Author: lbostgadmin
Saudi intelligence chief in Pakistan amid Musharraf crisis
ISLAMABAD, August 16, 2008 (AFP) – Saudi Arabia’s intelligence chief dashed to Pakistan for talks with the government over its plans to impeach President Pervez Musharraf, a senior official in Islamabad said Saturday.“If the president resigns, the coalition government will look into the (amnesty) subject,” he told AFP. The visit of Muqrin bin Abdul Aziz […]
Sri Lanka says South Asia should cross-invest forex reserves
Aug 15, 2008 (LBO) – South Asian nations should look at re-investing foreign exchange reserves in each others’ countries instead of buying low yielding securities in developed nations, Sri Lanka’s central bank governor Nivard Cabraal said.“Our foreign reserves are bridging the fiscal deficit of developed countries at low rates,” Governor Cabraal told a gathering of […]
Sri Lanka industrial exports plunge in June
Aug 15, 2008 (LBO) – Sri Lanka’s industrial exports plunged 9.3 percent in June 2008, with the key apparel sector slumping 8.9 percent, though total exports for the first six months still showed positive growth. “In fact, I cannot recall a time where I have seen such a striking dichotomy between global commodity and credit […]
”’ flow slowing: report
BEIJING, August 15, 2008 (AFP) – Foreign exchange deposits into Chinese banks in July dropped to 5.6 billion dollars, down by nearly half from June, state media reported, indicating the flow of “hot money” into China is slowing. The level of new foreign exchange deposits was lower than last month’s 8.3 billion dollars in direct […]
Sri Lanka fighting endangering civilians: Amnesty
August 15, 2008 (AFP) – Fighting between Sri Lankan troops and Tamil Tiger rebels in the north is endangering the lives of tens of thousands of displaced people, rights group Amnesty International said Friday. Government bombardments and artillery shelling since May have forced thousands to flee their homes, primarily in Kilinochchi and Mullaittivu districts, the […]
Contractors reap 85 bln dlrs from Iraq war: US report
WASHINGTON, August 15, 2008 (AFP) – The US government paid out 85 billion dollars in four years to contractors providing services to various government agencies in support of the Iraq war and reconstruction, a survey showed.The Congressional Budget Office (CBO) report said the administration of US President George W.Bush awarded 85-billion-dollars in contracts between 2003 […]
Gold price slumps under 800 dollars
LONDON, August 15, 2008 (AFP) – Gold prices tumbled underneath 800 dollars per ounce on Friday, hitting a ten-month low point as the precious metal was hampered by the strong US currency and weak oil prices, analysts said. On the London Bullion Market, the price of gold slid to 772.98 dollars per ounce. That was […]
Oil prices extend losses; OPEC says demand growth will slow
LONDON, August 15, 2008 (AFP) – Crude prices fell further on Friday as OPEC lowered its forecast for oil demand growth, citing the weak global economy. London’s Brent North Sea crude for October delivery dropped 1.21 dollars to 112.47 dollars a barrel. The September contract had expired at 112.64 dollars on Thursday. New York’s main […]
Sri Lanka Eagle Insurance June quarter profit falls
Aug 15, 2008 (LBO) – Sri Lanka’s Eagle Insurance group June quarter net profit fell by almost half compared with the same period a year ago, according to interim results released by the firm. Eagle’s second quarter net profit was down 46 percent to 27 million rupees with profits for the first half also down […]
Sri Lanka tea exporters bank on variety, health benefits
Aug 15, 2008 (LBO) – Sri Lanka’s tea exporters expect to earn about 1.8 billion dollars this year with the wide variety of teas offered and growing awareness of tea’s health benefits expected to keep the market strong. “Sri Lanka has the widest variety of grades and the widest variety of tastes,” said Perera. “Kenya […]
Sri Lankan low grown tea prices on the decline
Aug 15, 2008 (LBO) – Prices of Sri Lankan low grown teas, which make up more than half the crop, fell for the third week running at this week’s Colombo auctions, brokers said. However, high grown teas produced by the listed plantations companies, stayed firm as erratic weather created fears of tight supply. The brokers […]
Extended Deadline
Aug 15, 2008 (LBO) – Directors of Sri Lankan banks who reach a term limit of nine years in 2008, would be allowed to be in office for a further three years, the Central Bank which is the financial regulator, said.The direction gives effect to a Supreme Court ruling made in July 2008 against a […]