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McCain hits hard but debate lacks game-changer
NASHVILLE, October 8, 2008 (AFP) – John McCain hammered away at unruffled front-runner Barack Obama in Tuesday’s second presidential debate but failed to land the cutting blow likely to revive his sliding poll numbers. Gallup’s daily tracking poll Tuesday reflected the high stakes for McCain, giving Obama a nine point lead nationally, while the Democratic […]
US candidates eye Warren Buffett as possible Treasury chief
NASHVILLE, October 8, 2008 (AFP) – Democratic White House hopeful Barack Obama and his Republican rival John McCain Tuesday agreed that one of the world’s richest men, Warren Buffett, would make a good treasury secretary. The two were asked at the beginning of their second presidential debate who would be a good replacement for current […]
Wall Street lose 500 points to slips to five-year low
NEW YORK, October 7, 2008 (AFP) – Stocks plunged for a second day running on Wall Street on Tuesday, while those in Europe were mixed, on persistent anxiety over the health of the banking sector — and despite central bank initiatives to shore up confidence. Wall Street opened with solid gains, bolstering both spirits and […]
UN chief rails against suicide attacks in Sri Lanka
UNITED NATIONS, October 7, 2008 (AFP) – UN chief Ban Ki-moon on Tuesday condemned the latest suicide attacks in Sri Lanka, including one which killed at least 27 people.The attack in the northern town of Anuradhapura came as the Sri Lankan military appeared on the verge of capturing the rebel Tigers’ key headquarters as part […]
Major central banks cut rates to head off deflationary collapse
Oct 08, 2008 (LBO) – Major reserve currency central bank led by the Federal Reserve, European Central Bank, Bank of England joined by Swiss and Swedish authorities cut rates by 50 basis points in a bid to head off a deflationary collapse of the global economic system. With interest rates already low the Bank of […]
Sri Lanka stocks tumble, Maskeliya loses gains
Oct 07, 2008 (LBO) – Sri Lankan shares ended sharply lower dragged down by falls in large cap stocks with Maskeliya Plantations, which had risen on speculation of a takeover, plunging Tuesday, brokers said. Secretaries to Maskeliya Plantations said in a stock exchange filing that the RPC group was holding talks on the possible sale […]
Dollar Loan
Oct 07, 2008 (LBO) – Sri Lanka has called proposals for a 300 million US dollar syndicated loan, with another 150 million US dollars now being negotiated, the government’s debt office said. The proposed syndicated loan would be about 32 billion Sri Lankan rupees. “As envisaged in the Budget and approved by Parliament, the funds […]
Reaching Out
Oct 07, 2008 (LBO) – The World Bank is increasing support for Sri Lankan small businesses, through its private sector funding arm, International Finance Corporation (IFC) which is considering giving rupee loans.“Such financing would allow IFC to reach out to companies and sectors which generate local currency revenues (such as the infrastructure sector and second-tier […]
Winding Up
Oct 07, 2008 (LBO) – Sri Lanka’s troubled merchant bank Vanik Incorporation said it had been ordered to wind up by the district court of Colombo in a case filed by a foreign and a local bank. The case will be called on November 21, 2008 for further steps, Vanik said in a stock exchange […]
India central bank cuts cash ratio amidst currency pressure
MUMBAI, October 6, 2008 (AFP) – India’s central bank injected liquidity into the financial system by cutting the amount of cash commercial banks must hold in reserve, citing “a sharp deterioration” in the world financial situation. After a day of market turmoil in which Indian stocks plunged nearly six percent, the bank lowered the cash […]
‘ opposition vows to unseat lord of the atolls
MALE, October 7, 2008 (AFP) – For the main opposition leader of the Maldives, life on the islands is a far cry from the more familiar image portrayed by holiday brochures.While its white sand beaches and crystal clear waters may be a paradise for well-heeled tourists, the Indian Ocean nation is beset by rising crime, […]
Sri Lanka to code share with Etihad to Europe and Jordan
Oct 07, 2008 (LBO) – Sri Lankan Airlines will code share with Abu Dhabi based Etihad to Geneva, Dublin, Munich, Brussels and Manchester, while Eithad will use Sri Lankan to enter Maldives, the airline said. The new code-shares had started on October 01. “SriLankan Airlines looks forward to a fruitful long-term relationship with Etihad,”Sri Lankan […]