Category:
” while ordinary Americans lose homes
WASHINGTON, April 3, 2008 (AFP) – The US Congress Thursday steps up scrutiny of the government role in the rescue of Bear Stearns, even as Fed chairman Ben Bernanke argued the central bank “did not bail out” the Wall Street investment giant. A Senate hearing will seek details of the deal engineered by the Federal […]
West Indies win toss, field against Sri Lanka
PORT OF SPAIN, Trinidad, April 3, 2008 (AFP) – West Indies won the toss and chose to field on the opening day of the second and final Test against Sri Lanka on Thursday at Queen’s Park Oval.West Indies have made two changes to their line-up, bringing in left-handed opener Sewnarine Chattergoon and fast bowler Fidel […]
Sri Lanka set for regional vote in former Tiger bastion
April 3, 2008 (AFP) – Sri Lanka Thursday announced that key local government elections will be held next month in an area that was last year wrested from rebel control after months of heavy fighting.The elections commission said voting for the Eastern Provincial Council will be held on May 10. Security forces established control over […]
Sri Lanka main opposition activated on 28-pct inflation
April 03, 2008 (LBO) – Sri Lanka’s main opposition United National Party says it is starting a protest campaign against rising prices after inflation in the country hit a new record. “The whole of 2007 we saw increases in prices. Daily the prices increased,” UNP leader Ranil Wickremesinghe told a meeting of the party’s women’s […]
‘s sovereign downgrade
April 03, 2008 (LBO) — Sri Lanka has disputed a sovereign credit downgrade by one notch to ‘B+’ by Fitch Ratings Thursday, saying it was based on the rating agency’s pessimistic views and was not in line with economic fundamentals. . “The downward revision of ratings is based on Fitch’s pessimistic views on the security […]
Sri Lanka sovereign credit cut to B+ on bad budgets, foreign borrowing, war
April 03, 2008 (LBO) – Fitch Ratings has downgraded Sri Lanka’s sovereign rating by one notch to ‘B+’ saying budgets were weak, inflation was high and the country was borrowing heavily from foreign lenders at commercial rates. The rating agency said the government’s “overriding priority” was war rather than fixing the economy. “The ratings downgrade […]
Sri Lanka treasury rates steady
April 02, 2008 (LBO) – Sri Lanka’s Treasury bill rates were flat after an auction in which the government sold 10 billion rupees worth of maturing bills, the government’s debt office said.The government sold 5.6 billion rupees worth 3-month bills at 18.40 percent, up 01 basis point, 2.9 billion rupees of 6-month bills at 18.97 […]
” tea
April 02, 2008 (LBO) – Sri Lanka’s Tea Board has turned down an appeal by export firms to ship tea below government stipulated standards, saying it no longer allowed such shipments. Tea board director-general H D Hemaratna said exports of sub-standard teas was a “serious matter” and the trade was concerned such shipments could tarnish […]
Tele Talk
April 02, 2008 (LBO) – Malaysia’s Usaha Tegas (UT) group, which bought a 35.2 percent stake in Sri Lanka Telecom, is likely to make changes at the telecom operator only after a minority shareholder buyout is completed, officials said. The UT group which paid 299 million dollars to NTT Communications through Global Telecommunications Holdings (GTH), […]
Sri Lanka life insurance market eyed by German insurer
April 02, 2008 (LBO) – German insurance company Allianz says its Sri Lankan insurance business has become very profitable and the company aims to extend from general insurance into the bigger life market. The company’s subsidiary, Allianz Insurance Co. Lanka, plans to hire more sales staff and open branches outside the capital Colombo as it […]
Asia skills shortage could hit growth: ADB
MANILA, April 2, 2008 (AFP) – Asia is facing a serious skills shortage that could hamper the region’s economic growth and push for modernisation, the Asian Development Bank said in its annual outlook report released Wednesday. The Manila-based ADB said the shortage was widespread and had been partly driven by skilled workers leaving to take […]
Singapore sovereign fund stands by UBS
SINGAPORE, April 2, 2008 (AFP) – The Government of Singapore Investment Corp (GIC) on Wednesday stood by its decision to invest in troubled Swiss bank UBS and did not rule out a further capital injection.UBS on Tuesday revealed an additional 19 billion US dollars in writedowns, making it the bank worst-hit by a global crisis […]