Category: Industry
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 […]
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 […]
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 […]
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 […]
People Power
People’s Bank said last year’s profits beat targets set in its restructuring plan despite increasing pressure on margins and higher provision for staff retirement. People’s Bank said last year’s profits beat targets set in its restructuring plan despite increasing pressure on margins and higher provision for staff retirement. However the State bank employees protested against […]
Big Mama
Treasury Secretary says the country’s risk-averse banking sector has failed to assist entrepreneurs especially in the small and medium sector.Treasury Secretary says the country’s risk-averse banking sector has failed to assist entrepreneurs especially in the small and medium sector. Doctor Jayasundera was speaking at the launch of the country’s first bank for small and medium […]
Short Circuit
The District Court set a May 3 date to decide on the telco industry’s case against the ICT Agency’s rural telecom licensing process.The District Court set a May 3 date to decide on the telco industry’s case against the ICT Agency’s rural telecom licensing process. The court date was made after the ICT Agency filed […]
Doctor Says
Public health experts say ‘the right to health’ is unaffordable for Sri Lanka because the government health service can’t afford to pay damages if more people sue.Public health experts say ‘the right to health’ is unaffordable for Sri Lanka because the government health service can’t afford to pay damages if more people sue. Civil rights […]
Invisible Lines
Three months on from the tsunami, the island’s surveyors are finding that their maps dating back to the 1930s are just not enough to assess the damage to the country’s coast. Three months on from the tsunami, the island’s surveyors are finding that their maps dating back to the 1930s are just not enough to […]