Author: lbostgadmin
” global economic system
PARIS, Aug 11, 2007 (AFP) – Newspapers worldwide fretted Saturday over the extent of the economic damage caused by contagion from US high-risk home loans after market turmoil spread across the globe.According to the paper, Bank of China and China Construction Bank, two of the country’s “big four” commercial banks, have said the crisis has […]
Chip Block
August 11, 2007 (LBO) – HSBC, Sri Lanka’s largest credit card issuer, has announced new technology to combat fraud but said its local acquiring network would be upgraded only in the first quarter of next year.In addition to the standard magnet strip, the new ‘smart’ cards issued from this month would have an embedded micro-processor […]
Sri Lankan and other scouts missing in Britain: police
LONDON, Aug 9, 2007 (AFP) – Thirteen scouts who came to Britain for the 100th annivesary of the international youth movement have disappeared, police said Thursday.“Since the start of the Jamboree, we’ve had 13 people reported missing,” an Essex Police spokesman said, referring to the centenary celebrations of scouting that took place in Chelmsford, east […]
‘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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]