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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 […]
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 […]