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Sri Lanka’s CB hikes policy rates
COLOMBO: Sri Lanka’s central bank (CB) on Friday raised policy rates for the first time since 2007 in the face of a looming balance-of-payments crisis and rampant credit growth, aiming to cut trade and current account deficits and ease the need to intervene in the foreign exchange market. Contrary to market expectations, the central bank raised the repurchase and reverse repurchase rates by 50 basis points to 7.50 per cent and...
 
 
Rupee climbs to 3-month high of 48.68 against dollar
MUMBAI: The Indian rupee climbed to a three-month high of 48.68 against the dollar on the back of continued inflows of funds by overseas investors into the Indian markets. The partially convertible rupee rose to a high of 48.68 against a dollar against its on Thursday close of 49.15. The Reserve Bank of India hiked reference rate of dollar to 48.96 on Friday from 49.12 in the previous day. The reference rate of euro was also...
   
Sensex closes 173 points higher
MUMBAI: Main indices of Indian equities markets rallied for the fifth straight week, with benchmark Sensex rising above 17,600 points on the back of continued buying support from overseas investors. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange, which opened in the positive at 17,444.25 points, closed at 17,604.96 points, up 0.99 per cent or 173.11 points from its previous close at 17,431.85 points. The Sensex...
 
 
Turkish inflation reaches three-year high
ANKARA: Turkish consumer price inflation reached a fresh three-year high in January, putting under further scrutiny the policy mix chosen by the central bank to rein in rising prices while preventing the previously overheating economy from juddering to a halt. Inflation has become major worry for Turkish policymakers after rapid domestic growth, surging commodity costs and a sharp fall in the value of the lira currency combined...
   
Pakistan, Indonesia sign Preferential Trade Agreement
JAKARTA: Pakistan hopes to more than treble crude palm oil buys from Indonesia this year after signing a Preferential Trade Agreement on Friday that cut import duties imposed by Islamabad. The preferential trade agreement (PTA), approved in September but formally signed on Friday, will result in Pakistan lowering its duty by 15 per cent on crude palm oil from the world’s top producer The deal is expected to raise Indonesian...
 
 
Egypt CB keeps rates steady
CAIRO: Egypt’s central bank (CB) left its benchmark overnight deposit and lending rates unchanged on Thursday, saying economic growth remained feeble yet warning that local supply bottlenecks could cause inflation to speed up. Some economists had expected the central bank to increase rates to dampen accelerating inflation and attract funds to the country’s financial system. Headline inflation crept up to 9.5 per cent in December...
   
Maruti plans to roll out sports vehicles
KOLKATA: Maruti Suzuki has ramped up production of the diesel versions of its passenger cars and plans to roll out SUVs (Sports Utility Vehicles) and MPVs (Multi-purpose Vehicles) to remain as the market leader. With diesel variants now accounting for over a fourth of the country’s passenger car sales, the auto major is currently looking at further ramping up production of the diesel versions. “Because of the tilt over diesel...
 
 
Kerala hosts international trade fair showcasing coir industry
TRIVANDRUM: Kerala hosts international trade fair on coir which starts on Saturday. A Coir Village showcasing the age-old traditions of coir producers in the state will form the centrepiece of this year’s international trade event organised in Alappuzha from February 4 -9. Visitors to Coir Kerala 2012, held at the EMS Stadium in the heart of the town, known as Venice of the East in south India, will able to see live demonstrations...
 
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