All Blogs
‘s Lee discounts crisis fears as won plunges
SEOUL, October 7, 2008 (AFP) – South Korean President Lee Myung-Bak called for calm Tuesday as the won plunged, saying the nation does not face a repeat of the 1997/98 financial crisis. “The current crisis facing the nation is wholly different from the foreign exchange crisis of 1997,” he told a cabinet meeting. “Excessive optimism […]
‘s central bank slashes interest rates
SYDNEY, October 7, 2008 (AFP) – Australia’s central bank slashed interest rates by one percent Tuesday amid fears of a global slowdown sparked by the US-based financial crisis.The Reserve Bank of Australia reduced its official cash rate to 6.0 percent, just a month after a 25 basis point cut marked the first downward movement in […]
Oil stays below 90 dollars
SINGAPORE, October 7, 2008 (AFP) – Crude oil prices remained below 90 dollars a barrel in Asia on Tuesday as deepening global financial turmoil and plunging stock markets raised fears about slowing demand for energy, dealers said. New York’s main contract, light sweet crude for November delivery, rose 71 cents to 88.52 dollars after a […]
Fed to pay interest on statutory reserves, give printed money for nothing
WASHINGTON, October 6, 2008 (AFP) – The Federal Reserve and the US Treasury, armed with new emergency powers, announced measures Monday to tackle a rapidly escalating financial crisis as panicked investors fled stock markets. The central bank and Treasury said they were studying the possibility of making unsecured loans in an effort to keep credit […]
‘s northern offensive
NEW DELHI, October 7, 2008 (AFP) – India criticised Sri Lanka in a rare intervention into the island’s internal affairs, saying civilian deaths during a military offensive against Tamil rebels were a cause of grave concern. The fall of Kilinochchi would be the biggest loss in 13 years for the Tigers. India’s National Security Advisor […]
Sri Lanka core inflation continues embarrassing climb
Oct 07, 2008 (LBO) – Sri Lanka’s controversial ‘core’ inflation index, which is claimed to be more responsive to monetary action, continued its relentless upward climb even as headline inflation moderated amid tight policy. In an earlier era, in France, paper money ‘central bankers’ who pushed food commodity prices up, created high inflation and economic […]
Sri Lanka shares flat; speculators chase Maskeliya
Oct 06, 2008 (LBO) – Sri Lankan shares ended almost flat Monday, with small investors chasing Maskeliya Plantations on speculation of a takeover, brokers said. The indices ended mixed with Sri Lanka Telecom going up 25 cents being the main reason for the Milanka to go up while other key shares remaining flat. To receive […]
Sri Lanka shares end flat as speculators chase Maskeliya
Oct 06, 2008 (LBO) – Sri Lankan shares ended flat Monday, with small investors chasing Maskeliya Plantations on speculation of a takeover, brokers said. He said the market is likely to remain “sluggish” in the near term in the absence of any market moving news or rumours that could affect the prices of individual stocks. […]
Port Moves
Oct 06, 2008 (LBO) – The Sri Lanka Ports Authority (SLPA) intends to build and operate a container terminal in the planned new deep-draft port being built next to Colombo’s existing harbour, its acting chairman Priyath Bandu Wickrema said. The project team and cabinet-appointed negotiating committee had finalised the fresh bid document for the new […]
Global Jitters
LONDON, October 6, 2008 (AFP) – World markets suffered massive losses Monday, striking four-year lows, as panic-stricken investors doubted whether a Wall Street bailout package would stem the global financial crisis. London, Frankfurt and Paris all tumbled more than six percent approaching the half-way mark while a 15-percent dive in Moscow forced a halt to […]