Category:
Fed cut rates to near zero; desperate efforts to bring inflation back
WASHINGTON, December 17, 2008 (AFP) – The Federal Reserve used up its ammunition on monetary policy Tuesday by slashing its base lending rate to virtually zero but pledged further efforts to stimulate credit and revive a moribund economy.The actions by Fed chairman Ben Bernanke and his colleagues put the central bank on track toward the […]
Sri Lanka rupee edges lower amid collapsing oil bill
Dec 16, 2008 (LBO) – The Sri Lanka rupee eased towards 111.90/112.05 against the US dollar, dealers said, with the central bank showing signs of easing off on an ill-fated sterilized intervention campaign that cost the country a third of its foreign reserves. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ […]
Sri Lanka share trading pumped up by JKH, Distilleries
Dec 16, 2008 (LBO) – Sri Lankan share trading picked up Tuesday with sizeable transactions in conglomerates John Keells Holdings and Distilleries pumping up volumes, although the indices still ended marginally lower, brokers said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The All Share Price Index […]
Global Sakvithi
PALM BEACH, December 16, 2008 (AFP) – The crime scene, according to prosecutors, is the 17th floor of a stately New York office building, where Bernard Madoff may have engineered the most costly investment swindle in history.But nowhere was the deception felt more personally than in Palm Beach, Florida, the small and affluent island community […]
Trial Balance
Dec 16, 2008 (LBO) – The Sri Lanka unit of UK-based Chartered Institute of Management Accountants (CIMA) said its local branch will not be shut and services to students and members would continue, following the suspension of its local council. “The branch will not be closed,” the Colombo unit said in a statement. “The only […]
Berry Boost
Dec 16, 2008 (LBO) – Dialog Telecom, Sri Lanka’s largest telco, says the introduction of Blackberry mobile devices has boosted productivity at Brandix, a top apparel firm that has become its largest user. Blackberry allows users to check and respond to mail, download attachments and also use calendars and address books. Dialog says it is […]
Sri Lanka fighting kills 145: military
December 16, 2008 (AFP) – Intense fighting in northern Sri Lanka on Tuesday left at least 25 government troops and 120 Tamil Tigers dead in ongoing battles for the rebels’ political capital, a military spokesman said.Security forces carried out simultaneous attacks against Tamil Tiger strong-points near the town of Kilinochchi, and also on the Jaffna […]
Sri Lankan Airlines drops flights to some Indian cities
Dec 16, 2008 (LBO) – Sri Lankan Airlines is dropping flights to Calicut, Cochin, Coimbatore and Hyderabad, from January 15, but increasing flights to more popular destinations including, Maldives, the airline said. The airline said the suspension of services to the four Indian cities will not affect the country’s tourism or export industry. Flights to […]
Emirates includes Sri Lankan firms in frequent flyer program
Dec 16, 2008 (LBO) – A frequent flyer program targeted at small and medium enterprises by Emirates, launched in the UAE in May 2008, has now been made available to Sri Lankan firms, the airline said. The ‘Business Rewards’ scheme allows a firm to earn flying miles whenever a registered employee books through the scheme. […]
Oil Commission
Dec 16, 2008 (LBO) – Sri Lanka’s state-run Ceylon Petroleum Corporation (CPC) was instructed to consider a bigger commission to its dealers, by the island’s Supreme Court, as part of directions issued on a new pricing formula.CPC’s newly appointed chairman, Asoka Thoradeniya was instructed to discuss the issue with Laugfs, a distributor that went to […]
Sri Lanka economy expands 6.3 pct in third quarter: statistics office
Dec 16, 2008 (LBO) – Sri Lanka’s economy expanded 6.3 percent in the third quarter of 2008 over the same quarter the previous year, and against 7.0 in the second quarter of this year, the governments statistics office said. Services grew by 5.5 percent, industry 5.6 percent and agriculture by 12.4 percent, statistics director Suranjana […]
Sri Lanka central bank disputes S&P credit downgrade
Dec 15, 2008 (LBO) – Sri Lanka’s central bank has disputed a sovereign credit downgrade by Standard & Poors to ‘B’ from ‘B+’ saying it done without “proper assessment”. The Central Bank also said some comments in a media statement issued by the rating agency were “factually incorrect, logically untenable and grossly misleading.” The central […]