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EU commissioner tell governments to keep out of Central Bank decisions
MADRID, Sept 3, 2007 (AFP) – EU Economic and Monetary Affairs Commissioner Joaquin Almunia on Monday called on EU states to respect the independence of the European Central Bank (ECB) over monetary policy and setting interest rates.Also Monday, Almunia said he believed the current crisis in the US subprime mortgage market would not have a […]
Sri Lankan cricketer Upul Chandana bows out
Sept 4, 2007 (AFP) – Sri Lankan all-rounder Upul Chandana has retired from international cricket amid speculation he will sign up with the breakaway Indian Cricket League, reports said on Tuesday.Chandana, 35, gave his decision to Sri Lanka Cricket (SLC) chief executive Duleep Mendis in a letter without specifying the reason for his retirement, the […]
EU pressures Sri Lanka on rights abuses, Govt says only reacting to terror
Sept 04, 2007 (LBO) – The European Union has told Sri Lanka to ensure there are no more human rights abuses while the government has said its recent military actions were only to defend against Tamil Tiger terrorism. EU Commissioner for External Relations and European Neighbourhood Policy Benita Ferrero-Waldner has told Foreign Minister Rohitha Bogollagama […]
Sri Lanka welcomes Indian Ocean naval drill
PORT BLAIR, India, Sept 4, 2007 (AFP) – A massive naval drill opens in the Indian Ocean on Tuesday with warships from the United States and four other nations flexing their muscle in one of the world’s busiest shipping lanes. Twenty-seven ships and submarines from the United States, Australia, Japan and Singapore will join seven […]
Sri Lanka says reserve money on target, but domestic assets rise
Sep 04, 2007 (LBO) – Sri Lanka’s central bank said Tuesday reserve money growth is on target, but domestic assets in the monetary base continued to rise, indicating a further weakening of international reserve backing for the local currency. However analysts say Central Bank attempts to stabilize the economy has been undermined by a fiscal […]
Asset Backed
Sept 03, 2007 (LBO) – Fitch Sri Lanka has affirmed the ‘A (lka) national rating given to lease-backed securities of Senkadagala Finance Company, which has a ‘BBB+ (lka)’ rating with a stable outlook. The Lease Backed Trust Certificates (LBTCs) were issued by the special purpose vehicle Senkadagala Finance Trust Three (SFT3) with its credit enhanced […]
Sri Lanka to tender exploration blocks in October; estimated one billion barrel deposit
September 03, 2007 (LBO) – Sri Lanka is tendering three off-shore oil exploration blocks in October and exploration firms are expected to begin work in 2008, petroleum minister A H M Fowzie said. Sri Lanka has identified eight off-shore exploration blocks in the north eastern Mannar basin of which two had been reserved for China […]
Unilever suggests two-tier tea market instead of supply controls
Sept 03, 2007 (LBO) – Tea producing countries should aim to produce better quality, certified tea and not try artificial supply controls to raise prices, an official from the multinational Unilever said. Ian Neathercoat, Senior Resident Manager, Supply Chain Compliance Controller, Unilever Supply Chain Company, Europe, advocates the creation of a two-tier tea market producers […]
Not Yet
Sept 03, 2007 (LBO) – No decision has yet been made to close the UK visa office in Colombo, though a review is underway, the British High Commission in Colombo said Monday. Press reports had said the visa office may be closed and moved to India. “There is an ongoing review into British visa services […]
German subprime victim IKB warns of heavy losses
FRANKFURT, Sept 3, 2007 (AFP) – German bank IKB, badly hit by its exposure to bad housing loans in the United States, said on Monday it expected losses of between 600 and 700 million euros (818 million dollars and 955 million dollars) in its fiscal year 2007-2008. IKB, whose financial year runs from April to […]