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Sri Lanka awash in dollar liquidity, country wide inflation at 22.1-pct
Nov 06, 2007 (LBO) – Sri Lanka’s country-wide inflation shot up to 22.1 percent in September, the latest data shows, while the monetary authority is grappling with a liquidity shock from foreign borrowings that has flushed the system to unprecedented levels. Sri Lanka’s most widely watched index, the Colombo Consumer Price Index (CCPI) hit 19.6 […]
High Growth
Nov 05, 2007 (LBO) – Lanka Orix Leasing Company (LOLC) has grown 40.3 percent in the year to March 31 2007 compared to the rest of the industry which grew at 16 percent, Fitch Ratings said, confirming the firm’s ‘A(lka)’ rating. However Fitch said bad loans were rising and asked the leasing firm to “aggressively […]
Under Pressure
Nov 05, 2007 (LBO) – Fitch Ratings says Sri Lanka’s finance companies are coming under stress from the current high interest rates and inflation, which increases risks especially in smaller finance companies. Updated/corrected, bailout numbers While most finance companies are well capitalized compared to their risk assets, 12 smaller firms out of 31 do not […]
Open Sesame
Nov 05, 2007 (LBO) – Sri Lanka’s teleco operators are pushing the industry regulator to remove technology limits and allow networks to share resources as part of a broad plan to liberalise the market further, officials said.The wish list — prepared during an industry pow-wow with the telecom watchdog last week — also includes prickly […]
‘s top bank Citigroup names new chief
WASHINGTON, Nov 4, 2007 (AFP) – The world’s biggest bank Citigroup named ex-US Treasury chief Robert Rubin as its new chairman Sunday, replacing Charles Prince who retired as it posted massive losses from the subprime mortgage crisis. “It is my judgment that given the size of the recent losses in our mortgage-backed securities business, the […]
Top Dog
SHANGHAI, Nov 5, 2007 (AFP) – PetroChina became the world’s largest company by market value Monday, worth nearly one trillion dollars — double the value of ExxonMobil — as its shares surged in their debut on the Chinese mainland. The milestone underlined the ongoing boom on Chinese markets, which have been flooded with ready cash […]
Zimbabwe delays re-donomination; blackmarket exchange rates 950,000 to the US dollar
HARARE, Nov 4, 2007 (AFP) – Zimbabwe’s central bank chief said Sunday he has shelved plans to introduce a new currency in a bid to rein in galloping inflation and wants to direct efforts towards increasing supply of goods and services.Last month, Gono pledged that empty shop shelves would soon be replenished as he denounced […]
” not deemed torture
WASHINGTON, Nov 3, 2007 (AFP) – Six years after the September 11 attacks and despite the Abu Ghraib prison scandal, the United States insists its war on terrorism justifies extreme forms of interrogation, including “waterboarding,” and rejects any talk of torture.During a Senate confirmation hearing earlier this month, attorney general nominee Michael Mukasey refused to […]
Sri Lanka beaten by Queensland in tour match
BRISBANE, Australia, Nov 4, 2007 (AFP) – Queensland staved off a Sri Lankan pace onslaught to hold on for a four-wicket victory on the final day of their three-day tour match at Allan Border Field here Sunday.In-form Noffke had match figures of 8-57 while Test squad member Mitchell Johnson had a quiet game ahead of […]
Sri Lanka tightens security as Tigers vow war
Nov 4, 2007 (AFP) – Sri Lankan security forces stepped up patrols and roadblocks Sunday, fearing reprisals after the death of a top Tamil Tiger leader in a government air strike. They boosted their presence in and around the capital Colombo as the Tigers’ overall leader vowed to step up the long and bloody battle […]