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DUBAI, April 9, 2008 (AFP) – Foreign workers making up the bulk of the labour force in the robust Gulf economies are feeling the crunch of rocketing prices and weak currencies with some even asking why stay at all.“A segment of workers is considering leaving, particularly those from countries that are seeing strong economic growth,” […]
Pound falls to historic low against euro
LONDON, April 9, 2008 (AFP) – The pound fell to a historic low point against the euro in early trading on Wednesday as the Bank of England prepared to begin a meeting at which it was expected to cut interest rates.The pound dropped to an all-time low of 1.25 euros shortly after 0700 GMT. It […]
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WASHINGTON, April 8, 2008 (AFP) – Federal Reserve staff predict the US economy will contract in the first half of 2008 amid worsening housing market and credit woes, minutes from a central bank meeting revealed Tuesday.Such a downturn would be defined as a recession by most economists.Moreover, some policymakers at the central bank see the […]
US mortgage crisis may cost 945 bln dlrs worldwide: IMF
WASHINGTON, April 8, 2008 (AFP) – The International Monetary Fund said Tuesday the worldwide losses stemming from the US subprime mortgage crisis could hit 945 billion dollars as the impact spreads in the global economy. The IMF, in a particularly stark report, said that falling US housing prices and rising delinquencies on the residential mortgage […]
Sri Lanka blood youngsters in ODI series against Windies
PORT OF SPAIN, Trinidad, April 9, 2008 (AFP) – Sri Lanka will use the three-match one-day international series against West Indies which opens here on Thursday to kick-start their preparations for the 2011 World Cup.Sri Lanka have made sweeping changes to the squad which drew the preceding two-Test series 1-1 with their hosts, and seven […]
Sri Lanka says 93 troops killed in March
April 9, 2008 (AFP) – At least 93 Sri Lankan soldiers were killed and another 686 injured during clashes with Tamil Tiger rebels last month, the prime minister told parliament Wednesday. Premier Ratnasiri Wickremanayake, in a statement to the 225-member national legislature, said 38 civilians were killed and another 21 wounded in March. “The number […]
‘s Central Bank says IMF inflation study is wrong
April 09, 2008 (LBO) – Sri Lanka’s central bank has strongly disputed findings in an International Monetary Fund study, which went against official claims that the island’s record high inflation was mostly caused by foreign factors. The research study came amid calls for fundamental monetary reform in the island. In March inflation hit 23.8 percent […]
Sri Lanka CPC builds up forex reserve: central bank
April 08, 2008 (LBO) – Sri Lanka’s state-run Ceylon Petroleum Corporation has been building up a foreign exchange reserve to meet its payments in a bid to prevent pressure on forex market, top Central Bank officials said.“Our forex market is small, so when CPC goes to the market it can move the exchange rate,” Central […]
Islamic Credit
April 08, 2008 (LBO) – ABC Investments Limited has launched an Islamic credit card in Sri Lanka, in line with Islamic religious teachings and with strict rules on its usage, a company statement said. Updated The ‘ABC Barakah’ credit card does not carry interest or penalties for late payment which is considered forbidden under Islamic […]
Sri Lanka Confifi group says beach resorts done well
April 08, 2008 (LBO) – Sri Lanka’s Confifi Group says two of its three beach resorts on the west coast have done well in the last winter season despite the sharp down turn in arrivals to the island. . M T A Furkhan, Confifi Group chaiman, said the company has plans to refurbish its hotels […]