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World Bank chief fires gold standard debate amid Fed money printing
Nov 09, 2010 (LBO) – World Bank chief Robert Zoellick has fired a debate on a return to gold as a monetary anchor with the United States engaging in new money printing, threatening to send food and other commodity prices higher. Federal Reserve chief Ben Bernanke dubbed ‘Bubble Ben’ by his detractors who are critical […]
Sri Lanka stocks close weaker
Nov 08, 2010 (LBO) – Sri Lankan shares closed weaker Monday, with trading dull except for a private deal in Commercia Bank, as investors waited for the government budget, brokers said. The All Share Price Index closed at 6,640. 19, down 0.27 percent (18.26 points) while the more liquid Milanka index rose 0. 15 percent […]
Maldives Aitken Spence hotel bags a World Travel Award
Nov 08, 2010 (LBO) – Adaaran Prestige Water Villas, a resort in the Indian Ocean Island of Maldives, run by Sri Lanka’s Aitken Spence group won the award of the World’s Leading Watervilla at a top travel awards. Maldives also won the award for the ‘Most Romantic Destination’ at the awards on November 07. The […]
Sri Lanka Hemas Power net up on higher hydro, thermal generation
Nov 08, 2010 (LBO) – Higher electricity generation from both thermal and hydro power plants helped Sri Lanka’s Hemas Power make a net profit of 124 million rupees in the September 2010 quarter, a stock exchange filing said. The company had made a loss of 3. 5 million rupees in the same period a year […]
Australia end dismal run with win over Sri Lanka
BRISBANE, November 7, 2010 (AFP) – Australia avoided an unwanted record as they cruised to a comprehensive eight-wicket win over Sri Lanka in the third and final one-day international at Brisbane’s Gabba ground on Sunday. Staring at a record eighth straight international defeat, the Australians skittled Sri Lanka for 115 off 32 overs and rattled […]
Sri Lanka gets World Bank loans for small business, tourism
Nov 08, 2010 (LBO) – The World Bank said it will give Sri Lanka 125.4 million US dollars for three projects to support Small and Medium Enterprises, tourism and local service improvements in the former north-east war zone. “The three projects will help Sri Lanka reap maximum benefits of the peace dividend and make further […]
Sri Lanka unemployment lower in 2Q, but industry jobs fall: survey
Nov 08, 2010 (LBO) – Sri Lanka’s unemployment fell to 5.4 percent of jobseekers in the second quarter of 2010, down from a peak of 6.2 percent a year earlier, but there was fall in industrial workers. Compared to the first quarter of 2010, unemployment rose from 5. 0 percent. In the first quarter farming […]
Prison Clash
November 7, 2010 (AFP) – More than 50 police and prison officials were injured Sunday by inmates at Sri Lanka’s main jail in the capital Colombo after authorities launched a drugs raid, officials and doctors said. Convicts beat up police as they stormed the Welikada prison to search for hidden narcotics as part of a […]
Coal India issue could boost future state sales: analysts
MUMBAI, November 7, 2010 (AFP) – The success of India’s 3. 4-billion-dollar sale of shares in state-run Coal India has raised hopes of big returns for the government from a cascade of looming partial privatisations, analysts say. The sale of a 10 percent stake in Coal India was oversubscribed 15 times and shares soared 40 […]
Sri Lanka builds more mini-hydro, wind power plants
Nov 07, 2010 (LBO) – Sri Lanka is building more mini-hydro and wind power plants but needs more technology transfer to ensure better use of renewable energy, officials said. Energy produced from wind and solar plants varies depending on the availability of wind and sunlight and hence cannot be used as base load power. “There […]
Marketing Bond
Nov 06, 2010 (LBO) – Cargills (Ceylon), which runs Sri Lanka’s biggest supermarket chain, has begun selling products of farmers in the former war zone in the northern Jaffna peninsula, officials said. The bank has given 105 million rupees in loans among over 3,000 micro-entrepreneurs, farmers and fishermen to restart their income generating activities in […]
” India visit
MUMBAI, November 6, 2010 (AFP) – President Barack Obama announced Saturday 10 billion dollars in trade deals with India to create 50,000 US jobs, on a visit that began with an emotional tribute to victims of the 2008 Mumbai attacks. Kicking off a four-nation Asian tour weighted towards prying open new markets for US goods, […]