Author: lbostgadmin
Dollar pulls back as US consumer confidence tumbles
NEW YORK, March 25, 2008 (AFP) – The dollar weakened on foreign exchange markets Tuesday as a gauge that tracks US consumer confidence dived to a five-year low amid mounting economic uncertainty. Traders said a monthly survey by the Conference Board, a private research group, showed its consumer confidence index falling to 64.5 points in […]
The new EU-US aviation pact to open airways
BRUSSELS, March 26, 2008 (AFP) – Air passengers flying between Europe and the United States should get more choice and cheaper tickets if all goes as officials plan under a new EU-US aviation pact taking effect on Sunday. After more than four years of often tense negotiations, hopes are high that the new so-called “open […]
British regulator admits failings in Northern Rock fiasco
LONDON, March 26, 2008 (AFP) – Britain’s top financial services regulator admitted Wednesday to serious failings in its oversight of Northern Rock, the British bank that needed a government bailout to save it from collapse last year.The Financial Services Authority (FSA), responsible for regulating London’s City financial district, said in a statement on Wednesday that […]
Sri Lankan vegetable oil exporters warn of impending closure
March 26, 2008 (LBO) – Sri Lanka based makers of vanaspati ghee or hydrogenated vegetable oil who exported to India under a free trade deal said they faced closure after India slashed duty on imported vegetable oils. . India dropped import duty on palm oil on March 20 in a bid to check rising domestic […]
Cambodian PM bans rice exports to halt spiraling costs
PHNOM PENH, March 26, 2008 (AFP) – Cambodia’s Prime Minister Hun Sen on Wednesday banned rice exports in a bid to halt the staple food’s spiraling prices, which have reached highs of nearly one dollar a kilogramme.The move comes amid the steady climb in the price of most staple goods, including the doubling of the […]
Power Loan
Mar 26, 2008 (LBO) – HSBC Sri Lanka said it has arranged 152.2 million euros (230 million US dollars) in debt for a 300 MegaWatt thermal power plant in the island, from US and European export credit agencies. The credit has a 100 percent unconditional guarantee from the government of Sri Lanka. The rates were […]
Extended
Mar 26, 2008 (LBO) – Sri Lanka’s Commercial Bank says it is opening branches with extended hours and is also planning automated teller kiosks that will provide internet banking facilities to customers. The bank opened its 165th branch at Ward Place, Colombo on Wednesday which will stay open till 5.00 pm in the evening. Commercial […]
Equity Hedge
Mar 27, 2008 (LBO) – Sri Lanka’s Janashakthi Insurance said it was on track for a public listing after recording profits of 525 million rupees in 2007, with strong results from general insurance and investment income boosting the bottom line. The firm’s total revenue with investment income rose to 5.2 billion rupees from 4.7 billion […]
Sri Lanka stocks close steady
March 26, 2008 (LBO) – Sri Lankan stocks closed up Wednesday with investors chasing Sri Lanka Telecom shares on speculation of a sale by major shareholder NTT and big trades in John Keells Holding and Nations Trust Bank bolstering turnover.The All Share Price Index ended up 3.78 points or 0.15 percent at 2,549.56 while the […]
Sri Lanka Treasury rates steady; volumes low
Mar 26, 2008 (LBO) – Sri Lanka’s Treasury bill rates moved up by 1 to 3 basis points across maturities at an auction Wednesday, the government debt office said, after rolling over only 6.2 billion rupees out of 10 billion rupees worth maturing bills.The 3-month average yield was up 3 basis points to 18.39 percent […]
Petro Move
Mar 25, 2008, (LBO) – India’s Bharat Petroleum says it is looking for opportunities in Sri Lanka’s aviation and retail fuel sectors after launching its ‘MAK’ brand lubricants partnering with a top auto dealer in the island. “We hope that we will also be given an opportunity to enter the main product market which is […]
‘s deafening silence on Tibet and gratitude to S Mahinda Thero
March 25, 2008 (LBO) – Sri Lanka is maintaining a diplomatic silence on the recent Chinese crackdown on protests in Buddhist Tibet as China is one of its main arms suppliers in the war against Tamil Tiger separatists, analysts say. “¦when the Buddhists in Tibet cry for their freedom, shouldn’t Sri Lanka, being a Buddhist […]