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Australia first advanced economy to lift rates since crisis
SYDNEY, October 6, 2009 (AFP) – Australia on Tuesday became the first advanced economy to raise interest rates since the global financial crisis and promised more rises to come, boldly declaring the risk of recession over. The central bank announced a rise of 25 basis points to 3.25 percent, lifting rates off a 49-year low […]
Sri Lanka shares soar to record high, foreigners sell
Oct 05, 2009 (LBO) – Sri Lankan shares closed at a record high Monday with foreign investors being net sellers, brokers said. The All Share Price Index (ASPI) was up 2.66 percent (80.23 points) to end at 3,098.24 while the Milanka index of more liquid stocks gained 3.36 percent (113.91 points) to close at 3,508.77, […]
Sri Lanka August tea exports up
Oct 05, 2009 (LBO) – Sri Lankan tea exports rose slightly in August from a year ago as production recovered from drought earlier in the year, but shipments for the year were still sharply lower, brokers said. Sri Lanka exported 27.9 million kilos of tea in August 2009, an increase of 0.5 million kilos over […]
‘s infant mortality crisis
NEW DELHI, October 5, 2009 (AFP) – More than 400,000 Indian babies die every year from preventable causes within 24 hours of their birth, despite the country’s recent rapid economic development, a report said Monday. India accounts for a fifth of all newborn deaths worldwide, according to the major report published by charity Save the […]
When law and economics do not understand each other
Oct 05, 2009 (LBO) – Both Law and Economics are two brothers born to the same mother: morality of the society.They both use the same working tool for producing their output: scientific approach.They derive their subject matter from moral principles. Their mission is to uphold moral principles and ensure the maximum happiness for everyone through […]
Sri Lanka seeks foreign cash for war-displaced
October 5, 2009 (AFP) – Sri Lanka will tap foreign donors to raise more cash to look after over 250,000 people displaced by its offensive against Tamil Tiger rebels, a minister said Monday.“We are drawing up a fresh appeal to meet our running costs next year that will include funds for livelihood support and resettlement […]
US responds to Sri Lanka protest over Clinton remark
WASHINGTON, October 4, 2009 (AFP) – The United States, responding to protests from Sri Lanka over remarks by Secretary of State Hillary Clinton, said it had no recent evidence of women being raped while in Sri Lankan government custody.Colombo faced condemnation for its handling of the final stages of the war against Tiger rebels and […]
Circular Debt
Oct 05, 2009 (LBO) – Sri Lankan government organisations owed the state-owned refiner, Ceylon Petroleum Corporation (CPC), 61 billion rupees in unpaid bills for fuel supplies by September 2009, CPC chairman Asoka Thoradeniya said. In the past losses from energy subsidies (both fuel and power), which increase debt in state banks and are then funded […]
Sri Lanka economic report out: IPS
Oct 05, 2009 (LBO) – Sri Lanka’s Institute of Policy Studies has released its annual analysis of the country’s economy looking at the impact of a downturn in 2008 and policies needed for recovery, the think tank said. IPS’s annual report, Sri Lanka: State of the Economy 2009, is themed on ‘Global Economic Crisis: Issues, […]
Key Players
Oct 05, 2009 (LBO) – Lanka Orix Leasing Company (LOLC) and Brown and Company Limited, two related parties may own 20 percent of Seylan Bank after a capital raising is concluded, a media report said.The Sunday Island newspaper quoting an unnamed source said LOLC and Browns had each applied for 10 percent of the expanded […]