Category:
‘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 […]
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 […]
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 […]
‘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 […]
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 […]
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 […]
‘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 […]
‘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 […]
200 civilians die in two months of Sri Lanka fighting: monitors
Sept 28, 2006 (AFP) – Fighting between Sri Lankan troops and Tamil Tiger rebels has caused the deaths of at least 200 civilians in the past two months, Norwegian-led truce monitors said Thursday.The Sri Lanka Monitoring Mission (SLMM) said both the Colombo government and the rebel Liberation Tigers of Tamil Eelam (LTTE) had openly violated […]
Norway steps up Sri Lanka peace drive
Sept 28, 2006 (AFP) – Sri Lanka’s peace broker Norway stepped up moves to arrange face-to-face talks after the government accepted a pledge by the rebel Tamil Tigers to resume negotiations, diplomats said Thursday.The renewed effort came as truce monitors said that intensified fighting between government troops and the Liberation Tigers of Tamil Eelam (LTTE) […]
Hedge Advice
Sept 28, 2006 (LBO) – Sri Lanka should hedge oil prices to mitigate negative effects on the economy, by entering into contracts with foreign banks, the country’s central bank said in a statement. The Central Bank said it had made a presentation in early September to the President and Cabinet of Ministers to explain schemes […]
Sri Lanka economy grew 7.2% 2Q06: Statistics Dept
September 28, 2006 (LBO) – Sri Lanka’s economy expanded 7.2 percent for the second quarter of this year, on the back of good rainfall and higher export volumes, the Census and Statistics Dept said Thursday. Economic growth during the same period last year was 6.0 percent, the statement said. Good rainfall helped agriculture sector to […]