Category:
Freight Brand
Sept 07, 2007 (LBO) – Sri Lanka’s Hayleys conglomerate is setting up its own freight forwarding operation under a new brand name in India after parting company with its joint venture Indian partner, company officials said. “We’re doing it on our own without any partnership,” an official said. “We’re setting up a new operation – […]
Sentenced
Sept 07, 2007 (LBO) – A Sri Lankan court Friday sentenced four directors of an export company that went bust several years ago to jail and imposed fines in the country’s first ever securities fraud conviction. They were charged with non-disclosure of material information of a price-sensitive nature. Colombo’s Fort Magistrate’s court sentenced the four […]
Greenspan says latest turbulence similar to previous bubbles: report
WASHINGTON, Sept 7, 2007 (AFP) – Former Federal Reserve chairman Alan Greenspan compares the current financial market turbulence to prior crises that have engulfed stock markets and the US economy, the Wall Street Journal said Friday.Greenspan, who stepped down as Fed chairman in January 2006, compared the present turmoil to prior crises triggered by hedge […]
Money printing Zimbabwe devalues currency by a hundred fold
HARARE, 2007 (AFP) – The Zimbabwean government on Thursday announced a devaluation of its currency against the US dollar by more than a hundred fold in a bid to enhance the country’s revenue, marred by hyperinflation. “The reserve bank of Zimbabwe will adjust the exchange rate applicable to all purchases and sales of foreign exchange […]
Australian drought threatens to push wheat prices higher
SYDNEY, (AFP) – Drought could wipe out Australia’s wheat crop despite expectations that the country’s worst dry spell for a century was easing, Trade Minister Warren Truss warned Tuesday.“In many parts of Australia there has been some relief and a quite large wheat crop was planted,” he told reporters on the sidelines of an Asia-Pacific […]
ECB, Bank of England hold rates steady, dollar weakens
NEW YORK, Sept 6, 2007 (AFP) – The dollar weakened against the euro and other currencies Wednesday after the European Central Bank opted to keep borrowing costs on hold amid financial market and credit jitters. The pound was being traded at 2.0237 dollars, up from 2.0204 a day earlier. The ECB left open the option […]
Djokovic and Ferrer set up US Open semi
NEW YORK, Sept 6, 2007 (AFP) – Serb shot-maker Novak Djokovic and Spanish grafter David Ferrer on Thursday set up a US semi-final showdown for a possible challenge to top seed and defending champion Roger Federer.Dvkovic, the 20-year-old revelation of the year, showed remarkable composure in defeating Spanish veteran Carlos Moya 6-4, 7-6 (9/7), 6-1. […]
Sri Lanka presses France to clamp down on Tamil Tigers
PARIS, Sept 6, 2007 (AFP) – Sri Lanka’s foreign minister said Thursday he had won assurances from French authorities that they will take action to curb the activities of Tamil rebel supporters in France.Sri Lankan government troops have been fighting Tamil separatist rebels since 1972 and the conflict has claimed more than 60,000 lives. Foreign […]
Sri Lanka tightens labour laws
Sept 07, 2007 (LBO) – Sri Lanka is doubling the time given under its labour laws for aggrieved employees to seek redress, rolling a back a previous decision to limit the period, a senior minister said. Minister Anura Yapa said the cabinet of ministers had approved a request by labour minister Athauda Seneviratne to increase […]
Eyes Skinned
Sept 05, 2007 (LBO) – Fitch Sri Lanka said it was maintaining a rating watch on six regional banks which was imposed following a government announcement that they would be merged with two other newly created state banks. Fitch put five regional banks on rating watch ‘evolving’ indicating that the rating could be changed after […]
Sri Lanka leisure firms asked to list in Maldives
Sept 06, 2007 (LBO) – Maldives has asked Sri Lankan firms operating resorts in the atoll nation to sell a part of their stake through a stock market flotation, a senior minister said. Two of Sri Lanka’s top leisure groups — Aitken Spence & Co. Ltd and John Keells Holdings Ltd — have significant presence […]
Sri Lanka to encourage cashew cultivation, consumption
Sept 06, 2007 (LBO) – Sri Lanka has started a programme to encourage the cultivation and consumption of cashew nuts, saying it is good for health and has a good export potential. “Cashew is a crop that will help eradicate poverty as it grows in difficult areas and is easy to grow, not needing much […]