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‘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 […]
‘s opposition approved to pursue legal action on polls results
HARARE, April 8, 2008 (AFP) – Zimbabwe’s opposition was Tuesday given the green light to pursue a legal bid to force a declaration of the country’s presidential election, 10 days on from the poll on Robert Mugabe’s future.Faced with 80 percent unemployment and six-digit inflation, almost one third of Zimbabwe’s 13 million population have left […]
” volatility in financial markets: French bank chief
HONG KONG, April 8, 2008 (AFP) – The world’s financial markets remain “exceptionally volatile” due to the subprime credit crisis, the chief executive of France’s largest bank said in Hong Kong on Tuesday.“Since I last presented to the market at the end of February, the environment remains very challenging and the market exceptionally volatile,” Baudouin […]
Sri Lanka JVP split widens with more support for Weerawansa
April 08, 2008 (LBO) – Differences within Sri Lanka’s Marxist-nationalist Janatha Vimukthi Peramuna (JVP) exploded dramatically Tuesday with controversial lawmaker Wimal Weerawansa speaking out publicly and gaining the support of nine others. Charismatic speaker and propaganda secretary Wimal Weerawansa fell out with the party hierarchy ostensibly over his public support for saying that a breakaway […]
Sri Lanka Tamil Tigers ask Norway help to stop Mannar offensive
COLOMBO, April 8, 2008 (AFP) – Tamil Tiger rebels asked peace-broker Norway on Tuesday to pressure Sri Lanka’s government to stop a military offensive in the island’s north, saying a venerated Catholic church was at risk.Tens of thousands of people have been killed in Sri Lanka’s separatist conflict. The Tigers have been fighting for an […]
Sri Lanka leftwing politician confirms move to oust him
April 08, 2008 (LBO) – A Sri Lankan Marxist-nationalist politician Tuesday said his party had decided to expel him, confirming reports of a split in the party. Wimal Weerawansa, firebrand spokesman of the Janatha Vimukthi Peramuna (JVP) told parliament that he had not been officially informed of the move to cancel his party membership. He […]
Sri Lanka to protest IMF inflation research: Central Bank
April 08, 2008 (LBO) – Sri Lanka’s central bank said it was protesting to the International Monetary Fund (IMF) after a research study said only a quarter of the country’s inflation in recent years could be explained by external factors. “And I will make that comment very strongly when I go to IMF next week […]