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‘s arms-trafficking trade
KIEV, October 2, 2008 (AFP) – The pirate hijacking of a Ukrainian cargo ship loaded with tanks off Somalia has refocused attention on arms-trafficking by the former Soviet republic, one of the world’s 10 biggest arms exporters.Experts say Ukraine has greatly improved arms-export controls after a string of scandals but remains a potential source of […]
Oil prices at 99.76 in Asian trade
SINGAPORE, October 2, 2008 (AFP) – World oil prices were up more than one dollar in Asian trade on Thursday shortly after the US Senate approved a revised government proposal to bail out the US financial sector. New York’s main contract, light sweet crude for November delivery, was 1.23 dollars higher at 99.76 dollars a […]
US Senate approves economic bailout plan
WASHINGTON, October 2, 2008 (AFP) – The US Senate on Wednesday approved a 700-billion-dollar Wall Street bailout package by a vote of 74-25 amid a widening global crisis sparked by the collapse of the US housing market.Earlier in the day, Democratic House Majority leader Steny Hoyer sounded a note of caution, appearing to indicate the […]
Hedge Profits
Oct 01, 2008 (LBO) – Sri Lanka’s Citibank unit has reported sharply higher profits from hedging deals, Fitch Ratings said, confirming its ‘AAA(lka)’ long term credit rating with a ‘Stable’ outlook.In the first half of 2008 85 percent of loans were to large corporates and 14.5 percent to the government of Sri Lanka and state […]
Fair Value
BRUSSELS, September 30, 2008 (AFP) – The European Union is considering a shake-up in accounting rules as part of measures aimed being drafted in response to the global financial crisis, an EU official said Tuesday.The idea is one among a series that are being looked into ahead of a high-level European economic meeting expected to […]
Reaching Out
Oct 01, 2008 (LBO) – The International Finance Corporation (IFC) is organizing a banking road show in Ratnapura, in southern Sri Lanka, to help small and medium enterprises get access to finance.“There will also be sessions on handling complex loan applications, preparing business plans and project proposals, and establishing new banking products for small and […]
Digital Identity
Oct 01, 2008 (LBO) – E-Wis, a Sri Lankan information technology firm which has been picked to automate a pension fund of a state-managed private sector workers’ fund, says the new system will trim frauds and delays in processing member information. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send […]
Sri Lanka to introduce energy efficiency laws
Oct 01, 2008 (LBO) – Sri Lanka’s government plans to introduce new laws to make energy efficiency improvement measures mandatory that may even extend to private homes, a senior official said.Wickramasinghe said the government aims to encourage supply side and end-use energy efficiency and the Energy Conservation Act will be amended. The authority will prepare […]
Coral-killing starfish turns out to be four species, not one
PARIS, September 30, 2008 (AFP) – The crown-of-thorns starfish, a notorious threat to coral in the Indian and Pacific Oceans, comprises four species, not one, biologists reported on Tuesday. The spiny predator, known by its Latin name of Acanthaster planci, has been a worsening peril to reefs for at least three decades, latching onto coral […]
Sri Lanka Tigers suffer heavy casualties: ministry
October 1, 2008 (AFP) – Around 30 Tamil Tiger rebels were killed and 36 wounded in the latest ground and air attacks by government forces against their north Sri Lankan stronghold, the island’s defence ministry said Wednesday.Three soldiers were killed and 14 wounded in the fighting on Tuesday, the ministry said. The military says the […]