Tag: Sri Lanka
’s emerging middle class spend more on convenience
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 […]
Burst Bubble
LONDON, October 16, 2008 (AFP) – Oil prices slumped further on Thursday, with Brent crude sliding below 68 dollars a barrel to the lowest level for more than 15 months, as slowing energy demand took its toll, traders said.Crude oil futures were down more than 50 percent from record highs of above 147 dollars reached […]
US slipping into recession: Federal Reserve
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,” […]
Hissing Noise
LONDON, October 15, 2008 (AFP) – The price of oil slumped below 72 dollars on Wednesday, its lowest level for more than 13 months, as recession fears raised concerns about a prolonged drop in energy demand, analysts said. The global financial crisis will give a vicious twist to an economic slowdown and is hitting world […]
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CHENNAI, October 15, 2008 (AFP) – A group of MPs from southern India have threatened to quit unless the government intervenes to halt “atrocities” against fellow Tamils in Sri Lanka. The 38 deputies from Tamil Nadu are allies of India’s ruling Congress party and their resignations could threaten the stability of the national government. “If […]
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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 […]
US financial system headed to intensive care: Volcker
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 […]
EU, IMF to help Hungary after forint slumps
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,” […]
Britain calls for new world monetary order
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 […]
Sri Lanka relies on hard drinkers to raise tax revenue
Oct 13, 2008 (LBO) – Sri Lanka’s government hopes to raise an additional two billion rupees a year in tax revenue through a recent increase in excise tax, a senior treasury official said. Raising revenue by taxing drinkers has long been a favourite tactic of successive governments in the island where per capita consumption of […]
Sri Lanka World Bank office clarifies SEC job
Oct 13, 2008 (LBO) – Sri Lanka’s World Bank office says the spouse of country director has been hired by the island’s securities watchdog by a competitive process and it has been cleared by the lender’s ethics committee. The full statement is reproduced below: With reference to the reports in news media about the employment […]
Sri Lanka Tamil Tigers may be formally outlawed, says Australia
SYDNEY, October 13, 2008 (AFP) – Australia is considering formally declaring Sri Lanka’s separatist Tamil Tigers a terrorist group, Foreign Minister Stephen Smith said Monday, calling for a political solution to the island’s civil war.Visiting Sri Lankan Foreign Minister Rohitha Bogollagama said he had asked Canberra to join countries such as Britain and the United […]