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Sept 17, 2008 (LBO) – Sri Lankan investors in Vietnam could bank at a new fully owned branch in the country after authorities gave the go ahead to incorporate a local unit in the country, the banking group’s Colombo office said. “We feel that this is strategically important for the local investors and corporates who […]
Historic Rescue
NEW YORK, September 17, 2008 (AFP) – The US Federal Reserve announced Tuesday it would make an unprecedented 85-billion-dollar rescue loan to save insurance giant American International Group from bankruptcy amid fears of a catastrophic meltdown on financial markets. The move came after federal officials reportedly tried but failed to persuade private firms over the […]
‘s Ranbaxy generic drugs
WASHINGTON, September 16, 2008 (AFP) – The US Food and Drug Administration Tuesday said it would block the import of more than 30 generic drugs made by Indian pharmaceutical company Ranbaxy, saying the company had failed to meet manufacturing standards. Due to extensive violations of US requirements, the FDA issued the import alert for drugs […]
Sri Lanka aid groups quit north
September 17, 2008 (AFP) – International aid workers were Wednesday close to completing an evacuation from Sri Lanka’s north, where government forces are on a major offensive against Tamil Tiger rebels, officials said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The mass pull-out, demanded by the […]
‘s roots run deep in Asia
SINGAPORE, September 17, 2008 (AFP) – AIG has deep roots in Asia, and the troubled insurance giant is now trying to reassure millions of policyholders and tens of thousands of employees in the region that it will survive. Speaking before the Fed announced its rescue plan, Tey said a rush to liquidate policies is an […]
Sri Lanka July trade gap widens, tea boosts export earnings
Sept 17, 2008 (LBO) – Sri Lanka’s export earnings in July 2008 went up 24. 1 percent to a record 849 million US dollars from a year ago, boosted by agricultural exports, especially tea, the central bank said Wednesday. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 […]
UK mortgage lender HBOS latest victim of financial crunch
LONDON, September 17, 2008 (AFP) – The global financial firestorm claimed a fresh victim Wednesday as top British mortgage lender HBOS said it was in takeover talks after a huge US bailout of insurer AIG helped underpin volatile share prices. “In the light of market speculation, the Board of HBOS plc confirms that it is […]
Gulf chiefs okay plans for monetary council, union
JEDDAH, September 17, 2008 (AFP) – Finance chiefs of oil-rich Gulf states on Wednesday approved proposals to set up a monetary council and a charter for a monetary union, the Arab bloc’s secretary general said. Finance and economy ministers of the six-member Gulf Cooperation Council approved the monetary union charter and the council’s bylaws during […]
Barclays announces 1.75 bln dlr deal to buy Lehman parts
LONDON, September 17, 2008 (AFP) – Barclays said Wednesday it had reached a deal to acquire the North American investment banking and capital markets businesses of beleaguered US investment giant Lehman Brothers for 1.75 billion dollars. The bank said it would acquire trading assets with an estimated value of 72 billion dollars (40 billion pounds, […]
Dollar rallies after Fed decision to hold rates steady at 2.0-pct
NEW YORK, September 16, 2008 (AFP) – The dollar rallied against the other main currencies Tuesday after the Federal Reserve surprised the market by holding interest rates steady and defied expectations of a rate cut. The Fed decision to hold its base lending rate at 2.0 percent in the face of panic on the world […]