Author: lbostgadmin
India central bank keeps rate on hold but says ready to act swiftly
MUMBAI, October 24, 2008 (AFP) – India’s central bank kept its key interest rates steady on Friday but declared it was ready to take “unconventional and swift” measures to deal with the global financial crisis.“This (crisis) is unchartered territory with no standard or conventional solutions,” Reserve Bank of India governor D. Subbarao said in his […]
OPEC confident member countries will abide by cuts: president
VIENNA, October 24, 2008 (AFP) – OPEC President Chakib Khelil expressed confidence on Friday that the oil cartel’s members would stand by their commitments to cut output as decided at an emergency meeting here. “I’m very confident. I think they don’t have a choice,” Khelil told a news conference here. “What choice do they have? […]
Wall Street plunges amid global meltdown
NEW YORK, October 24, 2008 (AFP) – US shares plunged Friday amid a wave of panic selling and a meltdown in share prices around the world on rising fears of a global recession. NEW YORK, October 24, 2008 (AFP) – US shares plunged Friday amid a wave of panic selling and a meltdown in share […]
Sri Lanka says troops push into Tiger territory
October 24, 2008 (AFP) – Security forces pushed deeper into territory held by Tamil Tiger rebels in northern Sri Lanka and captured several strongholds of the guerrillas, the defence ministry said Friday. Government forces are engaged in a major offensive to capture the town of Kilinochchi which has served as the political headquarters of the […]
Sri Lanka tries to limit tea production to stop price plunge
Oct 24, 2008 (LBO) – Sri Lanka’s Tea Board Friday said it was advising producers to manufacture only good quality tea and reduce output in an effort to stabilise prices which have crashed in recent weeks.About half the volume of low grown teas remained unsold at the auction this week, creating cash flow problems for […]
State Intervention
SYDNEY, October 24, 2008 (AFP) – Australian investment firms have frozen an estimated 12 billion dollars (7.8 billion US) in investors’ funds to stem an exodus sparked by a government bank deposit guarantee, the industry said Friday. Thirteen of the nation’s top 20 fund managers have so far blocked redemptions since Canberra guaranteed deposits in […]
Prime Status
Oct 24, 2008 (LBO) – Sri Lanka’s central bank says there were some measures to protect the banking sector from a financial ‘cyclone’ that is sweeping the world and the country’s banking sector is well capitalized to meet upcoming challenges. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to […]
Sri Lanka stocks pull back but trading dries up
Oct 24, 2008 (LBO) – The deep slide in Sri Lankan shares halted Friday with prices pulling back slightly but trading slumped to just 69.6 million rupees, brokers said. The Colombo bourse stood its ground, albeit on thin volumes, while Asian and Western markets plunged Friday. Bartleet Mallory Stockbrokers said there had been a net […]
Lubricant Lease
Oct 23, 2008 (LBO) – Chevron Lubricants Lanka said Thursday it was seeking to extend the lease on the land on which it has its lubricant plant which runs out in July next year. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The Sri Lankan unit of […]
Time Travel
EW YORK, October 22, 2008 (AFP) – Crude oil prices careened lower Wednesday after surging US energy reserves highlighted falling demand in a cooling global economy, and ahead of an OPEC financial crisis meeting. New York’s main contract, light sweet crude for December, skidded 5.43 dollars to close at 66.75 dollars a barrel. It earlier […]
Sri Lanka media group condemns threats against human rights defenders
Oct 23, 2008 (LBO) – A Sri Lanka media rights group has condemned more deaths threats against human rights activists and lawyers and demanded a police investigation. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The Free Media Movement (FMM) said in a statement the government should […]
Cows come home to roost for rating agencies
WASHINGTON, October 22, 2008 (AFP) – After errant bankers and humbled insurers, the turn came on Thursday for ratings agency bosses to receive a verbal lashing from US lawmakers investigating the financial system meltdown. The heads of leading agencies were accused by a House of Representatives committee of ignoring warnings signs, following the “delirious mob” […]