Category: Industry
Malaysia Deputy PM to launch USD30mn lubricant plant in SL
July 21, 2016 (LBO) – Malaysia’s Deputy Premier Ahmed Zahid Hamidi is to visit Sri Lanka today to initiate the ground breaking ceremony of Hyrax Oil Sdn Bhd Lubricants’ proposed lubricant blending plant which will be setup in Muthurajawela. Hyrax Oil will invest 30 million US dollars to establish a four-million-litres-per-month lubricant blending plant in […]
PM to use Singapore expertise for Beira Lake development
July 20, 2016 (LBO) – Sri Lanka’s Prime Minister Ranil Wickremesinghe says the country is looking forward to using Singapore’s expertise for the Beira Lake and development of the surrounding area. Wickremesinghe made these comments during an observation tour around Singapore riverside. The Prime Minister said Sri Lanka is ready to use Singapore riverside development as […]
‘s Hainan Airlines interested in managing SriLankan: report
July 20, 2016 (LBO) – China’s largest privately-owned air transport firm, Hainan Airlines Company Limited (HNA), is one of the companies interested in managing SriLankan Airlines, a media report said. EOIs were sought this month by National Savings Bank Fund Management Co Ltd as the lead manager for the reorientation of Sri Lanka Airlines Limited […]
‘s progress on commitments important for GSP+, euro 210 mn grants: EU
July 20, 2016 (LBO) – European Union has drawn the attention of Sri Lankan officials to the importance of continued positive progress in fulfilling Sri Lanka’s commitments in parallel to obtaining GSP+. At the 20th European Union-Sri Lanka Joint Commission meeting which took place in Brussels on 19 July 2016, the representatives of EU welcomed […]
Operational aspects more important than startup valuation: Nissanka
July 20, 2016 (LBO) – Operational aspects of startup IT companies are more important than discussions over valuation, a venture capital expert said at a forum recently. “For each of the successes, there are tombstones that you don’t want to talk about,” Nissanka Weerasekera, a well known VC investor tied to Sunshine Holdings and the […]
Sri Lanka’s Tokyo Cement on roadshow with U.S. funds
July 20, 2016 (LBO) – Members of Sri Lankan cement producer Tokyo Cement’s (TKYO SL) management team are in the U.S. this week meeting with global investment funds to discuss the company’s expansion plans. The visit led by CFO Vishwa Kuruwita is the company’s first investor roadshow in the U.S., where the management team is […]
Sri Lanka’s Hayleys acquires Maldivian resort for USD23mn
July 18, 2016 (LBO) – Sri Lanka’s Hayleys PLC has acquired a Maldivian resort named Kudarah Island Resort through their subsidiary Luxury Resort private limited for 23 million US dollars. Hayleys said in a statement that Kudarah Island Resort located in South Ari Atoll consists of 51 luxury villas, which is adjacent to the popular […]
Power Minister legalizes PUCSL regulations on safety of power supply
July 15, 2016 (LBO) – Sri Lanka’s Power Minister has taken steps to legalize the regulations made by the Public Utilities Commission on the safety of power supply through a gazette notification. Electricity safety, quality and continuity regulations, transmission performance standards regulations, distribution performance standards regulations and utility-driven demand side management regulations are areas covered […]
Final bids on Yahoo core assets to conclude soon
July 15, 2016 (LBO) – The drawn-out auction for Yahoo’s core internet business will soon draw to a close, with final bids for the services, which include Yahoo’s search, email, advertising and media operations, due Monday. The board is set to make a decision soon afterward on the confidential bidding, CNBC reported. The sale of […]
Sri Lanka imposes maximum price for 16 essential items
July 14, 2016 (LBO) – The controlled prices of 16 essential items were announced by the Minister of Industry and Commerce Rishad Bathiudeen today morning. The Gazette is expected tomorrow and the maximum retail prices will be effective immediately. The Items are: 1. Chicken Rs 410 per Kilo, Rs 495 per Kilo (skinless) 2. Red […]
‘s BOI and Surbana Jurong in consultancy MOU
Jul14, 2016 (LBO) – Sri Lanka’s Board Of Investment (BOI) is to enter into a MoU with Singapore’s Surbana Jurong with the aim of eventually establishing a joint venture company. “It has been identified that establishment of a government owned consultancy company is suitable to gain its entire benefits,” said the cabinet paper submitted by […]
Power Minister appoints committee to probe coal purchases
July 13, 2016 (LBO) – Sri Lanka’s Power Minister on Wednesday appointed a three-member committee comprised of industry experts to look into the alleged losses incurred in Norochcholai coal procurement process during 2015 to 2016. Chancellor of Moratuwa University Prof. K Y WA Perera will chair the committee while the Chairman of CMA Prof. Lakshman […]