Author: lbostgadmin
ECB, Bank of England hold rates steady, dollar weakens
NEW YORK, Sept 6, 2007 (AFP) – The dollar weakened against the euro and other currencies Wednesday after the European Central Bank opted to keep borrowing costs on hold amid financial market and credit jitters. The pound was being traded at 2.0237 dollars, up from 2.0204 a day earlier. The ECB left open the option […]
Australian drought threatens to push wheat prices higher
SYDNEY, (AFP) – Drought could wipe out Australia’s wheat crop despite expectations that the country’s worst dry spell for a century was easing, Trade Minister Warren Truss warned Tuesday.“In many parts of Australia there has been some relief and a quite large wheat crop was planted,” he told reporters on the sidelines of an Asia-Pacific […]
Money printing Zimbabwe devalues currency by a hundred fold
HARARE, 2007 (AFP) – The Zimbabwean government on Thursday announced a devaluation of its currency against the US dollar by more than a hundred fold in a bid to enhance the country’s revenue, marred by hyperinflation. “The reserve bank of Zimbabwe will adjust the exchange rate applicable to all purchases and sales of foreign exchange […]
Greenspan says latest turbulence similar to previous bubbles: report
WASHINGTON, Sept 7, 2007 (AFP) – Former Federal Reserve chairman Alan Greenspan compares the current financial market turbulence to prior crises that have engulfed stock markets and the US economy, the Wall Street Journal said Friday.Greenspan, who stepped down as Fed chairman in January 2006, compared the present turmoil to prior crises triggered by hedge […]
Sentenced
Sept 07, 2007 (LBO) – A Sri Lankan court Friday sentenced four directors of an export company that went bust several years ago to jail and imposed fines in the country’s first ever securities fraud conviction. They were charged with non-disclosure of material information of a price-sensitive nature. Colombo’s Fort Magistrate’s court sentenced the four […]
Freight Brand
Sept 07, 2007 (LBO) – Sri Lanka’s Hayleys conglomerate is setting up its own freight forwarding operation under a new brand name in India after parting company with its joint venture Indian partner, company officials said. “We’re doing it on our own without any partnership,” an official said. “We’re setting up a new operation – […]
Full Toss
Sept 07, 2007 (LBO) – Sri Lanka Insurance, has announced an agreement with the Sri Lanka Cricketers’ Association to be the official life insurance provider for all its members. The life insurance cover offered by the company would be extended to national cricketers of the past, the company said in a statement. The association and […]
Doing Ok
Sept 07, 2007 (LBO) – Fitch Rating Lanka has confirmed the ‘AA(lka)’ national long-term rating of DFCC Bank, the ‘AA(lka)’ rating of its senior debentures and the ‘AA-(lka)’ rating of its subordinated debentures. The bank’s major shareholders include entities related to the Stassens Group which hold 30.7 percent of its equity and Bank of Ceylon, […]
Hard Place
Sept 07, 2007 (LBO) – Sri Lanka’s HSBC branch defended its record in the island following a threat by the country’s opposition leader to cancel its license in the future over its involvement in a planned international bond issue. Opposition United National Party leader Ranil Wickremesinghe has earlier said that parliamentary approval has not been […]
Sri Lanka rupee trades at new low, foreign names sell bonds
Sept 07, 2007 (LBO) – The Sri Lanka rupee traded at a new low of 113.36 against the greenback as a foreign name sold rupee bonds Thursday, but closed at 113.27/32, dealers said. On Wednesday the rupee closed at 113.10/20 against the spot dollar. A state name intervened at 113.36 in intra day trading driving […]
Kero Hurdle
Sept 6, 2007 (LBO) – Sri Lanka would make a fixed payment to poor households on income support from this month but limit a promised subsidy to fishermen to one month, a senior minister said. Ceylon Petroleum Corporation would make a 4,000 rupee one-off payment to 16,036 fishermen for the month of August at a […]
Top spies from Sri Lanka, Asia Pacific meet to combat security threats
KUALA LUMPUR, Sept 5, 2007 (AFP) – Top military intelligence chiefs from 19 nations gathered here Wednesday for the first time to discuss terrorism, maritime security and disaster relief. “This is an opportunity for the intelligence chiefs from all these countries to get together to talk about areas of mutual cooperation and how we can […]