Tag: economy

Oct 20, 2008 (LBO) – Sri Lanka’s central bank says consumer inflation, which fell to 24.3 percent in September, will continue to fall till November in the light of tight policy in 2008 and falling global commodity prices. Central Bank governor Nivard Cabraal told LBO earlier this month that he expected inflation to be slightly […]

WASHINGTON, October 19, 2008 (AFP) – The United States is to launch a forum to promote security of largely American businesses in Asia amid concerns on issues ranging from copyright piracy to terrorism threats, officials said.The forum, pushed for by US companies in the region, will be inaugurated this week under the Overseas Security Advisory […]

Oct 19, 2008 (LBO) – The treasury bills portfolio of Sri Lanka’s central bank topped 40 billion rupees (370 million US dollars) by mid-October, according to the latest official data, indicating a continuing drain of foreign reserves. The central bank has been defending a US dollar peg at 108 rupees and injecting money into the […]

LONDON, October 17, 2008 (AFP) – World commodity prices tumbled this week, with oil striking a 17-month low point under 66 dollars a barrel in London, as fears of a global recession weighed on demand for raw materials. To receive instant alerts from LBO on your Dialog mobile type ‘act (space) lbo’ and send to […]

WASHINGTON, October 17, 2008 (AFP) – Asian economies may have to consider guaranteeing bank deposits as a defensive option against global market turmoil although the region’s financial system remains sound, the IMF’s Asia chief believes. To receive instant alerts from LBO on your Dialog mobile type ‘act (space) lbo’ and send to 678 European nations […]

Oct 17, 2008 (LBO) – An international conflict watchdog has urged the Sri Lankan government to ensure greater fairness and preference to local businesses in the economic development of the eastern region which was cleared of Tamil Tigers. The International Crisis Group said in a new report on Sri Lanka’s Eastern Province that the government […]

Oct 16, 2008 (LBO) – Changing Sri Lankan middle class consumer habits and inflation reducing spending power is forcing consumer goods marketers to change strategies to keep growth ticking. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 Emerging middle class consumers are showing a growing preference for […]

NEW YORK, October 15, 2008 (AFP) – The United States has slipped into recession, the head of the San Francisco branch of the Federal Reserve, the nation’s central bank, said. “The recent flow of economic data suggests that the economy was weaker than expected in the third quarter, probably showing essentially no growth at all,” […]

WASHINGTON, October 14, 2008 (AFP) – Paul Krugman, winner of the 2008 Nobel Prize for economics, said Monday in an interview with National Public Radio (NPR) that he should have anticipated the current financial turmoil. “I should have seen it coming,” said Krugman. “I berate myself for not understanding the extent to which we have […]

SINGAPORE, October 14, 2008 (AFP) – The US financial system is already in the emergency ward and will move into intensive care, Paul Volcker, former chairman of the US Federal Reserve, said in Singapore on Tuesday.“I’m afraid it’s going to be there for a considerable period of time before it returns to normal,” he said […]

BRUSSELS, October 13, 2008 (AFP) – The European Union and IMF stand read to help Hungary’s government with financial support if needed after its currency, the forint, slumped last week, the EU said. After the forint took a recent beating amid global financial market turmoil, International Monetary Fund had offered Hungary “technical and financial assistance,” […]

LONDON, October 13, 2008 (AFP) – World leaders must meet to agree a new Bretton Woods system, Prime Minister Gordon Brown said on Monday, referring to the global financial architecture agreed at the end of World War II. Speaking as Britain announced its latest move to try to stabilise the tottering banking system, he said […]