Author: lbostgadmin
” interventions
MUMBAI, August 30, 2013 (AFP) – India’s rupee resumed its downward trend against the dollar on Friday, after strong gains in the previous session, as dealers await GDP growth data and a statement from the prime minister on the ailing economy.The rupee — Asia’s worst-performing currency this year — was at 67.37 against the dollar […]
Sri Lanka tightens rules on car imports amid currency pressure
Aug 30, 2013 (LBO) – Sri Lanka has imposed a 100 percent cash margin on letters of credit to import cars to slow the imports of cars, the Central Bank said as the rupee came under pressure in forex markets. The central bank said currencies of several trading partners have weakened against the Sri Lanka […]
Sri Lanka rupee under moral suasion, bonds ease
Aug 30, 2013 (LBO) – Sri Lanka’s rupee was quoted at 132.95/133.10 to the US dollar in the spot next market amid moral suasion dealers said while bond yields eased slightly. Sri Lanka today imposed a 100 percent margin on letters of credit for car imports. Update II Interbank liquidity climbed to 5.1 billion rupees […]
Sri Lanka inflation up 6.3-pct in August
Aug 30, 2013 (LBO) – Sri Lanka’s inflation measured in the capital Colombo rose 6.3 percent in the 12-months to August up from 6.1 percent in July, though prices fell during the month, the state statistics office said.The Colombo Consumer Price Index fell 0.6 points during August to 176.2 points. ¬¬The food and non-alcoholic beverages […]
Sri Lanka to spruce up two cities with World Bank finance
Aug 29, 2013 (LBO) – Sri Lanka will borrow 200 million US dollars from the World Bank to develop two cities, the state information office said. The three year project will boost urban infrastructure in Kandy in central Sri Lanka and Galle in the South. The project will improve traffic and transport and solid waste […]
Sri Lanka slams UN rights body
COLOMBO, August 28, 2013 (AFP) – Sri Lanka’s president has criticised the UN Human Rights Council as its top official toured the battle-scarred nation to probe alleged war crimes, according to state media Wednesday.President Mahinda Rajapakse, who is on a trip to Belarus, has told his counterpart Alexander Lukashenko that both nations are being targeted […]
Air New Zealand annual profit soars to five-year high
WELLINGTON, August 28, 2013 (AFP) – Air New Zealand posted a 156 percent jump in annual net profit Thursday, the flag carrier’s best result in five years. The airline said net profit for the 12 months to June 30 was NZ2 million (2 million), up from NZ million in the previous year. Chairman John Palmer […]
Indians made poorer by currency depreciation
NEW DELHI, August 29, 2013 (AFP) – Seventeen-year-old Indian student Appu Sharma was going to apply to a US university to study economics but with the rupee on the ropes, he’s set his sights closer to home.Jayakrishnan declined to name figures but press reports calculated the three-day wedding he helped design for the daughter of […]
Briefing
Aug 29, 2013 (LBO) – A top official of Google, an information technology company will be in Sri Lanka on a chief executive officer’s briefing organized by the island’s IT industry. SLASSCOM, Sri Lanka’s IT and software chamber, said Ann Lavin, director, policy and government affairs, Greater China and Asian growth markets, Google, will deliver […]
Education Zones
Aug 29, 2013 (LBO) – Sri Lanka will set up investment zones to draw international universities to the country in a bid to boost higher educational services available to the people, a top official said.Sri Lanka’s higher education ministry secretary Sunil Jayantha Nawaratne said ‘free zones’ for education will be set up in Gampaha, Puttalam, […]
How?
WELLINGTON, August 29, 2013 (AFP) – New Zealand demanded answers Thursday about how a false test reading triggered a botulism scare for diary giant Fonterra that forced global product recalls, describing the episode as a costly embarrassment. Officials sounded the alarm earlier this month after tests showed batches of whey power produced by Fonterra were […]
Sri Lanka opposition warns on foreign borrowings, exchange rate
Aug 29, 2013 (LBO) – Sri Lanka’s main opposition United National Party has warned on continued foreign borrowings and the current developments in the island’s exchange rate market. Opposition legislator Harsha de Silva said in a statement that banks, including listed NDB and DFCC state banks are being pressured to borrow abroad to ultimately fund […]