Category: Industry
IFC helps Sampath Bank to provide trade financing for Sri Lankan exporters
IFC, a member of the World Bank Group, is partnering with Sampath Bank PLC to provide trade financing for Sri Lankan exporters to help them access global markets and boost the country’s trade. IFC will support the bank’s trade-finance business by partially or fully guaranteeing the payment risks of its clients. IFC’s Global Trade-Finance Program […]
Access Engineering net up 5.1 pct, IPO for SML Frontier planned
July 22, 2016 (LBO) – Sri Lanka’s Access Engineering said group net profits grew 5.1 percent to 2.46 billion rupees in the year to March 2016, with the civil engineering firm facing a slow down in the global and local economy. The company showed a better performance with a 19.1 percent growth in net profits […]
Sri Lanka introduces welfare register to reduce ‘ghost’ beneficiaries
July 22, 2016 (LBO) – Sri Lanka’s project management and monitoring department with ICTA has prepared a single window for an integrated social welfare register, based on the recipient’s unique NIC number. National Policies and Economic Affairs Ministry said 80 percent of data has currently been uploaded to the system and further refining is in […]
Sri Lanka’s Ceylon Cold Stores net up 56-pct in June quarter
July 22, 2016 (LBO) – Profits at Sri Lanka’s Ceylon Cold Stores, which has interests in consumer goods and retailing, surged 56 percent to 855 million rupees in the June 2016 quarter from a year earlier as revenues rose 30 percent. Ceylon Cold Stores is a top producer of carbonated drinks, ice cream and has […]
Anuradhapura North to get water pipelines in Rs32 bln project
July 22, 2016 (LBO) – Sri Lanka’s cabinet has approved a water supply project for Anuradhapura North with a 32.1 billion rupee loan from the Japan International Cooperation Agency (JICA). “More Chronic Kidney Patients are reported than other districts in the island, as 85 percent of people living in rural areas of the district obtain […]
‘s cash-strapped airline may lease four planes to Pakistan
July 21, 2016 (Reuters) – Sri Lanka’s cash-strapped national airline is in talks to lease four of its Airbus A330 planes to Pakistan International Airlines Corp, a government minister said on Thursday, months after cancelling an order for four Airbus A350 aircraft. State-owned SriLankan is aiming to reduce its debt and also looking for an […]
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 […]