Category:
Oil Commission
Dec 16, 2008 (LBO) – Sri Lanka’s state-run Ceylon Petroleum Corporation (CPC) was instructed to consider a bigger commission to its dealers, by the island’s Supreme Court, as part of directions issued on a new pricing formula.CPC’s newly appointed chairman, Asoka Thoradeniya was instructed to discuss the issue with Laugfs, a distributor that went to […]
Sri Lanka economy expands 6.3 pct in third quarter: statistics office
Dec 16, 2008 (LBO) – Sri Lanka’s economy expanded 6.3 percent in the third quarter of 2008 over the same quarter the previous year, and against 7.0 in the second quarter of this year, the governments statistics office said. Services grew by 5.5 percent, industry 5.6 percent and agriculture by 12.4 percent, statistics director Suranjana […]
Sri Lanka central bank disputes S&P credit downgrade
Dec 15, 2008 (LBO) – Sri Lanka’s central bank has disputed a sovereign credit downgrade by Standard & Poors to ‘B’ from ‘B+’ saying it done without “proper assessment”. The Central Bank also said some comments in a media statement issued by the rating agency were “factually incorrect, logically untenable and grossly misleading.” The central […]
Sri Lanka rupee trades without intervention
Dec 15, 2008 (LBO) – The Sri Lanka rupee traded around 111.45/55 levels after dipping lower to 111.50/60 Monday, while overnight rates edged lower on excess liquidity, dealers said. The rupee closed at 111.30/45 levels Thursday with no intervention and there was no intervention in early trading Monday, dealers said. Overnight call rate rates dropped […]
Sri Lanka shares slide on low volumes
Dec 15, 2008 (LBO) – Sri Lankan shares fell 2.17 percent Monday with a single transaction in Chevron Lubricants Lanka accounting for almost half the meagre trading volume of 55 million rupees, brokers said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The All Share Price Index […]
Top Ponzi
MADRID, December 15, 2008 (AFP) – European banks were counting at the weekend the damage from the investment scandal involving New York trader Bernard Madoff, with Spain’s largest bank Santander saying a subsidiary may have lost more than three billion dollars.Madoff is alleged to have lost 50 billion dollars of investors’ money in a giant […]
Oil Deal
Dec 15, 2008 (LBO) – Sri Lanka’s Supreme Court barred a senior official from a state-run petroleum retailer over a case involving derivative deals and said the country’s central bank has to probe and solve the case. Supreme Court asked the central bank to file a preliminary probe report brought to court Monday, with the […]
Sri Lanka troops take another village from Tigers
December 15, 2008 (AFP) – Sri Lankan security forces captured another key village from Tamil Tiger rebels on Monday after heavy fighting as the air force kept up bombing more guerrilla targets, the defence ministry said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 Troops took control […]
Sri Lanka Tigers slammed by rights group
December 15, 2008 (AFP) – Sri Lanka’s Tamil Tiger rebels, losing territory in a major military offensive, have stepped up forced conscription of soldiers, including children, a rights group said on Monday. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The Liberation Tigers of Tamil Eelam (LTTE) […]
Sri Lanka Asian Alliance Insurance BB+ rating confirmed by RAM
Dec 15, 2008 (LBO) – RAM Ratings has confirmed the BB+ claims-paying ability rating of Sri Lanka’s Asian Alliance Insurance (AAI) with a stable outlook. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 RAM Ratings said the rating is premised on the firm’s growing franchise in the […]
Court Formula
Dec 15, 2008 (LBO) – Sri Lanka’s Supreme Court said the island’s taxation of petroleum products was irrational and asked the Treasury not to tax petrol more than 100 percent of cost and margins. He rejected suggestions that diesel was sold at a loss, saying the government was charging 21 rupee of taxes a litre. […]
Sri Lanka sovereign rating downgraded by S&P to B
Dec 15, 2008 (LBO) – Rating agency Standard & Poor’s (S&P) said it has downgraded Sri Lanka’s long term foreign currency sovereign credit rating to B from B+ with a stable outlook due to its deteriorating external liquidity position. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 […]