Author: lbostgadmin
‘s last “open outcry” trading pits shuts in Singapore
SINGAPORE, Sept 28, 2006 (AFP) – They curled their fingers, raised their arms, and tapped their heads while their throats went dry from hours of shouting.In front of the pictures, a mannequin wears a red jacket and a chunky identity tag. His hand is sideways, making one last offer in the pit. – by Ian […]
‘s 1Q GDP data to confirm eight pct full-year forecast: analysts
MUMBAI, Sept 27, 2006 (AFP) – Indian first quarter gross domestic product data this week is expected to confirm widespread forecasts for Asia’s third largest economy to grow at least eight percent in the year ending March, analysts say. India’s Central Statistical Office will on Friday report economic growth for the quarter ended June, the […]
Streaming Fast
September 28 2006 (LBO) – India’s Bharat Sanchar Nigam Limited Thursday officially kicked off a 1.8 billion rupee undersea cable unit with Sri Lanka Telecom, which will bring down call rates between South Asian countries. The optical fibre cable, which run between Mt Lavinia (Sri Lanka) and Tuticorin in India, will enable SLT customers to […]
Mutual Benefits
Sept 28 (LBO) – Japan™s Asia Pacific University (APU) tied up with Sri Lanka™s Chartered Institute of Management Accountants and the ICT Agency this week, offering training for small and medium businesses and state institutions. The Ritsumeikan Asia Pacific University is the only university in Japan to offer an entire curriculum in English from undergraduate […]
‘s tea production dips in Aug on bad weather, high fertilizer prices
Sept 28 (LBO) – Sri Lanka’s tea crop production dropped in August on a combination of bad weather and reduced use of fertilizer on estates due to soaring costs.Tea production in August dropped 11.7 percent to 21.8 million kilos over 24.69 million kilos the year before, as crops were hit by extended dry spells followed by […]
Family Ties
September 28, 2006 (LBO) — The Strategic Enterprise Management Agency (SEMA) and top state bank officials are due to present a comprehensive proposal to the President to make state banks more competitive. According to the SEMA, the Peoples’ Bank pension fund is short of 8.3 billion rupees, Bank of Ceylon 2.5 billion rupees and NSB […]
Higher Bar
Sept 28 (LBO) – The Sri Lankan government said Thursday that it would amend the country’s Finance Companies Act, to allow minimum capital requirements of finance companies to be raised. The government said earlier it would raise minimum capital requirements of finance companies from 100 million rupees to 200 million rupees, with companies given until […]
‘s Central Bank hikes short term interest rates by half a percent
September 28, 2006 (LBO) – Sri Lanka’s Central Bank Thursday hiked short term rates by 50 basis points, two days after shutting the bank’s standby cash facility to market players. Gilt prices crashed in thin trading with some dealers quoting 14.0 percent for discounting treasury bills for small value customers of around 100,000 rupees, but […]
‘s central bank restores cash facility to calm markets; emergency 50bp rate hike
September 28, 2006 (LBO) – Sri Lanka’s central bank Thursday regained control of the country’s runaway short-term rates by restoring a standing liquidity facility after a two-day cash squeeze experiment spread panic in money markets and sent bonds plunging.The government has been heavily borrowing commercial dollars this year and selling to the central bank, which […]
Sri Lanka not doing enough to communicate reforms to masses: World Bank
September 27, 2006 (LBO) – Sri Lanka is not doing enough to communicate reforms to the masses, making it difficult for investors to do business here, the World Bank said Wednesday. “Our studies have shown that countries that embrace reforms, reduces taxes, brings businesses and workers into the formal sector. People benefit from jobs, pension […]
Precious Data
Sept 27, 2006 (LBO) – India’s Oil and Natural Gas Corp and British Gas have bought up seismic data on potential oil deposits off Sri Lanka’s west coast, for two million dollars. Investors interested in potential oil reserves in the Mannar Basin could buy data from the Sri Lankan government, ahead of a bidding round […]
Pricing Wars
Sept 27 (LBO) – Sri Lanka’s state oil giant Ceypetco dropped fuel prices on Wednesday to appease trade unions, but has been helped by falling world prices of crude oil. Sri Lanka is expected to pay over 2.0 billion dollars this year, up from 1.6 billion last year for oil imports. (corrected) Sri Lanka’s minister […]