BIZ

Oil plunges to lowest level since Jan.

Published

3 years ago

September 24, 2022

editor

The price of U.S. benchmark West Texas Intermediate slid roughly 5% to trade at $79 per barrel, reaching its lowest point since January amid mounting recession fears.

Meanwhile, the price of international benchmark Brent crude fell below $87 per barrel, also on track for its lowest close since January.

Both WTI and Brent crude were in technically oversold territory, posting a fourth straight week of declines on Friday and marking the worst losing streak since last December.

Widespread recession fears have been weighing on energy prices but also slammed the stock market recently, with the S&P 500 and Dow Jones Industrial Average falling back into bear market territory on Friday. Both major indexes also set a new low point for the year amid the broad selloff.

Contributing to oil’s decline was also continued strength in the U.S. Dollar, which is considered a safe-haven asset. The ICE U.S. Dollar Index, which tracks the Dollar against a basket of other currencies, rose nearly 1% and reached its highest level since 2002.

With the Federal Reserve raising interest rates by 75 basis points for a third consecutive policy meeting in a row on Wednesday, central banks around the world have been doing the same by announcing rate hikes. Global economic growth concerns have “hit panic mode given a chorus of central bank commitments to fight inflation,” says Edward Moya, senior market analyst at Oanda.

“Central banks are poised to remain aggressive with rate hikes and that will weaken both economic activity and the short-term crude demand outlook,” he describes, adding, “the dollar rally is about to enter another level that could keep the pressure on commodities.”

The S&P 500 energy sector fell more than 6% on Friday for its worst day since May, adding to losses in recent weeks. Still, the sector has far outperformed the benchmark S&P 500 index this year (down 23%), rising over 20% thanks to a surge in oil prices earlier this year.

But some investors may now be looking to cash out as oil prices have fallen back down to earth. “Not only are there worries about consumption given rising recession risks, but this is a pretty crowded space with a lot of nervous longs sitting on healthy year-to-date gains that they’re eager to lock in,” says Vital Knowledge founder Adam Crisafulli.

(Excerpts : Forbes)

BIZ

Several BoC branches closed early today!

Published

6 days ago

April 10, 2025

editor

Several branches of the state owned Bank of Ceylon (BoC) had closed their counters today (April 10) earlier than usual, inconveniencing customers, reports say.
Counters at certain BoC branches had closed at 12.30pm today, due to a result of a Trade Union action, reports add.

The BoC Board of Directors had previously approved an incentive for its employees based on the profit of the year 2024, and it is said that a delay in securing the Ministry of Finance’s approval for this had led to this situation.

‘Sri Lanka Mirror’ reached out to the Ceylon Bank Employees Union (CBEU) Chairman – Channa Dissanayake in this regard and was told that no bank branches were closed earlier than usual.

When we had insisted that certain branches had indeed closed their counters after 12.30pm and mentioned photographic evidence, Mr. Dissanayake’s phone line went dead.

BoC has been in the centre of controversy recently, after providing a hefty loan to Nawaloka Group which is already in deep debt.

Related News :

BoC’s loan to Nawaloka also grabs minister’s attention

BIZ

New Year ‘Kevili’ costs 7% more in 2025 than in 2024: report

Published

6 days ago

April 10, 2025

editor

The cost of preparing a traditional kevili or sweetmeats table for the Sinhala and Tamil New Year has increased by 7% in 2025 compared to 2024, and is now more than twice as high as it was in 2019, according to a report by Verité Research.
The analysis found a 7% rise in the cost of ingredients between March 2024 and March 2025, driven primarily by significant increases in the prices of coconuts and coconut oil, which rose by 80% and 40% respectively. Most other ingredients either remained stable or decreased in price.

In 2024, the cost of ingredients had increased by 2.2 times compared to 2019, and by 2025, this figure has risen to 2.4 times the cost in 2019.

A kevili table typically features a selection of traditional Sri Lankan sweet treats that symbolise prosperity and happiness. While contents vary across households, common items include milk rice, kokis, bananas, aluwa, kevum, dodol, mun kevum and butter cake.

The analysis used quantities based on recipes from the popular YouTube channel “Ape Amma,” estimating portions for a household of 4–5 people. Only main ingredients were considered in the costing; utility costs (electricity/gas) and spices were excluded. Price data was sourced directly from the Department of Census and Statistics, specifically from its Open Market Weekly Average Retail Prices in the Colombo District for the following periods: April Week 1 of 2019 and 2023, and March Week 3 of 2024 and 2025.

(dailymirror.lk)

(Except for the headline, this story, originally published by dailymirror.lk has not been edited by SLM staff)

BIZ

USD climbs above Rs. 300 since Sep. 2024

Published

6 days ago

April 10, 2025

editor

The Sri Lankan rupee has declined against the US dollar today (10), with the spot exchange rate surpassing the Rs. 300 mark for the first time since September 27, 2024.

According to the daily exchange rate data released by the Central Bank of Sri Lanka (CBSL), the buying rate for the US dollar stands at Rs. 294.13, while the selling rate is recorded at Rs. 303.20.

Meanwhile, the spot exchange rate has been registered at Rs. 301.20 today.

The spot rate reflects the weighted average of all spot transactions carried out in the domestic interbank foreign exchange market, including any market interventions conducted by the CBSL through Requests for Quotations (RFQs) on the previous or most recent business day.

(adaderana.lk)

(Except for the headline, this story, originally published by adaderana.lk has not been edited by SLM staff)