Category:
‘s central bank leaves rates on hold
SYDNEY, Sept 5, 2007 (AFP) – Australia’s central bank Wednesday left interest rates on hold for another month despite building price pressures, but analysts said another rise by year-end remained on the cards.The government’s handling of the booming economy is seen as one of its top vote-winners, but high interest rates are likely to hit […]
‘s Chandana quits in disgust
Sept 5, 2007 (AFP) – All-rounder Upul Chandana, one of Sri Lanka’s 1996 world cup winning team, on Wednesday announced he had quit international cricket and accused the selectors of treating him shabbily.“I was hoping to get selected for the world cup after doing consistently well in domestic cricket. It did not happen and when […]
Murali-less Sri Lanka fancy Twenty20 title
Sept 5, 2007 (AFP) – Sri Lanka have the resources to win the world Twenty20 crown despite the absence of star off-spinner Muttiah Muralitharan, their captain said Wednesday before leaving for South Africa. Skipper Mahela Jayawardena said Sri Lanka, the top limited-overs team in Asia and World Cup finalists in the Caribbean in April, needed […]
Seismic Eye
Sept 05, 2007 (LBO) – Sri Lanka will shortly tender for two-dimensional seismic surveys off the southern tip of the island to look for new oil deposits, officials said. “Then we can get better terms for the remaining blocks,” Fowzie said. Three out of eight off-shore oil exploration blocks in the Northwestern Mannar basin which […]
Sri Lanka politicians oppose taxes, while promoting inflation and money printing
Sept 05, 2007 – Sri Lanka’s opposition, including a Marxist party which engineered fuel subsidies and mass state recruitment forcing the government to print money and push inflation up, is now opposing taxes and demanding higher wages. In 2004, the Janatha Vimukthi Peramuna called for fuel subsidies to remove what it labeled ‘a plug’ to […]
Sri Lanka rupee comes off highs but spreads narrow
Sept 04, 2007 (LBO) – Sri Lanka rupee came off highs of 113.02 against the greenback Tuesday to close sharply lower in a day that saw strong buying from a state name, dealers said. The rupee opened around 112.97/113.02 to the dollar but closed at a new low of 113.15/18 rupees in spot trade. “The […]
Standard &’s chief quits amid rating criticism
September 04, (LBO) – Standard & Poor’s (S&P) had replaced its president amid mounting criticism by investors and calls by US lawmakers and EU officials to explain lax rating decisions. Standard and Poor’s had named Deven Sharma to replace Kathleen Corbet as president. McGraw-Hill, the parent company of S&P said Corbet was stepping down “to […]
Sri Lanka joins hands with Maldives to promote tourism
Sept 4, 2007 (AFP) – Sri Lanka has teamed up with the neighbouring island paradise of the Maldives to woo tourists from China, Russia and the Middle East, officials said Tuesday. Sri Lanka’s 26-billion-dollar economy earned nearly 400 million dollars from tourism last year, the fourth largest foreign currency earner behind tea, clothing and remittances […]
Cash Cycle
Sept 04, 2007 (LBO) – Sri Lankan companies have invested millions of dollars to develop modern warehousing for tea sold at the Colombo auction, the world’s biggest, slashing lead times to hours or even minutes, an industry official said. They provide real time cataloguing and computerised systems that enable quick transfer of goods from producer […]
Submarine Map
Sept 04, 2007 (LBO) – A Norwegian firm said it has been sub-contracted for two-dimensional seismic surveys of the seabed off Sri Lanka, as the island forges ahead to claim an extended continental shelf under international law. It is listed on the Oslo Stock Exchange. SCAN Geophysical Monday announced that the company has been awarded […]
Green Buildings
Sept 04, 2007 (LBO) – Cement manufacturer Holcim™s Sri Lanka unit Monday announced that it had begun receiving entries for the company’s second sustainable construction awards competition in which the top prize is 100,000 US dollars. Entries in the competition, designed to promote environmentally friendly construction, can be submitted until February 2008, Edward Schwarz, general […]
Maldives battles with rising drug abuse among young
VILINGILI ISLAND, Maldives, Sept 4, 2007 (AFP) – The Maldives, known as a holiday haven for the rich and famous, is grappling with a growing drug abuse problem among its young people including pre-teens.Around 20 percent of the island nation’s residents under the age of 15 are using banned substances, according to the National Narcotics […]