Author: lbostgadmin
Sri Lanka apparel industry says it helped uplift village economy
Oct 14, 2008 (LBO) – Sri Lanka’s apparel industry is aiming to increase export revenue despite tough market conditions, saying the spread of factories to rural areas has significantly raised living standards in villages.“Without this industry poverty would have been much higher,” said Ashraff Omar, a top exporter and member of the Joint Apparel Association […]
Dozens dead in latest Sri Lanka fighting
COLOMBO, October 14, 2008 (AFP) – The Sri Lankan army said Tuesday it has killed 38 Tamil Tiger rebels involved in a fierce counter-attack in the island’s war-torn north. The defence ministry said its troops fought pitched battles and beat back rebel assaults along several fronts in the north on Monday. It said three government […]
Executive Skills
Oct 14, 2008 (LBO) – Sri Lanka’s first-ever reality television game show, Path Breakers, is to modify its format and concept this year to accommodate 50 school goers to hone their corporate skills for the future. The show has loosened the entry criteria, dropping the minimum age of entry to 15 years to give the […]
Policy Track
Oct 14, 2008 (LBO) – Sri Lana’s government plans to deregulate railway freight rates and invite private sector participation to increase movement of goods by rail, according to a new transport policy unveiled recently.“Railway freight tariffs will be de-regulated and the Sri Lanka Railways will be permitted to determine tariffs competitively to attract freight transport […]
EU, IMF to help Hungary after forint slumps
BRUSSELS, October 13, 2008 (AFP) – The European Union and IMF stand read to help Hungary’s government with financial support if needed after its currency, the forint, slumped last week, the EU said. After the forint took a recent beating amid global financial market turmoil, International Monetary Fund had offered Hungary “technical and financial assistance,” […]
Britain calls for new world monetary order
LONDON, October 13, 2008 (AFP) – World leaders must meet to agree a new Bretton Woods system, Prime Minister Gordon Brown said on Monday, referring to the global financial architecture agreed at the end of World War II. Speaking as Britain announced its latest move to try to stabilise the tottering banking system, he said […]
Sri Lanka relies on hard drinkers to raise tax revenue
Oct 13, 2008 (LBO) – Sri Lanka’s government hopes to raise an additional two billion rupees a year in tax revenue through a recent increase in excise tax, a senior treasury official said. Raising revenue by taxing drinkers has long been a favourite tactic of successive governments in the island where per capita consumption of […]
Sri Lanka World Bank office clarifies SEC job
Oct 13, 2008 (LBO) – Sri Lanka’s World Bank office says the spouse of country director has been hired by the island’s securities watchdog by a competitive process and it has been cleared by the lender’s ethics committee. The full statement is reproduced below: With reference to the reports in news media about the employment […]
Sri Lanka Tamil Tigers may be formally outlawed, says Australia
SYDNEY, October 13, 2008 (AFP) – Australia is considering formally declaring Sri Lanka’s separatist Tamil Tigers a terrorist group, Foreign Minister Stephen Smith said Monday, calling for a political solution to the island’s civil war.Visiting Sri Lankan Foreign Minister Rohitha Bogollagama said he had asked Canberra to join countries such as Britain and the United […]
Morgan Stanley struggling with Mitsubishi UFJ capital injection: report
NEW YORK, October 13, 2008 (AFP) – US banking giant Morgan Stanley on Sunday was trying to salvage a nine-billion-dollar deal to sell 21 percent of its capital to Japan’s Mitsubishi UFJ Financial Group, The New York Times said Sunday. Negotiations between the two banks amid the current global market turmoil were seen as crucial […]
Global financial crisis will hit army of overseas Filipino workers
MANILA, October 13, 2008 (AFP) – There are few countries in the world where you will not find a Filipino worker.Even in tiny Iceland, one of the countries hardest hit by the financial crisis, there were 1,411 at last count. At any given time, about 10 percent of the Philippines’ 90 million population is hard […]
South Korea eases rules on investment in banks amid crisis
SEOUL, October 13, 2008 (AFP) – South Korea’s government said Monday it will allow conglomerates and other non-banking firms to buy a bigger stake in local banks to ease privatisation and guard against the global financial crisis. Under a law to be submitted to parliament next month, the conglomerates — known as chaebol — and […]