Flashback 2008

January

The year started on a negative note with the killing of UNP MP T. Maheshwaran on January 1 and bombing of a Army bus at Slave Island on January 2 killing four people and injuring 25.

Shell increased the price of its 12.5 kg gas cylinder by Rs.175 with the new price at Rs.1,488.

* Reintroduced the VAT on nine essential food items

*Laugfs increased the price of its 12.5 gas cylinder by Rs. 211 _ new price Rs. 1,460.

* First ever Presidential award for Travel and Tourism organised to recognise the contribution made to the hospitality industry by persons and institutions.

February

*Sri Lanka's tea export earnings top Rs. 1 bln for the first time in its 141 year history.

*Dankotuwa launches Opus by famous UK designer Robin Levin.

*NSB launch pension scheme for people who don't receive a pension.

*BAM Knitting (Pvt) Ltd invests $3 mln on a modern plant.

March

*SAARC Payments Initiative launched.

*Emirates pulls out of its management agreement with SriLankan Airlines after 10 years. Emirates continue to hold its 43.6% shareholding.

April

*Malaysia's Usaha Tegas Group bought a 35.2% stake of SLT for US$ 300 mln creating history in the capital market.

*58th Central Bank Annual report presented.

June

*Ceylinco Insurance Plc launched its non voting share issue to raise 1.5 bln

July

*Cairn India who bid for one block in Mannar announced that it will invest US$ 100 mln to explore oil.

*Scandisk rejects a $5.85 bln takeover offer from Samsung Electronics

August

*Al-Futtaim the Dubai based automotive, retail , electronics and financial services conglomerate acquired 71% the majority shares of Associated Motorways (AMW) Plc.

September

*Treasury Secretary P.B. Jayasundera resigns.

*AIG USA's largest insurer to unveil restructuring effort as Company races to raise cash and avoid credit downgrades. AIG seeks $40 bln bridge loan.

*City Group to acquire banking operations of Wachovia Group

*Inflation slows to 24.3% (Revised CCPI) declining for the third consecutive month from a high of 28.2% in June.

October

*General Motors unveils Chenrolet Volt in Texas. GM hopes it will become the first mass produced plug in electronic car by 2010.

*Supreme Court orders to return the Waters Edge land to UDA within one month.

Former President Chandrika Kumaratunga ordered to pay Rs. 3 mln.

*Asian stocks dropped sharply in early trading after the Dow Jones closed at its lowest point in five years.

*Iceland Central Bank fixed exchange rates of its currency in a bid to stabilize country's economy.

*Financial markets close sharply down across Europe despite emergency interest rate cuts by the world's Central Banks.

*US Federal Reserve and European Central Bank announce half point cuts in interest rates.

* Britain unveils a $ 87.4 bln rescue package for its battered banking system as global stock prices continue to crumble.

*The Dow Jones index close well below 9000 points the lowest close since 2003

*Royal Bank of Scotland formerly UK's second largest bank is taken over by the UK government in a US$ 34 bln rescue package.

*Price of Portland and Porcelana cement increased .

* Suspected LTTE air raid in Mannar and Colombo.

*Central Bank allows limited depreciation of rupee to maintain competitiveness.

*Shell Gas reduces price by Rs. 78, Laugfs reduce price by Rs. 178.

*New Chairman Mihin Air, Raja Edirisuriya said that the airline will resume flights in December to Dubai, Trivandrum and Maldives.

November

*Dr Priyath Banduwickrama appointed as Chairman SLPA.

*Barack Obama elected as USA's 44th President.

*Bank of England cuts its interest rate by a record 1.5% as UK heads towards recession.

*The 10% levy on mobiles and wireless phones to be extended to land lines as well.

*Budget analysts comment import substitution preserving foreign exchange and promoting local industries the underlining theme of budget 2009.

*Cost of living increases from 1000 to 4500 from January 2009.

*Petrol reduced by Rs. 15, diesel by Rs. 30 and kerosene by Rs. 20.

*VAT reduced from 15-12%

*Cess on import of chocolates, biscuits increased .

*Nawaloka's Rs. 1.5b hospital complex opens.

*GM world's largest car maker reports $2.5 bln loss and warns that it is running out of money.

*China announced a $586 bln stimulus package in a move to stop the global financial crisis.

*Mohamed Nasheed sworn in as Maldives President.

* Bus fares reduced by minimum one rupee.

*Eurozone economy in recession for the first time since the introduction of the common currency says EU.

*Reduction in train fares announced.

*Japan the world's second largest economy is in recession.

December

*Capital Reach Leasing Ltd lists its shares on the second board of CSE.