All Blogs
British central bank urges reform
LONDON, October 28, 2008 (AFP) – Britain’s central bank urged new constraints on banks Tuesday to avoid a repeat of the financial crisis, saying there needed to be a “fundamental rethink” of how the institutions manage risk. The Bank of England warned banks had overextended themselves during the economic boom years, lending out more than […]
England invites West Indies to replace Sri Lanka for tour
KINGSTON, October 27, 2008 (AFP) – The England and Wales Cricket Board (ECB) has invited West Indies to replace Sri Lanka in a tour of England next April and May for a test series and one-day internationals. The series would follow England’s visit to the West Indies from January to April of next year and […]
Iceland raises rates to 18.0-pct after currency collapse
REYKJAVIK, October 28, 2008 (AFP) – Iceland jacked up its key interest rate to 18 percent and announced a request for help from the European Central Bank and the US Federal Reserve in twin moves on Tuesday to stave off national bankruptcy. “Iceland’s central bank sent a request to the ECB, the Fed and the […]
With debt mounting, new US president to face tough choices
WASHINGTON, October 28, 2008 (AFP) – The next US president will inherit a mountain of debt from the latest government bailouts, making it difficult to implement new programs promised during the campaign, analysts say. The government closed its books on the 2008 fiscal year September 30 with a record deficit of 455 billion dollars, and […]
Sri Lanka central bank reserves down to US$2.6bn
Oct 27, 2008 (LBO) – Sri Lanka’s official foreign reserves have fallen to 2.6 billion US dollars in late October from 3.1 billion dollars at the end of September 2008, Central Bank Governor Nivard Cabraal said. Sri Lanka’s balance of payments problem this year seems to have been triggered by the withdrawal of foreign money […]
Oil Support
Oct 27, 2008 (LBO) – Sri Lanka’s Hayleys group has tied up with UK based Edgo Merap to enter the oil and gas industry support services industry, the company said, with Sri Lanka having issued its first exploration license earlier in the year. It provides drilling services, hydro-geological studies and land development. The group also […]
Hot Money
Oct 27, 2008 (LBO) – Stopping the flow of funds for terrorist activities is a key part of the effort to fight terrorism, Sri Lankan central bank governor Ajith Nivard Cabraal said Monday. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 “If we can stop the funding […]
Sri Lanka government to buy tea to support prices
Oct 27, 2008 (LBO) – Sri Lanka’s state-run tea promotion and regulatory body will buy large stocks of tea at auctions in Colombo this week, in a bid to support prices, government officials and brokers said.
Maldives set for run-off to rule the islands
MALE, October 27, 2008 (AFP) – The first-ever democratic presidential battle in the Maldives goes to a second round Tuesday, with Asia’s longest serving leader facing his most outspoken critic, a former political prisoner. Elections three weeks ago produced no clear winner after Maumoon Abdul Gayoom, who has run the Indian Ocean archipelago unchallenged for […]
Go green to fight climate and financial crises: Greenpeace
BERLIN, October 27, 2008 (AFP) – Greenpeace unveiled a global action plan Monday it said would not only improve the world’s energy mix and stop climate change but also help end the international financial crisis.Aggressively investing in renewable power generation and energy efficiency could create a 360-billion-dollar (285-billion-euro) industry providing half of the world’s electricity, […]