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Sri Lanka shares plunge in widespread sell-off
Oct 10, 2008 (LBO) – Sri Lankan share prices fell sharply Friday as investors appeared unnerved by the global stock market rout, with the benchmark index slumping below the psychologically important 2,000 point mark, brokers said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The All Share […]
Shipping Trends
Oct 10, 2008 (LBO) – Sri Lanka’s Colombo port needs to move fast to build new deep-water terminals if it is to remain competitive, a senior official of the local office of Maersk, the world’s biggest shipping line, has said.While the state-owned Jaya Container Terminal (JCT) can be developed it needs to increase efficiency. “Additional […]
More Funds
Oct 10, 2008 (LBO) – Hong Kong Shanghai Banking Corporation (HSBC) said it has strengthened the capital base of its UK subsidiary, HSBC Bank, through an equity injection of 750million pounds. The bank said in a statement the capital injection, representing one per cent of the total shareholders’ equity of the HSBC Group as at […]
Bank Rating
Oct 10, 2008 (LBO) – Fitch Ratings Lanka Friday affirmed Sri Lanka’s DFCC Vardhana Bank’s (DVB) National Long-term rating at ‘AA-(lka)’ with a stable outlook.Its gross NPL ratio slipped to 10.7 percent at H108 from 5.9 percent at FYE06 on account of weakened macro conditions, and partially owing to the regulatory change in classification of […]
‘s Jaffna to get new power plant
Oct 10, 2008 (LBO) – A new 36 MegaWatt power plant that will come online in the northern Jaffna peninsular at the end of the month ending power cuts in the area, officials said. At the moment the Jaffna grid of the state-run Ceylon Electricity Board (CEB), is isolated from the rest of the national […]
Fear over capital in bank street feeds recession wind in main street
PARIS, October 10, 2008 (AFP) – Businesses needing cash by the end of the month or students seeking a loan for this academic year can expect a hard time at the bank despite blockbuster steps this week to burst the credit dam.The official onslaught — huge bank bailouts, savings protection, floods of central bank money […]
Golden paydays for bankers are over, lawmakers say
PARIS, October 10, 2008 (AFP) – While governments worldwide have not yet agreed on a solution to fix the current global economic crisis, nearly all agree on the cause of the problem: the large bonuses awarded to executives.Bankers’ bonuses have come under scrutiny as taxpayers money is being used to bail out ailing financial institutions. […]
Crisis talks due in Washington; markets in tailspin
TOKYO, October 10, 2008 (AFP) – The world’s major economies were to hold crisis talks later Friday in an attempt to end a massive sell-off on the global stock markets, as Asian shares were hit by another day of panic selling. The talks in Washington were expected to see finance ministers and central bankers from […]
Asian stocks dive as panic erupts over financial crisis
TOKYO, October 10, 2008 (AFP) – Asian stock markets went into a tailspin Friday, with Tokyo down more than 10 percent as fresh panic erupted over fears that authorities are unable to contain the global financial crisis.Bucking the trend was Moscow, where the leading stock markets closed around 10 percent higher, rebounding from the previous […]
Singapore economy in recession
SINGAPORE, October 10, 2008 (AFP) – Singapore’s trade-sensitive economy has declined for a second straight quarter, the government said Friday, meaning the city-state has entered a recession for the first time in six years.On a seasonally adjusted quarter-on-quarter annualised basis, real GDP declined by 6.3 percent in the third quarter after contracting 5.7 percent in […]