Category: Other
‘s new budget aims to salvage ruined economy
HARARE, Nov 29, 2006 (AFP) – Zimbabwe’s Finance Minister Herbert Murerwa walks the tightrope Thursday when he unveils the national budget of a food-hungry country groaning under record inflation and a ruined economy.Murerwa has the unenviable task of trying to stem 1,070.2 percent inflation and a free-falling currency in an economy which has shrunk by […]
Global tea experts call for formal standards on world market
NAIROBI, Nov 27, 2006 (AFP) – Global tea experts meeting in Kenya Monday called for tough minimum quality standards to address the growing problem of poor tea entering the international market and depressing prices.“In targeting potential growth markets, recognition of and compliance with food safety and quality standards is essential,” said Kaison Chang, a senior […]
‘s largest palm oil firm
KUALA LUMPUR, Nov 27, 2006 (AFP) – Three Malaysian plantation firms will merge to create the world’s largest listed palm oil business, worth 31.4 billion ringgit (8.6 billion dollars), under an ambitious plan announced Monday.A new vehicle, Synergy Drive, will buy the assets and liabilities of Sime Darby Bhd, Golden Hope Plantations Bhd and Kumpulan […]
Sales boom at Barista coffee houses as high spending urban Sri Lankans socialise
November 24, 2006 (LBO) – Young urban Sri Lankans are steadily patronising India’s Barista Coffee Co.‘s, chains in Colombo, for a piece of cheescake and sip cappucino, while they surf the Internet, play board games and browse through magazines, officials said. “Our aim is to add two stores every year.We managed to do that this year, […]
Six Sri Lankans jailed in Singapore for credit card fraud
SINGAPORE, Nov 24, 2006 (AFP) – Six Sri Lankan men were handed jail terms of up to 11 years in Singapore for stealing money from automated cash machines using cloned credit cards, court officials said Friday. The Sri Lankans, who were residents in London and were in Singapore on social visit passes, swiped the money […]
Unsavory Label
Nov 23, 2006 (LBO) – Foreign investors in Singapore who attended a road show by the Colombo Stock Exchange have raised questions about Sri Lanka’s growing infamy as a money laundering hub, and the inability of authorities to counter such activities, participants said. One foreign investor asked the head table what action the authorities planned […]
As online shopping grows, so do the dangers of fraud and theft
WASHINGTON, Nov 23, 2006 (AFP) – As growing numbers of Americans turn to the Internet for holiday shopping, experts warn that online dangers such as fraud and identity theft are increasing as well. One out of 10 people shopping online could become a victim of online fraud this holiday season, according to a report by […]
Millions in British tsunami aid unaccounted for: report
LONDON, Nov 23, 2006 (AFP) – More than nine million pounds (13 million euros, 17 million dollars) of British government aid for victims of the Asian tsunami may not yet have been spent, a parliamentary committee said Thursday. The British government committed 75 million pounds in humanitarian assistance following the December 26, 2004 disaster, including […]
Free trade deal as Chinese President visits Pakistan
ISLAMABAD, Nov 23, 2006 (AFP) – Chinese President Hu Jintao promised a new era of cooperation with Pakistan Thursday as he arrived for a visit that will include the signing of a free trade accord with Beijing’s closest ally.Hu received a lavish ceremonial welcome for his four-day visit, the first in a decade by a […]
‘s tea plantations battle weather, wages and trade union action
Nov 23 (LBO) – Sri Lanka’s tea plantations are battling weather, wage hikes and unofficial trade union ‘go slows’ on estates that have already eaten into October crop production, the lowest since 1995. Workers want a daily wage package of 295 rupees, up from the current wage of 180 rupees a day. Employers say they can […]
Big Fish
November 22, 2006 (LBO) – Sri Lanka’s securities watchdog has filed action against nine people for misleading market players with transactions connected with shares of Nawaloka Hospitals Ltd. The nine persons, the SEC says committed “acts to create a false/misleading appearance of an active share market and the offences of aiding and abetting and conspiracy […]
Air travel to boom on low-cost, emerging economies: Airbus
LONDON, Nov 22, 2006 (AFP) – European aircraft maker Airbus said Wednesday that its estimate of world demand for airliners in the next 20 years had leapt by 31.2 percent in two years to a total of 22,700. The surge from estimates in 2004 was being driven by demand from low-cost airlines and by growth […]