Author: lbostgadmin
Oil prices slump, ending brief rally
NEW YORK, October 2, 2008 (AFP) – Oil prices tumbled Thursday, with worries about demand returning to the fore amid critical credit strains in the global economy and a stronger dollar keeping a lid on prices. New York’s main contract, light sweet crude for November, slid 4.56 dollars to close at 93.97 dollars a barrel. […]
Asian markets tumble as Wall Street dives on bailout fears
HONG KONG, October 3, 2008 (AFP) – Stocks continued to tumble across Asia Friday on the back of heavy losses on Wall Street and amid concern over the fate of the multi-billion-dollar bailout deal for the US financial system. The House of Representatives in Washington was set to vote later in the day on a […]
ECB opens door to rate cut as Trichet heads to crisis talks
FRANKFURT, October 3, 2008 (AFP) – The European Central Bank has opened the door to a rate cut in the coming months as its president Jean-Claude Trichet prepares for high-level financial talks in Paris on Saturday, analysts said. ECB policymakers “threw the door wide open for a rate cut in the foreseeable future,” commented Bank […]
Sri Lankan Airlines gets acting chairman; Emirates directors out
Oct 03, 2008 (LBO) – Nishantha Wikremasinghe, an existing director of SriLankan Airlines has been appointed chairman, following the resignation of P B Jayasundera, the airline said. Jayasundera resigned over a court order relating to a privatization deal involving a bunker firm. Three directors that represented Emirates Airlines, which is the second largest shareholder of […]
Sri Lanka troops kill 42 in offensive against rebels: ministry
October 3, 2008 (AFP) – Sri Lankan troops have killed 42 Tamil Tigers and injured 53 in a ground and sea offensive aimed at dismantling the rebels’ mini-state in the north of the island, the defence ministry said Friday. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 […]
Yield Chase
Oct 03, 2008 (LBO) – Sri Lanka’s central bank promised more action against unauthorized deposit institutions but said those who lost money in recent Ponzi-style financial scams were victims of chasing high yields. Central Bank governor Nivard Cabraal said the central bank itself has spent millions of rupees advertising against high yield scams and pyramid […]
Banking Reach
Oct 03, 2008 (LBO) – Sri Lanka’s National Development Bank (NDB) said Friday it had got central bank approval to set up an investment bank in Bangladesh. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The bank said in a stock exchange filing that it was waiting […]
Fuel Supply
Oct 03, 2008 (LBO) – The Sri Lanka Ports Authority (SLPA) plans to increase storage of ship fuels at its newly acquired tank farm near Colombo port by building more tanks, its acting chairman Priyath Bandu Wickrema said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The […]
Sri Lanka shares stay firm, speculators chase Maskeliya
Oct 03, 2008 (LBO) – Sri Lankan shares ended a shade firmer for the second day running after a long bear run, with heavy trading in Maskeliya Plantations, which was pushed up by speculators on takeover talk, brokers said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 […]
Sri Lanka forex market steady with intervention
Oct 03, 2008 (LBO) – Sri Lanka’s forex markets entered a second day of intervention with a state bank that usually acts for the monetary authority selling dollars at 108.00 rupees, dealers said. Central Bank governor Nivard Cabraal told LBO that the state bank “could continue to sell” if required. On Thursday the forex market […]
US Senate approves economic bailout plan
WASHINGTON, October 2, 2008 (AFP) – The US Senate on Wednesday approved a 700-billion-dollar Wall Street bailout package by a vote of 74-25 amid a widening global crisis sparked by the collapse of the US housing market.Earlier in the day, Democratic House Majority leader Steny Hoyer sounded a note of caution, appearing to indicate the […]
Oil prices at 99.76 in Asian trade
SINGAPORE, October 2, 2008 (AFP) – World oil prices were up more than one dollar in Asian trade on Thursday shortly after the US Senate approved a revised government proposal to bail out the US financial sector. New York’s main contract, light sweet crude for November delivery, was 1.23 dollars higher at 99.76 dollars a […]