Category:
Growth Spurt
Sept 18, 2008 (LBO) – Sri Lanka’s Mobitel, a unit of fixed access operator Sri Lanka Telecom says its customers would increase by 300,000 to 2.4 million by year-end with a package aimed at state-workers selling rapidly.Mobitel chief executive Suren Amarasekera says the firm is issuing over 10,000 connections a day following the launch of […]
Sri Lanka military advance on Tiger capital, 50 dead
September 18, 2008 (AFP) – Sri Lanka’s military said Thursday it was moving closer to the northern headquarters of the Tamil Tigers, with fierce clashes leaving at least 50 dead.The rebels have been fighting for a separate homeland for minority Tamils in the island’s north and east since 1972. To receive instant alerts from LBO […]
Central bank money printing binge give life to commodity bubble
LONDON, September 18, 2008 (AFP) – Oil prices extended gains on Thursday as the dollar fell following a coordinated plan by major central banks around the world to boost liquidity amid a credit crunch. “The coordinated move by central banks has seen the dollar sold off and has sparked some interest in the dollar denominated […]
Central banks in new printing offensive to fill liquidity holes; gold rockets to US$868
NEW YORK, September 18, 2008 (AFP) – The US Federal Reserve on Thursday threw 180 billion dollars into a global fight against the financial crisis as Wall Street legend Morgan Stanley became the latest name under attack and Britain’s top mortgage lender was forced into a merger.China’s sovereign wealth fund, China Investment Corporation, already owns […]
Young Lehman banker rues opportunities lost in London
LONDON, September 18, 2008 (AFP) – When Edouard d’Archimbaud, 24, arrived at Lehman Brothers offices in London on Monday he was hoping his move to the British capital would hail the start of a lucrative career in finance. Sadly, it was not to be. The young Parisian, who had struggled to arrive in time for […]
Dollar flounders in Asian trade in market storm
TOKYO, September 18, 2008 (AFP) – The dollar fell further in Asian trade Thursday as the US bailout of insurer AIG failed to quell market fears that more victims could emerge from the credit crisis, dealers said. The dollar traded narrowly, changing hands at 104.77 yen in Tokyo morning trade from 104.91 in New York […]
Leasing Trends
Sept 17, 2008 (LBO) – Sri Lanka’s People’s Leasing Company (PLC) said net profit rose seven percent to 803 million rupees in the year ending March 31, 2008 and that it was diversifying its business to include ship finance. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 […]
Global Link
Sept 17, 2008 (LBO) – Sri Lankan investors in Vietnam could bank at a new fully owned branch in the country after authorities gave the go ahead to incorporate a local unit in the country, the banking group’s Colombo office said. “We feel that this is strategically important for the local investors and corporates who […]
Historic Rescue
NEW YORK, September 17, 2008 (AFP) – The US Federal Reserve announced Tuesday it would make an unprecedented 85-billion-dollar rescue loan to save insurance giant American International Group from bankruptcy amid fears of a catastrophic meltdown on financial markets. The move came after federal officials reportedly tried but failed to persuade private firms over the […]
‘s Ranbaxy generic drugs
WASHINGTON, September 16, 2008 (AFP) – The US Food and Drug Administration Tuesday said it would block the import of more than 30 generic drugs made by Indian pharmaceutical company Ranbaxy, saying the company had failed to meet manufacturing standards. Due to extensive violations of US requirements, the FDA issued the import alert for drugs […]
Sri Lanka aid groups quit north
September 17, 2008 (AFP) – International aid workers were Wednesday close to completing an evacuation from Sri Lanka’s north, where government forces are on a major offensive against Tamil Tiger rebels, officials said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The mass pull-out, demanded by the […]
‘s roots run deep in Asia
SINGAPORE, September 17, 2008 (AFP) – AIG has deep roots in Asia, and the troubled insurance giant is now trying to reassure millions of policyholders and tens of thousands of employees in the region that it will survive. Speaking before the Fed announced its rescue plan, Tey said a rush to liquidate policies is an […]