Foreign investor leaves Dhammika Perera’s Vallibel Power in Sri Lanka

Asia Energy Management Systems, the second largest investor in Vallibel Power Erathna, the minor hydro power project under prominent Sri Lankan businessman Dhammika Perera, has sold its 21 per cent shares this morning (04 November) for nearly a billion rupees. A member of the Vallibel Power Erathna directorate, Nimal Perera told that each share…

(0)Comments | November 4, 2014 1:17 pm

Sri Lanka’s Toyota Lanka slashes car prices

Toyota Lanka Private Limited, the Sri Lankan subsidiary of the famous vehicle manufacturer Toyota, has reduced the prices of vehicles being sold in Sri Lanka in accordance with the 2015 Budget proposals. Toyota Lanka General Manager Eshan Cooray told that the prices of the latest Prius C hybrid vehicle being sold in Sri Lanka…

(0)Comments | November 3, 2014 1:35 pm

How big data and IoT are changing manufacturing

The New Industrial revolution  Big Data and the Internet of Things (IoT) is revolutionizing the world around us – from the medical care we receive to the way retailers market to us – but how is the manufacturing industry benefitting from it? Large manufacturers have been analyzing data to optimize production and processes for many…

(0)Comments | October 23, 2014 12:49 pm

Strange Sri Lankan bank theory: Interest rates lowered only if requested

Sri Lanka’s bank interest rates have seen a historic low now. Some banks have already lowered their housing loan interest rates to 10.5 per cent. Overall, the current interest rate on housing loans remains at a 12 per cent level. Hence, the banks should reduce the interest rates of those who had obtained housing loans…

(0)Comments | October 17, 2014 8:30 pm

Ashok Leyland gets order worth $17 mn from Sri Lanka

Hinduja group flagship company Ashok Leyland has received an order worth $17 million (around Rs. 104 crore) to supply 630 buses to Sri Lankan operators. The company, through its joint venture in Sri Lanka, has received an order for 630 buses worth $17 million from private bus operators, Ashok Leyland said in a filing to…

(0)Comments | October 16, 2014 4:04 pm

Major stakeholder Parkson Retail Asia too relinquishes shares in ODEL Sri Lanka

Parkson Retail Asia Limited of Malaysia, the major stakeholder in Sri Lanka’s leading fashion apparels retail chain ODEL has agreed to sell all its shares to Softlogic Group for nearly Rs. 2.8 billion. While informing this decision to the Malaysian Stock Exchange, Parkson Retail Asia which already owns the major 47.46 percent shares in ODEL…

(0)Comments | October 11, 2014 6:29 pm

Is upcoming budget ‘a bag full of election goodies? Hint from Dr. PBJ

  Though it is widely reported that the budget for 2015 to be presented to Parliament by President Mahinda Rajapaksa on 24 October would include a lot of concessions to the people with an eye on upcoming elections, Finance Ministry Secretary Dr. P.B. Jayasundere gave an assurance that it would not be such a budget….

(0)Comments | October 9, 2014 3:34 pm

China overtakes US to become world’s largest economy, says International Monetary Fund

China has toppled America to become the biggest economy in the world, according to figures from the International Monetary Fund. The US has been the global leader since it overtook Britain in 1872, but has now lost its status as top dog. The latest IMF figures show the Chinese economy is worth £11trillion compared with…

(0)Comments | October 9, 2014 11:23 am

Pan Asia Bank Debenture Issue and Nimal Perera’s comments

The Colombo Stock Exchange (CSE) has approved in principle the application for listing the debt securities of Pan Asia Banking Corporation PLC. Pan Asia Banking Corporation is to offer 20 million unsecured subordinated redeemable debentures at an issue price of Rs. 100 each with an option to issue up to a further 10 million debentures…

(0)Comments | October 3, 2014 3:42 pm

Fitch Downgrades Softlogic Holdings to BBB-(lka); Places on Rating Watch Negative

Fitch Ratings has downgraded Softlogic Holdings Plc’s (SHL) National Long-Term Rating to ‘BBB-(lka)’ from ‘BBB+(lka)’. Fitch has also downgraded the National Long-Term Rating on SHL’s senior unsecured redeemable debentures to ‘BBB-(lka)’ from ‘BBB+(lka)’. The ratings have been placed on Rating Watch Negative (RWN). The two-notch downgrade reflects the aggressive investments and capital structure and the…

(0)Comments | October 2, 2014 4:13 pm