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State Intervention
WASHINGTON, October 3, 2008 (AFP) – US lawmakers Friday approved a historic financial rescue plan that was quickly signed into law, but the measure failed to calm financial markets nervous about a weak economy and credit crunch.The Bank of Japan said it injected 800 billion yen (7.6 billion dollars) into the financial system in the […]
Unsolicited ID
Oct 04, 2008 (LBO) – Sri Lanka is to issue electronic identity cards with transponders which authorities can use to identify fishermen at sea and also develop a database of fisher-folk, a senior minister said.The ministry of fisheries has received the nod from Sri Lanka’s cabinet of ministers to pursue and unsolicited offer from Enterprise […]
Sri Lankan troops nearing Tiger HQ: army chief
October 4, 2008 (AFP) – Sri Lanka’s army chief said Saturday his troops are on the verge of capturing the key northern headquarters of the Tamil Tigers in Kilinochchi. Foreign aid workers who evacuated the northern region three weeks ago said most residents of Kilinochchi had fled as the fighting moved closer. The defence ministry […]
US debt set to soar, but AAA rating should stay: Fitch
NEW YORK, October 4, 2008 (AFP) – Combined US government debt is set to rise to levels unseen since the 1950s, but the United States should nevertheless be able to hold onto its AAA credit rating, the Fitch ratings agency said. “If all fiscal commitments announced to date materialize and are full by the end […]
More countries pull suspect products as China milk scandal spreads
SEOUL, October 4, 2008 (AFP) – South Korea, Australia and Japan Saturday pulled melamine-contaminated sweets and drinks from supermarket shelves amid a widening scandal over Chinese milk products tainted with the toxic chemical. Authorities in Seoul ordered Mars and Nestle to pull three products after melamine, which is usually used for making plastics, was detected […]
European leaders to try to find way out financial storm
PARIS, October 4, 2008 (AFP) – European leaders were set to try to cobble together a response to the global financial crisis at a mini-summit on Saturday despite disagreements that killed off talk of a Europe-wide bailout package. French President Nicolas Sarkozy spent Friday laying the groundwork for the Paris meeting with leaders of Britain, […]
Smoking, coal set to claim tens of millions of lives in China
PARIS, October 3, 2008 (AFP) – Tobacco use and smoke from coal and wood are likely to claim tens of millions of lives in China over the next quarter-century, according to a study published online on Saturday by the British journal The Lancet. Smoke from tobacco, biomass and coal will kill 53.3 million Chinese from […]
Sri Lanka inflation battle threatened by cash injections
Oct 04, 2008 (LBO) – Sri Lanka’s central bank said inflation would come down to below 20 percent by year end, but its monetary program is now threatened by liquidity injections in the midst of a sudden foreign reserve outflow. “Point-to-point inflation would come down to below 20 percent,” central bank governor Nivard Cabraal told […]
Sri Lanka forex market steady with intervention
Oct 03, 2008 (LBO) – Sri Lanka’s forex markets entered a second day of intervention with a state bank that usually acts for the monetary authority selling dollars at 108.00 rupees, dealers said. Central Bank governor Nivard Cabraal told LBO that the state bank “could continue to sell” if required. On Thursday the forex market […]
Sri Lanka shares stay firm, speculators chase Maskeliya
Oct 03, 2008 (LBO) – Sri Lankan shares ended a shade firmer for the second day running after a long bear run, with heavy trading in Maskeliya Plantations, which was pushed up by speculators on takeover talk, brokers said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 […]