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US ethanol plan causing food prices to surge: bank
OTTAWA, Oct 22, 2007 (AFP) – Attempts to reduce US dependence on imported oil by adding more ethanol to its gas tanks are only driving up food prices while delivering moot energy benefits, a Canadian bank warned on Monday.Corn prices have already jumped by 60 percent over the past two years as American ethanol producers […]
Oil falls below 86 dollars
SINGAPORE, Oct 23, 2007 (AFP) – World oil prices slipped further in Asia on Tuesday as worries over slowing economic growth in the United States shadowed the market, dealers said.New York’s main oil futures contract, light sweet crude for delivery in December, was 30 cents lower at 85.72 dollars a barrel. The November contract closed […]
‘t expect Murali to face racist abuse
SYDNEY, Oct 23, 2007 (AFP) – Cricket Australia chief executive James Sutherland said Tuesday he did not believe Sri Lanka’s Muttiah Muralitharan would face racist abuse from crowds during their upcoming tour.Sutherland was responding to reported comments from former Sri Lankan captain Arjuna Ranatunga advising Murali to skip the tour in the wake of Australia’s […]
Sri Lanka military reshuffle after airbase attack
Oct 23, 2007 (AFP) – Sri Lanka’s military made key changes in its command on Tuesday, a day after the Tamil Tigers infiltrated an air base and destroyed several aircraft, officials said.President Mahinda Rajapakse appointed Major General Sanath Karunaratne Overall Operations Commander in the north-central region of the Anuradhapura area, where Tamil Tiger rebels devastated […]
Talent show may have helped Sri Lanka suicide attack
COLOMBO, Oct 23, 2007 (AFP) – Sri Lankan defence officials said Tuesday that a major Tamil Tiger suicide attack against a key military base may have been helped by security lapses during the screening of a popular TV talent contest. A rebel “Black Tiger” suicide squad of 21 on Monday infiltrated the Anuradhapura army and […]
Sri Lanka rating agency warns of real estate market downturn
Oct 23, 2007 (LBO) – Lanka Rating Agency has warned of a possible slump in the property market which has been growing rapidly in recent years and shows signs of a classic ‘bubble’. LRA said that real estate markets are vulnerable to “waves of optimism and herd behaviour that result in bubbles.” It said in […]
” mix in minutes
Oct 22, 2007 (LBO) – A two tonne ‘kottu roti’ pancake mix prepared by Hilton Hotel in the Sri Lankan capital Colombo was devoured in just an hour by hundreds of guests at its anniversary party Sunday. Colombo Hilton’s ‘Kottu Party’ got more than double the expected crowd forcing chefs to go into emergency mode […]
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WASHINGTON, Oct 22, 2007 (AFP) – The head of the International Monetary Fund, Rodrigo Rato, warned Monday there are risks of an “abrupt fall” in the dollar, linked to a loss of confidence in dollar assets.“There are risks that an abrupt fall in the dollar could either be triggered by, or itself trigger, a loss […]
US subprime crisis “an accident waiting to happen”: Greenspan
WASHINGTON , Oct 21, 2007 (AFP) – The financial turmoil that erupted earlier this year in the US subprime housing market was “an accident waiting to happen” and could have taken place in any other sector, former Federal Reserve chairman Alan Greenspan said here Sunday.“Credit spreads across all global asset classes had become compressed to […]
Dollar hits record low against euro after G7 meeting
TOKYO, Oct 22, 2007 (AFP) – The dollar suffered fresh losses in Asian trade Monday, hitting a record low against the euro after US share prices slumped and world finance chiefs refrained from voicing increased concern about currencies. Finance ministers and central bankers from the Group of Seven industrialised nations on Friday only reiterated that […]