Category: Other
Central Bank chief takes over as Maldivian finance minister
July 15, 2008 (LBO) – Maldivian government Tuesday appointed the central bank chief Abdullah Jihad as the new minister of finance, the atoll’s information minister said. Until his appointment, Mausoom was the head of the country’s tourism promotion board. Shougee has now been appointed as the Vice Chancellor of the state-run university to be set […]
Sri Lanka acts to reduce air pollution
July 15, 2008 (LBO) – Sri Lanka’s environmental and transport ministries have made it compulsory for all vehicles to acquire vehicle emission test (VET) certificates to be eligible for revenue licenses. Two companies, CleanCo Lanka and Laugfs Eco Sri Lanka opened emission test centres Tuesday to launch the air pollution reduction scheme. Every vehicle must […]
Federal Reserve tightens US home mortgage lending
WASHINGTON, July 14, 2008 (AFP) – The US Federal Reserve on Monday tightened home mortgage lending in a bid to improve consumer protection from practices blamed in part for the worst US real-estate crisis in decades.The Fed said its board of governors approved rules for home mortgage loans “to better protect consumers and facilitate responsible […]
Global stocks dive on scepticism over US mortgage rescues
LONDON, July 15, 2008 (AFP) – World equity markets and the dollar fell heavily on Tuesday on scepticism that a dramatic weekend US government rescue of two mortgage giants would contain crisis in American finance, analysts said.European equities sank after more steep losses on Wall Street and in Asia, despite an exceptional US rescue on […]
Computer headset lets brain control action
SAN FRANCISCO, July 13, 2008 (AFP) – It’s mind over machine: a US high-tech company has created a headset allowing computer game lovers to use their thoughts to move mountains and make objects disappear on screen.Emotiv, a San Francisco-based startup that marries neuroscience and computer engineering, says its EPOC gaming headset offers only a glimpse […]
Sri Lanka busts fertilizer subsidy budget in five months
July 14, 2008 (LBO) – Sri Lanka has spent almost a year’s allocation for a populist fertilizer subsidy in just five months, the finance ministry said in a report, indicating that more than 30 billion rupees would be needed to maintain it till the year end. Policy Stampede In recent years policy makers and senior […]
Sri Lanka food firm and IFC to push dairy farmers up the value chain
July 14, 2008 (LBO) – The foods division of Sri Lanka’s John Keells Holdings (JKH) has tied up with dairy farmer co-operatives to set up facilities to add value to raw milk, in a move which is backed by the World Bank’s private sector arm, the company said. Gilles Galludec, IFC Country Manager for Maldives […]
Sri Lanka gets Canadian support for disaster planning
July 14, 2008 (LBO) – Canada has given Sri Lanka support to train officials from government and non-governmental organisations in responding to natural disasters like the 2004 Indian Ocean which devastated parts of its coastline. High Commissioner for Canada, Angela J. Bogdan, said the devastating impact of the tsunami and other natural disasters in many […]
Emirates chief slams British, EU aviation policies
LONDON, July 14, 2008 (AFP) – The president of Emirates airline on Monday criticised the policies being imposed by Britain and the European Union on airlines that he said were stifling moves towards greater efficiency.In a comment piece in the Financial Times, Tim Clark wrote that the aviation industry was going through “the greatest crisis” […]
US Treasury unveils support for Fannie Mae, Freddie Mac
WASHINGTON, July 14, 2008 (AFP) – Treasury Secretary Henry Paulson unveiled measures Sunday to bolster key US housing finance giants Fannie Mae and Freddie Mac, which were given Federal Reserve oversight and bigger credit lines.Paulson said the “central role” the two play in real estate financing meant they should continue to respond to shareholders, and […]
Battle Values
July 13, 2008 (LBO) – Sri Lanka’s Stassen group controlled by tycoon Harry Jayewardene had been valued at over 24 billion rupees (228 million US dollars) by his partners who are in courts to force a buyout of their interests, a media report said. The Sunday Island newspaper said V P Vittachchi, R K Obeysekera […]
Cambodian garment workers worry about future prospects
PHNOM PENH, July 13, 2008 (AFP) – Sath Vanny sits anxiously at the door to her tiny one-room hut in the factory district of Cambodia’s capital.She left her hometown in the southern province of Takeo seven years ago to work at a women’s shirt factory, sending most of her earnings back to help the family […]