Category: Other
London Stock Exchange merges with Italian bourse
LONDON, June 23, 2007 (AFP) – The London Stock Exchange confirmed Saturday it was buying Milan’s Borsa Italiana for 1.6 billion euros (2.15 billion dollars) in shares, bolstering the LSE amid takeovers of European stock markets by US rivals. The industry’s globalisation has been accelerated by a move towards electronic trading platforms and away from […]
Sri Lanka tea trade urged to uphold ethical, professional standards
June 23 (LBO) – Two top Sri Lankan tea industry figures have urged the trade to make more efforts to maintain ethical and professional standards to avoid the danger of Ceylon tea earning a bad name. “Although prices have risen in the past two months we cannot be complacent,” he said, noting that forecasts say […]
” by printing money to 1.5 million percent inflation: US
LONDON, June 22, 2007 (AFP) – Zimbabwe’s government is “committing regime change on itself” with its failing economic policy which has sapped faith in the regime from the population, the US ambassador to Harare said in an interview published Friday. Mugabe however blames the woes on targeted sanctions imposed on himself and members of his […]
Sri Lanka tea trade wins demand on export tax usage
June 22 (LBO) – Sri Lanka’s tea trade has won a greater say in how funds raised from a tax on tea exports are spent by the government, a senior industry official said. . Colombo Tea Traders’ Association (CTTA) chairman Tyeab Akbarally said the government had acceded to industry demands and agreed to give it […]
China to cut exports, boost consumption and relax exchange controls
BEIJING, June 22, 2007 (AFP) – A rise in the value of China’s currency will not in itself be enough to narrow the nation’s yawning trade surplus, a senior central bank official was quoted as saying in state media Friday.The licence scheme, know as qualified domestic institutional investors (QDII), has so far been restricted to […]
University regrets giving doctorate to money printer
NEW YORK, June 21, 2007 (AFP) – The University of Massachusetts on Thursday rebuked Zimbabwean President Robert Mugabe, who was awarded an honorary degree by the university in 1986.The university board cited in a statement Mugabe’s award of an honorary degree by the University of Massachusetts Amherst in 1986 “for his actions as a ‘humane […]
Western firms unaware of BRICS economies: survey
BANGALORE, India, June 21, 2007 (AFP) – Western companies exhibit a worrying lack of awareness about emerging markets like India that are reshaping global business, according to a British Telecom survey released here Thursday.“The increasing trend towards globalisation has a wider effect on such firms who must look to developing economies to enhance sales, diversify […]
Split Path
June 20, 2007 (LBO) – Two Colombo-listed firms have opted to split their shares after a new law forced the companies to withdraw an earlier decision to give what was called a ‘bonus share’ to shareholders. One firm, Seylan Merchant, also abandoned a dividend payment after a solvency test specified in the new company law. […]
IMF changes rules of the currency game, as US imbalances worsen
WASHINGTON, June 19, 2007 (AFP) – The International Monetary Fund has launched a new surveillance system on exchange-rate policies aimed at preventing a country from jeopardizing the health of the global economy.The IMF said the major reform updates a 30-year-old program and targets currency manipulation that could destabilize trade and private capital flows. However, IMF […]
IMF changes currency rules to spread the cost of US adjustment
June 19, 2007 (LBO) – The International Monetary Fund has said it is changing rules of global currency management effectively forcing countries with tighter policies to adjust, as imbalances in the United States continue to build up. “If investors become suddenly unwilling to hold U.S. financial assets at prevailing exchange rates and interest rates, this […]
‘s busiest port
SINGAPORE, June 18, 2007 (AFP) – Shanghai is set to overtake Singapore as the world’s busiest port in 2008 as the Chinese economy continues with its stellar growth, an executive of the city-state’s port operator said in remarks published Monday.Flourishing global trade has enabled Singapore terminals to handle a record number of shipping containers in […]
New Zealand central bank intervenes to push currency down
WELLINGTON, June 18, 2007 (AFP) – New Zealand’s central bank intervened in the foreign exchange market Monday in an attempt to bring down the value of the local currency from near two-decade highs, market sources said.The New Zealand dollar fell from 75.45 US cents in early Monday trading to around 75 cents after the central […]