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Philippines inflation 2.7-pct on prudent monetary policy
MANILA, Nov 6, 2007 (AFP) – A strong peso offset rising oil prices and kept the Philippines inflation rate steady at 2.7 percent in October, the government said Tuesday.Last month’s inflation rate was within market expectations and the central bank’s forecast range of 2.5-3.0 percent. “Price pressures from major food, non-food and fuel items were […]
Google alliance to unleash potential of mobile Internet
SAN FRANCISCO, Nov 5, 2007 (AFP) – A Google-led international alliance announced Monday it is releasing open-source software that will free developers to bring the full power of desktop computing to mobile devices.The Open Handset Alliance bills “Android” as the first comprehensive mobile operating platform that software developers are free to adapt in any ways […]
Sri Lanka test news coverage threatened over Cricket Australia restrictions
SYDNEY, Nov 6, 2007 (AFP) – Global news agencies said Tuesday they may be forced to cancel coverage of the first Australia-Sri Lanka cricket Test after organisers imposed unprecedented restrictions on the media. “The broader global debate is probably not going to be resolved for several years, as all parties increasingly understand what this means […]
Sri Lanka says rupee will appreciate and interest rates will fall
Nov 06, 2007 (LBO) – The Sri Lankan rupee would appreciate to 110 to the US dollar and interest rates and inflation would fall further, Treasury Secretary P B Jayansundera said Tuesday. His comments come as the tiny island’s monetary system was overwhelmed by a 500 million dollar injection and the central bank struggled to […]
Sri Lanka counts cost of war with new budget
Nov 6, 2007 (AFP) – Sri Lanka is expected to unveil its biggest ever war budget this week, as a government military campaign to crush the Tamil Tiger rebels takes a heavy toll on the island’s balance sheet. The government plans to increase defence spending by 20 percent to a record 1.45 billion dollars in […]
Sri Lanka awash in dollar liquidity, country wide inflation at 22.1-pct
Nov 06, 2007 (LBO) – Sri Lanka’s country-wide inflation shot up to 22.1 percent in September, the latest data shows, while the monetary authority is grappling with a liquidity shock from foreign borrowings that has flushed the system to unprecedented levels. Sri Lanka’s most widely watched index, the Colombo Consumer Price Index (CCPI) hit 19.6 […]
High Growth
Nov 05, 2007 (LBO) – Lanka Orix Leasing Company (LOLC) has grown 40.3 percent in the year to March 31 2007 compared to the rest of the industry which grew at 16 percent, Fitch Ratings said, confirming the firm’s ‘A(lka)’ rating. However Fitch said bad loans were rising and asked the leasing firm to “aggressively […]
Under Pressure
Nov 05, 2007 (LBO) – Fitch Ratings says Sri Lanka’s finance companies are coming under stress from the current high interest rates and inflation, which increases risks especially in smaller finance companies. Updated/corrected, bailout numbers While most finance companies are well capitalized compared to their risk assets, 12 smaller firms out of 31 do not […]
Open Sesame
Nov 05, 2007 (LBO) – Sri Lanka’s teleco operators are pushing the industry regulator to remove technology limits and allow networks to share resources as part of a broad plan to liberalise the market further, officials said.The wish list — prepared during an industry pow-wow with the telecom watchdog last week — also includes prickly […]
‘s top bank Citigroup names new chief
WASHINGTON, Nov 4, 2007 (AFP) – The world’s biggest bank Citigroup named ex-US Treasury chief Robert Rubin as its new chairman Sunday, replacing Charles Prince who retired as it posted massive losses from the subprime mortgage crisis. “It is my judgment that given the size of the recent losses in our mortgage-backed securities business, the […]
Top Dog
SHANGHAI, Nov 5, 2007 (AFP) – PetroChina became the world’s largest company by market value Monday, worth nearly one trillion dollars — double the value of ExxonMobil — as its shares surged in their debut on the Chinese mainland. The milestone underlined the ongoing boom on Chinese markets, which have been flooded with ready cash […]
Zimbabwe delays re-donomination; blackmarket exchange rates 950,000 to the US dollar
HARARE, Nov 4, 2007 (AFP) – Zimbabwe’s central bank chief said Sunday he has shelved plans to introduce a new currency in a bid to rein in galloping inflation and wants to direct efforts towards increasing supply of goods and services.Last month, Gono pledged that empty shop shelves would soon be replenished as he denounced […]