Category:
‘s banks face risks from low growth, fiscal deficit
MUMBAI, Dec 23 (Asia Pulse) – India’s banking system has weak spots such as decelerating growth and a growing fiscal deficit which need to be addressed, a Reserve Bank report says. Rupee has weakened nearly 18 per cent since January and is currently trading at Rs 52.65 against dollar. The other major challenge before the […]
Falling rupee lifts Indian PC prices
NEW DELHI, Dec 23 (AsiaPulse) – Indian computer maker HCL INFOSYSTEMS has increased prices of desktops, laptops and servers by 10-15 per cent September onwards, as the depreciating rupee has pushed up its imports bill. “The hike has been gradual, we have had to increase prices from September onwards,” HCL Infosystems CEO Harsh Chitale told […]
Sri Lanka to train new generation of handloom weavers
Dec 23, 2011 (LBO) – Sri Lanka has begun work to revive its handloom industry, setting up a task force with plans for a national centre to oversee training of a new generation of weavers amid a looming shortage of skilled workers. District Level Handloom Coordinating Centres will also be set up to create a […]
Sri Lanka October exports fall
Dec 23, 2011 (LBO) – Sri Lanka’s export earnings in October 2011 fell 4. 9 percent to 882 million US dollars from a year ago mainly owing to a fall in earnings from tea shipments, the island’s main agricultural export. Imports in October shot up 41 percent to 1. 75 billion dollars over the same […]
Sri Lanka among highest-risk financial systems: Fitch
Dec 23, 2011 (LBO) – Rapid credit growth and rising asset prices has put Sri Lanka among the highest-risk financial systems, according to a new report by Fitch Ratings which has cut its growth forecast for emerging Asia. Asian economies were not immune from the financial crises in the industrialised countries. Fitch has cut its […]
Sri Lanka money off highs ahead of cash auction
Dec 22, 2011 (LBO) – Sri Lanka’s overnight money markets came off highs reached a day earlier to stay around 9. 25/30 levels after authorities announced a 20 billion rupee cash auction, dealers said. Gilt backed repurchase deals were quoted around 8. 25/35 percent. On Wednesday money reached 9.75 percent and repos rose 8.45 percent. […]
Sri Lanka stocks close up 1.3-pct
Dec 22, 2011 (LBO) – Sri Lankan stocks closed higher after several days of losses albeit in thin turnover as most investors kept away as is usual towards the year-end, brokers said. The main All Share Price Index rose 1.31 percent (76.52 points) to 5,919.35, while the more liquid Milanka index rose 1.56 percent (79.56 […]
Loan Risk
Dec 22, 2011 (LBO) – A new Sri Lankan law to expropriate certain businesses has prompted RAM Ratings to put Bimputh Lanka on ‘Rating Watch’ with a negative outlook while confirming the microfinance firm’s BB/NP ratings. Concerns arose over Bimputh’s exposure through cultivation loans given to sugar cane growers of Sevanagala Sugar Industries, which is […]
ICT Boost
Dec 22, 2011 (LBO) – Sri Lanka will get more support from the World Bank to boost the use of information technology and increase access to state services online for business and people, a government minister said. Information minister Keheliya Rambukwelle said the cabinet of ministers had approved the borrowing of 11 million dollars to […]
SriLankan Airlines resumes flying to Zurich
Dec 22, 2011 (LBO) – SriLankan Airlines began flying to the Swiss city of Zurich Thursday, the latest destination in the national carrier’s expanding global route network. The service will initially be twice-weekly on Monday and Friday and would be increased in the future, a statement said. The Zurich-Colombo flight will operate via Male in […]
Sri Lanka military to renovate key locations in Colombo
Dec 22, 2011 (LBO) – Sri Lanka’s military will renovate key locations in the capital Colombo as part of continued efforts to modernize the city, under a master plan of the country’s urban development agency, minister Keheliya Rambukwelle said. “The construction work will be entrusted to the engineering services divisions of the Sri Lanka Army, […]
Sri Lanka state enterprise workers to get bonus
Dec 22, 2011 (LBO) – Workers of Sri Lanka’s state enterprises will get a 7,500 rupee bonus, but those in loss making enterprises will get less, information minister Keheliya Rambukwelle said. Sri Lanka’s state enterprises were set up over several decades as Sri Lanka’s rulers tried to do business with people’s tax money. Though state […]