Author: lbostgadmin
Congress ready for mother of all bailouts
WASHINGTON, September 20, 2008 (AFP) – US congressional leaders, stunned by the depth of the economic meltdown, considered Saturday quick legislative action on a White House-proposed huge financial sector bailout, but demanded help for US workers as well as reeling Wall Street firms. A senior official in the administration of President George W.Bush said the […]
Many trapped in Pakistan hotel after bombing
ISLAMABAD, September 20, 2008 (AFP) – Many people are trapped inside the hotel in the Pakistan capital Islamabad after a massive bombing at the site Saturday killed at least 27 people, police said.At least 20 bodies could be seen at the Marriott Hotel in Islamabad following the large bomb blast, an AFP photographer said. The […]
Scores killed in Pakistan hotel bombing
ISLAMABAD, September 20, 2008 (AFP) – At least 27 people were killed in a massive car bombing at the Marriott Hotel in the Pakistan capital Islamabad on Saturday and many people are trapped inside the burning building, police said. Flames were seen shooting out of the hotel, a key meeting place for foreigners and one […]
Sri Lanka Tokyo Cement goes green to revive profitability
Sept 19, 2008 (LBO) – Sri Lanka’s Tokyo Cement group, whose profits dipped last year owing to higher raw material, energy and transport costs, says new eco-friendly manufacturing processes and products should help it revive profitability. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 Chairman Edgar Gunatunga […]
Sri Lanka opens investment office in Shanghai
Sept 19, 2008 (LBO) – Sri Lanka has opened an investment centre in Shanghai and appointed an official of the Shin Kwan Group, a big investor in the island, as the honorary representative of the investment promotion agency.The Sri Lanka Centre in the Chinese port city is aimed at boosting bilateral economic relations between the […]
Sri Lanka gets US aid to develop eastern region
Sept 19, 2008 (LBO) – The United States has launched a programme to help develop Sri Lanka’s eastern region from where government forces have driven out Tamil Tigers and which for long has lagged behind other regions. “At the national level, CORE will focus on promoting business-friendly policies that will enable enterprises in the target […]
British regulator bans short-selling in financial stocks
LONDON, September 18, 2008 (AFP) – Britain declared a halt to short-selling — when investors borrow company stock to sell it — on Thursday, and warned it could extend the ban to other financial sectors in order to steady the markets. “While we still regard short-selling as a legitimate investment technique in normal market conditions, […]
Reports of new US rescue arm lift hopes amid financial crisis
WASHINGTON, September 18, 2008 (AFP) – Reports that the US government is preparing the creation of a new entity to rescue troubled financial firms lifted Wall Street Thursday and raised hopes for an end to the credit crisis. US President George W. Bush huddled with the head of the Federal Reserve, Ben Bernanke, and his […]
World stocks rocket as state step up rescue with a tax and inflation-payer bailout
LONDON, September 19, 2008 (AFP) – Global equity markets soared on Friday, lifted by mammoth share price gains for banks, as governments worldwide stepped up their fight against the worst financial crisis in decades, traders said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The US government […]
‘s south lose power on exploding transformer
Sept 18, 2008 (LBO) – Southern parts of Sri Lanka lost power last night after a transformer at a hydro power complex in the island’s central hills exploded and caught fire, an official at the country’s power utility said.A voltage transformer at a switchyard in the Laxapana hydro-power complex had exploded at 9.16 pm in […]
Sri Lanka Insurance gets AA- rating from RAM
Sept 19, 2008 (LBO) – Sri Lanka Insurance Corporation Ltd (SLIC) has been rated ‘AA-‘ by RAM Ratings, with a ‘stable’ outlook, saying the firm is well capitalized, has kept full required reserves but disclosures could improve. “The rating is supported by the company’s strong competitive position and unparalleled capitalisation as well as the size […]
Tigers on defensive as Sri Lanka military closes in
September 19, 2008 (AFP) – Tamil Tigers were once regarded one of the world’s most ruthlessly efficient rebels, but they risk losing their mini-state as Sri Lankan forces make a determined push after decades of bloodshed. After months of bitter fighting, security forces have reached the outskirts of the Tiger political capital — Kilinochchi — […]