Category:
Sri Lankan stocks continue to tumble
Sept 29, 2008 (LBO) – Sri Lankan stocks lost more than one percent in lackluster trading Monday as market heavyweights like Dialog Telekom, Commercial Bank and NDB tumbled amidst weak investor participation, brokers said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The All Share Price Index […]
Judicial Ire
Sept 29, 2008 (LBO) – Sri Lanka’s Supreme Court has slammed police and bribery authorities and summoned the country’s former finance secretary to court over a judgment involving the privatization of a bunker firm, an official said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The latest […]
European Crisis
NEW YORK, September 29, 2008 (AFP) – US lawmakers agreed a 700-billion-dollar bailout of financial groups, but the financial hurricane slammed into European banks and global markets Monday amid doubts over whether the deal would get through Congress.Motomi Hiratsuka, a trader at BNP Paribas, said: “We know that we are most likely to avoid a […]
Deutsche Slam
FRANKFURT, September 29, 2008 (AFP) – Shares in German banks posted steep losses Monday as a distressed real-estate lender said it had been thrown a lifeline by a bank consortium while also issuing a profit warning. Chronic financial market turmoil, meanwhile, was met with fresh refinancing operations by the European Central Bank. Shares in Hypo […]
Fertile Service
Sept 29, 2008 (LBO) – Sri Lanka™s Apollo Hospitals is seeing interest for fertility treatment services from the Middle East, Maldives, Canada and USA in addition to Sri Lanka, where an ageing population is stimulating demand, officials said. Lanka Hospital Services has a management deal with India’s Apollo. Ajith Jayaratna, chairman of Lanka Hospitals Corporation […]
Explosion in Sri Lanka capital Colombo
Sept 29, 2008 (LBO) – An explosion ripped through the Fort business district of Sri Lanka’s capital Colombo, shortly after mid-day damaging several vehicles, eyewitnesses and police said. Police said six vehicles were damaged. The bomb was believed to have gone off in a parked vehicle. At least two people had been injured. An LBO […]
Sri Lanka minister says charity staff left-behind in Tiger held areas not recognized
Sept 29, 2008 (LBO) – Staff members left behind in Tiger-controlled areas by charities after a deadline expires today will not be recognized as workers from the respective non-governmental organizations, a Sri Lankan minister said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The government has ordered […]
Citigroup to take over Wachovia banking assets, gives US stake
WASHINGTON, September 29, 2008 (AFP) – US authorities said Monday they had facilitated a takeover of Wachovia’s banking operations by Citigroup Inc.in a deal that gives the government a stake in one of the nation’s biggest banks. The Federal Deposit Insurance Corp.made the announcement that further reshapes the troubled US banking sector saddled with heavy […]
Berlin helps bank rescue lifeline for property lender
BERLIN, September 29, 2008 (AFP) – Berlin has joined a consortium of banks to rescue a stricken property lender, the government said on Monday, in the latest state-sponsored European rescue of a casualty of the US financial crisis. Berlin has agreed to guarantee a 35-billion-euro (50-billion-dollar) credit line being provided to Hypo Real Estate by […]
Russia acts to secure Indian defence market
NEW DELHI, September 29, 2008 (AFP) – Russia on Monday offered its Cold War ally India the chance to jointly develop weapon systems in a bid to remain New Delhi’s main provider of weapons.With India increasingly looking elsewhere for its armament needs, visiting Russian Defence Minister Anatoly Serdyukov presented a deal in which India would […]
US lawmakers put hastily agreed bailout bill on Internet
WASHINGTON, September 29, 2008 (AFP) – US lawmakers Sunday posted on the Internet their hastily-crafted draft legislation to rescue the country’s troubled financial sector, saying the unusual step was taken in the spirit of openness. The full text of the bill, more than 100 pages, is available at the websites of House Speaker Nancy Pelosi […]
Belgium, Luxembourg, Netherlands partially nationalise Fortis
BRUSSELS, September 28, 2008 (AFP) – The Belgian, Dutch and Luxembourg governments agreed Sunday to partially nationalise Fortis in a 11.2 billion euro bailout to keep it from becoming the latest victim of the US-born financial crisis. Top officials from the three countries and the European Central Bank hastily hammered out a rescue over the […]