Category: Industry
Sri Lanka level series despite Faulkner hat-trick
Aug 24, 2016 (Reuters) – Australia’s James Faulkner claimed his maiden hat-trick but could not deny Sri Lanka a series-levelling 82-run victory in the second one-day international on Wednesday. Faulkner dismissed Kusal Perera, Angelo Mathews and Thisara Perera to achieve the feat but ended up on the losing side as Australia, chasing 289 for win, […]
Sri Lanka to regulate lubricants, bitumen through PUCSL
Aug 24, 2016 (LBO) –Sri Lanka’s cabinet has approved appointment of the Public Utilities Commission as the regulator of the lubricant industry and bitumen trade so as to increase competition in the industry in line with the 2016 budget proposals. At present 13 companies including Ceylon Petroleum Corporation and Lanka Indian Oil Company are engaged […]
Sri Lanka aims to build tourism momentum: OBG
Aug 24, 2016 (LBO) – Data from July indicates Sri Lanka’s tourist arrivals showing new momentum, with arrivals expanding by 19.1 percent y-o-y, the Oxford Business Group said in an economic note. Sri Lanka saw a sharp rise in tourism arrivals in the first half of the year, with inbound traffic up 16.7 percent year-on-year […]
Sri Lanka bottled water to have higher SLS standards
Aug 24, 2016 (LBO) – Sri Lanka’s Consumer Affairs Authority (CAA) will be enforcing plastic mineral water bottling standards starting September 1 following the authority detecting several brands using low quality bottles. “Low quality bottles affect the quality of water in bottles,” said Rishad Bathiudeen, minister of Industry and Commerce during a consumer review conducted […]
Browns Beach Hotels to raise Rs1.4bn through rights issue
Aug 23, 2016 (LBO) – Sri Lanka’s Browns Beach Hotels is to raise 1.4 billion rupees by way of a rights issue subject to necessary approvals, the company said in a stock exchange filing. The company is to issue 54 million new ordinary shares at 25.85 rupees each in the ratio of 5 new shares […]
Asian Regulatory Reforms to Increase Appetite for Reinsurance: Fitch
Fitch Ratings-Singapore/Hong Kong-22 August 2016: Fitch Ratings believes that various regulatory initiatives in the region could lead indirectly to greater demand for reinsurance, as direct insurers rethink risk-management strategies and appetite. Asian regulators have implemented – or are in the process of implementing – a range of measures that would alter the operating and business […]
Suspension of melodious SriLankan pilot, too little too late
Aug 22, 2016 (LBO) – SriLankan Airlines, which usually gets in the spotlight for allegations of cronyism, has done a turnaround by suspending a pilot who failed a breathalyzer test. This may be a case of too little too late for the debt-laden airline. Sri Lankan flight UL 554 out of Frankfurt Germany on the […]
Ceylon Chamber launches TIPS for trade policies
Aug 22, 2016 (LBO) – The Ceylon Chamber of Commerce said it has launched “Trade Intelligence for the Private Sector” (TIPS), a platform to raise awareness on engagement with trade policy. “We recognized that Chamber members and the wider business community are interested in, and concerned about, the implications of trade liberalization and trade agreements […]
VirtusaPolaris Receives Stevie Award for Investor Relations and Technical Innovation
(PRESS RELEASE) – WESTBOROUGH, Mass.,– VirtusaPolaris, the market-facing brand of Virtusa Corporation and Polaris Consulting & Services, Ltd., and a leading worldwide provider of information technology (IT) consulting and outsourcing services, announcedthat it has been awarded two Stevie Award recognitions; a Gold award for Investor Relations and a Silver award for Most Innovative Technology Company […]
Sri Lanka grade A office space demand exceeds supply – JLL
Aug 22, 2016 (LBO) – Sri Lanka’s capital office market has occupancy as high as 95 percent and occupiers and supply of Grade A office space remains minimal, the latest Jones Lang LaSalle Sri Lanka report says. “Demand for Grade A space in 2016 will be around 3.8 million sq ft, and with the current […]
Abolishing minimum rates will disturb Sri Lanka hotel investments: hotelier
Aug 22, 2016 (LBO) – Sharp fluctuations in hotel revenues will prevent long term planning and investment in Sri Lanka’s hotel sector, especially if minimum rates are abolished, says Sanath Ukwatte, chairman of Mt. Lavinia Hotel. Tourism Development ministry said last month it plans to abolish the minimum room rates for both luxury and normal […]
‘s Janashakthi launches next gen smart tech challenge
Aug 19, 2016 (LBO) – Sri Lanka’s Janashakthi Insurance says it has launched their latest campaign to capture the innovative minds of today’s youth – the ‘Janashakthi Full Option Appathon’, the Next Gen Smart Tech Challenge. The team-based challenge will have youth competing for the one million rupee prize by proposing and developing apps that […]