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IMF Vietnam forum debates post-crisis way forward for developing Asia
HANOI, Mar 22, 2010 (LBO) – Government officials, international financial institutions and policy researchers are discussing developing Asia’s response to the global crisis and the way ahead for lower poverty and growth at a forum in Hanoi Monday. Sri Lanka’s finance secretary P B Jayasundera, Nepal’s minister of finance, Surendra Pandey and advisor to Bangladesh’s […]
Investment Shift
Mar 21, 2010 (LBO) – Sri Lanka’s state-sector retirement funds plan to make “more aggressive” investments in the share market and less in Treasury bills and bonds, Central Bank Governor Nivard Cabraal has been quoted as saying. The funds have also been giving negative real rates of return for most years as interest rates on […]
India faces more rate hikes to tame inflation: analysts
MUMBAI, March 21, 2010 (AFP) – India’s central bank looks set to tighten monetary policy further after raising interest rates for the first time in nearly two years as it bids to check spiralling inflation, economists say. In a move that surprised experts, the Reserve Bank of India (RBI) hiked short-term rates from record lows […]
Debt Reduction
Mar 20, 2010 (LBO) – Sri Lanka’s Vallibel Finance will use cash raised from an initial public offering (IPO) to reduce financing costs and expand leasing and hire purchase businesses and its branch network, a senior official said. “We were planning to come to the market in another two to three years but we came […]
Sri Lanka sells US$93mn in dollar bonds
Mar 19, 2010 (LBO) – Sri Lanka has raised 92 million US dollars by selling two and three year dollar denominated bonds at rates slightly lower than the previous year, the government’s debt office said. In March severe cashflow strains usually emerge in government finances as state employees are paid two salaries ahead of a […]
Sri Lankan shares close 0.27-pct down on retail selling
Mar 19, 2010 (LBO) – Sri Lankan shares closed down Friday as investors took profits from selected midcap stocks, while Sunshine Holdings, John Keells Hotels and First Capital were heavily traded, brokers said. Commercial Bank of Ceylon closed at 191. 50. The All Share Price Index closed at 3,744. 92, down 10.27 points, while the […]
Helping Hand
Mar 19, 2010 (LBO) – Sri Lanka’s Central Bank has launched a credit refinance scheme to help small and medium enterprises which are in difficulty to recover, senior officials said. The 100 percent refinance scheme through banks will give loans at eight percent up to a maximum of 20million rupees to help existing firms recover, […]
Sri Lanka tea trade says expects short quality season
Mar 19, 2010 (LBO) – Sri Lanka’s tea industry expects a short ‘Western quality season’ this year with teas that had the desired quality picking up in price at recent auctions as volumes fell, officials said. “We might have a late season – there are signs of teas brightening up,” said Dhamitha Perera, chairman of […]
Sri Lanka poultry industry squeezed by state controls
Mar 19, 2010 (LBO) – Sri Lanka’s poultry industry has been squeezed by taxes on imported maize which pushed feed costs up and price controls on processed chicken which worsened a downturn in the industry, a top agro firm has said. Ceylon Grain Elevators group, a unit of Singapore’s Prima, said an economic slump in […]
”’?
Mar 19, 2010 (LBO) – Sources from the Central Bank indicate that the Monetary Board, in its deliberation for the monetary policy action in the month ahead, has decided to keep the ˜policy rates untouched’ for another month. But, when the inflationary pressures are mounting and the aggregate demand is accelerating, the disregard of the […]