Author: lbostgadmin
Sri Lanka shares slump as global markets retreat
Oct 16, 2008 (LBO) – Sri Lankan shares slumped on low trading volumes Thursday after two days of gains with investors apparently unnerved by sharp falls in overseas markets and fears that an economic downturn could hit earnings.But fears that company earnings could get eroded by high inflation and interest rates and a slump in […]
Sri Lanka Bank of Ceylon sells 5-year 19-pct bonds
Oct 16, 2008 (LBO) – Sri Lanka’s state run Bank of Ceylon is selling three billion rupees worth 5-year 19 percent stock exchange listed bonds, with options of floating interest and interest at maturity also offered, officials said. The bank also offered a 30 million US dollar bond to the market last month.The bank could […]
US slipping into recession: Federal Reserve
NEW YORK, October 15, 2008 (AFP) – The United States has slipped into recession, the head of the San Francisco branch of the Federal Reserve, the nation’s central bank, said. “The recent flow of economic data suggests that the economy was weaker than expected in the third quarter, probably showing essentially no growth at all,” […]
Hissing Noise
LONDON, October 15, 2008 (AFP) – The price of oil slumped below 72 dollars on Wednesday, its lowest level for more than 13 months, as recession fears raised concerns about a prolonged drop in energy demand, analysts said. The global financial crisis will give a vicious twist to an economic slowdown and is hitting world […]
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CHENNAI, October 15, 2008 (AFP) – A group of MPs from southern India have threatened to quit unless the government intervenes to halt “atrocities” against fellow Tamils in Sri Lanka. The 38 deputies from Tamil Nadu are allies of India’s ruling Congress party and their resignations could threaten the stability of the national government. “If […]
Bad economy helps military recruitment: Pentagon
WASHINGTON, October 14, 2008 (AFP) – The US economic crisis could well make life easier for US military recruiters, who have struggled in recent years to meet their services’ enlistment goals in a time of war. “We do benefit when things look less positive in civil society,” said David Chu, undersecretary of defense for personnel […]
Rice market tight next year despite big harvest: IRRI
MANILA, October 15, 2008 (AFP) – World rice markets are likely to remain tight next year despite an expected record harvest after key producers clamped down on exports, the International Rice Research Institute (IRRI) said Wednesday.Export prices of one of the world’s most important grains almost tripled between last November and May, triggering riots in […]
Sri Lanka budget airline to fly again
15 Oct, 2008 (LBO) – Sri Lankan budget airline Mihin Lanka’s new chairman says they are trying to re-launch the defunct carrier’s operations by December 2008. Raja Edirisuriya, former chairman of the State Engineering Corporation, Wednesday officially took over the government’s airline operator Mihin Lanka which has been grounded since May. He says that after […]
Sri Lanka fighting kills 43
October 15, 2008 (AFP) – Heavy fighting broke out across Sri Lanka’s northern area of Kilinochchi, leaving 37 Tamil Tiger rebels and six soldiers dead, the defence ministry said Wednesday.It said 34 rebels and 25 soldiers were also wounded in the fierce fighting that took place on several fronts on Tuesday. The Liberation Tigers of […]
Cheaper Calls
Oct 15, 2008 (LBO) – South Asian telecommunications regulators meeting for a regional conference in New Delhi, India will today discuss lowering roaming tariffs, officials said. Tariffs on calls made between the member countries of the South Asian Association for Regional Co-operation are much higher than calls made to distant countries like the UK and […]
Budget Broadband
Oct 15, 2008 (LBO) – Sri Lanka’s celcos are looking at ways to sell broadband services in small chunks, to reach cost-conscious customers, who do not need long hours of continuous connectivity, officials said. Sri Lanka’s mobile penetration is now 44 percent and the island’s telecom regulator says the country would hit 50 percent by […]
Good Cheques
Oct 15, 2008 (LBO) – Sri Lanka’s Sampath Bank has started a new current account facility for longstanding customers in a bid to discourage cheque returns and boost the currency of the bank’s cheques, officials said. “We want people to recognize that these cheques are as good as cash,” Sampath Bank chief executive designate Harris […]