Category: Industry
Lackadaisical trend in Sri Lanka vehicle registrations in Feb: JB Sec.
Mar 25, 2016 (LBO) – The lackadaisical trend from January has continued into February with the 70 percent LTV rule, significant increases in tariffs, continuing weakness in the rupee, surprising strength in the Yen and rising interest rates have retarded volumes, JB Securities said in a research note. Vehicle registrations February 2016 Motor car registrations […]
Fitch affirms and withdraws HSBC Sri Lanka Branch at AAA
Mar 24, 2016 (LBO) – Fitch Ratings Lanka has affirmed and simultaneously withdrawn the rating of HSBC Sri Lanka Branch’s (HSBCSL) National Long-Term Rating at ‘AAA(lka)’ with a Stable Outlook due to commercial reasons. Fitch said in a statement that HSBCSL’s rating is at the highest end of the National Rating scale and reflects the credit profile and financial strength […]
Sri Lanka’s Watawala Plantations invests in new dairy farm
Mar 24, 2016 (LBO) – Sri Lanka’s Watawala Plantations, one of the largest tea plantation companies in the island has entered into a Joint Venture Agreement with PADC Holdings in Cayman to set up a new dairy farm. As per the agreement entered between the two parties today, the dairy farm will be set up […]
Sri Lanka tea sees better demand for low growns
Mar 24, 2016 (LBO) – Sri Lanka’s tea prices in overall auction offerings were marginally lower with better demand for low grown and mid to high grown prices easier, Forbes & Walker Tea Brokers said in their latest report. “Low grown continued to witness better demand in general and consequently, a dearer trend in prices while high […]
Sri Lanka gets direct cargo link between Colombo and Yangon
Mar 24, 2016 (LBO) – Sri Lanka’s Continental Shipping Lines’ “Pathien Star” made it’s inaugural call at the Jaya Container Terminal in Colombo yesterday. The vessel is scheduled to leave for Port Yangon of Myanmar soon. “This is the first time that a direct cargo link has been established between Colombo and Yangon opening a new […]
Sri Lanka Exporters hail Commonwealth over assistance for proposed EXIM Bank
Mar 24, 2016 (LBO) – Sri Lanka’s Exporters Association (EASL) has welcomes the recent announcement that the Commonwealth Secretariat has offered technical assistance to set up the proposed EXIM Bank, a statement said. “The EASL believes that the support, advice and intervention that becomes possible by a Bank dedicated to Exports, will be the fillip […]
Sri Lanka to buy 3 private power plants: Power Minister
Mar 23, 2016 (LBO) – Sri Lanka’s Power Ministry has decided to buy three private power stations as an additional measure to avoid future power cuts. Accordingly, ACE power generation Matara (25 MW), ACE power generation Embilipitiya (100 MW) and Heladhanavi Power Station Puttalam (100 MW) will be acquired by the government. The power purchase […]
IFC, Canada to invest USD15 mn in Richard Pieris for green retail growth
Mar 23, 2016 (LBO) — IFC, a member of the World Bank Group, together with the IFC-Canada Climate Change Program will invest 15 million dollars in Sri Lankan retail chain Richard Pieris Distributors Limited to help the company expand its retail network, support job creation, and develop local supply chains, a statement said. Funding will […]
Royal Turf Club concludes first race with fashion at Nuwara Eliya
Amidst accolades, excitement, clean racing and all the fun, thrills and spills of a racing carnival, set in the picturesque environs of Nuwara Eliya or ‘Little ‘England ‘ as it is fondly termed, the newly formed Royal Turf Club concluded its first race for the season ‘At The Highest Level’ ! Over 35 horses were […]
CA Sri Lanka launches new Integrated Reporting Council
In a fresh initiative aimed at further enhancing the best practices of financial reporting amongst corporates in the country, the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) launched the Integrated Reporting Council (IR Council), comprising of professionals from the accounting and non-accounting sectors, regulators and academics. The inaugural meeting of the IR […]
Lionel Messi Joins the Huawei Family of Global Brand Ambassadors
Huawei, global leading company in ICT and telecommunication solutions, today announces Lionel Messi’s appointment as the latest Global Brand Ambassador to the company. The partnership with Lionel Messi showcases the brand’s alignment with people and brands that demonstrate, and strive towards its shared value of connecting greatness. Challenges test our desire to achieve what we […]
Sri Lanka’s power regulator eyes electricity tariff revision
Mar 21, 2016 (LBO) – Sri Lanka’s power regulator is looking at tariff revision as one option to meet the revenue requirement of the Ceylon Electricity Board (CEB). Director General of the Public Utilities Commission of Sri Lanka (PUCSL) Damitha Kumarasinghe told Lanka Business Online that the Commission has finalized the revenue requirement of the […]