Economy

World stock markets dive in crisis of confidence

LONDON, October 10, 2008 (AFP) - Global stocks went into a tailspin on Friday, with double-digit losses in Frankfurt, London and Tokyo, on widespread fears …

Sri Lanka agriculture hampered by skewed subsidies, land policies: World Bank

Oct 09, 2008 (LBO) - The World Bank has said Sri Lanka's agriculture sector is being held back by wrong policies that place a heavy reliance on subsidies and …

Zimbabwe inflation soars to 231 million percent

HARARE, October 9, 2008 (AFP) - Zimbabwe's annual inflation rate soared to 231 million percent in July, a state newspaper said Thursday, confirming the daily …

European print chief tells financial markets: ‘collect yourselves’

PARIS, October 8, 2008 (AFP) - European Central Bank Chief Jean-Claude Trichet urged financial markets to "collect" themselves Wednesday after Wall Street and …

Major central banks cut rates to head off deflationary collapse

Oct 08, 2008 (LBO) – Major reserve currency central bank led by the Federal Reserve, European Central Bank, Bank of England joined by Swiss and Swedish …

Sri Lanka core inflation continues embarrassing climb

Oct 07, 2008 (LBO) – Sri Lanka's controversial 'core' inflation index, which is claimed to be more responsive to monetary action, continued its …

Sri Lanka and India have talks on Thorium-based nuclear energy: report

Oct 06, 2008 (LBO) – Sri Lanka's science and technology ministry have sounded out India about using the island's Thorium deposits in nuclear energy, and …

Sri Lanka to get $900mn in World Bank aid

Oct 06, 2008 (LBO) - The World Bank will give Sri Lanka 900 million dollars in aid under its new four-year country assistance strategy aimed at achieving more …

Sri Lanka inflation battle threatened by cash injections

Oct 04, 2008 (LBO) – Sri Lanka's central bank said inflation would come down to below 20 percent by year end, but its monetary program is now threatened …

Canada blames US financial woes on ‘irresponsible’ state policies

OTTAWA, October 3, 2008 (AFP) - Canada's Prime Minister Stephen Harper on Thursday blamed current US financial woes and its worldwide fallout on …

‘Prophets of doom’ say crisis warnings unheeded

WASHINGTON, October 3, 2008 (AFP) - The so-called "doomsday" economists long derided by the mainstream say the current financial maelstrom was inevitable, but …

Sri Lanka fiscal management critical for managing inflation: think tank

Oct 03, 2008 (LBO) – Sri Lanka's government spending policies, and foreign borrowings are key to keeping inflation down though tight monetary policy can …

Sri Lanka central bank says money targets achieved amid reserve outflow

Oct 01, 2008 (LBO) – Sri Lanka's central bank said it had achieved reserve money targets set for the September quarter amid a reserve outflow that has …

Sri Lanka rupee breaks peg as monetary authority steps back

Sept 30, 2008 (LBO) – Sri Lanka's rupee broke its peg at 107.90 and spiked to 108.35 rupees against the green back on Tuesday after the monetary …

Sri Lanka 12-month inflation falls in September

Sept 30, 2008 (LBO) – Consumer prices in Sri Lanka's capital Colombo increased by 24.3 percent in the 12-months to September 2008, down from 24.9 percent …

UN says will restart Sri Lanka food aid

COLOMBO, September 28, 2008 (AFP) - The United Nations said on Sunday it would send food to those displaced by fighting in Sri Lanka's rebel-held north, two …

Sri Lanka lease-backed security retains rating: Fitch

Sept 26, 2008 (LBO) - A lease-backed security issued by Sri Lanka's People's Leasing Company, using a trust mechanism, has retained its 'A-(lka)' rating which …

Protests in Sri Lanka Ponzi capital

Sept 26, 2008 (LBO) - Protests erupted against authorities in a sleepy Sri Lankan fishing village which can almost lay claim to be the Ponzi capital of the …

France calls for punishment as 2008 paper money debacle unfolds

Sept 23, 2008 (LBO) – French president Nicolas Sarkozy called for those responsible for a global financial crisis to be punished as the biggest debacle …

Sri Lanka central bank is like a currency board: official

Sept 22, 2008 (LBO) – Sri Lanka's monetary authority is now operating almost like a currency board and its currency issue is fully backed by reserves, a …