Category: Other
Zimbabwe allows another price hike of goods, services
HARARE, Sept 7, 2007 (AFP) – The Zimbabwean government has authorised all retailers to raise prices by 20 percent, in a bid to to ease widespread shortages, reports said Friday.The price hike comes two weeks after government allowed retailers and manufacturers to increase prices on basic commodities such as sugar, cooking oil, chicken and soap. […]
US says Indian Ocean wargames not aimed at China, Iran
ON BOARD THE USS KITTY HAWK, Sept 7, 2007 (AFP) – A top US navy commander involved in Indian Ocean wargames said Friday the exercises were not aimed at sending a message to either China or Iran.“We are flexible enough to learn the different ways from the international navies and it is easy for us […]
Bunker Battle
Sept 08, 2007 (LBO) – A rival bunker supplier has joined the court action challenging the sale of Sri Lanka’s then-bunkering monopoly, Lanka Marine Services, which has now emerged as one of John Keells Holdings main money-spinners. Reza in the affidavit also said that the company believes the LMS privatization was fraudulent and not done […]
Greenspan says latest turbulence similar to previous bubbles: report
WASHINGTON, Sept 7, 2007 (AFP) – Former Federal Reserve chairman Alan Greenspan compares the current financial market turbulence to prior crises that have engulfed stock markets and the US economy, the Wall Street Journal said Friday.Greenspan, who stepped down as Fed chairman in January 2006, compared the present turmoil to prior crises triggered by hedge […]
Sentenced
Sept 07, 2007 (LBO) – A Sri Lankan court Friday sentenced four directors of an export company that went bust several years ago to jail and imposed fines in the country’s first ever securities fraud conviction. They were charged with non-disclosure of material information of a price-sensitive nature. Colombo’s Fort Magistrate’s court sentenced the four […]
ECB, Bank of England hold rates steady, dollar weakens
NEW YORK, Sept 6, 2007 (AFP) – The dollar weakened against the euro and other currencies Wednesday after the European Central Bank opted to keep borrowing costs on hold amid financial market and credit jitters. The pound was being traded at 2.0237 dollars, up from 2.0204 a day earlier. The ECB left open the option […]
Australian drought threatens to push wheat prices higher
SYDNEY, (AFP) – Drought could wipe out Australia’s wheat crop despite expectations that the country’s worst dry spell for a century was easing, Trade Minister Warren Truss warned Tuesday.“In many parts of Australia there has been some relief and a quite large wheat crop was planted,” he told reporters on the sidelines of an Asia-Pacific […]
Money printing Zimbabwe devalues currency by a hundred fold
HARARE, 2007 (AFP) – The Zimbabwean government on Thursday announced a devaluation of its currency against the US dollar by more than a hundred fold in a bid to enhance the country’s revenue, marred by hyperinflation. “The reserve bank of Zimbabwe will adjust the exchange rate applicable to all purchases and sales of foreign exchange […]
Massive Myanmar quake, tsunami could kill millions around Bay of Bengal
PARIS, Sept 5, 2007 (AFP) – The northern tip of the Bay of Bengal, home to tens of millions of people, faces a potential double whammy from an earthquake and tsunami, a scientist warned on Wednesday.He says the peril does not appear to be immediate but says there are many unknowns and further work is […]
West worried India would tip APEC power balance: official
SYDNEY, Sept 6, 2007 (AFP) – Western countries are behind moves to keep India out of an Asia-Pacific grouping because they are concerned that its entry would tip the balance of power towards Asia, an official said Thursday. India was among a group of nations frozen out after foreign and trade ministers of the group […]
Sri Lanka to encourage cashew cultivation, consumption
Sept 06, 2007 (LBO) – Sri Lanka has started a programme to encourage the cultivation and consumption of cashew nuts, saying it is good for health and has a good export potential. “Cashew is a crop that will help eradicate poverty as it grows in difficult areas and is easy to grow, not needing much […]
‘s central bank leaves rates on hold
SYDNEY, Sept 5, 2007 (AFP) – Australia’s central bank Wednesday left interest rates on hold for another month despite building price pressures, but analysts said another rise by year-end remained on the cards.The government’s handling of the booming economy is seen as one of its top vote-winners, but high interest rates are likely to hit […]