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‘s RBI to sterilize interventions with long-bond purchases
MUMBAI, August 21, 2013 (AFP) – India’s shares opened higher and bond yields eased Wednesday but its currency remained under pressure after the central bank announced moves to inject 80 billion rupees into the banking system. Banking stocks jumped on the new measures, pushing Indian shares 1.22 percent higher to 18,468.55 points, after falling nearly […]
ADB says Asian nations need at least 18-pct industry to be rich
SINGAPORE, August 21, 2013 (AFP) – Growth-hungry Asian economies which bypass industrialisation and leapfrog from agriculture to the services sector may fall into a “middle income trap”, the Asian Development Bank (ADB) cautioned Wednesday.ADB chief economist Changyong Rhee said the region’s low-income economies should focus on developing their manufacturing sectors, which would in turn generate […]
‘s rupee slips to new record low against dollar
MUMBAI, August 20, 2013 (AFP) – India’s rupee hit a new all-time low against the dollar on Tuesday on continuing fears that recent measures to stabilise the currency and kickstart the flagging economy will not work. Asia’s worst-performing currency this year slid to 64.11 rupees against the dollar, past its previous low of 63.22 the […]
Sri Lanka mulls listing dollar corporate bonds
Aug 19, 2013 (LBO) – Sri Lanka’s Securities and Exchange Commission is in talks with the central bank over permitting dollar denominated corporate bonds to be traded on the stock exchange, an official said. “We are talking to central bank to allow companies to issue dollar bonds,” SEC chairman Nalaka Godahewa told a forum organized […]
”’ rating confirmed: Fitch
Aug 19, 2013 (LBO) – Sri Lanka’s John Keells Holding’s ‘AAA(lka)’ rating has been confirmed by Fitch with a stable outlook, saying the group has cash reserves and low leverage. -Gross debt/EBITDA at holdco being sustained above 4.0x (FYE13: 0.86x) -Introduction of significant refinancing risk at holdco or group over the medium-term -Impaired business risk […]
Ship Building
Aug 19, 2013 (LBO) – Sri Lanka’s Colombo Dockyard Plc, a unit of Onomichi of Japan said profits fell 73 percent to 114 million rupees in the June 2013 quarter from a year earlier amid a drop in revenues. The firm reported profit of 572 million rupees from shipbuilding in the six months with 482 […]
Credit Trend
Aug 19, 2013 (LBO) – Credit to the state spiked in June 2013 to 36.7 billion rupees, up from only 5.7 billion in May, crowding out loans to private citizens to 11.5 billion rupees from 18.3 billion a month earlier, official data showed. Central Bank credit to government fell to 233.2 billion rupees in June […]
New contamination scare hits New Zealand dairy industry
WELLINGTON, August 19, 2013 (AFP) – A new contamination scare hit New Zealand’s multi-billion dollar dairy industry on Monday after it was revealed a milk product with excessive nitrate levels had been exported to China. Both New Zealand’s Ministry of Primary Industries (MPI) and the company at the centre of the latest scare, Westlake Milk, […]
Sri Lanka army intimidates media over shooting: rights group
COLOMBO, August 18, 2013 (AFP) – A Sri Lankan media rights group on Sunday accused the military of intimidating journalists who reported a deadly army crackdown on villagers protesting at contaminated water supplies.Residents of Weliweriya, the village 20 kilometers (12 miles) northeast of Colombo, have also told Sri Lanka’s Human Rights Council of their fear […]
The bond market, yields and risk: how they work
PARIS, August 18, 2013 (AFP) – The market for debt issued by governments is huge and global, and it provides benchmarks for interest rates across national economies, in addition to official central bank rates. The market is known as the sovereign debt market, or the fixed income market. This is because most government debt is […]
‘s neo-Mercantilist forex controls draw skepticism
NEW DELHI, August 18, 2013 (AFP) – Indian policymakers are looking increasingly panicky as they battle the worst currency crisis in more than two decades, and more worryingly there is no sign their remedies are working.There have been no signs so far of domestic capital flight but analysts say the controls may have been tightened […]
‘s Jaffna peninsula seeks more trade and investment
Aug 18, 2013 (LBO) – Sri Lanka’s northern Jaffna peninsula, which has emerged from a 30-year civil war, has untapped potential for greater investment and trade officials said. “The area has a high cash flow where at least one member of the family or relations is living in overseas,” Aasim Mukthar , general manager of […]