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Gold passes 800 dollars an ounce as Fed prints more money
NEW YORK, Oct 31, 2007 (AFP) – The price of gold passed 800 dollars an ounce on Wednesday for the first time since 1980 after the US Federal Reserve lowered its key short-term interest rate, the New York Mercantile Exchange said. Gold futures for December touched 800.80 dollars on the exchange (NYMEX) after the Fed […]
Dollar dives to new low against euro after Fed rate cut
NEW YORK, Oct 31, 2007 (AFP) – The dollar slid to new lows against the euro and the pound Wednesday after the US Federal Reserve cut a quarter-point from interest rates. The single European currency topped the 1.45 dollar level for the first time, reaching 1.4504 dollars after the Fed’s widely anticipated short-term rate cut […]
‘t add up
Nov 1, 2007 (AFP) – Judging by Sri Lankan government accounts of Tamil Tiger dead after decades of fighting, there should hardly be any rebels left. Yet the guerrillas keep on fighting, and apparently dying in large numbers — pointing either to an unlimited pool of combatants or a government wish to boost morale by […]
‘s weak rule of law alarming for economy: World Bank
Nov 1, 2007 (AFP) – A top World Bank official on Thursday urged Sri Lanka to cut a political deal with Tamil rebels to help spur economic growth which has been hit by an “alarming” disregard for the rule of law. “The conflict remains a major obstacle to Sri Lanka achieving its full potential,” the […]
Sri Lanka should lower inflation to protect poor people: World Bank
Nov 01, 2007 (LBO) – Sri Lanka should lower inflation to protect the poor and take steps to clear economic imbalances that were building up, a top visiting World Bank official said. Sri Lanka had a currency board before 1951.. “The rate of inflation is approaching 20 percent, and the government budget deficit and debt […]
Sri Lanka women keeping economy afloat – UN
Nov 01, 2007 (LBO) – Sri Lanka is depending on women to earn foreign revenues more than any other country in the world with the bulk of worker remittances and export earnings generated by women, a UN official said. “If you look at both Sri Lanka’s primary exports and remittances, women dominate the sectors,” said […]
Sri Lanka treasury yields plummet, rupee gains
Oct 31, 2007 (LBO) – Sri Lanka treasury yields plummeted at Wednesday’s auction with the benchmark 3-month bill falling 143 basis points to 15.80 percent as domestic borrowings reduced in the wake of a foreign bond issue.The government’s debt office said it retired 3.1 billion worth maturing debt and accepted 8.5 billion worth of bids. […]
Sri Lanka leisure group buys Maldives resort
Oct 31, 2006 (LBO) – Sri Lankan conglomerate Aitken Spence has announced that it has bought another island resort in the Maldivian archipelago where it is already one of the top leisure operators. Aitken Spence Hotels (International), a subsidiary of Aitken Spence Hotel Holdings, said it had acquired the Vadhoo Island Resort for 13 million […]
Curbing Corruption
Oct 31, 2007 (LBO) – Sri Lanka’s bribery and corruption commission has vast powers to probe official misdeeds but cannot act except on a complaint and has its impartiality questioned by the presence of police investigators. Although commission officials say it is one of the most flexible and authoritative bodies compared to similar departments around […]
Paradise Isle
GENEVA, Oct 30, 2007 (AFP) – The UN’s top torture expert, Manfred Nowak, said on Tuesday that torture — including beatings, asphyxiation and burning — was becoming “routine” during counter-terrorism operations in Sri Lanka.Nowak said in statement on his mission to the conflict-torn Indian Ocean island earlier this month that there was evidence that “torture […]