Category:
Swiss Re back to profitability in first quarter
ZURICH, May 7, 2009 (AFP) – The world’s biggest reinsurer Swiss Re said Thursday it made a profit of 150 million francs in the first quarter, returning to profitability after posting its biggest annual loss in 2008. “We are pleased to report that Swiss Re was able to return to profit in the first quarter […]
Sri Lanka rupee climbs higher
May 06, 2009 (LBO) – The Sri Lanka rupee closed at 118.10/20 against the spot US dollar Wednesday after floating higher from opening levels of around 119.80/120.00 levels with weak import demand, dealers said. In February the central bank’s real effective exchange showed the rupee was 26 percent overvalued against the US dollar. State banks, […]
Sri Lankan shares close up, rupee gains
May 06, 2009 (LBO) – Sri Lankan shares gained on Wednesday supported by institutional and high net worth interest on blue chip stocks, while the rupee gained against the US dollar mid weak import buying, dealers said.A parcel of 276,000 of Ceylon Tobacco Company changed hands at 116.00 rupees. CTC, a subsidiary of global tobacco […]
Full Testimony
May 6, 2009 (LBO) – Federal Reserve chairman Ben Bernanke told the Joint Economic Committee of the US congress that he expects “economic activity to bottom out, then to turn up later this year.” In contrast to the somewhat better news in the household sector, the available indicators of business investment remain extremely weak. Spending […]
‘s Tamil south
CHENNAI, May 6, 2009 (AFP) – The head of India’s ruling Congress party, Sonia Gandhi, cancelled two planned election rallies Wednesday in the country’s ethnic Tamil-dominated south, officials said. The state is scheduled to go to the polls next week in the fifth and final phase of India’s staggered month-long elections.Party officials, however, denied the […]
” for Asia
SINGAPORE, May 6, 2009 (AFP) – The International Monetary Fund (IMF) on Wednesday sharply slashed its growth outlook for Asia, predicting a “long and severe recession” for the region’s wealthier but export-reliant economies. The export-led model of economic growth “may not pay the same dividends as in the past” as households in advanced economies were […]
Sri Lanka customs opens cargo inspection facility
May 06, 2009 (LBO) – Sri Lanka’s customs department opened a new container inspection facility just outside Colombo near the port which senior officials said would help speed up examination of cargo.The facility, at a sprawling warehouse complex of the government food department next to the railway line, was built by a private firm, Rank […]
‘s Ban to assess crisis
May 6, 2009 (AFP) – Sri Lanka’s president has invited UN Secretary General Ban Ki-moon to visit the island and assess first-hand the plight of civilians affected by fighting with Tamil rebels, his office said Wednesday.President Mahinda Rajapakse, under pressure over allegations that his troops have been shelling civilian areas, spoke to Ban on Tuesday […]
Sri Lanka set to submit seabed claim
May 06, 2009 (LBO) – Sri Lanka is set to formally submit its claim for sovereignty over a bigger area of the ocean floor surrounding the island under international law, officials said. “The survey confirmed the assumptions made by Sri Lanka’s Law of the Sea delegation in 1970s and 1980s regarding the location of 1km […]
Sri Lanka treasuries fall
May 5, 2009 (LBO) – Sri Lanka’s Treasuries yields fell across the board with the 12-month yield falling 27 basis points to 13.78 percent at Tuesday’s auction, the government’s debt office said. The 6-month yield fell 51 basis points to 13.44 percent and the 3-month yield fell 43 basis points to 12.22 percent. The government […]
Sri Lankan stocks up, rupee stable
May 05, (2009) – Sri Lankan shares were boosted by heavy trading in high-value stocks with a foreign fund continuing to sell its stake in National Development Bank (NDB) while the rupee was stable at 119.90/120.10 during late afternoon trading, brokers and dealers said. A source close to the deal said fund manager Raj Rajaratnam’s […]
Safe Anchorage
May 05, 2009 (LBO) – Sri Lanka is trying to position itself to attract the growing ship lay-up business triggered by the global economic slump and has earmarked safe anchorages for vessels, a senior Sri Lanka Ports Authority (SLPA) official said.“We have got clearance from the security authorities now to lay up vessels in safe […]