Author: lbostgadmin
Iceland asks IMF for funds to stem financial crisis
REYKJAVIK, October 24, 2008 (AFP) – Iceland asked the International Monetary Fund to help it overcome a crippling banking crisis with a loan of two billion dollars (1.58 billion euros), its government said on Friday. “The Icelandic Government has reached an agreement…with a mission from the International Monetary Fund (IMF) on a comprehensive stabilisation programme,” […]
Finance crisis inflicts more pain; IMF to get more business
WASHINGTON, October 24, 2008 (AFP) – The global financial crisis inflicted more pain Friday on a wide range of corporate sectors, prompting heavy losses in stock markets, while the IMF readied a rescue of some 200 billion dollars for debt-laden countries. Amid grim financial news from around the world, stocks saw another tumultuous day, starting […]
Emerging market strains remove props for global markets
PARIS, October 24, 2008 (AFP) – Emerging market countries, their once vibrant economies now under increased strain in the global finance crisis, can no longer be counted on help prop up world stock markets. “The escalation of the crisis revealed or exacerbated existing vulnerabilities (in emerging countries), such as current account deficits, that were ignored […]
Methanol laced hooch kills in Vietnam
HANOI, October 25, 2008 (AFP) – At least 11 Vietnamese men have died after drinking suspect alcohol in Ho Chi Minh City over the past month, state media said Saturday. The latest death was a 44-year-old man, who had been hospitalised Wednesday and died Friday, the Thanh Nien (Young People) newspaper said. The paper quoted […]
‘s Jet Airways flies into Q2 losses
MUMBAI, October 25, 2008 (AFP) – Jet Airways, India’s biggest domestic airline, reported Saturday a second-quarter net loss from a profit in the same period a year earlier, hit by rising fuel costs and fewer passengers.The airline posted a net loss of 3.84 billion rupees (80 million dollars) after announcing a profit of 283.6 million […]
World leaders call for reform as markets overpower paper central banks, govts.
BEIJING, October 25, 2008 (AFP) – World leaders vowed Saturday to overhaul the global financial system in the face of recession fears, but US President George W.Bush urged nations to “recommit” to free markets despite economic turmoil. After a week of growing economic gloom and plunging stock markets, Asian and European leaders meeting in Beijing […]
Sri Lanka troops advance into Tiger territory: military
October 25, 2008 (AFP) – Sri Lanka troops were locked in heavy combat with Tamil Tiger guerrillas in the island’s north where soldiers made several advances into rebel-held territory, the defence ministry said Saturday.Two separate confrontations were reported southwest of the Tamil Tiger political capital of Kilinochchi on Friday and sporadic fighting continued afterward, the […]
Two Sides
Oct 25, 2008 (LBO) – The global economic crisis may reduce information technology outsource work for companies in Sri Lanka but at the same time generate new business opportunities, a top Sri Lankan software firm said.“So in the last two years the volumes increased 20 fold.” He said this massive rise in stock market activity […]
Sri Lanka small holders hit by credit crunch as prices collapse
Oct 25, 2008 (LBO) – In Sri Lanka’s deep south, small tea farmers are feeling the pinch from a collapsing commodity bubble, as a worldwide meldown of financial and asset prices gathers momentum on a long expected deflationary collapse. The brokers are running a sophisticated finance business, managing the risk of independent factories and effectively […]
Sri Lanka central bank calms forex markets as treasuries stock rockets to Rs59bn
Oct 24, 2008 (LBO) – Sri Lanka’s central bank says it is ready to accommodate additional foreign currency outflows from foreign bond holders even as snowballing T-bill purchases showed pressure building up in the monetary system. The central bank said in a statement Thursday that it had ‘absorbed’ dollar inflows of 622 million in the […]
Sri Lanka ace Jayasuriya confirmed for HK Sixes
HONG KONG, October 24, 2008 (AFP) – Big hitting Sri Lankan all-rounder Sanath Jayasuriya has been confirmed for the annual Hong Kong Cricket Sixes tournament, organisers said Friday. The former 1996 Cricket World Cup winner will join an All Star team that includes West Indian Shivnarine Chanderpaul, Australian Justin Langer, New Zealand captain Stephen Fleming […]
Yen in 13-year high over US dollar
TOKYO, October 24, 2008 (AFP) – The US dollar tumbled to a 13-year low against the yen in Asian trade on Friday as investors sought refuge amid rising fears of a global recession, dealers said. The euro fared little better, hitting the lowest level in about six years against the yen on expectations that European […]