Category: Industry
Oil drillers bet three-month crude rally nearing end
May 16, 2016 (LBO) – Oil drillers are betting a three-month rally in oil prices is coming towards an end, with inventories running at all-time highs. West Texas Intermediate oil, the benchmark U.S. crude, has gained more than 75 percent since hitting a 12-year low in mid-February, Bloomberg reported. Brent Crude was trading at 47.80 […]
Rajagiriya flyover work to commence July 2016: Harsha
May 16, 2016 (LBO) – Work on the proposed Rajagiriya Flyover will commence from July 2016 and be completed by 2018, a senior official said. “It gives me great pleasure to announce that as an interim solution to the total traffic solution in the Megapolis plan, we will soon start work on the Rajagiriya Flyover,” […]
Ex-Sri Lanka captain Mahela Jayawardena appointed to ICC Cricket Committee
May 13, 2016 (LBO) – Ex-Sri Lanka Captain Mahela Jayawardena has been appointed to the ICC Cricket Committee, adding more cricketing experience to the Committee, the International Cricket Council said. Apart from Jayawardena, Former India captain Rahul Dravid has also been appointed to the Committee. Dravid and Jayawardena have played 1,161 international matches between them […]
Sri Lanka’s SEC blocks share transaction of Blue Diamonds
May 13, 2016 (LBO) – Sri Lanka’s securities regulator on Friday blocked a share transaction related to the chairman of Blue Diamonds Jewellery Worldwide following a possible violation of laws. As per the statement issued by the Securities and Exchange Commission (SEC), earlier this week Xia Liqiang, the Chairman of Blue Diamonds has disposed 15,146,200 […]
Is request for emergency power a scam? Consumer group asks
May 13, 2016 (LBO) – The National Consumer Network of Sri Lanka (NCNSL) says it is reasonable to suspect the motives behind the need for emergency power in the power sector. “These days, the CEB is trying by various means to obtain 155MW of electricity from new diesel power plants under the pretext that the […]
‘s GSP+ application
May 12, 2016 (LBO) – Sri Lanka’s government and the EU said the island’s GSP application was discussed at the EU-Sri Lanka Working Group on Trade and Economic Cooperation which met on 11 May 2016 in Brussels. The meeting was co-chaired by Sonali Wijeratne, Director General of Commerce, for Sri Lanka and Peter Berz, Head […]
Colombo suburban railway electrification project to cost USD300mn
May 12, 2016 (LBO) – Colombo suburban railway electrification project phase one which initially focuses on 64 kilometers along Veyangoda – Panadura section will cost 300 million US dollars to implement. Energy consultant Dr. Tilak Siyambalapitiya speaking at a seminar said the project will support the modernization of the railway network in the Western Province […]
BoardPAC chosen by Bangladesh’s City Bank to debut corporate governance solution
The award-winning Sri Lanka-developed corporate governance solution BoardPAC has been selected by The City Bank, a leading commercial bank in Bangladesh,as its paperless board meeting & corporate governance solution. The City Bank will be the first bank in Bangladesh to adopt a paperless board communications platform powered by RobiAxiata, a leading mobile phone company in […]
Commercial Bank Q1 profit before tax up 28-pct to Rs 4.6bn
Commercial Bank of Ceylon PLC has reported profit before VAT and NBT of Rs 5.377 billion for the three months ending 31st March 2016, commencing the year with a robust 27.89% growth, made possible by notable improvements in business volumes and reduced growth in charges. Sri Lanka’s largest private bank’s profit before tax for the […]
Sri Lanka’s Dialog Axiata net up 35-pct in March quarter
May 12, 2016 (LBO) – Profit after tax at Sri Lanka’s Dialog Axiata group, which has interests in mobile, fixed and pay television rose 35 percent to 2.6 billion rupees from a year earlier in the March quarter, interim accounts showed. Revenues grew 22 percent to 21.1 billion rupees in the quarter from a year […]
ICC withdraws disciplinary proceedings against Kusal Janith Perera
May 12, 2016 (LBO) – The International Cricket Council (ICC) has announced that it has withdrawn disciplinary charges against Sri Lanka batsman Kusal Janith Perera and lifted the provisional suspension previously imposed on him. Perera is now free to return to domestic and international cricket without restriction and with immediate effect. The ICC has made the […]
Regulator asks Goldman, three other banks for information on shell companies
May 12, 2016 (LBO) – A top U.S. regulator has asked Goldman Sachs and three foreign banks about their possible involvement with shell companies, sources say. The New York Department of Financial Services had requested information from 13 other banks last month after the release of the Panama Papers, a CNBC report said. The DFS […]