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Sri Lanka troops advance into Tiger territory: military
October 25, 2008 (AFP) – Sri Lanka troops were locked in heavy combat with Tamil Tiger guerrillas in the island’s north where soldiers made several advances into rebel-held territory, the defence ministry said Saturday.Two separate confrontations were reported southwest of the Tamil Tiger political capital of Kilinochchi on Friday and sporadic fighting continued afterward, the […]
World leaders call for reform as markets overpower paper central banks, govts.
BEIJING, October 25, 2008 (AFP) – World leaders vowed Saturday to overhaul the global financial system in the face of recession fears, but US President George W.Bush urged nations to “recommit” to free markets despite economic turmoil. After a week of growing economic gloom and plunging stock markets, Asian and European leaders meeting in Beijing […]
‘s Jet Airways flies into Q2 losses
MUMBAI, October 25, 2008 (AFP) – Jet Airways, India’s biggest domestic airline, reported Saturday a second-quarter net loss from a profit in the same period a year earlier, hit by rising fuel costs and fewer passengers.The airline posted a net loss of 3.84 billion rupees (80 million dollars) after announcing a profit of 283.6 million […]
Methanol laced hooch kills in Vietnam
HANOI, October 25, 2008 (AFP) – At least 11 Vietnamese men have died after drinking suspect alcohol in Ho Chi Minh City over the past month, state media said Saturday. The latest death was a 44-year-old man, who had been hospitalised Wednesday and died Friday, the Thanh Nien (Young People) newspaper said. The paper quoted […]
Emerging market strains remove props for global markets
PARIS, October 24, 2008 (AFP) – Emerging market countries, their once vibrant economies now under increased strain in the global finance crisis, can no longer be counted on help prop up world stock markets. “The escalation of the crisis revealed or exacerbated existing vulnerabilities (in emerging countries), such as current account deficits, that were ignored […]
Finance crisis inflicts more pain; IMF to get more business
WASHINGTON, October 24, 2008 (AFP) – The global financial crisis inflicted more pain Friday on a wide range of corporate sectors, prompting heavy losses in stock markets, while the IMF readied a rescue of some 200 billion dollars for debt-laden countries. Amid grim financial news from around the world, stocks saw another tumultuous day, starting […]
Iceland asks IMF for funds to stem financial crisis
REYKJAVIK, October 24, 2008 (AFP) – Iceland asked the International Monetary Fund to help it overcome a crippling banking crisis with a loan of two billion dollars (1.58 billion euros), its government said on Friday. “The Icelandic Government has reached an agreement…with a mission from the International Monetary Fund (IMF) on a comprehensive stabilisation programme,” […]
World leaders urge monetary reforms as gloom deepens
BEIJING, October 25, 2008 (AFP) – World leaders called for an urgent overhaul of international financial systems after another day of steep stock market falls led to renewed panic over the slumping global economy. Asian and European leaders meeting here promised wide-ranging and effective reforms, as UN Secretary General Ban Ki-Moon also called for quick […]
Sri Lanka stocks pull back but trading dries up
Oct 24, 2008 (LBO) – The deep slide in Sri Lankan shares halted Friday with prices pulling back slightly but trading slumped to just 69.6 million rupees, brokers said. The Colombo bourse stood its ground, albeit on thin volumes, while Asian and Western markets plunged Friday. Bartleet Mallory Stockbrokers said there had been a net […]
Prime Status
Oct 24, 2008 (LBO) – Sri Lanka’s central bank says there were some measures to protect the banking sector from a financial ‘cyclone’ that is sweeping the world and the country’s banking sector is well capitalized to meet upcoming challenges. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to […]