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Sri Lanka’s LAUGFS to commission new Hambantota LPG terminal, first cargo due Dec 15 – Report

Sri Lankan W.K.H. Wegapitiya founded LAUGFS group that has emerged to be a regional player will commission LAUGFS Gas PLC owned LAUGFS Terminals Ltd – the group’s LPG Transshipment Terminal at Hambantota port and will receive its first commercial cargo from December 15, 2018 the company had announced according to S&P Global Platts. S&P Global…

(0)Comments | December 4, 2018 2:35 pm

Fitch Downgrades Sri Lanka to ‘B’; Outlook Stable

Fitch Ratings-Hong Kong-03 December 2018: Fitch Ratings has downgraded Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘B’ from ‘B+’, with a Stable Outlook.  A full list of rating actions is at the end of this rating action commentary. KEY RATING DRIVERS  The downgrade reflects heightened external refinancing risks, an uncertain policy outlook, and…

(0)Comments | December 4, 2018 1:05 pm

Remarkable Growth of Cruise Ships at Port of Colombo

A remarkable growth of the cruise ships calling at the Port of Colombo has been reported in this year. According to the records of the Sri Lanka Ports Authority, 45 cruise ships have been called at Port of Colombo in last 10 months of this year which is 28.8 % increasement against the corresponding period…

(0)Comments | December 4, 2018 12:56 pm

AMCHAM Sri Lanka concerned over political impasse

The American Chamber of Commerce in Sri Lanka expressed concern of the impasse reached in light of the current political developments in the country. While stating that this sends a worrying signal to the business community, locally as well as internationally – AMCHAM Sri Lanka also raised the concern highlighted by potential investors. The Chamber…

(0)Comments | December 4, 2018 11:25 am

Sri Lanka cbank says credit rating downgrades “too hasty”

Reuters – Credit rating agencies have been “too hasty” to downgrade Sri Lanka based on short-term political uncertainties, a senior central bank official said on Tuesday after Fitch became the second agency in two weeks to cut the indebted island’s rating. “We are of the view that actions by both rating agencies are too hasty…

(0)Comments | December 4, 2018 10:22 am

Unilever to acquire Horlicks and other consumer healthcare nutrition products from GSK

London/Rotterdam – Unilever today announced it has signed an agreement to acquire the Health Food Drinks portfolio (GSK HFD) of GlaxoSmithKline (GSK) in India, Bangladesh and 20 other predominantly Asian markets. The transaction consists of three elements: all-Equity Merger of Hindustan Unilever Ltd (HUL) with the publicly listed GSK Consumer Healthcare India (GSK CH India),…

(0)Comments | December 3, 2018 4:20 pm

GSK to divest Horlicks and other Consumer Healthcare nutrition products to Unilever

Following the completion of its previously announced strategic review, GlaxoSmithKline plc (LSE/NYSE: GSK) today announces the divestment of Horlicks and other consumer healthcare nutrition brands to Unilever plc (“Unilever”) and the merger of GSK Consumer Healthcare Limited (“GSK India”) with Hindustan Unilever Limited (“HUL”) for a total consideration valued at approximately £3.1 billion based on…

(0)Comments | December 3, 2018 4:12 pm

Qatar to withdraw from OPEC and focus on gas exports

DOHA (Reuters) – Qatar said on Monday it was quitting OPEC from January 2019 but would attend the oil exporter group’s meeting this week, saying the decision meant Doha could focus on cementing its position as the world’s top liquefied natural gas (LNG) exporter. Doha, one of the smallest oil producers in the Organization of…

(0)Comments | December 3, 2018 3:19 pm

Going strong at 140: Hayleys No.1 in LMD Top 20 rankings for 2018 for the second consecutive year

Iconic diversified multinational conglomerate, Hayleys PLC, maintained its position at the forefront of Sri Lanka’s corporate sector by becoming No.1 in the 25th edition of the LMD Top 20 for the second consecutive year. The announcement of the LMD Top 20 was made ahead of the complete Top 100 list which will be released in…

(0)Comments | December 3, 2018 2:32 pm

European Aviation Safety Agency approves SriLankan Engineering to global standard

EASA-145 Base Maintenance operations on Airbus A330 aircraft The European Aviation Safety Agency (EASA) has approved SriLankan Engineering to carry out Base Maintenance operations on Airbus A330 aircraft as per EASA Part-145 regulations. SriLankan Engineering is the aircraft Maintenance-Repair-Overhaul (MRO) arm of SriLankan Airlines, the national carrier of Sri Lanka. This certification completes the requirements…

(0)Comments | December 3, 2018 12:07 pm