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Australia considers amending deposit guarantee: Treasurer
SYDNEY, October 22, 2008 (AFP) – Australia is considering changing its multi-billion-dollar bank deposit guarantee scheme by charging savers who have more than one million dollars in the bank, Treasurer Wayne Swan said Wednesday. Prime Minister Kevin Rudd announced on October 12 an unlimited three-year guarantee on all deposits in institutions such as banks, credit […]
Fed rolls out new 540-bln-dollar aid to financial sector
WASHINGTON, October 22, 2008 (AFP) – The US Federal Reserve reached deeper into the troubled financial system on Tuesday, offering up to 540 billion dollars of help to money market mutual funds in its latest response to the credit crunch. Under a new program, the Fed offered the funds to back a private sector initiative […]
” over Sri Lanka conflict: minister
NEW DELHI, October 22, 2008 (AFP) – India voiced concern Wednesday over the conflict in Sri Lanka as Tamil MPs in parliament clashed over charges of “genocidal attacks” on the Tamil minority in the troubled island nation. Foreign Minister Pranab Mukherjee told parliament that New Delhi had conveyed its worries to Colombo over the safety […]
Sri Lanka stocks slide gathers momentum
Oct 21, 2008 (LBO) – The slide in Sri Lankan shares deepened Tuesday with sharp falls in blue chips and trading volumes increasing, brokers said.Dialog Telekom closed flat at eight rupees Bartleet Mallory Stockbrokers said price losers significantly outdid price gainers by 118 to 11 in Tuesday’s trading. They said in their market report that […]
Sri Lankan tea prices tumble at Colombo auction
Oct 21, 2008 (LBO) – Sri Lankan tea auction prices tumbled Tuesday amidst a collapsing global commodity bubble, though brokers said volumes picked up and an approaching winter was likely to bring more buying interest.“We’re confident that, while the market won’t go back to pre-currency drop rates, demand will pick up and stocks will begin […]
Water Waste
Oct 21, 2008 (LBO) – The Asian Development Bank is helping to fund a project to improve wastewater disposal in the Sri Lankan capital Colombo under which only treated effluent will be discharged into the sea. The Sri Lanka government is putting in 35 million dollars as its contribution to the project. The 135 million […]
Sri Lankan firms drawn to carbon trade
Oct 21, 2008 (LBO) – A host of Sri Lankan companies, especially plantations firms, have submitted proposals for projects to earn carbon credits by reducing greenhouse gas emissions, Ministry of Environment officials said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 Most of the projects are for […]
Pakistani officials to meet IMF over economic crisis
KARACHI, October 21, 2008 (AFP) – Pakistani officials are to meet International Monetary Fund representatives in Dubai on Tuesday as the violence-hit country looks for billions of dollars to stave off an economic meltdown. The government has insisted that seeking IMF help to avoid a balance of payments crisis is only a “back-up plan”, but […]
Sri Lanka says battle against Tigers delayed due to civilians
October 21, 2008 (AFP) – A massive Sri Lankan government offensive against Tamil Tiger rebels is taking longer than expected because of concern for civilians trapped in the battle zone, the country’s president said Tuesday.Mahinda Rajapakse told the state-run Daily News newspaper that his security forces were “fighting under severe constraints, to cause no harm […]
Sri Lanka Brandix says cleaner production makes economic sense
Oct 21, 2008 (LBO) – Sri Lankan apparel exporter Brandix group said its cleaner production efforts are driven not only by environmental imperatives but because they help cut costs and improve efficiency.New manufacturing methods that are cleaner than older ones are motivated by environmental imperatives, Brandix Casualwear Managing Director A J Johnpillai said. But they […]
Sri Lanka August export growth driven by commodities as garments falter
Oct 21, 2008 (LBO) – Sri Lanka’s August 2008 export earnings went up 16.6 percent to 761 million dollars from a year ago, driven largely by the boom in agricultural exports, the central bank said Tuesday. Spending on investment goods were up 21.3 percent to 1,976 million dollars in the eight month period. The central […]
India plans to complete global 3G spectrum auction in January
NEW DELHI, October 21, 2008 (AFP) – India said Tuesday its planned global auction for airwaves to offer high-speed third generation mobile phone services will likely be completed by mid-January.The auction of 3G phone spectrum could spur greater growth in the world’s fastest-expanding mobile market, which has been adding eight million new subscribers monthly, and […]