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Dollar slides to new record low against euro, gold 825 dollars after rate cut
LONDON, Nov 7, 2007 (AFP) – The dollar on Wednesday tumbled to a fresh historic low against the euro, as a Chinese official suggested China may diversify its reserves away from the US unit, analysts said. The greenback was also pressured by the prospect of yet another cut to US interest rates, dealers said. The […]
Australian central bank hikes interest rate
SYDNEY, Nov 7, 2007 (AFP) – Australia’s central bank raised interest rates 0.25 points to an 11-year high of 6.75 percent Wednesday in a move expected to hurt Prime Minister John Howard’s re-election hopes. “Having weighed both the international and domestic information available, the board judged that a further increase in the cash rate was […]
Oil scales new US$97.10 peak in Asian trade
SINGAPORE, Nov 7, 2007 (AFP) – Oil powered to a new all-time trading high in Asian trade Wednesday amid expectations of a decline in US energy reserves ahead of the peak northern hemisphere winter, dealers said. At 9:15 am (0115 GMT), New York’s main contract light sweet crude for December delivery was up 52 cents […]
Heavy fighting in Sri Lanka leaves scores killed and wounded
Nov 7, 2007 (AFP) – Heavy fighting between Sri Lankan troops and Tamil Tiger rebels Wednesday left a large number killed or wounded, both sides said. The government and rebels had agreed to a Norwegian-brokered truce in 2002, but the peace process began to unravel in December 2005. The Liberation Tigers of Tamil Eelam (LTTE) […]
” bonds to get land tax break
Nov 07, 2007 (LBO) – Foreign resident Sri Lankans who will buy a special bond would be allowed to buy land in the country without a penal 100 percent transfer tax, President Mahinda Rajapakse said. The bond to be called ‘Homeland Development Bond’ would have maturities from 1 to 5 years and would be sold […]
Central Rating
Nov 06, 2007 (LBO) – Fitch Ratings Lanka has confirmed Central Finance Company’s (CF) long-term rating of ‘A+ (lka)’ with a ‘stable’ outlook. CF has a 20 percent interest in Nations Trust Bank (‘A (lka)’), a licensed commercial bank. “CF’s rating factors in its strong financial profile and its dominant market position as the second-largest […]
Agri Tour
Nov 06, 2007 (LBO) – Sri Lanka’s Hatton National Bank is sending local farmers to India to study agricultural practices and learn new techniques, officials said. The farmers, who are customers of 12 HNB branches hail from agricultural centres like Dambulla, Trincomalee, Vavuniya, Tissamaharama, Gampaha and Nuwara Eliya. “This is to encourage farmers to be […]
Maldives gives nod to Mauritius Commercial Bank
November 06, 2007 (LBO) — The Mauritius Commercial Bank has become the fifth foreign bank to secure a banking license to operate in the Maldives, the Maldivian Monetary Authority said Tuesday.The bank has been given six months to begin commercial operations in the Atoll nation and open a branch in the capital of Male to […]
Philippines inflation 2.7-pct on prudent monetary policy
MANILA, Nov 6, 2007 (AFP) – A strong peso offset rising oil prices and kept the Philippines inflation rate steady at 2.7 percent in October, the government said Tuesday.Last month’s inflation rate was within market expectations and the central bank’s forecast range of 2.5-3.0 percent. “Price pressures from major food, non-food and fuel items were […]
Google alliance to unleash potential of mobile Internet
SAN FRANCISCO, Nov 5, 2007 (AFP) – A Google-led international alliance announced Monday it is releasing open-source software that will free developers to bring the full power of desktop computing to mobile devices.The Open Handset Alliance bills “Android” as the first comprehensive mobile operating platform that software developers are free to adapt in any ways […]