Author: lbostgadmin
Bailout
WASHINGTON, November 24, 2008 (AFP) – The US government late Sunday vowed to protect struggling banking giant Citigroup against “unusually large losses” and give it 20 billion dollars from a financial rescue package approved by Congress. The announcement came after the Treasury Department, Federal Reserve and Federal Deposit Insurance Corporation reached an agreement with Citigroup […]
Capital Raising
SINGAPORE, November 24, 2008 (AFP) – British-based Standard Chartered bank said Monday it plans to raise 1.78 billion pounds (2.66 billion US dollars) in a rights issue to better position itself during the global financial turmoil. Standard Chartered, which is listed in Hong Kong and London, says more than 90 percent of its operating income […]
LBR-LBO CEO Forum
Nov 24, 2008 (LBO) – Sri Lanka’s Hatton National Banks (HNB) micro finance default rate is lower than the bank average default rates due to the shame factor and peer pressure for villagers, says managing director Rajendra Theagarajah. He says there’s a myth that if the business is from the bottom of the pyramid, the […]
CEO forum
Nov 24, 2008 (LBO) – Sri Lanka’s Hatton National Banks (HNB) micro finance default rate is lower than the bank average default rates due to the shame factor and peer pressure from villagers, says managing director Rajendra Theagarajah. He says there’s a myth that if the business is from the bottom of the pyramid, the […]
Sri Lanka shares head down, ignore battlefield gains
Nov 24, 2008 (LBO) – Sri Lankan stocks began the week on a dreary note with the market continuing its downward march Monday on low trading volumes and brokers saying the bearish trend could continue.Liyanage said investors were also shifting funds from equities to debt, where returns are higher, but find they are stuck in […]
Sri Lanka injects term money at lower rates; CB bill stock Rs109bn
Nov 24, 2008 (LBO) – Sri Lanka’s central bank has printed and injected money up to nine months at rates lower than its penal discount window to sterilize interventions in the forex market, the latest data showed. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The rupee […]
Sri Lanka state bank raises Rs4.2bn from bonds
Nov 24, 2008 (LBO) – Sri Lanka’s state-run Bank of Ceylon has raised 4.27 billion rupees from 5-year bonds in fixed and floating rates, issue managers Merchant Bank of Sri Lanka said. The debenture would be listed on the DEX board of the Colombo Stock Exchange. Bank of Ceylon has a ‘AA(lka)’ rating from Fitch.The […]
Gulf shares slump despite government moves
KUWAIT CITY, November 23, 2008 (AFP) – Most stock markets in the energy-rich Gulf slumped on the week’s opener Sunday as intervention by governments failed to restore sentiment among investors worried by global financial turmoil. Riyadh cut interest rates for the third time in six weeks, slashing the repo rate by one percentage point a […]
Sri Lanka fighting spreads to key highway near Tiger HQ
November 23, 2008 (AFP) – Helicopter gunships attacked Tamil Tiger rebel positions in northern Sri Lanka as battles shifted onto a key highway leading to the rebels’ political capital, the defence ministry said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 Helicopters were deployed to pound rebel […]
Street Fight
Nov 23, 2008 (LBO) – Top Sri Lankan celcos are slashing prices ahead of the entry of a fifth operator to the market, in a street fight that analysts say is set to haemorrhage bottom lines of the entire sector. In the last quarter Mobitel, a unit of fixed access provider Sri Lanka Telecom, and […]
China, India rising, but face bumpy ride: intelligence forecast
WASHINGTON, November 22, 2008 (AFP) – A new US intelligence forecast identifies China and India as rising heavyweights in a coming multi-polar world but says both face a potentially bumpy ride to the top.“Although we believe chances are good that China and India will continue to rise, their ascent is not guaranteed and will require […]
Obama readies economic team with New York Fed boss tipped for Treasury secy
WASHINGTON, November 22, 2008 (AFP) – The economic team of US president-elect Barack Obama came into view Friday as fears mounted on the global financial crisis and more mass job cuts loomed worldwide.Reports said Obama was set to appoint New York Federal Reserve chief Timothy Geithner as his Treasury secretary to take charge of fixing […]