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SL presents USD16Bn opportunity for pvt sector to invest in sustainable development: SC Bank
Jan 29, 2020 (LBO) – Opportunity2030: The Standard Chartered SDG Investment Map reveals an almost USD 10 trillion (USD 9.668 trillion) opportunity for private-sector investors across all emerging markets, with Sri Lanka representing USD16.2 billion of that total. The study identifies opportunities for the private sector to contribute to three infrastructure-focused goals between now and […]
Asian Hotels (AHPL) reports a revenue decline of 21% in the December quarter
January 28, 2020 (LBO) – Colombo Stock Exchange listed Asian Hotels and Properties (AHPL) reported a profit of Rs43mn for the December quarter, while revenue was off a disappointing 21% year over year. AHPL is a listed subsidiary of John Keells Holdings (JKH) that owns two large city hotels in Colombo (Cinnamon Grand and Cinnamon […]
John Keells Hotels (KHL) reports a quarterly loss of Rs398mn
January 28, 2020 (LBO) – Colombo Stock Exchange listed John Keells Hotels (KHL) reported a loss of Rs389mn in the quarter ended last December. Nine month cumulative losses came in at Rs1.3bn, as the company slowly rebounds from a drastic downturn caused buy 2019’s Easter Sunday terror attacks. One a positive note, revenue was down […]
Ravi Wijeratne slips away from taking over MTD Walkers
Jan 28, 2020 (LBO) – Sri Lankan businessman, Ravindranath Srilal Wijeratne, alias Ravi Wijeratne has slipped away from taking over MTD Walkers. According to MTD Walkers, the agreed transaction will not be pursued, as there has been no positive development on the transaction. As the completion date stipulated in the Share Sale and Purchase Agreement […]
Former COPE Chief wants President to implement law on forensic audit report
Jan 28, 2020 (LBO) – Former Chairman of the COPE Committee, JVP Parliamentarian Sunil Handunnetti has written to the President requesting that the law be implemented based on the forensic audit report of the Central Bank bond issue. Translated version of the letter: The President, Democratic Socialist Republic of Sri Lanka, Colombo 01. Your Excellency, […]
Sri Lankan students arriving from Wuhan to be directed to Diyatalawa army camp
Jan 28, 2020 (LBO) – Sri Lankan students arriving from Wuhan city of Hubei Province in China will be directed to Diyatalawa army camp for two weeks for further examinations, Health Minister Pavithra Wanniarachchi said. She added that the Chinese tourists and Chinese individuals on work permits too will be examined for any signs of […]
Sri Lanka suspends On Arrival Visa for Chinese tourists after first patient detected
Jan 28, 2020 (LBO) – Sri Lanka has suspended issuing on-arrival visas for Chinese tourists after detecting the first patient with coronavirus in the country. During an inspection tour at the Bandaranaike International Airport, Health Minister Pavithra Wanniarachchi said that Chinese tourists who want to visit Sri Lanka will now have to make an application […]
First Capital Research assigns 80-pct probability for no change in policy rates
Jan 28, 2020 (LBO) – First Capital Research assigns 80 percent probability for no change in policy rates amidst recently provided tax revisions and other benefits. Considering the recent major fiscal and monetary policy changes, First Capital Research believes that current accommodative monetary policy stance is appropriate, and that there is ample space for market […]
Sri Lanka vehicle registration in Dec 2019 subdued
Jan 28, 2020 (LBO) – Sri Lanka’s total car registrations recorded 2,057 units in December 2019 marginally up from 2,030 units in November but down from 2,669 units 12 months ago, a new report shows. Data compiled by JB Securities equities research shows in the overall segment Toyota is the market leader with a 64.2 […]
Norwegian Ambassador opens Sri Lanka’s first floating solar plant
Jan 27, 2020 (LBO) – Sri Lanka’s first-ever floating solar plant with a capacity of 42KW located at the Kilinochchi campus of the Jaffna University was opened by the Norwegian Ambassador Trine Jøranli Eskedal. The project is a result of the research collaboration since 2017 between the University of Jaffna and the Western Norway University […]
Uber Eats to launch in third Sri Lankan city – Negombo
Uber Eats, one of the world’s leading food delivery networks, will soon launch its operations in its third Sri Lankan city – Negombo. With a global presence in more than 500 cities across the world, UberEats has grown and expanded to be a market leader in Sri Lanka, where it collaborates with many delivery and […]
Opinion: How technology shapes apparel sector supply chains: Shifting to nearshoring and reshoring
Nipuni Perera Advances in technology have made nearshoring – the practice of shifting production operations to a nearby country closer to the end market – and reshoring – bringing back offshore production back to the home country – more viable for apparel manufacturers, compared to offshoring production to far-away, developing countries. For instance, ‘SewBots’ – […]