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Sri Lanka shares tumble as foreign funds sell
Sept 18, 2008 (LBO) – Sri Lankan shares fell sharply Thursday as foreign funds sold to raise cash following global market turmoil, with losses in heavyweights Dialog Telekom and John Keells Holdings dragging down the indices, brokers said. Brokers said there was no risk of a similar sell-off in the other market heavyweight, Sri Lanka […]
Pirates Ahoy
NAIROBI, September 18, 2008 (AFP) – Pirates seized another ship off the Somali coast in the Indian Ocean, a maritime official said Thursday. Andrew Mwangura of the Kenyan chapter of the Seafarers Assistance Programme said the “Great Creation” was hijacked on Wednesday but added further details on its origin, crew and destination were not immediately […]
Sri Lanka rubber seen staying strong despite fall in oil prices
Sept 18, 2008 (LBO) – Sri Lankan natural rubber prices have come off their highs after oil prices plunged but are likely to remain strong with demand from emerging economies like India and China, an equities research report said. Prices of plantations stocks rose in recent months on the back of a global commodities boom […]
Growth Spurt
Sept 18, 2008 (LBO) – Sri Lanka’s Mobitel, a unit of fixed access operator Sri Lanka Telecom says its customers would increase by 300,000 to 2.4 million by year-end with a package aimed at state-workers selling rapidly.Mobitel chief executive Suren Amarasekera says the firm is issuing over 10,000 connections a day following the launch of […]
Sri Lanka military advance on Tiger capital, 50 dead
September 18, 2008 (AFP) – Sri Lanka’s military said Thursday it was moving closer to the northern headquarters of the Tamil Tigers, with fierce clashes leaving at least 50 dead.The rebels have been fighting for a separate homeland for minority Tamils in the island’s north and east since 1972. To receive instant alerts from LBO […]
Central bank money printing binge give life to commodity bubble
LONDON, September 18, 2008 (AFP) – Oil prices extended gains on Thursday as the dollar fell following a coordinated plan by major central banks around the world to boost liquidity amid a credit crunch. “The coordinated move by central banks has seen the dollar sold off and has sparked some interest in the dollar denominated […]
Central banks in new printing offensive to fill liquidity holes; gold rockets to US$868
NEW YORK, September 18, 2008 (AFP) – The US Federal Reserve on Thursday threw 180 billion dollars into a global fight against the financial crisis as Wall Street legend Morgan Stanley became the latest name under attack and Britain’s top mortgage lender was forced into a merger.China’s sovereign wealth fund, China Investment Corporation, already owns […]
Young Lehman banker rues opportunities lost in London
LONDON, September 18, 2008 (AFP) – When Edouard d’Archimbaud, 24, arrived at Lehman Brothers offices in London on Monday he was hoping his move to the British capital would hail the start of a lucrative career in finance. Sadly, it was not to be. The young Parisian, who had struggled to arrive in time for […]
Dollar flounders in Asian trade in market storm
TOKYO, September 18, 2008 (AFP) – The dollar fell further in Asian trade Thursday as the US bailout of insurer AIG failed to quell market fears that more victims could emerge from the credit crisis, dealers said. The dollar traded narrowly, changing hands at 104.77 yen in Tokyo morning trade from 104.91 in New York […]
Leasing Trends
Sept 17, 2008 (LBO) – Sri Lanka’s People’s Leasing Company (PLC) said net profit rose seven percent to 803 million rupees in the year ending March 31, 2008 and that it was diversifying its business to include ship finance. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 […]