Category: Other
Sri Lanka petroleum retailer to look again at hedging after May
April 21, 2007 (LBO) – Sri Lanka’s largest petroleum retailer, the state-owned Ceylon Petroleum Corporation (CPC), is setting its sights on crude oil hedging after ending up on the right side of its maiden gas-oil options position, an official said. During those periods Ceylon Petroleum had run losses around 200 million US dollars. CPC received a […]
‘s Sri Lanka unit reveals interest in offshore oil exploration
April 20, 2007 (LBO) – US oil giant Chevron-Texaco is interested in bidding for offshore oil exploration blocks in Sri Lankan waters, a top official of its local unit, Caltex Lubricants said. “Chevron is interested in the exploration opportunity,” Kishu Gomes, Managing Director Caltex in Sri Lanka told reporters. “There is a delegation going to Houston, […]
Caltex Sri Lanka unit eyes Maldivian lubricant market
April 20, 2007 (LBO) – Chevron Texaco’s Sri Lanka unit, Caltex Lubricants, Friday signed a five-year deal with a Maldivian firm to expand in to the lubricant market in the archipelago. The agreement will let Caltex enhance its market position in the Maldivian lubricant market which is growing at 12 percent a year.“Currently we have approximately […]
Ailing dollar sees no relief; sterling hits 26-year high
NEW YORK, April 18, 2007 (AFP) – The struggling dollar faced renewed selling pressure Wednesday as sterling jumped to a 26-year high and the euro topped 1.36 dollars amid fresh concerns about US economic prospects. The euro reached as high as 1.3616 dollars before falling back to 1.3607 at 2100 GMT against 1.3564 late Tuesday […]
Sri Lankan February tea output lowest in decade
April 19, 2007 (LBO) – Sri Lanka’s tea production in February fell to its lowest monthly level in 10 years because a strike by labour unions and bad weather affected the crop late last year, brokers said. Among the worst hit were top high grown tea growing areas like Bogawantalawa and Talawakelle. The February tea production […]
Sterling tops two dollars as greenback under rates pressure
NEW YORK, April 17, 2007 (AFP) – Sterling climbed above the psychological barrier of two dollars Tuesday for the first time since 1992 as data on both sides of the Atlantic suggested future rate movements will hurt the greenback. The British currency benefited from higher-than-expected British inflation data which raised expectations of an interest rate […]
New Zealand dollar hits highest level for quarter century
WELLINGTON , April 18, 2007 (AFP) – The New Zealand dollar hit its highest level against the US currency for 25 years on Wednesday after inflation data reinforced expectations of further interest rate increases. High interest rates have made the New Zealand currency attractive to foreign investors while weakness in the US dollar has also […]
Dollar on the ropes against European currencies
TOKYO, April 18, 2007 (AFP) – The dollar languished at a near 15-year low against the British pound and a two-year trough versus the euro in Asian trade Wednesday as the market bet on further hikes in European interest rates, dealers said.The pound sterling firmed to 2.0074 dollars in Tokyo morning trade from 2.0063 in […]
US firms to make biodiesel from beef, poultry by-products
WASHINGTON, April 16, 2007 (AFP) – A new biofuel project will mean what’s for dinner may also be what goes in the fuel tank with ConocoPhillips and Tyson Foods joining forces to make diesel fuel from animal byproducts. The project announced Monday will produce “the next generation of renewable diesel fuel,” to help supplement petroleum-based […]
Wal-Mart reclaims top spot on Fortune 500 list
NEW YORK, April 16, 2007 (AFP) – US retailer Wal-Mart Stores has dethroned oil giant ExxonMobil from the top position in the Fortune 500 list of America’s biggest companies, the magazine announced Monday. The magazine said Wal-Mart saw an 11.2 percent increase in its 2006 revenues to 351.1 billion dollars, eclipsing the 347.3 billion raked […]
Minority Protection
April 16, 2007 (LBO) – Sri Lanka’s long-delayed new Companies Act offers greater protection for minority shareholders and could encourage more firms to list on the Colombo bourse while increasing market liquidity, experts have said. All existing firms must register again with the Registrar of Companies so that dormant ones can be weeded out under […]
IMF calls for flexible approach to exchange rate surveillance
WASHINGTON, April 14, 2007 (AFP) – The International Monetary Fund called Saturday for a flexible, non-coercive approach to monitoring exchange rate regimes of member countries after the United States had pressed for stepped-up intervention by the IMF. “Dialogue and persuasion should remain key pillars of effective surveillance,” the IMF’s policy-setting committee said here in a […]