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India raises policy rate to 7.5% to keep inflation below 5.5%
MUMBAI, Jan 31, 2007 (AFP) – The Reserve Bank of India on Wednesday raised its key short-term borrowing rate by a quarter percentage point to 7.50 percent citing inflation risks as it also hiked its full-year growth forecast. The central bank however kept other rates unchanged including its overnight deposit rate at 6.0 percent after […]
Inflation in Sri Lanka hits a new record of 20.5% in January
January 31 (LBO) – Consumer inflation in Sri Lanka’s capital Colombo soared to a new record of 20.5 percent in the year to January, beating the 19.8 percent high reached in November, a report from the government’s statistics office showed Wednesday. This is the highest inflation seen in Sri Lanka for more than a decade. […]
Sri Lanka raises 23 million dollars from rupee bond sale
January 30 (LBO) – Sri Lanka goverment has raised 23 million dollars by selling rupee bonds to foreign investors, its public debt office said Tuesday. The island has a BB- sovereign rating from Fitch and B+ rating from Standard and Poors. . The announcement came ahead of a visit by a government team to Singapore […]
Sri Lanka treasury bill yields leap forward as central bank baulks at printing money
January, 30 (LBO) – Government securities vaulted up at Tuesday’s auction, with cut off rates for one year treasury bills touching 14.5 percent, dealers said. The weighted average yield at Tuesday’s auction for all maturities climbed up 31 basis points to 13.80 percent. “The rates are now reflecting the true state of the market,” says […]
Ship Ahoy
Jan 30 (LBO) – Lanka Indian Oil Corporation has called for vessels to supply lubricant base oil for its new blending plant in the East of Sri Lanka, which is to begin production in June this year. Last week, the fuel retailer, a unit of India’s Fortune 500 Indian Oil Corp got a government licence […]
Not so fast
January 30 (LBO) – The central bank is planning to introduce new prudential regulations for credit cards, following their rapid use and growth in lending, an official said. Last year the government slapped a 10 rupee stamp duty on every 1000 rupees of purchases through credit cards.Up to last November Sri Lankan banks have issued […]
New Vista
LONDON, Jan 30, 2007 (AFP) – Windows Vista takes computing to a “new level,” Microsoft boss Bill Gates trumpeted Tuesday, presenting the latest version of his ubiquitous operating system at the British Library in London.Fresh from an overnight flight to London after launching the product in New York’s Times Square, Gates traced the development of […]
Sri Lanka apparel group Brandix to double thread making capacity in Bangladesh
Jan 30 (LBO) – American & Efird Lanka, part of top Sri Lankan apparel exporter the Brandix Group, hopes to double its thread making capacity in Bangladesh over the next year. A&E Lanka is a joint venture of Brandix Lanka, global thread manufacturer American & Efird, and Brandot International. The company manufactures sewing and embroidery […]
Coal industry urged to meet tougher environmental standards
SINGAPORE, Jan 30, 2007 (AFP) – The world’s coal industry needs to sharpen up its act in order to meet tougher environmental standards amid increasing global concern over rising greenhouse gas emissions, experts said Tuesday.Mulyono added it was “unavoidable” for Indonesia, a major coal producer and exporter, to market low-grade coal because of domestic and […]
‘s top donors call for peace and better policies to spread prosperity wider
January 30, (LBO) – Sri Lanka’s top donors expressed concern at the internal conflict that shackled aid delivery and called for changes to the country’s development plan to tackle corruption and improve governance, at a two day aid and policy review forum that ended Tuesday. Donors earlier contrasted the economic recovery around the conference venue […]
Sri Lanka chases money without conditions
GALLE, Jan 30, 2007 (AFP) – Sri Lanka will lose millions of dollars unless it moves to end its bitter conflict with the Tamil rebels, diplomats and officials warned as a crucial review of international aid entered its second day. President Mahinda Rajapakse on Monday assured donors of a peaceful solution to end the Tamil […]
Raising Cash
January 29, (LBO) – Seylan Bank is raising cash to boost its capital through a debenture issue, the bank said. The Ceylinco group, owns 19 percent of its voting sahres, while several employee share ownership trusts of Seylan hold 27 percent of its voting equity, according to Fitch Ratings. The bank will issue listed, unsecured […]