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Sri Lankan troops take rebel town: military
November 11, 2008 (AFP) – Government forces in Sri Lanka have wrestled control of a small town from Tamil Tiger rebels in an ongoing military offensive, the defence ministry said on Tuesday.Troops fighting to secure a strategic road along the coast to the northern peninsula of Jaffna have faced stiff resistance from the Liberation Tigers […]
Zero Sum
Nov 11, 2008 (LBO) – Sri Lanka’s state-run Ceylon Petroleum Corporation is looking at ways to cap losses from hedges that went against it by entering into opposite positions, Chairman Ashantha de Mel said. “I can take a producers hedge where it is upside down compared to the normal one going up and I can […]
Sri Lanka govt gives dates for new taxes
Nov 11, 2008 (LBO) – The Sri Lankan government has announced the dates on which new taxes imposed in the government budget for 2009 will become effective.The budget proposed to double the annual maximum ESC liability to 120 million rupees and also made big changes in income tax, widening the personal income tax slabs and […]
Pakistan, Sri Lanka and Vietnam most at risk of a credit downgrade: report
Nov 10, 2008 (LBO) – Pakistan, Sri Lanka and Vietnam are most at risk of a credit downgrade in Asia by the rating agency Standard and Poor’s (S&P), amid global economic turmoil, a media report said. The island has been hit by withdrawing foreign hot money brought into bridge fiscal deficits. Okorotchenko was quote as […]
Sri Lanka shares slump, Sunshine Holdings trading props up turnover
Nov 10, 2008 (LBO) – Sri Lankan shares ended lower Monday, despite opening firmly in the morning, as investors stayed away from trading owing to uncertainty about the economy and company profits, brokers said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The All Share Price Index […]
Maldives saves for new homeland amid flooding fears: report
LONDON, November 10, 2008 (AFP) – The Maldives’ newly-elected president said in an interview Monday that his government will begin saving to buy a new homeland in case global warming causes the country to disappear into the sea.Beloved by tourists for their white sandy beaches, palm trees and clear waters, the 1,192 coral islands that […]
Emirates first half profits nosedive
Nov 10, 2008 (LBO) – Dubai’s Emirates airline said on Monday its net profit for the first half of the financial year dropped a dramatic 88 percent to 77 million dollars because of high oil prices, AFP news agency reported. Emirates said its profit for the six months to September 30 plunged to 284 million […]
‘ ethical stand leaves buyers cold
Nov 10, 2008 (LBO) – Sri Lanka’s apparel exporters complain buyers practice double standards in purchasing and are not ready to pay more despite the manufacturers’ costly commitment to comply with high labour and environmental standards. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 “We’re disappointed there […]
Hold It
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Petroleum Credit
Nov 10, 2008 (LBO) – Sri Lanka’s state-run Ceylon Petroleum Corporation owes 1.1 billion dollars in supplier’s credit to Iran on crude bought in 2008, Chairman Ashantha de Mel said. CPC buys Iranian light crude to feed its 50,000 barrels a day refinery. CPC struck a deal to get interest free credit from Iran to […]