s rising demand for energy,” said Nalin Mannapperuma, director, Waste Management […]
Textured Jersey Lanka net up 93-pct to Rs399 mln in quarter
Press Release: The TJL Group (TJ) has reported eight straight quarters of strong quarterly profit growth. The Q1 2016/17 performance has proved to be the Group’s best first quarter recorded to date, posting a consolidated net profit of Rs. 399 Million, representing a YoY growth of 93 percent. The Group has made significant progress in […]
Sri Lanka to abolish hotel minimum rates by next year
July 29, 2016 (LBO) – Sri Lanka’s Tourism Development ministry has decided to abolish the minimum room rates imposed on city hotels with effect from 31st March 2017. This decision has been taken by the Tourism Development Minister John Amaratunga based on a recommendation of the Tourism Advisory Council which comprises of key players in […]
No more debate on monorail vs. LRT, Japan confirms funding
Jul 29, 2016 (LBO) – Sri Lanka’s government confirmed that the Japanese government will fund the islands proposed Light Rail Transit (LRT), ending a debate on monorail vs. LRT following the conclusion of a high level delegation visit from Japan, Thursday. “The delegation, led by Hirofumi Katase the Vice Minister for Economy, Trade and Industry of […]
Sri Lanka to establish technology incubator with Wayamba Uni
July 28, 2016 (LBO) – Sri Lanka will establish an incubator and technology transfer centre in a joint project with the Wayamba University at a cost of 46.5 million rupees. According to a Cabinet decision, the centre will be established in Makadura (West) Industrial Estate together with the National Enterprise Development Authority.”This will facilitate start-ups […]
Sri Lanka’s Access Engineering net down 13-pct in June quarter
July 28, 2016 (LBO) – Profits at Sri Lanka’s Access Engineering group fell 13 percent to 524 million rupees in the June 2016 quarter from a year earlier amid higher expenses, interim accounts showed. The group posted earnings of 52 cents per share for the quarter, and the stock ended at 23.20 rupees on Wednesday. […]
Cabinet approves concessionary taxes for commercial land
Jul 27, 2016 (LBO) – Sri Lanka’s cabinet has decided to approve concessionary taxes for commercial lands under the state lands ordinance. Under a directive by President Maithripala Sirisena, in his capacity as the Minister of Mahaweli Development and Environment, a concessionary taxation method for leasing state lands was approved by the Cabinet of Ministers, […]
Moratuwa Uni “D-Mora P1” car wins accolades at Formula Student UK 2016
July 28, 2016 (LBO) The D-Mora P1 race car built by the engineering students from the University of Moratuwa with the backing of Diesel & Motor Engineering PLC (DIMO), one of the leading automobile companies in Sri Lanka, won accolades at the world’s biggest student motorsport competition “Formula Student 2016”. This was the first time […]
UK launches new visit visa application form in Sri Lanka
July 27, 2016 (LBO) – As part of a global rollout, a new visa application form called Access UK was launched in Sri Lanka for customers applying for a UK visit visa. British High Commission in Colombo said the new form will make it quicker and easier for customers to apply for their UK visa. […]