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Governments urge calm in face of market turmoil
PARIS, Jan 22, 2008 (AFP) – Leaders in Asia and Europe appealed for calm Tuesday and called for international cooperation in the face of a galloping global meltdown on world stock markets sparked by fears of a US recession. Asian markets experienced a day of heavy losses, with Hong Kong share prices suffering their biggest […]
Saudi shares nosedive almost 10 percent
RIYADH, Jan 22, 2008 (AFP) – The Saudi stock market, by far the largest in the Arab world, dropped sharply at the end of trading Tuesday, shedding almost the maximum permissible 10 percent on economic concerns and profit-taking.The Tadawul All-Shares Index shed 9.7 percent to finish below the 10,000-point psychological barrier on 9,338.54 points. The […]
EU warns of US recession as stocks dive
BRUSSELS, Jan 21, 2008 (AFP) – Top European finance officials sounded the alarm on Monday about a possible US recession as fears about the health of the world’s biggest economy plunged global stocks deep into the red. “The situation is continuing to deteriorate in the United States,” Luxembourg Finance Minister Jean-Claude Juncker said after chairing […]
Sri Lanka signals shift in war on Tamil Tigers
Jan 22, 2008 (AFP) – Sri Lanka’s President Tuesday signalled a shift in the war against the Tamil Tigers, saying he did not want to push his troops into rebel-held territory to defeat the guerrillas.Since the start of this month, the Sri Lanka defence ministry has claimed it has killed 592 rebels against just 26 […]
Sri Lanka pours forces into south after rebel attacks
Jan 22, 2008 (AFP) – Sri Lanka poured thousands more security forces into the Sinhalese-dominated south on Tuesday after a string of Tamil rebel attacks left 37 civilians and three police dead, officials said.Suspected rebels shot dead a police officer and two constables on Monday night near the township of Thanamalvila, police officials said.They had […]
Heavy fighting in northern Sri Lanka, police post in South attacked
Jan 21, 2008 (AFP) – Fierce fighting erupted in northern Sri Lanka Monday as government forces mounted a fresh push into territory held by Tiger rebels, with the official death toll from the new clashes at more than 50. At least 46 civilians have been killed in rebel attacks since the start of January, according […]
Sri Lanka stocks steady, cement firm draws interest
Jan 21, 2008 (LBO) — Trading in Lanka Cement picked up Monday on reports that an Indian firm may start a cement plant in Jaffna and the broader market was steady in a day when global markets plunged. Shipping cement to Tamil Nadu from Jaffna would be cheaper than trucking it from plants in India […]
Sri Lanka desiccated coconut exports restrained by nut shortfall
Jan 21, 2008 (LBO) — Sri Lanka’s exports of desiccated coconut (DC) were far below the island’s potential last year due to insufficient coconuts to keep mills running, exporters said.Sunil Watawala, former president of the DC Millers Association, said DC is the island’s main kernel product that is competitive in international markets as local coconut […]
Sri Lanka sees major power failure
Jan 21, 2008 (LBO) — Power supply to most parts of Sri Lanka failed as a transformer in a transmission line just outside the capital burst in the early hours of Monday, officials at the state power utility said. A current transformer in the Kotugoda grid substation had burst tripping off the adjacent Biyagama substation […]
World shares tumble as Bush plan disappoints
LONDON, Jan 21, 2008 (AFP) – Global stock markets plunged on Monday as US President George W.Bush’s tax plan to revive the world’s largest economy disappointed investors. “Investor scepticism over the impact of a temporary tax cut in saving the US economy from a sharp slowdown in economic growth prompted heavy selling” in equities, said […]