Author: lbostgadmin
Sri Lanka troops capture key Tamil Tiger coastal base
October 30, 2008 (AFP) – Sri Lankan troops on Thursday took control of a key rebel-held town on the island’s northwest coast through which the Tamil Tigers have smuggled weapons, the defence ministry said. The pro-rebel Tamilnet website said one boy was killed on Thursday by government shelling in Mullaittivu. It also said the military […]
Comrade Paulson
WASHINGTON, October 30, 2008 (AFP) – A banking industry trade group Thursday voiced concern about government pressure on banks to accept public capital injections “they did not seek and do not need.” The American Bankers Association (ABA), the largest industry group, said its members were growing increasingly concerned about the Treasury’s Capital Purchase Program, which […]
Sri Lanka IOC unit profits fall on taxes, hedging costs
Oct 31, 2008 (LBO) – Profits of Lanka IOC, a unit of India’s IOC fell 83 percent in the September quarter to 109 million rupees amidst high taxes and hedging costs, while six months profits were flat at 1.1 billion rupees, an official said. Lanka IOC managing director R Ramakrishnan said his firm was losing […]
Sri Lanka central bank puts curbs on forex market
Oct 06, 2008 (LBO) – Sri Lanka’ central bank has tightened limits on overnight trading positions of commercial banks, imposed penal interest rates on exporter financing and raised deposit limits on import letters of credit, officials said. The rules were last used in 2001 when Sri Lanka floated the rupee following currency crisis created by […]
Sri Lanka bond auction rates spike over 100bp
Oct 31, 2008 (LBO) – Sri Lanka’s bond yields spiked than 100 basis points and secondary market yields more than 100 basis points at this week’s auction. On Thursday the central bank broke a US dollar peg at 108.00 rupees and is now defending a new rate of 110.00 rupees. The 2-year bond yield shot […]
US cuts rates; US, IMF open new liquidity windows
WASHINGTON, October 30, 2008 (AFP) – The US Federal Reserve sliced its key interest rate another 0.5 percentage points to 1.0 percent Wednesday as signs emerged of thawing credit markets around the world. The Fed’s expected action came after China also chopped its benchmark one-year deposit rate by 27 basis points to 3.60 in a […]
‘s Westpac reports 12 percent net profit growth
SYDNEY, October 30, 2008 (AFP) – Australia’s Westpac Banking Group announced Thursday that its annual net profit rose 12 percent, driven by strong deposit and lending growth.Net profit for the year ended September 30 rose to 3.86 billion dollars (2.58 billion US) from 3.45 billion dollars the previous year, the bank said in a statement. […]
US Treasury releases 125 billion dollars to nine banks
WASHINGTON, October 29, 2008 (AFP) – The US Treasury said Wednesday it had finalized the infusion of 125 billion dollars into nine major commercial banks as part of a financial system rescue plan. Officials said Citigroup, JP Morgan Chase and Wells Fargo each received 25 billion dollars in capital. Bank of America got 15 billion […]
US economy shrinks in quarter, worst may be yet to come
WASHINGTON, October 30, 2008 (AFP) – The US economy contracted at a 0.3 percent pace in the third quarter as a global credit crunch prompted consumers and businesses to retrench, government data showed Thursday.The drop in gross domestic product (GDP) was the first negative figure since the fourth quarter of 2007, the Commerce Department reported […]
World oil prices tumble on US economic gloom
LONDON, October 30, 2008 (AFP) – Oil prices slipped back on Thursday in volatile trade, reversing early gains as the market reacted to news of shrinking economic growth in the United States, the world’s top energy consumer. An overnight cut in US interest rates, along with a similar move in China, had earlier bolstered prices […]
Delta-Northwest merger creates huge US airline
WASHINGTON, October 29, 2008 (AFP) – Delta Air Lines said Wednesday it had merged with Northwest Airlines to create one of the world’s biggest carriers after winning approval from US antitrust authorities. Delta announced late Wednesday that the merger was completed, “creating a premier global airline with service to nearly all of the world’s major […]
Chinese authorities tried to cover up Melamine eggs: state media
BEIJING, October 30, 2008 (AFP) – A government in northeast China kept quiet the discovery of melamine-tainted eggs for weeks and ordered a media ban before Hong Kong authorities finally revealed the problem, state press said Thursday. The animal sanitation inspection department of Liaoning province suspected the tainted eggs came from chicken feed and ordered […]