Author: lbostgadmin
Free Float
SriLankan Airlines is contemplating moving into a floating rate fare regime to beat off galloping fuel prices that is burning a hole in its bottomline, a top official said Tuesday. The national carrier raised fares between US$ 15-50 from April 1, as jet fuel prices are showing no signs of abating. For instance, a round […]
BTT increase canned under central government and trade pressure
Provincial Councils (PC) are packing up plans to increase the Business Turnover Tax (BTT) that was to come into force on April 1.Provincial Councils (PC) are packing up plans to increase the Business Turnover Tax (BTT) that was to come into force on April 1. The Provincial Councils say the change of heart is due […]
Blackout
Ceylon Electricity Board has started restoring power to the grid starting from Colombo city after supply to the entire country failed.Ceylon Electricity Board has started restoring power to the grid starting from Colombo city after supply to the entire country failed. Engineers say the entire island would be connected within two hours. CEB is still […]
Climbing Up
World oil prices hit fresh historic high points on Monday, climbing above 58 dollars a barrel in New York on tight supplies, as OPEC began consultations to consider raising output by 500,000 barrels per day.New York’s main contract, light sweet crude for May delivery, struck a record intra-day high of 58.18 dollars in electronic trading […]
Backup Power
Sri Lanka’s monopoly power utility was scrambling to restore power late Monday evening after two transmission lines tripped causing an islandwide blackout.Sri Lanka’s monopoly power utility was scrambling to restore power late Monday evening after two transmission lines tripped causing an islandwide blackout. The Ceylon Electricity Board’s engineers said that powerlines running from Victoria to […]
Soaring High
Major airlines face greater losses than last year because of the ongoing surge in oil prices, the main industry association warned Monday as it forecast total losses of 5.5 billion dollars in 2005. Major airlines face greater losses than last year because of the ongoing surge in oil prices, the main industry association warned Monday […]
Shiver me Timers
Sri Lankan shippers say the Colombo port is getting too expensive, eroding any cost competitiveness they have for their products in the international market.Sri Lankan shippers say the Colombo port is getting too expensive, eroding any cost competitiveness they have for their products in the international market. The shippers, who are mainly Sri Lankan exporters […]
‘s Central Bank has made peace with the primary dealer fraternity on a hike in capital requirements
Sri Lanka’s Central Bank has made peace with the primary dealer fraternity on a hike in capital requirements from July, but players say the move still leaves them short changed.Sri Lanka’s Central Bank has made peace with the primary dealer fraternity on a hike in capital requirements from July, but players say the move still […]
Fear of snap election as Sri Lankan president at odds with allies
Sri Lankan President Chandrika Kumaratunga could call a snap election before the end of 2005 because of friction with her Marxist allies over economic reforms and peace talks with Tamil rebels, analysts said Sunday.Under the island’s constitution, Kumaratunga is now allowed to sack parliament and call an early election following the passing at midnight Saturday […]
Good Advice
Sri Lanka has to cut the budget deficit and respond correctly to rising oil prices, in order to avoid another setback to the economy, a top private sector professional said.Sri Lanka has to cut the budget deficit and respond correctly to rising oil prices, in order to avoid another setback to the economy, a top […]
Darkness @ Noon
Monopoly electricity supplier Ceylon Electricity Board (CEB) has reported a record loss for last year and said it would face a severe cash crisis this month unless it gets urgent cash injection. Monopoly electricity supplier Ceylon Electricity Board (CEB) has reported a record loss for last year and said it would face a severe cash […]
Regulation Helps
The Chairman of a “big four” accounting firm says Sri Lanka will have to move away from self regulation of the accounting and auditing profession like in the US and Europe. The Chairman of a “big four” accounting firm says Sri Lanka will have to move away from self regulation of the accounting and auditing […]