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Gold price hits record high as dollar wanes
LONDON, November 9, 2009 (AFP) – Gold prices hit a record above 1,100 dollars on Monday with the dollar weakening after a pledge by G20 countries to keep economic recovery pumped up with easy money.In morning trading here, gold struck an all-time peak of 1,109.50 dollars an ounce as the euro rose to 1.50 dollars […]
Sri Lanka needs stable foreign reserves: IMF
Nov 09, 2009 (LBO) – Sri Lanka needs stable foreign reserves collected from current account transactions as ‘borrowed reserves’ flowing into Treasuries markets can flow out quickly, an International Monetary Fund official said.“Money has rolled right in and reserves are at a comfortable position,” IMF resident representative Koshi Mathai said. “There is a difference between […]
Sri Lanka to keep lid on defence spending in 2010
Nov 09, 2009 (LBO) – Sri Lanka is planning to keep defence spending for 2010 at 2009 levels in rupee terms, and divert money spent on military activities to reconstruction, the government had told the International Monetary Fund. In a revised program document given to the IMF following the approval of a 329.4 million US […]
South Asian broadband stuck in international bottleneck: study
CHENNAI, Nov 09, 2009 (LBO) – South Asian surfers get slower and less reliable broadband internet connections for every dollar spent despite compared to users in developed countries, despite ‘cheaper’ packages, researchers have found. “The US and Canada packages that we have tested are not too different to pricing to our ones but the difference […]
‘s fast-growing telecom sector dials up trouble
NEW DELHI, November 8, 2009 (AFP) – India is still adding a staggering 15 million new mobile phone connections a month but the world’s fastest-growing cellular market has hit rough waters.A cut-throat price war is hammering down call charges, putting pressure on telecom companies’ earnings and share prices, and threatening a bruising shakeout in a […]
Sri Lanka asked by France to end emergency, probe war crimes
November 7, 2009 (AFP) – A top French envoy Saturday asked Sri Lanka to end its state of emergency and probe war crimes ahead of a key European Union ruling on trade concessions to the troubled island. Ambassador for Human Rights, Francois Zimeray, said he hoped Colombo will signal the ending of its war with […]
Keel Laying
Nov 07, 2009 (LBO) – Sri Lankan shipyard Colombo Dockyard said it has laid the keel for construction of the fourth Multipurpose Platform Supply Vessel for Greatship India.The vessel is meant to support the offshore oil and gas industry, the yard said in a statement. The occasion was attended by the owner’s representatives, officials from […]
South Asian trade portal seen boosting regional trade
Nov 07, 2009 (LBO) – A trade portal launched for the south Asian region should improve trade within the region and especially help small businesses, the Ceylon Chamber of Commerce said in a statement. The portal www.saarctrade.info – gives importers, exporters and small and medium-sized enterprises (SMEs) of the South Asian region access to important […]
Sri Lanka passes IMF loan hurdle, despite failing fiscal target
Nov 07, 2009 (LBO) – The International Monetary Fund (IMF) has approved a 413.4 million US dollar tranche under its stand by loan, despite the government failing to meet a key budget constraint, the lender said. Under the original deal, a net international reserve target, which excluded borrowed reserves other than that of the IMF […]
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LONDON, November 6, 2009 (AFP) – The price of gold hit a record high above 1,100 dollars an ounce in trading here on Friday following a report that Sri Lanka had joined India in purchasing the precious metal in favour of the US currency. “The Central Bank of Sri Lanka has announced that it is […]
Sri Lanka stocks rebound
Nov 06, 2009 (LBO) – Sri Lankan share prices rebounded Friday after falling sharply in recent days with brokers saying better company earnings and falling interest rates likely to bring buyers back to the market. “Undisciplined trading practices may have contributed to the down trend.” The fall in interest rates and improved company earnings, and […]
Sri Lanka seeks to turn subsistence farming into agri-business
Nov 06, 2009 (LBO) – Sri Lanka needs to develop and maintain consistent policies and provide appropriate support infrastructure to change subsistence farmers into commercially successful agri-businesses, an expert said.“The most important thing the government can do is to ensure consistent policies on agriculture, land, trade and investment,” said Anoma Ariyawardana of the Faculty of […]