All Blogs
Emirates says losing US$10mn a day, 20-pct of fleet grounded
Apr 19, 2010 (LBO) – Dubai-based Emirates airlines said flight disruptions to Europe had cost it 50 million US dollars and it was losing revenues from 18,000 passengers a day following volcanic ash spewed out of Iceland. Affected passengers could cancel their bookings without charge. The airlines said updates are posted on Emirates.com and to […]
‘s state-run budget carrier loses Rs930mn
Apr 19, 2010 (LBO) – Sri Lanka’s controversial state-run budget carrier Mihin Lanka lost 930 million rupees in 2009, despite support from the island’s national carrier SriLankan, which itself made 12. 2 billion rupees in operational losses, official data shows. After starting in 2007, Mihin Lanka burnt up its start-up capital given from people’s money […]
Airlines challenge restrictions as ash snags 6.8 million passengers
LONDON, April 18, 2010 (AFP) – Airlines urged a re-think of flight restrictions as a volcanic ash cloud made Europe a virtual no-fly zone for a fourth straight day Sunday with nearly seven million passengers affected. However, the European Union presidency offered a glimmer of hope for stranded passengers, saying half of the flights scheduled […]
‘s profits and losses; a super profit making central bank is not good news
Apr 19, 2010 (LBO) – Two news items hit the headlines of media simultaneously last week. Both relate to the year 2009 and are sourced to the Central Bank Annual Report for the year. One is the news on the key state enterprises making colossal losses. The other is the news on Central Bank’s making […]
Sri Lanka power sector seen enticing private investors
Apr 19, 2010 (LBO) – More private investment is likely to get attracted to Sri Lanka’s power sector given stable and growing demand and improve profitability especially among hydro-power producers, a ratings agency report said. However, investments will be restricted to small power plants of less than 25 megawatts capacity as a new electricity law […]
India to probe IPL corruption claims
NEW DELHI, April 19, 2010 (AFP) – The Indian government promised on Monday an in-depth tax and financing probe into the country’s cash-rich premier cricket league, warning that “no wrongdoer will be spared”. The main opposition Bharatiya Janata Party has demanded an investigation into the IPL, accusing it of being “the Corruption Premier League.” The […]
‘s ex-army chief back in court as MP-elect
April 19, 2010 (AFP) – Sri Lanka’s former army chief Sarath Fonseka appeared in the dock at a court martial on Monday for the first time since winning a parliamentary seat in elections earlier this month. Fonseka last year led the military to victory over the Tamil Tiger rebels but later fell out with President […]
Priviledged Deals
Apr 18, 2010 (LBO) – Sri Lanka’s state has shut out competitive bids from private insurers for state entities, drawing a warning that the move would increase the cost of state enterprises and raise burden of government to the ordinary man. Sri Lanka’s insurance sector, banking, telecoms, shipping, aviation and education were stifled for decades […]
Post Loss
Apr 18, 2010 (LBO) – Sri Lanka’s state postal services lost 2. 4 billion rupees in 2009 up from 2.1 billion rupees in 2008 while the mail use has stagnated at 21 letters per inhabitant, official data showed. In 2007 the postal services lost 2. 8 billion rupees but prices were raised in the middle […]
Refugee Move
JAKARTA, April 18, 2010 (AFP) – Indonesia is likely on Monday to move scores of Sri Lankan migrants who have refused to leave their rickety boat for the past six months, the foreign ministry said. “Most probably on Monday…. Wait for the details tomorrow,” foreign ministry official Sujatmiko told AFP when asked about the expected […]