Category: Industry
‘s revises ratings outlook of BOC, HNB & Sampath Bank to negative
June 21, 2016 (LBO) – Moody’s Investors Service has revised ratings outlooks of three banks in Sri Lanka to negative from stable. The affected banks are Bank of Ceylon, Hatton National Bank and Sampath Bank. The rating actions follow the affirmation of Sri Lanka’s B1 sovereign rating, and the change in outlook on the sovereign […]
SLT, TRC ink deal to power Lotus Tower
Jun 21, 2016 (LBO) – Sri Lanka Telecom (SLT) and the Telecommunications Regulatory Commission of Sri Lanka (TRCSL) signed a Memorandum of Understanding (MoU) to be the telecommunication service partner for the Lotus Tower project, recently. “With the signing of the MoU, SLT will bear sole responsibility for building the ICT Infrastructure for the Lotus […]
Linea Aqua Reaffirms Carbon, Water & Waste Conscious Status
Jun 21, 2016 (LBO) – Sri Lanka’s Linea Aqua, a swimwear manufacturer, said that they have reinforced their standing in environmental sustainability by recertifying their Hanwella Factory as carbon, water and waste conscious for a second consecutive year. “The certifications were awarded following stringent conformity assessments that measured the factory’s greenhouse gas emissions, waste generation, […]
Interview: PickMe has 4,000 vehicles on road, expands to Kandy
Jun 20, 2016 (LBO) – ‘PickMe,’ Sri Lanka’s own mobile taxi hailing solutions provider, says they have close to 4,000 vehicles on the road, with over 2,000 three wheelers, one thousand mini cars, and the rest categorized as sedan cars and vans. The startup, which successfully raised capital in three rounds of funding, has now […]
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 […]