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Sri Lanka markets off to a shaky start, rupee edges lower
August 29, 2007 (LBO) – Sri Lanka’s financial markets got off to a shaky start Wednesday with the rupee edging lower against the greenback and stocks losing ground after opening firmer after a religious holiday. The spot dollar traded at 113.10 rupees with intervention at 113.08 dealers said. Meanwhile overnight call rates dropped to 13.00/13.50 […]
China issues first batch of bonds to fund new forex investment agency
BEIJING, Aug 29, 2007 (AFP) – China was to sell nearly 80 billion dollars worth of government bonds Wednesday in the first batch of a planned special issue to fund a new foreign exchange investment agency, state media reported.The Ministry of Finance was to issue on Wednesday 600 billion yuan (79.4 billion dollars) as part […]
Dollar rebounds in volatile Asian trade
TOKYO, Aug 29, 2007 (AFP) – The dollar rebounded after falling sharply on Wednesday against the yen over renewed concern about credit problems in the United States, dealers said.But they said dollar-selling sentiment remained strong as the recent turmoil in equities may continue. The financial chaos has led dealers to unwind their risky “carry trades” […]
World stocks hammered as credit destruction continues
NEW YORK, Aug 28, 2007 (AFP) – Global stock markets saw dizzying declines Tuesday as a drop in US consumer confidence suggested slow growth ahead and Federal Reserve comments hinted at deeper-than-expected housing market woes. Shanghai managed to hit another record high however, on strong company earnings reports that pushed the overall market up by […]
Sri Lanka Susanthika passes 200m heat
August 29, 2007 (LBO) – Sri Lanka sprinter Susanthika Jayasinghe qualified for the 200 metres women’s event at the IAAF World Championships in Osaka overcoming an earlier disappointment at the 100 metre heats. “It was really important for me to finish strong to draw a good lane in the next round,” Jayasinghe said. “I was […]
Refining Plan
August 29, 2007 (LBO) – The Ceylon Petroleum Corporation (CPC), Sri Lanka’s state-owned oil refiner and distributor, is evaluating bids from two parties to conduct a feasibility study for its refinery expansion, a top official said. De Mel wants to acquire a hydro-cracker that can increase the yield of diesel in particular. Updated “We have […]
Better Defence
August 28, 2007 (LBO) – Sri Lankan security authorities plan to re-open Colombo port’s northern entrance for navigation once underwater defence systems being tested are installed and activated. The planned re-opening will remove a key constraint that has caused lengthy delays for cargo ships and raised costs for both shipping lines and port terminals. The […]
Home Loans
August 28, 2007 (LBO) – Fitch Ratings Lanka has confirmed the AA (lka) rating on HDFC Bank Series A mortgage backed securities, the rating agency said. The rating relates to the timely payment of interest and the ultimate payment of principal on Series-A certificates issued by the Home Loan Securitisation Trust 2005 (HLST), a special […]
Kenya to emulate Sri Lanka for tea value addition
August 28, 2007 (LBO) – Kenya is hoping to learn from Sri Lanka to add value to tea and earn more revenue in the face of sharp falls in prices for her tea, reports from the East African nation said. Economic analysts have earlier said that Sri Lanka’s efficient shipping, as well as the flexibility […]
Not too late for Sri Lanka peace talks: ex-peace broker
SINGAPORE, Aug 28, 2007 (AFP) – There is still time for peace talks between Sri Lanka’s government and separatist Tamil Tiger rebels despite the virtual collapse of a truce, a former Norwegian peace broker said Tuesday. “It’s not too late. They can and should and must reopen real peace negotiations,” Jan Egeland told AFP. But […]