Category: Industry
Ceypetco To
22 Aug, 2015 (LBO) – Sri Lanka’s Ceylon Petroleum Corp will seek to, a report said.“There has been a change in the refinery process and it’s now more profitable for (Ceypetco) to,” a source told Reuters.“There is a higher yield of value-added oil products like middle distillates and gasoline and the sulphur is low.” Sri […]
Asia Capital Q1 loss lower at Rs92 million
Aug 21, 2015 (LBO) – Sri Lanka’s financial services firm Asia Capital PLC reported a loss of 92 million rupees for the first quarter to June, down from a loss of 120 million rupees in the same quarter last year, in interim results released to the Colombo Stock Exchange.Annual revenue rose to 1.6 billion rupees […]
Sri Lanka‘s tea exports fall for 11th consecutive month
Aug 21, 2015 (LBO) – Sri Lanka’s Tea exports, continued to decline in June 2015 for the eleventh consecutive month, due to lower demand from main tea buyers such as Russia and the Middle East, as well as the unit price with the lowest export price of US dollars 4.39 per kg of tea being […]
Sri Lanka’s Browns & Co plans tourism industry expansion
Aug 20, 2015 (LBO) – Sri Lanka’s household goods retailer Brown & Company wants to build two hotels in Maldives and expand from its current 308 operational rooms to approximately 1,000 in the near future, the company said. “As the tourism industry continues to grow rapidly, Browns will partner by contributing approximately 1,000 rooms in […]
More female representation needed in Sri Lanka elections: EU observers
Aug 19, 2015 (LBO) – Sri Lanka had extremely low number of female candidates participating in the general election held this month, European election observers said.Sri Lanka signed key international instruments for equality between women and men, and the principals of equality and non-discrimination are constitutionally protected. “We recommend that efforts are made so that […]
Sri Lanka’s construction industry lacks proper policy: official
Aug 19, 2015 (LBO) – Sri Lanka’s construction industry policy changes when governments change and this is a major concern facing the industry, a senior official said.“With changes of government we have found that projects awarded during the previous regime are suspended and the new government reviews all the projects,” Surath Wickramasinghe, President of the […]
Sri Lanka should respect labor rights to regain GSP+; wage hike alone not enough: GZEU
Aug 14, 2015 (LBO) – Sri Lanka’s Free Trade Zones and General Services Employees Union has called on apparel exporters to protect labor rights to regain the tax concessions under GSP Plus. The union has recalled a meeting held recently with the Prime Minister where apparel exporters agreed to raise wages in order to regain […]
Samsung launches mobile payment service and two new mobiles
Aug 14, 2015 (LBO) – Samsung on Thursday introduced a new mobile pay service called Samsung Pay making it easier for users to pay for goods and services. This new service will be available in Korea on August 20 and in the US on September 28, addressing an event in New York City, head of […]
Twitter officially removes 140 character limitation from Direct Messages
Aug 13, 2015 (LBO) – Twitter has officially removed its 140-character limit that restricted the length of private messages.“Today’s change is another big step towards making the private side of Twitter even more powerful and fun.” twitter said in a statement. https://twitter.com/twitter/status/631513207882907648 The messaging service will begin rolling out this change today across Android and […]
Sri Lanka’s Commercial Bank net up 19-pct in June 2015 quarter
Aug 13, 2015 (LBO) – Sri Lanka’s Commercial Bank group profit increased 19.4 percent to 2.6 billion rupees for the three months ended June 30, supported by growth in fund based operations, the bank’s interim results showed. Gross income increased 3.4 percent to 18.8 billion rupees for the quarter and the net interest income increased […]
Aitken Spence updates plans for tourism sector
Aug 11, 2015 (LBO) – Sri Lanka’s diversified conglomerate Aitken Spence recently disclosed their future plans with regard to one of their core segments, the tourism sector.Aitken Spence has several large resort construction projects taking place in Negombo, Kalutara and Ahungalla that are expected to add around 750 rooms to the sector. Aitken Spence Deputy […]
Sri Lanka gets Rs.26bn JICA loan to uplift national power grid
Aug 11, 2015 (LBO) – Sri Lanka’s government will get a 26 billion rupee concessional loan from the Japanese government through the Japan International Cooperation Agency, JICA to develop its national power transmission and distribution network, a statment said.The agreement was signed, Tuesday on behalf of the Sri Lankan govenment by R.H.S. Samarathunga, secretary, Ministry […]