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Chock Full
August 13, 2007 (LBO) – Congestion in Asian ports like Colombo is affecting cargo flows to the United States and ship schedules with the squeeze expected to continue into the next year, a body representing major shipping lines has said. Forward bookings suggest that the trend will continue into August, and retailers forecasts record eastbound […]
Car Drive
August 13, 2007 (LBO) – HNB Assurance net profit after tax rose 17 percent to 10.9 million rupees for the second quarter ended June 2007 with revenue from motor insurance growing strongly. Gross written premium revenue for the period was up 32 percent to 322 million rupees, according to interim results. In the six months […]
‘ intervention calming markets
BRUSSELS, Aug 13, 2007 (AFP) – The emergency action taken by central banks, injecting money into the banking system, appears to have had the desired effect of calming down the financial markets, the European Commission said Monday. “We are following developments. We do note that markets appear to have calmed,” said Maximilian Strotmann, spokesman for […]
Japanese shares up 0.48 percent by lunch
TOKYO, Aug 13, 2007 (AFP) – Japanese share prices rose 0.48 percent in morning trade Monday after Wall Street staged a late recovery Friday, although investors remained nervous about US mortgage problems, dealers said. Mizuho Financial Group fell 1,000 yen or 0.1 percent to 706,000, but Shinsei Bank rose five yen or 1.3 percent to […]
World growing despite subprime crisis says Aussie CB after raising inflation forecast
SYDNEY, Aug 13, 2007 (AFP) – Australia’s central bank Monday said it saw global growth as strong despite the uncertainty created by the crisis in the US home loan market. The Reserve Bank of Australia (RBA) said rising delinquency rates in the US sub-prime housing market had resulted in a marked increase in volatility in […]
Bank of Japan to print 600 bln yen into banking system
TOKYO, Aug 13, 2007 (AFP) – Japan’s central bank announced Monday it will inject 600 billion yen (5.0 billion dollars) into the banking system to avert liquidity shortages after recent turbulence on global financial markets. The Bank of Japan had already pumped one trillion yen into the money market on Friday as part of a […]
Maldives shrug off IMF red flag over Rufiyaa peg
August 13, 2007 (LBO) – The Maldives has shrugged off a red flag from the International Monetary Fund (IMF) that its currency peg with the US dollar was under threat from a record budget deficit and money printing. Sri Lanka’s external reserves have also been under pressure in recent months and the country is going […]
Sri Lanka underdeveloped regions deserve better – economist
August 13, 2007 (LBO) – A senior Sri Lankan economist has called for a higher allocation of resources for less developed regions of the island and special perks like higher pay for teachers serving those areas. Nimal Sanderatne, former senior visiting fellow at the Post Graduate Institute of Agriculture of the Peradeniya University, said one […]
Sri Lanka can wipe out poverty in a generation with practical policies: development economist
August 13, 2007 (LBO) – If market reforms and globalization that brought prosperity to Sri Lanka’s Western Province could be replicated countrywide, extreme poverty could be eliminated in a generation, a development economist said. Many economists had pointed out that Sri Lanka is held back by policy errors, despite being rich in human, natural resources […]
Sri Lanka living standards improving despite negative feelings: CB Governor
August 13, 2007 (LBO) – Despite perceptions of a lack of a ‘feel good’ factor steady gains are being made in living standards, Sri Lanka’s central bank governor Nivard Cabraal said. “Since there are perceptions and claims that people do not feel economic development. Let me also trace a few indications,” Cabraal told the members […]