Sri Lanka

Energy Markets

Sri Lankan shares end higher as financials, consumer discretionary gain

Sri Lankan shares ended greater on Monday, assisted by gains in financials and customer discretionary stocks. * The CSE All-Share index settled 0.30% higher at 11,479. * Sri Lanka is positive about reaching an agreement quickly with bondholders to restructure about $12 billion in financial obligation, a top authorities said on Monday, a big action that will assist the island nation emerge from its worst monetary crisis in decades. * Ceylinco Insurance Coverage PLC and Lion Brewery (Ceylon). PLC were the top gainers on the CSE All Share, rising. 14.4% and 3.8%, respectively. * Trading volume on the CSE All-Share...

Pollution

China's emissions, performance targets under danger after falling short in 2023

China is falling short on crucial targets for dealing with climatewarming emissions, and analysts stated Beijing's reliability in global climate talks might be at danger unless it enhances its efforts to get back on track. The Chinese government has actually seldom missed targets in the past. Now, driven mainly by energy security issues, it has shown little political will to deal with the emissions gap, experts said. China's National Development and Reform Commission (NDRC), a. planning firm, guaranteed recently to redouble efforts in. energy conservation and carbon reduction this year after it. fell short of expectations in 2023. Analysts say...

Fossil Fuels

Brazil's Lula scraps fulfilling on future of Petrobras CEO, sources state

President Luiz Inacio Lula da Silva canceled a meeting on Sunday evening with members of his cabinet that could have chosen whether to replace the chief executive of Brazil's staterun oil firm Petrobras , two sources told . On Sunday, reported that the ministers of Finance and of Mines and Energy, Fernando Haddad and Alexandre Silveira, along with Lula's chief of staff, Rui Costa, had actually been summoned to the conference at the presidential residence, the Alvorada Palace. The conference would have taken place after a week of speculation that Petrobras CEO Jean Paul Prates would be replaced. On Thursday,...

Power Markets

Sri Lanka to propose 18% power tariff cut to regulator, minister states

Sri Lanka's government will propose an 18% cut in electricity prices for households on Thursday, a top authorities stated, aiming to alleviate high living expenses for millions residing in the grip of the nation's worst monetary crisis in years. The island nation of 22 million individuals is coming to grips with a. serious scarcity of forex reserves that pressed its. economy into freefall in 2022, shrinking it by 7.8% that year. Sri Lanka increased power costs by 75% in September 2022. and by another 66% in February 2023 to fall in line with energy. price changes needed under a $2.9...

Fossil Fuels

Brazil's Lula calls meeting on the future of Petrobras CEO, sources say

President Luiz Inacio Lula da Silva called a conference on Sunday night with three cabinet ministers that could pick whether to change the chief executive of Brazil's staterun oil business Petrobras Jean Paul Prates, 2 sources told . The ministers of Finance, Fernando Haddad, of Mines and Energy, Alexandre Silveira, and Lula's chief of staff, Rui Costa, were summoned to the meeting at the governmental house, the Alvorada Palace, according to the sources who asked to remain confidential. The meeting happens after a week of speculation that Prates would be changed. On Thursday, federal government sources stated the resignation of...

Fossil Fuels

Sri Lanka minister says Sinopec to start deal with refinery by June

The world's biggest refiner, China's Sinopec, plans to begin deal with a. refinery in Sri Lanka by June, the power minister said on. Thursday, advancing a job allocated as the biggest. investment in the crisishit island country. Sri Lanka is seeking to draw in financial investment in the fight to. stabilise its economy and return to growth following a monetary. crisis brought on by a severe shortage of dollars in 2022 that led. the economy to agreement 2.3% last year. Authorities of Sinopec Overseas Financial Investment Holding are. visiting Colombo for talks with Sri Lankan authorities. The authorities suggested that...

Refined Products

Sri Lankan shares end higher as financials gain; March inflation relieves

Sri Lankan shares ended greater on Monday, helped by gains in financials and customer staples stocks. * The CSE All-Share index settled 0.64% higher at 11,828.22. * The island nation's consumer cost inflation dropped to 2.5% in March from 5.1% in February, main information showed on Monday, as the impact of a higher sales tax needed to satisfy targets set under a $2.9-billion IMF programme receded. * LOLC Finance PLC and LOLC Holdings PLC. were the top gainers on the CSE All Share, rising. 12.5% and 2.1%, respectively. * Trading volume on the CSE All-Share index rose to 114. million...