Author: lbostgadmin
Sri Lanka shares tumble as foreign funds sell
Sept 18, 2008 (LBO) – Sri Lankan shares fell sharply Thursday as foreign funds sold to raise cash following global market turmoil, with losses in heavyweights Dialog Telekom and John Keells Holdings dragging down the indices, brokers said. Brokers said there was no risk of a similar sell-off in the other market heavyweight, Sri Lanka […]
Sri Lanka rates spike as markets tumble
Sept 18, 2008 (LBO) – Sri Lanka’s overnight money rates spiked to 18.75 percent and banks borrowed at a penal 19 percent from the central bank in a day that saw turmoil in global markets and stocks plunged 2.5 percent. A popular bond among foreign investors maturing in April 2012, traded close to 17.95/18.05 levels, […]
Sri Lanka economists to talk inflation at annual parley
Sept 17 2008 (LBO) – Sri Lanka’s economists are debating inflation, competitiveness and growth this Friday and Saturday at a time when inflation has hit a historic record in the island and subsequent tight monetary policy has strengthened the rupee. “The extent of such gap in aggregate supply will depend on whether the economy is […]
Sri Lanka stocks fall on blue chip losses
Sept 17, 2008 (LBO) – Share prices fell in Wednesday’s trading with the indices dragged down by falls in blue chips and confusion in the market over the pricing of Brown and Company after a share split and ‘bonus’ issue. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to […]
‘s Treasury chief leaves
Sept 17, 2008 (LBO) – Sri Lanka’s Treasury Secretary P B Jayasundera is leaving his position having completed preparatory work on the 2009 budget, a senior government official said.Jayasundera originally handed over his resignation shortly after a court order faulted him on a privatization deal, but it was not immediately accepted. An official said the […]
‘s tense north
September 16, 2008 (AFP) – The United Nations pulled its staff out of rebel-held areas in Sri Lanka’s north on Tuesday after the government refused to guarantee the safety of aid workers.Some 70,000 people have fled due to fighting in the past two months alone. The withdrawal came as the island’s government said it was […]
Dollar rallies after Fed decision to hold rates steady at 2.0-pct
NEW YORK, September 16, 2008 (AFP) – The dollar rallied against the other main currencies Tuesday after the Federal Reserve surprised the market by holding interest rates steady and defied expectations of a rate cut. The Fed decision to hold its base lending rate at 2.0 percent in the face of panic on the world […]
Barclays announces 1.75 bln dlr deal to buy Lehman parts
LONDON, September 17, 2008 (AFP) – Barclays said Wednesday it had reached a deal to acquire the North American investment banking and capital markets businesses of beleaguered US investment giant Lehman Brothers for 1.75 billion dollars. The bank said it would acquire trading assets with an estimated value of 72 billion dollars (40 billion pounds, […]
Gulf chiefs okay plans for monetary council, union
JEDDAH, September 17, 2008 (AFP) – Finance chiefs of oil-rich Gulf states on Wednesday approved proposals to set up a monetary council and a charter for a monetary union, the Arab bloc’s secretary general said. Finance and economy ministers of the six-member Gulf Cooperation Council approved the monetary union charter and the council’s bylaws during […]
UK mortgage lender HBOS latest victim of financial crunch
LONDON, September 17, 2008 (AFP) – The global financial firestorm claimed a fresh victim Wednesday as top British mortgage lender HBOS said it was in takeover talks after a huge US bailout of insurer AIG helped underpin volatile share prices. “In the light of market speculation, the Board of HBOS plc confirms that it is […]
Sri Lanka July trade gap widens, tea boosts export earnings
Sept 17, 2008 (LBO) – Sri Lanka’s export earnings in July 2008 went up 24. 1 percent to a record 849 million US dollars from a year ago, boosted by agricultural exports, especially tea, the central bank said Wednesday. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 […]
‘s roots run deep in Asia
SINGAPORE, September 17, 2008 (AFP) – AIG has deep roots in Asia, and the troubled insurance giant is now trying to reassure millions of policyholders and tens of thousands of employees in the region that it will survive. Speaking before the Fed announced its rescue plan, Tey said a rush to liquidate policies is an […]