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Shangri-La opens 145-acre resort in Hambantota Sri Lanka
June 01, 2016 (LBO) – Shangri-La opened its 145-acre Hambantota Resort & Spa in the Southeast Sri Lanka on Wednesday, one of the major hotel chains to enter the island after the end of a war with Tamil Tiger separatists. The 300-room beachfront resort, which includes an 18-hole golf course and an artisan village, launched […]
Fitch to host sovereign and corporate forum
Fitch Ratings Lanka Ltd. will host the Sovereign and Corporate Forum on Thursday, 16 June 2016, at 5.30pm-8.30pm at Bougainvillea Room, Galadari Hotel, 64 Lotus Road, Colombo, Sri Lanka. Fitch’s sovereign analysts will discuss the global economic outlook and the implications for Asia-Pacific markets such as Sri Lanka, as well as the economic adjustments in […]
SINGER ties up with Ministry of Higher Education to provide laptops to University students
Singer Sri Lanka PLC, the country’s premier consumer durables retailer, tied up with the Ministry of Higher Education to provide laptops for university students across the country as per the program to provide interest free loans for laptops by the government of Sri Lanka. As per the Government budget proposal 2016, the project is implemented […]
Huawei invests USD9.2 billion in 2015,15-pct of annual revenue for R&D
As a leading ICT solutions and smart device provider and patent owner, Huawei invests heavily in research and development. In 2015 alone, Huawei invested US$9.2 billion, or 15% of its annual revenue, in the research and development of new technologies, new products, and wireless communications standards. Huawei’s substantial investment in R&D over the years has […]
CA Sri Lanka joins hands with Malaysian Directors Academy to enhance professional development
The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) recently signed a Memorandum of Understanding with the Malaysian Directors Academy (MINDA) in an effort to develop a framework which will facilitate exchange of information, as well as enhance the effectiveness of the Board and it’s Directors. The agreement which was signed by President […]
Emerging market currencies fall on chance of Fed rate hike
June 01, 2016 (LBO) – Emerging-market currencies fell this week on the possibility that the Federal Reserve may raise interest rates in June or July. Fed Fund futures predict a 23 percent chance of a U.S. rate hike in June, which rises to 59 percent by July, after Fed Chair Janet Yellen said the strengthening […]
Sri Lanka’s People’s Leasing eyes South East Asian market
May 31, 2016 (LBO) – Sri Lanka’s People’s Leasing and Finance, the country’s largest non-bank lender, is looking at expanding their operations into the South East Asian market, a senior official said. “You can expect an announcement soon, may be in the next two months,” D P Kumarage, Chief Executive, People’s Leasing told LBO. “We are […]
Sri Lanka’s Distilleries March net up 10-pct with beverage revenues
May 31, 2016 (LBO) – Net profits at Sri Lanka’s Distilleries Group, the island’s largest alcohol maker, rose 10 percent to 1.35 billion rupees in the March 2016 quarter from a year earlier, interim accounts showed. In the March quarter, revenues rose 33 percent to 25.61 billion rupees and sales related costs rose 28 percent […]
Colombo inflation accelerates 4.8-pct in May 2016
May 31, 2016 (LBO) – Consumer prices in Sri Lanka’s capital Colombo has accelerated 4.8 percent in May 2016 from a year earlier, up from 3.1 percent in April 2016 with the inflation index gaining 2.4 percent in the month, the state statistics office said. For the month of May, on year to year basis, […]
CML-MTD construction to build over 900 affordable homes
CML-MTD Construction Limited, a subsidiary of MTD Walkers PLC, has been awarded the contract to build over 900 affordable homes by the National Housing Development Authority. The contract awarded includes the design and construction of residential housing units in Panadura, Ragama and Yakkala, which is set to commence on June 2016. The complex will comprise […]
Sri Lanka-Thai FTA expected by middle of next year: Thai Commerce Minister
Hon. Sujeewa Senasinghe, State Minister of International Trade, visited Thailand from 25th to 27th May 2016. The main objective of the visit was to pursue trade and investment opportunities including familiarization with AMATA Corporation’s expertise in establishing industrial parks considering Sri Lanka’s requirement of such facilities. State Minister Senasinghe had meetings with the Thai Ministers […]
General Electric to change globalization strategy, localization key, says CEO
May 31, 2016 (LBO) – Jeffrey Immelt, CEO of General Electric, says the global manufacturer is gearing up for a bold pivot in its globalization strategy. This change is in response to rising protectionist political pressures and distrust of big companies, amid government and global institutions failing to address the world’s challenges. Although innovation has […]