Category: Industry
Cost Crackdown
Nov 11, 2008 (LBO) – The Sri Lanka Ports Authority (SLPA), which suffered a loss last year, plans to maintain tight control of finances and minimise waste in a campaign to cut costs, its new chairman Priyath Wickrema said. The SLPA would be conducting energy and fuel audits and each of its divisions would have […]
Zero Sum
Nov 11, 2008 (LBO) – Sri Lanka’s state-run Ceylon Petroleum Corporation is looking at ways to cap losses from hedges that went against it by entering into opposite positions, Chairman Ashantha de Mel said. “I can take a producers hedge where it is upside down compared to the normal one going up and I can […]
Hedge Bills
Nov 10, 2008 (LBO) – Sri Lanka’s state-run Ceylon Petroleum Corporation (CPC) has already settled a part of its dues on hedging oil contracts and remaining payments would be completed as they fall due, a top official said. A 6.5 million dollar payment had been made Friday and another 7.5 million payment was also due. […]
Petroleum Credit
Nov 10, 2008 (LBO) – Sri Lanka’s state-run Ceylon Petroleum Corporation owes 1.1 billion dollars in supplier’s credit to Iran on crude bought in 2008, Chairman Ashantha de Mel said. CPC buys Iranian light crude to feed its 50,000 barrels a day refinery. CPC struck a deal to get interest free credit from Iran to […]
Hold It
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‘ ethical stand leaves buyers cold
Nov 10, 2008 (LBO) – Sri Lanka’s apparel exporters complain buyers practice double standards in purchasing and are not ready to pay more despite the manufacturers’ costly commitment to comply with high labour and environmental standards. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 “We’re disappointed there […]
Emirates first half profits nosedive
Nov 10, 2008 (LBO) – Dubai’s Emirates airline said on Monday its net profit for the first half of the financial year dropped a dramatic 88 percent to 77 million dollars because of high oil prices, AFP news agency reported. Emirates said its profit for the six months to September 30 plunged to 284 million […]
Unstable Policy
Nov 08, 2008 (LBO) – Sri Lanka has defended state manipulation of fuel prices which has de-stabilized the economy, brought high inflation and endangered the country with foreign borrowing, while rejecting formula based pricing. The island scrapped a fuel price adjustment formula in 2004, and printed money to keep prices low, pushing the country into […]
Tele Tax
Nov 07, 2008 (LBO) – Sri Lanka has made a new 10 percent telephone tax technology neutral by extending it from mobile phones to fixed lines as a part of proposals to raise revenue in 2009. The think tank strongly opposed an original state proposal to charge a fixed levy on mobile phones. LirneAsia chief […]
Sri Lanka govt to buy shares in apparel firm
Nov 06, 2008 (LBO) – Sri Lanka’s government will buy shares in apparel export firms under a support scheme to help them cope with a possible loss of duty free access to European markets, a senior official said. Ajit Dias, chairman of the Joint Apparel Association Forum, an industry umbrella body, said the government has […]
Sri Lanka apparel exporters losing orders, market share
Nov 06, 2008 (LBO) – Sri Lanka’s apparel export industry faces a tough year next year with slowing demand in key markets and the likely loss of GSP+ duty free exports to Europe, a senior official said. “I think we’re heading for somewhat of a crisis next year and the industry is gearing itself for […]
Fuel Costs
Nov 06, 2008 (LBO) – Sri Lankan president Mahinda Rajapaksa said Wednesday the government had slashed retail fuel prices with immediate effect in an effort to bring down transport costs and inflation. “From today, the price of a litre of diesel will be reduced by 30 rupees,” Rajapaksa told parliament when he presented the government’s […]