Category:
Scary Food
Nov 02, 2008 (LBO) – Sri Lanka’s health ministry has released a list products whose import and sale were banned because of fears of contamination by the harmful chemical melamine.The ministry of health care and nutrition officials said they are advising consumers not to consume food items which have tested positive for melamine internationality. These […]
South Asia braces for fall in vital remittances
DHAKA, November 2, 2008 (AFP) – The global economic crisis is putting a dent in funds sent to poor South Asian countries by nationals working abroad amid fears their armies of cheap workers will become redundant, say recruitment agents.Millions of families in Bangladesh, Nepal and Sri Lanka rely on remittances from relatives working in construction […]
Sri Lanka steps up air strikes after sea battle
November 2, 2008 (AFP) – Sri Lanka’s military stepped up air attacks against Tamil Tiger rebels in the island’s north after a sea battle left heavy casualties on both sides, officials said Sunday.War planes hit a suspected training base for Tamil Tiger guerrillas at Iranamadu, just south of the guerrillas’ political capital of Kilinochchi, on […]
British PM calls on Gulf states to give funds to the IMF
RIYADH, November 2, 2008 (AFP) – British Prime Minister Gordon Brown said Sunday it is in the interests of oil-rich Gulf states to give funds to help countries hit by the world financial crisis.On the second day of a brief Gulf tour that started in Saudi Arabia, Brown also backed an enhanced role for them […]
”’ conditions
MUMBAI, November 1, 2008 (AFP) – India’s central bank unexpectedly cut its key lending rate for the second time in two weeks Saturday and took other steps to spur economic growth and counter fallout from the global financial crisis. The Reserve Bank of India, citing “unsettled” financial conditions, reduced its key short-term lending rate, the […]
Sri Lanka sea battle claims heavy casualties
November 1, 2008 (AFP) – Sri Lanka’s navy and Tamil Tiger rebels fought a fierce sea battle off the island’s northern coast Saturday, and heavy casualties were expected on both sides, the two said.The latest sea battle came as Tigers were defending their main northern political capital of Kilinochchi against a ground offensive by security […]
World faces growing risk of conflict: US intelligence chief
WASHINGTON, October 31, 2008 (AFP) – The world faces a growing risk of conflict over the next 20 to 30 years amid an unprecedented transfer of wealth and power from West to East, the US intelligence chief has said. Michael McConnell, the director of national intelligence, predicted rising demand for scarce supplies of food and […]
Oil prices take another tumble
LONDON, October 31, 2008 (AFP) – Oil prices fell heavily again on Friday as the prospect of a global recession and weakening energy demand weighed on the market, analysts said. New York’s main contract, light sweet crude for December delivery shed 1.46 dollars to 64.50 dollars per barrel. London’s Brent North Sea crude for December […]
Sri Lanka bad budgets, hot borrowings, dollar peg has endangered economy: IMF
Nov 01, 2008 (LBO) – Sri Lanka has to change its ways to protect itself from the negative effects of bad budgets, foreign borrowings, and a ‘de facto’ dollar peg of the rupee, the International Monetary Fund has said. The IMF’s executive directors, in an annual assessment of the island, said the economy and the […]
Sri Lanka bond auction rates spike over 100bp
Oct 31, 2008 (LBO) – Sri Lanka’s bond yields spiked than 100 basis points and secondary market yields more than 100 basis points at this week’s auction. On Thursday the central bank broke a US dollar peg at 108.00 rupees and is now defending a new rate of 110.00 rupees. The 2-year bond yield shot […]
Sri Lanka central bank puts curbs on forex market
Oct 06, 2008 (LBO) – Sri Lanka’ central bank has tightened limits on overnight trading positions of commercial banks, imposed penal interest rates on exporter financing and raised deposit limits on import letters of credit, officials said. The rules were last used in 2001 when Sri Lanka floated the rupee following currency crisis created by […]
Sri Lanka IOC unit profits fall on taxes, hedging costs
Oct 31, 2008 (LBO) – Profits of Lanka IOC, a unit of India’s IOC fell 83 percent in the September quarter to 109 million rupees amidst high taxes and hedging costs, while six months profits were flat at 1.1 billion rupees, an official said. Lanka IOC managing director R Ramakrishnan said his firm was losing […]