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Global markets head down despite central banks printing billions in new cash
PARIS, Aug 11, 2007 (AFP) – US home loan woes caused more turmoil on world markets Friday despite the tens of billions of dollars released by central banks to stop the problem turning into a global economic crisis. A shortage of liquidity would restrict the ability of companies, and eventually consumers, to borrow, potentially slowing […]
Corruption costs Sri Lanka 2% economic growth: senior economist
August 11, 2007 (LBO) – Public sector corruption in Sri Lanka is a key factor driving poverty and the country is losing two percentage points of economic growth a year from resources lost to sleaze, a senior economist said. He said another key cause of poverty was inflation, which affected the poor most because their […]
Real Pros
Aug 10, 2007 (LBO) – One of Sri Lanka’s top professionals in the fast-growing telecommunications industry has advised his peers to stay in the island despite problems, saying developing economies have more change and opportunity. “The General System of Preferences (GSP) scheme the state achieved was due to our ethical corporate behavior and very good […]
Cyber Tea
August 10 (LBO) – Sri Lanka’s Tea Board has successfully completed the pilot run of an automated export document processing system that can speed up operations and has invited all exporters to get online. The system, designed and implemented by eServices Lanka, allows tea exporters to submit export documents for approval electronically without having to […]
Sri Lanka apparel industry urged to focus on consumer concerns
August 10, 2007 (LBO) – Sri Lankan apparel exporters have been advised to focus attention on the industry’s impact on the environment or ‘footprint’ and the chemical composition of its products in response to rising European consumer demands. The industry’s decision to specialise in the manufacture of intimate wear, lingerie and underwear is paying off […]
Singapore central bank ready to intervene but says no need now
SINGAPORE, Aug 10, 2007 (AFP) – Singapore’s central bank is prepared to inject cash into the market to stabilise any fallout arising from problems in US subprime mortgages, an official said Friday. But Ong Chong Tee, deputy managing director of the Monetary Authority of Singapore (MAS), said there was no need to do so at […]
IMF warns Maldives against money printing as budget deficit skyrockets
August 10, 2007 (LBO) – The International Monetary Fund warned the Indian Ocean tourist paradise of Maldives against money printing and dangers of a currency collapse as the country heads for a record budget deficit in 2007. Until 2004 when budget deficits started to rise the Maldives had low inflation and high economic growth and […]
European markets stumble on opening
LONDON, Aug 10, 2007 (AFP) – Europe’s main stock markets slumped further in early trading on Friday, pulled down by global jitters over loans tied to the US housing market.About 75 minutes after the start of dealing, London’s FTSE 100 of leading shares stood at 6,155.50 points, down 1.84 percent from Thursday’s close. In Frankfurt […]
Worrisome signs for global rice crop
MANILA, Aug 10, 2007 (AFP) – The world’s top rice expert warned here Friday of “worrisome signs,” with high prices for rice and fertiliser and stocks at their lowest levels for about 30 years.Robert Zeigler, director general of the International Rice Research Institute (IRRI), said new farm technologies were needed to replicate the gains made […]
‘s rebel league
COLOMBO, Aug 10, 2007 (AFP) – Sri Lankan cricket’s governing body on Friday threatened to ban any national player who took part in the breakaway multi-million dollar Indian Cricket League. Ex-Australian stars Shane Warne and Glenn McGrath have dismissed claims by the ICL that they have already signed up but the duo continue to be […]