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‘s Ranatunga urges players not to ignore Tests
July 16, 2008 (AFP) – Sri Lanka’s legendary former captain Arjuna Ranatunga on Wednesday urged players to preserve Test cricket in the face of the challenge posed by the lucrative Twenty20 format.Captains of India and Sri Lanka, who begin a three-Test series here next week, endorsed Ranatunga’s comments. “As cricketers, the ultimate challenge for most […]
Bunning slams Bernanke as US inflation surges to 26-year high
July 16, 2008 (LBO) – US consumer prices hit a 26-year as Federal Reserve chairman Ben Bernanke came under renewed fire from a US senator for printing money willy-nilly and stampeding the world into an inflation crisis. The US Bureau of Labour Statistics said 12-month consumer prices of urban consumers surged to 5.0 percent in […]
US consumer prices jump 1.1 pct in June
WASHINGTON, July 16, 2008 (AFP) – US consumer prices soared at the strongest pace in 26 years in June, rising 1.1 percent from May, the Labor Department said Wednesday. On a 12-month basis, CPI was up 5.0 percent in June and core CPI was 2.4 percent higher. Core prices excluding energy and food climbed 0.3 […]
Sri Lanka tightens monetary target for 2008
July 16, 2008 (LBO) – Sri Lanka has tightened its year-end growth target for the monetary base in 2008 to 11.75 percent from 12.50 percent, the island’s central bank, which is running a quantity targeting framework to counter inflation, said.In April 2008 the bank tightened targets further from its beginning-of-the year plan, after inflation spiked […]
‘s Dhammika Perera sells Lanka Ceramic stake to Ceylon Theatres
July 15, 2008 (LBO) – Sri Lankan businessman Dhammika Perera sold his 26 percent stake in Lanka Ceramics to its parent firm Ceylon Theatres towards the end of trading on the Colombo bourse Tuesday. “We sold at 47 rupees a share. It was bought by the Ceylon Theatres group,” said Nimal Perera, Dhammika Perera’s investment […]
More Time
July 15, 2008 (LBO) – Directors of Sri Lankan banks would get three more years to meet term and age limits imposed by the Central Bank after a court ruling confirmed the rules with extended transitional provisions, the financial regulator said in a statement. Court has directed new rules with the amendments to be issued, […]
Sri Lanka acts to reduce air pollution
July 15, 2008 (LBO) – Sri Lanka’s environmental and transport ministries have made it compulsory for all vehicles to acquire vehicle emission test (VET) certificates to be eligible for revenue licenses. Two companies, CleanCo Lanka and Laugfs Eco Sri Lanka opened emission test centres Tuesday to launch the air pollution reduction scheme. Every vehicle must […]
Central Bank chief takes over as Maldivian finance minister
July 15, 2008 (LBO) – Maldivian government Tuesday appointed the central bank chief Abdullah Jihad as the new minister of finance, the atoll’s information minister said. Until his appointment, Mausoom was the head of the country’s tourism promotion board. Shougee has now been appointed as the Vice Chancellor of the state-run university to be set […]
Sri Lanka electricity utility gives Siemens deal to upgrade distribution
July 15, 2008 (LBO) – Sri Lanka’s state power utility, Ceylon Electricity Board (CEB), has given Siemens Energy a 5,309 million rupee (31 million Euro) contract to modernize and expand the medium-voltage distribution network of the capital Colombo.The contract includes expanding and modernizing a 33/11-kV transformer substation, the delivery, installation and commissioning of several medium-voltage […]
Thailand announces 46-billion-baht anti-poverty package
BANGKOK, July 15, 2008 (AFP) – Thai Prime Minister Samak Sundaravej on Tuesday announced a 46-billion-baht (1.36-billion-dollar) raft of benefits to counter poverty caused by soaring living costs.The six-month anti-poverty scheme will provide tax cuts and free services for six months to Thailand’s worst-off, Samak told a news conference broadcast on national television. The measures […]
Global stocks dive on scepticism over US mortgage rescues
LONDON, July 15, 2008 (AFP) – World equity markets and the dollar fell heavily on Tuesday on scepticism that a dramatic weekend US government rescue of two mortgage giants would contain crisis in American finance, analysts said.European equities sank after more steep losses on Wall Street and in Asia, despite an exceptional US rescue on […]
Federal Reserve tightens US home mortgage lending
WASHINGTON, July 14, 2008 (AFP) – The US Federal Reserve on Monday tightened home mortgage lending in a bid to improve consumer protection from practices blamed in part for the worst US real-estate crisis in decades.The Fed said its board of governors approved rules for home mortgage loans “to better protect consumers and facilitate responsible […]