Category: Industry
Sri Lanka’s HSBC fires five senior managers for figure-fudging
Jun 20, 2016 (LBO) – HSBC Sri Lanka sacked five senior managers following an investigation into allegations that they fudged incentives-linked performance figures, a media report said. “HSBC Sri Lanka has made important senior management changes following an internal investigation,” a spokesperson said, according to a Sunday Times report. Among the terminated employees were two […]
York Street Partners, Ikman.lk convene startup investor and entrepreneur forum
June 19, 2016 (LBO) – York Street Partners (YSP), Sri Lanka’s boutique investment bank, joined forces with Ikman.lk, the largest local online marketplace, to host Startup Investor and Entrepreneur Night. The event drew attention to the need for deepening relationships and understanding between entrepreneurs and investors, with the goal of increasing the flow of capital […]
‘s Dialog demonstrates internet speed of 1 Gbps
Jun 18, 2016 (LBO) – Sri Lanka’s Dialog telecom, a unit of Malaysia’s Axiata Group, said they established the capability to deliver super broadband connectivity that is 10 times faster than the fastest connection currently available. “Sri Lanka established yet another milestone on the region’s Broadband Technology landscape today with an exposition of South Asia’s […]
EU lifts fishing ban, unofficial talks to finalize GSP+ application: PM
June 17, 2016 (LBO) – Sri Lanka has been removed from the list of third countries (countries outside the EU) not cooperating in the fight against illegal, unreported and unregulated fishing. The Council of the European Union adopted amendments to implementing decision 2014/170/EU establishing a list of non EU countries not cooperating in the fight […]
Megapolis Plan to be institutionalized through Parliament: Mawilmada
June 16, 2016 (LBO) – The proposed Western Region Megapolis Plan will be institutionalized through an act of Parliament, in order to make sure it remains intact as a stable ‘national policy’ said Nayana Mawilmada, Head of Investment of the 40 billion dollar Megapolis project. Mawilmada revealed this, when he addressed the Main Committee of […]
Italian firm mulls Tyre manufacturing in Sri Lanka with USD75mn
June 15, 2016 (LBO) – An Italian firm has sought BOI approval to set up a radial and industrial Tyre manufacturing and retreading plant in Horana area as a joint project with the Ceylon Steel Corporation. The 100 acres of land which will be acquired through the UDA is to be allocated to Ceylon Steel […]
Huawei Y3II and Y5II to revolutionize entry range smartphone market in Sri Lanka
Reaches 23.3% Sri Lankan smartphone market share in Q1 2016 – GFK Reports Huawei, the fastest growing smartphone in Sri Lanka, announced the launch of two new entry level smartphones in Sri Lanka Y3II and Y5II from the Y Generation family of smartphones. The Y5II both 3G and 4G version is available from LKR 14,199 […]
Sri Lanka commences innovation portfolio measuring
June 15, 2016 (LBO) – Work on Sri Lanka’s long awaited national Innovation Index which is set to measure the islands innovation portfolio, began in Colombo, Tuesday. The UN agency tasked with world Intellectual Property (IP) development says in a statement that many new IP projects have been earmarked for Colombo in future. “In view of […]
DFCC Bank launches Sri Lanka’s first virtual payment system
Jun 14, 2016 (LBO) – Sri Lanka’s DFCC Bank launched the Vardhana virtual wallet, a mobile application that enables financial inclusion for its customers, Tuesday. The mobile app enables users to simplify the way they transact and stay in control of their finances. The banks customer base is around 300,000 to 400,000 and around a […]
Microsoft to acquire LinkedIn for USD26.2bn
June 14, 2016 (LBO) – Microsoft is to acquire social networking site LinkedIn for 196 US dollars per share in an all-cash transaction valued at 26.2 billion US dollars, inclusive of LinkedIn’s net cash. LinkedIn is the world’s largest and most valuable professional network and continues to build a strong and growing business. Over the […]
People’s Bank unveils solar power loan scheme
June 13, 2016 (LBO) People’s Bank has launched a solar power loan scheme to promote the use of solar energy as part of its drive towards being a carbon conscious bank. Launched on World Environment Day which falls on 5th June 2016, People’s Bank now offers loans to customers who would like to install solar […]
Foreign Employment Bureau collects Rs56mn from illegal job agencies
June 13, 2016 (LBO) – Sri Lanka Bureau of Foreign Employment has conducted 56 raids during the first five months of this year and collected 56 million rupees illegally collected by job agencies. The cash collected through these investigations have already handed over to the respective individuals who have paid for agencies for different activities. […]