All Blogs
Sri Lanka urged to promote local business in eastern revival
Oct 17, 2008 (LBO) – An international conflict watchdog has urged the Sri Lankan government to ensure greater fairness and preference to local businesses in the economic development of the eastern region which was cleared of Tamil Tigers. The International Crisis Group said in a new report on Sri Lanka’s Eastern Province that the government […]
Asia should consider bank guarantees in current turmoil: IMF
WASHINGTON, October 17, 2008 (AFP) – Asian economies may have to consider guaranteeing bank deposits as a defensive option against global market turmoil although the region’s financial system remains sound, the IMF’s Asia chief believes. To receive instant alerts from LBO on your Dialog mobile type ‘act (space) lbo’ and send to 678 European nations […]
Sri Lanka Bank of Ceylon sells 5-year 19-pct bonds
Oct 16, 2008 (LBO) – Sri Lanka’s state run Bank of Ceylon is selling three billion rupees worth 5-year 19 percent stock exchange listed bonds, with options of floating interest and interest at maturity also offered, officials said. The bank also offered a 30 million US dollar bond to the market last month.The bank could […]
Sri Lanka shares slump as global markets retreat
Oct 16, 2008 (LBO) – Sri Lankan shares slumped on low trading volumes Thursday after two days of gains with investors apparently unnerved by sharp falls in overseas markets and fears that an economic downturn could hit earnings.But fears that company earnings could get eroded by high inflation and interest rates and a slump in […]
Freight Deflation
Oct 16, 2008 (LBO) – Freight costs could fall with an expected slowdown in the US economy and the end this weekend of shipping liner cartels which fix rates, Sri Lankan shippers said.Sri Lankan shippers have long enjoyed the advantage of having main line vessels calling at Colombo to pick up transshipment cargo, which usually […]
Resilience
ADDIS ABABA, October 16, 2008 (AFP) – Ethiopian Prime Minister Meles Zenawi said Thursday that the economy would not be devastated following the global financial crisis, despite a possible cut in aid and investment flows. “In general, we don’t expect drastic effects on our economy, our financial structure is not as liberalised as those of […]
Better Banks
Oct 16, 2008 (LBO) – Sri Lanka’s banking sector is sound amidst a global rout and early regulatory action taken to prick the bubble, Central Bank Governor Nivard Cabraal has said. The high inflation in early 2008 was partly caused by lax monetary policies in the second half of 2007 and also external inflation imported […]
Migrant Risks
Oct 16, 2008 (LBO) – The Asian Human Rights Commission (AHRC) has urged Sri Lanka to help three workers facing execution in Saudi Arabia saying the government should do more for migrant workers who earn foreign exchange.“The imminent execution of three Sri Lankans on the Saudi Arabian death row can be prevent only by the […]
‘s cuts reserve ratio again to 6.5-pct for liquidity
MUMBAI, October 15, 2008 (AFP) – India’s central bank said Wednesday it was injecting a further 400 billion rupees (8.25 billion dollars) into the financial system by cutting the cash reserve commercial banks must hold to 6.5 percent. The move by the Reserve Bank of India is the third such cut in the past two […]
Sri Lanka steps up air strikes on rebels, food convoy blocked
October 16, 2008 (AFP) – Sri Lanka’s military on Thursday stepped up attacks against suspected Tamil Tiger positions in the island’s north and accused the rebels of blocking a UN-escorted food convoy.The UN’s World Food Programme was escorting a convoy of trucks taking essentials for hundreds of thousands of people in rebel-held areas on Thursday […]