Category:
‘s US dependence falling, but global downturn may worsen
Mar 31, 2008 (LBO) – Falling dependence on the US economy will allow Sri Lanka to ride out a recession in that country, a top central banker said, amid warnings that the current global turmoil may become deeper. Economics Research chief of Sri Lanka’s central bank P N Weerasinghe said the share of exports to […]
Sri Lanka consumer prices hit new record in March 2008
Mar 31, 2008 (LBO) — Consumer prices in Sri Lanka’s capital Colombo measured by a controversial new index hit 23.8 percent in the 12-months to March, while an older index hit a record high of 28.1 percent, government data showed. . The price rises came after at least three months of tight monetary policy and […]
Plastic Competition
March 30, 2008 (LBO) – The emergence of non-bank entities that issue cards for payment services are a threat to traditional commercial banks, a Sri Lankan central banker said. The payments system is being transformed by new information technology and the integration of financial markets which has led to the emergence of non-bank actors, said […]
Market Play
Mar 30, 2008 (LBO) – Standard Chartered Bank which won a deal to raise 150 million dollars for the government earlier this month, is well positioned to boost fee based services, a top official said. A top player in foreign exchange markets and hedging products in the island, Standard Chartered Sri Lanka’s after tax profit […]
Oil Wealth
March 30, 2008 (LBO) – Sri Lanka has an opportunity to tap capital surpluses of oil-rich Gulf countries like Qatar as well as export professional services for a booming construction industry there, a senior Gulf banker said.R Seetharaman, chief executive of Doha Bank, the largest private commercial bank in the State of Qatar, said the […]
‘s national carrier
March 30, 2008 (AFP) – Dubai’s Emirates Airlines said Sunday it would stop sharing routes with Sri Lanka’s national carrier when its decade-long management contract expires this month.“Code share arrangements between Emirates and SriLankan Airlines will cease from 31st March 2008 with the expiry of the management agreement,” Emirates said in a statement released here. […]
Indonesia busts US$20 bln on fuel subsidies as inflation picks up
JAKARTA, March 30, 2008 (AFP) – With prices for key commodities at record highs, Indonesia — Southeast Asia’s biggest economy and a key exporter — should, at first glance, be enjoying good times. But with high oil prices leading to a government fuel subsidy blowout and rising food prices hitting the poor, analysts say most […]
Sri Lankan director in Indian Tamil trouble
CHENNAI, India, March 30, 2008 (AFP) – A Sri Lankan film-maker has ended up in hospital after making a damning film on the Tamil Tigers and trying to have it processed in a studio in a Tamil-majority region of neighbouring India.Thushara Peiris was set upon by a furious mob outside Gemini Studios in Chennai, capital […]
New Wavelength
March 29, 2008 (LBO) – Sri Lanka needs transparent telecom regulation and lower costs to encourage the information technology business and become a ‘knowledge economy’, says a new World Bank study. Transparent and consistent regulation was important to encourage private investment in the IT sector which was important for the development of the industry, knowledge […]
Philippine company launches 406-dollar mini laptop
MANILA, March 29, 2008 (AFP) – Philippine PC manufacturer Neo and multinational computer processor maker Intel have jointly launched a new 16,999-peso (406-dollar) mini laptop, spokesmen said Saturday.The Neo Explore is a “ruggedized and shock-proof” laptop with a keyboard that will not be damaged by spillages of liquids, said Neo spokeswoman Mariel Que. It weighs […]
Oil prices volatile in bubbly trade
NEW YORK, March 28, 2008 (AFP) – World oil prices fell sharply Friday on renewed concern that a slowdown in the US economy would dampen energy demand and on news that damage to an Iraqi pipeline was not as serious as first thought. New York crude values dropped under 106 dollars a barrel, a day […]
Windies legends demand shake-up after defeat to Sri Lanka
PORT-OF-SPAIN, Trinidad, March 28, 2008 (AFP) – West Indies legends Desmond Haynes and Deryck Murray have called for a major shake-up in the structure of cricket in the Caribbean in order to drag the team out of the doldrums. The comments of former Windies captain and opening batsman Haynes, and former vice-captain and wicketkeeper Murray, […]