Board of Investment of Sri Lanka (BOI) has recently made an offer to Indian automotive giant, Tata to start manufacturing the world’s cheapest car; Tata Nano in Sri Lanka. According to BoI sources, Minister of Investment Promotion Sarath Amunugama has made this offer while earmarking a project site at the Special Economic Zone in Mirigama, [...]
Looks for orders from the region: Micro Cars, Sri Lanka’s only automobile manufacturer hopes to produce 30 ‘Micro Duodeck” buses every month. Micro Cars has invested over Rs. 300 million for this project. Chairman of Micro Cars Lawrence Perera said they have firm orders from the region and are now looking at more orders from [...]
Mas Holding, a leading garment export company is preparing to cut down the number of employees through a ‘voluntary pension scheme’ say internal sources of the company. According to these sources the company management has already made plans to send on retirement between 400 and 500 employees of management grades. The high interest rates in [...]
The government has threatened to acquire all Lanka Indian Oil Company fuel stations in a bid to reduce the impact of losses incurred by diesel sales at Ceylon Petroleum Corporation sheds. Petroleum Resources Development Minister A.H.M. Fowzie responding to a statement made by JVP Parliamentarian Anura Kumara Dissanayake on June 5th told parliament the government [...]
Sri Lankan businessmen in Thailand involved in the gem and jewellery sector are requesting that red tape be removed to achieve further growth in the industry. Managing Director Try Once Gems and Jewellery, Bangkok, M. Z. M. Feroze said that sometimes they feel that a Gem Authority is not needed. “The Gem Authority should play [...]
Sri Lanka has a strong opportunity to get a chance to enter into the top ten young fashion Entrepreneurs of the International Young Fashion Entrepreneurs (IYFE) Award in 2009. Deputy Director, British Council, Duncan Wilson announcing the IYFE Award 2009 yesterday said this the second award ceremony introduced to the Sri Lankan fashion industry.
City police on Tuesday arrested two persons, including a Sri Lankan diamond merchant, for counterfeiting currency notes here. According to police, Prince, 28, a diamond merchant from Colombo, was caught when a private bank informed them that counterfeit currency notes were being deposited in the bank.
The Prime Minister of Japan has suggested ministerial level consultations between Sri Lanka and Japan on oil and gas exploration by Japan in Sri Lanka and on the settlement of loans from Japan to Sri Lanka, states a Presidential Media release.
‘Lanka’ (Sunday) newspaper states Lanka Indian Oil Company (LIOC)is considering to further increase its diesel price with the objective of withdrawing from diesel sales and focus on the more profitable petrol sales. After the government had granted the company permission to fix its prices LOIC has been increasing its diesel price without any control. Since [...]
The economic analysts argue that there are many reasons; direct and indirect, behind the current oil price hike. They mainly attribute to the developments in China and India which had increased the consumption levels of the fuel per day. This situation had led the Organisation of Petroleum Exporting Countries (OPEC) to a problem since its [...]
