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US disruption of China currency will be disastrous: Steve Hanke
Oct 21, 2010 (LBO) – A sudden appreciation of the Chinese currency, which is sought by the US, could disrupt China’s economy and the world, rather than increasing the demand for American exports, a top monetary economist has warned. “Using the authority granted by the Thomas Amendment of 1933 and the Silver Purchase Act of […]
Sri Lanka halts overnight open market operations
Oct 20, 2010 (LBO) – Sri Lanka’s central bank has stopped overnight auctions to withdraw excess liquidity from money markets until further notice, but will continue term auctions of securities to sterilize excess liquidity, officials said. Last month Sri Lanka also raised a billion dollars in international markets of which only about half was used […]
Sri Lanka Treasuries yields up slightly
Oct 20, 2010 (LBO) – Sri Lanka’s Treasury bill yields edged up 05 basis points at Tuesday’s auction with the government also resuming the sale of 3-month bills at 7.02 percent, a statement from the debt office said. The government sold 6-month bills at 7.09 percent up 05 basis points, and 12-month bills at 7.22 […]
Sri Lanka stocks close down 0.59-pct
Oct 20, 2010 (LBO) – Sri Lanka stocks closed down Wednesday, dragged down by falls in index heavy stocks like John Keells Holdings (JKH) and Hatton National Bank (HNB), brokers said. The Colombo All Share Index closed down 0.59 percent (39.39 points) to 6,664.22 points, while the Milanka Index of more liquid stocks dipped 1.07 […]
Fashion Statement
Oct 20, 2010 (LBO) – Sri Lankan retailer Odel’s net profit rose 18 percent to 63. 6 million rupees in the September 2010 quarter from a year ago with sales strong but costs also rising sharply, a stock exchange filing said. Sales rose 50 percent to 836 million rupees in the quarter, its first as […]
‘s most climate-vulnerable region: study
PARIS, October 20, 2010 (AFP) – South Asia is the world’s most climate-vulnerable region, its fast-growing populations badly exposed to flood, drought, storms and sea-level rise, according to a survey of 170 nations published on Wednesday. Of the 16 countries listed as being at “extreme” risk from climate change over the next 30 years, five […]
Coal India IPO twice oversubscribed on day three
MUMBAI, October 20, 2010 (AFP) – India’s 3. 5-billion-dollar sale of shares in state-run Coal India was doubly oversubscribed a day ahead of the close of the country’s biggest ever stock offer, stock exchange figures showed Wednesday. Bids had been received for 1.29 billion shares — 2.05 times the number up for grabs. Coal India’s […]
SriLankan Airlines wins award for fuel saving software
Oct 20, 2010 (LBO) – SriLankan Airlines has won a merit award at the island’s national software awards for its fuel management information system that enabled it to cut fuel costs and aircraft emissions, a statement said. The National Best Quality Software Awards 2010 (NBQSA) honours innovations in information technology and are presented annually by […]
Sri Lanka state power utility to lose less than expected
Oct 20, 2010 (LBO) – Sri Lanka’s state-run Ceylon Electricity Board may lose only half the originally expected 40 billion rupees in 2010 with the utility already covering operation costs in June, July and August, power minister Champika Ranawaka said. A 155 billion rupee loan taken from China Export Import Bank to build a 900 […]
Sri Lanka signs US$82mn hydro power deal with China
Oct 20, 2010 (LBO) – Sri Lanka’s state-run Ceylon Electricity Board has awarded a 35MegaWatt 82 million US dollar hydro power plant deal to China, power minister Champika Ranawaka said. Another smaller diversion weir 48 meters long and 19 meters high will be built across the Kehelgamu Oya and water brought through an 850 meter […]
Sri Lankan exporters said not making use of free trade deals
Oct 20, 2010 (LBO) – Sri Lankan exporters are still not making enough use of free trade deals giving duty free or preferential access to big markets, a senior trade official said. “It appears some exporters and importers are paying a few million dollars in duty for which they are entitled to duty free access. […]
Sri Lanka can have growth, low inflation if budget deficit is tamed: IMF
Oct 20, 2010 (LBO) – Sri Lanka’s recently controlled inflation and an economic recovery can be maintained if state deficit spending can be tamed, giving ordinary citizens a chance to engage in growth creating economic activities, the International Monetary Fund has said. The IMF, in a statement issued following the annual ‘Article IV’ consultations with […]