Category: Other
EU commissioner tell governments to keep out of Central Bank decisions
MADRID, Sept 3, 2007 (AFP) – EU Economic and Monetary Affairs Commissioner Joaquin Almunia on Monday called on EU states to respect the independence of the European Central Bank (ECB) over monetary policy and setting interest rates.Also Monday, Almunia said he believed the current crisis in the US subprime mortgage market would not have a […]
Unilever suggests two-tier tea market instead of supply controls
Sept 03, 2007 (LBO) – Tea producing countries should aim to produce better quality, certified tea and not try artificial supply controls to raise prices, an official from the multinational Unilever said. Ian Neathercoat, Senior Resident Manager, Supply Chain Compliance Controller, Unilever Supply Chain Company, Europe, advocates the creation of a two-tier tea market producers […]
Sri Lanka to tender exploration blocks in October; estimated one billion barrel deposit
September 03, 2007 (LBO) – Sri Lanka is tendering three off-shore oil exploration blocks in October and exploration firms are expected to begin work in 2008, petroleum minister A H M Fowzie said. Sri Lanka has identified eight off-shore exploration blocks in the north eastern Mannar basin of which two had been reserved for China […]
Agriculture minister quits
TOKYO, Sept 3, 2007 (AFP) – Japan’s farm minister resigned Monday over a money scandal, a week after Prime Minister Shinzo Abe re-shuffled his cabinet in a bid to clean up the government’s image.Endo is the fifth person to leave Abe’s cabinet, besides those removed in the reshuffle, since Abe took the premier’s seat nearly […]
Chinese airline to launch inflight cell phone, Internet service
HONG KONG, Sept 3, 2007 (AFP) – Shenzhen Airlines said Monday passengers will soon be able to use their mobile phones and connect to the Internet during flights. Airlines have previously provided onboard air-to-ground fixed telephones on some seats at a premium charge. But until now they have banned the use of mobiles.Swiss-based technology firm […]
German subprime victim IKB warns of heavy losses
FRANKFURT, Sept 3, 2007 (AFP) – German bank IKB, badly hit by its exposure to bad housing loans in the United States, said on Monday it expected losses of between 600 and 700 million euros (818 million dollars and 955 million dollars) in its fiscal year 2007-2008. IKB, whose financial year runs from April to […]
Sri Lanka tea firms urged to grow own energy
Sept 1, 2007 (LBO) – Sri Lanka’s tea plantations companies have been urged to grow their own fuel as a means of reducing costs at a time when fossil fuel prices are escalating. Growing crops like gliricidia would not only provide a cheap source of firewood to meet energy requirements but also nutrients for the […]
Not Criminal
September 02, 2007 (LBO) – Prosecutors in the Philippines have sought to withdraw a criminal prosecution against Goldquest directors following appeals to higher courts, media reports from the country said. The case stemmed from a criminal complaint by former associates of Goldquest directors. Goldquest chief Vijayeswaran Vijayaratnam and several others were arrested in Jakarta but […]
Macau jackpot winner may lose multi-million dollar prize
HONG KONG, Sept 2, 2007 (AFP) – A Hong Kong woman who won 43 million dollars in a Macau casino may not get her money because the slot machine was not working properly, the territory’s gaming inspector said Sunday. The machine showed the woman had won the equivalent of 5.5 million US dollars after putting […]
Worker Relations
September 02, 2007 (LBO) – Sri Lanka’s employers and labour unions have set up a dispute settlement mechanism funded by the International Labour Organisation (ILO) with the aim of improving industrial relations. The Association for Dialogue and Conflict Resolution (ADCOR) is tasked with resolving employment related conflicts, making representations to authorities and conducting regular dialogue […]
Exposure Draft
September 01, 2007 (LBO) – Sri Lanka’s central bank, which regulates the country’s financial system, has sought the views of the banking community on new draft corporate governance rules for banks. “The need for a mandatory code of corporate governance arises due to the significance of the business of banks in the economy and current […]
Maldives tourist paradise flourishes at 35
KURUMATHI ISLANDS, Maldives(AFP) – Sabrina Chang decided this year to treat herself to a fancy vacation, opting to stay in a thatched bungalow over a lagoon in the Maldives where a swim with exotic fish is as common as taking a stroll. The Maldives is celebrating the 35th anniversary since its first two resorts opened […]