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Finance crisis inflicts more pain; IMF to get more business
WASHINGTON, October 24, 2008 (AFP) – The global financial crisis inflicted more pain Friday on a wide range of corporate sectors, prompting heavy losses in stock markets, while the IMF readied a rescue of some 200 billion dollars for debt-laden countries. Amid grim financial news from around the world, stocks saw another tumultuous day, starting […]
Iceland asks IMF for funds to stem financial crisis
REYKJAVIK, October 24, 2008 (AFP) – Iceland asked the International Monetary Fund to help it overcome a crippling banking crisis with a loan of two billion dollars (1.58 billion euros), its government said on Friday. “The Icelandic Government has reached an agreement…with a mission from the International Monetary Fund (IMF) on a comprehensive stabilisation programme,” […]
World leaders urge monetary reforms as gloom deepens
BEIJING, October 25, 2008 (AFP) – World leaders called for an urgent overhaul of international financial systems after another day of steep stock market falls led to renewed panic over the slumping global economy. Asian and European leaders meeting here promised wide-ranging and effective reforms, as UN Secretary General Ban Ki-Moon also called for quick […]
Sri Lanka stocks pull back but trading dries up
Oct 24, 2008 (LBO) – The deep slide in Sri Lankan shares halted Friday with prices pulling back slightly but trading slumped to just 69.6 million rupees, brokers said. The Colombo bourse stood its ground, albeit on thin volumes, while Asian and Western markets plunged Friday. Bartleet Mallory Stockbrokers said there had been a net […]
Prime Status
Oct 24, 2008 (LBO) – Sri Lanka’s central bank says there were some measures to protect the banking sector from a financial ‘cyclone’ that is sweeping the world and the country’s banking sector is well capitalized to meet upcoming challenges. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to […]
State Intervention
SYDNEY, October 24, 2008 (AFP) – Australian investment firms have frozen an estimated 12 billion dollars (7.8 billion US) in investors’ funds to stem an exodus sparked by a government bank deposit guarantee, the industry said Friday. Thirteen of the nation’s top 20 fund managers have so far blocked redemptions since Canberra guaranteed deposits in […]
Sri Lanka to tailor tourist promotions to Indian states
Oct 23, 2008 (LBO) – Sri Lanka’s tourism promotion agency will market Sri Lanka to Indians on a state by state basis, with the Gujarat in Andhra Pradesh as its pilot project, officials said. Head of Sri Lanka Renton de Alwis says India is a large market but it is difficult to market due its […]
Sri Lanka tries to limit tea production to stop price plunge
Oct 24, 2008 (LBO) – Sri Lanka’s Tea Board Friday said it was advising producers to manufacture only good quality tea and reduce output in an effort to stabilise prices which have crashed in recent weeks.About half the volume of low grown teas remained unsold at the auction this week, creating cash flow problems for […]
Sri Lanka says troops push into Tiger territory
October 24, 2008 (AFP) – Security forces pushed deeper into territory held by Tamil Tiger rebels in northern Sri Lanka and captured several strongholds of the guerrillas, the defence ministry said Friday. Government forces are engaged in a major offensive to capture the town of Kilinochchi which has served as the political headquarters of the […]
Wall Street plunges amid global meltdown
NEW YORK, October 24, 2008 (AFP) – US shares plunged Friday amid a wave of panic selling and a meltdown in share prices around the world on rising fears of a global recession. NEW YORK, October 24, 2008 (AFP) – US shares plunged Friday amid a wave of panic selling and a meltdown in share […]
OPEC confident member countries will abide by cuts: president
VIENNA, October 24, 2008 (AFP) – OPEC President Chakib Khelil expressed confidence on Friday that the oil cartel’s members would stand by their commitments to cut output as decided at an emergency meeting here. “I’m very confident. I think they don’t have a choice,” Khelil told a news conference here. “What choice do they have? […]
India central bank keeps rate on hold but says ready to act swiftly
MUMBAI, October 24, 2008 (AFP) – India’s central bank kept its key interest rates steady on Friday but declared it was ready to take “unconventional and swift” measures to deal with the global financial crisis.“This (crisis) is unchartered territory with no standard or conventional solutions,” Reserve Bank of India governor D. Subbarao said in his […]