Category: Industry
Sri Lanka to reform Bankruptcy laws
May 11, 2016 (LBO) – Sri Lanka’s cabinet has decided to approve amending the Companies Act No. 7 of 2007 for introduction of new laws in institutional bankruptcy that suit present day needs. “It has been witnessed that provisions of the Insolvency Ordinance No 24 of 1884 are not sufficient in dealing with issues related […]
MasterCard announces new platform to enhance processing capabilities
May 11, 2016 (LBO) – MasterCard launched MasterCard Integrated, a payments processing services platform that powers it’s payment transaction services, the company said in a statement. “The platform enables issuers and acquirers to launch secure payments programs to their customers with greater speed and convenience,” a statement said. The card will now offer fully-integrated hosted processing […]
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By Arosha Jayasundera According to the Hakett Group, USA, there is a strong correlation between consistent use of business best practices and the ability to operate at lower cost and deliver greater value. In fact, World Class Organizations are notable by their high level of “Efficiency” and “Effectiveness.” These are not measures that can be […]
Interview: Sri Lanka Petroleum Act to parliament by July
May 11, 2016 (LBO) – The new Petroleum Resources Development Act is expected to bring in far-reaching changes and will be enacted soon, a senior Sri Lankan government official told Lanka Business Online. “The bill is currently awaiting certification from the Attorney General’s department prior to being taken up in Cabinet and is expected to […]
Japan’s Sony and Fujisoft ink deal with Sri Lanka’s Smart Metro
May 10, 2016 (LBO) – Smart Metro, a Sri Lankan based software development company signed two separate agreements with Sony Corporation and Fujisoft Inc, Tuesday. The company will be the new sole agent for the distribution and application of Sony’s Near Field Communication (NFC) Technology widely known as ‘FeliCa’ and Fujisoft ‘s Finger-vein Biometric Authentication […]
OTT services, threat to Sri Lankan Telco revenues and state taxes: Dialog Chief
May 10, 2016 (LBO) – Sri Lanka’s telco industry may face a threat of increasing severity arising from revenue erosion due to the impact of Over the Top (OTT) communication services, a telecom operator said. As OTT companies like Netflix, Skype, Whatsapp, and Google encroach on the telecom industry, operators need to find ways to […]
Crescent Global brings Lloyd’s Insurance to Sri Lanka
May 11, 2016 (LBO) – Crescent Global Insurance and Reinsurance Brokers are the first Lloyd’s of London broker to open office and invest in Sri Lanka, the company said. ‘Crescent Global is proud to be the first and the only Lloyd’s of London broker to invest and establish a Reinsurance company in Sri Lanka. We […]
Sri Lanka’s HNB net up 73-pct in March 2016 quarter
May 10, 2016 (LBO) – Group profits at Sri Lanka’s Hatton National Bank surged 73 percent to 3.3 billion rupees in the March 2016 quarter amid strong income growth, interim accounts showed. The group reported basic earnings of 8.42 rupees per share for the quarter, up from 4.91 rupees per share from a year earlier. […]
KLM to resume flights to Sri Lanka after nearly 20 years
May 09, 2016 (LBO) – KLM Royal Dutch Airlines says it will resume flights to Sri Lanka from October after almost 20 years of staying away due to the conflict in the island. “The first flight to Colombo is scheduled to depart on Monday, 31 October 2016. This marks KLM’s return to Colombo after an […]
Czech eyes hydro power, sugar and aviation in Sri Lanka
May 09, 2016 (LBO) – Czech Republic is currently looking for trade and investment opportunities in Sri Lanka, a business delegation headed by Czech Ambassador said. The Board of Investment recently hosted representatives of leading Czech companies including Viktovice Power Engineering, Eldis, Fans, Skoda Doosan Power and Technoexport. Ambassador Milan Hovorka brought to the attention […]
SriLankan Airlines debt up to Rs65bn by March, group loss Rs9bn
May 09, 2016 (LBO) – Sri Lanka’s national airline’s rising debt stood at 64.92 billion rupees at the end of March 2016 against 56.92 billion rupees recorded a year earlier. SriLankan Airlines said in a statement that without ‘one-off’ extraordinary payments related to restructuring activities, the Airline’s Group Loss was 8.9 billion rupees last year, […]
‘ve crossed rubicon in climate change: Chamath Palihapitiya
May 09, 2016 (LBO) – Chamath Palihapitya, the Sri Lankan-born venture capitalist and tech visionary, highlighted several industry trends recently, ranging from Amazon’s valuation to funding fallacies in Silicon Valley. Commenting on climate change, Palihapitiya said humanity had crossed the rubicon, and new technologies will be needed to fix the problem. “Nothing takes away from […]