Author: lbostgadmin
Fed decision to print more money undermine confidence in dollar
WASHINGTON, Sept 23, 2007 (AFP) – The dollar’s weakness and the euro’s rise to record highs have raised questions about confidence in the US currency following a surprising Federal Reserve half-point rate cut, analysts say. Some are concerned that the dollar’s woes may prompt central banks to cash in their greenbacks, provoking a further downward […]
From India to Indjija — Serb town in IT park deal
INDJIJA, Serbia, Sept 23, 2007 (AFP) – Goran Jesic, a young mayor with a reputation for investment coups, will sign a deal this week with an Indian company to build an IT park here, yet another win for this tiny Serbian town already hailed as an “economic miracle.” Jesic is confident the project for the […]
‘s Chery group matures into global auto player
WUHU, China, Sept 23, 2007 (AFP) – China’s Chery Auto sales vice president Jin Yibo remembers when the roof in the president’s office had a leak so big that they had to put out buckets to collect the water. “Those were tough times,” said Jin, shaking his head in disbelief as he recalled Chery’s humble […]
‘ Wi-Fi dreams fading fast
WASHINGTON, Sept 23, 2007 (AFP) – Ambitious plans for big Wi-Fi networks to provide free or low-cost wireless Internet access are being abandoned or scaled back by US cities as the economics of the deals turn out to be more challenging than expected. San Francisco and Chicago in recent weeks abruptly halted plans to set […]
Reach Out
Sept 23, 2007 (LBO) – Sri Lanka’s Central Bank governor Ajith Nivard Cabraal has urged the banking community to reach out to the rural poor saying the move would not only help impoverished farmers but enrich the banks themselves. The government and the banking community should aim to improve financial inclusion for vulnerable sections and […]
Sri Lanka needs sensible monetary and fiscal policies: IMF report
Sept 22, 2007 (LBO) – Sri Lanka needs sensible fiscal and monetary policies and less fiscal dominance of the economy, a new report by the International Monetary Fund has said. The government is now expecting full year growth to be between 6 and 7 percent this year. The discussion paper by IMF researchers called for […]
Sri Lanka rejects criticisms on human rights probe
Sept 22, 2007 (LBO) – Sri Lanka’s attorney-general’s department has rejected criticism of the island’s human rights record made by an independent, international panel, saying that the government was doing it best to probe abuses in an impartial manner. A statement from the AG’s Department said a report issued by the Independent Group of Eminent […]
Sri Lanka mine blast kills bus driver
Sept 22, 2007 (AFP) – A powerful mine hit a civilian bus near Sri Lanka’s northeastern port of Trincomalee on Saturday, killing its driver and wounding two passengers, military officials said. They said troop reinforcements were rushed to the area following the bomb attack, which came six days after military in the area had celebrated […]
Cell Record
NEW DELHI, Sept 22, 2007 (AFP) – The number of Indian mobile phone subscribers has passed the 200 million mark after the country added another eight million customers last month, industry figures show. India’s wireless market, the world’s fastest growing, attracted a further 8.31 million wireless subscribers in August to touch 201.29 million users, according […]
Sri Lanka tea estates try new employment model
Sept 22, 2007 (LBO) – Sri Lanka’s plantations industry is looking at a new employment model to overcome difficulties caused by the existing 100-year-old system that relies on huge resident labour forces, industry officials said. The new model, being tried by a few firms, allows workers to cultivate their own plots of tea and sell […]
LBR-LBO CFO Forum
Sept 22, 2007 (LBO) – The Sri Lankan chief financial officer’s job has become more challenging but the position retains its strategic importance and provides the best stepping stone to the top in the corporate sector, a senior executive said. “It is the same old role which most of our finance professionals are not playing […]
Sri Lanka downgrades official growth forecast
Sept 21, 2007 (LBO) – Sri Lanka has downgraded its economic growth forecast to between six and seven percent for 2007 as a fast growing public sector and a budget deficit that pushed interest rates up, dragged the island down. “Last year it was 7.4 percent this year it will be certainly higher than 6 […]