Category: Other
Sri Lanka tea trade wins demand on export tax usage
June 22 (LBO) – Sri Lanka’s tea trade has won a greater say in how funds raised from a tax on tea exports are spent by the government, a senior industry official said. . Colombo Tea Traders’ Association (CTTA) chairman Tyeab Akbarally said the government had acceded to industry demands and agreed to give it […]
Western firms unaware of BRICS economies: survey
BANGALORE, India, June 21, 2007 (AFP) – Western companies exhibit a worrying lack of awareness about emerging markets like India that are reshaping global business, according to a British Telecom survey released here Thursday.“The increasing trend towards globalisation has a wider effect on such firms who must look to developing economies to enhance sales, diversify […]
Split Path
June 20, 2007 (LBO) – Two Colombo-listed firms have opted to split their shares after a new law forced the companies to withdraw an earlier decision to give what was called a ‘bonus share’ to shareholders. One firm, Seylan Merchant, also abandoned a dividend payment after a solvency test specified in the new company law. […]
IMF changes rules of the currency game, as US imbalances worsen
WASHINGTON, June 19, 2007 (AFP) – The International Monetary Fund has launched a new surveillance system on exchange-rate policies aimed at preventing a country from jeopardizing the health of the global economy.The IMF said the major reform updates a 30-year-old program and targets currency manipulation that could destabilize trade and private capital flows. However, IMF […]
IMF changes currency rules to spread the cost of US adjustment
June 19, 2007 (LBO) – The International Monetary Fund has said it is changing rules of global currency management effectively forcing countries with tighter policies to adjust, as imbalances in the United States continue to build up. “If investors become suddenly unwilling to hold U.S. financial assets at prevailing exchange rates and interest rates, this […]
‘s busiest port
SINGAPORE, June 18, 2007 (AFP) – Shanghai is set to overtake Singapore as the world’s busiest port in 2008 as the Chinese economy continues with its stellar growth, an executive of the city-state’s port operator said in remarks published Monday.Flourishing global trade has enabled Singapore terminals to handle a record number of shipping containers in […]
New Zealand central bank intervenes to push currency down
WELLINGTON, June 18, 2007 (AFP) – New Zealand’s central bank intervened in the foreign exchange market Monday in an attempt to bring down the value of the local currency from near two-decade highs, market sources said.The New Zealand dollar fell from 75.45 US cents in early Monday trading to around 75 cents after the central […]
Sri Lanka appoints new committee to examine plantation leases
June 18, 2007 (LBO) – The government is setting up a new committee to examine the long-term leases of estate lands to the privatized plantations firms, a senior government minister said. Sri Lanka has privatized former government held estates through long-term leases given to more than 20 plantations companies. Cabinet Spokesman Anura Yapa said a […]
‘s oldest monastery
BEIJING, June 15, 2007 (AFP) – Chinese authorities have removed a giant Buddhist statue from Tibet’s oldest monastery, in a move US-based rights group said Friday reflected an ongoing crackdown in the Tibetan region.The 30-foot (nine metre) gold and copper-plated statue of Guru Rinpoche, the founder of Buddhism, was torn down by Chinese police in […]
Outrage as Chinese slave scandal deepens
BEIJING, June 15, 2007 (AFP) – More than 450 people, including young children, have been freed from slavery in Chinese brick factories and mines but hundreds of others are believed to still be trapped, police said Friday. “It is outrageous that transient rural labourers were forced to work 20 hours a day and one was […]
Tokyo bourse buys stake in Singapore exchange
June 15, 2007 (AFP) – The Tokyo Stock Exchange said Friday that it had acquired a stake of almost five percent in the Singapore stock exchange operator as part of its efforts to forge links with overseas bourses.The Singapore group welcomed the move and said it was ready to explore prospects for further collaboration with […]
Blocked Call
June 14, 2007 (LBO) – Sri Lanka’s highest court halted the sale of shares of the country’s largest fixed access operator to a Malaysian firm Thursday, after a lawmaker filed suit against the deal. Sri Lanka Telecom slid 1.50 to close at 37.00 on Thursday. Japan’s NTT which holds a 35.2 percent stake in Sri […]