China is now officially the US government`s largest foreign creditor after overtaking Japan, in a development that signals Washington`s increasing reliance on Beijing to save its economy.

China became the largest foreign holder of US Treasuries, owning 585 billion dollars worth as of September, according to US Treasury Department figures.

China is now officially the US government`s largest foreign creditor after overtaking Japan, in a development that signals Washington`s increasing reliance on Beijing to save its economy.

China became the largest foreign holder of US Treasuries, owning 585 billion dollars worth as of September, according to US Treasury Department figures.

COLOMBO, Oct 18, 2007 (AFP) - Sri Lanka Lanka's central bank said its maiden 500-million-dollar bond issue, rated as below investment grade, was oversubscribed three times despite soaring inflation in the war-torn nation.

Barclays Capital, HSBC and JP Morgan, the lead managers for the five-year issue, said the bond carried a coupon at 8.25 percent and was sold across Asia, Europe, the Middle East and the United States.

TOKYO, Oct 11, 2007 (AFP) - Moody's upgraded Japan's domestic debt rating Thursday for the first time on expectations that an economic recovery and fiscal reforms will continue under the new government.

The move cheered investors, helping to lift Japanese share prices to a two-month high.

Moody's Investors Service raised its rating on Japan's local-currency government bonds from A2 to A1, its fifth-highest rank.

It is the first time that the agency has upgraded the rating since it began coverage of Japan in 1993 with the top Aaa rating.

TOKYO, Oct 11, 2007 (AFP) - Moody's upgraded Japan's domestic debt rating Thursday for the first time on expectations that an economic recovery and fiscal reforms will continue under the new government.

The move cheered investors, helping to lift Japanese share prices to a two-month high.

Moody's Investors Service raised its rating on Japan's local-currency government bonds from A2 to A1, its fifth-highest rank.

It is the first time that the agency has upgraded the rating since it began coverage of Japan in 1993 with the top Aaa rating.

TOKYO, Oct 11, 2007 (AFP) - Moody's upgraded Japan's domestic debt rating Thursday on expectations that the world's second largest economy will continue to recover and the new government will pursue fiscal reforms.

Moody's Investors Service raised its rating from A2 to A1, its fifth-highest rank.

The ratings agency applauded initial signals on reform from Prime Minister Yasuo Fukuda, a centrist political veteran who took office last month after his unpopular predecessor Shinzo Abe resigned.

COLOMBO, Oct 8, 2007 (AFP) - Sri Lanka Lanka began roadshows on Monday to sell its first overseas bond issue as ratings agency Fitch warned that a worsening of the island's ethnic conflict could lead to a credit downgrade.

Barclays Capital, HSBC and JP Morgan, which are lead managers to Sri Lanka Lanka's maiden 500-million-dollar 10-year junk-rated bond issue, said in a joint statement they had begun marketing the debt in Europe, Asia and North America.

LOS ANGELES, Oct 7, 2007 (AFP) - Sprint queen Marion Jones tumbled from her pedestal with a resounding, if not surprising, crash on Friday. Now US sports fans wonder, could home run king Barry Bonds be next?

Jones became the face of a sport as she pursued an unprecedented five gold medals at the 2000 Sydney Olympics, where she eventually won three golds and two bronze.

BEIJING, Aug 15, 2007 (AFP) - China has published new rules making it easier for listed companies to issue debt, potentially providing a lift for the nation's famously inactive corporate bond market.

Qualified companies will now be allowed to issue corporate bonds with a maturity of more than one year without bank guarantees, the China Securities Regulatory Commission said in a statement on its website late Tuesday.

KUALA LUMPUR, Aug 14, 2007 (AFP) - Malaysia will ease its rules to allow all banks to do Islamic banking business in foreign currencies, the central bank said Tuesday, further cementing the country's role in Sharia financing.

Non-Islamic commercial bank and investment banks licensed by the government will now be allowed to do Islamic banking business as the country aims to position itself as a global hub for the sector, central bank chief Zeti Akhtar Aziz said in a statement.