Category: Other
Middle East WEF to promote peace, economic diversification
SHUNEH, Jordan, May 18, 2007 (AFP) – Jordan’s King Abdullah II on Friday opened a three-day Middle East World Economic Forum, urging political and business leaders to help end violence and prepare for the “day after peace.” Representatives of the G11 group of developing countries are also due to meet on the sidelines of the […]
Sri Lanka tea industry slams plan to hike export cess
May 18, 2007 (LBO) – The Colombo Tea Traders’ Association (CTTA) said Friday the industry was strongly opposed to government plans to increase the tea export cess.Funds could also be used for promoting Sri Lankan owned brands, stimulating value-added exports, facilitating food hygiene initiatives and supplementing research programmes.It also accused the government of violating the basic […]
Wolfowitz to resign as World Bank chief end-June
WASHINGTON, May 17, 2007 (AFP) – World Bank president Paul Wolfowitz bowed to weeks of pressure Thursday and agreed to step down June 30 to end a favoritism scandal that had rocked the poverty-fighting institution. Wolfowitz, 63, said he was resigning in the “best interests” of the bank, thus ending a scandal over a generous […]
Bonus Status
May 18, 2007 (LBO) – Colombo Stock Exchange has withdrawn the approval for bonus issues of some companies, and asked twelve firms to submit fresh applications after checking compliance with a new company law, in a circular issued to brokers and listed firms. The new company law came into effect on May 03. CSE said […]
Wolfowitz support wanes as World Bank mulls his fate
WASHINGTON, May 16, 2007 (AFP) – World Bank directors were to continue talks Thursday on the fate of Paul Wolfowitz, amid reports the embattled president is negotiating an exit deal in which the bank would take some blame for the controversial pay raise he negotiated for his girlfriend. Pressure to end the controversy increased as […]
‘s black gold
May 17, 2007 (LBO) – The United States supports Sri Lanka in its effort to develop off shore oil exploration, the country’s ambassadore in Colombo said.“I invited all the countries to explore Sri Lanka’s off shore oil opportunities in the recent Offshore Technology Conference in Houston,” said the US ambassador for Sri Lanka Robert Blake. Offshore […]
World Bank board to continue Wolfowitz debate Wedneday
WASHINGTON, May 15, 2007 (AFP) – World Bank executive directors said late Tuesday they would continue deliberations about the fate of the embattled bank president, Paul Wolfowitz. In a terse, two-sentence statement, the board said it had met Tuesday to discuss a report by an investigatory bank panel that concluded Wolfowitz had broken rules in […]
‘s future today
WASHINGTON, May 14, 2007 (AFP) – The World Bank executive board will decide on Tuesday whether bank president Paul Wolfowitz can continue to lead the institution, the bank said in a statement on Monday. A special bank committee “recommends the Executive Directors to consider whether Mr.Wolfowitz will be able to provide the leadership needed to […]
Swiss central banker sees more rate hikes, to keep inflation below one percent
GENEVA, May 13, 2007 (AFP) – Further increases in Swiss interest rates are still on the cards, one of Switzerland’s central bankers said Sunday, while also praising the management of the euro currency.The eurozone is Switzerland’s biggest foreign trade market. Thomas Jordan, who joined the board of the Swiss National Bank on May 1, told […]
‘s inflation 3.0% in April, down from March
BEIJING, May 14, 2007 (AFP) – China’s consumer price inflation eased in April, rising 3.0 percent from a year earlier, the National Bureau of Statistics said Monday. The index, a key indicator of consumer inflation in the world’s fourth-largest econnomy, was down from a year-on-year rise of 3.3 percent in March. Compared with March, consumer […]
Money printing, 2,200% inflation keep 80% of Zimbabweans in poverty
HARARE, May 13, 2007 (AFP) – Zimbabwean cashier Cosmas Gwizo does not look forward to pay day.For the 43-year-old earning 500,000 Zimbabwean dollars a month (about 2,000 dollars) the receipt of his salary cheque is a painful rather than joyous occasion. “Each time I receive my pay cheque I start scratching my head trying to […]
More Victims
May 14, 2007 (LBO) – A listed Islamic insurer said it was suspending a proposed bonus issue, while a shipping firm said it had sought legal advice on how to proceed after a new company law made bonus issues redundant. The new law does not recognize bonus issues, and firms that want to issue more […]