Category: Industry
Slippery Grounds
Ceylon Petroleum Corporation says its operations are not viable unless the government sticks to the pricing formula agreed to as part of the sector restructuring.Ceylon Petroleum Corporation says its operations are not viable unless the government sticks to the pricing formula agreed to as part of the sector restructuring. CPC is waiting for confirmation the […]
Cash Crunch
The government’s overdue subsidy payments for fuel and flour had snowballed to a massive Rs.15 billion in addition to the Rs.27 billion in short term debt that’s crippling the CEB.The government’s overdue subsidy payments for fuel and flour had snowballed to a massive Rs. 15 billion in addition to the Rs. 27 billion in short […]
PABC makes profit
Pan Asia Bank Corporation (PABC) hopes to increase its capital adequacy ratio through a Rights Issue early next year. Pan Asia Bank Corporation (PABC) hopes to increase its capital adequacy ratio through a Rights Issue early next year. The bank with capital to match 12 percent of risk weighted assets is keen to raise it […]
Tsunami cost to tourism far less than 9/11 attacks: industry leaders
The impact of the tsunami disaster on tourism in 2005 will be about 40 times less than that of the September 11 attacks on the United States, industry leaders said Friday at the opening of the World Travel and Tourism summit.The impact of the tsunami disaster on tourism in 2005 will be about 40 times […]
Watchout
The IMF said Thursday that rising living standards in China and the rest of the developing world will keep oil prices sky-high for decades to come, with even 100 dollars a barrel not ruled out.The IMF said Thursday that rising living standards in China and the rest of the developing world will keep oil prices […]
China Calls
Private fixedline operator Lanka Bell, signed up for a US$ 400 mn equipment deal with China’s Huawei Technologies Co., Ltd, to deploy a low cost rural network.Private fixedline operator Lanka Bell, signed up for a US$ 400 mn equipment deal with China’s Huawei Technologies Co., Ltd, to deploy a low cost rural network. The wireless […]
Up, Up
Workers’ remittances are a key source of foreign exchange for developing countries, at more than 100 billion dollars a year and expected to rise, but transaction costs remain high, experts and officials say.Workers’ remittances are a key source of foreign exchange for developing countries, at more than 100 billion dollars a year and expected to […]
Pay Up
Sri Lanka’s Central Bank on Friday raised the minimum capital requirement for commercial banks by 400 percent to promote a robust and stable financial system.Sri Lanka’s Central Bank on Friday raised the minimum capital requirement for commercial banks by 400 percent to promote a robust and stable financial system. Licensed commercial banks will have to […]
Switched Off
Electricity sector trade union plans for an island wide blackout, goes on hold after the government agrees to hold back Ceylon Electricity Board (CEB) reforms.Electricity sector trade union plans for an island wide blackout, goes on hold after the government agrees to hold back Ceylon Electricity Board (CEB) reforms. “The Minister of Power and Energy […]
Joint Forces
The government says is it has not yet been able to set up a joint mechanism to fund the North and East, and is waiting for a word from the LTTE top brass.The government says is it has not yet been able to set up a joint mechanism to fund the North and East, and […]
Hic Hic
Sri Lanka’s warring parties are yet to agree on how to disburse millions of dollars in foreign aid for tsunami survivors more than three months after the disaster, a senior minister admitted Thursday.Sri Lanka’s warring parties are yet to agree on how to disburse millions of dollars in foreign aid for tsunami survivors more than […]
Unplugged
Power sector unions are giving the state till Friday to decide on controversial reform plans for the loss making Ceylon Electricity Board, ahead of a key union meeting.Power sector unions are giving the state till Friday to decide on controversial reform plans for the loss making Ceylon Electricity Board, ahead of a key union meeting. […]