Category: Other
German subprime victim IKB warns of heavy losses
FRANKFURT, Sept 3, 2007 (AFP) – German bank IKB, badly hit by its exposure to bad housing loans in the United States, said on Monday it expected losses of between 600 and 700 million euros (818 million dollars and 955 million dollars) in its fiscal year 2007-2008. IKB, whose financial year runs from April to […]
Sri Lanka tea firms urged to grow own energy
Sept 1, 2007 (LBO) – Sri Lanka’s tea plantations companies have been urged to grow their own fuel as a means of reducing costs at a time when fossil fuel prices are escalating. Growing crops like gliricidia would not only provide a cheap source of firewood to meet energy requirements but also nutrients for the […]
Not Criminal
September 02, 2007 (LBO) – Prosecutors in the Philippines have sought to withdraw a criminal prosecution against Goldquest directors following appeals to higher courts, media reports from the country said. The case stemmed from a criminal complaint by former associates of Goldquest directors. Goldquest chief Vijayeswaran Vijayaratnam and several others were arrested in Jakarta but […]
Worker Relations
September 02, 2007 (LBO) – Sri Lanka’s employers and labour unions have set up a dispute settlement mechanism funded by the International Labour Organisation (ILO) with the aim of improving industrial relations. The Association for Dialogue and Conflict Resolution (ADCOR) is tasked with resolving employment related conflicts, making representations to authorities and conducting regular dialogue […]
Macau jackpot winner may lose multi-million dollar prize
HONG KONG, Sept 2, 2007 (AFP) – A Hong Kong woman who won 43 million dollars in a Macau casino may not get her money because the slot machine was not working properly, the territory’s gaming inspector said Sunday. The machine showed the woman had won the equivalent of 5.5 million US dollars after putting […]
Maldives tourist paradise flourishes at 35
KURUMATHI ISLANDS, Maldives(AFP) – Sabrina Chang decided this year to treat herself to a fancy vacation, opting to stay in a thatched bungalow over a lagoon in the Maldives where a swim with exotic fish is as common as taking a stroll. The Maldives is celebrating the 35th anniversary since its first two resorts opened […]
Exposure Draft
September 01, 2007 (LBO) – Sri Lanka’s central bank, which regulates the country’s financial system, has sought the views of the banking community on new draft corporate governance rules for banks. “The need for a mandatory code of corporate governance arises due to the significance of the business of banks in the economy and current […]
” talk
NEW YORK, Aug 30, 2007 (AFP) – Specialized blogs are abuzz this week with rumors that Internet giant Google will soon launch the “Google Phone” or “GPhone,” a cheap mobile phone equipped with Google’s operating system. Several hackers have recently boasted of having found the way to “unblock” the iPhone and make it work with […]
Zimbabwe orders wage freeze to combat 7,600% inflation
HARARE, Aug 31, 2007 (AFP) – Zimbabwe President Robert Mugabe has banned all pay rises without authorisation and given himself extra powers in a new bid to curb the world’s highest inflation rate, state media said Friday. As part of the measures, all rents, school fees and service charges must be frozen for the next […]
Factory worker to tax chief to finance minister of economic powerhouse
BEIJING, Aug 30, 2007 (AFP) – Starting off as a machine factory worker, Xie Xuren worked his way up through the ranks of China’s ruling Communist Party to on Thursday become the nation’s finance minister.According to the official biography, Xie also boasts engineering credentials from when he served as a worker, technician, machinist and deputy […]
Dollar rangebound ahead of speech by US central bank chief
TOKYO, Aug 31, 2007 (AFP) – The dollar was rangebound in cautious Asian trade Friday as investors waited for a speech by the US central bank chief after recent volatility over the housing sector, dealers said.The dollar inched up to 115.99 yen in Tokyo morning trade from 115.86 in New York late Thursday. The euro […]
Sri Lanka smallholder tea factory capacity outgstrips leaf
August 31, 2007 (LBO) – Sri Lanka’s tea industry in the southern part of the region where low grown teas are cultivated mainly by smallholders have too many factories chasing the available leaf supply, a top industry official said. Smallholders, who now produce more than half the island’s tea crop, have grown rapidly in the […]