Category: Industry
Knit fabric maker Teejay announces plans to diversify in to lace
Jul 25, 2019 (LBO) – Teejay Lanka PLC, Sri Lanka’s only multinational textile mill, has announced plans to partner with a leading Chinese company to venture into the manufacture of lace, thereby significantly expanding the Company’s product portfolio. As a first step, Teejay is to commence dying, finishing, and scalloping of raw lace material supplied […]
ETL Colombo denies claims as the importer of waste cargo
Jul 25, 2019 (LBO) – ETL Colombo (Pvt) Ltd. outrightly denied any claims that they are the ultimate importer of the 130 containers of “Used Mattresses” imported to Hayleys Free Zone, Katunayake for reprocessing and re-export as legally permitted by the Hub Act. The actual owner and the key stakeholder of the said cargo is […]
CA SL to host regional forum on finance professionals combating corruption
Jul 25, 2019 (LBO) – The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) will host a regional forum in Colombo next week on the role of finance professionals in combating bribery and corruption. The forum which will be held on 30th July 2019 at the Kingsbury Hotel will attract accountants from across […]
Sri Lanka officially adds “Port City” reclaimed land to Colombo map
Jul 24, 2019 (LBO) – Sri Lanka’s Minister for Megapolis and Western Province Development said the Ministry of Local Government will be tabling an act in parliament to add ‘Port City’ as part of the Divisional Secretary of Colombo. The new city will function as a special jurisdiction area with its own economic and commercial […]
NDBIB crowned Sri Lanka’s best investment bank by Euromoney
Jul 24, 2019 (LBO) – NDB Investment Bank (NDBIB) once again secured the prestigious “Best Investment Bank in Sri Lanka” award by Euromoney for the year 2019. This marks the 8th consecutive win for NDBIB, one of the longest winning streaks for any investment bank, and coincides with the 50th year anniversary of the Euromoney […]
China State Engineering rewards DP Jayasinghe for completing TRI ZEN’s piling
Jul 24, 2019 (LBO) – China State Construction Engineering Corporation (CSCEC) has rewarded DP Jayasinghe with 7 million rupees for completing TRI ZEN’s Piling Work ahead of schedule. D.P.Jayasinghe Piling Co. (Pvt) Ltd., showcased their dynamic expertise in the field of pile construction through successful completion of the piling project of TRI ZEN project, ahead […]
Sri Lanka Customs to investigate waste containers: Fin Min
Jul 24, 2019 (LBO) – The Finance Minister has ordered Sri Lanka’s Customs to conduct an investigation into the import of containers containing clinical waste to the island. He has warned that legal action will against those responsible, the Finance Ministry said issuing a statement. Minister Mangala Samaraweera has ordered Customs Director General P.S.M Charles […]
CEAT launches new radial tyre range with Rs.350Mn production upgrade
Jul 23, 2019 (LBO) – CEAT, a tyre brand has unveiled a new series of radial tyres in Sri Lanka following an investment of 350 million rupees to further upgrade the quality of a product category. The improvements, achieved with the installation of new state-of-the-art machinery and the use of new compounds with advanced polymers […]
Hayleys Free Zone decides to process & re-export cargo in question expeditiously
July 22, 2019 (LBO) – Hayleys Free Zone Limited today revealed that it has taken a decision to process the cargo in question and re-export them expeditiously at the cost of the company. Last Friday, the BOI said that they have decided to take stern action against the company with a view to concluding this […]
UN Special Rapporteur on the rights of freedom of association and peaceful assembly on country visit
Jul 19, 2019 (LBO) – The Special Rapporteur on the rights of freedom of association and peaceful assembly, Clément Nyaletsossi Voule commencing his official country visit to Sri Lanka from 18 -26 July 2019, called on Foreign Minister Tilak Marapana at his Ministry, yesterday. Foreign Minister Marapana observed that the freedom of association and peaceful […]
Sri Lanka vehicle registrations down in June 2019
Jul 22, 2019 (LBO) – Sri Lanka’s vehicle registrations across most categories have declined in June relative to May, a new report shows. Data compiled by JB Securities equities research shows a drop in 2-wheeler registrations have driven down the total to 26,201 the lowest on record over the past 36 months. The slowdown and […]
BOI to take action against Hayleys Free Zone Ltd for failed waste re-exports
July 19, 2019 (LBO) – Sri Lanka’s Board of Investment is to take stern action against Hayleys Free Zone Limited for failing to meet commitment laid out in their BOI agreement. The BOI has permitted Hayleys Free Zone Limited in May 2014, to operate an integrated logistics center and entrepot trading as permitted activities within […]