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Watawala plantation 9-mth profit +7 pct on palm oil, lower tax
Jan 27, 2016 (LBO) – Sri Lanka’s Watawala Plantations PLC reported net profit of 439 million rupees for the nine months to 31 December 2015, up seven percent, on profits from palm oil and lower outlay on taxes despite losses in the tea and rubber production sectors. Net profit for the quarter was up 21 […]
Fonterra Brands Sri Lanka announces new Managing Director
Dairy co-operative Fonterra today announced the appointment of Sunil Sethi as Managing Director of Fonterra Brands Sri Lanka and Indian Subcontinent. This follows Leon Clement’s recent appointment as Managing Director Fonterra Brands New Zealand. Mr Sethi, who will start the role in February, joins Fonterra from Kellogg’s where he was Vice President of Sales, Asia […]
Emirates to increase daily flights to Colombo
Jan 27, 2016 (LBO) – Emirates, a Middle-Eastern airline, said that they would be adding an additional daily flight to Sri Lanka between Dubai and Colombo. The new flight will be effective from 1 August 2016. Emirates will operate five daily flights between Dubai and Colombo every day except Wednesdays when it will operate four […]
EU Export Helpdesk provides support for exporters
Jan 27, 2016 (LBO) – The various conditions for exports to the European Union can be referred through the online EU Export Helpdesk, a European Commission official said at the recently held EU-SL Trade seminar. The site provides conditions for products exported to the EU such as health, technical standards and marketing standards as well […]
LBR LBO Infrastructure Summit 2015 – Keynote Speech – Olle Zetterberg
Cities – habitat to half of world population – now generate over 80% of the global GDP. According to a study by “The Economist “(2012), already global business is beginning to plan strategy from a city, rather than a country, perspective. Given the rapid growth and development of many cities, competition between them for business, […]
Aitken Spence Resorts to buy Al Falaj Hotel for USD36.4 mln
Jan 27, 2016 (LBO) – Oman Hotels and Tourism Co said on Monday its shareholders have unanimously approved the RO14mn (USD 36.3 million) sale of Al Falaj Hotel to Aitken Spence Resorts (Middle East). An extraordinary general meeting (EGM), held on Sunday, decided to sell the ‘assets and business’ of the hotel, Oman Hotels and […]
Sri Lanka commercial property demand will expand with FDI: Regus
Jan 27, 2016 (LBO) – Sri Lanka’s commercial property market will see a rise in demand as local firms expand their businesses and foreign firms start setting up in the island, a global work-space provider said. “There is huge demand for the commercial property in post war Sri Lanka and in the last 12 months the […]
OPA worried about professional services agreement with India
Jan 27, 2015 (LBO) – The Organisation of Professional Associations (OPA) in a statement yesterday said it was deeply concerned about Sri Lanka’s intended bilateral agreement with India named “Economic Technology Cooperation Agreement (ETCA).” “OPA with 46 Associations of professionals of the country, having substantial professional resources in the country in any discipline, is of […]
‘t cause recession: BofA
Jan 27, 2016 (LBO) – Whatever does cause the next global recession, it probably won’t be China, according to Bank of America Merrill Lynch. Their analysts believe the world’s second-largest economy will avoid a hard landing and risks from financial market turbulence can be contained by the Chinese government, according to a Bloomberg report. “We […]
‘s Rebirth, blog by Joseph E Stiglitz
By Joseph E. Stiglitz COLOMBO – Sri Lanka has been deservedly praised for the progress it has made since the end of the war against the separatist Tamil Tigers in 2009. The economy has grown at an average annual rate of 6.7%, and education and health statistics are impressive. All developing countries face myriad challenges, […]
Sri Lanka spent Rs22mn for Yoshitha Rajapaksa’s naval training: Karunathilake
Jan 26, 2016 (LBO) – Sri Lanka’s government has spent over 22 million rupees for the foreign scholarships and training obtained by ex-President Mahinda Rajapaksa’s son former naval officer Yoshitha Rajapaksa, Chief Government Whip Gayantha Karunathilake alleged in Parliament. On behalf of the defence minister, Karunathilake said that Lieutenant Y. K. Rajapaksha was recruited to […]