Author: lbostgadmin
Minting Money
September 11, 2006 (LBO) — Sri Lanka’s Central Bank is spearheading a campaign to push up foreign exchange remittance from countrymen residing overseas, in an attempt to raise cash for development work.Using networks of the two state banks Bank of Ceylon and People’s Bank monetary authorities Monday launched an awareness campaign throwing incentives ranging from […]
John Keells floats debenture to pay off debts
September 11, 2006 (LBO) – Sri Lanka’s John Keells Holdings secured an AAA (lka) rating for the upcoming 2.0 billion rupee debenture, but Fitch Rating Lanka says the group depends too much on the transportation unit to generate cash revenues. The bluechip conglomerate is raising money to pay off short term debts built up during […]
Sri Lanka says scores of rebels, soldiers killed in latest fighting
Sept 10, 2006 (AFP) – Sri Lanka said Sunday that its troops had killed scores of Tamil Tiger rebels in fierce weekend fighting in the northern Jaffna peninsula that also left 28 soldiers dead. Mortar and artillery duels along a de facto frontline on the contested peninsula killed the 28 and left 125 wounded, a […]
Tigers accuse Sri Lanka of scuttling Norway peace bid, toll mounts
Sept 10, 2006 (AFP) – Troops and Tamil Tigers fought fierce battles in northern Sri Lanka Sunday, leaving scores killed, officials said as the rebels accused Colombo of ignoring moves by Norway to end the latest bloodshed.The rebel Liberation Tigers of Tamil Eelam (LTTE) said they were in talks with peace broker Norway to withdraw […]
Sri Lankan domestic cricketers to get big pay hike
Sept 10, 2006 (AFP) – Sri Lanka’s domestic cricketers will get a handsome raise in match fees for the coming season in a bid to make local competition more professional, a top official announced here on Sunday.“We have a 300 percent pay hike earmarked for players in a new domestic competition for the 2006-07 season,” […]
IMF seeks new lease on life in middle age
WASHINGTON, Sept 10, 2006 (AFP) – Six decades after it was created to inject stability into the ruins of the post-war financial system, the IMF is today trying to forge a new role that better represents a globalised economy.The International Monetary Fund is expected to adopt an interim voting reform to give a greater say […]
Asian nations want more muscle to flex at IMF
TOKYO, Sept 10, 2006 (AFP) – Asian nations want to wield more power at the International Monetary Fund and other global forums to reflect their growing economic clout but Europe seems reluctant to cede influence, analysts say.“I think the G7 has to be fundamentally changed to include countries such as China, India and Russia, and […]
World economy has strong heartbeat but with tremors
PARIS, Sept 10, 2006 (AFP) – The IMF, World Bank and G7 finance ministers will say that the world economy has a vibrant heartbeat when they meet next week in Singapore, but tremors are present in the form of slowing US growth and high oil prices.The International Monetary Fund is expected to give the global […]
IMF to discuss world defiance of expensive oil
PARIS, Sept 10, 2006 (AFP) – The “third oil shock”, as some have dubbed the tripling of oil prices since 2002, has been remarkably well-absorbed by the world economy, analysts say.Contrary to past experience, the sharp rise in prices has not sent the world tumbling into recession, revealing a number of key shifts in the […]
India GDP forecasts stable despite patchy monsoon: analysts
MUMBAI, Sept 10, 2006 (AFP) – Patchy monsoon rains in India this summer have led analysts to downgrade forecasts for farm growth, but full-year projections for gross domestic product remain stable as manufacturing and services boom. Several major forecasts, including the New Delhi-based National Council of Applied Economic Research, expect growth of eight percent in […]
Pepsi puts Indian chairman in the spotlight over pesticides claim
NEW DELHI, Sept 10, 2006 (AFP) – US cola giant PepsiCo has put the head of its India operations in front of TV cameras as it opens a new front in its drive to counter charges of high pesticide levels in its colas.A just released ad shows PepsiCo India chairman Rajeev Bakshi walking a young […]
Sri Lanka fighting kills 26 soldiers
Sept 9, 2006 (AFP) – At least 26 troops were killed and over 125 wounded Saturday in new fighting as Tamil rebels resisted an army advance into guerrilla-held territory in northern Sri Lanka, military sources said.Hundreds of Sri Lankan troops were involved in the offensive along the de facto border between government- and rebel-held areas […]