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Sri Lanka hikes defence spending for next year
Oct 01, 2008 (LBO) – Sri Lanka’s government plans to allocate 177.1 billion rupees next year for its defence forces whose campaign against the Tamil Tigers is intensifying, according to the appropriation bill published by the finance ministry. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 Most […]
Privatization of first US airport could bank 2.5 billion dollars
CHICAGO, September 30, 2008 (AFP) – The privatization of the first major US airport could net the city of Chicago 2.5 billion dollars, officials said Tuesday. The 99-year lease of Chicago’s secondary airport, Midway, must still be approved by the city council and federal regulators but officials expressed confidence it would pass. “With this agreement […]
French PM says banks vulnerable, but state will step in
PARIS, September 30, 2008 (AFP) – French Prime Minister Francois Fillon has warned in an interview to appear Wednesday that the country’s banks are vulnerable given the global financial crisis, which he compared to the Great Depression.Fillon, however, said in the interview with Les Echos business newspaper that the state would not allow any banks […]
” accounting rules amidst illiquid markets
WASHINGTON, September 30, 2008 (AFP) – US regulators Tuesday offered new guidelines aimed at easing accounting rules blamed by some analysts for worsening the crisis for banks with heavy losses from mortgage securities The Securities and Exchange Commission made the announcement offering clarification to companies preparing to report their financial results for the third quarter, […]
US Senate to vote Wednesday on bailout package
WASHINGTON, October 1, 2008 (AFP) – The US Senate will vote Wednesday evening on a revised 700 billion dollar Wall Street bailout, after the House of Representatives sparked economic turmoil by rejecting the original package. A Democratic Senate aide speaking on condition of anonymity confirmed the surprise vote would go ahead and the bill is […]
Sri Lanka central bank says money targets achieved amid reserve outflow
Oct 01, 2008 (LBO) – Sri Lanka’s central bank said it had achieved reserve money targets set for the September quarter amid a reserve outflow that has made it increase domestically injected liquidity to maintain reserve money. Such actions, characteristic of maintaining a pegged exchange rate, known as ‘sterilized intervention’ can easily stampede a country […]
Sri Lanka central bank rejects all bids at auction
Sept 30, 2008 (LBO) – Sri Lanka’s central bank rejected an entire Treasury Bill auction on Tuesday bringing back memories of dark days in June 2007 when two auctions were absorbed by the central bank, and the country was plunged into a currency crisis soon after. The central bank was however in the market later […]
Sri Lanka bond markets illiquid after rate spike
Sept 30, 2008 (LBO) – Trading in Sri Lanka’s bond markets dried up Tuesday as market participants took stock of a sudden spike in rates at an auction a day earlier, amidst turmoil in international markets, dealers said.The government sold a bond maturing in July 2012 at 19.09 percent on Monday, up steeply from an […]
Paper Issue
Sept 30, 2008 (LBO) – Sri Lanka’s Mercantile Investment Limited (MIL), a registered finance company, is raising 100 million rupees through a commercial paper which has been given a rating of ‘P1’, RAM Ratings said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 RAM Ratings said MIL […]
Legal Action
Sept 30, 2008 (LBO) – Sri Lanka’s lawyers are to protest in front of the main court complex in the capital Colombo while condemnation poured in, after an attack on the residence of a top anti-corruption activist and fellow attorney. “We fear that we cannot ignore this situation any further and allow it to escalate […]