Author: lbostgadmin
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
Sri Lanka credit crunch drives rates up, foreign names sell bonds
August 21, 2007 (LBO) – Sri Lanka’s Central Bank eased access to its discount window with overnight rupee rates hitting 40 percent, while the spot dollar hit an intra-day high of 112.10 rupees Tuesday, dealers said. Interbank money markets are facing liquidity shortages stemming from an outflow of foreign exchange. The monetary authority has been […]
Japanese stocks rebound 3.69 percent in morning trade
TOKYO, Aug 20, 2007 (AFP) – Japanese stocks rallied 3.69 percent in morning deals on Monday, lifted by a rebound on overseas markets after the US central bank on Friday cut a key interest rate to ease a credit squeeze, dealers said.The Tokyo Stock Exchange’s benchmark Nikkei-225 index of leading shares rose 562.89 points to […]
New Zealand probes dangerous chemicals in Chinese clothing
WELLINGTON, Aug 20, 2007 (AFP) – The New Zealand government Monday launched an investigation into allegations that clothes imported from China contained dangerous levels of the chemical formaldehyde.Scientists working for the Target television consumer watchdog programme found levels of formaldehyde in woollen and cotton clothes of up to 900 times the level believed to cause […]
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, […]
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 […]
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 […]