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Sri Lanka Treasury Secretary asked not to resign
July 29, 2008 (LBO) – Sri Lanka’s Treasury Secretary P B Jayasundera, who submitted his resignation to President Mahinda Rajapaksa after a court order faulted him over a privatization deal, has been asked to continue in his position.The court said Jayasundera had acted in collusion with the current JKH chairman, Susantha Ratnayake, a director of […]
Rising inflation underscores Central Bank impotence: IMF
July 29, 2008 (LBO) – Rising inflation has made it difficult for mature market central banks to print their way out of the credit crisis, and emerging markets that continue to print money may find investors shunning them, the International Monetary Fund has said.In an update to its Global Financial Stability Report IMF said the […]
Sri Lanka stocks perk up as control of AMW changes hands
July 28, 2008 (LBO) – Sri Lankan stocks closed higher Monday on gains in heavyweight stocks with the take over of Associated Motorways (AMW) by a Dubai construction firm driving turnover to 7.7 billion rupees. JKH, AEC and state funds which owned AWM stakes sold at a premium. “Any premium would be considered quite advantageous […]
Combined Entity
July 28, 2008 LBO) – Sri Lanka’s finance ministry plans to bring a proposed new law to amalgamate six regional development banks (RDBs) to parliament early next month, a senior official says. The main stake holders of the banks last week gave the green light to the proposed act which is now being examined by […]
Sri Lanka pepper trade calls for end to Indian restrictions
July 28, 2008 (LBO) – Sri Lanka’s pepper trade has demanded an end to import restrictions imposed by India that they say violates the spirit of a free trade accord between the two countries.The call was made by Gulam Chatoor, a former chairman of the Spices and Allied Products Association, on the eve of a […]
Malaysia to tries to reflate bursting palm oil bubble: report
KUALA LUMPUR, July 27, 2008 (AFP) – Malaysia will put in place a series of measures to stabilise plummeting global palm oil prices including selling off crude stocks, a report said Sunday.Peter Chin, minister of plantation industries and commodities, told the Sunday Star newspaper the government wanted to make sure that the almost 25-percent drop […]
Sri Lanka shifts site of planned second international airport
July 28, 2008 (LBO) – Sri Lanka’s ports and aviation ministry has stopped work on a controversial new international airport in the island’s south and decided to shift it to a new location. Sri Lanka has only one international airport at present and needs a second one under international air safety rules so flights can […]
After boom years, inflation bites in Vietnam
HANOI, July 28, 2008 (AFP) – Hit with Asia’s highest inflation rate and a surprise 30 percent hike in petrol prices last week, some Vietnamese are rediscovering bicycles and the frugal lifestyle of bygone years. Galloping consumer prices — fuelled by record global oil, food and commodity costs — have rocked many countries, but few […]
Typhoon lashes Taiwan, hitting schools and travel
TAIPEI, July 28, 2008 (AFP) – Typhoon Fung-wong slammed into Taiwan’s east coast Monday, bringing fierce winds and heavy rains that forced the closure of schools and offices across the island and severely disrupted travel. The stock market was closed for the day, along with all schools and offices in Taiwan, railway traffic was halted […]
China on brink of becoming dominant sporting power
BEIJING, July 28, 2008 (AFP) – China is on the brink of becoming the most dominant sporting power in the world, with expectations running high that they will bounce the United States from the top of the Olympic medal table.At Athens four years ago, China finished with 32 gold, 17 silver and 14 bronze medals […]