Author: lbostgadmin
Cyprus and Malta adopt low inflation euro
NICOSIA, Jan 1, 2008 (AFP) – Cyprus and Malta joined the eurozone on Tuesday, bidding farewell to the Cyprus pound and Maltese lira, expanding the club of countries using the single European currency to 15. In Malta, central bank chief Michael Bonello voiced concern that people are hoarding the equivalent of about 466 million euros […]
‘s stocks tumble on opening after Bhutto assassination
KARACHI, Dec 31, 2007 (AFP) – Pakistan’s Karachi Stock Exchange was down 4.7 percent in early morning trading on Monday in what dealers said was one of the sharpest drops in memory. The bourse closed Thursday just hours before opposition leader Benazir Bhutto was assassinated, when an official three-day period of mourning was announced. “It […]
Old Guard
Jan 01, 2008 (LBO) – New corporate governance rules for Sri Lankan banks would force long-standing directors to retire, prevent banks giving favoured treatment to related parties and ensure separation of power between the board and executive management. The new rules by the Central Bank, meant to promote the safety and soundness of the banking […]
Sri Lanka inflation eases in December
Dec 31, 2007 (LBO) – Sri Lanka’s consumer prices in the capital Colombo eased in December with the most widely watched index falling 0.4 percent in the month, lowering 12-month inflation to 16.4 percent from a peak of 19.6 percent a month before. The Colombo Consumer Price Index fell 21.3 points in the month to […]
Sri Lanka vows victory against Tigers in 2008: report
COLOMBO, Dec 31, 2007 (AFP) – Sri Lanka’s top military commanders have vowed to escalate attacks against Tamil rebels in the New Year to achieve a “turning point” in the decades-old separatist war, a state-run daily said Monday. Army chief Sarath Fonseka expressed the hope that government forces would be able to dislodge the Liberation […]
Sri Lanka media watchdog slams president over unruly minister
Dec 31, 2007 (LBO) – A Sri Lankan media rights group Monday slammed President Mahinda Rajapakse for not taking action against a junior minister who allegedly rampaged through a state television station and assaulted its news director. It also urged the government to free the state print media from its control and to “re-establish state […]
Sri Lanka Cricket chief resigns
Dec 31, 2007 (AFP) – Sri Lanka’s cricket chief Jayantha Dharmadasa on Monday stepped down, clearing the way for former captain Arjuna Ranatunga to take over in the top job. “He has offered his resignation in writing to the Sports Ministry secretary and will cease to be in office with effect from this evening,” Sri […]
China to slap grain export taxes to tackle symptoms of inflation
BEIJING, Dec 30, 2007 (AFP) – China said on Sunday it will levy taxes on grain exports in 2008 in the latest move apparently aimed at reining in galloping inflation and ensuring stable domestic food supplies. The rates would range from five to 25 percent, according to a brief announcement posted on the website of […]
‘s state-linked investments circle the globe
SINGAPORE, Dec 30, 2007 (AFP) – From banks to telephones, an airline to shopping malls, and semiconductors to airports, the reach of two state-linked investment firms from the city-state of Singapore extends around the world.The normally secretive Temasek Holdings and the Government of Singapore Investment Corporation (GIC) were thrust into the spotlight in December with […]
Chaos as Zimbabwe demonetizes Z$200,000 note
HARARE, Dec 31, 2007 (AFP) – Zimbabwe’s central bank chief extended a deadline Monday to exchange 200,000 dollar bills just hours before they were to cease being legal tender after scenes of chaos at banks across the country.Last year, the central bank knocked three zeros from the country’s currency in a bid to rein in […]
Sri Lankan cloves to be dearer on shortfall
Dec 31, 2007 (LBO) – Sri Lankan cloves growers are seen benefiting from an expected rise in prices owing to a shortfall in production in the island and elsewhere and rising demand, trade officials said. Cloves production in India, the main buyer of the Sri Lankan spice, is also down and unable to meet the […]
Housing Woes
Dec 31, 2007 (LBO) – Fitch Ratings has downgraded the long-term rating of Housing Development Finance Corporation (HDFC) by one notch to ‘A-(lka)’ from ‘A (lka)’ and also lowered its outlook to negative from stable. “The rating downgrades reflect HDFC’s deteriorating profitability brought on by its inherent interest rate risk, and the escalation of such […]