Author: lbostgadmin
‘s politicians play petroleum politics
Dec 05, 2008 (LBO) – Despite printing money to subsidize oil and driving inflation sky high, speculating in oil derivatives to keep prices down and getting the entire nation into trouble, Sri Lanka’s politics of petroleum deception is still riding high.When inflation is high the ‘burden’ of government is borne more by the poor and […]
Sri Lanka central bank defends itself from hedging fire
Nov 05, 2008 (LBO) – Sri Lanka’s central bank, under fire for advising a state-run petroleum firm to hedge oil imports using derivatives in the belief that it helped the balance of payments, has issued a statement defending its actions. The full statement is reproduced below: Hedging : A Clarification re. the Central Bank’s Role […]
Oil Tumble
NEW YORK, December 4, 2008 (AFP) – Oil prices tumbled to their weakest levels in nearly four years Thursday as investors fixated on mounting signs of recession in the global economy. On the New York Mercantile Exchange, light, sweet crude for January delivery settled at 43.67 dollars a barrel, down 3.12 dollars from Wednesday’s close.It […]
Petrol Pricing
Dec 05, 2008 (LBO) – The government said it will reduce fuel retail prices from midnight Friday in line with falling global oil prices and ahead of a court hearing on domestic fuel pricing.Prime minister Ratnasiri Wickremenayake told parliament that the price of a litre of petrol will be cut by 20 rupees and furnace […]
” pays dividends
Dec 05, 2008 (LBO) – A Sri Lankan apparel exporter said increased energy efficiency in a new ‘green’ environmentally friendly manufacturing plant it started earlier this year should help pay for the extra costs of building it. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 Lingerie manufacturer […]
Sri Lanka moves to take key highway inside Tiger territory: military
December 5, 2008 (AFP) – Sri Lankan troops leading a heavy offensive against Tamil separatists have secured parts of a key highway running through rebel-held territory, the defence ministry said on Friday. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 Security forces cleared a stretch of 21 […]
Sri Lanka tea production, exports fall
Dec 05, 2008 (LBO) – Sri Lanka’s tea production and exports in October fell after prices crashed although export earnings in the first 10 months have exceeded a billion dollars, brokers said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 Tea exports in October had dropped to […]
Exposure
Dec 05, 2008 (LBO) – Sri Lanka’s Commercial Bank says its liability to a counterparty under an exotic derivative deal arranged for state-run Ceylon Petroleum Corporation (CPC) is 982 million rupees, after payments were suspended by court. Commercial Bank of Ceylon said the contract, based on WTI crude would expire on June 30, 2009 and […]
Finance Rating
Dec 05, 2008 (LBO) – Fitch Ratings Lanka has confirmed Sri Lanka’s Vallibel Finance Ltd’s (VFL) national long-term rating at ‘B+’ with a stable outlook. The rating agency said Vallibel Finance’s profit margins had recovered after narrowing last year but noted that its bad loans had increased although its lending had shifted from three-wheelers to […]
Bank Rating
Dec 05, 2008 (LBO) – Fitch Ratings Lanka has assigned a ‘BB+)’ national long-term rating to Pan Asia Banking Corporation’s (PABC) proposed unsecured, redeemable five-year subordinated debenture issue of up to 150 million rupees. At the same time, the agency said in a statement it confirmed PABC’s national long-term rating at ‘BBB-‘ with a stable […]
Sri Lanka shares fall, Com Bank down after oil hedge exposure revelation
Dec 05, 2008 (LBO) – Sri Lankan shares headed down Friday on low trading volumes with Commercial Bank falling sharply after it revealed a sizeable exposure in an crude oil hedge deal whose payments have been suspended on a court order. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send […]
Emirates operates extra flights to Thailand
Dec 04, 2008 (LBO) – Emirates said it plans to operate two extra flights to Thailand to help passengers stranded by the closure of Bangkok’s Suvarnabhumi airport after anti-government protestors occupied the facility. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 Emirates said in a statement it […]