Author: lbostgadmin
Budget Broadband
Oct 15, 2008 (LBO) – Sri Lanka’s celcos are looking at ways to sell broadband services in small chunks, to reach cost-conscious customers, who do not need long hours of continuous connectivity, officials said. Sri Lanka’s mobile penetration is now 44 percent and the island’s telecom regulator says the country would hit 50 percent by […]
Good Cheques
Oct 15, 2008 (LBO) – Sri Lanka’s Sampath Bank has started a new current account facility for longstanding customers in a bid to discourage cheque returns and boost the currency of the bank’s cheques, officials said. “We want people to recognize that these cheques are as good as cash,” Sampath Bank chief executive designate Harris […]
Terminal Trends
Oct 15, 2008 (LBO) – The Maersk group, which runs the world’s biggest shipping line, may be interested in investing in a new container terminal in the planned new deep-draft port next to Colombo, a company official said.“The last time APMT did not participate because it was involved in too many projects and its resources […]
Sri Lanka shares rise again, but Q3 earnings seen crucial
Oct 15, 2008 (LBO) – Sri Lankan shares rose again Wednesday, regaining some ground lost in last week’s plunge but brokers said the recovery’s sustainability would depend on quarterly earnings. The Colombo bourse had fallen heavily last week, as other markets crashed. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and […]
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WASHINGTON, October 14, 2008 (AFP) – Paul Krugman, winner of the 2008 Nobel Prize for economics, said Monday in an interview with National Public Radio (NPR) that he should have anticipated the current financial turmoil. “I should have seen it coming,” said Krugman. “I berate myself for not understanding the extent to which we have […]
US financial system headed to intensive care: Volcker
SINGAPORE, October 14, 2008 (AFP) – The US financial system is already in the emergency ward and will move into intensive care, Paul Volcker, former chairman of the US Federal Reserve, said in Singapore on Tuesday.“I’m afraid it’s going to be there for a considerable period of time before it returns to normal,” he said […]
‘s old man Jayasuriya, newboy Mendis lead team to victory
TORONTO, October 13, 2008 (AFP) – Veteran Sanath Jayasuriya, with his trademark big-hitting, and newboy Ajantha Mendis, delving into his bag of bewildering spin tricks, led Sri Lanka to a five-wicket victory over Pakistan in the Canada Twenty20 final here on Monday.Chasing 133 to win, Sri Lanka registered their first win over Pakistan in the […]
Australia announces economic stimulus package
SYDNEY, October 14, 2008 (AFP) – Australian Prime Minister Kevin Rudd on Tuesday unveiled a 10.4 billion dollar (7.25 billion US) economic stimulus package to counter a slowdown caused by the global financial crisis. “The global financial crisis has entered into a new dangerous and damaging phase, one that goes to the real economy — […]
Japan loosens share buy-back rules
TOKYO, October 14, 2008 (AFP) – Japan’s government on Tuesday announced measures aimed at stabilising the ailing stock market, including a loosening of restrictions on companies buying back their own shares.The moves helped to fuel a powerful rally on the Tokyo stock market, which soared more than 12 percent in early trade as investors cheered […]
Dubai leads Gulf stocks surge
KUWAIT CITY, October 14, 2008 (AFP) – Stocks in the booming Gulf emirate of Dubai leapt nine percent at the opening of trade on Tuesday, leading gains in the oil-rich Gulf as global markets made a spectacular surge. Abu Dhabi and Oman each jumped six percent, but the Kuwait Stock Exchange, the second largest Arab […]
US to use 250 bln dlrs to buy bank shares
WASHINGTON, October 14, 2008 (AFP) – The US government will spend up to 250 billion dollars to buy shares in struggling banks in the latest effort to stem a global financial crisis, Treasury Secretary Henry Paulson said Tuesday.“Yet the alternative of leaving businesses and consumers without access to financing is totally unacceptable. When financing isn’t […]
Reykjavik stocks show 76-pct fall but officials blame calculation quirk
REYKJAVIK, October 14, 2008 (AFP) – Trading resumed on the Reykjavik stock exchange Tuesday and the main index showed a decline of 76.13 percent, but market officials insisted this figure was heavily distorted by the absence of trading in finance companies. Excluding Iceland’s comatose financial stocks, which were suspended more than a week ago and […]