CB extends suspension of primary dealership of Pan Asia Bank

Loss-making Sri Lankan Airlines aims to break even in 2015/16

Loss-making Sri Lankan Airlines hopes a five-year plan to fly to more profitable destinations and invest in a more fuel-efficient fleet will help it break even in 2015/16, its chief executive said. Airlines worldwide have been hit by rising fuel costs which bite into profitability, and state-run Sri Lankan has the extra burden of having to operate unprofitable European routes, because the country’s economy, hard-hit by the 26-year war that ended in 2009, relies heavily on tourism. The national c

26 Feb, 2013

Indian bicycle maker shuts Sri Lankan plant over GSP issue

Premium bicycle maker Firefox Bikes Thursday said it has closed its manufacturing plant in Sri Lanka, owned by one of its promoters, and moved it to Bangladesh to avail lower duty benefits. “We have closed down our Sri Lanka plant and the last production was in January. We have relocated the unit to Bangladesh,” Firefox Bikes Managing Director Shiv Inder Singh told PTI. The manufacturing plant is operated by Intertrend Ltd, which is led by Firefox Bikes’ majority stakeholder Pradeep Mehrotra. Th

07 Feb, 2013

Rift between India and CEB threatens project

A serious rift has reportedly?cropped up between the National Thermal Power Corporation (NTPC) in India and the Ceylon Electricity Board (CEB) over setting up of a 500-MW power plant in Sri Lanka, which is expected to further delay implementation of the project India’s Economic Times reported that?Operation and maintenance (O&M) costs and return on investment are among the major issues over which the two companies continue to have differences. National Thermal Power Corporation is the largest In

10 Feb, 2013