Tag: lbo
Sri Lanka newspaper editor ouster worrying: media watchdogs
June 23, 2012 (LBO) – Sri Lankan and international media freedom organizations had expressed expressed concern over the removal of an editor of Ceylon Today, a Sri Lankan broadsheet, and said it sought to find out the reasons. œThe dismissal of Lalith Allahakkoon by Ceylon Today is worrying, Reporters without Boraders a Paris based press […]
Oil Exemption
June 12, 2012 (LBO) – Sri Lanka, India, Malaysia, Korea, South Africa, Turkey and Taiwan has been recognized as countries that have significantly cut oil imports from Iran, US secretary of state Hilary Clinton has said. Financial institutions of countries that traded with Iran faced the possibility of being penalized in international trade settlements by […]
Debt Games
June 11, 2012 (LBO) – Sri Lanka’s state-run Ceylon Petroleum Corporation (CPC) has run debts of 65 billion rupees with other state entities by May 31 and talks are on to clear them with a Treasury bond, a minister has said. Petroleum minister Susil Premjayantha has told parliament furnace oil is still being sold to […]
Gas Trend
May 30, 2012 (LBO) – Sri Lanka’s Laugfs Gas Plc, which has interests in cooking gas distribution, emissions testing and leisure posted profits of 639 million rupees in the six months to March 2012, up 15 percent from a year earlier, interim accounts showed. The group reported earnings of 1. 39 rupees per share for […]
Sri Lanka frees ex-army chief from prison
May 21, 2012 (LBO) – Sri Lanka former army chief Sarath Fonseka walked out of prison on Monday to a hero’s welcome, after President Mahinda Rajapakse ordered his release. Fonseka unsuccessfully tried to unseat Rajapakse in the January 2010 presidential election. The two fell-out as to who should take credit to crush the Tigers in […]
Break Even
May 16, 2012 (LBO) – Lanka IOC, a unit of Indian Oil Corporation made profits of 41 million rupees in the March 2012 quarter, recovering from a 111 million rupee loss a year earlier interim accounts showed. Petrol and diesel retail prices were raised in February. The firm reported earnings of 8 cents per share. […]
Offshore Potential
April 24, 2012 (LBO) – Cairn India which struck gas in two offshore wells in Sri Lankan waters last year has indicated that at least one may have commercial potential so far. The company found natural gas in two of three test wells drilled in the Mannar Basin, off the island’s north-west coast, called the […]
Oil Storage
April 09, 2012 (LBO) – Indian Oil Corp. ‘s Sri Lanka unit plans to invest about 35 million US dollars to expand an oil tank farm in the eastern port of Trincomalee to store and export products, an official said. Since taking over operations of the China Bay tank farm ten years ago in 2002, […]
Petro Deal
Mar 31, 2012 (LBO) – Sri Lanka’s state-run Ceylon Petroleum Corporation has struck a deal to import 500 million US dollars of petroleum products from Vietnam over the next six months, ambassador Ton Sinh Thanh said. Ambassador Thanh told an economic forum organized by the Institute of Policy Studies and the embassy of Vietnam that […]
American Indulgence
Mar 25, 2012 (LBO) – A concession granted by the United States to Sri Lanka on its sanctions on Iran means the island would not face an immediate total ban on importing crude from the Persian Gulf country, a report said. United States has asked Sri Lanka to scale down crude oil imports from Iran […]
Sri Lanka economic sanctions ruled out by US
Mar 21, 2012 (LBO) – The United States will not push for economic sanctions on Sri Lanka despite calls for a probe into alleged war crimes, Robert Blake, a top US State Department official said in an exclusive interview. But the government needs to move faster on reconciliation between the island’s main communities after the […]
Sri Lanka business groups oppose UN war crimes resolution
Mar 20, 2012 (LBO) – Sri Lanka’s business chambers have opposed a resolution in the United Nations Human Rights Council against alleged war crimes in the campaign that crushed Tamil Tiger separatists. “The joint Chambers of Commerce of Sri Lanka express concern over the resolution to be tabled at the UNHRC against Sri Lanka,” they […]