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McLarens & Peak Engineering to offer facilities management solutions through new JV company
Jun 18, 2018 (LBO) – McOcean Property Developers (Pvt) Ltd., (a member of the McLarens Group) in a joint venture with Peak Engineering & Consultancy (Pte) Ltd., of Singapore, launched McPeak Lanka (Private) Limited; a company that offers Integrated Facilities Management Solutions to the local market. McPeak Lanka intends to provide integrated facilities management solutions […]
Heads of state institutions responsible for paying salaries to excess employees : Fin Min
Jun 18, 2018 (LBO) – The Government has decided that the Secretaries to Ministries, Heads of Departments, Chairpersons, executive officers and accountants of Government Institutions should take the responsibility of paying salaries to redundant workers they have employed in addition to the approved cadre. It is reported that there are over 7500 personnel employed in […]
SriLankan will continue to fly : The airline to break-even in three years: Min Kiriella
Jun 18, 2018 (LBO) – The government has no plans to close down SriLankan Airlines but the National carriers’ income and expenditure should be bridged, Minister Lakshman Kiriella said. The Minister of Public Entreprise and Kandy City Development also said that the airline is likely to break-even in three years. He made these comments while on […]
EPF proven a winner with its large divestiture of John Keells (JKH) shares to Malaysians in 2012
June 16, 2018 (LBO) – The EPF as of late has not been proven to be the most savvy investor, but with one of its biggest moves in the stock market 6 years ago, the provident fund clearly made the right choice. Early in 2012, Sri Lanka’s largest provident fund sold an 8.4% stake in […]
Kim Jong Un finds Singapore clean and beautiful, impressed by its economic development
BY ALVIN CHENG-HIN LIM On June 12, 2018, the US and North Korean leaders Donald Trump and Kim Jong-un held a summiton Sentosa island in Singapore in which they committed to establishing a “new relationship” between their countries “in accordance with the desire of the peoples of the two countries for peace and prosperity,” and […]
MTD Walkers (KAPI) reports a massive loss of Rs2.8bn
June 15, 2018 (LBO) – The woes of Colombo Stock Exchange listed stocks continue with the financial results of construction company MTD Walkers (KAPI). For the year ended March 31st 2018, KAPI has reported a staggering loss of Rs2.87bn, Analysts say this is one of the largest losses of any listed company in recent memory. […]
Sri Lanka’s private insurance providers exploit language barrier: Research
Jun 15, 2018 (LBO) – Sri Lanka’s top five general insurance providers which account for two-thirds of the market share, is seem to exploit the language barrier as none of them issue insurance documents for certain policies in Sinhala and Tamil, a recent research showed. The research study conducted by Verité Research has found out […]
S&P SL20 includes Ceylinco Ins, Melstacorp, Softlogic Holdings & Vallibel One
Jun 15, 2018 (LBO) – Colombo Stock Exchange (CSE) has announced changes in S&P Sri Lanka 20 index constituents made by S&P Dow Jones Indices at the 2018 mid‐year index rebalance. A revision of the S&P SL 20 methodology in March 2017 established the practice of a semiannual rebalance of the index (previously conducted annually) […]
‘s interview with embattled State Minister Sujeewa Senasinghe lights up social media
June14, 2018 (LBO) – On June 12, 2018, 7:39pm Azzam Ameen went live on BBC Sinhala’s Facebook site with his interview of State Minister Sujeewa Senasinghe. The State Minister has been caught up in the controversial bond issue which continues to dominate the headlines in Sri Lanka. The interview showed the power of BBC Sinhala’s […]
Sri Lanka to introduce Euro 4 fuel in July, No impact on current pricing
Jun 14, 2018 (LBO) – Sri Lanka’s Ministry of Petroleum Resources Development said the Government will introduce Euro 4 fuel to the market and replace super diesel and 95 octane petrol, in July.“Euro 4 doesn’t affect petrol (Octane 92) and auto diesel to leave the market and the prices won’t also rise.Euro 4 will be sold as […]
Fitch-rated finance Cos unlikely to face immediate rating action despite new Regs
Jun 14, 2018 (LBO) – Fitch Ratings says finance companies rated by them are unlikely to face immediate rating action, as they believe all have adequate capital to meet the thresholds that will apply from 1 July 2018. Even after taking account of potential RWA changes, based on the current asset mix – and most […]
Ocean Network Express (ONE) commenced calling JCT of SLPA
Ocean Network Express (ONE) commenced calling the Jaya Container Terminal (JCT) of Sri Lanka Ports Authority (SLPA) with the handling of the inaugural vessel MV “Honolulu Bridge” v.100E recently this month. ONE is the ocean carrier formed with the merger of the 3 large Japanese shipping lines of their container operations. The three lines NYK, […]