All Blogs
Sri Lanka battle rages despite heavy rains: military
October 23, 2008 (AFP) – Government forces captured several bunkers from Tamil Tiger rebels as heavy fighting raged despite torrential monsoon rains in northern Sri Lanka, the defence ministry said Thursday. Security forces battling to capture the rebels’ political capital of Kilinochchi overcame resistance from the Liberation Tigers of Tamil Eelam (LTTE) near the village […]
Sri Lanka to get ADB trade finance support
Oct 23, 2008 (LBO) – The Asian Development Bank (ADB) and Japan’s Sumitomo Mitsui Banking Corp. (SMBC) have launched a trade finance scheme for developing countries the initial phase of which will be in Sri Lanka and Pakistan. An ADB statement said the bank and SMBC have entered a risk-sharing agreement that will enhance support […]
France announces sovereign wealth fund to protect champions
ANNECY, October 23, 2008 (AFP) – President Nicolas Sarkozy announced the creation of a French sovereign wealth fund on Thursday, promising to protect the strategic heights of the economy from the global financial storm. Declaring that the recent turmoil had killed off the “dictatorship of the market”, Sarkozy vowed to lead Europe towards a model […]
Indian govt refuses to bail out domestic carriers
NEW DELHI, October 23, 2008 (AFP) – The Indian government refused Thursday to bail out ailing airlines facing mounting losses but said it would extend the credit period for the cash-starved carriers to pay their fuel bills.Indian airlines had sought a bailout package worth 47.50 billion rupees (one billion dollars) to survive in the face […]
Panic selling global stock markets
NEW YORK, October 22, 2008 (AFP) – Recession fears stalked trading floors around the world Wednesday, sparking major losses in Asia, Europe and on Wall Street as investors weighed prospects for a prolonged global downturn. The realization that a worldwide financial crisis is pummeling economies — and driving down growth, employment and corporate profits in […]
Cows come home to roost for rating agencies
WASHINGTON, October 22, 2008 (AFP) – After errant bankers and humbled insurers, the turn came on Thursday for ratings agency bosses to receive a verbal lashing from US lawmakers investigating the financial system meltdown. The heads of leading agencies were accused by a House of Representatives committee of ignoring warnings signs, following the “delirious mob” […]
Sri Lanka media group condemns threats against human rights defenders
Oct 23, 2008 (LBO) – A Sri Lanka media rights group has condemned more deaths threats against human rights activists and lawyers and demanded a police investigation. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The Free Media Movement (FMM) said in a statement the government should […]
Time Travel
EW YORK, October 22, 2008 (AFP) – Crude oil prices careened lower Wednesday after surging US energy reserves highlighted falling demand in a cooling global economy, and ahead of an OPEC financial crisis meeting. New York’s main contract, light sweet crude for December, skidded 5.43 dollars to close at 66.75 dollars a barrel. It earlier […]
Lubricant Lease
Oct 23, 2008 (LBO) – Chevron Lubricants Lanka said Thursday it was seeking to extend the lease on the land on which it has its lubricant plant which runs out in July next year. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The Sri Lankan unit of […]
Sri Lanka bonds spike, bills rejected amid heavy forex interventions
Oct 22, 2008 (LBO) – Sri Lanka rejected an entire Treasury bill auction Wednesday while the yield of a bond popular among foreign investors spiked and heavy central bank intervention in currency markets continued, dealers said. The government’s debt office said all bids at the auction were rejected. Last week 3-month bills were auctioned at […]