Author: lbostgadmin
Sri Lankan rice traders protest price controls
April 17, 2008 (LBO) – Sri Lankan traders have protested against a government decision to impose price controls on rice, saying they cannot sell at a loss stocks bought at higher price. K Palaniyandi, chairman of the Pettah Traders Association, representing traders in the capital Colombo, said they hope to have talks with the government […]
Sri Lanka gets Chinese funds for infrastructure development
April 17, 2008 (LBO) – The Chinese government has already allocated over 700 million dollars to build infrastructure in Sri Lanka with talks on for more money to fund expressways, a port and coal power plants, a government official said Thursday. A government delegation that visited China in April was able to secure more funding […]
Ship Arrest
April 17, 2008 9LBO) Sri Lankan shipping authorities have detained a cargo ship in Colombo port for non-compliance with regulations and submission of false documentation, officials said. “The vessel has been detained after our inspectors found certain deficiencies,” said a port official. The authorities had found faulty machinery on board the vessel and that some […]
Sri Lanka Telecom, plantations drive share market higher
April 17, 2008 (LBO) – Sri Lanka’s shares closed higher Thursday, driven by a large trade in market heavyweight Sri Lanka Telecom and interest in plantations stocks on anticipation of higher earnings owing to strong commodity prices, brokers said.The All Share price Index ended 24.08 points (0.91 percent) higher at 2,671.83 while the more liquid […]
‘s war, fiscal reversals, policy stance hit sovereign rating: S&P
April 16, 2008 (LBO) – Sri Lanka’s internal war and a reversal in ‘tentative’ improvements in state finances had made the country less able to weather shocks, putting its credit rating at risk, the rating agency Standard & Poor’s said. The rating agency said debt ratios were above the average for the ‘B+’ rating awarded […]
Sri Lanka central bank decries over staffing of government sector
April 16, 2008 (LBO) – Sri Lanka’s central bank has criticised the practice of ruling party politicians of stuffing the state sector with their supporters, saying such over staffing is not only wasteful but creates worker shortages in the private sector. It said in its annual report for 2007 that unemployment in the island was […]
Pricing Issue
April 16, 2008 (LBO) – Sri Lanka would raise fuel prices before the end of the month after running losses of 7.2 billion rupees in 2008, petroleum minister A H M Fowzie said. Up to April 15, the state-run Ceylon Petroleum Corporation had lost 1,856 million rupees. In March the utility had lost 3,769 million […]
Sri Lanka lose one-day series to West Indies
GROS-ISLET, St.Lucia, April 16, 2008 (AFP) – West Indies won the three-match One Day International series with Sri Lanka 2-0 after rain washed out the final match at the Beausejour Stadium here Tuesday. This decider promised much but delivered a no-result when rain forced an abandonment of the third and final ODI under lights. In […]
British annual inflation steady at 2.5 percent in March: official data
April 15, 2008 (AFP) – British inflation stood at an annual rate of 2.5 percent in March, unchanged from February, as declines in the cost of household equipment offset hikes to air travel and energy, official data showed Tuesday.The 12-month inflation rate for March meanwhile held above the Bank of England’s 2.0-percent target for a […]
Oil prices ease after hitting US$114
SINGAPORE, April 16, 2008 (AFP) – Oil prices eased in Asian trade on Wednesday after a series of record highs driven by supply worries, dealers said.In morning trade, New York’s main oil contract, light sweet crude for delivery in May, was 30 cents lower at 113.49. The contract earlier topped 114 dollars a barrel for […]
OPEC says oil prices a bubble, not fundamental demand
VIENNA, April 15, 2008 (AFP) – OPEC on Tuesday left unchanged its 2008 estimate of growth in world oil demand, arguing that while high prices and slowing economies would brake demand in major industrialised countries, appetite for crude would remain robust elsewhere.. On a day when the price of crude in New York jumped to […]
Eurozone March inflation at 3.6 percent
BRUSSELS, April 16, 2008 (AFP) – Inflation in the 15 nations sharing the euro reached a record 3.6 percent in March, the European Union’s Eurostat data agency said Wednesday, revising up a first estimate of 3.5 percent. The rate, the highest since the launch of the single European currency in 1999, exceeded economist forecasts for […]