Category: Industry
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 […]
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 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 […]
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 […]
Finance Shares
Apr 19, 2010 (LBO) – Sri Lanka’s Vallibel Finance, whose initial public offering (IPO) was over-subscribed, has given preference to small investors in allocating the shares, a stock exchange filing said. Investors who applied for up to 100 shares will be given all the shares they asked, the company said in a statement. Those who […]
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 […]
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 […]
Flight bans extended into next week as ash cloud lingers
LONDON, April 17, 2010 (AFP) – Millions of people faced worsening travel chaos Saturday as a volcanic ash cloud from Iceland, which risks lingering over Europe for up to five more days, forced countries to extend flight bans. France decided to shut the three airports in the Paris area and others in the north of […]
Wireless Vogue
Apr 17, 2010 (LBO) – Use of wireline phones, supplied only by the listed Sri Lanka Telecom, a former state monopoly, is on the decline, with subscribers shifting to mobile phones, the latest official data showed. The number of mobile connections increased by 25.9 percent to 13.9 million in 2009 from the year before, while […]
EU directive could stump cricket – report
LONDON, April 16, 2010 (AFP) – Cricket could be facing a world shortage of bats as a result of a European Union directive, according to a report in England on Friday. The bizarre crisis follows an EU decision to outlaw before export the chemical methyl bromide, which is an insecticide used to treat the wood […]
Name Change
Apr 16, 2010 (LBO) – Sri Lanka’s dominant wireless operator Dialog Telekom intends to change its name to Dialog Axiata, following the renaming of its Malsyaian parent firm, a stock exchange filing said. Dialog Telekom said the name change is subject to approvals from shareholders and the company registrar. The proposed name “will accurately reflect […]
Water Losses
Apr 16, 2010 (LBO) – A tariff hike improved the finances of Sri Lanka’s state water supplier in 2009 but losses from leaks remain too high while purification costs are growing as pollution increases, the Central Bank said. “Revision of water tariff with effect from February 2009 has had a significant positive impact on the […]