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Sri Lanka interbank rates touch 40%
August 21, 2007 (LBO) – Sri Lanka’s interbank rates touched 40 percent in early trade Tuesday after the market ran out of liquidity amidst pressure on the currency, dealers said. However a fresh inflow of foreign capital can reduce pressure. The overnight call rate, where banks borrow from each other without collateral in the interbank […]
Guiding Hand
August 21, 2007 Sri Lanka should guide youth to build skills and be more responsive by better awareness of demand conditions, organizers of a national exhibition aimed at matching skills with market needs have said.“We have to create a climate of lifelong learning and provide credible guidance.” “There is a greater responsibility cast on all […]
Military Law
August 21, 2007 (LBO) – Military officers from Sri Lanka and the United States, two countries faced with tough suicide terrorist wars, discussed human rights and justice in counter-terrorism operations at a meeting in Colombo last week, the U.S. embassy said Tuesday. The three-day meeting, hosted by the U.S. Pacific Command, in partnership with the […]
Undersea Link
August 21, 2007 (LBO) – Indian telecom operator Bharat Sanchar Nigam Ltd (BSNL) is to increase charges on a submarine cable link with Sri Lanka Telecom that carries voice and data traffic between the two countries. It has also demanded the Indian government withdraw the new service tax and educational tax at 12.5 per cent […]
Nissan to put fuel efficiency gauge in all new models
TOKYO, Aug 21, 2007 (AFP) – Japan’s Nissan Motor Co.announced Tuesday plans to install a fuel efficiency gauge in all future new models in its latest effort to tap growing interest in energy-saving motoring. Nissan said that based on its own tests it estimates the gauge could cut fuel consumption by an average 10 percent […]
Sri Lanka central bank defends John Exter and itself against tide of criticism
August 21, 2007 (LBO) – Sri Lanka’s central bank law, devised by an international economist famed for his monetary prudence, has in-built safeguards to protect the economy unless it was abused, a top central banker said. Central Bank Deputy Governor W A Wijewardene defended the bank’s founder John Exter against a rising tide of criticism […]
Sri Lankan rupee weakens further against dollar
August 20, 2007 (LBO) – A Sri Lankan state bank’s offers for spot dollar moved above 112 rupees Monday with the bank, which usually represents Central Bank transactions, offering at 112.04, dealers said. On Friday, inter-bank deals closed above 112 despite the official offer being at 111.97. Import demand is seen driving the local currency […]
Banking Wealth
August 20, 2007 (LBO) – National Development Bank’s net profit for the second quarter ending June 30, 2007 shot up 208 percent to 556 million rupees from 181 million in the same quarter of last year. Net other income of the bank, excluding equity income, for the period was 389 million rupees compared with 320 […]
Market Surgery
August 20, 2007 (LBO) – Sri Lanka’s Asiri Surgical Hospital Monday confirmed it was in talks to buy a big stake in Asha Central Hospital, another hospital firm listed on the Colombo Stock Exchange (CSE). The Sunday Times newspaper quoted Fernando as saying the transaction will be concluded by the end of the month. Updated […]
Insurance Profit
Aug 20, 2007 (LBO) – Sri Lanka’s Asian Alliance Insurance has reported a turnaround with a small net profit of 1.5 million rupees being made in the first half ended June, 2007. This compares with a loss of 8.3 million rupees in the same half last year. In accounts posted for the first six month, […]