Author: lbostgadmin
Central banking under microscope as Fed looks for easy way out
WASHINGTON, Jan 22, 2008 (AFP) – The Federal Reserve’s emergency rate cut Tuesday will deliver a jolt of stimulus to an ailing US economy but may be too little and too late to avert a painful recession, analysts say. Economists say the surprise cut of three-fourths of a percentage point, the largest since the central […]
”: Soros
LONDON, Jan 23, 2008 (AFP) – The current crisis in the world financial markets is the worst “in 60 years”, billionaire investor George Soros wrote in the Financial Times on Wednesday. In his comment piece, Soros warned that while a global recession could be held off by strong growth rates in the developing world, the […]
Southeast Asia may face biggest impact from US slowdown: IMF
WASHINGTON, Jan 22, 2008 (AFP) – Southeast Asia will face stiffer export competition from China and likely bear the brunt of any impact in Asia from a major economic slowdown in the United States, an IMF official said Tuesday.But Beijing would probably raise government spending, particularly on infrastructure investment, to keep the economy chugging along […]
Maldives get 600,000 tourists in 2008
January 23, 2008 (LBO) — The Maldive Islands, a key market of two listed Sri Lankan leisure groups, greeted over 600,000 holidaymakers in 2007, the tourism ministry said, boosted by visitors from Britain, Italy and Germany. Tourism, which accounts for about a third of an economy of just under a billion dollars, grew a “record” […]
LawAsiaICT2008
Jan 23, 2008 (LBO) – Sri Lankan employers should enforce rules on e-mail and internet access to prevent misuse of company property and avoid potential legal problems, an expert told a law conference in the capital Colombo. But it also posed risks like firms not having enough oversight and supervision, how to compute hours worked […]
Safe Place
Jan 23, 2008 (LBO) – Sri Lanka is a safe place to travel in, Sri Lanka’s chief justice Sarath Silva told delegates of an international law conference in Colombo this week. “Our image is not the best, but I can assure you that this is a very safe place,” Silva told foreign delegates of the […]
Sri Lanka looks to cut costs on sovereign bond
Jan 23, 2008 (LBO) — Sri Lanka is looking to cut interest costs on a fixed coupon 500 million dollar sovereign bond by using derivatives Central Bank Governor Nivard Cabraal said, as US interest rates continue to fall.Since then the rupee has been stable, making dollar loans – at whatever price – much cheaper than […]
Sri Lanka rupee gains against greenback, forward premiums fall
Jan 23, 2008 (LBO) — The Sri Lanka rupee traded under 108.00 to the US dollar and overnight money fell from peaks above 20 percent in early trading Wednesday as the dollar weakened in international markets following a surprise rate cut, dealers said. The rupee traded around 107.88/108.92 in late trading as a state name […]
Heavy fighting in northern Sri Lanka, police post in South attacked
Jan 21, 2008 (AFP) – Fierce fighting erupted in northern Sri Lanka Monday as government forces mounted a fresh push into territory held by Tiger rebels, with the official death toll from the new clashes at more than 50. At least 46 civilians have been killed in rebel attacks since the start of January, according […]
Sri Lanka pours forces into south after rebel attacks
Jan 22, 2008 (AFP) – Sri Lanka poured thousands more security forces into the Sinhalese-dominated south on Tuesday after a string of Tamil rebel attacks left 37 civilians and three police dead, officials said.Suspected rebels shot dead a police officer and two constables on Monday night near the township of Thanamalvila, police officials said.They had […]
Sri Lanka signals shift in war on Tamil Tigers
Jan 22, 2008 (AFP) – Sri Lanka’s President Tuesday signalled a shift in the war against the Tamil Tigers, saying he did not want to push his troops into rebel-held territory to defeat the guerrillas.Since the start of this month, the Sri Lanka defence ministry has claimed it has killed 592 rebels against just 26 […]
EU warns of US recession as stocks dive
BRUSSELS, Jan 21, 2008 (AFP) – Top European finance officials sounded the alarm on Monday about a possible US recession as fears about the health of the world’s biggest economy plunged global stocks deep into the red. “The situation is continuing to deteriorate in the United States,” Luxembourg Finance Minister Jean-Claude Juncker said after chairing […]