Now equipped to produce 42 million metres to tap into growing EU market post resumption of GSP Teejay Lanka, one of the region’s largest textile manufacturers, has announced a doubling of capacity of its Indian mill, following the completion of an expansion project involving an investment of US$ 15 million (more than Rs 2.3 billion…
Bloomberg – Aston Martin is reviving the Lagonda brand with a battery-powered sport utility vehicle to compete in a growing pool of electrified ultra-luxury cars. The manufacturer will unveil the vehicle in 2021 after showing a radical concept of the all-but defunct Lagonda brand at the Geneva car show in March. The car will come at least…
The Monetary Board of the Central Bank of Sri Lanka (CBSL), having considered the critical financial conditions of ETIFL and the possible implications to the financial system, decided to permit and facilitate ETIFL to sell its holding of shares in subsidiary and sub-subsidiary companies and investment properties, based on a proposal submitted by the Board…
The latest edition of renown business magazine LMD reports a decline of 19 basis points in the LMD-Nielsen Business Confidence Index (BCI). Whilst it had fell to 98 in April, a 70-month low or the lowest in 6 years, LMD notes that this is the second time the index has fallen below the 100 mark…
The Mahaweli Water Security Investment Program is one of the major ongoing investment programmes currently being implemented under the loan assistance of the Asian Development Bank (ADB). The total investment cost of this program is USD 675 million of which USD 453 million will be provided by ADB under Multi – tranche Financing Facility (MFF)….
“The downward trend in sentiment continues on the back of below par economic growth”, Sri Lanka’s leading Business Magazine LMD said in a recent Opinion Poll on country’s economy in a comprehensive report. “Optimism regarding the economy continues to dwindle as a mere five percent of respondents (vs 11% in March) expect an improvement over…
Sri Lanka’s Indian Oil Company (IOC) owned fuel retailer Lanka IOC will be forced to implement its own pricing mechanism to minimise losses if the government fails to implement its proposed fuel price formula, the company had said on Friday to according to a Reuters report. Lanka IOC’s Managing Director Shyam Bohra speaking to Reuters…
Reuters – Sri Lankan shares rose to a two-week closing high on Friday, led by diversified and banking stocks, but trading was thin as investors waited for more clarity on the political and economic front. The Colombo stock index ended 0.29 percent firmer at 6,492.06, its highest close since May 4. It rose 0.2 percent…
~ Renewed focus on driving Life Insurance growth post divestment of General Insurance business Returning to being a specialist Life Insurance company, leading Sri Lankan insurer Janashakthi Insurance PLC (Janashakthi) reported its financial results for the three month period ended 31st March 2018. Janashakthi had divested its General Insurance business earlier in the quarter, generating…
Dipped Products Group posted a topline growth of 17% recording Rs. 28.5 billion turnover and Rs. 1.2 billion PBT for the year ended 31st March 2018. The Hand Protection segment contributed Rs. 16 billion to revenue, 11 percent higher than the previous year. Mr. Mohan Pandithage – Chairman stated “The sector was able to grow…
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