Author: lbostgadmin
Bangladesh gets independent judiciary
DHAKA, Nov 1, 2007 (AFP) – Bangladesh’s government on Thursday gave up its executive control over the judiciary, ending a practice that dates back to British rule over the Indian subcontinent. The move to free up the courts from politics is a key element of sweeping reforms being put in place by the country’s emergency […]
Fed printing press scares global markets
TOKYO, Nov 2, 2007 (AFP) – Asian stocks suffered heavy losses in early trade Friday after initial euphoria on Wall Street over the US interest rate cut faded quickly as fresh credit jitters rattled global markets.Indices around the region fell by as much as nearly three percent after tumbles in New York and Europe on […]
Indian inflation fall to 5-year lows with prudent monetary policy
NEW DELHI, Nov 2, 2007 (AFP) – India’s inflation rate is pursuing a steady decline around five-year lows, official data showed Friday.Annual inflation fell slightly to 3.02 percent for the week ended October 20 from 3.07 percent for the previous week, according to the wholesale price index, India’s most watched cost-of-living monitor. Inflation stood at […]
Indian court lets man divorce HIV positive wife
NEW DELHI, Nov 2, 2007 (AFP) – An Indian court has granted a man permission to divorce his HIV-positive wife on the grounds that he could no longer enjoy sex with her, a report said Friday. Judge Rajnish Bhatnagar found in favour of the unnamed husband noting that “marriage without sex is anathema,” the Hindustan […]
Happy Shopping
Nov 02, 2007 (LBO) – A Sri Lankan media management and marketing services company, has tied up with a UK firm to offer retail design and research to optimize revenues, officials said. Vanguard Management Services has tied up with Shopworks, a UK consultancy which has worked with retailers like Tesco, Carrefour, Wal-Mart as well as […]
Spending Power
Nov 02, 2007 (LBO) – Sri Lankan conglomerate Hemas Holdings has reported a sharp fall in net profit for the September quarter as high inflation erodes consumer spending and high interest rates make borrowing for investments more costly. Group net profits fell 44 percent to 166 million in the second quarter ending September 2007, according […]
Fresh Face
Nov 02, 2007 (LBO) – Sri Lanka’s newest registered finance company, Swarnamahal Financial Services (SFS), kicked off this week offering a range of lending and deposit products. CEO Hafeez Rajudin says the company, a unit of the EAP group, will soon open two branches in Kandy and Colombo. In addition to hire purchase and leases, […]
Too Slow
Nov 02, 2007 (LBO) – Sri Lanka’s motor trade is lobbying the government to discourage used car imports and change import duty to make brand new vehicles more affordable. The Ceylon Motor Traders’ Association (CMTA) says the government has still not responded to repeated proposals to restructure vehicle tax regulations and introduce a method of […]
Sri Lanka women keeping economy afloat – UN
Nov 01, 2007 (LBO) – Sri Lanka is depending on women to earn foreign revenues more than any other country in the world with the bulk of worker remittances and export earnings generated by women, a UN official said. “If you look at both Sri Lanka’s primary exports and remittances, women dominate the sectors,” said […]
‘s weak rule of law alarming for economy: World Bank
Nov 1, 2007 (AFP) – A top World Bank official on Thursday urged Sri Lanka to cut a political deal with Tamil rebels to help spur economic growth which has been hit by an “alarming” disregard for the rule of law. “The conflict remains a major obstacle to Sri Lanka achieving its full potential,” the […]
‘t add up
Nov 1, 2007 (AFP) – Judging by Sri Lankan government accounts of Tamil Tiger dead after decades of fighting, there should hardly be any rebels left. Yet the guerrillas keep on fighting, and apparently dying in large numbers — pointing either to an unlimited pool of combatants or a government wish to boost morale by […]
Dollar dives to new low against euro after Fed rate cut
NEW YORK, Oct 31, 2007 (AFP) – The dollar slid to new lows against the euro and the pound Wednesday after the US Federal Reserve cut a quarter-point from interest rates. The single European currency topped the 1.45 dollar level for the first time, reaching 1.4504 dollars after the Fed’s widely anticipated short-term rate cut […]