Author: lbostgadmin
Tokyo stocks tumble to 26-year low
TOKYO, October 27, 2008 (AFP) – Japan’s Nikkei stock index on Monday fell to a level last seen in 1982 before the economic bubble era, tracking heavy losses on overseas markets as fears grew of a global recession. The Nikkei dropped 155.69 points, or 2.04 percent, to 7,493.19 in early trade, the lowest point since […]
Markets tumble despite G7, IMF moves
TOKYO, October 27, 2008 (AFP) – Growing fears of global recession sent share and oil prices plummeting Monday as markets shrugged off new moves to protect shell-shocked economies and a G7 pledge to stabilise the financial system.The IMF unveiled rescue plans for Ukraine and Hungary, South Korea slashed its key interest rate, Japan announced fresh […]
Go green to fight climate and financial crises: Greenpeace
BERLIN, October 27, 2008 (AFP) – Greenpeace unveiled a global action plan Monday it said would not only improve the world’s energy mix and stop climate change but also help end the international financial crisis.Aggressively investing in renewable power generation and energy efficiency could create a 360-billion-dollar (285-billion-euro) industry providing half of the world’s electricity, […]
Maldives set for run-off to rule the islands
MALE, October 27, 2008 (AFP) – The first-ever democratic presidential battle in the Maldives goes to a second round Tuesday, with Asia’s longest serving leader facing his most outspoken critic, a former political prisoner. Elections three weeks ago produced no clear winner after Maumoon Abdul Gayoom, who has run the Indian Ocean archipelago unchallenged for […]
Hot Money
Oct 27, 2008 (LBO) – Stopping the flow of funds for terrorist activities is a key part of the effort to fight terrorism, Sri Lankan central bank governor Ajith Nivard Cabraal said Monday. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 “If we can stop the funding […]
Oil Support
Oct 27, 2008 (LBO) – Sri Lanka’s Hayleys group has tied up with UK based Edgo Merap to enter the oil and gas industry support services industry, the company said, with Sri Lanka having issued its first exploration license earlier in the year. It provides drilling services, hydro-geological studies and land development. The group also […]
Sri Lanka central bank reserves down to US$2.6bn
Oct 27, 2008 (LBO) – Sri Lanka’s official foreign reserves have fallen to 2.6 billion US dollars in late October from 3.1 billion dollars at the end of September 2008, Central Bank Governor Nivard Cabraal said. Sri Lanka’s balance of payments problem this year seems to have been triggered by the withdrawal of foreign money […]
Sri Lanka exchange rate pressured; fuel taxes can reduce fiscal ills: economist
Oct 26, 2008 (LBO) – Despite falling oil prices, Sri Lanka is now in the midst of a balance of payments problem brought about by central bank interventions in forex markets, whose full effects are yet to be seen. Q: Now with the credit crunch we have seen a lot of commodity prices coming down […]
Sri Lanka reassures India over Tamils
NEW DELHI, October 26, 2008 (AFP) – A senior Sri Lankan minister on Sunday held talks with the Indian foreign minister over the safety of the island nation’s minority Tamils as its conflict with Tamil Tiger rebels escalates. Sri Lanka’s Tamils share close cultural and religious links with the 55 million Tamils in the southern […]
Sri Lanka mulls emergency loans to get tea auction moving
Oct 26, 2008 (LBO) – Sri Lanka’s government will guarantee loans from banks to the tea trade to revive the Colombo auctions where prices have plunged and half the teas remained unsold this week, industry officials said.The industry was also considering extending the time limit for settling cash payments for the sale of tea don […]
Merchant Sailors
MANILA, October 26, 2008 (AFP) – Amid dire predictions that trade will slow next year due to the global financial crisis, hundreds of Filipino seamen still gather in downtown Manila everyday to scan the positions vacant notices. Wilfredo Narte, a 66-year-old Filipino sailor, has seen it all before as he walks past a group of […]
World leaders urge monetary reforms as gloom deepens
BEIJING, October 25, 2008 (AFP) – World leaders called for an urgent overhaul of international financial systems after another day of steep stock market falls led to renewed panic over the slumping global economy. Asian and European leaders meeting here promised wide-ranging and effective reforms, as UN Secretary General Ban Ki-Moon also called for quick […]