Category: Economy and Markets
Sri Lanka Bank of Ceylon sells 5-year 19-pct bonds
Oct 16, 2008 (LBO) – Sri Lanka’s state run Bank of Ceylon is selling three billion rupees worth 5-year 19 percent stock exchange listed bonds, with options of floating interest and interest at maturity also offered, officials said. The bank also offered a 30 million US dollar bond to the market last month.The bank could […]
Sri Lanka shares slump as global markets retreat
Oct 16, 2008 (LBO) – Sri Lankan shares slumped on low trading volumes Thursday after two days of gains with investors apparently unnerved by sharp falls in overseas markets and fears that an economic downturn could hit earnings.But fears that company earnings could get eroded by high inflation and interest rates and a slump in […]
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 […]
US slipping into recession: Federal Reserve
NEW YORK, October 15, 2008 (AFP) – The United States has slipped into recession, the head of the San Francisco branch of the Federal Reserve, the nation’s central bank, said. “The recent flow of economic data suggests that the economy was weaker than expected in the third quarter, probably showing essentially no growth at all,” […]
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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 […]