Category:
Two decades on, South Asian grouping still to prove relevance
July 31, 2008 (AFP) – South Asian leaders are set for a weekend summit in Colombo where they are expected to repeat pious platitudes, highlighting that the 23-year-old regional grouping has little to show by way of economic progress. Observers compare summits to movie productions, but the script has changed little since the first SAARC […]
Sri Lanka insurance regulator cracks down on misleading ads
July 31, 2008 (LBO) – The Insurance Board of Sri Lanka has revealed it had warned several insurance firms that violated regulations and also resorted to advertising campaigns that misled the public.The Board said it issued warnings to two insurers, one violating rules on investments in government securities; and the other for having granted loans […]
Shell profits gush on record high oil prices
LONDON, July 31, 2008 (AFP) – Anglo-Dutch energy giant Royal Dutch Shell said on Thursday that high oil prices helped push its net profit up by a third to 11.556 billion dollars (7.409 billion euros) in the second quarter. Profits rocketed despite flagging production which was hampered by violence at facilities in Nigeria. Output fell […]
Profit hits 11.68 bln dlrs at ExxonMobil
NEW YORK, July 31, 2008 (AFP) – US energy giant ExxonMobil on Thursday reported a 14 percent jump in quarterly net profits to a record 11.68 billion dollars in results below most forecasts on Wall Street. The second-quarter earnings amounted to 2.27 dollars per share excluding special items compared with an average forecast of 2.52 […]
Emerging economies to drive world auto sales to record highs
OTTAWA, July 30, 2008 (AFP) – Auto sales in places like Brazil, India and China are expected to drive world demand to new records despite a sales slump in Europe and the United States, a Canadian bank said Wednesday.Global car sales advanced a mere 1.5 percent in the first half of 2008, undercut by slowing […]
Wrecked WTO talks change the world trade game
GENEVA, July 30, 2008 (AFP) – Ministers saw a “new order” take hold of global trade Wednesday, with emerging economies calling the shots after WTO plans collapsed in a potentially devastating blow to millions of the world’s poor. “One thing that we can celebrate is that deals here are no longer made just by the […]
Sri Lankan attack defied by Sehwag with unbeaten 91
GALLE, July 31, 2008 (AFP) – Virender Sehwag hammered a quickfire 91 not out as India raced to 151 for no loss in their first innings at lunch on the opening day of the second Test here on Thursday. The aggressive opener reached his 14th Test half-century when he cut off-spinner Muttiah Muralitharan for his […]
Minnows dream of hogging limelight
SINGAPORE, July 31, 2008 (AFP) – Powerhouse nations like China, the United States and Russia might grab all the Olympic gold medal attention but the world’s sporting minnows plan to grab at least some of the limelight. While some nations might whinge about winning dozens of medals, others will be glad of just one — […]
Sri Lanka inflation slows to 26.6 percent in July
July 31, 2008 (LBO) – Sri Lanka consumer inflation in the capital Colombo slowed to 26.6 percent in July 2008 from a record 28.2 percent in June, the government’s statistics office said. High inflation has also made it more expensive for companies to borrow. In the month of July prices rose 0.2 percent compared with […]
Sri Lanka plantations stocks draw investor interest
July 30, 2008 (LBO) – Sri Lankan stocks closed higher Wednesday driven up by gains in stocks with a heavy weighting on the indices and some renewed interest seen in plantations. But brokers said the upward momentum could be short-lived as economic conditions remained difficult given record inflation and high borrowing costs for companies. The […]
Sri Lanka tea prices hit by collection fears
July 30, 2008 (LBO) – Prices of Sri Lankan low grown leafy grade teas fell sharply at this week’s Colombo auctions owing to fears that buyers may not be able to collect their purchases.Tea prices have been buoyed by good demand from traditional buyers like Russia and the Middle East oil exporting countries where consumers […]
Medical Perks
July 30, 2008 (LBO) – Sri Lanka’s health minister’s appointment to the World Health Organisation (WHO) could help channel more foreign funds to develop the health sector in the island, the association of private medical practitioners said. Nimal Siripala de Silva, minister of healthcare and nutrition, was appointed as the chairman of the WHO executive […]