Tag: lbo
Petrol Pricing
Dec 05, 2008 (LBO) – The government said it will reduce fuel retail prices from midnight Friday in line with falling global oil prices and ahead of a court hearing on domestic fuel pricing.Prime minister Ratnasiri Wickremenayake told parliament that the price of a litre of petrol will be cut by 20 rupees and furnace […]
Black Market
Nov 03, 2008 (LBO) – Sri Lanka’s state is operating a black market taking an estimated 54 billion rupees a year in profits and discriminatory taxes from petrol users, an opposition parliamentarian has said. Ravi Karunanayake, a member of the opposition United National Party told reporters the landed cost of petrol in Colombo, including freight […]
Sri Lanka opposition to take cabinet, central bank to task over oil hedge
Dec 02, 2008 (LBO) – Sri Lanka’ main opposition United National Party says the cabinet of ministers and the central bank is also responsible for a hedging deal that has gone wrong, and would use parliamentary powers to take them to task. Zero cost instruments had been recommended by a study group formed in 2006, […]
Still There
Nov 30, 2008 (LBO) – Sri Lanka’s petroleum ministry has not yet been taken over by President Mahinda Rajapaksa, following a court ruling by the Supreme Court, a media report said Sunday. The Sunday Times newspaper, quoting petroleum minister A H M Fowzie said he had not received any instructions from the country’s president. The […]
Tricky Position
Nov 28, 2008 (LBO) – Sri Lanka’s supreme court said petroleum minister A H M Fowzie should be removed, in a case where controversial oil hedges by a state-run petro firm were challenged in a public interest petition. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The […]
Oil Bets
Nov 28, 2008 (LBO) – Sri Lanka’s supreme court has ordered the state-owned oil refiner, Ceylon Petroleum Corporation (CPC), to suspend controversial hedge payments to banks until a central bank probe into the matter is over. CPC chairman Ashantha de Mel has maintained that the deals were done on cabinet instructions which had not allowed […]
Hedge Probe
Nov 27, 2008 (LBO) – A team of Sri Lankan ministers is probing an oil hedge that could lose hundreds of millions of dollars to a state-run oil retailer amidst claims that the oil retailer had not informed the cabinet clearly about risks of derivatives trading. To receive instant alerts from LBO on your Dialog […]
” to self-rule
NUUK, November 26, 2008 (AFP) – More than 75 percent of Greenlanders voted Tuesday in favour of self-rule in a referendum that paves the way for independence from Denmark, final results showed. A total of 75.54 percent voted “yes” to greater autonomy, while 23.57 percent said “no,” the local government said. A self-rule proposal hammered […]
Greenlanders go to the polls to decide on self-rule
NUUK, November 25, 2008 (AFP) – Some 39,000 people in Greenland vote on Tuesday in a referendum on self-rule for the Danish territory, a move that could pave the way for total independence for the Arctic island.Public opinion polls in the run-up to the referendum have suggested that a large majority plan to vote in […]
Gravy Train
Nov 21, 2008 (LBO) – The Sri Lankan government has increased the customs duty on imported petrol by 10 rupees per litre to 35 rupees from yesterday, a senior Treasury official says. We are increasing the taxes to trim the extra profits the two petroleum companies are making with the sudden drop in world energy […]
Sri Lanka detained journalist says threatened daily; quizzed in court over writing
Nov 16, 2008 (LBO) – A Sri Lankan journalist who had been detained for over eight months had been questioned about what he wrote, and had also revealed to court that he had been repeatedly threatened, a media report said. Tissainayagam had told court on May 9 after he had seen another arrested colleague being […]
Back Tracking
LONDON, November 12, 2008 (AFP) – Oil prices sank under 53 dollars a barrel here on Wednesday, hitting the lowest level since January 2007, as traders worried about weaker demand for energy amid a gloomy economic outlook.In afternoon London trade, Brent North Sea crude for delivery in December plunged to 52.88 dollars a barrel, a […]