Tag: lbo
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 […]
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. […]