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Sri Lanka troops kill 42 in offensive against rebels: ministry
October 3, 2008 (AFP) – Sri Lankan troops have killed 42 Tamil Tigers and injured 53 in a ground and sea offensive aimed at dismantling the rebels’ mini-state in the north of the island, the defence ministry said Friday. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 […]
Sri Lankan Airlines gets acting chairman; Emirates directors out
Oct 03, 2008 (LBO) – Nishantha Wikremasinghe, an existing director of SriLankan Airlines has been appointed chairman, following the resignation of P B Jayasundera, the airline said. Jayasundera resigned over a court order relating to a privatization deal involving a bunker firm. Three directors that represented Emirates Airlines, which is the second largest shareholder of […]
ECB opens door to rate cut as Trichet heads to crisis talks
FRANKFURT, October 3, 2008 (AFP) – The European Central Bank has opened the door to a rate cut in the coming months as its president Jean-Claude Trichet prepares for high-level financial talks in Paris on Saturday, analysts said. ECB policymakers “threw the door wide open for a rate cut in the foreseeable future,” commented Bank […]
Asian markets tumble as Wall Street dives on bailout fears
HONG KONG, October 3, 2008 (AFP) – Stocks continued to tumble across Asia Friday on the back of heavy losses on Wall Street and amid concern over the fate of the multi-billion-dollar bailout deal for the US financial system. The House of Representatives in Washington was set to vote later in the day on a […]
Oil prices slump, ending brief rally
NEW YORK, October 2, 2008 (AFP) – Oil prices tumbled Thursday, with worries about demand returning to the fore amid critical credit strains in the global economy and a stronger dollar keeping a lid on prices. New York’s main contract, light sweet crude for November, slid 4.56 dollars to close at 93.97 dollars a barrel. […]
Ireland passes bank guarantee law amidst protests from neigbhour
DUBLIN, October 3, 2008 (AFP) – Ireland has passed a controversial emergency law guaranteeing bank deposits despite protests that the move gives its financial sector a competitive advantage over neighbouring countries. Dublin insisted it had to guarantee its six main banks to shore up the whole system, but Britain in particular argued the move is […]
Sri Lanka fiscal management critical for managing inflation: think tank
Oct 03, 2008 (LBO) – Sri Lanka’s government spending policies, and foreign borrowings are key to keeping inflation down though tight monetary policy can bring short term results, a think tank has said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 “Whilst a sharp drop in credit […]
” say crisis warnings unheeded
WASHINGTON, October 3, 2008 (AFP) – The so-called “doomsday” economists long derided by the mainstream say the current financial maelstrom was inevitable, but debate is still raging on how the US economy will emerge from the crisis. The analysts who had sounded warnings about economic imbalances for at least the past two years argue that […]
” state policies
OTTAWA, October 3, 2008 (AFP) – Canada’s Prime Minister Stephen Harper on Thursday blamed current US financial woes and its worldwide fallout on “irresponsible” policies. “The economic and financial mess in the US is disastrous and the policies have been irresponsible,” Harper said during a televised political debate ahead of an October 14 vote. His […]
Sri Lanka rupee up after opening on state intervention
Oct 02, 2008 (LBO) – The Sri Lanka rupee which opened at 108.20/35 against the greenback gained ground amid official intervention, with a state bank which usually acts for the central bank selling dollars at 108.00 rupees, dealers said. Meanwhile money markets remained tight with the overnight call rates at 19.00/19.50 percent levels and market […]
Sri Lanka port mulls hedging yen loans to avoid forex losses
Oct 02, 2008 (LBO) – The Sri Lanka Ports Authority (SLPA) is considering hedging its yen loans after suffering losses owing to currency fluctuations, its acting chairman Priyath Bandu Wickrema said. The SLPA is heavily overstaffed because successive governments have recruited supporters to gain votes. To receive instant alerts from LBO on your Dialog mobile […]
Sri Lanka shares hold their ground
Oct 02, 2008 (LBO) – Sri Lankan shares ended several days of falls to close marginally firmer Thursday but on very small volumes with investors still cautious owing to uncertainty in the global and local economy, brokers said. Lanka Cement closed up 25 cents at 11.25 with 124,100 shares traded. The company’s stock has been […]