Tag: news
Sri Lanka diplomats decry encroachment
Dec 14, 2008 (LBO) – Sri Lanka’s professional diplomats have slammed a practice by government politicians of appointing friends, relations and cronies to missions abroad, saying it damaged the country’s interests. The letter was aimed at highlighting the habit of successive governments and foreign ministers of rewarding friends, cronies and political supporters with overseas appointments […]
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 […]
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 […]
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 […]
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 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 […]
Hedge Management
Dec 06, 2008 (LBO) – The Sri Lanka unit of the Indian Oil Corporation has unwound some oil derivatives it bought earlier in 2008, but is left with 70,000 barrels worth deals that will expire next year, a top official said. Lanka IOC says it is honoring all contracts. Exotic Derivatives Lanka IOC had bought […]
Oil Tumble
NEW YORK, December 4, 2008 (AFP) – Oil prices tumbled to their weakest levels in nearly four years Thursday as investors fixated on mounting signs of recession in the global economy. On the New York Mercantile Exchange, light, sweet crude for January delivery settled at 43.67 dollars a barrel, down 3.12 dollars from Wednesday’s close.It […]
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 […]