Author: lbostgadmin
IMF, World Bank meet amid financial mayhem
WASHINGTON, October 11, 2008 (AFP) – The International Monetary Fund and the World Bank opened their annual meetings Saturday in the midst of global financial chaos that has governments racing to find the means to tame it. The meetings follow Wall Street’s worst week on record and a pledge by the Group of Seven major […]
Sri Lankan troops kill 20 rebels
October 11, 2008 (AFP) – Heavy fighting continued between troops and Tamil Tiger rebels across Sri Lanka’s war-ravaged north, with the military killing 20 guerrillas, the defence ministry said Saturday. Friday’s fighting, which took place across several northern fronts, also killed five soldiers and wounded 18, the ministry said. The latest fighting raised the number […]
Supreme Order
Oct 11, 2008 (LBO) – Sri Lanka’s Supreme Court has called for new laws to cut political interference in investment projects and the handing out of concessions, following the reversal of an illegal sale of state lands in which a former president was involved. The investment value which was first listed as 250,000 US dollars […]
Gross Betrayal
Oct 11, 2008 9LBO) – Sri Lanka’s former president Chandrika Kumaratunga had grossly violated public trust in a deal where state lands and a tax holiday were given to a firm in which an associate was covertly holding shares, the island’s Supreme Court has said. The judgement delivered by Supreme Court justice Shirani Tillakawardene said […]
Legal Signal
Oct 11, 2008 (LBO) – Sri Lanka top grouping of legal professionals had unanimously condemned an attack on anti-corruption activist and lawyer J C Weliamuna, sending a powerful message against the culture of impunity in the country, lawyers said. Weliamuna had appeared in human rights cases relating to police brutality. He also appeared in a […]
World stock markets dive in crisis of confidence
LONDON, October 10, 2008 (AFP) – Global stocks went into a tailspin on Friday, with double-digit losses in Frankfurt, London and Tokyo, on widespread fears that the financial crisis was spiralling out of control, dealers said.World finance chiefs were preparing an emergency meeting in Washington as a wave of panic selling swept across markets. Interest […]
Singapore economy in recession
SINGAPORE, October 10, 2008 (AFP) – Singapore’s trade-sensitive economy has declined for a second straight quarter, the government said Friday, meaning the city-state has entered a recession for the first time in six years.On a seasonally adjusted quarter-on-quarter annualised basis, real GDP declined by 6.3 percent in the third quarter after contracting 5.7 percent in […]
Asian stocks dive as panic erupts over financial crisis
TOKYO, October 10, 2008 (AFP) – Asian stock markets went into a tailspin Friday, with Tokyo down more than 10 percent as fresh panic erupted over fears that authorities are unable to contain the global financial crisis.Bucking the trend was Moscow, where the leading stock markets closed around 10 percent higher, rebounding from the previous […]
Crisis talks due in Washington; markets in tailspin
TOKYO, October 10, 2008 (AFP) – The world’s major economies were to hold crisis talks later Friday in an attempt to end a massive sell-off on the global stock markets, as Asian shares were hit by another day of panic selling. The talks in Washington were expected to see finance ministers and central bankers from […]
Golden paydays for bankers are over, lawmakers say
PARIS, October 10, 2008 (AFP) – While governments worldwide have not yet agreed on a solution to fix the current global economic crisis, nearly all agree on the cause of the problem: the large bonuses awarded to executives.Bankers’ bonuses have come under scrutiny as taxpayers money is being used to bail out ailing financial institutions. […]
Fear over capital in bank street feeds recession wind in main street
PARIS, October 10, 2008 (AFP) – Businesses needing cash by the end of the month or students seeking a loan for this academic year can expect a hard time at the bank despite blockbuster steps this week to burst the credit dam.The official onslaught — huge bank bailouts, savings protection, floods of central bank money […]
Bank Rating
Oct 10, 2008 (LBO) – Fitch Ratings Lanka Friday affirmed Sri Lanka’s DFCC Vardhana Bank’s (DVB) National Long-term rating at ‘AA-(lka)’ with a stable outlook.Its gross NPL ratio slipped to 10.7 percent at H108 from 5.9 percent at FYE06 on account of weakened macro conditions, and partially owing to the regulatory change in classification of […]