Category: Industry
Nawala, Dehiwala and Rajagiriya continue as property hot-spots : Report
By Lanka Property Web A recent study done by LankaPropertyWeb.com reveals the average residential land prices around Colombo and which areas the prices have gone up. In a comprehensive study done on land for sale asking prices (for-sale prices) around Colombo listed on their website, the suburbs of Nawala, Dehiwala and Rajagiriya have topped the […]
Sri Lanka inks deal with Chinese firm for flood mitigation in Colombo
May 31, 2018 (LBO) – Sri Lanka’s Ministry of Megapolis and Western Development signed an agreement with the China Petroleum Cooperation to construct two tunnels to channel floodwater out of Colombo, yesterday. The cost of the new project is estimated at US 322 million dollars, with part funding from the World Bank through a soft loan […]
Sri Lanka signs agreement for gas exploration services
May 31, 2018 (LBO) – Sri Lanka’s Minister of Petroleum Resources Development, signed an agreement with Eastern Echo DMCC, subsidiary of a major oilfield services company Schlumberger, Wednesday to explore prospects for oil and gas resources in selected offshore areas of the island. The company will collect, market and license of petroleum data on “multi-client” basis, enabling […]
Crafting Sustainable Hospitality Management with KPMG
KPMG Maldives hosted an interactive workshop on hospitality management on the topic of “Crafting Sustainable Hospitality Management” on 20th March 2018 at Hotel Jen Male’. The workshop was conducted by Mr. Nirmalan Nagendra, a veteran hotelier with over 33 years of experience with prominent hotel chains around the globe. He currently serves as a consultant […]
Colombo Port shows second highest growth rate in global port rankings
May 30, 2018 (LBO) – Colombo Port has been ranked as the port that shows the second highest growth rate among container ports worldwide, Sri Lanka Ports Authority said. Ports Authority said Colombo Port recorded a 16.2 percent growth for the 1st quarter 2018 over the same quarter last year according to Alphaliner monthly 2018. […]
Melstacorp enters into USD20mn joint venture to distribute cement
May 25, 2018 (LBO) – Melstacorp has entered into a joint venture agreement with Pyramid Gama (Private) Limited for importation, processing, packaging, and distribution of cement.The company said in a stock exchange filing that the agreement is effective from 18th May and operations are to be undertaken by a joint venture company in the name of Melsta […]
Listed Sri Lanka hospitals have strong growth prospects: Fitch
May 25, 2018 (LBO) – Listed hospitals in Sri Lanka will continue to grow strongly given growing demand for private health care, although regulatory price controls will constrain profitability, Fitch Ratings said. Long-term demand drivers are intact for private hospital operators, the report on the sector said. “Increasing demand for private healthcare is driven by […]
VAT to be reduced by 2.5-pct by 2020 : Fin Min
May 25, 2018 (LBO) – Sri Lanka will reduce Value Added Tax (VAT) by 2.5 percent in 2020 in order to relieve masses of the burden of indirect taxes, Minister MangalaSamraweera said. “It is the poor people who mostly pay taxes to the government by way of indirect taxes. We should relieve them of this […]
Ceylinco Life’s 2017 net profit grows to Rs 9.4 billionCeylinco Life’s 2017 net profit grows to Rs 9.4 billion
(PRESS RELEASE) IRCSL-mandated change in basis of valuation of Life Fund generates one-off surplus of Rs 3.456 billion Ceylinco Life has announced that its net profit for the year ending 31st December 2017 is Rs 9.467 billion, including a one-off surplus of Rs 3.456 billion generated by a change in the basis of the valuation […]
Sri Lanka tea exports up in April 2018, Low grown production down
May 24, 2018 (LBO) – Sri Lanka’s tea exports for the month of April 2018 showed a gain of 0.7M/kgs when compared with the same period last year while bulk tea and tea bags show a marginal decrease, a new report shows. “When analyzing the total revenue realized of 17.1 billion rupees for April 2018, […]
Cabinet nod for bonded warehouses
May 24, 2018 (LBO) – Sri Lanka’s cabinet of Ministers have approved the establishment of bonded warehouses for pharmaceuticals, dairy products, solid waste management and renewable energy with intent to expand investment. The proposal, outlined in Budget 2018 was put forward by Finance Minister Mangala Samaraweera. “Under the Budget proposal, it was proposed to give tax relief […]
Sri Lanka approves BOT system for state buildings
May 24, 2018 (LBO) – The cabinet has approved to construct public buildings under the Build, Own and Transfer (BOT) system by the private sector, a statement said. “The construction and maintenance of large public buildings including schools, universities, hospitals and vocational training centres require substantial public funds,” the cabinet office said in a statement. “…..if […]