Author: LBO
Indian servant’s tell-all book on a domestic’s hard life
NEW DELHI, July 12, 2006 (AFP) – For many affluent Indians, the ideal servant is one who is seen and not heard, rises early to get the kids off to school and uncomplainingly serves the family their last cup of tea at night. They don’t want to hear any heart-wrenching or even mundane details of […]
Zimbabwe’s churches say they may have answer to economic woes
HARARE, July 9, 2006 (AFP) – Zimbabwe’s churches are rallying to provide what they call a “comprehensive document” they believe could help lift the embattled southern African country from its political and economical muddle.The plan drawn up by the influential Zimbabwe Council of Churches (ZCC) comes in the wake of a recent call by President […]
India’s ruling Congress battles mounting criticism over reforms
NEW DELHI, July 8, 2006 (AFP) – India’s ruling Congress party moved into damage control on Saturday after an embarrassing U-turn on privatisation sparked rumours that Prime Minister Manmohan Singh was quitting.“There are no differences, and will never be, between the party and the prime minister. We stand as one,” Singh’s Congress party spokeswoman Jayanti […]
Indian freeze on privatisation shows PM’s tough reforms fight
NEW DELHI, July 7, 2006 (AFP) – India’s move to freeze its privatisation programme is a bad signal for reforms and highlights the uphill battle Prime Minister Manmohan Singh faces to liberalise the economy, analysts said Friday.Only two weeks after announcing the government would revive asset sales, Singh said Thursday he was putting “on hold” […]
Bank of Japan to tighten rules on executives’ finances
TOKYO, July 7, 2006 (AFP) – The Bank of Japan said Friday it will ban its executives from investing in most types of financial products following a scandal over its governor’s personal investments.They will be forbidden from trading stocks or investing in private funds, the central bank decided, based on recommendations from an advisory panel. […]
Sri Lanka’s Mercantile Investments mulls subsidiary to hold leisure business
July 5, 2006 (LBO) — Finance company Mercantile Investments Ltd, plans to float a fully-owned subsidiary to hold their leisure investments, a credit rating report said.George Ondaatjie family, which controls 56 percent of Mercantile Investments, currently owns these investments as associate companies. Mercantile Investments has three associate companies catering to the tourism segment: Royal Palms […]
Sri Lanka’s budget deficit expands to 3.2% by end April
July 4, 2006 (LBO) – Sri Lanka’s budget deficit for the four months to April rose to 3.2 percent of GDP from 2.9 percent of GDP a year before as the government spent more on capital expenditure and salary increments for civil servants and subsidies, the Finance Ministry said Tuesday. The government raised about 100 […]
European Union to fund Sri Lanka’s war refugees
July 4, 2006 (AFP) – The European Union Tuesday announced seven million euros (8.9 million dollars) in aid for some 400,000 people displaced by the drawn-out separatist conflict in Sri Lanka since 1972.The money, channeled through 20 local and international relief agencies, will go to refugees mainly in the island’s embattled northern and eastern regions, […]
Sri Lanka’s new Central Bank governor says he will protect its independence
July 3, 2006 (LBO) – Sri Lanka’s newly appointed central bank governor says he will promote the independence of the institution, which has come under fire from independent economists in recent years for submitting to fiscal dominance and pushing up inflation. But some previous governors who held shares in financial institutions have sold out after […]
Sri Lanka’s Central Bank governor wants to keep rates steady
July 3, 2006 (LBO) – Sri Lanka does not need to raise interest rates despite galloping inflation and negative real interest rates, the island’s newly appointed Central Bank governor said Tuesday.The country’s annual inflation rate shot up to 17.7 percent, data showed last Friday, underlining the need for a rate hike. Sri Lanka’s treasury bill […]
‘Undeclared war’ in Jaffna taking its toll on Sri Lankans
JAFFNA, Sri Lanka, July 2, 2006 (AFP) – Roadside killings and night-time knocks on the door have replaced mortars and suicide bombs as the new terror in this northern Sri Lankan city.And it is increasingly the residents here who suffer, many say, as the government and Tamil separatist groups carry out a vicious “undeclared war” […]
Sri Lanka’s inflation rate climbs to 17.7% in June
June 30, 2006 (LBO) – Sri Lanka’s inflation rate for June jumped to 17.7 percent, official figures showed Friday, spurring concerns that the Central Bank may hike interest rates again. The bank, which is forecasting a year-end growth of 7.0 percent said the economy would remain vulnerable an upsurge in violence, as sporadic attacks on […]