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Zimbabwe inflation hits 2.2 million percent: bank chief
HARARE, July 16, 2008 (AFP) – Zimbabwe’s inflation rate, already the world’s highest, hit an astronomical 2.2 million percent Wednesday after Robert Mugabe’s re-election in a one-man poll critics had said the nation could ill afford. After months of silence on the inflation rate, central bank governor Gideon Gono let slip it was well into […]
Global markets falter on fear over US financial crisis
LONDON, July 16, 2008 (AFP) – World stock markets struggled on Wednesday after sharp losses driven by the unfolding US financial crisis and before more testimony from US Federal Reserve chief Ben Bernanke, dealers said. Bernanke warned of economic gloom on Tuesday and his next comments are awaited anxiously by investors, reeling from the collapse […]
Oil prices rise after stunning 10 dollar fall in one hour
SINGAPORE, July 16, 2008 (AFP) – Oil prices rose in Asia on Wednesday after fears for economic growth sent prices into their steepest fall in 17 years during New York trading, analysts said. New York’s main oil contract, light sweet crude for August delivery, was 22 cents higher at 138.96 dollars a barrel. The contract […]
Bernanke faces new grilling amid economic storm
WASHINGTON, July 16, 2008 (AFP) – With market turmoil intensifying on fears of a banking crisis, Federal Reserve chairman Ben Bernanke faced a new grilling Wednesday after warning of a bumpy road to economic recovery. Bernanke was set to appear in the House of Representatives for a second day of testimony on the Fed’s semiannual […]
‘s Ranatunga urges players not to ignore Tests
July 16, 2008 (AFP) – Sri Lanka’s legendary former captain Arjuna Ranatunga on Wednesday urged players to preserve Test cricket in the face of the challenge posed by the lucrative Twenty20 format.Captains of India and Sri Lanka, who begin a three-Test series here next week, endorsed Ranatunga’s comments. “As cricketers, the ultimate challenge for most […]
Bunning slams Bernanke as US inflation surges to 26-year high
July 16, 2008 (LBO) – US consumer prices hit a 26-year as Federal Reserve chairman Ben Bernanke came under renewed fire from a US senator for printing money willy-nilly and stampeding the world into an inflation crisis. The US Bureau of Labour Statistics said 12-month consumer prices of urban consumers surged to 5.0 percent in […]
US consumer prices jump 1.1 pct in June
WASHINGTON, July 16, 2008 (AFP) – US consumer prices soared at the strongest pace in 26 years in June, rising 1.1 percent from May, the Labor Department said Wednesday. On a 12-month basis, CPI was up 5.0 percent in June and core CPI was 2.4 percent higher. Core prices excluding energy and food climbed 0.3 […]
Sri Lanka tightens monetary target for 2008
July 16, 2008 (LBO) – Sri Lanka has tightened its year-end growth target for the monetary base in 2008 to 11.75 percent from 12.50 percent, the island’s central bank, which is running a quantity targeting framework to counter inflation, said.In April 2008 the bank tightened targets further from its beginning-of-the year plan, after inflation spiked […]
‘s Dhammika Perera sells Lanka Ceramic stake to Ceylon Theatres
July 15, 2008 (LBO) – Sri Lankan businessman Dhammika Perera sold his 26 percent stake in Lanka Ceramics to its parent firm Ceylon Theatres towards the end of trading on the Colombo bourse Tuesday. “We sold at 47 rupees a share. It was bought by the Ceylon Theatres group,” said Nimal Perera, Dhammika Perera’s investment […]
More Time
July 15, 2008 (LBO) – Directors of Sri Lankan banks would get three more years to meet term and age limits imposed by the Central Bank after a court ruling confirmed the rules with extended transitional provisions, the financial regulator said in a statement. Court has directed new rules with the amendments to be issued, […]