Category: Economy and Markets
Sri Lanka shares rise again, but Q3 earnings seen crucial
Oct 15, 2008 (LBO) – Sri Lankan shares rose again Wednesday, regaining some ground lost in last week’s plunge but brokers said the recovery’s sustainability would depend on quarterly earnings. The Colombo bourse had fallen heavily last week, as other markets crashed. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and […]
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WASHINGTON, October 14, 2008 (AFP) – Paul Krugman, winner of the 2008 Nobel Prize for economics, said Monday in an interview with National Public Radio (NPR) that he should have anticipated the current financial turmoil. “I should have seen it coming,” said Krugman. “I berate myself for not understanding the extent to which we have […]
US financial system headed to intensive care: Volcker
SINGAPORE, October 14, 2008 (AFP) – The US financial system is already in the emergency ward and will move into intensive care, Paul Volcker, former chairman of the US Federal Reserve, said in Singapore on Tuesday.“I’m afraid it’s going to be there for a considerable period of time before it returns to normal,” he said […]
EU, IMF to help Hungary after forint slumps
BRUSSELS, October 13, 2008 (AFP) – The European Union and IMF stand read to help Hungary’s government with financial support if needed after its currency, the forint, slumped last week, the EU said. After the forint took a recent beating amid global financial market turmoil, International Monetary Fund had offered Hungary “technical and financial assistance,” […]
Britain calls for new world monetary order
LONDON, October 13, 2008 (AFP) – World leaders must meet to agree a new Bretton Woods system, Prime Minister Gordon Brown said on Monday, referring to the global financial architecture agreed at the end of World War II. Speaking as Britain announced its latest move to try to stabilise the tottering banking system, he said […]
Sri Lanka relies on hard drinkers to raise tax revenue
Oct 13, 2008 (LBO) – Sri Lanka’s government hopes to raise an additional two billion rupees a year in tax revenue through a recent increase in excise tax, a senior treasury official said. Raising revenue by taxing drinkers has long been a favourite tactic of successive governments in the island where per capita consumption of […]
Sri Lanka shares rebound, trading thin
Oct 13, 2008 (LBO) – Sri Lankan shares rebounded Monday, lifted by blue chips, on a temporary recovery of confidence as global bailout plans saw overseas markets turning around, but trading remained thin, brokers said.Dialog Telekom rising 7.14 percent (50 cents) to 7.50 rupees while Sri Lanka Telecom went up 3.21 percent (1.25 rupees) to […]
Wall Street searches for bottom after worst weekly pounding
NEW YORK, October 11, 2008 (AFP) – Wall Street’s worst meltdown in recent memory ended the week with a whimper, leaving panicked investors wondering whether the vicious selloff will end soon or will keep ravaging the market. Ironically, some analysts say the meltdown on Wall Street and other global markets could mean a “bottom” has […]
World stock markets dive in crisis of confidence
LONDON, October 10, 2008 (AFP) – Global stocks went into a tailspin on Friday, with double-digit losses in Frankfurt, London and Tokyo, on widespread fears that the financial crisis was spiralling out of control, dealers said.World finance chiefs were preparing an emergency meeting in Washington as a wave of panic selling swept across markets. Interest […]
Sri Lanka shares plunge in widespread sell-off
Oct 10, 2008 (LBO) – Sri Lankan share prices fell sharply Friday as investors appeared unnerved by the global stock market rout, with the benchmark index slumping below the psychologically important 2,000 point mark, brokers said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The All Share […]
Sri Lanka central bank intervening for stability: Governor
Oct 10, 2008 (LBO) – Sri Lanka’s central bank is intervening in forex markets to maintain stability and the monetary authority has bought more dollars than it sold this year, Governor Nivard Cabraal said amidst concerns that the rupee is under pressure. “Our intervention is still on the positive side,” Cabraal said.“We have intervened to […]
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PARIS, October 8, 2008 (AFP) – European Central Bank Chief Jean-Claude Trichet urged financial markets to “collect” themselves Wednesday after Wall Street and European stock exchanges tumbled again despite coordinated central bank cut rates. “Collect yourselves,” Trichet said on France 3 television. “Excessive pessimism is ill advised.” “We all together call upon the market participants […]