Author: lbostgadmin
Privatization of first US airport could bank 2.5 billion dollars
CHICAGO, September 30, 2008 (AFP) – The privatization of the first major US airport could net the city of Chicago 2.5 billion dollars, officials said Tuesday. The 99-year lease of Chicago’s secondary airport, Midway, must still be approved by the city council and federal regulators but officials expressed confidence it would pass. “With this agreement […]
Sri Lanka Tigers suffer heavy casualties: ministry
October 1, 2008 (AFP) – Around 30 Tamil Tiger rebels were killed and 36 wounded in the latest ground and air attacks by government forces against their north Sri Lankan stronghold, the island’s defence ministry said Wednesday.Three soldiers were killed and 14 wounded in the fighting on Tuesday, the ministry said. The military says the […]
Coral-killing starfish turns out to be four species, not one
PARIS, September 30, 2008 (AFP) – The crown-of-thorns starfish, a notorious threat to coral in the Indian and Pacific Oceans, comprises four species, not one, biologists reported on Tuesday. The spiny predator, known by its Latin name of Acanthaster planci, has been a worsening peril to reefs for at least three decades, latching onto coral […]
Sri Lanka to introduce energy efficiency laws
Oct 01, 2008 (LBO) – Sri Lanka’s government plans to introduce new laws to make energy efficiency improvement measures mandatory that may even extend to private homes, a senior official said.Wickramasinghe said the government aims to encourage supply side and end-use energy efficiency and the Energy Conservation Act will be amended. The authority will prepare […]
Digital Identity
Oct 01, 2008 (LBO) – E-Wis, a Sri Lankan information technology firm which has been picked to automate a pension fund of a state-managed private sector workers’ fund, says the new system will trim frauds and delays in processing member information. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send […]
Reaching Out
Oct 01, 2008 (LBO) – The International Finance Corporation (IFC) is organizing a banking road show in Ratnapura, in southern Sri Lanka, to help small and medium enterprises get access to finance.“There will also be sessions on handling complex loan applications, preparing business plans and project proposals, and establishing new banking products for small and […]
Fair Value
BRUSSELS, September 30, 2008 (AFP) – The European Union is considering a shake-up in accounting rules as part of measures aimed being drafted in response to the global financial crisis, an EU official said Tuesday.The idea is one among a series that are being looked into ahead of a high-level European economic meeting expected to […]
Hedge Profits
Oct 01, 2008 (LBO) – Sri Lanka’s Citibank unit has reported sharply higher profits from hedging deals, Fitch Ratings said, confirming its ‘AAA(lka)’ long term credit rating with a ‘Stable’ outlook.In the first half of 2008 85 percent of loans were to large corporates and 14.5 percent to the government of Sri Lanka and state […]
Sri Lanka rupee breaks peg as monetary authority steps back
Sept 30, 2008 (LBO) – Sri Lanka’s rupee broke its peg at 107.90 and spiked to 108.35 rupees against the green back on Tuesday after the monetary authority ended a week of heavy intervention that saw more than 100 million dollars flow out of the country. Sri Lanka’s central bank has intervened heavily in currency […]
Sri Lanka 12-month inflation falls in September
Sept 30, 2008 (LBO) – Consumer prices in Sri Lanka’s capital Colombo increased by 24.3 percent in the 12-months to September 2008, down from 24.9 percent in August, the government’s statistics office said. The census department said food prices fell by 0.2 percent while fuel, household maintenance, transport and recreation showed an increased. The central […]
Markets dive after US lawmakers reject financial bailout
NEW YORK, September 29, 2008 (AFP) – Global markets panicked Monday after US lawmakers rejected a 700-billion-dollar rescue of the financial system, raising the prospect of deeper financial turmoil. Wall Street blue-chip stocks suffered their worst single-day point decline after the US House of Representatives defeated the measure billed by President George W. Bush’s administration […]
Drama as American people say no to Wall Street bailout
WASHINGTON, September 29, 2008 (AFP) – Shocked, open-mouthed and fearful US lawmakers stood in the well of the House of Representatives Monday, dumbfounded by the magnitude of the chamber’s decision to kill a bid to save Wall Street. Democratic and Republican party leaders who had battled to pass a 700 billion dollar bailout bill, stared […]