Author: lbostgadmin
Oil prices fall sharply as dollar strengthens
LONDON, July 29, 2008 (AFP) – Oil prices fell heavily on Tuesday as traders reacted to the stronger dollar, erasing earlier gains seen after energy giant Royal Dutch Shell suspended some of its crude deliveries from Nigeria. OPEC President Chakib Khelil described crude prices above 120 dollars a barrel as “abnormal,” adding that they could […]
”: Norway
OSLO, July 30, 2008 (AFP) – The breakdown of the World Trade Organization (WTO) negotiations signals a “new world order” in which the West can no longer unilaterally impose its will on the rest of the world, Norway’s foreign minister said Wednesday.“I may have been present as the world order crumbled.But at the same time, […]
Dismayed powers plea for salvage effort after wrecked WTO talks
GENEVA, July 30, 2008 (AFP) – World trading powers appealed on Wednesday for efforts to salvage WTO proposals amid regret and emotion at the collapse of nine-day marathon talks, and warnings that the poorest countries will suffer.“I would only urge the Director-General (of the WTO) to treat this as a pause, not a breakdown, to […]
Fed extends emergency lending to investment firms
WASHINGTON, July 30, 2008 (AFP) – The Federal Reserve on Wednesday extended its emergency lending program to January 2009 for investment firms aimed at keeping credit flowing in the financial system.The Fed said it took the action “in light of continued fragile circumstances in financial markets” along with other steps to ease a global credit […]
Sri Lanka Allianz unit enters life insurance market
July 30, 2008 (LBO) – Allianz Lanka, the Sri Lankan unit of Germany’s Allianz SE, said it has got the license to enter the largely untapped life insurance market where it sees much potential. The local subsidiary of Allianz has been increasing customers in both the corporate as well as retail market. The company recently […]
Sri Lanka suspends internal flights for security reasons
July 30, 2008 (LBO) – Sri Lankan authorities plan to suspend domestic flights to northern Jaffna later this week for the duration of a summit of south Asian leaders in Colombo, a senior government official said.Civil Aviation Authority director general Parakrama Dissanayake said flights by domestic carriers between Colombo and Jaffna have been suspended during […]
Japan foreign minister puts off South Asia trip
TOKYO, July 30, 2008 (AFP) – Japanese Foreign Minister Masahiko Komura has put off a visit to South Asia starting this weekend due to political uncertainties at home, the foreign ministry said Wednesday. Japan was arranging for Komura to visit India, Sri Lanka and Uzbekistan from Friday until August 8, said a foreign ministry official, […]
” despite policy conflicts
July 30, 2008 (LBO) – A summit meeting of South Asian leaders this weekend is placing ‘food security’ high on its agenda with promises of more state intervention, officials said, despite recent state meddling that backfired on the region’s poor and farmers.Sri Lanka’s international trade minister G L Peiris told reporters that the time has […]
Medical Perks
July 30, 2008 (LBO) – Sri Lanka’s health minister’s appointment to the World Health Organisation (WHO) could help channel more foreign funds to develop the health sector in the island, the association of private medical practitioners said. Nimal Siripala de Silva, minister of healthcare and nutrition, was appointed as the chairman of the WHO executive […]
Sri Lanka tea prices hit by collection fears
July 30, 2008 (LBO) – Prices of Sri Lankan low grown leafy grade teas fell sharply at this week’s Colombo auctions owing to fears that buyers may not be able to collect their purchases.Tea prices have been buoyed by good demand from traditional buyers like Russia and the Middle East oil exporting countries where consumers […]
Sri Lanka plantations stocks draw investor interest
July 30, 2008 (LBO) – Sri Lankan stocks closed higher Wednesday driven up by gains in stocks with a heavy weighting on the indices and some renewed interest seen in plantations. But brokers said the upward momentum could be short-lived as economic conditions remained difficult given record inflation and high borrowing costs for companies. The […]
Rising inflation underscores Central Bank impotence: IMF
July 29, 2008 (LBO) – Rising inflation has made it difficult for mature market central banks to print their way out of the credit crisis, and emerging markets that continue to print money may find investors shunning them, the International Monetary Fund has said.In an update to its Global Financial Stability Report IMF said the […]