Author: lbostgadmin
Fed rolls out new 540-bln-dollar aid to financial sector
WASHINGTON, October 22, 2008 (AFP) – The US Federal Reserve reached deeper into the troubled financial system on Tuesday, offering up to 540 billion dollars of help to money market mutual funds in its latest response to the credit crunch. Under a new program, the Fed offered the funds to back a private sector initiative […]
Australia considers amending deposit guarantee: Treasurer
SYDNEY, October 22, 2008 (AFP) – Australia is considering changing its multi-billion-dollar bank deposit guarantee scheme by charging savers who have more than one million dollars in the bank, Treasurer Wayne Swan said Wednesday. Prime Minister Kevin Rudd announced on October 12 an unlimited three-year guarantee on all deposits in institutions such as banks, credit […]
Dollar gains against Sterling to five-year high
LONDON, October 22, 2008 (AFP) – The British pound fell Wednesday to a five-year low point against the dollar after Bank of England governor Mervyn King indicated that Britain was “likely” entering a recession. Sterling sank to 1.6203 against the dollar shortly before 0600 GMT, which was its lowest level against the greenback since September […]
World oil prices extend losses with dollar strength
SINGAPORE, October 22, 2008 (AFP) – World oil prices weakened in Asian trade Wednesday on renewed worries about energy demand in the face of slowing global growth, dealers said. New York’s main contract, light sweet crude for December delivery, fell 2.72 dollars to 69.46 dollars a barrel from its close of 72.18 dollars in the […]
French workers made sick by Indian radioactive lift buttons
GRENOBLE, October 22, 2008 (AFP) – French factory workers were exposed to excessive levels of radiation as they handled luminous lift buttons made using unsafe material from India, officials said. France’s Nuclear Safety Authority (ASN) classed the incident at “Level Two” on a scale of seven because of the exposure of more than 10 people […]
Debt Consultant
Oct 22, 2008 (LBO) – Sri Lanka’s Securities and Exchange Commission has issued a statement on a consultant Toshihisa Iida, the spouse of the head of the World Bank country office, Naoko Ishii. The statement is reproduced below: We refer to an article which appeared on a Sunday newspaper pertaining to Mr. Toshihisa Iida, Consultant […]
Sri Lanka tourist arrivals fall 20-pct in September
Oct 22, 2008 (LBO) – Foreign visitors to Sri Lanka fell 20 percent in September with generating markets in Western Europe and India recording steep falls, the latest data from the island’s tourist promotion office said. In the 10 months to September arrivals were down 9.5 percent to 317,500 from 350,779. In period Western European […]
Shipping Attack
Oct 22, 2008 (LBO) – Sri Lanka’s Tamil Tigers have staged a suicide attack on merchant ships carrying supplies to the northern Jaffna peninsular early Wednesday, the defence ministry said. The merchant ships Ruhuna and Nimalawa, were attacked off the Kankasanthurai harbhour, defence authorities said. Several merchant ships, some operated by Sri Lankan firms, have […]
Sri Lanka stocks extend losses; Pramuka sells LB Finance stake
Oct 22, 2008 (LBO) – Sri Lanka stocks closed 1.2 percent lower with index heavy stocks sliding , Wednesday on the back of a 2.2 percent fall a day earlier, while the sale of a strategic stake in a finance company went at a premium to market, dealers said. To recieve instant alerts from LBO […]
Sri Lanka bonds spike, bills rejected amid heavy forex interventions
Oct 22, 2008 (LBO) – Sri Lanka rejected an entire Treasury bill auction Wednesday while the yield of a bond popular among foreign investors spiked and heavy central bank intervention in currency markets continued, dealers said. The government’s debt office said all bids at the auction were rejected. Last week 3-month bills were auctioned at […]
Fed chief backs US spending plan as markets clutch at latest straw
WASHINGTON, October 21, 2008 (AFP) – The head of the US Federal Reserve backed a stimulus plan for the flagging American economy, buoying stock markets despite gloomy unemployment figures and fears the rebound could be limited. Asian markets tracked gains on Wall Street, where stocks soared after Fed chief Ben Bernanke said US lawmakers should […]
Aussie non-banks face run after government guarantees banks deposits
SYDNEY, October 21, 2008 (AFP) – Australia’s largest mortgage fund, Challenger Howard, is set to freeze investor redemptions following a rush of withdrawals sparked by the government’s guarantee of bank deposits, a report said Tuesday. The Australian Financial Review reported that the 2.9-billion-dollar (two billion US) fund would act imminently to prevent a flight of […]