Financial Times

CPC in debt upto $20 mln a month

While consumers and markets cheer the fall in fuel prices as a budget proposal, the government is seriously considering defaulting on the costly payment under the controversial oil hedging deal with Standard Chartered Bank – because the Ceylon Petroleum Corporation (CPC) can’t afford it anymore, informed sources said.

 
Is greed or stupidity the cause of the world's financial crisis ?
The current financial crisis which is brewing into a world economic recession is not caused by oil and food crisis as such, though it has sped up the intensity of the current crisis. It is too soon to expect the oil and food crisis to deteriorate into an economic recession as its supply side impact may take more time to materialize. Once it does, it will further exacerbate the current crisis creating a spiralling cascading effect of economic deceleration. Hence, short term economic prospects look very gloomy.
 
Other Financial Times Articles
CPC in debt upto $20 mln a month
Foreign Minister to hold talks with ambassadors to push tea exports
LMSL - JKH probe by CID continues
Harry's attempt to appoint wife foiled - Stassens saga
AMW to fast-track projects
Cosy budget as losses mount at CPC
Is greed or stupidity the cause of the world's financial crisis ?
IMF commends Sri Lanka, stresses need to tackle inflation, other risks
Chillies strapped for cash
SriLankan Cares begins Rs. 51 mln school project in Hambantota
Drop in Indian tourists - Ministry
Some consumer benefits but serious issues linger
Budget not defending country from global economic crisis, say professionals and exporters
Japanese grant for women in North-East underutilised due to conflict
Entrepreneurship most vital part of social enterprises
Garment sector breaks trends: brings work to the village
Hayleys profits hit by tough business conditions
Garment industry expected to get smaller next year
Aitken Spence results weakened by tourism, boosted by transport
CCC to enhance trade with Jordan, Kuwait
First time participant ICTA bags unique Infotel award
Durdans new hospital to open in end 2009
CMC to issue trade licences in 25 days
Sri Lanka, low risk, but still vulnerable to faster HIV/AIDS growth
New venture to develop high tech software for mobile communication
SML appoints Sumedha Fernando as Director Marketing
Sri Lanka to sign international cybercrime prevention convention
The Reggies Ad awards now in its 5th year
LMS Oil Tank Farm operates at snails pace
Keells hotels unveils new career website
Domestic producers to gain; defence spending on the rise
CCI says budget broadbased
Software industry invests in new talent
The global crisis, tea and the Sri Lankan economy
Making fraud legal
Sri Lanka will face latest impact of global crisis
No significant direct impact on economy from global crisis
SEC looks into fund managers
Exterminator celebrates 10 years in business
CIMA flexible payment plans expands with HSBC
LOLC firm not yet CB approved - Clarification
CB to ‘bogus’ finance Cos. : Pay up or face stern action
Haycarb compelled to import charcoal
Anniversary bash at Jetwing Vil Uyana
NTB deposits, loans higher than industry trends in 9-mths to Sept.
Golden Key software wins medal
Sri Lanka wins bid to hold international chamber conference here
Hayleys MGT’s 1H profit dips despite revenue growth
Gem sector to reach US$ 1 bln export earnings in 2010-Minister

 

 

 
 
© Copyright 2008 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved.| Site best viewed in IE ver 6.0 @ 1024 x 768 resolution