Author: lbostgadmin
Sri Lanka shares sag again
Aug 12, 2008 (LBO) – Sri Lankan stocks lost more ground Tuesday on thin volumes as the market returned to its becalmed state with investors staying away. The All Share Price Index closed down 0.70 percent (17.29 points) at 2,447.18 while the more liquid Milanka fell 1.12 percent (32.73 points) to 2,894.27. Turnover was just […]
‘s Law comes alive in Sri Lanka amid high inflation
Aug 11, 2008 (LBO) – Sri Lanka is melting its coinage and minting less valuable coins amidst booming commodity prices and rising inflation at home, continuing a tradition of monetary debasement that dates back to ancient monarchies. By collecting the Nickel/brass and Cupro/Nickel coins in circulation and shipping them to the minter for melting and […]
Sri Lanka president seeks funding from China Exim Bank
Aug 11, 2008 (LBO) – Sri Lanka’s president Mahinda Rajapaksa has discussed further funding from China’s Export Import Bank to expand a coal power plant, a highway and a bunkering project, the foreign ministry said. China is building a port in the southern Sri Lankan town of Hambantota, which is President Rajapaksa’s home constituency. President […]
India celebrates first solo Olympic gold
NEW DELHI, August 11, 2008 (AFP) – India’s first ever individual Olympic gold medal win was greeted at home with disbelief and joy — as well as renewed hope the country could break with its total obsession with cricket. Abhinav Bindra, a 25-year-old businessman, was lavished with praise after taking gold in the men’s 10m […]
Sri Lanka clinch India series with crushing win
COLOMBO, August 11, 2008 (AFP) – Sri Lanka survived early blows to clinch the series against an injury-ridden India with a comfortable eight-wicket victory on the penultimate day of the third and final Test here on Monday. The hosts lost Michael Vandort and Kumar Sangakkara in the opening seven overs before reaching a 122-run target […]
Debut author, 93, creates real life dream with royalties
LONDON, August 11, 2008 (AFP) – A 93-year-old debut novelist has used the proceeds from her book to move her friends out of nursing homes and into her new country house, she said in British newspaper reports on Monday. When Lorna Page hit the jackpot with “A Dangerous Weakness”, a raunchy thriller set in the […]
Australian dollar falls to seven-month low
SYDNEY, August 11, 2008 (AFP) – The plunging Australian dollar hit a new seven-month low on Monday as a fall in key commodity prices put the currency under pressure, ending months of highs. The currency opened at 88.49 US cents, down from 89.29 US cents on Friday and its weakest start since January 25. The […]
Egypt inflation hits 23.1 percent; state salaries upped
CAIRO, August 10, 2008 (AFP) – Inflation soared to a record 23.1 percent in Egypt in July, fuelled by skyrocketing food prices, the CAPMAS national statistics agency reported on Sunday. The dramatic rise in the national consumer price index — the highest jump in 16 years — was mainly due to an increase of 32.5 […]
‘s Q2 growth slows to 2.1 percent: government
SINGAPORE, August 11, 2008 (AFP) – Singapore’s economic growth slowed to an annual 2.1 percent in the second quarter, the government announced on Monday, just days after cutting the full-year growth target to 4.0-5.0 percent. The quarterly performance was sharply down from the 6.9 percent rise recorded in the first quarter and brought real GDP […]
Papuan tribal chief takes on US mining giant: report
JAKARTA, August 11, 2008 (AFP) – A tribal chief in Indonesia’s West Papua launched a campaign Monday to get compensation from US mining giant Freeport for environmental damage to his homelands, a report said. Fabianus P., chief of the Kapiraya tribe, said tailings from Freeport’s huge gold and copper mine in Indonesia’s easternmost Papua province […]
Sri Lanka apparel exporters urged to get closer to markets
Aug 11, 2008 (LBO) – A European expert has advised Sri Lanka’s apparel industry to get closer to their markets and focus on a limited number of customers to survive the threats posed by growing competition and rising costs. Scheffer, who is a professor of fashion and textile management at the University of Netherlands, said […]
‘s Union Assurance June quarter net up by more than half
Aug 11, 2008 (LBO) – Sri Lanka’s Union Assurance said its group June quarter net profit rose 63 percent to 49 million rupees from a year ago. Revenue for the quarter rose 21 percent to almost 1.4 billion rupees with income from other investments going up 44 percent to 288 million rupees, according to interim […]