Dialog Axiata PLC, Sri Lanka’s largest Foreign Direct Investor operation under the Board of Investments (BoI) announced that it is to invest an additional USD 175 million (Rs. 24.6 billion) in the island’s ICT infrastructure. This include the expansion of Dialog’s 3rd Generation and 4th Generation High Speed Broadband Services and further development of the…
Toyota is recalling 6.5 million vehicles worldwide over a faulty window switch that can short circuit and catch fire. The company said insufficient lubricant grease may have been used, which under certain conditions could lead the switch to malfunction, overheat and in the worst case scenario, lead to a fire. The Toyota models involved include…
Finlays Colombo PLC has formally resolved to initiate the process of delisting the company’s ordinary voting shares from the official list of the Colombo Stock Exchange. The company has made arrangements with James Finlay Limited of Swire House, 59, Buckingham Gate, London to purchase the shares of shareholders who may wish todivest their shareholdings at…
Each Member of Parliament will shortly receive over Rs. 10 million as their due decentralized allocations for next year after adding the amount due in 2015 as well, Finance Minister Ravi Karunanayake told Parliament. During several instances parliamentarians have complained that they are unable to implement any development plans due to the lack of decentralized…
Emirates Group, comprising the global businesses of Emirates airline and dnata, the air services provider, have unveiled plans to undertake an enterprise-wide transformation initiative aimed at placing data at the heart of the organization, re-inventing business processes using smart technology and underpinning decisions with big data and real-time analytics. The goal is to transform Emirates…
* Says archaic and economically unviable attendance-based wage cannot continue In a significant progressive step in the ongoing plantation sector wage discussions, the Regional Plantation Companies (RPCs) have put forward their recommendation for a revenue sharing model for the remuneration of estate workers. This bold initiative is the only sustainable solution and way forward,…
Greener Water Limited, the leisure sector investment arm of Vallibel One has entered into an agreement with the Board of Investment of Sri Lanka for an integrated resort complex at an estimated cost of USD 60.0 million. According to the Vallibel One website, Greener Water Ltd will invest in a 382 room, luxurious five star…
Sri Lanka’s economy should grow between 6.0-6.5 percent this year given strong credit growth after key policy rates have been held at record lows since April, Central Bank Governor Arjuna Mahendran said on Tuesday. On an annual basis, economic growth accelerated to 6.7 percent in the second quarter from 4.4 in January-March. “Judging by the…
Parliament approved the proposal to increase the government’s local borrowings by a further Rs. 400 billion through the issue of Treasury Bills. With the approval of this proposal by Finance Minister Ravi Karunanayake, the limit of borrowings through the issue of Treasury Bills would increase from the current Rs. 850 billion to Rs. 1,250 billion….
Colombo bourse regained lost grounds on Tuesday where investor sentiments turned positive as Central Bank decided to keep the policy rates unchanged. All share index bagged 23.91 index points (+0.34%) to end at 7,041.26 while 20-script S&P SL index gained 15.56 index points or 0.41% to close at 3,796.86. Index performance was driven by price…
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