Category: Industry
Sri Lanka’s Dipped Products acquires Italian glove marketer for Rs535mn
May 25, 2016 (LBO) – Dipped Products, a subsidiary of the Hayleys Group, today announced that it acquired the remaining stake of Italian glove marketer Icoguanti SpA for 535 million rupees. With this purchase, Icoguanti, which was a 6O percent owned subsidiary, has now become a wholly owned subsidiary of Dipped Products, the company said […]
Twitter simplifies character count making more space for tweets
May 25, 2016 (LBO) – Popular online social networking service, Twitter said it will relaxing its 140-character limit for tweets, allowing users to add links, attachments and some other features within the short messages. “In the coming months we’ll make changes to simplify Tweets including what counts toward your 140 characters,” Twitter said in their […]
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May 24, 2016 (LBO) – The Ceylon chamber of commerce with Fair Deal AS, a globally spread import sourcing arm is planning to launch a program to help Sri Lankan importers buy goods at ‘factory prices’. Under this program, Fair Deal which is a subsidiary of the Advance Business Partners of Norway will function as […]
‘s Amanté to sell lingerie in Pakistan
May 24, 2016 (LBO) – Sri Lanka’s Amanté lingerie has opened its first flagship store in Pakistan in May at the Dolman Mall, Karachi. This is the first international franchise, outside of India for the brand, the company said in a statement. Pakistan’s premium brands retailer SFnZ& Co. Ltd. signed franchise agreement with Amanté to […]
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Fitch Ratings has affirmed Sri Lanka’s Dialog Axiata PLC’s (Dialog) ‘AAA(lka)’ National Long-Term Rating, a statement said. The Outlook is Stable. KEY RATING DRIVERS We upgraded Dialog’s standalone credit profile to ‘AAA(lka)’ from ‘AA+ (lka)’, based on its improving financial profile backed by its continued market leadership in Sri Lanka’s growing mobile and pay-TV segments. […]
London Stock Exchange Group increases footprint in Sri Lanka
London Stock Exchange Group (LSEG) announced the signing of a landmark agreement with the government of Sri Lanka to set up their global Business Services arm in the technology-focused Tripoli Market precinct of Colombo. London Stock Exchange Group Sri Lanka will provide Business Services support to the Group’s operating entities across the globe. The new […]
Sri Lanka vehicle registrations down in April except for Cars and SUVs
May 24, 2016 (LBO) – Sri Lanka’s vehicle registrations except for Cars, SUVs and 3 wheelers were down last month due to April being a holiday month, JB Securities said in a research note. Motor car registrations recorded 3,618 units in April up from 3,326 units a month ago and significantly down from 5,116 units […]
EOIs called for geophysical surveys off Mannar, Cauvery Sri Lanka
May 23, 2016 (LBO) – Sri Lanka has called for expressions of interest from geophysical exploration companies to conduct gravity, gradiometry and magnetic surveys over the offshore Mannar and Cauvery basins of Sri Lanka. The Petroleum Resources Development Secretariat (PRDS) is seeking further data to strengthen its database of geophysical information on upstream petroleum sites […]
Sri Lanka reinsures uninsured citizens, property for natural disasters
May 20, 2016 (LBO) – Sri Lankan government sponsored National Insurance Trust Fund has insured all uninsured Sri Lankan citizens and uninsured properties by obtaining a catastrophic reinsurance cover of up to 10 billion rupees. The cover has been obtained from major reinsurance companies in London and other parts of the world, through Crescent Global […]
Sri Lanka benefits from increased trade with India: OBG
May 20, 2016 (LBO) – Sri Lanka stands to benefit from efforts to strengthen economic cooperation with India particularly with a rebalancing of foreign policy, Oxford Business Group said. With talks around an expanding free trade agreement (FTA) in the works, momentum appears to be on Sri Lanka’s side. Full article is below: Thanks to […]
Private firm to build 10 Mw solar power plant in Vavuniya
May 20, 2016 (LBO) – Sri Lanka’s cabinet has decided to lease a 22 hectare state land in Nedun Kulam, Vavuniya to a private firm to build a 10 Mw solar power plant. The BOI approved Vydexa (Lanka) Power Corporation is to invest 14.5 million US dollars for the project and it would add 19 […]
Sri Lanka opts for LNG plant over coal in Sampur: Petroleum Minister
COLOMBO (Reuters) – Sri Lanka will cancel plans for a 500 megawatt Indian-built coal-fired power plant at its strategic eastern port city of Trincomalee and will instead opt for a liquefied natural gas (LNG) power plant, a cabinet minister said late on Tuesday. Chandima Weerakkody, Sri Lanka’s petroleum minister, said President Maithripala Sirisena told Indian […]