Category: Industry
Simmering Heat
SINGAPORE, June 12, 2006 (AFP) – Oil prices were easier in Asian trade Monday, with the market waiting for the next lead on tensions over Iran’s controversial nuclear programme after a fresh spike Friday, dealers said. At 10:30 am (0230 GMT), New York’s main contract, light sweet crude for July delivery, was down 11 cents […]
Top Secret
June 12, 2006 (LBO) – The Sri Lankan government is to ink a deal with Lanka Indian Oil Corp, towards the end of this month, to amend the petroleum pricing formula, officials said. “The small changes to the pricing formula are part of the agreement we reached with the Sri Lanka government on settling the […]
Indo-Lanka trade relations slip on oily issues
June 11, 2006 (LBO) – Two kinds of oil. One fires up vehicles, the other adds flavour to cooking. The two have managed to create a nasty oil spill between Sri Lanka and India, with trade relations between both countries simmering to boiling point. The spat between Colombo and Indian Oil Corp’s local unit over […]
Oily Cousins
June 11, 2006 (LBO) – Two kinds of oil. One fires up vehicles, the other adds flavour to cooking. The two have managed to create a nasty oil spill between Sri Lanka and India, with trade relations between both countries simmering to boiling point. The spat between Colombo and Indian Oil Corp’s local unit over […]
Slow Trot
June 10, 2006 (LBO) – Sri Lanka raise fuel prices from midnight Saturday after a two-month lag to offset a surge in global oil prices, a top official said. Sri Lankan guzzles around 30 million litres of petrol, 130 million litres of diesel and 18 million litres of kerosene each month. -by Mel Gunasekera The […]
Olive Branch
June 9, 2006 (LBO) — Sri Lanka plans to repay millions of dollars due to the troubled fuel retailer Lanka IOC, in cash and bonds to meet immediate purchases of petrol stocks, the Indian firm said Friday. To date, Colombo owes the Indian fuel retailer over 76 million dollars in unpaid subsidies for selling fuel […]
Last Resort
June 9, 2006 (LBO) – Sri Lanka’s CBNSat a local cable television operator — is appealing to customers to be patient while they engage in a court battle aimed at re-starting operations. Sleuths from the criminal investigation department switched off the equipment at CBNSat’s affiliate company SonicNet technology, bringing its activities to a halt. The […]
New Broom
June 08 (LBO) – The newly set up, state-sponsored Lanka Puthra Development Bank is to begin operations by the end of this month, but the bank, which has no branch network, has to find a way to reach rural customers. We will provide loans of a million rupees and more, at competitive interest rates for […]
Trade Swap
June 08 (LBO) – The Asia Pacific Trade Agreement between six Asia Pacific countries including Sri Lanka will kick off on July 1 this year, offering deep tariff cuts on several goods. Sri Lanka will enjoy margins of preference of up to 50 percent on goods like coconut products, spices, tea and rubber to Bangladesh, […]
Cash Cow
June 7, 2006 (LBO) – Private fixed line operators are among the few trying to lay their hands on the fifth mobile phone license which has come up for grabs in Sri Lanka, industry sources said. Sri Lanka’s Telecommunications Regulatory Commission (TRC) Monday invited local and foreign companies with experience in third generation technology to […]
Sealed Link
June 07 (LBO) – Authorities in Sri Lanka shut down pay television channel CBNSat which was using satellite communications technology without proper approval, police said Wednesday. -LBO Newsdesk- CBNSat which rebroadcast a number of local and foreign television channels was scheduled to have a formal launch of its services shortly, with packages priced between 500 […]
Safe Investment
June 7 (Dow Jones) – Sri Lanka’s Richard Pieris & Co. said Wednesday it would make a capital gain of 125 million rupees (1.2 million dollars) from the sale of a 21 percent stake in listed Associated Motorways. The diversified company sold its entire stake of 1.75 million shares in Associated Motorways for around 578 […]