Category: Other
Indian Collapse
March 3, 2008 (LBO) – India is deploying crack sleuths to track down the operators of a Goldquest-Questnet scheme in the Karnataka state after thousands of victims complained to the police, media reports said. “Initial investigations into the fraud committed by Quest-Net India Limited has revealed the firm had duped people to the tune of […]
Sri Lanka tea growers set for party as prices soar
March 3, 2008 (AFP) – The tea industry in Sri Lanka, the world’s second biggest exporter of the crop, is looking forward to good times again as prices soar on a global commodities boom.And the rise for a cup of tea comes as the prices of other traditional brews such as cocoa and coffee have […]
Populist India budget unlikely to give election boost: analysts
NEW DELHI, March 2, 2008 (AFP) – A populist budget unveiled by India’s ruling Congress party forgiving loans for poor farmers and cutting income taxes is unlikely to help its re-election chances in looming polls, analysts say.“People say Uttar Pradesh is just a glimpse of what’s going to unfold at the national level,” declared Mayawati […]
ECB to cut growth forecasts; keep rates steady
FRANKFURT, March 2, 2008 (AFP) – The European Central Bank will make a cut of sorts this week — but with eurozone inflation stubbornly high the cut will be to its growth forecasts, not interest rates. “The ECB council will cut on Thursday its forecasts for growth in the euro zone, but not its main […]
Pottu Test
Mar 01, 2008 (LBO) – A Sri Lankan Supreme Court judge said society discriminates against its members despite pledging allegiance to a human rights charter, and called for equal treatment for marginalized sections. “If you take a simple issue of race, it is the duty of the majority of the Sinhalese to reach out to […]
Dispute Resolution
Feb 29, 2008 (LBO) – Sri Lanka’s state sector should have alternative ways to solve problems without striking and hurting the public who are paying their salaries, a minister said at the launch of a new dispute resolution process. The private sector in Sri Lanka already have dispute resolution mechanisms through social dialogue, arbitration and […]
Bad Show
Feb 29, 2008 (LBO) – The Sri Lanka unit of Transparency International has strongly criticised President Mahinda Rajapakse for removing a senior official of the government’s anti-corruption organisation. The anti-corruption watchdog said in a statement the move smacks of political interference in the workings of the Commission to Investigate Allegations of Bribery or Corruption. “The […]
Famed geneticist creating life forms that turns CO2 to petroleum
MONTEREY, California, Feb 28, 2008 (AFP) – A scientist who mapped his genome and the genetic diversity of the oceans said Thursday he is creating a life form that feeds on climate-ruining carbon dioxide to produce fuel.“We are a ways away from designing people. Our goal is just to make sure they survive long enough […]
Dollar sinks to fresh low versus euro after Bernanke comments
NEW YORK, Feb 28, 2008 (AFP) – The dollar plunged to a fresh record low against the euro Thursday amid more glum US economic news and downbeat comments on the outlook from Federal Reserve chairman Ben Bernanke.In late New York trade, the dollar stood at 105.30 yen from 106.45 Wednesday and 1.0512 Swiss francs after […]
Oil prices near records in Asia amid dollar weakness
SINGAPORE, Feb 29, 2008 (AFP) – World oil prices continued higher Friday, trading around fresh record levels as speculators piled into the market on the back of a sharp decline in the US dollar after a weak report on US economic growth, dealers said.In morning trade, New York’s main contract, light sweet crude for delivery […]
US regulator to allow two mortgage finance firms to buy more
WASHINGTON, Feb 27, 2008 (AFP) – A US regulator on Wednesday said it would lift mortgage portfolio limits on two government-backed companies, raising the prospects of increased capital for the distressed housing market. Shares in Fannie Mae and Freddie Mac rallied after the government removed the size restrictions on their portfolios, but subsequently lost steam. […]
Ailing dollar falls to all-time low against euro on Fed readiness to print
NEW YORK, Feb 27, 2008 (AFP) – The dollar slumped to an all-time low against the euro Wednesday as Federal Reserve chairman Ben Bernanke said the US central bank was prepared to cut interest rates further to ward off a severe economic slump.The US currency was quoted at 1.0630 Swiss francs, down from 1.0752. The […]