Author: lbostgadmin
Canada to overtake US currency as Fed switch on printing press
OTTAWA, Sept 18, 2007 (AFP) – The Canadian dollar reached a 30-year high Tuesday, nearing parity with the US greenback after the US Federal Reserve cut its key interest rate. The loonie closed at 0.9864 US dollars, after touching 0.9874 US in the day’s trading, its highest level since January 1977, according to the Bank […]
Fed printing press scares bond market; equity bulls happy
WASHINGTON, Sept 19, 2007 (AFP) – A bold half-point rate cut by the Federal Reserve will give the ailing US economy a shot in the arm, but runs the risk of stoking inflation and appearing to bail out speculators, analysts say.Tuesday’s cut in the federal funds rate to 4.75 percent is seen as a pre-emptive […]
US backing makes help French candidate for IMF chief
WASHINGTON, Sept 19, 2007 (AFP) – Now backed by the United States, the socialist former French finance minister Dominique Strauss-Kahn is set to sail to victory next week in the race to become the International Monetary Fund managing director. The United States weighed into the two-man contest on Wednesday, one day ahead of Strauss-Kahn’s interview […]
Sri Lankan senior planter warns of industry losing allure
Sept 20, 2007 (LBO) – Sri Lanka’s plantations are warning that the sector is losing its appeal to serious investors at a time when fresh capital is urgently needed to replant crops and modernise factories. “These restrictions coupled with the rapidly increasing cost of production, consequent to increases in costs of fuel, energy, fertilizer and […]
Sri Lanka tour operator association refreshes officers
Sept 20, 2007 (LBO) – The Sri Lanka Association of Inbound Tour Operators (SLAITO) has appointed a fresh set of officers, the Ceylon Chamber of Commerce said. SLAITO is made up of destination management companies who service tourists in Sri Lanka. Foreign travel companies and charter operators who are principals of the local members are […]
Capital Boost
Sept 20, 2007 (LBO) –Sri Lanka’s Seylan Bank said it was going ahead with a plan to raise new debt to beef up its capital base and meet Central Bank requirements. A bank statement said it plans to make a public quoted issue of unsecured subordinated redeemable five-year debentures the details of which are to […]
Ship Imports
Sept 20, 2007 (LBO) – Sri Lanka’s ship owners have warned that an unresolved dispute with Customs over a tax on vessels could force them to leave the Sri Lanka flag of registry. This could hurt the island’s prospects of building up its merchant fleet and encouraging foreign owners to register their vessels in the […]
Sri Lanka opposition accuses govt of misusing public funds
Sept 19, 2007 (LBO) – Sri Lankan opposition leader Ranil Wickremesinghe Wednesday accused the government of illegally channeling state funds to a new budget airline and a bank.He said the right of the Parliament to control public finances is a fundamental principle of democracy. The transfer of funds to set up the new state-owned budget […]
Sri Lanka rights probe is flawed, top panel says
COLOMBO, Sept 19, 2007 (AFP) – A top international panel on Wednesday accused Sri Lanka of failing to honour promises to investigate grave human rights violations and accused the government of a virtual cover-up.The 11-member International Independent Group of Eminent Persons (IIGEP) said a government probe into 16 high-profile cases, including mass murder, had failed […]
Sri Lanka president appoints brother to parliament
COLOMBO, Sept 19, 2007 (AFP) – Sri Lanka’s President Mahinda Rajapakse Wednesday appointed his younger brother as a member of parliament, officials said, in a move which tightens the family grip on power.Basil Rajapakse, senior adviser to the president, replaced a ruling party legislator who died last week, parliamentary officials said. Sri Lanka’s parliamentary system […]
Sri Lanka conflict exacerbates malnutrition: charity body
COLOMBO, Sept 19, 2007 (AFP) – Sri Lanka’s lengthy separatist conflict is compounding problems of malnutrition on the island, an international charity said Wednesday.“The prevailing conflict and the frequency of droughts, floods and landslides have further increased poverty and reduced people’s access to food,” Action Aid senior official Rohitha Rajindra said in a statement. Nearly […]
Sri Lanka edge Bangladesh out of T20
JOHANNESBURG, Sept 18, 2007 (AFP) – Bangladesh were dumped out of the World Twenty20 championships on Tuesday after slumping to a 64-run defeat to Sri Lanka whose miserly attack quashed early fears of an upset.Their remaining match is against Pakistan, also in Cape Town on Thursday. Veteran seamer Chaminda Vaas, who took two for 14 […]