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US March new home sales fall to more than 16-year low
WASHINGTON, April 24, 2008 (AFP) – Sales of new US homes plunged to their lowest level in over 16 years in March despite hefty price declines in response to a glut of unsold homes, Commerce Department data showed Thursday. The grim monthly report follows a key industry survey this week showing sales of existing homes, […]
Sri Lanka blast kills 12 and injures 30
April 25, 2008 (LBO) – A blast near a crowded bus station South of Sri Lanka’s capital Colombo has left at least 12 dead and more than a 40 injured, police and eyewitnesses said. The explosion went off in the suburb of Piliyandala during the evening rush hour at around 6.45 pm authorities aid. An […]
Domino Effect
April 24, 2008 (LBO) – Sri Lanka’s financial regulator Thursday told finance companies to carefully monitor liquidity and be more aware of risks to ensure they survive the current financial markets turmoil. This was because the collapse of one firm could have a domino effect on the whole system, Central Bank governor Ajit Nivard Cabraal […]
Confirmed Credit
April 24, 2008 (LBO) – Sri Lanka’s Fitch Ratings has confirmed Commercial Bank of Ceylon’s ‘AA+(lka)’ rating with a stable outlook, citing the bank’s good profitability, asset quality, strong solvency, high capitalization and its standing among local banks. Fitch also confirmed the banks ‘individual rating at ‘D’ and support rating at ‘5’. The ‘AA(lka)’ rating […]
More Time
April 24, 2008 (LBO) – Sri Lanka’s central bank has given more time for founding directors and chairmen of banks to serve on the boards beyond the original nine years specified by the regulator. “These additional transitional provisions give special consideration to the role and contribution of Founding Directors and Incumbent Chairmen to the promotion […]
Tri-lingual Alert
April 24, 2008 (LBO) – Sri Lanka’s Tigo, a unit of Millicom International Cellular has started short message service (SMS) alerts in Sinhala and Tamil languages, linking up with text news pioneer JNW, officials said. The service runs with content from JNW News (www.jnw.lk) and software developed by Microimage Mobile Media , a Sri Lanka-based […]
Sri Lanka strikes back with air attacks as losses mount
April 24, 2008 (AFP) – Sri Lanka carried out retaliatory air strikes against Tamil Tiger rebels Thursday, a day after intense artillery battles left hundreds killed or wounded, according to officials on both sides.Military jets pounded a suspected hideout of the Liberation Tigers of Tamil Eelam (LTTE) in the coastal district of Mullaitivu where the […]
Sri Lanka war set for long haul, analysts warn
April 24, 2008 (AFP) – Sri Lanka’s hopes of a quick victory over Tamil separatists looked shattered Thursday after Tamil rebels inflicted the heaviest losses on security forces since pulling out of a truce, analysts said.The military leadership began 2007 by withdrawing from the 2002 ceasefire and vowing to crush the Liberation Tigers of Tamil […]
‘s bloodiest battle in 18 months
April 24, 2008 (AFP) – Tamil rebels killed at least 100 Sri Lankan soldiers in the nation’s bloodiest battle in 18 months on Wednesday, the separatists said, as the military claimed more than 100 rebels died in the fighting. Updated The Tamil Tigers claimed they killed more than 100 government troops and had recovered 30 […]
Wal-Mart unit limits rice to 36kg per person
MIAMI, April 23, 2008 (AFP) – Top retailer Wal-Mart’s Sam’s Club unit said Wednesday it is limiting the amount of rice individual shoppers could buy at one time, as rice prices hit new records around the world. Sam’s Club said it had temporarily placed limits of four 20-pound (nine-kilogram) bags a person for jasmine, basmati, […]
Credit Suisse posts first quarter loss, further writedowns
ZURICH, April 24, 2008 (AFP) – Switzerland’s second biggest bank Credit Suisse on Thursday reported a net loss of 2.148 billion Swiss francs (1.330 billion euros, 2.11 billion dollars) for the first quarter of the year, hit by the ongoing subprime crisis in the United States. Writedowns in leveraged finance and structured products reached 5.3 […]
Athletes reject calls for Olympics boycott, protests in Beijing
LAUSANNE, Switzerland, April 24, 2008 (AFP) – Athletes from national Olympic Committees on Thursday rejected any boycott of the Beijing Games and said sport should be kept separate from politics despite China’s poor human rights record.“We are all of the wholehearted belief that boycotts are pointless and senseless — and only hurt the athletes,” the […]