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Sri Lankan climber successfully summits Mt Everest
May 21, 2016 (LBO) – Sri Lanka’s Jayanthi Kuru-Utumpala has summited the world’s highest peak, Mt. Everest, early this morning, becoming the first Sri Lankan to complete the incredible feat, the support team said. She is now descending to a lower base camp, with winds favorable. She has not yet had an opportunity to make […]
Sri Lanka’s Dipped Products acquires Italian glove marketer for Rs535mn
May 25, 2016 (LBO) – Dipped Products, a subsidiary of the Hayleys Group, today announced that it acquired the remaining stake of Italian glove marketer Icoguanti SpA for 535 million rupees. With this purchase, Icoguanti, which was a 6O percent owned subsidiary, has now become a wholly owned subsidiary of Dipped Products, the company said […]
PTL Watch: Bonds mixed, mid tenors tick higher
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Sri Lanka’s Hayleys net up 49-pct in March 2016 quarter
May 25, 2016 (LBO) – Profits at Sri Lanka’s diversified Hayleys group surged 49 percent to 1.3 billion rupees in the March 2016 quarter amid strong net income growth, interim accounts showed. The group reported earnings of 17.57 rupees per share for the quarter, up from 11.83 rupees per share from a year earlier. Group […]
Twitter simplifies character count making more space for tweets
May 25, 2016 (LBO) – Popular online social networking service, Twitter said it will relaxing its 140-character limit for tweets, allowing users to add links, attachments and some other features within the short messages. “In the coming months we’ll make changes to simplify Tweets including what counts toward your 140 characters,” Twitter said in their […]
‘s promised reforms, repeal of PTA delayed: Int. Crisis Group
May 25, 2016 (LBO) – Sri Lanka’s reform agenda has slowed and the Tamil minority is beginning to doubt the government’s ability to fulfill pledges made, the International Crisis Group said in its latest report. Sri Lanka ended a war with Tamil Tiger separatists in 2009 and promised to repeal the Prevention of Terrorism Act […]
World Bank Launches Financing Facility to Protect Countries against Pandemics
SENDAI, Japan —The World Bank Group today launched the Pandemic Emergency Financing Facility (PEF), an innovative, fast-disbursing global financing mechanism designed to protect the world against deadly pandemics, which will create the first-ever insurance market for pandemic risk. Japan, which holds the G7 Presidency, committed the first $50 million in funding toward the new initiative. “Pandemics […]
‘s subordinated debt final A(lka)
Fitch Ratings has assigned Sampath Bank PLC’s (A+(lka)/Stable) Basel II-compliant subordinated debentures of up to LKR6bn a final National Long-Term Rating of ‘A(lka)’. The final rating is the same as the expected rating assigned on 26 April 2016 and follows the receipt of documents conforming to information already received. The debentures will mature in five years and carry […]
La Nina may give India heavy monsoon, Sri Lanka expects usual monsoon
May 25, 2016 (LBO) – India may have the highest monsoon rainfall in 22 years with La Nina on the cards, according to a private weather forecaster, boosting agricultural production and easing a shortage of drinking water. Although the prediction by Skymet Weather Services Pvt., a New Delhi-based private forecaster, is higher than the forecast […]
Sri Lanka’s John Keells Holdings to subdivide ordinary shares
May 24, 2016 (LBO) – Sri Lanka’s diversified John Keells Holdings has decided to subdivide ordinary shares of the company while making an adjustment to its warrants. The company said in a stock exchange filing, the directors have recommended a share subdivision where by every seven existing ordinary shares will be subdivided to eight ordinary shares. […]
Opinion: Blockchain, Cryptoeconomics, and the Disintermediation of Trust
By Chami Akmeemana and Evan Stubbs As the technology that creates a distributed ledger, blockchain is creating significant waves of disruption in industries, processes and business models revolving around the centralization of trust. This is far broader than just crypto currencies; this technology offers the potential to create autonomous corporations, change the nature of […]
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May 24, 2016 (LBO) – The Ceylon chamber of commerce with Fair Deal AS, a globally spread import sourcing arm is planning to launch a program to help Sri Lankan importers buy goods at ‘factory prices’. Under this program, Fair Deal which is a subsidiary of the Advance Business Partners of Norway will function as […]