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India hikes rates by surprise 50 basis points
MUMBAI, July 26, 2011 (AFP) – India’s central bank hiked interest rates by a higher-than-expected 50 basis points on Tuesday, its 11th increase since March 2010, as it struggles to combat near double-digit inflation. The Reserve Bank of India (RBI) raised its repo rate at which it lends to commercial banks to 8.0 percent and […]
Sri Lanka inflation panic level above 7.0-pct: Treasury secretary
July 26, 2011 (LBO) – Sri Lanka should keep inflation below 7. 0 percent to ensure economic stability Treasury Secretary P B Jayasundera said, as lower levels of inflation may be beyond the capacity of economic policies to deliver. Additional inflation is created by central bank credit, such as liquidity facilities given to banks or […]
Sri Lanka foreign reserves move towards US$8bn
July 26, 2011 (LBO) – Sri Lanka’s foreign reserves would be close to eight billion US dollars after proceeds from a billion dollar sovereign bond comes to the country, Central Bank Governor Nivard Cabraal said. The balance is expected to be disbursed in two tranches after reviews in September and March. By end May Sri […]
Sri Lanka stocks slump 1.5-pct to a 7-month low
July 25, 2011 (LBO) – Sri Lanka stocks slumped 1.5 percent to a seven month low, reaching with the benchmark index falling to levels last seen last on December 23, as the market corrected downwards, brokers said. The benchmark All Share Price Index closed at 6434.34, down 1.57 percent (102.91 points) while the Milanka Index […]
Sri Lanka stocks slump to seven-month low
July 25, 2011 (LBO) – Sri Lanka share prices fell steeply Monday to a seven-month low after a brief rally in the morning to close more than 100 points lower on continued selling pressure, brokers said DFCC Bank closed at 127.50 rupees, down 2.50 with 555,800 shares traded, including a single crossing or off-market private […]
Sri Lanka first half tourism revenues up 50-pct
July 25, 2011 (LBO) – Sri Lanka’s tourism industry has earned 370. 1 million US dollars in revenues in the first half of 2011, up 50.9 percent from a year earlier, amid a strong increase in arrivals, official data showed. Foreign visitors have been flocking to the country since the end of a 30-year war […]
Sri Lanka plans inland fisheries expansion
July 25, 2011 (LBO) – Sri Lanka is expecting inland fish production to rise 15 percent to 60,000 tonnes in 2011, and is targeting 90,000 tonnes by 2013 backed by a program to push up production, officials said. Rohana Subasinghe, senior fishery resource officer at the Food and Agriculture Organization said Asia accounted for about […]
Learning Centre
July 25, 2011 (LBO) – Sri Lanka’s Laugfs group has started an educational facility with Australia’s University of Canberra to offer courses on customs, border management, tax and excise administration, officials said. LAUGFS Australia Higher Education Services, a unit of the Laugfs group has tied up up with Centre for Customs and Excise Studies (CCES) […]
Tied Hands
July 25, 2011 (LBO) – The chairman of Sri Lanka’s state-run Ceylon Petroleum Corporation, Ashantha de Mel had “no choice” but to use zero costs derivatives to which went against him when oil price fell “dramatically” in 2008, according to a ruling by a London court. A London court which dismissed a counter claim by […]
A new face for India-Pakistan peace talks
NEW DELHI, July 25, 2011 (AFP) – The foreign ministers of India and Pakistan will hold peace talks in New Delhi on Wednesday overshadowed by triple bomb blasts in Mumbai and intense media interest in Islamabad’s new top diplomat. They will be the first foreign minister-level discussions between the nuclear-armed neighbours and arch-rivals for a […]