Category: Industry
‘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 […]
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 […]
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 […]
Banking Reach
Apr 15, 2010 (LBO) – Commercial banks are opening branches in Sri Lanka’s former war zone in the north and east and are also ready to increase lending to the region, the Central Bank said. “Several licensed banks are showing keen interest to facilitate economic activities in the Northern and Eastern provinces,” it said in […]
Bus Loss
Apr 15, 2010 (LBO) – Sri Lanka’s state bus service had lost 5,183 million rupees in 2009 despite getting another 4,135 million rupee handout in peoples’ money from the Treasury for operating ‘uneconomic routes’, the latest official data reveals. SLTB data showed that its workforce had increased to 35,895 in 2009 from 34,074 in 2008. […]