Tag: lbo
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 […]
Hold It
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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 […]
Sri Lanka TV censorship condemned by media watchdog
Nov 08, 2008 (LBO) – Media watchdog Reporters Without Borders (Reporters sans frontiers or RSF) has condemned what it called live censorship on a Sri Lankan government television station amid criticism of a new broadcasting law. After receiving representatives of journalists’ organisations and media owners, media and information minister Anura Priyadharshana Yapa announced that implementation […]
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 […]
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 […]
US presidential election results (Update II)
WASHINGTON, November 5, 2008 (AFP) – Here is a tally of preliminary results in the US presidential election, based on projections by US networks. At 0214 GMT, with results given in 27 states, Obama had 175 and McCain had 81 of the 270 Electoral College votes needed to win the White House, out of a […]
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CHICAGO, November 5, 2008 (AFP) – US President-elect Barack Obama said Tuesday that a new dawn of American leadership was at hand and stressed the shared destiny of the United States and the rest of the world. “It’s been a long time coming. But tonight, because of what we did on this day, in this […]
‘s first black president
WASHINGTON, November 5, 2008 (AFP) – Americans elected Democrat Barack Obama as their first black president Tuesday, in a transformational election which will reshape US politics and reposition the United States on the world stage.With a stunning grassroots political movement, powered by massive multi-million dollar fundraising, Obama first beat Hillary Clinton, and the Democratic Party’s […]
Rights groups slam media controls in Sri Lanka
COLOMBO, October 31, 2008 (AFP) – Sri Lanka has the lowest press freedom rating of any democracy and has been the first to use anti-terror laws to prosecute journalists, international rights groups said Friday. Five organisations, including the Paris-based Reporters Without Borders (RSF), said journalists and media institutions seeking to report independently on the island’s […]
Nut Cracker
Oct 31, 2008 (LBO) – Profits of Lanka IOC, a unit of India’s IOC fell 83 percent in the September quarter to 109 million rupees amidst high taxes and hedging costs, while six months profits were flat at 1.1 billion rupees, an official said. Lanka IOC managing director R Ramakrishnan said his firm was losing […]