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Spark Air to fly from Feb. 2021

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When Sri Lanka was having an investor appetite it was some rare occurrence in a time like this that a consortium of local and foreign investors would be launching what would be the country’s first comprehensive airline owned by the private sector. The airline will be named  as “Spark Air”.

“We have already inked agreements to acquire two A 330 aircrafts for the operation which is expected to take wings in early February 2021 after receiving IATA approval. Initially we will be handling cargo,” Head of Safety Management System, Capt. Uditha Danwatte said.

Spark Air will be basing their hub in Mattala Rajapaksa Airport and have already taken space for two hangers and for a cargo storage facility. “We plan to start recruitment by December and will be opening out our sales office in Colombo in January.” he added.

Outlining their plans he said that they will be initially launching flights to Asia and European destinations mainly targeting cargo since passenger operations are too early to commence due to the COVID pandemic, he said

As of now the airline has  identified 15 international destinations to be included in our radar which include Los Angeles. When the pandemic settles we plan to operate as a full service airline mainly targeting new destinations that are currently not serviced from Colombo.” he Danwatte said

He said that the management plans to take the two aircraft on dry lease since over 350 pilots and thousands of experienced airline crew are grounded due to COVID. “Similarly the management thought that this is also the best time to go in for airline leases since the conditions are very favorable.” he added.

A former pilot of the Sri Lanka Air Force with many bravery medals to his credit and then served SriLankan and Mihin Lanka he said that he was disappointed in the manner in which Mihin Lanka was shut down when it showed signs of turning around. “Similarly it was a very imprudent move to pull out Sri Lankan from profit making routes in Europe since most of these flights were operating with nearly 99 percent seat factor.”

Having joined Air Asia after the shutdown of Mihin Lanka he said that it was sad to see so many planes grounded due to the covid pandemic all over the world.

Danwatte together with his son, created aviation history by flying an Air Asia flight to Sri Lanka becoming the only father and son pilot combination to fly a foreign flag carrier to Colombo and back to Kuala Lumpur.

Further, the company is also having a plan to have a managing, repairing and overhauling aircrafts, service center    which is known as MRO project in Sri Lanka , which could provide more than 15000 jobs for the country. At present MRO services are not done in India and we could attract other airlines to offer such services, Danwatte said. 

 

 



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India’s ban on Jane Street raises concerns over regulator role

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[file pic] If Jane Street is found to have manipulated the market, its earnings would have come through losses for retail investors [Aljazeera ]

Indian tax authorities and market regulator are considering widening their probe of United States trading giant Jane Street Group to investigate it for tax evasion in addition to an earlier charge of price rigging in the Bombay Stock Exchange’s benchmark Sensex, according to media reports.

The tax evasion charge comes on the heels of market regulator, the Securities and Exchange Board of India (SEBI), seizing 48.43 billion rupees ($570m) and banning four Jane Street-related entities from operating in the market for alleged price manipulation in the National Stock Exchange (NSE).

SEBI’s order has roiled the Indian markets, raising questions about regulator surveillance and investor protection in the world’s largest options trading market. Trading in India’s weekly equity index options has slumped by a third on the ban on Jane Street, the Reuters news agency reported on Thursday.

Trading of equity options lets investors buy or sell a stock at a predetermined price and date. As the Indian market rapidly grew to handle more than half of all global options trades, retail investors entered the market too.

Questions of price manipulation have dogged this rapid rise but remained vacuous until a New York court case in April 2024, where Jane Street alleged that its rival, Millennium Partners, had stolen its algorithms that helped it make in the Indian options market. A whistleblower, Mayank Bansal, then made presentations to SEBI showing Jane Street’s trading patterns. Bansal had agreed to speak to Al Jazeera about his interaction with SEBI on the matter, but then backtracked.

On July 3, in a detailed interim order, the regulator said that “by preponderance of probability, there is no economic rationale that can account for this sudden burst of large and aggressive activity,  other than the intent to manipulate the price of securities and index benchmark”.

SEBI has alleged that Jane Street accumulated large long positions in stocks that are a part of the NSE’s Bank Index and built large short positions in index options at the start of trade. Around market closing time, it would reverse its trades in the cash and futures segments, pushing down the index and earning large profits in the options segment.

This activity was blurred by its offshore entities making some of these trades.

“Lawyers [can] push back with SEBI on jurisdiction-related issues, but when underlying [Indian] securities are issued, SEBI can take action,” Joby Mathew, managing partner at the law firm Joby Mathew and Associates and a former legal officer at SEBI, told Al Jazeera.

Jane Street has disputed SEBI’s findings and has hired lawyers to represent it before SEBI in the case. It has deposited the 48.43 billion rupees ($563m) of allegedly ill-gotten gains in an account pending the investigation and final report.

[Aljazeera]

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Connectivity sought among small island nations via shared tech innovation in solar energy

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The top table at the solar energy forum.

Sri Lanka played host to a pivotal regional energy summit this week as the International Solar Alliance (ISA) held its 7th Regional Committee Meeting for Asia and the Pacific in Colombo, reaffirming its commitment to making solar energy economically viable across the Global South.

ISA Director General Ashish Khanna lauded the government of Sri Lanka’s leadership, announcing a bold new agenda that could accelerate private sector investment, drive down solar energy costs and connect small island nations through digital tendering and shared technological innovation.

“We were honoured to have the Prime Minister of Sri Lanka, Dr. Harini Amarasuriya, and Energy Minister Kumara Jayakody present, Khanna said. “Asia-Pacific nations are home to 4.3 billion people — 60% of the world’s population. While 97% now have access to electricity, the dream of solar energy remains unfulfilled in many smaller countries and island states. This meeting was about changing that.”

