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OPEC says oil prices a bubble, not fundamental demand
VIENNA, April 15, 2008 (AFP) – OPEC on Tuesday left unchanged its 2008 estimate of growth in world oil demand, arguing that while high prices and slowing economies would brake demand in major industrialised countries, appetite for crude would remain robust elsewhere.. On a day when the price of crude in New York jumped to […]
Oil prices ease after hitting US$114
SINGAPORE, April 16, 2008 (AFP) – Oil prices eased in Asian trade on Wednesday after a series of record highs driven by supply worries, dealers said.In morning trade, New York’s main oil contract, light sweet crude for delivery in May, was 30 cents lower at 113.49. The contract earlier topped 114 dollars a barrel for […]
British annual inflation steady at 2.5 percent in March: official data
April 15, 2008 (AFP) – British inflation stood at an annual rate of 2.5 percent in March, unchanged from February, as declines in the cost of household equipment offset hikes to air travel and energy, official data showed Tuesday.The 12-month inflation rate for March meanwhile held above the Bank of England’s 2.0-percent target for a […]
Sri Lanka lose one-day series to West Indies
GROS-ISLET, St.Lucia, April 16, 2008 (AFP) – West Indies won the three-match One Day International series with Sri Lanka 2-0 after rain washed out the final match at the Beausejour Stadium here Tuesday. This decider promised much but delivered a no-result when rain forced an abandonment of the third and final ODI under lights. In […]
Persian Present
April 16, 2008 (LBO) – Iranian President Mahmoud Ahmadinejad will flag off a billion dollar oil refinery in Sri Lanka, as part of his state visit to the island later this month, officials said. . Sri Lanka’s petroleum minister A H M Fowzie said President Ahmadinejad would lay the foundation stone for the refinery on […]
Pricing Issue
April 16, 2008 (LBO) – Sri Lanka would raise fuel prices before the end of the month after running losses of 7.2 billion rupees in 2008, petroleum minister A H M Fowzie said. Up to April 15, the state-run Ceylon Petroleum Corporation had lost 1,856 million rupees. In March the utility had lost 3,769 million […]
Sri Lanka central bank decries over staffing of government sector
April 16, 2008 (LBO) – Sri Lanka’s central bank has criticised the practice of ruling party politicians of stuffing the state sector with their supporters, saying such over staffing is not only wasteful but creates worker shortages in the private sector. It said in its annual report for 2007 that unemployment in the island was […]
‘s war, fiscal reversals, policy stance hit sovereign rating: S&P
April 16, 2008 (LBO) – Sri Lanka’s internal war and a reversal in ‘tentative’ improvements in state finances had made the country less able to weather shocks, putting its credit rating at risk, the rating agency Standard & Poor’s said. The rating agency said debt ratios were above the average for the ‘B+’ rating awarded […]
Sri Lanka plantation stocks draw interest
April 15, 2008 (LBO) – Sri Lankan stocks edged higher Tuesday with plantations stocks drawing some interest in an otherwise dull market on anticipation of higher earnings from high commodity prices. All Share Price Index went up 10.98 points or 0.42 percent to 2,625.61 while the more liquid Milanka Price Index rose 15.58 points (0.48 […]
Shady Deals
April 15, 2008 (LBO) – Sri Lanka’s stock markets regulator is investigating a number of cases of manipulation of the share market on the Colombo Stock Exchange, a senior state counsel has revealed. Buwaneka Aluwihare, deputy solicitor general of the Attorney-General’s Department, said that the offences in some of the cases were being compounded with […]