Author: lbostgadmin
‘s central bank chief determined to stamp down on inflation
SYDNEY, March 14, 2008 (AFP) – Australia’s central bank governor has predicted inflation is poised to rise to four percent, fuelling expectations interest rates will be hiked again. Reserve Bank governor Glenn Stevens, who has lifted rates twice this year in a bid to curb prices, said the latest inflation figures due next month were […]
Bear Stearns seeks emergency funds from Fed; Dow tumbles
NEW YORK, March 14, 2008 (AFP) – US stocks fell sharply Friday as the troubled investment bank Bear Stearns said it was receiving emergency funding from the Federal Reserve Bank of New York. The yield on the 10-year US Treasury bond fell to 3.423 percent from 3.534 percent Thursday and that on the 30-year bond […]
Sri Lankan fabric maker to double production
March 14, 2008 (LBO) – Fabric manufacturer Textured Jersey Lanka (TJL) has started operations at its expanded facility in Sri Lanka and says it aims to double capacity in the next two years. Local manufacturers making up the fabric for export include MAS, Brandix, Martins, Hirdaramani and Omega Line. The company, a joint collaboration between […]
Sri Lanka committed to supply power: minister
Mar 14, 2008 (LBO) – Sri Lanka is committed to keep power flowing through the country at market prices rather than rationing electricity to reduce losses and consumption, a senior minister said. . “The government is committed to a policy of supplying electricity even at a high price, because the cost of having power cuts […]
Sri Lanka mini-hydro firm to sell affiliate
March 14, 2008 (LBO) – Sri Lankan mini-hydro power firm Vallibel Power Erathna is selling five million shares of another hydro firm at 37 rupees apiece to an undisclosed firm, the company said. Vallibel Power Erathna runs a 9.9 MegaWatt mini-hydro plant. The company’s shares traded flat at 2.30 rupees on Wednesday. Vallibel Erathne said […]
Channel Change
March 14, 2008 (LBO) – Echannelling, Sri Lanka’s fist listed dotcom said its chief executive, Sidath Chandrasena, would be resigning from June 2008. The firm traded between 16.00 and 16.25 a share Friday. Echannelling is a web-based portal that through which appointments for doctors can be booked for a fee.
Joint Effort
March 14, 2008 (LBO) – South Asian countries should reduce transaction costs and take measures to protect employment-intensive industries to reap more effective gains from a regional free trade deal, a new study has said. The study on the benefits of the South Asia Free Trade Agreement (SAFTA) shows that it will contribute to stronger […]
Nursery Rhyme
March 14, 2008 (LBO) – Country music singers from the UK and Germany will perform at the annual ‘Country Roads’ concert this Sunday, the 16th in a series whose main aim is to raise funds for needy children. The show is supported by airlines and local hotels which give transport and lodging for visiting musicians. […]
Terminal Condition
March 14, 2008 (LBO) – The Asian Development Bank and Sri Lanka are holding talks to modify an agreement to avoid further delays in starting work on a bank-funded breakwater for a new port, a senior ADB official said. “The breakwater contract is time critical in that if it is not awarded soon the project […]
No Hike
March 13, 2008 (LBO) – Sri Lanka’s petroleum utility will not raise retail fuel prices at least until the traditional April Sinhala and Hindu New Year festival, despite record crude oil prices, petroleum minister A H M Fowzie said. The state-owned petroleum utility Ceylon Petroleum Corporation (CPC) will use profits from overcharging hapless petrol uses […]
”’ in global credit crisis
WASHINGTON, March 12, 2008 (AFP) – The International Monetary Fund on Wednesday warned authorities worldwide to “think the unthinkable” in planning to cope with a mounting crisis in the global financial system.John Lipsky, IMF first deputy managing director, called for “decisive policy action” amid a credit crunch that stems from the US real estate meltdown […]
Oil prices burst record 110 dollars as Fed printing weakens dollar
NEW YORK, March 12, 2008 (AFP) – Rocketing oil prices broke through 110 dollars per barrel for the first time in New York on Wednesday continuing a record run amid supply concerns and fevered market speculation.OPEC is under intense pressure from the United States to increase its production but declined to do so again as […]