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Delta-Northwest merger creates huge US airline
WASHINGTON, October 29, 2008 (AFP) – Delta Air Lines said Wednesday it had merged with Northwest Airlines to create one of the world’s biggest carriers after winning approval from US antitrust authorities. Delta announced late Wednesday that the merger was completed, “creating a premier global airline with service to nearly all of the world’s major […]
World oil prices tumble on US economic gloom
LONDON, October 30, 2008 (AFP) – Oil prices slipped back on Thursday in volatile trade, reversing early gains as the market reacted to news of shrinking economic growth in the United States, the world’s top energy consumer. An overnight cut in US interest rates, along with a similar move in China, had earlier bolstered prices […]
US economy shrinks in quarter, worst may be yet to come
WASHINGTON, October 30, 2008 (AFP) – The US economy contracted at a 0.3 percent pace in the third quarter as a global credit crunch prompted consumers and businesses to retrench, government data showed Thursday.The drop in gross domestic product (GDP) was the first negative figure since the fourth quarter of 2007, the Commerce Department reported […]
US Treasury releases 125 billion dollars to nine banks
WASHINGTON, October 29, 2008 (AFP) – The US Treasury said Wednesday it had finalized the infusion of 125 billion dollars into nine major commercial banks as part of a financial system rescue plan. Officials said Citigroup, JP Morgan Chase and Wells Fargo each received 25 billion dollars in capital. Bank of America got 15 billion […]
‘s Westpac reports 12 percent net profit growth
SYDNEY, October 30, 2008 (AFP) – Australia’s Westpac Banking Group announced Thursday that its annual net profit rose 12 percent, driven by strong deposit and lending growth.Net profit for the year ended September 30 rose to 3.86 billion dollars (2.58 billion US) from 3.45 billion dollars the previous year, the bank said in a statement. […]
US cuts rates; US, IMF open new liquidity windows
WASHINGTON, October 30, 2008 (AFP) – The US Federal Reserve sliced its key interest rate another 0.5 percentage points to 1.0 percent Wednesday as signs emerged of thawing credit markets around the world. The Fed’s expected action came after China also chopped its benchmark one-year deposit rate by 27 basis points to 3.60 in a […]
Sri Lanka private sector workers offered tax break to keep money in g-secs
Oct 29, 2008 (LBO) – Sri Lanka said it will give a tax refund to private sector retirees if they continue to keep their money in government securities after they retire and withdraw money from a state-controlled fund. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 Under […]
Sri Lanka shares held up by gains in large cap stocks
Oct 29, 2008 (LBO) – Sri Lankan shares ended marginally firmer Wednesday, held up by gains in highly capitalized stocks, but sentiment remained weak as the outlook for economic and company growth was gloomy, brokers said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The All Share […]
Cash Call
Oct 29, 2008 (LBO) – Sri Lanka’s Sampath Bank said in a stock exchange filing that it has called off a rights issue after shareholders voted against it at an extraordinary general meeting Wednesday. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The one for four rights […]
Watching Brief
Oct 29, 2008 (LBO) – Sri Lanka’s credit information bureau has got new powers to track utility bills, insurance and pension fund payments, under an amendment to its law passed in parliament. Credit Information Bureau (CRIB) officials said the legal amendments and modernisation of its information system will enable it to collect information on any […]