Category: Other
Arbitrary Rule
SEOUL, March 18, 2010 (AFP) – North Korea has executed a top financial official blamed for a bungled currency revaluation that triggered chaos in the communist state, South Korean news reports said Thursday. The redenomination last November 30 forced people to swap old banknotes for new at a rate of 100 to one, but restricted […]
” at night
PARIS, March 14, 2010 (AFP) – Scientists revealed Sunday for the first time how some snakes can detect the faint body heat exuded by a mouse a metre (three feet) away with enough precision and speed to hunt in the dark. It has been known for decades that rattlesnakes, boas and pythons have so-called pit […]
Banking Challenges
Mar 13, 2010 (LBO) – Banking is one sector which undergoes rapid change and transformation. Hence, what we have today as banks is completely different from what we had as banks yesterday. Similarly, banks tomorrow will be completely different from banks today. By incorporating ICT in their production models, banks have been able to successfully […]
Sri Lanka tea prices rise, crops fall
Mar 12, 2010 (LBO) – Sri Lankan tea prices rose at this week’s auction as quality improved and crops coming down owing to drought, brokers said. Prices of some varieties of ‘Western high grown’ teas cultivated on the Western slopes of the central hills rose by 15 rupees a kilo and more following quality, brokers […]
Sri Lanka tea industry starved of export refunds
Mar 09, 2010 (LBO) – Sri Lanka’s tea industry, a top foreign exchange earner, is still starved of refunds from a government tax on exports, despite rival origins expanding market share, an industry official said. A committee of government and industry officials formed to decide how to allocate the funds raised from the cess on […]
Sri Lanka Talawakelle Tea makes loss in 2009
Mar 08, 2010 (LBO) – Drought and higher wages pushed Sri Lanka’s Talawakelle Tea Estates into the red last year, its first loss, although a recovery in crop and higher prices in the last quarter helped reduce losses. The firm, a unit of the Hayleys group, said it made a 22. 3 million loss in […]
Farmers in the dock in water-deficient India
NEW DELHI, March 8, 2010 (AFP) – India faces a water crisis with availability in decline and demand rocketing, and the profligate agricultural sector is in the firing line. Farmers’ wasteful use of water is unsustainable in a country with a fast-growing population and rapidly industrialising economy, says Water Resources Minister Pawan Kumar Bansal. Agriculture […]
Arrests
BERLIN, March 5, 2010 (AFP) – German authorities said Friday that police have arrested six people suspected of raising funds for the Sri Lankan separatist group the Tamil Tigers. The German and Sri Lankan nationals aged between 22 and 58 were arrested on Wednesday in raids on eight premises including the Tamil Coordination Committee (TCC) […]
LBR- LBO CFO Forum
Mar 05, 2010 (LBO) – Accounting principals have been the same for almost 500 years, but the role of the accountant has evolved from a book keeper and today’s finance managers should play a more active role in steering the business, a senior accounting professional said. “Ever since Italian monk Pacioli came up with double […]
EU expects free trade deal with India by October
NEW DELHI, March 4, 2010 (AFP) – The European Union expects to clinch a free trade pact with India by October, the EU’s trade chief said Thursday, as the 27-member trading bloc pushes to secure new markets across Asia. “The deal should be done by the next summit between the EU and India in October,” […]
Economic Laws
Feb 05, 2010 (LBO) – Sri Lanka will fast-track legislation related to the economy when a new parliament convenes on April 22 after national polls, international trade minister Gamini Lakshman Peiris said. “We have an opportunity to develop the economy we have not had for more than 20 years,” minister Peiris told reporters. “It is […]
Sri Lanka tea prices recover as crops fall
Mar 04, 2010 (LBO) – Prices of Sri Lankan teas grown at higher elevations mainly by regional plantations companies recovered at this week’s Colombo auctions as quality improved and crops began to fall, brokers said. Auction average prices have stayed at record highs in the past two months, they said. “The dearer trend in prices […]