Author: lbostgadmin
Sri Lankan rupee weakens further against dollar
August 20, 2007 (LBO) – A Sri Lankan state bank’s offers for spot dollar moved above 112 rupees Monday with the bank, which usually represents Central Bank transactions, offering at 112.04, dealers said. On Friday, inter-bank deals closed above 112 despite the official offer being at 111.97. Import demand is seen driving the local currency […]
Banks facing sharp end of global equities rout: analysts
LONDON, Aug 19, 2007 (AFP) – The world’s banks have found themselves in the eye of the financial storm lashing world markets as analysts struggle to pinpoint their exposure to the slumping US housing sector. Markets in Europe and the United States staged a rebound on Friday, after a week of turmoil, as the US […]
Cleveland savaged by tragedy of home foreclosures
CLEVELAND, Ohio, Aug 19, 2007 (AFP) – The US dream of home ownership is going up in smoke in Cleveland, now littered with broken promises and lost hopes as it tops the nation’s tragic roll call of foreclosures.In the first seven months of this year, there were 13,600 foreclosures in Cleveland and Cuyahoga County alone, […]
Maldives vote to decide British or US style democrazy
MALE, Aug 19, 2007 (AFP) – Voters in the Maldives were waiting for results Sunday from a referendum on how they want to be governed in future, after the tiny Pacific nation got an unusual taste of democracy.Protestors led by the main opposition Maldivian Democratic Party (MDP) have taken to the streets in recent years […]
US credit crunch “unbelievable”: Swiss central bank chief
GENEVA, Aug 19, 2007 (AFP) – Swiss central bank chief Jean-Pierre Roth sharply criticised the US economic system in an interview published Sunday, after the home loans crisis that caused turmoil on world financial markets.“Something unbelievable happened,” Roth said in an interview in the Swiss newspaper NZZ am Sonntag. The chairman of the Swiss National […]
Afro Factor
August 19, 2007 (LBO) – Sri Lanka™s apparel exports to the United States could get hit if African countries block proposed tariff cuts on exports from developing countries. Bulk of Sri Lanka™s trade falls under World Trade organization rules an international body that is working to put in place a rule based global trading system. […]
India targets 10 million tourists in 2010: report
NEW DELHI, Aug 18, 2007 (AFP) – India aims to double its tourist numbers to 10 million in 2010 when it hosts the Commonwealth Games, a report said Saturday. Indian Tourism Minister Ambika Soni said the numbers visiting the country had grown steadily with 3.92 million tourists in 2005 and 4.43 million in 2006, according […]
Bruised US investors see perilous waters ahead
NEW YORK, Aug 17, 2007 (AFP) – Credit fears have played havoc with Wall Street stock portfolios and US investors could suffer more bruises from fresh upheavals sweeping world markets in the week ahead, despite an emergency rate cut. Confidence was in short supply on Wall Street this past week as investors sold off stocks […]
Narrower Margin
August 18, 2007 (LBO) – Sri Lanka Telecom (SLT), the island’s only wireline operator, has reported 45 percent lower profits in the June quarter as it sliced 875 million rupees off revenue pending a court decision on a case filed by a consumer organization. SLT reported 560 million rupees of consolidated profits down from 1,000 […]
Natural Harbour
August 18, 2007 (LBO) – Sri Lanka’s eastern port of Trincomalee is to be developed as an eco-port with the emphasis on exploiting its value as a marine habitat, an official said. Sri Lanka Ports Authority (SLPA) chairman Saliya Wickramasuriya said Trincomalee will not be developed for industrial activity or to handle containers. This is […]
Sri Lanka hosts anti-terrorism meet to highlight plight of victim states
August 17, 2007 (LBO) – A top French anti-terrorism judge and leading conflict specialists are among speakers at a counter-terrorism conference to be held in the Sri Lankan capital Colombo. Sri Lanka will seek to focus attention on the plight of countries affected by terrorism, especially its own near 30-year experience during the International Conference […]
Kenya beat Sri Lanka A by two wickets
NAIROBI, Aug 16, 2007 (AFP) – A brilliant 62 from opener Morris Ouma coupled with a patient innings of 24 from captain Thomas Odoyo handed Kenya a thrilling two-wicket win over Sri Lanka A in their tri-series match at the Nairobi Gymkhana on Thursday.Medium pacer Peter Ongondo had earlier restricted the Sri Lankans to 194 […]