Category: Other
Charges against Goldquest directors dropped
Sept 19, 2007 (LBO) – Prosecutors in the Philippines have dropped charges against Goldquest directors involved in an alleged investment scam, media reports from the country said. It later enacted anti-pyramiding legislation that outlawed multi-level marketing recruitment schemes. Bayani Vargas, Presiding Judge of the Quezon City Regional Trial Court, has dropped a criminal charge against […]
World Bank, UN join battle to claw back corrupt leaders spoils
UNITED NATIONS, Sept 17, 2007 (AFP) – The World Bank and United Nations on Monday threw their backing behind developing nations seeking to recover assets pilfered by corrupt leaders, unveiling a scheme to lend muscle to their claims. “There should be no safe haven for those who steal from the poor,” World Bank chief Robert […]
Wall Street drops as anxiety high ahead of Fed meet
NEW YORK, Sept 17, 2007 (AFP) – Wall Street stocks fell Monday as anxiety ran high a day ahead of a crucial Federal Reserve meeting to decide the course of US interest rates. Shares in the Nasdaq Stock Market fell 1.43 percent to 34.41 on reports it was close to a deal to sell its […]
China to buy 3,400 new airplanes by 2026: Boeing
BEIJING, Sept 18, 2007 (AFP) – China, the world’s fastest growing aviation market, will need 3,400 new airplanes worth about 340 billion dollars over the next 20 years, US aircraft maker Boeing said Tuesday.The forecast marks a dramatic increase from an earlier prediction by Boeing of 2,900 aircraft in the period from 2005 to 2025. […]
World oil price tops 81 dollars
SINGAPORE, Sept 18, 2007 (AFP) – Oil prices topped 81 dollars a barrel for the first time on Tuesday, setting another record high amid fears of critically tight supplies for the winter season in the United States.OPEC’s announcement last week that it would pump an extra 500,000 barrels per day from November has failed to […]
Sri Lanka tea broker warns against unethical practices
Sept 18 (LBO) – A top tea broker has warned the industry not to take short cuts to get high prices at the Colombo auctions and instead to play strictly by the rules. “It is not advisable to turn a blind eye or encourage the achievement of prices by hook or by crook and instead […]
China web-user dies after three-day online binge
BEIJING, Sept 17, 2007 (AFP) – A man in southern China collapsed and died after a three-day marathon online session at a cybercafe, state media reported on Monday.The web-user, estimated to be 30 years old, suddenly collapsed in front of his computer terminal in Guangdong province, and emergency personnel were unable to revive him, the […]
Money printing Zimbabwe eyes remaining foreign assets
HARARE, Sept 17, 2007 (AFP) – Planned legislation that would place the majority share of all listed firms in the hands of indigenous blacks will lead to a fall in foreign investment and worsen Zimbabwe’s economic woes, business leaders warned Monday. Members of a parliamentary committee that is currently debating the controversial Indigenisation and Economic […]
Sri Lankan plantations firms call for more land security
Sept 17, 2007 (LBO) – Sri Lanka’s plantations companies have called for greater security of land on which they grow export crops like tea to ensure more investment in the upkeep of estates and factory modernization. To make matters worse, compensation due on such acquisitions is not forthcoming despite repeated appeals. Planters’ Association (PA) chairman […]
Bangladesh gets duty-free access to Indian garment market
DHAKA, Sept 16, 2007 (AFP) – Bangladesh and India on Sunday signed a deal that will allow Dhaka to export eight million garments duty-free across the border, an agreement billed by New Delhi as a “milestone” in trade relations.“India is growing rapidly and its middle class is booming.So in the near future India can very […]
Dollar firms, sterling hit by Northern Rock bank panic
NEW YORK, Sept 14, 2007 (AFP) – The dollar steadied Friday a day after plunging to a record low on the euro, while the pound fell on jitters after a Bank of England bailout of key British lender Northern Rock.In late New York trade, the dollar stood at 115.35 yen after 115.04 Thursday and 1.1896 […]
ECB shrugs off French criticism, German support for prudence
PORTO, Portugal, Sept 15, 2007 (AFP) – European Central Bank president Jean-Claude Trichet shrugged off on Saturday fresh French criticism of the ECB over its handling of recent financial market turmoil. EU Economic and Monetary Affairs Commissioner Joaquin Almunia defended Juncker, saying he “deserves … our recognition as a president of the group that is […]