Lanka IOC says diesel tax increase will hit earnings
COLOMBO The Sri Lankan government's decision to increase tax on diesel is likely to hit 2016/17 second-half earnings at fuel retailer Lanka IOC, its managing director said on Monday.
MUMBAI Tata Chemicals Ltd (TTCH.NS) has pending dues of 14.96 billion rupees from the government on account of fertiliser subsidies, its chief financial officer said, adding that delayed payments were creating liquidity problems for the company.
India controls prices of some fertilisers sold to farmers, and compensates producers through cash payments to make up for the shortfall.
Earlier on Friday, Tata Chemicals posted a net profit of 2.24 billion rupees, unchanged from a year earlier.
(Reporting by Kaustubh Kulkarni)
ALGIERS Iran downplayed on Monday the chances of OPEC and non-OPEC oil producers clinching an output-restraint deal in Algeria this week even though several other members of the group said they still hoped for steps to tackle a price-eroding glut of crude.
Wall Street fell on Monday as Deutsche Bank weighed on financials and investors hunkered down for the first debate between U.S. presidential candidates Hillary Clinton and Donald Trump.