All Blogs
Sri Lankan graphite miner increases profit with powder exports
March 13, 2008 (LBO) – Sri Lankan graphite miner Bogala Graphite Lanka said its net profit for 2007 was boosted 51 percent to 34.5 million rupees from the year before w by a new plant making high value powders. The plant can produce 29 grades of ‘classified graphite powders’ for export to end-users in the […]
European Carlyle investment fund to be liquidated
NEW YORK, March 13, 2008 (AFP) – Dutch-listed investment fund Carlyle Capital Corporation announced Thursday it had failed to reach a deal with its creditors and had defaulted on debt of nearly 17 billion dollars (11 billion euros).Share-trading in the troubled fund, linked to private equity giant Carlyle Group, was suspended in Amsterdam Friday, resumed […]
Dollar hits 12-year low vs yen, euro sets new record
TOKYO, March 13, 2008 (AFP) – The dollar slumped to a 12-year low against the yen and to a new all-time nadir versus the euro in Asian trade Thursday as traders bet on a hefty cut to US interest rates next week, dealers said. It is “only a matter of time before the dollar tests […]
Oil prices burst record 110 dollars as Fed printing weakens dollar
NEW YORK, March 12, 2008 (AFP) – Rocketing oil prices broke through 110 dollars per barrel for the first time in New York on Wednesday continuing a record run amid supply concerns and fevered market speculation.OPEC is under intense pressure from the United States to increase its production but declined to do so again as […]
”’ in global credit crisis
WASHINGTON, March 12, 2008 (AFP) – The International Monetary Fund on Wednesday warned authorities worldwide to “think the unthinkable” in planning to cope with a mounting crisis in the global financial system.John Lipsky, IMF first deputy managing director, called for “decisive policy action” amid a credit crunch that stems from the US real estate meltdown […]
No Hike
March 13, 2008 (LBO) – Sri Lanka’s petroleum utility will not raise retail fuel prices at least until the traditional April Sinhala and Hindu New Year festival, despite record crude oil prices, petroleum minister A H M Fowzie said. The state-owned petroleum utility Ceylon Petroleum Corporation (CPC) will use profits from overcharging hapless petrol uses […]
Sri Lanka sells bills over auction offer; rates steady
Mar 12, 2008 (LBO) — Sri Lanka sold 10.8 billion rupees of Treasury bills at an auction Wednesday without moving rates up, the government’s debt office data showed, but it was later offering more bills at average rates, dealers said.However, analysts say in the past excess liquidity had been inflationary in Sri Lanka due to […]
Niche Strategy
March 12, 2008 (LBO) – Sri Lanka’s high inflation, which is shrinking the incomes of consumers, should be reduced to promote economic activity, a top consumer durables firm which is feeling the pinch of rising prices has said. Singer Sri Lanka is targeting high-end customers as the country’s mass market turned sluggish in the face […]
Changing Skyline
March 12, 2008 (LBO) – An Indian property developer has inked a deal with Sri Lanka’s investment promotion agency to get tax concessions for an apartment complex in a Colombo suburb. However the interest rate structure started to get corrected last year following tighter monetary policy by the central bank, making less money available for […]
Parliament votes down Japanese central bank governor nominee
TOKYO, March 12, 2008 (AFP) – Japanese opposition lawmakers Wednesday voted down Bank of Japan deputy Toshiro Muto as the next central bank chief, defying the government which refused to look for a new candidate.Relations between the two main parties have been severely strained by a string of disputes culminating in the ruling coalition ramming […]