Author: lbostgadmin
Icelandic central bank abandons krona peg to euro
REYKJAVIK, October 8, 2008 (AFP) – Iceland’s central bank said Wednesday it was abandoning efforts to shore up the krona, saying there was “insufficient support” for the exchange rate it had locked in at 131 kronur to the euro a day earlier. “For the past two days, the central bank of Iceland has carried out […]
‘s no dictator
MALE, October 7, 2008 (AFP) – The president of the Maldives went into a multi-party election challenge to his 30 years in office Wednesday insisting he was no dictator and pledging to bow out gracefully should he lose. Veteran strongman Maumoon Abdul Gayoom, currently Asia’s longest-serving leader, faces five challengers in the polls that mark […]
IBM Push
Oct 08, 2008 (LBO) – Midware Technologies, a Sri Lanka IT firm has been appointed a distributor of IBM Software group to drum up business in Sri Lanka and the Maldives, the company said. Midware Technologies will distribute Lotus, Tivoli, Information Management, Rational and WebSphere, brands from IBM. “The company will actively engage in brand […]
Reversed
Oct 08, 2008 (LBO) – Sri Lanka’s Supreme Court has rapped a former president for abuse of power and reversed a controversial transfer of state land to a private developer in a landmark case, a court official said. Justice Shirani Tilekewardene delivering the judgement has observed that a president exercises power in trust for the […]
Bunker Saga
Oct 08, 2008 (LBO) – Sri Lanka’s former Treasury Secretary P B Jayasundera was ordered to assure Supreme Court that he would not remain in public service following an apology for having remained in public office after a judgment, lawyers said. On Wednesday Jayasundera was told to submit an affidavit assuring Supreme Court that he […]
Sri Lanka shares extend losses
Oct 08, 2008 (LBO) – Sri Lankan share prices ended 3.0 percent lower Wendesday a day after stock fell 2.0 percent amidst unprecedented unraveling of the global financial system, in a day where Asian and Middle Eastern markets plunged. The All Share Price Index fell 64 points to 2,042.13 while the more liquid Milanka plunged […]
Sri Lanka core inflation continues embarrassing climb
Oct 07, 2008 (LBO) – Sri Lanka’s controversial ‘core’ inflation index, which is claimed to be more responsive to monetary action, continued its relentless upward climb even as headline inflation moderated amid tight policy. In an earlier era, in France, paper money ‘central bankers’ who pushed food commodity prices up, created high inflation and economic […]
‘s northern offensive
NEW DELHI, October 7, 2008 (AFP) – India criticised Sri Lanka in a rare intervention into the island’s internal affairs, saying civilian deaths during a military offensive against Tamil rebels were a cause of grave concern. The fall of Kilinochchi would be the biggest loss in 13 years for the Tigers. India’s National Security Advisor […]
Fed to pay interest on statutory reserves, give printed money for nothing
WASHINGTON, October 6, 2008 (AFP) – The Federal Reserve and the US Treasury, armed with new emergency powers, announced measures Monday to tackle a rapidly escalating financial crisis as panicked investors fled stock markets. The central bank and Treasury said they were studying the possibility of making unsecured loans in an effort to keep credit […]
Oil stays below 90 dollars
SINGAPORE, October 7, 2008 (AFP) – Crude oil prices remained below 90 dollars a barrel in Asia on Tuesday as deepening global financial turmoil and plunging stock markets raised fears about slowing demand for energy, dealers said. New York’s main contract, light sweet crude for November delivery, rose 71 cents to 88.52 dollars after a […]
‘s central bank slashes interest rates
SYDNEY, October 7, 2008 (AFP) – Australia’s central bank slashed interest rates by one percent Tuesday amid fears of a global slowdown sparked by the US-based financial crisis.The Reserve Bank of Australia reduced its official cash rate to 6.0 percent, just a month after a 25 basis point cut marked the first downward movement in […]
‘s Lee discounts crisis fears as won plunges
SEOUL, October 7, 2008 (AFP) – South Korean President Lee Myung-Bak called for calm Tuesday as the won plunged, saying the nation does not face a repeat of the 1997/98 financial crisis. “The current crisis facing the nation is wholly different from the foreign exchange crisis of 1997,” he told a cabinet meeting. “Excessive optimism […]