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”: Soros
LONDON, Jan 23, 2008 (AFP) – The current crisis in the world financial markets is the worst “in 60 years”, billionaire investor George Soros wrote in the Financial Times on Wednesday. In his comment piece, Soros warned that while a global recession could be held off by strong growth rates in the developing world, the […]
Central banking under microscope as Fed looks for easy way out
WASHINGTON, Jan 22, 2008 (AFP) – The Federal Reserve’s emergency rate cut Tuesday will deliver a jolt of stimulus to an ailing US economy but may be too little and too late to avert a painful recession, analysts say. Economists say the surprise cut of three-fourths of a percentage point, the largest since the central […]
Global markets take wild ride as Fed makes surprise cut
NEW YORK, Jan 22, 2008 (AFP) – Global stock markets saw some relief from the mayhem of the past few days as the US Federal Reserve’s surprise rate cut helped stem the massive losses seen around the world. In a wildly volatile day for markets, Wall Street ended with moderate losses while European shares closed […]
Sri Lanka jets raid top Tamil Tiger hideout: military
Jan 23, 2008 (LBO) – Sri Lanka air force jets have bombed a key jungle base in the northern Tamil Tiger stronghold of Kilinochchi Thursday, which the defence ministry said was frequented by the guerrilla leadership. . The defence ministry said the base identified as ‘X-ray’ base was raided at 11.15 am was a ‘hub’ […]
Sri Lanka central bank says no excessive money printing
Jan 23, 2008 (LBO) — Sri Lanka’s central bank says allegations of excessive money printing are “baseless” despite using central bank credit of 45.2 billion rupees to purchase treasury bills up to September 2007. “The attention of the Central Bank has been drawn to a few mischievous and /or erroneous reports where allegations have been […]
Cheap Labour
ABU DHABI, Jan 22, 2008 (AFP) – Gulf Arab states heavily dependent on an Asian labour force agreed on Tuesday with labour-sending Asian countries to join forces against the exploitation of expat workers from Asia.Gulf Cooperation Council (GCC) labour ministers and counterparts from Asia are to propose an action plan to protect the welfare of […]
LawAsiaICT2008
Jan 22, 2008 (LBO) – Sri Lanka and other Asia-Pacific nations must work out common procedures to apply laws so that electronic crimes do not proliferate, the island’s top judicial officer said.“This is something that other jurisdictions can emulate,” he said. “In Malaysia we have ‘cyber city’ to get everybody together to have technology development […]
Mobile Strategy
Jan 22, 2008 (LBO) – Sri Lanka’s mobile service provider Tigo plans to rely on giving better value to increase market share and revenue and not wage a price war with rival local mobile operators, company officials said. “We do not believe that a price war will benefit anybody including the customer. There has to […]
Fed slashes US interest rates to 3.50 percent
WASHINGTON, Jan 22, 2008 (AFP) – The US Federal Reserve slashed its key federal funds short-term interest rate by three quarters of a percentage point to 3.50 percent Tuesday amid sharp falls on global stock markets. The Fed announced its move shortly before US stock markets were due to open for trading and amid increasing […]
Europe tell US to tackle the real causes of market turmoil
BRUSSELS, Jan 22, 2008 (AFP) – The European Commission’s top economic official, Joaquin Almunia, called Tuesday on the United States to tackle its deficits, which he said were the root cause of financial market turmoil. Amid concern in Europe that a US government recovery plan would not avert a recession, EU Economic and Monetary Affairs […]