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Offshore Wealth
Feb 01, 2008 (LBO) – An oil exploration block nearest to India off Sri Lanka’s northwestern coast has become hot property with three petroleum firms chasing after it, the petroleum ministry said. The southernmost block of the three offered by Sri Lanka in the Mannar Basin, stretching from the coast to the maritime boundary with […]
Refined Product
Feb 01, 2008 (LBO) – Two UAE petroleum firms have won Sri Lankan government approval to build the island’s second refinery with an investment of 1.2 billion dollars, a senior minister said. . Trans Asia Gas International LLC and Star Petro Energy LLC of the UAE plan to build a 100,000 barrels-per-day refinery in the […]
Sri Lanka maiden sovereign bond wins award
Jan 31, 2008 (LBO) — Sri Lanka’s 500 million dollar maiden sovereign bond, issued last October soon after the sub-prime bubble broke, has bagged a top award from an international financial publication. Finance Asia named Sri Lanka’s issuance the best sovereign bond as it was pulled off amid difficult circumstances. The bond was lead-managed by […]
Sri Lanka Keells Food share price perks up on higher profits
Jan 31, 2008 (LBO) – Sri Lankan stocks ended higher Thursday with two foreign crossings of Dialog Telekom propping up turnover.. The All Share Index went up half a percentage point or 12.34 points to 2,446.13 while the liquid Milanka index closed up 0.69 percent or 21.45 points at 3,113.07. Turnover went up to 325 […]
Small Industry
Jan 31, 2008 (LBO) – Fitch Sri Lanka has confirmed the ‘BB+(lka)’ rating of Trade Finance and Investments, a company that has a strong focus on three wheeler vehicle finance, with a stable outlook. “TFI’s rating takes into consideration its high capitalisation and good profitability. However, the rating is constrained by TFI’s small asset base, […]
Higher Numbers
Jan 31, 2008 (LBO) – Sri Lanka’s inflation rose by 3.0 percent in January driving 12-month inflation to 20.8 percent on a revised index of consumer prices in Colombo, the government’s statistics office said. Another index of Colombo prices which has a higher weight of food and is based on the consumption pattern of working […]
Lost Packets
Jan 31, 2008 (LBO) – Internet users in Sri Lanka and other South Asian countries may see their internet connections slowing, as a submarine cable in the Mediterranean sea has been damaged, a report said. “It is a problem off the coast of Alexandria in Egypt. For some reason ships were asked to anchor in […]
Sri Lanka Ceylinco to create insurance awareness
Jan 31, 2008 (LBO) – Sri Lanka’s Ceylinco Insurance says it is launching a life insurance week in February to increase awareness of life products and expand the life insurance market in the country. Ceylinco says market penetration for life insurance is 8.7 percent in Sri Lanka despite marketing initiatives by a competitive industry. “We […]
Sri Lanka activists demand energy equity
Jan 31, 2008 (LBO) – Sri Lankan villagers are paying a high price for off-grid power while city folk are getting billions in power subsidies from a state power utility, an activist has charged. The activist also criticized a World Bank loan project the only significant fund that has come forward to fund such rural […]
Shell profits surge to record 31 billion dollars in 2007
LONDON, Jan 31, 2008 (AFP) – Anglo-Dutch oil giant Royal Dutch Shell said on Thursday that net profits leapt 23 percent last year to a record 31.331 billion dollars (21.115 billion euros), energised by soaring crude prices.Net profit on a current cost of supply basis, excluding fluctuations in the value of inventories, rose by 9.0 […]