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Belt and Road Initiative will attract more FDI into Sri Lanka: experts

Xinhua – Sri Lanka’s participation in China-proposed Belt and Road Initiative will boost the country’s economy and help it attract more foreign direct investment (FDI), participants of the “Sri Lanka Economic Summit 2017” have said. Speaking at the gathering here on Wednesday, Jim McCabe, chief executive officer of Standard Chartered Bank, Sri Lanka said the…

(0)Comments | July 27, 2017 12:11 pm

Electric cars win? Britain to ban new petrol and diesel cars from 2040

LONDON (Reuters) – Britain will ban the sale of new petrol and diesel cars from 2040 in an attempt to reduce air pollution that could herald the end of over a century of reliance on the internal combustion engine. Britain’s step, which follows France, amounts to a victory for electric cars that if copied globally…

(0)Comments | July 27, 2017 11:13 am

Amana Bank doubles its capital. Rights Issue oversubscribed

~ Capital reaches LKR 10 Billion ahead of time Amãna Bank was infused with over Rs. 4.75 billion to its capital base, when its shareholders expressed confidence in the Bank resulting in its recent rights issue being oversubscribed. In doubling its capital, the Bank issued 1,250,695,567 ordinary voting shares in the ratio of one new…

(0)Comments | July 27, 2017 11:07 am

Sri Lankan shares recover from 6-wk closing low on bargain hunting

Reuters – Sri Lankan shares edged higher on Wednesday, ending a seven-session losing streak as investors bought battered down shares a day after the cabinet granted approval for a Chinese-built port lease deal. The Colombo stock index rose 0.1 percent to 6,669.05, recoding its first gain in eight sessions. On Tuesday, the index had recorded…

(0)Comments | July 27, 2017 10:31 am

Shangri-La Hotels Lanka‘s “The Mall at One Galle Face” signs mega deal with Odel

Shangri-La Hotels Lanka Pvt Ltd has inked an agreement to partnership with Odel, Sri Lanka’s premier fashion and lifestyle department store owned and managed by ODEL PLC, a subsidiary of Softlogic Holdings PLC. The Mall at One Galle Face is part of a mixed development project comprising a 450-room hotel, 390 luxury apartments and 38…

(0)Comments | July 26, 2017 3:22 pm

UN’s Target 9.2 framework coming to Lankan industries

UN’s specialized agency for industrial development is to usher Inclusive and sustainable industrialization framework to Sri Lanka. The new initiative of United Nation’s Industrial Development Organisation (UNIDO) is part of a vast array of strategic interventions under the Sustainable Development Goals (SDGs) agreed globally in 2015.   “SDG 9 involves the three I’s-Infrastructure, Industrialization and Innovation” said the…

(0)Comments | July 26, 2017 2:59 pm

PGC announces financial results for Q1 , F18.

Piramal Glass Ceylon PLC has announced its results for the 1st Quarter of FY 2017-18 with Rs. 1,403 million of Revenue & Rs. 105 million of Profit After Tax showing a marginal decline when compared with the profitability of FY 2016-17 1st Quarter. The sale during the 1st three months of FY2017-18 was Rs. 1,403…

(0)Comments | July 26, 2017 2:54 pm

NDB records highest ever Profit After Tax of LKR 2.3 billion for the first half of 2017

· PBT records 70% YOY growth to reach LKR 3.8 bn · Sound Balance Sheet expansion with 11% growth in advances and 17% growth in deposits in 6 months · NPLS further improves to 2.2% · Bolsters the results achieved in Q1 2017 with a sustainable growth momentum National Development Bank PLC (NDB) concluded the…

(0)Comments | July 26, 2017 11:41 am

Fuel distribution declared an essential service

The fuel distribution has been declared an essential service from midnight yesterday by a gazette notification and the government informs all the employees related to fuel distribution to immediately report for work. When an essential service situation is declared, those who are not reporting to the service are considered as people who have left their…

(0)Comments | July 26, 2017 10:43 am

Sri Lankan shares hit 6-week closing low

Reuters – Sri Lankan shares closed marginally weaker for a seventh straight session on Tuesday, but analysts expect sentiment to turn positive following cabinet approval for a Chinese-built port. The Colombo stock index fell 0.03 percent to 6,662.34, marking its lowest close since June 13, and its tenth fall in 11 sessions. Sri Lanka’s cabinet…

(0)Comments | July 26, 2017 10:34 am