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French bank chairman quits over 800 million dollar trading loss
PARIS, October 20, 2008 (AFP) – The chairman and director general of the French bank Caisse d’Epargne quit Sunday over an 800 million dollar derivative trading loss at the height of the global finance crisis. Chairman Charles Milhaud said in a statement after an emergency supervisory board meeting that he was taking full responsibility for […]
”’ is forgiven
PARIS, October 20, 2008 (AFP) – IMF chief Dominique Strauss-Kahn’s had only a “one-night stand” with a member of the world finance body’s staff, his wife insisted Sunday as the French establishment rallied round the former socialist minister. “We have moved on,” said television journalist Anne Sinclair, insisting in her personal blog that she still […]
Sri Lanka central bank says inflation will fall till November
Oct 20, 2008 (LBO) – Sri Lanka’s central bank says consumer inflation, which fell to 24.3 percent in September, will continue to fall till November in the light of tight policy in 2008 and falling global commodity prices. Central Bank governor Nivard Cabraal told LBO earlier this month that he expected inflation to be slightly […]
Sri Lanka military says smashing major Tiger defences
October 19, 2008 (AFP) – Troops and Tamil Tiger rebels were locked in intense fighting in northern Sri Lanka Sunday after government forces smashed through the “last major defences” of the guerrillas, the military said. The rebel Liberation Tigers of Tamil Eelam (LTTE) launched “poisonous gas attacks” to blunt the military offensive aimed at capturing […]
‘s airline sector no longer a high flyer
NEW DELHI, October 19, 2008 (AFP) – India’s aviation industry has gone from being one of the world’s high flyers to watching its fortunes plummet as it struggles to cope with surging losses.The sector, one of the most vibrant symbols of India’s economic progress, is going through its “worst-ever phase,” says Civil Aviation Minister Praful […]
Philippine exporters brace for tougher times ahead
MANILA, October 19, 2008 (AFP) – The Philippines has so far escaped relatively unscathed from the global financial crisis, but its export industries are bracing themselves for tougher times ahead, analysts say.While orders for the remainder of the year still look healthy, exporters fear that going forward into 2009 the outlook might not be so […]
‘s Tata chief warns West Bengal of flight of industry
NEW DELHI, October 19, 2008 (AFP) – Tata group chief Ratan Tata, forced to relocate production of the world’s cheapest car from eastern India, has warned there could be a flight of capital and industry from the poverty-hit region. In an open letter to residents of communist-ruled West Bengal, Tata asked whether they wanted to […]
‘s affair with employee
NEW YORK, October 18, 2008 (AFP) – The International Monetary Fund has opened an investigation of its director Dominique Strauss-Kahn and his intimate ties to a subordinate employee — an affair that echoes the scandal that ousted Paul Wolfowitz from the World Bank last year. The IMF, one of the main players in coordinating global […]
Sri Lanka central bank reserve outflow continues; bill stock spikes to Rs40bn
Oct 19, 2008 (LBO) – The treasury bills portfolio of Sri Lanka’s central bank topped 40 billion rupees (370 million US dollars) by mid-October, according to the latest official data, indicating a continuing drain of foreign reserves. The central bank has been defending a US dollar peg at 108 rupees and injecting money into the […]
Forum set up to promote security of US ventures in Asia
WASHINGTON, October 19, 2008 (AFP) – The United States is to launch a forum to promote security of largely American businesses in Asia amid concerns on issues ranging from copyright piracy to terrorism threats, officials said.The forum, pushed for by US companies in the region, will be inaugurated this week under the Overseas Security Advisory […]