Category: Industry
Oil Strikes
NEW DELHI, June 6, 2006 (AFP) – A sharp hike in Indian fuel prices sparked uproar against the government Tuesday as both its communist allies and the main opposition Hindu nationalist party vowed nationwide protests. Even senior members of the ruling Congress party demanded the rollback of the rise aimed at bringing fuel prices closer […]
Desperate Times
June 06 (LBO) – Lanka Indian Oil Corporation has asked the Treasury for a billion rupees of its unpaid subsidy bill to buy fuel, as petrol stocks threaten to run dry in two days. The government owes the company Rs. 7.44 billion in unpaid subsidies as at end March this year, with the firm saying […]
Big Bucks
BANGALORE, India, June 6, 2006 (AFP) – US technology giant IBM said Tuesday it will triple its investments in India to six billion dollars over the next three years, recognising India’s dominance in the global outsourcing industry. “In the next three years, we will triple our investments in India from two billion dollars over the […]
Against Odds
June 6, 2006 (LBO) – Diversified Hemas Holdings Ltd Tuesday posted a 16 percent growth in full-year profits for the year ended March 31, 2006, boosted by strong earnings in power, consumer products and transport. Hemas a family controlled conglomerate core business lies in health and personalcare products, power generation, leisure and transport. HEMAS HOLDINGS […]
Facelift
The newly re-constituted Strategic Enterprises Management Agency (SEMA) says it is reviewing all state institutions under its management and developing action plans to make them profitable. It’s really a burden to the government, the treasury, and to the people of this country. SEMA will guide these State Owned Enterprises (SOEs) to be profitable ventures, says […]
Extended Family
June 5, 2006 (LBO) – Sri Lanka plans to expand its mobile phone market to five players, in a bid to bring down costs of telephony, the telecom regulator said Monday. Sri Lanka’s mobile market had grown 53.5 percent to 3.34 million customers as at end 2005, according to TRC figures. The island’s cellular penetration […]
Battle Lines
June 05 (LBO) – Sri Lanka will fight new Indian restrictions on duty free vanaspati exports, ahead of another round of Indo-Lanka trade talks at the end of June. Duty free exports of Vanaspati a hydrogenated vegetable oil, has been a sore point in Indo-Sri Lanka trade relations, with Sri Lanka accused of flooding Indian […]
Mouse Trail
PARIS, June 5, 2006 (AFP) – Nearly one out of two airline tickets issued to travellers is currently in electronic form and paper tickets are on track to disappear completely by 2007, International Air Transport Association (IATA) said Monday.The association, which represents 265 airlines accounting for 94 percent of international air traffic, indicated that it […]
Quick Thinking
June 3, 2006 (AFP) – A Thai airways flight from Colombo to Bangkok made an emergency landing Saturday at Sri Lanka’s only international airport shortly after take-off, airport officials said.The Airbus A-330 aircraft carrying over 225 passengers and crew reported engine trouble and returned to the airport after being in the air for a few […]
No Bribes
June 02 (LBO) – A government help line linked up to 20 key state departments is to be rolled out soon, to offer general public information from getting birth certificates to a driving license. The Government Information Centre (GIC), accessed by dialing 1919 from anywhere in the island, is still in beta testing stages and […]
Package Deal
Jun 01 (LBO) – The government has approved a restructuring plan for loss making Ceylon Electricity Board (CEB), which includes re-scheduling 60 billion rupees of its long term debt. Top officials said Thursday that 50 percent of the debt will be off-loaded to the Treasury, with CEB taking over repayment once the Norachcholai coal plant […]
De Mel to take charge of Sri Lanka one-day selection
LONDON, June 1, 2006 (AFP) – Sri Lanka’s chairman of selectors, Asantha de Mel is to take charge of selection for the one-day series with England later this month when he arrives for the five-match limited overs campaign. De Mel was widely regarded as having played a key role in former captain Sanath Jayasuriya’s decision […]