Author: lbostgadmin
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” […]
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 […]
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 […]
Sri Lankan businesses focus on forex hedging amid rupee volatility
August 29, 2007 (LBO) – Sri Lankan exporters, importers and freight forwarders are to discuss ways of managing foreign exchange risks at a time when the rupee has started weakening against the dollar.Standard Chartered Bank, which structured and completed Sri Lanka’s first rupee option, is to provide technical experts for a seminar on understanding foreign […]
Sri Lanka opposition warns of possible default of a proposed sovereign bond
August 29, 2007 (LBO) – Sri Lanka’s main opposition announced a protest in front of HSBC Bank’s Colombo office after its leader warned that the country may not be able to repay 500 million dollars the bank is helping to raise. United National Party leader Ranil Wickremesinghe informed HSBC chief Stephen Green that the proposed […]
Not too late for Sri Lanka peace talks: Egeland
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 he […]
‘s Mahela, Muttiah among ICC award nominees
MUMBAI, Aug 28, 2007 (AFP) – Test captains Ricky Ponting of Australia and Mahela Jayawardene of Sri Lanka were on Tuesday nominated in four categories for the 2007 International Cricket Council awards.The winners will be announced at the ICC awards night to be held in Johannesburg on September 10, a day before the inaugural World […]
‘s central bank sees credit squeeze easing
SYDNEY, Aug 28, 2007 (AFP) – There are signs that the credit squeeze which rocked global markets recently is easing both in Australia and overseas, the deputy governor of Australia’s central bank said Tuesday. The Reserve Bank of Australia’s Ric Battellino said the steps taken by the central bank to ease upward pressure on interest […]
Money printing Zimbabwe fertilizer firms close due to forex shortages
HARARE, Aug 27, 2007 (AFP) – Zimbabwe is facing another year of food shortages as three major fertiliser manufacturers have closed due to power cuts and a lack of raw materials, state media reported Monday.Eben Makonese, chief executive of Chemplex Coroporation which runs the three semi-governmental firms, said Dorowa minerals, Iron Duke and Zimphos have […]
”s bid for PC maker Packard Bell hit by Acer-Gateway deal
BEIJING, Aug 28, 2007 (AFP) – A bid by China’s Lenovo to buy major European personal computer maker Packard Bell will probably fail due to an acquisition by rival Acer, state media said Tuesday.The Lenovo plan may be aborted after Taiwan’s Acer announced Monday it had signed a deal to buy Gateway for 710 million […]
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 […]
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 […]