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Indian govt refuses to bail out domestic carriers
NEW DELHI, October 23, 2008 (AFP) – The Indian government refused Thursday to bail out ailing airlines facing mounting losses but said it would extend the credit period for the cash-starved carriers to pay their fuel bills.Indian airlines had sought a bailout package worth 47.50 billion rupees (one billion dollars) to survive in the face […]
Panic selling global stock markets
NEW YORK, October 22, 2008 (AFP) – Recession fears stalked trading floors around the world Wednesday, sparking major losses in Asia, Europe and on Wall Street as investors weighed prospects for a prolonged global downturn. The realization that a worldwide financial crisis is pummeling economies — and driving down growth, employment and corporate profits in […]
Cows come home to roost for rating agencies
WASHINGTON, October 22, 2008 (AFP) – After errant bankers and humbled insurers, the turn came on Thursday for ratings agency bosses to receive a verbal lashing from US lawmakers investigating the financial system meltdown. The heads of leading agencies were accused by a House of Representatives committee of ignoring warnings signs, following the “delirious mob” […]
Sri Lanka media group condemns threats against human rights defenders
Oct 23, 2008 (LBO) – A Sri Lanka media rights group has condemned more deaths threats against human rights activists and lawyers and demanded a police investigation. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The Free Media Movement (FMM) said in a statement the government should […]
Time Travel
EW YORK, October 22, 2008 (AFP) – Crude oil prices careened lower Wednesday after surging US energy reserves highlighted falling demand in a cooling global economy, and ahead of an OPEC financial crisis meeting. New York’s main contract, light sweet crude for December, skidded 5.43 dollars to close at 66.75 dollars a barrel. It earlier […]
Lubricant Lease
Oct 23, 2008 (LBO) – Chevron Lubricants Lanka said Thursday it was seeking to extend the lease on the land on which it has its lubricant plant which runs out in July next year. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The Sri Lankan unit of […]
Sri Lanka bonds spike, bills rejected amid heavy forex interventions
Oct 22, 2008 (LBO) – Sri Lanka rejected an entire Treasury bill auction Wednesday while the yield of a bond popular among foreign investors spiked and heavy central bank intervention in currency markets continued, dealers said. The government’s debt office said all bids at the auction were rejected. Last week 3-month bills were auctioned at […]
Sri Lanka stocks extend losses; Pramuka sells LB Finance stake
Oct 22, 2008 (LBO) – Sri Lanka stocks closed 1.2 percent lower with index heavy stocks sliding , Wednesday on the back of a 2.2 percent fall a day earlier, while the sale of a strategic stake in a finance company went at a premium to market, dealers said. To recieve instant alerts from LBO […]
Shipping Attack
Oct 22, 2008 (LBO) – Sri Lanka’s Tamil Tigers have staged a suicide attack on merchant ships carrying supplies to the northern Jaffna peninsular early Wednesday, the defence ministry said. The merchant ships Ruhuna and Nimalawa, were attacked off the Kankasanthurai harbhour, defence authorities said. Several merchant ships, some operated by Sri Lankan firms, have […]
Sri Lanka tourist arrivals fall 20-pct in September
Oct 22, 2008 (LBO) – Foreign visitors to Sri Lanka fell 20 percent in September with generating markets in Western Europe and India recording steep falls, the latest data from the island’s tourist promotion office said. In the 10 months to September arrivals were down 9.5 percent to 317,500 from 350,779. In period Western European […]