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Sri Lanka hydro power firm to fast-track Uganda project: report
Dec 10, 2008 (LBO) – A Sri Lankan hydro-power firm which has developed a string of private plants in the island, has been engaged to speed up a stalled hydro-electric project in Uganda, a media report said. D’Ujanga said the new firms were expected to speed up the project despite being involved in a larger […]
Export Formula
Dec 09, 2008 (LBO) – Sri Lankan industrial exporters say the lack of a transparent price formula especially for diesel has increased their production cost against foreign competitors, especially at a time when the rupee is also overvalued. In Sri Lanka petroleum pricing has become heavily politicized since 2004, after the Janatha Vimukthi Peramuna, a […]
Formula Politics
Dec 10, 2008 (LBO) – Sri Lanka’s President Mahinda Rajapaksa rejected a price-formula for fuel amidst growing public displeasure at exorbitant pump prices set by government for both petrol and diesel. Opposition activists had already gone to court asking for relief on petrol over-pricing in particular. Official data shows that the wholesale price of refined […]
Sri Lanka government wins 2009 budget vote
Dec 08, 2008 (LBO) – Sri Lanka’s government Friday won a crucial vote in parliament on its budget for 2009 with a majority of 42 votes, a parliamentary reporter said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The government managed to win 126 votes in favour […]
Sri Lanka exchange rate defence seen as unsustainable
Dec 08, 2008 (LBO) – Sri Lanka’s government cannot afford to defend the rupee peg against the dollar at unsustainable levels, a senior aid agency official said the same day authorities let the rupee move down marginally against the US dollar.To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to […]
Sri Lanka stocks head down, Com Bank falls further
Dec 08, 2008 (LBO) – Sri Lankan shares Monday opened the week lower on very low trading volumes with Commercial Bank falling for the second day after it revealed a hefty exposure in a crude oil hedge deal. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The […]
Domino Effect
Dec 08, 2008 (LBO) – The effects of a payment halt on derivatives by a state-run oil distributor is spreading far into Sri Lanka’s banking sector, hurting capital, interbank transaction integrity and international relationships, market participants say.Two weeks ago, CPC chairman Ashantha de Mel said outstanding exposures of Citibank to CPC were 400,000 barrels, Standard […]
SME Funds
HONG KONG, December 8, 2008 (AFP) – Global banking giant HSBC has set up a 5 billion US dollar fund to help small and medium sized businesses get access to credit during the global financial crisis, the bank said.The fund represents money “over and above” what the London-based bank would normally lend in the current […]
Sri Lanka say troops poised to take Tiger HQ
December 8, 2008 (AFP) – Sri Lankan government troops were Monday poised to finally capture the political headquarters of the rebel Tamil Tigers after months of fierce fighting, officials said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 Security forces were said to be within “kissing distance” […]
Sri Lanka minister gets opposition post: official
Dec 08, 2008 (LBO) – Sri Lanka’s main opposition United National Party has appointed a rebel member who is a government minister as its deputy leader, while a new post of assistant leader was also created, a senior party official said. UNP General secretary Tissa Attanayake said Karu Jayasuriya, who had the public administration portfolion […]
Sri Lanka opposition moves no-confidence motion over derivative losses
Dec 08, 2008 (LBO) – Sri Lanka’s main opposition has put forward a no-confidence motion against the government Monday on the eve of a budget vote, involving an exotic derivative deal that brought hundreds of millions of dollars in losses to a state-run oil firm. The United National Party has handed over the motion to […]
Sri Lanka govt opposes no-confidence motion on derivative losses
Dec 08, 2008 (LBO) – Sri Lanka’s ruling party has opposed an opposition attempt to move a no-confidence motion on an oil hedging deal saying it related to matters in court and the country’s president was named. The main opposition United National Party said documents submitted to parliament were separate from those in court and […]