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Won’t be able to offer SriLankan to investors even for free – Minister

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Ports, Shipping, and Aviation Minister Nimal Siripala de Silva yesterday (26) spoke firmly on the national carrier – SriLankan Airlines, stating that the airline’s disruptive employees and tarnished reputation would deter potential buyers in the privatisation process.

Speaking at a media briefing yesterday, he said  “We cannot run an airline with disruptive employees. This is a critical moment for SriLankan Airlines. We cannot afford to entertain employees who fail to handle situations under pressure.”

“The deadline for the Expressions of Interest (EOIs) is set for 5 March and in the present scenario, according to the information I received some of the bidders want to withdraw. With the negative reputation plaguing the airline, we will not be in a position to offer it free-of-charge even,” the minister claimed.

However, SriLankan Airlines Chairman Ashok Pathirage’s views had contrasted starkly with that of Minister de Silva.

The discussion saw a disagreement regarding ground handling. Minister De Silva advocated for immediate privatization of the service, citing shortcomings. Chairman Pathirage, while acknowledging areas for improvement, argued that the lack of aircraft, not ground handling, was the primary issue. He blamed lengthy government procurement procedures for hindering fleet acquisition.

De Silva justified his push for privatization by citing the airline’s struggles and reports of potential bidders withdrawing their interest. While not inherently opposed to privatization, Pathirage emphasized the ongoing process and the lack of control the airline has in the decision.

Meanwhile, trade union representatives commended Pathirage for his leadership whilst blaming political interventions and its past management. 

“We all undoubtedly praise the Chairman for his leadership and unwavering commitment to operate this airline amidst all odds. Neither the employees nor the current management of the SriLankan Airlines are responsible for the cancellations and bad reputation, but the political intervention,” they stated.

They also slammed the former COPE Chairmen and MPs Dr. Harsha de Silva and Dr. Charitha Herath for disrupting the lease procedure of the airline when the aircraft were at a lower price. “They are responsible for all the operational delays the airline is facing at present,” they claimed.

(Excerpts : DailyFT)

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Fuel prices revised

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The Ceylon Petroleum Corporation (CPC) has  announced the revised fuel prices effective from midnight today (Oct. 31).

Accordingly, the price of Petrol 95 Octane has been reduced by Rs. 06 to Rs. 371 per litre, while Super Diesel has also been reduced by Rs. 06 to Rs. 313 per litre.

However, the prices of Petrol 92 Octane, Auto Diesel and Kerosene remain unchanged, according to Ceypetco.

The new fuel prices are as follows:

Petrol 95 Octane – Rs. 371 (reduced by Rs. 6)
Super diesel – Rs. 313 (reduced by Rs. 6)
Octane 92 – Rs. 311  (not revised)
Auto Diesel – Rs.  283 (not revised)
Kerosene – Rs. 183 (not revised)

Meanwhile, the Lanka Indian Oil Corporation (LIOC) and Sinopec too have decided to revise its fuel prices, to match the prices of Ceypetco.

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China’s BYD overtakes Tesla revenue for first time

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The Chinese electric vehicle giant BYD has seen its quarterly revenues soar, beating Tesla’s for the first time.

It posted more than 200bn yuan ($28.2bn, £21.8bn) in revenues between July and September. This is a 24% jump from the same period last year, and more than Elon Musk’s company whose quarterly revenue was $25.2bn.

However, Tesla still sold more electric vehicle (EVs) than BYD in the third quarter.

It comes as EV sales in China have been getting a boost from government subsidies to encourage consumers to trade their petrol-powered cars for EVs or hybrids.

BYD also notched a monthly sales record in the last month of the quarter, in a sign that momentum continues to build for China’s bestselling car maker.

But there is a growing backlash abroad against the Chinese government’s support for domestic car makers like BYD.

Earlier this week, European Union tariffs of up to 45.3% on imports of Chinese made EVs came into force across the bloc.

Chinese EV makers were already facing a 100% tax from the United States and Canada.

The tariffs are in response to alleged unfair state subsidisation of China’s car industry.

As of last week, official data showed 1.57 million applications had been submitted for a national subsidy of $2,800 per each older vehicle traded in for a greener one.

That’s on top of other government incentives already in place.

China has been counting on high-tech products to help revive its flagging economy, and the EU is the largest overseas market for the country’s electric car industry.

Its domestic car industry has grown rapidly over the past two decades and its brands, such as BYD, have begun moving into international markets, prompting fears from the likes of the EU that its own companies will be unable to compete with the cheaper prices.

(BBC News)

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Egg producers agree to MRP

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The Egg Producers’ Association and wholesale traders have agreed to maintain a MRP of eggs at Rs. 37.

This decision was reached after discussions with the Secretary of the Ministry of Trade – M. M. Naimudeen.

Noting that the agreement aims to stabilize egg prices and provide relief to consumers, Mr. Naimudeen confirmed that directives have been issued to ensure that eggs are not sold above this price in the future.

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