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Sri Lanka boosts blast probe capabilities
Mar 18, 2008 (LBO) – Sri Lanka’s capacity to counter and investigate bomb blasts has been boosted with new equipment from the United States, the island’s police chief said Tuesday. “We were waiting for this type of post blast investigation equipment,” Inspector General of Police Victor Perera said after receiving a stock of hi-tech equipment […]
Sri Lanka says soldier killed in roadside bombing
March 18, 2008 (AFP) – A Sri Lankan soldier was killed and two others wounded in a roadside bomb attack in the island’s north Tuesday, the defence ministry said.The victims were on a mine-sweeping operation in the district of Mannar when they were caught up in the blast, the ministry said in a statement. The […]
Sri Lanka stocks close lower despite Telecom rush
March 17, 2008 (LBO) – Sri Lanka shares closed lower, despite strong interest in Sri Lanka Telecom which saw turnover boosted to 1.2 billion rupees and 18 million shares traded, dealers said.The benchmark All Share Index closed 0.76 percent lower (19.47 points) at 2,546.56 points while the Milanka Index of liquid stocks slid 0.74 percent […]
Banking Interest
Mar 18, 2008 (LBO) – Former Malaysian finance minister and entrepreneur Daim Zainuddin is hunting in Sri Lanka’s banking and energy sectors for opportunities, the business magnate said on a flying visit to Colombo. Daim said he is looking at either opening a bank or buying into an existing one, after coming to Sri Lanka […]
Telco Moves
March 17, 2008 (LBO) – India’s Mahanagar Telephone Nigam Ltd (MTNL) is looking for a joint venture partner to take up a 50 percent stake in Sri Lanka’s Suntel which it is negotiating to buy, India’s telecom regulator has said. The Department of Telecom (DOT) said in its annual report that MTNL wanted a joint […]
Sri Lanka Allianz Insurance profit up, expands branch network
March 17, 2008 (LBO) – Sri Lanka’s Allianz Insurance Lanka, a unit of German insurance giant Allianz SE, said pre-tax profit shot up 258 percent to 53.2 million rupees in the financial tyear ended December 31, 2007.The company said in a statement it made a net profit of 50 million rupees during the fiscal year […]
Soft-pegged Gulf states in a fix over tumbling dollar
KUWAIT CITY, March 17, 2008 (AFP) – Oil-rich Gulf Arab states hit by high inflation are under pressure to revalue their currencies or drop the peg to the flagging US dollar, but de-pegging will come at a cost, analysts say.“If we want high oil prices we should not worry about the (high) price of tomatoes,” […]
Europe must limit crisis damage amid stagflation threat: IMF chief
PARIS, March 17, 2008 (AFP) – The most urgent economic priority for European governments is to limit the damage from “the financial market crisis” amid threats of inflation and recession, the head of the IMF said here on Monday.Reforms could take different paths in different countries, and a consensus was needed, as had been achieved […]
Stocks plunge, oil and gold soars, in market turmoil
TOKYO, March 17, 2008 (AFP) – World markets saw another day of turmoil and investor jitters Monday as Asian shares plunged, oil hit a fresh high and the dollar fell to a new bottom after the near-collapse of US bank Bear Stearns. Dealers said an emergency cut by the US Federal Reserve to its discount […]
JPMorgan Chase buys crisis-hit Bear Stearns for a song
WASHINGTON, March 16, 2008 (AFP) – US banking titan JPMorgan Chase said late Sunday it was taking over the crisis-hit investment bank and brokerage Bear Stearns for around 236 million dollars. President George W. Bush last month signed a 168-billion-dollar economic stimulus and the government and banks have backed a number of initiatives to help […]