Author: lbostgadmin
Germany to unveil 470 bln euro bank rescue package: sources
BERLIN, October 13, 2008 (AFP) – Germany was to unveil Monday a 470-billion-euro rescue package to save the country’s banks from collapse, government sources said, after European leaders hammered out a common approach at a high-stakes weekend summit. Government sources in Europe’s biggest economy said that the package would include around 70 billion euros (95 […]
” of banks: Treasury
WASHINGTON, October 13, 2008 (AFP) – The United States is ready to buy equity in a “broad array” of financial institutions, the Treasury’s pointman on a 700 billion dollar bank bailout, Neel Kashkari, said Monday. “We are designing a standardized program to purchase equity in a broad array of financial institutions,” Kashkari said in a […]
Sri Lanka rubber prices fall amid collapsing commodity bubble
Oct 13, 2008 (LBO) – A collapsing global commodity bubble, falling demand from industrialised countries and lower oil prices have caused Sri Lankan rubber prices to fall sharply in recent weeks, industry officials said. This has resulted in lower demand for products like solid tyres made by the top rubber buyers in the island, Loadstar […]
Bagged
Oct 13, 2008 (LBO) – Sri Lanka’s Supreme Court has halted a recent practice by the island’s top retail chains to charge for plastic bags, and ordered alternatives to be provided if such bags are not considered eco-friendly, lawyers said. Sri Lanka’s top supermarket chains, with the environmental ministry, announced earlier in the year at […]
More Liquidity
Oct 13, 2008 (LBO) – Sri Lanka’s central bank has cut the reserve requirement of commercial banks from 10 percent to 9.25 percent, and further relaxed access to the discount window. “This step has been taken in order to inject more liquidity to the domestic financial market so as to enable the market to effectively […]
Sri Lanka shares rebound, trading thin
Oct 13, 2008 (LBO) – Sri Lankan shares rebounded Monday, lifted by blue chips, on a temporary recovery of confidence as global bailout plans saw overseas markets turning around, but trading remained thin, brokers said.Dialog Telekom rising 7.14 percent (50 cents) to 7.50 rupees while Sri Lanka Telecom went up 3.21 percent (1.25 rupees) to […]
IMF ready to lend to countries during financial crisis; endorses G7 plan
WASHINGTON, October 11, 2008 (AFP) – The International Monetary Fund said Saturday it was ready to lend to countries in need of capital, as the 15 eurozone economies and Britain redied a Paris summit to seek a joint response to the global financial crisis. “Using its emergency procedures, the Fund stands ready to quickly make […]
Golden Age for TV beckons
CANNES, October 12, 2008 (AFP) – A golden age for television beckons as established TV companies go head on with the Internet and other new digital media platforms to woo audiences worldwide.And with a fast growing variety of new forms of audiovisual entertainment being rolled out for audiences of all ages, viewers are firmly in […]
European finance crisis summit opens in Paris
PARIS, October 12, 2008 (AFP) – European leaders opened a summit in Paris on Sunday to try to agree on decisive measures to confront the global financial crisis. President Nicolas Sarkozy predicted that “an ambitious, coordinated” plan would emerge from the meeting held nearly a month after the collapse of US investment giant Lehman Brothers […]
Bad Moods
SINGAPORE, October 12, 2008 (AFP) – As the global financial storm blows fear through Asia’s stock markets, Filipino maid Christy Arciaga is jittery — even though she does not own any shares.Her businessman employer has lately become more irritable as he has watched his investments being swallowed in a sea of red ink, and the […]
Sri Lanka elephant gathering wows visitors
MINNERIYA, Sri Lanka, (AFP) – As evening falls, a female elephant and her pink-skinned baby emerge from the jungle for a leafy snack around an ancient artificial lake in Sri Lanka.They are just two of hundreds of wild elephants that gather each evening along the banks of the Minneriya reservoir for food, water, shelter — […]
Wall Street searches for bottom after worst weekly pounding
NEW YORK, October 11, 2008 (AFP) – Wall Street’s worst meltdown in recent memory ended the week with a whimper, leaving panicked investors wondering whether the vicious selloff will end soon or will keep ravaging the market. Ironically, some analysts say the meltdown on Wall Street and other global markets could mean a “bottom” has […]