Category: Industry
Huawei invests USD9.2 billion in 2015,15-pct of annual revenue for R&D
As a leading ICT solutions and smart device provider and patent owner, Huawei invests heavily in research and development. In 2015 alone, Huawei invested US$9.2 billion, or 15% of its annual revenue, in the research and development of new technologies, new products, and wireless communications standards. Huawei’s substantial investment in R&D over the years has […]
Sri Lanka’s People’s Leasing eyes South East Asian market
May 31, 2016 (LBO) – Sri Lanka’s People’s Leasing and Finance, the country’s largest non-bank lender, is looking at expanding their operations into the South East Asian market, a senior official said. “You can expect an announcement soon, may be in the next two months,” D P Kumarage, Chief Executive, People’s Leasing told LBO. “We are […]
Sri Lanka’s Aitken Spence March net down 56-pct amid lower revenues
May 31, 2016 (LBO) – Profits at Sri Lanka’s Aitken Spence group which has interests in tourism, logistics and power generation fell 56 percent to 608 million rupees in the March 2016 quarter, interim accounts showed. The group reported earnings of 1.50 rupees per share for the quarter against 3.41 rupees per share reported a […]
Sri Lanka signs MOU with Siemens to develop Megapolis smart cities
May 30, 2016 (LBO) – Siemens, a German electronics and industrial conglomerate, has signed a memorandum of understanding with the Megapolis Ministry to offer sustainable, smart city solutions for Sri Lanka. “We are extremely happy to partner with Siemens whose expertise and technologies will contribute to the Western Province’s intensive efforts to eliminate congestion pressures […]
Consumer Affairs Authority collects Rs75mn from fines this year
May 30, 2016 (LBO) – Sri Lanka’s Consumer Affairs Authority has collected over 75 million rupees as fines imposed on local shops and restaurants during the first five months of this year. In the five months to May this year, the authority has conducted 8,319 raids and in January alone has collected over 10 million […]
Sri Lanka’s MTD Walkers losses up on rising costs
May 30, 2016 (LBO) – Sri Lanka’s infrastructure solutions provider MTD Walkers posted losses of 266 million rupees in the March 2016 quarter, up 333 percent from a year earlier, amid engineering segment losses with rising sales and finance costs, interim accounts showed. The troubled firm reported losses of 1.59 rupees per share against the […]
Minister Nimal Siripala de Silva heads Sri Lankan delegation at First World Humanitarian Summit
Minister De Silva, participating at the WHS representing President Maithripala Sirisena, stated that the UN Secretary General Ban Ki Moon’s “Agenda for Humanity” provides a strategic framework to prevent the humanitarian crisis and mitigate the effects. However, he stressed that action to implement the core responsibilities articulated in the WHS, should be aligned with the […]
Dubai receives solar power bid cheaper than coal
May 30, 2016 (LBO) – Dubai, in the United Arab Emirates, received a bid for an 800-megawatt plant at a power price of 2.99 cents per kilowatt-hour last month, cheaper than a coal-fired power plant commissioned in October, reports said. This is down from a record-low price of 5.85 cents per kilowatt-hour Dubai contracted for […]
Sri Lanka’s power regulator ask licensees for regulatory accounts
Public Utilities Commission of Sri Lanka has issued a set of accountancy guidelines to licensees who are in the business of electricity generation; transmission and distribution, in order to gain more information for the process of regulatory decisions making. According to the tariff methodology designed by the Commission, the determination of allowed revenue requires information […]
‘s Abe warns of global crisis
May 27 (Reuters) – The Group of Seven industrial powers pledged on Friday to seek strong global growth, while papering over differences on currencies and stimulus policies and expressing concern over North Korea, Russia and maritime disputes involving China. G7 leaders wrapped up a summit in central Japan vowing to use “all policy tools” to […]
Sunshine Packaging receives USD2mn foreign capital infusion
May 27, 2016 (LBO) – Sri Lanka’s Sunshine Packaging, a subsidiary of listed Sunshine Holdings, have been infused equity capital of 2 million US dollars by a Hong Kong company called Primeco Holdings. Sunshine Packaging Lanka said in a stock exchange filing that they have agreed to issue 23,766,671 new shares amounting to 40 percent […]
CEB failed to recognize renewable energy potential: SEMA Chairman
May 27, 2016 (LBO) – Sri Lanka’s state-owned Ceylon Electricity Board has failed to recognize the changing dynamics of the energy world when preparing their long term generation plan, an energy analyst charged. Chairman of the Strategic Enterprise Management Agency (SEMA), Asoka Abeygunawardane, told a public lecture on Thursday that the CEB has even failed […]