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CEAT to invest Rs 800mn to increase radial capacity
May 31, 2016 (LBO) – CEAT Sri Lanka said it will invest 800 million rupees over the next 12 months to expand its radial tyre manufacturing capacity in the country to supply growing demand. “The investment would increase radial tyre production by 75 percent, from 40,000 tyres a month to 70,000,” the company said in […]
What will 2H 2016 bring for Sri Lanka’s real estate market?
Since the civil war ended seven years ago, Sri Lanka has rapidly become a hotspot for investment among emerging markets. It has become especially popular with those looking to invest in property. Chinese investors are particularly interested in investing in Sri Lanka, as demonstrated by China’s recent involvement in developing the upcoming Colombo Port City. […]
Walkers CML partners for research symposium for transport and logistics
Walkers CML partners with the Sri Lanka Society for Transport and Logistics and the Chartered Institute of Logistics and Transport Sri Lanka for the Research Symposium for Transport and Logistics Industry (R4TLI). To be held on June 3 – 4, 2016, the Research Symposium for Transport and Logistic Industry is an initiative that endeavors to […]
Sri Lanka’s Aitken Spence March net down 56-pct amid lower revenues
May 31, 2016 (LBO) – Profits at Sri Lanka’s Aitken Spence group which has interests in tourism, logistics and power generation fell 56 percent to 608 million rupees in the March 2016 quarter, interim accounts showed. The group reported earnings of 1.50 rupees per share for the quarter against 3.41 rupees per share reported a […]
‘s climb
May 31, 2016 (LBO) – Mountaineering duo Jayanthi and Johann have returned to Sri Lanka following their successful expedition to the top of the world, with a heart-stopping story to relate. At just before 5:00am, local time, on 21st of May, 2016, Jayanthi Kuru-Utumpala summited Mt Everest at 29,029 feet. “It was a dream come […]
Japanese PM to delay consumption tax hike; possible no-confidence
May 30, 2016 (LBO) – Japanese Prime Minister Shinzo Abe has met top executives of his Liberal Democratic Party to discuss the proposal to delay the scheduled April 2017 consumption tax hike. Japanese media reported that Vice-President Masahiko Komura, General Council Chairman Toshihiro Nikai, and Policy Research Council Chairman Tomomi Inada were among them. Shinzo […]
Sri Lanka signs MOU with Siemens to develop Megapolis smart cities
May 30, 2016 (LBO) – Siemens, a German electronics and industrial conglomerate, has signed a memorandum of understanding with the Megapolis Ministry to offer sustainable, smart city solutions for Sri Lanka. “We are extremely happy to partner with Siemens whose expertise and technologies will contribute to the Western Province’s intensive efforts to eliminate congestion pressures […]
Consumer Affairs Authority collects Rs75mn from fines this year
May 30, 2016 (LBO) – Sri Lanka’s Consumer Affairs Authority has collected over 75 million rupees as fines imposed on local shops and restaurants during the first five months of this year. In the five months to May this year, the authority has conducted 8,319 raids and in January alone has collected over 10 million […]
Sri Lankan rupee forwards weaker on importer dollar demand
May 30 (Reuters) – Sri Lankan rupee forwards fell on Monday due to dollar demand from importers amid fears the currency could weaken further if the government increases spending following the country’s worst natural disaster since 2004, dealers said. Dollar/rupee forwards, known as spot next, were at 147.80/148.00 per dollar, weaker compared with Friday’s close […]
London Stock Exchange Group enters into agreement with Sri Lanka’s BOI
The Board of Investment of Sri Lanka signed an agreement with “London Stock Exchange Group” (LSEG) to set up their global business services arm in Sri Lanka. The agreement was signed by Mr. Upul Jayasuriya, Chairman of the BOI of Sri Lanka and Mr. Martin Ryan, LSEG Group Head of Shared Services. Also present were […]
Sri Lanka’s MTD Walkers losses up on rising costs
May 30, 2016 (LBO) – Sri Lanka’s infrastructure solutions provider MTD Walkers posted losses of 266 million rupees in the March 2016 quarter, up 333 percent from a year earlier, amid engineering segment losses with rising sales and finance costs, interim accounts showed. The troubled firm reported losses of 1.59 rupees per share against the […]
More landslide threat in Sri Lanka, says NBRO
May 30, 2016 (LBO) – Sri Lanka’s National Building Research Organization (NBRO) issued an alert for landslide prone areas on Sunday and asked people to always pay attention to pre-landslide signs. According to the alert, all mountainous areas, man-made cut slopes and roads, especially all the landslide susceptible areas previously identified by NBRO, in the districts […]