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Sri Lanka quantity targeting exercise fails; lessons for 2008
Jan 01, 2008 (LBO) – Sri Lanka’s central bank says it met the milestones of an ill-fated reserve money targeting exercise in 2007, though inflation went out of control during the year, showing up the pitfalls of quantity targeting. The bank said it achieved the year end target of 267.6 billion rupees with room to […]
Canal Charge
ISMAILIYA, Egypt, Dec 30, 2007 (AFP) – Transit fees for ships using Egypt’s Suez Canal will increase in 2008 by an average of 7.1 percent, the canal authority said on Sunday. Fees will rise by 5.7 percent for container ships, by 7.3 percent for oil tankers and by 10.5 percent for natural gas ships, authority […]
Another One
Dec 31, 2007 (LBO) – Fitch Ratings has downgraded the State Mortgage and Investment Bank (SMIB) by one notch to A-(lka) and lowered its rating outlook to negative from stable, just as it downgraded HDFC Bank, another mortgage lender. “The rating downgrade reflects SMIB’s deteriorating profitability brought on by its inherent interest rate risk, and […]
Housing Woes
Dec 31, 2007 (LBO) – Fitch Ratings has downgraded the long-term rating of Housing Development Finance Corporation (HDFC) by one notch to ‘A-(lka)’ from ‘A (lka)’ and also lowered its outlook to negative from stable. “The rating downgrades reflect HDFC’s deteriorating profitability brought on by its inherent interest rate risk, and the escalation of such […]
Sri Lankan cloves to be dearer on shortfall
Dec 31, 2007 (LBO) – Sri Lankan cloves growers are seen benefiting from an expected rise in prices owing to a shortfall in production in the island and elsewhere and rising demand, trade officials said. Cloves production in India, the main buyer of the Sri Lankan spice, is also down and unable to meet the […]
Chaos as Zimbabwe demonetizes Z$200,000 note
HARARE, Dec 31, 2007 (AFP) – Zimbabwe’s central bank chief extended a deadline Monday to exchange 200,000 dollar bills just hours before they were to cease being legal tender after scenes of chaos at banks across the country.Last year, the central bank knocked three zeros from the country’s currency in a bid to rein in […]
‘s state-linked investments circle the globe
SINGAPORE, Dec 30, 2007 (AFP) – From banks to telephones, an airline to shopping malls, and semiconductors to airports, the reach of two state-linked investment firms from the city-state of Singapore extends around the world.The normally secretive Temasek Holdings and the Government of Singapore Investment Corporation (GIC) were thrust into the spotlight in December with […]
China to slap grain export taxes to tackle symptoms of inflation
BEIJING, Dec 30, 2007 (AFP) – China said on Sunday it will levy taxes on grain exports in 2008 in the latest move apparently aimed at reining in galloping inflation and ensuring stable domestic food supplies. The rates would range from five to 25 percent, according to a brief announcement posted on the website of […]
Sri Lanka Cricket chief resigns
Dec 31, 2007 (AFP) – Sri Lanka’s cricket chief Jayantha Dharmadasa on Monday stepped down, clearing the way for former captain Arjuna Ranatunga to take over in the top job. “He has offered his resignation in writing to the Sports Ministry secretary and will cease to be in office with effect from this evening,” Sri […]
Sri Lanka media watchdog slams president over unruly minister
Dec 31, 2007 (LBO) – A Sri Lankan media rights group Monday slammed President Mahinda Rajapakse for not taking action against a junior minister who allegedly rampaged through a state television station and assaulted its news director. It also urged the government to free the state print media from its control and to “re-establish state […]