Author: lbostgadmin
Sri Lanka blast kills four: officials
Jan 31, 2008 (AFP) – At least four people were killed in a powerful explosion in Sri Lanka’s embattled northern peninsula of Jaffna on Thursday, officials said.The explosion at Thirunelveli was believed to be the work of a suicide bomber, a military official here said, adding that initial reports said four civilians had been killed. […]
Japanese envoy warns Sri Lanka of aid cut
TOKYO, Jan 31, 2008 (AFP) – Japan, Sri Lanka’s top donor, warned Thursday it could cut off aid if violence continued to escalate but said it hoped to provide long-term support to bring peace.“We could be forced to review our aid policy if military action keeps escalating, although Sri Lanka wants Japan to continue it,” […]
Bernanke cuts rates to protect financial system
WASHINGTON, Jan 30, 2008 (AFP) – The US Federal Reserve has stepped up its campaign to head off recession with another half-point rate cut as part of an aggressive move to avert a downward economic spiral, analysts say.The cut Wednesday in the federal funds rate to 3.0 percent came just eight days after an emergency […]
Shell profits surge to record 31 billion dollars in 2007
LONDON, Jan 31, 2008 (AFP) – Anglo-Dutch oil giant Royal Dutch Shell said on Thursday that net profits leapt 23 percent last year to a record 31.331 billion dollars (21.115 billion euros), energised by soaring crude prices.Net profit on a current cost of supply basis, excluding fluctuations in the value of inventories, rose by 9.0 […]
Sri Lanka activists demand energy equity
Jan 31, 2008 (LBO) – Sri Lankan villagers are paying a high price for off-grid power while city folk are getting billions in power subsidies from a state power utility, an activist has charged. The activist also criticized a World Bank loan project the only significant fund that has come forward to fund such rural […]
Sri Lanka Ceylinco to create insurance awareness
Jan 31, 2008 (LBO) – Sri Lanka’s Ceylinco Insurance says it is launching a life insurance week in February to increase awareness of life products and expand the life insurance market in the country. Ceylinco says market penetration for life insurance is 8.7 percent in Sri Lanka despite marketing initiatives by a competitive industry. “We […]
Lost Packets
Jan 31, 2008 (LBO) – Internet users in Sri Lanka and other South Asian countries may see their internet connections slowing, as a submarine cable in the Mediterranean sea has been damaged, a report said. “It is a problem off the coast of Alexandria in Egypt. For some reason ships were asked to anchor in […]
Higher Numbers
Jan 31, 2008 (LBO) – Sri Lanka’s inflation rose by 3.0 percent in January driving 12-month inflation to 20.8 percent on a revised index of consumer prices in Colombo, the government’s statistics office said. Another index of Colombo prices which has a higher weight of food and is based on the consumption pattern of working […]
Small Industry
Jan 31, 2008 (LBO) – Fitch Sri Lanka has confirmed the ‘BB+(lka)’ rating of Trade Finance and Investments, a company that has a strong focus on three wheeler vehicle finance, with a stable outlook. “TFI’s rating takes into consideration its high capitalisation and good profitability. However, the rating is constrained by TFI’s small asset base, […]
Sri Lanka Keells Food share price perks up on higher profits
Jan 31, 2008 (LBO) – Sri Lankan stocks ended higher Thursday with two foreign crossings of Dialog Telekom propping up turnover.. The All Share Index went up half a percentage point or 12.34 points to 2,446.13 while the liquid Milanka index closed up 0.69 percent or 21.45 points at 3,113.07. Turnover went up to 325 […]
Sri Lanka maiden sovereign bond wins award
Jan 31, 2008 (LBO) — Sri Lanka’s 500 million dollar maiden sovereign bond, issued last October soon after the sub-prime bubble broke, has bagged a top award from an international financial publication. Finance Asia named Sri Lanka’s issuance the best sovereign bond as it was pulled off amid difficult circumstances. The bond was lead-managed by […]
Sri Lanka journalists in danger, media rights groups say
Jan 30, 2008 (LBO) – The safety of journalists in Sri Lanka is in jeopardy with increasing attacks and threats against them that are meant to stifle freedom of opinion, international media rights groups have said. Attacks against journalists were bringing the government into disrepute and eroding democracy in the island, the International Federation of […]