Category: Other
South Asia has little scope for economic stimulus after fuel subsidies: World Bank
TOKYO, November 12, 2008 (AFP) – South Asian economies, still reeling from food and energy crises, have little scope to boost their economies in the face of the global financial turmoil, a World Bank official said Wednesday. But growth will rebound by 2010 to 7.2 percent, supported by economic giants such as India, whose “fundamentals […]
New Maldives president to be sworn in
MALE, November 11, 2008 (AFP) – A former political prisoner who unseated Asia’s longest-serving leader as president of the Maldives will be sworn into office Tuesday, taking charge of a nation he fears could soon disappear. Mohamed “Anni” Nasheed, 41, the winner of the the Indian Ocean atoll nation’s first multi-party presidential elections, has come […]
Sri Lanka says milk powder levy must to be absorbed by importers
Nov 11, 2008 (LBO) – The Sri Lankan government said it would not allow milk powder importers to raise retail prices despite an increase in import levy in the budget for 2009 presented last week, because world prices are falling. World market prices of milk are coming down while production in key producer countries is […]
Maldives saves for new homeland amid flooding fears: report
LONDON, November 10, 2008 (AFP) – The Maldives’ newly-elected president said in an interview Monday that his government will begin saving to buy a new homeland in case global warming causes the country to disappear into the sea.Beloved by tourists for their white sandy beaches, palm trees and clear waters, the 1,192 coral islands that […]
Sri Lanka govt gives incentives to troubled tea trade
Nov 06, 2008 (LBO) – The Sri Lankan government plans to offer several incentives to the tea industry such as lower taxes and subsidised fertiliser, president Mahinda Rajapaksa said. To receive instant alerts from LBO on your Dialog mobile type ‘act (space) lbo’ and send to 678 The incentives are meant to help the industry […]
Sri Lanka tea auction demand recovers: brokers
Nov 05, 2009 (LBO) – The Sri Lankan tea auctions in Colombo stabilized this week with demand picking up and much less unsold teas although prices of some varieties still fell, brokers said. The Tea Board did not buy this week and has delayed payment for its purchases of a million kilos last week, with […]
Obama, McCain await judgment of history
WASHINGTON, November 5, 2008 (AFP) – Front-runner Barack Obama faced a tense wait Tuesday to see if millions of American voters would enshrine him as the first black president or whether Republican John McCain would mount a shock comeback.On a night of high drama, the presidential rivals were powerless as results started to pour in […]
Freeze on govt department spending in China for 2009: state media
BEIJING, November 5, 2008 (AFP) – Governmental department spending in China in 2009 will be frozen at this year’s level, ending an annual five-percent increase following the global financial crisis, state media said Wednesday. “The budgets for next year should be capped at the same amount as this year’s and every project will be looked […]
Kenya erupts in joy as favourite son Obama takes White House
KOGELO, November 5, 2008 (AFP) – Hundreds of villagers in Kogelo, Barack Obama’s Kenyan family homestead, erupted into song and dance at the news that the nation’s favourite son had won the US presidential election. Swinging twigs and chairs in the air, men cheered and clapped while women ululated and shouted “Obama!Obama!” in the village […]
Secret Budget
Nov 04, 2008 (LBO) – Sri Lanka’s Supreme Court has struck down a hidden budgetary fund that gave the island’s top treasury official power to circumvent the parliament and allocate money to any ministry, usurping parliamentary control over the public purse. Court said the government was caught in a ‘debt trap’ where debt service was […]
Pay Up
Nov 04, 2008 (LBO) – Sri Lanka’s central bank said it has ordered four unlicensed finance companies that failed to register with the regulator to repay depositors, and given time for two more to comply with its rules. A bank statement said four of six organisations and individuals carrying on finance business without authority had […]
US Treasury wants to borrow record 550 bln dlrs
WASHINGTON, November 3, 2008 (AFP) – The US Treasury said Monday it would seek to borrow a record 550 billion dollars in the October-December period to help stabilize the financial sector hammered by the global credit crisis. The fourth-quarter borrowing estimate was substantially higher than the 408 billion dollars announced in July, and is a […]