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OPEC blames money printing, reserve currency debauchment for oil bubble
MADRID, July 3, 2008 (AFP) – Tensions have flared between the oil powers and consumer nations at the World Petroleum Congress this week, with no sign of common ground on how to bring down record crude prices. After failing to find agreement at a hastily arranged summit in Saudi Arabia on June 22, this week’s […]
Sri Lanka among top 20 in failed states ranking
July 3, 2008 (LBO) – In mid 2006, I wrote a column entitled “The Sri Lankan state: Failed, failing or maligned?” It was about a comparative ranking on countries on their likelihood of becoming failed states. At the end of a critical assessment of their methodology, I concluded that “Notwithstanding these methodological problems, the index does […]
Sri Lanka human rights abuses, attacks on media draw US concern
July 3, 2008 (AFP) – The United States said Thursday it had “strong concerns” about Sri Lanka’s deteriorating human rights record and escalating attacks on the local media.Deputy assistant secretary of state for South and Central Asian affairs Evan Feigenbaum expressed US concerns to Sri Lankan authorities during his four-day visit which ends Thursday. “We […]
World Bank appoints new South Asia chief
July 3, 2008 (LBO) – The World Bank has appointed Isabel Guerrero, country director for India as vice president for the South Asia region, replacing Praful Patel who retired on July 02, the multilateral lender said. “It is a most special privilege to be invited to take on this role in one of the most […]
Sri Lanka private sector calls for prudent reforms
July 03, 2008 (LBO) – Sri Lanka’s private sector has called on the government to implement politically difficult reforms and austerity measures to put the economy on a better footing. Anura Ekanayake, deputy vice chairman of the Ceylon Chamber of Commerce, said the government should do reforms to correct the wrong policies that hinder growth […]
Sri Lanka firm to lobby G8 on water
July 3, 2008 (LBO) – Sri Lanka’s Hayleys group has joined top global firms to lobby the eight leading industrial nations to make water availability a priority at an upcoming meeting in Japan next week, the company said. Hayleys is one of 19 companies that have signed the CEO Water Mandate, an initiative of the […]
Sri Lankan share prices ease further
July 02, 2008 (LBO) – Sri Lankan shares continued their slide Wednesday with investor nervousness about a forthcoming anniversary of anti-Tamil riots that sparked the ethnic war adding to concerns over high inflation and interest rates, brokers said.The All Share Price Index fell 0.27 percent (6.61 points) to end at 2,433.35 while the more liquid […]
Free Flow
July 02, 2008 (LBO) – Sri Lanka’s Central Bank has relaxed exchange controls for emigrants in a move it said aimed at further promoting stable capital mobility and improving investor confidence in the country. The new rules allow previous emigrants to take out without any restriction balances in blocked accounts where their wealth had been […]
Banking Code
July 02, 2008 (LBO) – Ceylinco group chairman Lalith Kotelawala has demanded the Sri Lankan Central Bank adopt its own code of corporate governance.He said in a letter to Central Bank governor Nivard Cabraal that was released to the media that he will initiate legal action if the Central Bank fails to adopt such a […]
Sri Lanka fighting kills another 29: defence ministry
July 2, 2008 (AFP) – Fresh fighting between Sri Lankan government forces and Tamil Tigers has left at least another 27 rebels and two soldiers dead, the defence ministry said Wednesday. Troops shot dead 27 rebels in the districts of Vavuniya, Mannar and Mullaitivu on Tuesday, the ministry said, adding that security forces lost two […]