Category: Economy and Markets
IMF gets new business as central banks lose reserves on intervention mistakes
WASHINGTON, October 26, 2008 (AFP) – Ukraine, facing political deadlock and an economic crisis, agreed a 16.5-billion-dollar loan from the International Monetary Fund on Sunday. The deal, announced by IMF director Dominique Strauss-Kahn, followed a 2. 1-billion-dollar loan to Iceland on Friday and comes amid appeals for help from other countries. “An IMF staff mission […]
Sri Lanka central bank reserves down to US$2.6bn
Oct 27, 2008 (LBO) – Sri Lanka’s official foreign reserves have fallen to 2.6 billion US dollars in late October from 3.1 billion dollars at the end of September 2008, Central Bank Governor Nivard Cabraal said. Sri Lanka’s balance of payments problem this year seems to have been triggered by the withdrawal of foreign money […]
Sri Lanka exchange rate pressured; fuel taxes can reduce fiscal ills: economist
Oct 26, 2008 (LBO) – Despite falling oil prices, Sri Lanka is now in the midst of a balance of payments problem brought about by central bank interventions in forex markets, whose full effects are yet to be seen. Q: Now with the credit crunch we have seen a lot of commodity prices coming down […]
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 central bank calms forex markets as treasuries stock rockets to Rs59bn
Oct 24, 2008 (LBO) – Sri Lanka’s central bank says it is ready to accommodate additional foreign currency outflows from foreign bond holders even as snowballing T-bill purchases showed pressure building up in the monetary system. The central bank said in a statement Thursday that it had ‘absorbed’ dollar inflows of 622 million in the […]
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 […]
Sri Lanka stocks plunge, foreign selling weakens sentiment
Oct 23, 2008 (LBO) – The slide in Sri Lankan shares deepened Thursday with the indices dragged down by sharp falls in blue chips as brokers said foreign selling in recent days had confirmed fears of a sell-off and weakened sentiment. Sri Lanka Telecom fell 5.26 percent (two rupees) to 36 rupees with 100,700 shares […]
Mexico peso sinks to new low against dollar
MEXICO CITY, October 22, 2008 (AFP) – Mexico’s peso changed hands at 13.74 to the dollar at the end of trading Wednesday, a new record low, despite billions of dollars injected onto the market by the central bank in recent weeks. The peso closed Tuesday at 13.13 to the dollar. Mexico’s central bank began selling […]
Sri Lanka bonds spike, bills rejected amid heavy forex interventions
Oct 22, 2008 (LBO) – Sri Lanka rejected an entire Treasury bill auction Wednesday while the yield of a bond popular among foreign investors spiked and heavy central bank intervention in currency markets continued, dealers said. The government’s debt office said all bids at the auction were rejected. Last week 3-month bills were auctioned at […]
Sri Lanka stocks extend losses; Pramuka sells LB Finance stake
Oct 22, 2008 (LBO) – Sri Lanka stocks closed 1.2 percent lower with index heavy stocks sliding , Wednesday on the back of a 2.2 percent fall a day earlier, while the sale of a strategic stake in a finance company went at a premium to market, dealers said. To recieve instant alerts from LBO […]
Fed chief backs US spending plan as markets clutch at latest straw
WASHINGTON, October 21, 2008 (AFP) – The head of the US Federal Reserve backed a stimulus plan for the flagging American economy, buoying stock markets despite gloomy unemployment figures and fears the rebound could be limited. Asian markets tracked gains on Wall Street, where stocks soared after Fed chief Ben Bernanke said US lawmakers should […]
Sri Lanka stocks slide gathers momentum
Oct 21, 2008 (LBO) – The slide in Sri Lankan shares deepened Tuesday with sharp falls in blue chips and trading volumes increasing, brokers said.Dialog Telekom closed flat at eight rupees Bartleet Mallory Stockbrokers said price losers significantly outdid price gainers by 118 to 11 in Tuesday’s trading. They said in their market report that […]