Author: lbostgadmin
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WASHINGTON, April 8, 2008 (AFP) – Federal Reserve staff predict the US economy will contract in the first half of 2008 amid worsening housing market and credit woes, minutes from a central bank meeting revealed Tuesday.Such a downturn would be defined as a recession by most economists.Moreover, some policymakers at the central bank see the […]
Pound falls to historic low against euro
LONDON, April 9, 2008 (AFP) – The pound fell to a historic low point against the euro in early trading on Wednesday as the Bank of England prepared to begin a meeting at which it was expected to cut interest rates.The pound dropped to an all-time low of 1.25 euros shortly after 0700 GMT. It […]
‘ earnings
DUBAI, April 9, 2008 (AFP) – Foreign workers making up the bulk of the labour force in the robust Gulf economies are feeling the crunch of rocketing prices and weak currencies with some even asking why stay at all.“A segment of workers is considering leaving, particularly those from countries that are seeing strong economic growth,” […]
Sri Lanka exporters warned to cope, if GSP+ is lost
April 09, 2008 (LBO) – Sri Lanka is making every effort to extend European Union trade concessions but local producers should also find ways to increase exports without the tariff benefit known as GSP+, officials said. “To get tariff benefits we will do everything we can do, but we will not give away sovereignty,” Sri […]
Elite Sri Lankan commandos kill three troops in mishap: police
April 8, 2008 (AFP) – Sri Lanka’s elite police commandos shot dead at least two soldiers and a civilian in a case of mistaken identity during a search in the restive east of the island, police said.The Special Task Force commandos opened fire at a group of men they believed were members of the Tamil […]
Sri Lanka police arrest four suspects with explosives
April 9, 2008 (AFP) – Sri Lanka’s police arrested four people and seized a large quantity of explosives that could have been used in a suicide bombing, officials said Wednesday.Investigators found about 50 kilogrammes (110 pounds) of plastic explosives and grenades in a location in central Kandy district on Tuesday, a police official said. “There […]
Eureka First
April 09, 2008 (LBO) – Eureka Technology partners says it has become the first Sri Lankan firm to receive ISO 20000 certification.Eureka is an IT services firm providing information technology services to firms. The company says even India has only a handful of certified providers despite having a large number of IT service providers based […]
Sri Lanka stock market turnover soars on hotel deal
April 09, 2008 (LBO) – The sale of a controlling stake in Ceylon Continental hotel pushed up turnover in Sri Lanka stock market to over 1.3 billion rupees although the market closed lower Wednesday. The benchmark All Share Price Index lost 10.77 points or 0.41 percent to end at 2,606.97 while the more liquid Milanka […]
Sri Lanka asks World Bank to fund highway to Jaffna
April 08, 2008 (LBO) – Sri Lanka has asked the World Bank to fund a highway to the northern Jaffna peninsular, which is now cut off from the rest of the island by a stretch of land held by Tamil Tiger guerrillas, a top official said. The A-9 highway starts from Kandy in the central […]
” mentality: President Rajapakse
April 08, 2008 (LBO) – Sri Lankans should stop thinking themselves as being ‘poor’ and develop a mentality that they are stakeholders with some means in taking the country forward, President Mahinda Rajapakse said. In 2007 Sri Lanka’s economy expanded by an estimated 6.8 percent against 7.7 percent a year earlier. “We have two big […]
Sri Lanka leftwing politician confirms move to oust him
April 08, 2008 (LBO) – A Sri Lankan Marxist-nationalist politician Tuesday said his party had decided to expel him, confirming reports of a split in the party. Wimal Weerawansa, firebrand spokesman of the Janatha Vimukthi Peramuna (JVP) told parliament that he had not been officially informed of the move to cancel his party membership. He […]
Sri Lanka Tamil Tigers ask Norway help to stop Mannar offensive
COLOMBO, April 8, 2008 (AFP) – Tamil Tiger rebels asked peace-broker Norway on Tuesday to pressure Sri Lanka’s government to stop a military offensive in the island’s north, saying a venerated Catholic church was at risk.Tens of thousands of people have been killed in Sri Lanka’s separatist conflict. The Tigers have been fighting for an […]