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Oil prices extend losses; OPEC says demand growth will slow
LONDON, August 15, 2008 (AFP) – Crude prices fell further on Friday as OPEC lowered its forecast for oil demand growth, citing the weak global economy. London’s Brent North Sea crude for October delivery dropped 1.21 dollars to 112.47 dollars a barrel. The September contract had expired at 112.64 dollars on Thursday. New York’s main […]
Gold price slumps under 800 dollars
LONDON, August 15, 2008 (AFP) – Gold prices tumbled underneath 800 dollars per ounce on Friday, hitting a ten-month low point as the precious metal was hampered by the strong US currency and weak oil prices, analysts said. On the London Bullion Market, the price of gold slid to 772.98 dollars per ounce. That was […]
Contractors reap 85 bln dlrs from Iraq war: US report
WASHINGTON, August 15, 2008 (AFP) – The US government paid out 85 billion dollars in four years to contractors providing services to various government agencies in support of the Iraq war and reconstruction, a survey showed.The Congressional Budget Office (CBO) report said the administration of US President George W.Bush awarded 85-billion-dollars in contracts between 2003 […]
Sri Lanka fighting endangering civilians: Amnesty
August 15, 2008 (AFP) – Fighting between Sri Lankan troops and Tamil Tiger rebels in the north is endangering the lives of tens of thousands of displaced people, rights group Amnesty International said Friday. Government bombardments and artillery shelling since May have forced thousands to flee their homes, primarily in Kilinochchi and Mullaittivu districts, the […]
”’ flow slowing: report
BEIJING, August 15, 2008 (AFP) – Foreign exchange deposits into Chinese banks in July dropped to 5.6 billion dollars, down by nearly half from June, state media reported, indicating the flow of “hot money” into China is slowing. The level of new foreign exchange deposits was lower than last month’s 8.3 billion dollars in direct […]
Sri Lanka industrial exports plunge in June
Aug 15, 2008 (LBO) – Sri Lanka’s industrial exports plunged 9.3 percent in June 2008, with the key apparel sector slumping 8.9 percent, though total exports for the first six months still showed positive growth. “In fact, I cannot recall a time where I have seen such a striking dichotomy between global commodity and credit […]
Sri Lanka says South Asia should cross-invest forex reserves
Aug 15, 2008 (LBO) – South Asian nations should look at re-investing foreign exchange reserves in each others’ countries instead of buying low yielding securities in developed nations, Sri Lanka’s central bank governor Nivard Cabraal said.“Our foreign reserves are bridging the fiscal deficit of developed countries at low rates,” Governor Cabraal told a gathering of […]
Sri Lanka 3-month treasury yield falls
Aug 14, 2008 (LBO) – Sri Lanka’s 3-month Treasury bill yield fell 36 basis points to 16.73 percent with some bids being rejected, the government’s debt office said.Other bids were rejected. The 6-month yield fell 7 basis points to 18.37 percent with the government raising 2.1 billion rupees and the 12-month yield was flat at […]
Sri Lanka stocks pulled down by fall in Dialog
Aug 14, 2008 (LBO) – Sri Lankan stocks lost more ground Thursday, dragged down mainly by the fall in the price of heavyweight Dialog Telekom after it reported sharply lower profit for the June quarter, brokers said. The All Share Price Index closed down 0.65 percent (15.98 points) at 2,435.25 while the more liquid Milanka […]
Coin Issue
Aug 14, 2008 (LBO) – Sri Lanka will issue special coins commemorating the runner-up of the last cricket world cup, an official said.Sri Lanka’s central bank will issue a Nickel plated steel coin with a denomination of 5 rupees and depicting a bowler. A brass plated steel coin with a face value of 1,000 rupees […]