Category:
Spiraling gas prices force US schoolchildren to hoof it
WASHINGTON, June 25, 2008 (AFP) – US school children will face longer walks to the bus stop, longer days and shorter weeks at school, while university students are pushed to take online courses, all thanks to relentless spiraling fuel prices. Several counties in the central-eastern state of Maryland are considering giving their yellow school buses […]
India, China, Brazil show sharpest growth in millionaires: study
PARIS, June 24, 2008 (AFP) – The number of millionaires worldwide rose 6.0 percent last year to 10.1 million, with the sharpest gains recorded in emerging market powerhouses India, China and Brazil, a study revealed Tuesday.The 12th annual World Wealth Report, prepared by US investment bank Merrill Lynch and information technology group Capgemini, highlighted the […]
‘s central bank unleashes new rate hike as inflation bites
MUMBAI, June 24, 2008 (AFP) – India’s central bank unleashed a fresh round of monetary tightening Tuesday, raising its key short-term lending rate by half-a-percentage point after inflation hit a 13-year high of over 11 percent. The Reserve Bank of India raised its repo rate at which commercial banks borrow funds from the central bank […]
‘s Dhammika Perera buys bigger chunk of Hayleys
June 24, 2008 (LBO) – Sri Lanka’s Vallibel group controlled by businessman Dhammika Perera bought another chunk of Hayleys Tuesday, raising its stake in the conglomerate to over 11 percent. “Today we crossed the 10 percent mark,” Dhammika Perera’s investment advisor Nimal Perera told LBO.“Now we have 11.09 percent of Hayleys.” He said they bought […]
Greek Deal
June 24, 2008 (LBO) – Ceylon Shipping Corporation (CSC), Sri Lanka’s national shipping line, has struck a deal with a member of a famous Greek shipping dynasty for a joint venture project to transport petroleum products and supply ship fuel. The CPC wants to go for long-term freight contracts to reduce costs and be able […]
Plastic Preference
June 24, 2008 (LBO) – Sri Lanka’s ABC Group says its tri-lingual credit card is gaining popularity, especially in rural areas, and consumers are relying more on credit with inflation soaring to 30 percent. Garment sector employees and rural youth apply for the card owing to its tri-lingual facility and ease of use, says Orville […]
Sri Lanka tea board discourages new cultivations
June 24, 2008 (LBO) – Sri Lanka’s tea board is not encouraging the expansion of tea cultivation in an effort to prevent over-supply from depressing prices and has warned the industry against being carried away by current high prices. “If the decrease in availability of tea is more than 10 percent a greater price hike […]
Sri Lanka govt promises action over media death threats
June 24, 2008 (AFP) – Sri Lanka’s government moved Tuesday to deflect a barrage of criticism over its press rights record by promising to help journalists receiving death threats. “There is no censorship and you don’t have to go by what is said in the (defence ministry) website,” said another minister and panel member, Rajitha […]
Sri Lanka chamber says trade missions yield contracts, orders
June 24, 2008 (LBO) – Business promotion missions to Iran and Pakistan organized by the Ceylon Chamber of Commerce (CCC) have resulted in several contract agreements and confirmed orders for Sri Lankan companies with others under negotiation. The CCC said in a statement it was now doing a study to explore possibilities of leading two […]
Bangladesh rickshaws get modern makeover
DHAKA, June 24, 2008 (AFP) – The backbreaking job of pedalling a rickshaw in Bangladesh could soon be history with a local company saying it has come up with battery-powered, rechargeable cycles.Bangladesh Diesel Plant, an agricultural farm tool manufacturer owned by the country’s powerful army, says it has created an electric rickshaw and plans to […]
” inflation options
MUMBAI, June 23, 2008 (AFP) – The governor of India’s central bank said Monday he was looking at new options to halt a surge in inflation, currently running at a 13-year high. “We are currently in the midst of intensive examination of issues and options,” Reserve Bank of India chief Y.Y. Reddy said at a […]
Olympic athletes set to shine through smog, doping scandals
PARIS, June 24, 2008 (AFP) – Beijing Games organisers will be hoping that the exciting crop of competitors in the blue riband event of athletics can dispel the sordid spectre of doping and provide a feast of top-class sport.Certainly, there is a raft of big-name draw cards and record-breakers for whom the stage is set […]