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Sri Lanka military captures rebel-held town: govt
October 17, 2008 (AFP) – Sri Lankan troops captured a rebel-held town in the island’s north following heavy fighting that killed a “large” group of guerrillas, the defence ministry said Friday. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 Security forces took the town of Maniyakkulam, 25 […]
Sri Lanka bans 60 food products on melamine fears
Oct 17, 2008 (LBO) – Sri Lanka’s health ministry has banned the import and sale of 60 food products as a precautionary measure following the melamine Chinese milk contamination scandal.Many countries have pulled melamine-contaminated sweets and drinks from supermarket shelves amid the widening scandal over Chinese milk products tainted with the toxic chemical. Melamine, which […]
Philippines warns shipping as more Filipino crew kidnapped off Somalia
MANILA, October 17, 2008 (AFP) – The Vice-President of the Philippines has confirmed the hijacking of a Filipino-manned ship off Somalia and appealed to shipping companies to sail within areas patrolled by a multinational coalition.“We are still awaiting further developments on the latest Somali piracy case,” Noli de Castro said in a statement that named […]
Big powers gear up for daunting Bretton Woods II
PARIS, October 16, 2008 (AFP) – Europe is enlisting the United States and other powers in a drive to create a new system to ensure order in global finance, a task which analysts say is daunting but unavoidable. To receive instant alerts from LBO on your Dialog mobile type ‘act (space) lbo’ and send to […]
Sri Lanka destroys food aid withheld from tsunami victims
October 17, 2008 (AFP) – Sri Lanka said Friday it would destroy a consignment of more than five tonnes of rotting rice and lentils meant for victims of the December 2004 Asian tsunami. The state auditor general in September 2005 noted out of 1.16 billion dollars committed to assist Sri Lankan victims, only 13.5 percent […]
Sri Lanka urged to promote local business in eastern revival
Oct 17, 2008 (LBO) – An international conflict watchdog has urged the Sri Lankan government to ensure greater fairness and preference to local businesses in the economic development of the eastern region which was cleared of Tamil Tigers. The International Crisis Group said in a new report on Sri Lanka’s Eastern Province that the government […]
Asia should consider bank guarantees in current turmoil: IMF
WASHINGTON, October 17, 2008 (AFP) – Asian economies may have to consider guaranteeing bank deposits as a defensive option against global market turmoil although the region’s financial system remains sound, the IMF’s Asia chief believes. To receive instant alerts from LBO on your Dialog mobile type ‘act (space) lbo’ and send to 678 European nations […]
Sri Lanka Bank of Ceylon sells 5-year 19-pct bonds
Oct 16, 2008 (LBO) – Sri Lanka’s state run Bank of Ceylon is selling three billion rupees worth 5-year 19 percent stock exchange listed bonds, with options of floating interest and interest at maturity also offered, officials said. The bank also offered a 30 million US dollar bond to the market last month.The bank could […]
Sri Lanka shares slump as global markets retreat
Oct 16, 2008 (LBO) – Sri Lankan shares slumped on low trading volumes Thursday after two days of gains with investors apparently unnerved by sharp falls in overseas markets and fears that an economic downturn could hit earnings.But fears that company earnings could get eroded by high inflation and interest rates and a slump in […]
Freight Deflation
Oct 16, 2008 (LBO) – Freight costs could fall with an expected slowdown in the US economy and the end this weekend of shipping liner cartels which fix rates, Sri Lankan shippers said.Sri Lankan shippers have long enjoyed the advantage of having main line vessels calling at Colombo to pick up transshipment cargo, which usually […]
Resilience
ADDIS ABABA, October 16, 2008 (AFP) – Ethiopian Prime Minister Meles Zenawi said Thursday that the economy would not be devastated following the global financial crisis, despite a possible cut in aid and investment flows. “In general, we don’t expect drastic effects on our economy, our financial structure is not as liberalised as those of […]
Better Banks
Oct 16, 2008 (LBO) – Sri Lanka’s banking sector is sound amidst a global rout and early regulatory action taken to prick the bubble, Central Bank Governor Nivard Cabraal has said. The high inflation in early 2008 was partly caused by lax monetary policies in the second half of 2007 and also external inflation imported […]