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Rogue Banking
Sep 28, 2009 (LBO) – The global financial crisis was triggered by the loose monetary policy of the US Federal Reserve but central banks remained unregulated, a top Indian Reserve Bank official said.“The crisis has happened because of two things,” Reserve Bank of India deputy governor K C Chakrabarty said at the Sri Lanka Association […]
Top Marks
Sept 28 (LBO) – Fitch Ratings Lanka said it has confirmed DFCC Bank’s (DFCC) national long-term rating at ‘AA(lka)’ with a stable outlook.It also confirmed the bank’s senior debentures at ‘AA(lka)’ and subordinated debentures at ‘AA-(lka)’, also with a stable outlook. “The ratings are driven by the bank’s strong capital base as supported by continued […]
Indian pilot strike enters third day, flights hit
NEW DELHI, September 28, 2009 (AFP) – Debt-ridden Air India cancelled around 40 flights on Monday as management and striking pilots of the state-run carrier met to negotiate an end to three days of stoppages over a slash in bonuses.But senior pilots’ representative V.K. Bhalla told the Press Trust of India news agency that talks […]
Sri Lanka seeks wider access to China under trade deal
Sept 28, 2009 (LBO) – Sri Lankan exporters will get better access to the Chinese market in a new round of talks under a regional trade deal scheduled for completion in October, officials said.Sri Lanka will ask for more products to be covered in the fourth round of talks under the preferential trading arrangement, Asia-Pacific […]
Sri Lanka meets quantitative targets under IMF program: CB Governor
Sept 28, 2009 (LBO) – Sri Lanka has met the key end-September quantitative targets under an International Monetary Fund program, Central Bank Governor Nivard Cabraal said.“We have met all the targets under the program,” Cabraal said. A key target is a ceiling on reserve money or the narrowest supply of money made up of circulating […]
Sri Lanka re-appoints former Treasury secy. Jayasundera
Sept 28, 2009 (LBO) – Sri Lanka’s former Treasury Secretary P B Jayasundera has resumed his post with immediate effect after the President Mahinda Rajapaksa re-appointed him to the post, the department of government information said. Jayasundera had served as Treasury Secretary under two Pesidents. Sumith Abeysinghe, who was Treasury Secretary has been made Cabinet […]
Sri Lanka state revenues improve in July; budget gap still wide
Sept 28, 2009 (LBO) – Sri Lanka’s state revenues picked up in July, with taxes in the first seven months only 1.47 percent behind last year, but the budget gap continues to be wide, with current expenses growing 24.7 percent, the latest official data showed. The implied annualized overall deficit narrowed to 10.4 percent of […]
US Lesson
September 27, 2009 (AFP) – The Sri Lankan government said on Sunday it would study the United States’ treatment of suspected Islamic militants to learn how to deal with thousands of alleged former Tamil Tiger rebels. Sri Lanka’s attorney general Mohan Peiris was set to arrive in Washington on Monday for talks with his US […]
Uneasy Ryder sets up vital New Zealand victory
JOHANNESBURG, September 27, 2009 (AFP) – Brave opener Jesse Ryder struck 74 runs to set up New Zealand for a 38-run win over Sri Lanka at the Wanderers Sunday that kept alive hopes of an ICC Champions Trophy semi-finals place.Ryder had to use a runner as he battled a hamstring injury and his 125-run opening […]
Sri Lanka says to resettle displaced Tamils quickly
UNITED NATIONS, September 26, 2009 (AFP) – Sri Lanka’s prime minister vowed anew here Saturday that Colombo would quickly resettle civilians still in state-run camps after being displaced by the government rout of Tamil separatists.He complained that Sri Lankan authorities were not making sufficient progress in implementing a deal reached in May by Colombo and […]