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Oil prices tumble from record heights
NEW YORK, May 27, 2008 (AFP) – Oil prices tumbled further from recent record peaks Tuesday as traders sold off positions amid growing fears about energy US energy demand, analysts said.They said a report showing a slump in US consumer confidence, marking the largest such fall in 16 years, and a separate survey showing the […]
Pentagon auditors unable to keep pace with spending: report
WASHINGTON, May 27, 2008 (AFP) – The Pentagon’s internal watchdog office has warned in a report to Congress made public Tuesday that its auditors are unable to keep pace with a ballooning US defense budget.The rapid growth of the defense budget to more than 600 billion dollars “leaves the department increasingly more vulnerable to fraud, […]
Beijing pollution levels hit top of scale 73 days ahead of Olympics
BEIJING, May 27, 2008 (AFP) – Pollution levels in Beijing hit the top of the scale on Tuesday, just 73 days before the Olympics, prompting a government warning for residents with respiratory problems to stay indoors.“Sensitive individuals should avoid going out of doors,” the Beijing Environmental Protection Bureau said on its website, announcing that air […]
Sri Lanka business chamber condemns assault on media
May 28, 2008 (LBO) – Sri Lanka’s main business chamber Wednesday condemned recent attacks on journalists and called on the government to bring the culprits to book instead of merely promising investigations. “The Ceylon Chamber of Commerce condemns these crude attempts at violating press freedom and implores that democratic principles relating to responsible coverage by […]
Wobbly Bubble
May 28, 2008 (AFP) – Oil prices slipped back under 127 dollars on Wednesday, falling further from record highs amid concern about the strength of US energy demand while traders digested Indonesia’s exit from OPEC.“The global economy is facing the third great oil shock of recent decades,” Brown wrote in the The Guardian newspaper. “It […]
Sri Lanka meeting mulls trade-poverty nexus
May 28, 2008 (LBO) – Trade liberalisation may not necessarily lead to economic growth and lower poverty, with state intervention in recent financial crises showing the market may not have all the answers, a meeting of South Asian policy makers was told. This leads to growth which in turns results in poverty reduction. But it […]
ICRC warns rising food prices hurting the poorest in war zones
May 27, 2008 (AFP) – The head of the International Red Cross warned Tuesday that soaring food prices are exacerbating the misery of millions of poor people already suffering in war zones from Chad to Afghanistan.“The recent rise in food and fuel prices is making life even harder for poor people already struggling to cope […]
Sri Lankan shares slide amid war jitters
May 27, 2008 (LBO) – Sri Lankan share prices weakened further Tuesday, with the main index losing half a percentage point a day after a bomb ripped through a crowded passenger train in the capital killing at least nine people.Another bombing inside the city on May 16 killed 13 people and wounded more than 80 […]
Gas Conversion
May 27, 2008 (LBO) – Sri Lanka’s will give state assistance to convert petrol driven three-wheeler taxis to liquefied petroleum gas which can slash running costs by 40 percent and clear up pollution, officials said. Minister Alahapperuma says the government is looking at a soft loan scheme to cover at least half of the cost. […]
On Track
May 27, 2008 (LBO) – Sri Lanka railways will almost double rail fares to reduce losses and its dependence on government handouts as fuel prices continue to move up, officials said. From Monday fares of privately owned buses were raised by 27.2 percent and state-run buses by 17.0 percent. Rail fares were last raised in […]