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Maldives president claims referendum victory, appeals for unity
MALE, Aug 19, 2007 (AFP) – Maldives President Maumoon Abdul Gayoom on Sunday claimed victory in a referendum on how the Indian Ocean atoll nation should be governed, saying it was a mandate for his reform proposals. The Maldives consists of 1,192 tiny coral islands scattered 850 kilometres (550 miles) across the Equator. Only 200 […]
Maldives vote to decide British or US style democrazy
MALE, Aug 19, 2007 (AFP) – Voters in the Maldives were waiting for results Sunday from a referendum on how they want to be governed in future, after the tiny Pacific nation got an unusual taste of democracy.Protestors led by the main opposition Maldivian Democratic Party (MDP) have taken to the streets in recent years […]
Cleveland savaged by tragedy of home foreclosures
CLEVELAND, Ohio, Aug 19, 2007 (AFP) – The US dream of home ownership is going up in smoke in Cleveland, now littered with broken promises and lost hopes as it tops the nation’s tragic roll call of foreclosures.In the first seven months of this year, there were 13,600 foreclosures in Cleveland and Cuyahoga County alone, […]
Banks facing sharp end of global equities rout: analysts
LONDON, Aug 19, 2007 (AFP) – The world’s banks have found themselves in the eye of the financial storm lashing world markets as analysts struggle to pinpoint their exposure to the slumping US housing sector. Markets in Europe and the United States staged a rebound on Friday, after a week of turmoil, as the US […]
Natural Harbour
August 18, 2007 (LBO) – Sri Lanka’s eastern port of Trincomalee is to be developed as an eco-port with the emphasis on exploiting its value as a marine habitat, an official said. Sri Lanka Ports Authority (SLPA) chairman Saliya Wickramasuriya said Trincomalee will not be developed for industrial activity or to handle containers. This is […]
Narrower Margin
August 18, 2007 (LBO) – Sri Lanka Telecom (SLT), the island’s only wireline operator, has reported 45 percent lower profits in the June quarter as it sliced 875 million rupees off revenue pending a court decision on a case filed by a consumer organization. SLT reported 560 million rupees of consolidated profits down from 1,000 […]
Bruised US investors see perilous waters ahead
NEW YORK, Aug 17, 2007 (AFP) – Credit fears have played havoc with Wall Street stock portfolios and US investors could suffer more bruises from fresh upheavals sweeping world markets in the week ahead, despite an emergency rate cut. Confidence was in short supply on Wall Street this past week as investors sold off stocks […]
Card Credit
August 17, 2007 (LBO) – Sri Lanka’s HSBC bank, the top credit card issuer in the island has tightened credit card based lending in the face of a spike in defaults, officials said.“We have seen an increase in non-performing advances,” HSBC’s head of personal banking Simon Williams told LBO. “When inflation picks up and expenses […]
Looking Up
August 17, 2007 (LBO) – Sri Lanka’s Seylan Bank June quarter profits surged 78 percent with revenues going up by 21 percent despite flat loan growth, interim results filed with the Colombo Stock Exchange showed. Group net profit after tax grew to 458.6 million rupees in the three months ended June 2007 from 257.7 million […]
Credit Build
August 17, 2007 (LBO) – Sri Lanka’s banking sector assets had expanded 9.5 percent, with loans rising 11.2 percent against deposit growth of 7.6 percent, the Central Bank which regulates the sector said. . “Banking sector has shown a significant expansion during the first half of 2007 reflecting continued expansion in economic activity,” the Central […]
Hospital Play
August 17, 2007 (LBO) – Asha Central Hospitals said Friday several parties were negotiating to buy the controlling stake of the firm after its share price more than doubled to 80 rupees over the week. The firm later bought the property in Norris Canal Road with borrowed funds. More than 80 percent of the company […]
Green Revolution
August 17, 2007 (LBO) – Rice farmers in India™s West Bengal made history when they successfully traded carbon credits for cash – with lessons for Sri Lanka taking its first tentative steps in carbon finance. About 33 Indian rice mill owners banded together and agreed to switch from polluting diesel oil they used in their […]