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Sri Lanka troops reach outskirts of Tiger base: military
November 21, 2008 (AFP) – Sri Lankan security forces on Friday reached the outskirts of the Tamil Tiger political capital in the island’s north after months of heavy fighting, the defence ministry here said. Troops fought pitched battles with the Tamil Tigers and seized control of more rebel defences on the north-western edge of Kilinochchi, […]
Sri Lanka overpower dismal Zimbabwe
HARARE, November 22, 2008 (AFP) – Two days after a senior ICC delegation turned up to assess Zimbabwe’s suitability for a return to Test cricket the country’s batsmen ruined everything by cobbling together only 67 runs in a backs-to-the-wall 31 overs against Sri Lanka here Saturday.Their dismal nine wicket defeat followed one that was barely […]
Obama readies economic team with New York Fed boss tipped for Treasury secy
WASHINGTON, November 22, 2008 (AFP) – The economic team of US president-elect Barack Obama came into view Friday as fears mounted on the global financial crisis and more mass job cuts loomed worldwide.Reports said Obama was set to appoint New York Federal Reserve chief Timothy Geithner as his Treasury secretary to take charge of fixing […]
China, India rising, but face bumpy ride: intelligence forecast
WASHINGTON, November 22, 2008 (AFP) – A new US intelligence forecast identifies China and India as rising heavyweights in a coming multi-polar world but says both face a potentially bumpy ride to the top.“Although we believe chances are good that China and India will continue to rise, their ascent is not guaranteed and will require […]
Sri Lankan stocks fall sharply in thin trading
Nov 21, 2008 (LBO) – Sri Lankan stocks fell sharply Friday with a small net foreign inflow although trading volumes were low in what share market analysts described as a delayed reaction to the plunge in global markets yesterday. Chemical Industries (Colombo) with 14.2 million rupees, and Lanka Lubricants with 12.9 million rupees topped the […]
Sri Lanka export earnings fall in September
Nov 21, 2008 (LBO) – Sri Lanka’s exports earnings in September fell 9.4 percent to 652 million US dollars from a year ago on lower demand from the US and other big markets, the central bank said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 Industrial exports […]
Gravy Train
Nov 21, 2008 (LBO) – The Sri Lankan government has increased the customs duty on imported petrol by 10 rupees per litre to 35 rupees from yesterday, a senior Treasury official says. We are increasing the taxes to trim the extra profits the two petroleum companies are making with the sudden drop in world energy […]
US consumer prices plunge record 1.0 pct in October
WASHINGTON, November 19, 2008 (AFP) – US consumer prices plunged a record 1.0 percent in October amid an accelerating global financial crisis, government data showed Wednesday. The one-month decline in the Labor Department’s consumer price index (CPI) was the steepest since the department began publishing seasonally adjusted changes in February 1947 and exceeded analysts’ consensus […]
Sri Lanka capital projects may be delayed but disinflation faster amid global turmoil: interview
Nov 20, 2008 (LBO) – Sri Lanka has plans to borrow abroad next year at commercial rates to repay maturing loans and keep its infrastructure projects on track. While raising new money is difficult, ongoing global turmoil is tempering commodity prices, helping price stability. ETV’s Lanka Business Report programme discussed the challenges facing Sri Lanka […]
Sri Lanka high-value shares draw interest
Nov 20, 2008 (LBO) – Sri Lankan stocks closed virtually flat on Thursday with high-value stocks like John Keells Holdings drawing interest, brokers and analysts said. The Colombo All Share Price Index fell 0.33 percent (5.74 points) to end at 1,1711.78 while the Milanka index of liquid stocks fell 0.01 percent (0.23 points) to 1,927.21. […]
Sea Bandits
HONG KONG, November 20, 2008 (AFP) – A Hong Kong-flagged ship captained by a Sri Lankan that was hijacked two months ago off the coast of Somalia is returning home after its owner paid a ransom to a group of pirates, AFP was told Thursday. A spokeswoman for Sinotrans Shipping said its vessel Great Creation […]
Financial Turmoil
Nov 20, 2008 (LBO) – A senior Sri Lankan central banker says the collapse of the global financial sector has underlined the value of real output and resources but that it could dampen consumption. Central Bank Deputy Governor W A Wijewardena said that the entire financial market is now going through turmoil. He was speaking […]