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Visa raises US$17.9bn amid credit crunch
NEW YORK, March 18, 2008 (AFP) – Credit card giant Visa raised more than 17 billion dollars Tuesday in the largest share offering in US history, despite a growing financial crisis in the country. Visa Inc. sold 406,000,000 shares priced at 44 dollars each, raising nearly 17.9 billion dollars before it begins trading on the […]
Canadian arrested for financing Tamil Tigers
OTTAWA, March 18, 2008 (AFP) – For the first time in Canada, federal police have charged a man with financing terrorists for soliciting cash for the Tamil Tigers, a banned group in this country, police said Tuesday.Thambithurai was scheduled to appear in court Tuesday for a bail hearing. The Royal Canadian Mounted Police (RCMP)’s anti-terrorism […]
Wall Street surge as Fed delivers rate cut to save financial system
NEW YORK, March 18, 2008 (AFP) – Wall Street joined a potent global stock rally Tuesday as the US Federal Reserve delivered a hefty rate cut aimed at easing credit turmoil and reviving growth in the world’s biggest economy. Stronger-than-expected results from investment banks Goldman Sachs and Lehman Brothers, which managed to weather the market […]
Sri Lanka accused of lying over human rights
March 19, 2008 (AFP) – The International Red Cross on Wednesday angrily accused Sri Lanka’s government of releasing confidential communications and manipulating information from the organisation to defend its rights record. In rare public criticism of a government, the Geneva-based International Committee of the Red Cross (ICRC) said Colombo has been “misrepresenting its findings” to […]
Fuel Lines
March 19, 2008 (LBO) – Sri Lanka is converting a part of a tank farm to store bunkers or ship fuel and build new pipelines to reduce supply disruptions in a plan that will also see new fuel supply lines being built for power stations, an official said. State-run Ceylon Petroleum Corporation (CPC) is planning […]
Sri Lankan firms told tough conditions at home should not decide foreign expansion
Mar 19, 2008 (LBO) – A top Indian consultant says fledgling firms should deal with government regulations and difficult business conditions at home instead of going abroad to avoid them. “You cannot go global based on a weak domestic position, that’s probably the worst way to do it,” says Adil Zainulbhai, who heads the Indian […]
Sri Lanka government credit down; concern over petro borrowing: central bank
Mar 19, 2008 (LBO) – Central Bank credit to Sri Lanka’s government was down, money supply growth was falling but state enterprise borrowings was a concern, the island’s monetary authority said in its March policy statement. Growth in private sector credit had fallen to 18.3 percent while credit to the government from the banking sector […]
Sri Lanka stocks close higher
March 18, 2008 (LBO) – Colombo stocks closed higher with Sri Lanka Telecom (SLT) gaining 1.25 rupees, on expectations of an imminent sale, driving the benchmark index higher, dealers said. Meanwhile, the spot dollar traded at 107.60 rupees Tuesday. The All Share Index closed up 0.32 percent (8.11 points) at 2,551.29 points Tuesday. The liquid […]
Sri Lanka plantation privatization, branding behind export surge
March 18, 2008 (LBO) – The privatization of Sri Lankan tea estates and branding were largely responsible for the industry’s export earnings exceeding a billion dollars last year, a top business chamber said. The effectiveness of the Colombo tea auctions and storage and brokerage services also played their part, said a statement by the Ceylon […]
Sri Lanka trade deal with EU linked to human rights law
Mar 18, 2008 (LBO) – Sri Lanka has to improve its human rights record and implement its obligations under international agreements to extend trade concessions given by the European Union, officials said in Colombo. Sri Lanka is a signatory to the International Covenant on Civil and Political Rights (ICCPR) but is yet to complete the […]