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Consumers set to pay for new cargo security laws: US customs
BRUSSELS, June 25, 2008 (AFP) – US consumers could be hit hard by new security laws demanding that all cargo containers bound for the United States be scanned for radiation or weapons, a senior US customs official said.The measures, which Congress has demanded must enter force in 2012, will oblige countries to scan every one […]
EU panel backs plans against hidden charges in air fares
BRUSSELS, June 25, 2008 (AFP) – A panel of EU lawmakers approved European plans requiring that air fares clearly include all extra charges so passengers know exactly what they are paying.In the crackdown on hidden expenses, all air fares would have to include all taxes, fees and charges on top of the basic ticket price […]
World economy set to grow 4.0 pct in 2008: French bank governor
PARIS, June 25, 2008 (AFP) – The world economy is likely to grow by about 4.0 percent this year and the United States should avoid a recession, the governor of the Bank of France Christian Noyer said on Wednesday. Noyer, who is also a member of the monetary policy council of the European Central Bank, […]
Nissan to raise car prices as material costs soar: CEO
YOKOHAMA, June 25, 2008 (AFP) – Soaring raw material costs pose a major challenge to automakers, which have no choice but to raise vehicle prices, Nissan Motor Co.chief executive Carlos Ghosn said Wednesday. The surging prices of steel and other materials are the “single most important challenge facing the industry and facing Nissan,” Ghosn said […]
Spiraling gas prices force US schoolchildren to hoof it
WASHINGTON, June 25, 2008 (AFP) – US school children will face longer walks to the bus stop, longer days and shorter weeks at school, while university students are pushed to take online courses, all thanks to relentless spiraling fuel prices. Several counties in the central-eastern state of Maryland are considering giving their yellow school buses […]
India, China, Brazil show sharpest growth in millionaires: study
PARIS, June 24, 2008 (AFP) – The number of millionaires worldwide rose 6.0 percent last year to 10.1 million, with the sharpest gains recorded in emerging market powerhouses India, China and Brazil, a study revealed Tuesday.The 12th annual World Wealth Report, prepared by US investment bank Merrill Lynch and information technology group Capgemini, highlighted the […]
‘s central bank unleashes new rate hike as inflation bites
MUMBAI, June 24, 2008 (AFP) – India’s central bank unleashed a fresh round of monetary tightening Tuesday, raising its key short-term lending rate by half-a-percentage point after inflation hit a 13-year high of over 11 percent. The Reserve Bank of India raised its repo rate at which commercial banks borrow funds from the central bank […]
‘s Dhammika Perera buys bigger chunk of Hayleys
June 24, 2008 (LBO) – Sri Lanka’s Vallibel group controlled by businessman Dhammika Perera bought another chunk of Hayleys Tuesday, raising its stake in the conglomerate to over 11 percent. “Today we crossed the 10 percent mark,” Dhammika Perera’s investment advisor Nimal Perera told LBO.“Now we have 11.09 percent of Hayleys.” He said they bought […]
Greek Deal
June 24, 2008 (LBO) – Ceylon Shipping Corporation (CSC), Sri Lanka’s national shipping line, has struck a deal with a member of a famous Greek shipping dynasty for a joint venture project to transport petroleum products and supply ship fuel. The CPC wants to go for long-term freight contracts to reduce costs and be able […]
Plastic Preference
June 24, 2008 (LBO) – Sri Lanka’s ABC Group says its tri-lingual credit card is gaining popularity, especially in rural areas, and consumers are relying more on credit with inflation soaring to 30 percent. Garment sector employees and rural youth apply for the card owing to its tri-lingual facility and ease of use, says Orville […]