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WASHINGTON, October 14, 2008 (AFP) – Paul Krugman, winner of the 2008 Nobel Prize for economics, said Monday in an interview with National Public Radio (NPR) that he should have anticipated the current financial turmoil. “I should have seen it coming,” said Krugman. “I berate myself for not understanding the extent to which we have […]
Sri Lanka shares rebound, trading thin
Oct 13, 2008 (LBO) – Sri Lankan shares rebounded Monday, lifted by blue chips, on a temporary recovery of confidence as global bailout plans saw overseas markets turning around, but trading remained thin, brokers said.Dialog Telekom rising 7.14 percent (50 cents) to 7.50 rupees while Sri Lanka Telecom went up 3.21 percent (1.25 rupees) to […]
More Liquidity
Oct 13, 2008 (LBO) – Sri Lanka’s central bank has cut the reserve requirement of commercial banks from 10 percent to 9.25 percent, and further relaxed access to the discount window. “This step has been taken in order to inject more liquidity to the domestic financial market so as to enable the market to effectively […]
Bagged
Oct 13, 2008 (LBO) – Sri Lanka’s Supreme Court has halted a recent practice by the island’s top retail chains to charge for plastic bags, and ordered alternatives to be provided if such bags are not considered eco-friendly, lawyers said. Sri Lanka’s top supermarket chains, with the environmental ministry, announced earlier in the year at […]
Sri Lanka asks EU to extend GSP Plus trade deal
Oct 13, 2008 (LBO) – Sri Lanka’s government has formally applied to the European Union to extend the GSP Plus trade scheme under which the island’s exports gain duty free access, an official said.S Ranugge, secretary to the external trade ministry, said the government expects to know by December 15 whether or not the GSP […]
Sri Lanka rubber prices fall amid collapsing commodity bubble
Oct 13, 2008 (LBO) – A collapsing global commodity bubble, falling demand from industrialised countries and lower oil prices have caused Sri Lankan rubber prices to fall sharply in recent weeks, industry officials said. This has resulted in lower demand for products like solid tyres made by the top rubber buyers in the island, Loadstar […]
” of banks: Treasury
WASHINGTON, October 13, 2008 (AFP) – The United States is ready to buy equity in a “broad array” of financial institutions, the Treasury’s pointman on a 700 billion dollar bank bailout, Neel Kashkari, said Monday. “We are designing a standardized program to purchase equity in a broad array of financial institutions,” Kashkari said in a […]
Germany to unveil 470 bln euro bank rescue package: sources
BERLIN, October 13, 2008 (AFP) – Germany was to unveil Monday a 470-billion-euro rescue package to save the country’s banks from collapse, government sources said, after European leaders hammered out a common approach at a high-stakes weekend summit. Government sources in Europe’s biggest economy said that the package would include around 70 billion euros (95 […]
South Korea eases rules on investment in banks amid crisis
SEOUL, October 13, 2008 (AFP) – South Korea’s government said Monday it will allow conglomerates and other non-banking firms to buy a bigger stake in local banks to ease privatisation and guard against the global financial crisis. Under a law to be submitted to parliament next month, the conglomerates — known as chaebol — and […]
Global financial crisis will hit army of overseas Filipino workers
MANILA, October 13, 2008 (AFP) – There are few countries in the world where you will not find a Filipino worker.Even in tiny Iceland, one of the countries hardest hit by the financial crisis, there were 1,411 at last count. At any given time, about 10 percent of the Philippines’ 90 million population is hard […]