The ISA, now comprising 124 member nations, is positioning itself as the largest multilateral agency of the Global South. With a vision anchored in equitable partnerships, its new framework focuses on four core pillars: policy and regulatory reform, enabling private investment, enhancing local institutional capabilities and sharing scalable technology.

“We want to ensure each country builds its own institutional ability to choose what’s best for its context, Khanna said. “This includes our STAR-C centres — Solar Technology Application Resource Centres — now in 17 countries and soon to be linked to a global digital knowledge hub.”

A highlight of the meeting was the signing of country partnership frameworks with Sri Lanka, Fiji, Solomon Islands and Kyrgyzstan. These frameworks are designed to guide collaboration over the next 3–5 years and accelerate solar goals through technology deployment, capacity building and financing strategies.

Importantly, the ISA also announced a game-changing initiative for six small island developing states (SIDS), aiming to aggregate demand across countries and conduct digital tendering. “This platform will help these nations secure solar power at the lowest possible prices, fast-tracking implementation in just one or two years, Khanna said.

Responding to The Island Financial Review, Energy Minister Eng. Kumara Jayakody, who chaired the regional meeting, provided a candid overview of the country’s solar trajectory and energy policy ambitions.

“As of now, nearly 13% of Sri Lanka’s total energy mix comes from solar, Jayakody said. “Last month alone, more than 70% of our energy came from renewable sources. We are firmly on track to meet our medium-term targets and our policy roadmap aims to expedite this transition within the next three to four years.”

He acknowledged the limitations faced by Sri Lanka due to its variable demand and relatively high share of daytime solar usage, but outlined the country’s efforts to enhance energy stability through battery storage, pumped hydro, and diversified load management.

“We are now tendering for a 60 MW battery storage system and developing the detailed design for a 600 MW pump storage project at Mahaweli, the minister revealed. “EV charging infrastructure, especially during daytime hours, is also a key part of our energy strategy — that is another form of storage.”

Questions from the press also touched on the stability of solar supply in island contexts, investment barriers, and compensation challenges faced by past developers in Sri Lanka. Minister Jayakody responded firmly, clarifying that the government is negotiating with investors transparently and moving ahead with new tenders.

By Ifham Nizam ✍️

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Online discussion on tariffs slightly invigorates stock market

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Stock market activities improved slightly yesterday with the announcement of the government’s intention to hold an online discussion with the US Trade Representative, to try and reduce the tariffs proposed by the United States, the Ministry of Finance said. ‘This gave an impetus to the market and it recorded significant retail and institutional participation in the market, a top analyst said.

The discussion was attended by the Secretary to the Ministry of Finance, Dr Harshana Suriyapperuma, and relevant government officials, “to promote trade and investment relations between the two countries.”

Amid those developments both indices moved upwards. The All Share Price Index went up by 96.9 points, while S and P SL20 went up by 21.5 points. Turnover stood at 7.6 billion with a number of crossings. The top crossings reported were; JKH , where 76 million shares crossed to the tune of Rs 910 million; its shares traded at Rs 21.50, Dialog 22 million shares crossed to the tune of Rs 417 million; its shares traded at Rs 19.10.

HNB 650,000 shares crossed for Rs 232 million; its shares sold at Rs 357, Aitken Spence 1.6 million shares crossed to the tune of Rs 226 million and its shares traded at Rs 142.50, CT Holdings 284,000 shares crossed to the tune of Rs 168 million; its shares traded at Rs 591, Seylan Bank (Non- Voting) 2.4 million share volumes crossed for Rs160 million; its shares traded at Rs 66, Dipped Products two million shares crossed to the tune of Rs 122 million; its shares traded at Rs 61, Tokyo Cement (Non- Voting) 1.1 million share volumes crossed for Rs 79 million; its shares traded at Rs 72, Overseas Realty 1.8 million shares crossed for Rs 58.1 million; its shares traded at Rs 32 and Central Finance 200,000 shares crossed to the tune of Rs 54 million; its shares traded at Rs 270.

In the retail market top six companies that mainly contributed to the turnover were; JKH Rs 275 million (11 million shares traded), Capital Alliance Holdings Rs 266 million (15.6 million shares traded), Access Engineering Rs 218 million (3.5 million shares traded), Hela Clothing RS 175 million (47 million shares traded), Ceylinco Insurance (Non- Voting) Rs 175 million (118,000 shares traded) and Commercial Bank Rs 135 million (793,000 shares traded). During the day 350 million share volumes changed hands in 37700 transactions. It is said that the manufacturing sector led the market, specifically JKH, while the banking and financial sector also made a significant contribution to the market, especially HNB.

Yesterday the rupee opened at Rs 301.45/55 to the US dollar in the spot market, up from Rs 301.58/70 to the dollar, a day earlier, while bond yields were flat, dealers said.

The 2029 tenor edged down slightly, dealers said, while the others opened broadly steady from the previous close. A bond maturing on 15.12.2026 was quoted unchanged at 8.10/20 percent. A bond maturing on 15.09.2027 was quoted unchanged at 8.45/50 percent. A bond maturing on 15.12.2028 was quoted at 8.97/9.02 percent, from 8.95/9.00 percent. A bond maturing on 15.10.2029 was quoted at 9.46/48 percent. A bond maturing on 15.12.2032 was quoted at 10.40/50 percent, from 10.40/45 percent. A bond maturing on 01.06.2033 was quoted at 10.70/75 percent.

By Hiran H.Senewiratne ✍️

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