Category: Other
Loose money US believes in strong dollar
TOYAKO, July 6, 2008 (AFP) – President George W.Bush on Sunday reaffirmed the United States’ “strong dollar” policy, saying the US economy’s fundamental strength would ultimately support the flagging currency.“The US believes in a strong dollar policy and believes that the strength of our economy will be reflected in the dollar,” he said ahead of […]
Sri Lanka tea exports up to May at new high
July 07, 2008 (LBO) – Sri Lanka has earned half a billion dollars from tea exports in the first five months of the year, with volumes also hitting a new record of 129.4 million kilograms, brokers Asia Siyaka Commodities said. But tea bag exports fell from 8.5 million in the 2007 period to 7.6 million […]
Airlines shed weight as fuel costs soar
TOKYO, July 6, 2008 (AFP) – Next time you take to the skies you may find there are fewer pages in your in-flight magazine, your fork is slimmer and your plate feels different.Blame it on soaring oil prices. The seat you are sitting on may be lighter. Perhaps there’s less water on board for the […]
Iran inflation tops 26-pct amid 40-pct money growth
TEHRAN, July 5, 2008 (AFP) – Iran’s inflation rate, which has provoked intense criticism of the government, topped 26 percent in June, according to a central bank statement published in the press on Saturday.“During the Iranian month of Kordad (to June 20) inflation reached 26. 4 percent compared with the same month a year ago,” […]
Sri Lanka tea exporters bemoan lack of funds for promotion
July 04, 2008 (LBO) – Sri Lankan exporters of tea, the island’s top export commodity, say they not getting enough funds for marketing even though the government charges a tax on shipments which is meant for tea promotion.But the government subsequently decided to consolidate at the Treasury all cess funds collected on exports of tea, […]
Southern Africa coastal states get tough on illegal fishing
WINDHOEK, July 5, 2008 (AFP) – Eight southern African coastal states have agreed to set up a regional task force to deal with illegal fishing in their waters and save dwindling fish stocks, fisheries ministers said.A three-day ministerial conference held in Namibia decided to implement the plan which would ban trans-shipment of catches at sea […]
EU airline pollution plan could spark trade wars: industry officials
GENEVA, July 5, 2008 (AFP) – A plan by the European Union to impose a carbon dioxide emissions quota for all airlines flying into and out of the bloc could spark trade wars, aviation industry officials warned.The so-called emissions trading scheme, which is to be voted on by the EU lawmakers next week, aims at […]
World oil markets to remain tight until 2013: IEA chief
BERLIN, July 5, 2008 (AFP) – International Energy Agency chief Nobuo Tanaka has predicted that world oil markets will remain tight until 2013, according to an interview with the German economic daily Handelsblatt.The market will initially relax from now until 2009/2010 due to a foreseeable increase in supply brought about by new production sites, said […]
Biofuels behind food price hikes: leaked World Bank report
LONDON, July 4, 2008 (AFP) – Biofuels have caused world food prices to increase by 75 percent, according to the findings of an unpublished World Bank report published in The Guardian newspaper on Friday.The daily said the report was finished in April but was not published to avoid embarrassing the US government, which has claimed […]
” to oil surge: ADB
TOKYO, July 4, 2008 (AFP) – Asia’s emerging economies are “highly vulnerable” to skyrocketing oil prices, making inflation the number one concern for policymakers, the head of the Asian Development Bank said Friday.But emerging Asia looks set to avoid a sharp slowdown given strong economic growth in China and should easily avoid a repeat of […]
Sri Lanka Maskeliya estate profits, management fees, up
July 3, 2008 (LBO) – Sri Lanka’s Maskeliya Plantations has reported a five fold increase in profits amid better export prices for tea, but steep management fees, interest and wages costs have kept profits in check.The firm charged 86 million rupees in interest to the profit and loss account, and said 183 million rupees on […]
OPEC blames money printing, reserve currency debauchment for oil bubble
MADRID, July 3, 2008 (AFP) – Tensions have flared between the oil powers and consumer nations at the World Petroleum Congress this week, with no sign of common ground on how to bring down record crude prices. After failing to find agreement at a hastily arranged summit in Saudi Arabia on June 22, this week’s […]