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Sri Lankan stocks weaken further
July 01, 2008 (LBO) – Sri Lankan shares sagged further Tuesday as investors remained cautious because of deteriorating economic conditions and uncertainty caused by the ethnic war. The All Share Price Index fell 0.73 percent (17.88 points) to end at 2,439.96 while the more liquid Milanka was down 1.23 percent (36.63 points) to 2,952.15. Turnover […]
Transport Trends
July 01, 2008 (LBO) – Sri Lankan freight forwarders should use their expertise in international trade to modernise the island’s archaic, inefficient domestic trade, a transport expert said. Amal Kumarage, chairman of the National Transport Commission, said inefficiencies in internal trade were a huge cost to the economy as well as individuals and a drag […]
Helicopter shot while Sri Lanka president visits former war zone
July 1, 2008 (AFP) – A Sri Lankan military helicopter was hit by small arms fire in eastern Sri Lanka Tuesday as President Mahinda Rajapakse visited the region, officials said. The Bell helicopter made an emergency landing in the district of Ampara where the president was visiting to launch a 10-million dollar US-gifted bridge that […]
Politics and inflation see Indian shares fall 3.71 percent
MUMBAI, July 1, 2008 (AFP) – Indian shares plunged 3.71 percent on Tuesday, closing below the 13,000-point mark, hit by worries about early general elections, inflation and oil prices, dealers said. The benchmark Mumbai 30-share Sensex index fell 499.92 points to 12,961.68, a 14-month low. “Political uncertainty and rising inflation are dragging the markets down.We […]
‘s visit will give business a leg-up
SYDNEY, July 1, 2008 (AFP) – As Sydney prepares for a visit by Pope Benedict XVI and hundreds of thousands of Catholics, the city’s brothels are readying themselves for an expected surge in demand for sex. Any time Australia’s biggest city hosts a major event — from the 2003 Rugby World Cup to the Asia […]
‘s stock skids to 1950s level
NEW YORK, July 1, 2008 (AFP) – General Motors’s stock price fell on Monday to levels last seen in 1954, as investors fretted over its falling sales and as some analysts wondered if the iconic US automaker’s glory days are in the rearview mirror.Analysts are questioning if GM will be able to remain a component […]
Poverty-hit Bangladesh forced into huge fuel price hike
DHAKA, June 30, 2008 (AFP) – Impoverished Bangladesh became the latest victim of surging global crude costs Monday with the government announcing it has been forced to hike state-set fuel prices by between 34 and 66 percent. Authorities said they had no alternative to the sharp increases because the country could no longer afford to […]
Sri Lanka reach Asia Cup final after crushing win
KARACHI, June 30, 2008 (AFP) – Sparkling centuries from Sanath Jayasuriya and Kumar Sangakkara powered defending champions Sri Lanka to a crushing 158-run win over Bangladesh Monday to reach the final of the Asia Cup.Jayasuriya celebrated his 39th birthday with an 88-ball 130 while Sangakkara scored 121 to help Sri Lanka pile up a mammoth […]
Sri Lanka media suppression, new attacks condemned by US
July 1, 2008 (LBO) – The United States has condemned the attack on a UK embassy staffer and journalist, calling it a “brutal and unprovoked” attack and said it was concerned at the suppression of media which was essential for democracy.The US said it hoped that a high powered ministerial committee appointed to look into […]
Sri Lanka inflation may fall after August: Central Bank
July 01, 2008 (LBO) – Sri Lanka’s central bank said inflation which hit the highest levels in the country’s record keeping history in the first half of 2008, may start to fall from August, in the wake of better monetary policy.Sri Lanka’s inflation measured by the Colombo Consumer’ Price Index rose to 28.2 percent in […]