Category:
‘s average inflation hits 17 year high, policy rates frozen
Sept 28, 2007 (LBO) – Sri Lanka held policy rates steady in September and pointed fingers at commodity prices as average inflation hit a 17-year high in the island and central bank credit to government zoomed to new highs. The 12-month moving average of the Colombo Consumer Price Index (CCPI) hit 17.5 percent, the highest […]
Sri Lanka inflation jumps in September
Sept 28, 2007 (LBO) – Consumer prices in Sri Lanka’s capital jumped 1.1 percent in September keeping the 12-month increase in consumer prices at 17.3 percent, the government’s statistics office said. The 12-month moving average of the Colombo Consumer Price Index (CCPI), which is an average over 24-months to flatten seasonal fluctuations, rose to 17.5 […]
Sri Lankan vegetable oil exporters demand removal of import tax
Sept 27, 2007 (LBO) – Exporters of ‘vanaspathi’ vegetable oil to India have called on Sri Lanka to remove a 25 dollar per tonne levy on raw material imports, if the industry is to survive. India has already imposed a quota for the product, to protect a domestic industry. Vanaspathi a type of hydrogenated vegetable […]
Sri Lanka rejects bond auction again, stocks down
Sept 27, 2007 (LBO) – Sri Lanka rejected all bids for an auction of 2, 3 and 5 year Treasury bonds Thursday following a pattern established in recent months while stocks closed weaker and the rupee held firm against the greenback. Touchwood ended up one rupee at 83 with almost 100,000 shares being traded. In […]
Sri Lanka to issue non-tradeable loans again
Sept 27, 2007 (LBO) – Sri Lanka’s government has announced the resumption of a loan program that was previously scrapped as the country developed its debt markets and tried to limit abuse of a non-state workers’ pension fund. The government’s debt office said it was issuing six billion rupees of rupee loans ranging in 4 […]
Going Well
Sept 27, 2007 (LBO) – Fitch Ratings Lanka which confirmed the AAA (lka) national rating of Citibank’s Sri Lanka branch said its interest margins were boosted by dollar financing of the island’s government. In the first half of the year net interest margins and forex gains had allowed pretax profits to improve to 2.7 percent […]
Custom Trained
Sept 27, 2007 (LBO) – Sri Lanka and Australia are tying up to start professional courses for customs men in the island and the South Asian region, officials said. Sri Lanka’s Postgraduate Institute of Management (PIM) and the University of Jayawardenepura is linking with the Centre for Customs and Excise Studies (CCES) at the Canberra […]
Sad Ending
Sept 27, 2007 (LBO) – Sri Lanka’s new company law has made it easier to start new ventures but winding up procedures are still cumbersome, a new World Bank study has said. In countries where bankruptcy is inefficient, unviable businesses linger for years, keeping assets and human capital from being reallocated to more productive uses, […]
Auditors PWC loses tax appeal in Russia
MOSCOW, Sept 27, 2007 (AFP) – The Russian subsidiary of Pricewaterhouse Coopers, an international accounting firm, lost an appeal on Wednesday against a back tax bill of 10.4 million dollars (7.4 million euros). In a separate case earlier this year, PWC was found guilty and ordered to pay a fine for helping Yukos to avoid […]
Euro hits record high 1.4166 dollars
LONDON, Sept 27, 2007 (AFP) – The euro set another record high against the dollar on Thursday as dealers waited nervously for the latest round of data on the United States economy. The European single currency hit 1.4166 dollars, beating its previous record of 1.4162 that was set on Wednesday. Dealers said the foreign exchange […]
Microsoft livens up Live Search to battle Google and Yahoo
MOUNTAIN VIEW, California, Sept 27, 2007 (AFP) – Microsoft on Thursday began phasing in a slick new version of its Live Search service in a bid to gain ground on leading Internet search rivals Google and Yahoo. Microsoft’s improved Live Search will be available throughout the United States in a week and globally by the […]
Row over Sri Lanka stadium ahead of England tour
Sept 27, 2007 (AFP) – Sri Lanka’s tsunami-hit cricket stadium at Galle is embroiled in a heritage row as it races to host the final Test of the England tour in December, officials said Thursday.Jayananda Warnaweera, the curator overseeing its reconstruction, said conservationists had objected to a new building at the stadium that could obstruct […]