Category: Industry
Sri Lanka’s Port City developer withdraws compensation claims
Aug 02, 2016 (LBO) – Sri Lanka’s port city developer CHEC Port City Colombo, who is handling the project for the Chinese investor, China Communications Construction, has agreed to withdraw all compensation claims for losses incurred due to the suspension of the project. However, the cabinet has approved allocation of 2 hectares to them, without […]
Sri Lanka’s Sampath Bank profits surge 54-pct in June quarter
Aug 02, 2016 (LBO) – Net profits at Sri Lanka’s Sampath Bank group rose 54 percent to 2.5 billion rupees in the June quarter from a year earlier, interim accounts showed. The group reported earnings of 14.16 rupees for the quarter against 9.20 rupees per share for the same period last year. The share was […]
Sri Lanka’s Commercial Bank to raise Rs7bn from listed debenture
Aug 02, 2016 (LBO) – Sri Lanka’s Commercial Bank is to raise 7.0 billion rupees from a listed debenture issue, the bank said in a stock exchange filing. The bank has decided to issue listed unsecured rated redeemable subordinated debentures worth 5 billion rupees with an option to go up to 7 billion rupees. The […]
Fitch affirms 10 Finance Companies; expects asset quality to deteriorate
Aug 02, 2016 (LBO) – Fitch Ratings has affirmed the ratings of 10 Finance Companies following its periodic review of the large and midsized finance companies in Sri Lanka. The 10 Finance Companies are People’s Leasing & Finance, Central Finance Company, Melsta Regal Finance, HNB Grameen Finance, LB Finance, Siyapatha Finance, Senkadagala Finance, AMW Capital Leasing And Finance, Singer Finance and Mercantile Investment & Finance. […]
We need to position our country: Harsha de Silva
Aug 02, 2016 (LBO) – Sri Lanka’s deputy minister of foreign affairs says that as a nation we need to ease rules and attract investment and build confidence on the global platform. “The wide global audience has not received the Sri Lankan message that we are ready for investment,” Harsha de Silva, deputy foreign affairs minister […]
Sri Lanka’s Seylan Bank profits Rs1 bln, flat in June quarter
Aug 01, 2016 (LBO) – Sri Lanka Seylan Bank group recorded a net profit of one billion rupees in the June 2016 quarter up 1 percent from the same period last year, a filing with the stock exchange showed. The group reported earnings of 3.08 rupees per share for the quarter up 1 percent from […]
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 […]