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Standard Chartered bank shakes off credit crunch as profits soar
Aug 12, 2008 (LBO) – Standard Chartered said that its push into Asia, Africa and the Middle East had fuelled a profits surge at the emerging markets bank despite a jump in bad debts caused by the credit crunch, AFP news agency reported.Standard Chartered, Britain’s fourth-biggest retail bank by market value, said in an earnings […]
‘s wholesale inflation hits 7.1-pct in July 2008
TOKYO, August 12, 2008 (AFP) – Japanese wholesale inflation hit a 27-year high of 7.1 percent in July on soaring commodity costs, the central bank said Tuesday, adding to gloom about the health of Asia’s largest economy. The fresh signs of pain in the manufacturing sector came on the eve of figures expected to show […]
Dollar gains against Euro, commodities
TOKYO, August 12, 2008 (AFP) – The euro languished at six-month lows against the dollar in Asian trade on Tuesday as traders continued to focus on the deteriorating health of the eurozone economies, dealers said. Falling oil prices also helped prop up the greenback, they said. The euro was at 1.4898 dollars in Tokyo morning […]
Oil prices sink despite Georgian conflict
NEW YORK, August 11, 2008 (AFP) – Crude oil prices sank Monday as the market worried about weakening demand, particularly in the eurozone and in China, after Chinese oil imports fell sharply.New York’s main contract, light sweet crude for September delivery, fell 75 cents to close at 114.45 dollars a barrel. The contract hit an […]
India fail to crack Mendis mystery
August 12, 2008 (AFP) – India, reflecting on their Test series loss to Sri Lanka, have reason to believe they were beaten not so much by their hosts as by unorthodox spinner Ajantha Mendis, who remained an unfathomable mystery.The 23-year-old army officer badly bruised India’s batting pride during his team’s 2-1 victory in the series […]
Gas Dates
Aug 12, 2008 (LBO) – Sri Lanka’s state-run Ceylon Petroleum Corporation’s (CPC) entry into liquid petroleum gas (LPG) retailing has been pushed to December due to procurement delays, an official said. CPC runs a 50,000 barrels a day refinery, and is the island’s largest petroleum distributor with more than two thirds of the petrol and […]
No Crisis?
PARIS, August 12, 2008 (AFP) – Oil demand is slowing sharply in advanced economies as people ease up on driving, supplies are rising and the market is set to cool well into next year, the IEA said on Tuesday. But it is too soon to declare the price boom over for now, the IEA warned, […]
Sri Lankan shares weaken
Aug 11, 2008 (LBO) – Sri Lankan stocks closed weaker Monday with the indices dragged down by falls in John Keells Holdings and Distilleries, brokers said.The All Share Price Index closed down 0.08 percent (2.09 points) at 2,464.47 while the more liquid Milanka fell 0.16 percent (4.72 points) to 2,927.00. Turnover was just 143 million […]
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PARIS, August 10, 2008 (AFP) – The age-old fantasy of rendering objects invisible took a sharp step toward reality Sunday when scientists said they had created a material that can bend visible light in three dimensions.“An observer looking at the cloaked object would then see light from behind it, making it seem to disappear.” For […]
‘s Union Assurance June quarter net up by more than half
Aug 11, 2008 (LBO) – Sri Lanka’s Union Assurance said its group June quarter net profit rose 63 percent to 49 million rupees from a year ago. Revenue for the quarter rose 21 percent to almost 1.4 billion rupees with income from other investments going up 44 percent to 288 million rupees, according to interim […]
Sri Lanka apparel exporters urged to get closer to markets
Aug 11, 2008 (LBO) – A European expert has advised Sri Lanka’s apparel industry to get closer to their markets and focus on a limited number of customers to survive the threats posed by growing competition and rising costs. Scheffer, who is a professor of fashion and textile management at the University of Netherlands, said […]
Papuan tribal chief takes on US mining giant: report
JAKARTA, August 11, 2008 (AFP) – A tribal chief in Indonesia’s West Papua launched a campaign Monday to get compensation from US mining giant Freeport for environmental damage to his homelands, a report said. Fabianus P., chief of the Kapiraya tribe, said tailings from Freeport’s huge gold and copper mine in Indonesia’s easternmost Papua province […]