Author: lbostgadmin
Sri Lanka floods kills seven, displace tens of thousands
June 2, 2008 (AFP) – Heavy monsoon rains have killed seven people and driven 73,000 from their homes across Sri Lanka, the island’s disaster management centre said Monday. The centre’s emergency relief director, Brigadier N.B. Weregama, said that soldiers, navy and airforce personnel had been deployed to ferry the displaced to nearby schools, temples, churches […]
Brazil says biofuel production not to blame for food prices
SAO PAULO, June 2, 2008 (AFP) – With its prodigious farm exports and its major industry making ethanol from sugarcane, Brazil is seeking to show that in the food versus biofuel debate at least in its case the two can co-exist. President Luiz Inacio Lula da Silva has challenged critics who claim biofuel production is […]
‘s forex reserves hit 1.76 trillion dollars: report
SHANGHAI, June 2, 2008 (AFP) – China’s foreign exchange reserves rose to 1.76 trillion dollars at the end of April, state media reported Monday, reaching a level higher than the rest of Northeast Asia’s combined.“This (figure) seems to suggest the inflow of hot money is speeding up,” the newspaper quoted Logan Wright, an analyst with […]
Airlines to lose $2.3bn this year, says industry body
ISTANBUL, June 2, 2008 (AFP) – Air travel industry body IATA predicted Monday that airlines would lose 2.3 billion dollars this year dramatically reversing an earlier prediction of profits nearly twice this figure. “Oil skyrocketing above US 130 per barrel has brought us into uncharted territory.Add in the weakening global economy and this is yet […]
Sri Lankan hurt in Bangladesh hotel blast
DHAKA, June 1, 2008 (AFP) – Two explosions rocked a hotel in central Dhaka late Sunday, injuring 16 people and sparking a large fire, police said. A Sri Lankan man, who was staying on the hotel’s 6th floor, was badly burned over 90 percent of his body when the blast occurred at about 9:30 pm […]
Rating Code
June 02, 2008 (LBO) – A new code of conduct for rating agencies has been published by a grouping of securities regulators after the sub-prime credit collapse, which is also applicable in Sri Lanka, an official said. The International Organization of Securities Commissions (IOSCO) of which the Securities and Exchange Commission of Sri Lanka (SEC) […]
Lease Rate
June 02, 2008 (LBO) – Fitch Sri Lanka has lifted the credit watch on Commercial Leasing Company (CLC), following a take-over, and confirmed its ‘A-(lka)’ rating with a ‘stable’ outlook. CLC was taken over by Lanka Orix Leasing Company (LOLC) last month and was put on credit watch on May 16. The resolution of the […]
Regional Push
May 02, 2008 (LBO) – Sri Lanka’s central bank said financial institutions would have to open two branches outside the fast growing Western province to be allowed to open one in the area, which also contains the capital, Colombo. “Further, increased availability of bank branches and other outlets would enable people in the regions to […]
Foreign Deposits
June 2, 2008 (LBO) – Sri Lanka has allowed commercial banks to raise deposits from foreigners for their domestic banking units, from June 02, the Central Bank said. Analysts say the ability to raise more deposits (borrow abroad) may fill the dearth of dollars in the banking system which has helped create an interest rate […]
Sri Lanka stocks weaken further
June 2, 2008 (LBO) – Sri Lanka stocks closed 0.43 percent lower Monday, dragged down by the fall in prices of index-heavy shares like John Keells Holdings and Sri Lanka Telecom, brokers said. The All Share Price Index (ASPI) closed 0.43 percent (10.95 points) lower at 2,527.41 points while the Milanka Index shed 0.53 percent […]
Sri Lanka should watch external sector developments: economist
June 01, 2008 (LBO) – A strong balance of payments position and a strong currency is giving stability to Sri Lanka’s external sector. But it is at odds with the high inflation the country has been seeing in recent months. Q: What about the EU? Is the situation better there? A: In the EU it […]
State Fat
June 01, 2008 (LBO) – Sri Lanka needs to market price energy and consumers are now not only paying for the rise in international prices, but also for the high expenditure involved in operating the public sector, a think tank has said. Referring to official statements that the fuel import bill this year may be […]