Category: Industry
Sri Lanka to tailor tourist promotions to Indian states
Oct 23, 2008 (LBO) – Sri Lanka’s tourism promotion agency will market Sri Lanka to Indians on a state by state basis, with the Gujarat in Andhra Pradesh as its pilot project, officials said. Head of Sri Lanka Renton de Alwis says India is a large market but it is difficult to market due its […]
State Intervention
SYDNEY, October 24, 2008 (AFP) – Australian investment firms have frozen an estimated 12 billion dollars (7.8 billion US) in investors’ funds to stem an exodus sparked by a government bank deposit guarantee, the industry said Friday. Thirteen of the nation’s top 20 fund managers have so far blocked redemptions since Canberra guaranteed deposits in […]
Prime Status
Oct 24, 2008 (LBO) – Sri Lanka’s central bank says there were some measures to protect the banking sector from a financial ‘cyclone’ that is sweeping the world and the country’s banking sector is well capitalized to meet upcoming challenges. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to […]
Sri Lanka ace Jayasuriya confirmed for HK Sixes
HONG KONG, October 24, 2008 (AFP) – Big hitting Sri Lankan all-rounder Sanath Jayasuriya has been confirmed for the annual Hong Kong Cricket Sixes tournament, organisers said Friday. The former 1996 Cricket World Cup winner will join an All Star team that includes West Indian Shivnarine Chanderpaul, Australian Justin Langer, New Zealand captain Stephen Fleming […]
Yen in 13-year high over US dollar
TOKYO, October 24, 2008 (AFP) – The US dollar tumbled to a 13-year low against the yen in Asian trade on Friday as investors sought refuge amid rising fears of a global recession, dealers said. The euro fared little better, hitting the lowest level in about six years against the yen on expectations that European […]
India central bank keeps rate on hold but says ready to act swiftly
MUMBAI, October 24, 2008 (AFP) – India’s central bank kept its key interest rates steady on Friday but declared it was ready to take “unconventional and swift” measures to deal with the global financial crisis.“This (crisis) is unchartered territory with no standard or conventional solutions,” Reserve Bank of India governor D. Subbarao said in his […]
OPEC confident member countries will abide by cuts: president
VIENNA, October 24, 2008 (AFP) – OPEC President Chakib Khelil expressed confidence on Friday that the oil cartel’s members would stand by their commitments to cut output as decided at an emergency meeting here. “I’m very confident. I think they don’t have a choice,” Khelil told a news conference here. “What choice do they have? […]
Wall Street plunges amid global meltdown
NEW YORK, October 24, 2008 (AFP) – US shares plunged Friday amid a wave of panic selling and a meltdown in share prices around the world on rising fears of a global recession. NEW YORK, October 24, 2008 (AFP) – US shares plunged Friday amid a wave of panic selling and a meltdown in share […]
Lubricant Lease
Oct 23, 2008 (LBO) – Chevron Lubricants Lanka said Thursday it was seeking to extend the lease on the land on which it has its lubricant plant which runs out in July next year. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The Sri Lankan unit of […]
Time Travel
EW YORK, October 22, 2008 (AFP) – Crude oil prices careened lower Wednesday after surging US energy reserves highlighted falling demand in a cooling global economy, and ahead of an OPEC financial crisis meeting. New York’s main contract, light sweet crude for December, skidded 5.43 dollars to close at 66.75 dollars a barrel. It earlier […]
Cows come home to roost for rating agencies
WASHINGTON, October 22, 2008 (AFP) – After errant bankers and humbled insurers, the turn came on Thursday for ratings agency bosses to receive a verbal lashing from US lawmakers investigating the financial system meltdown. The heads of leading agencies were accused by a House of Representatives committee of ignoring warnings signs, following the “delirious mob” […]
Panic selling global stock markets
NEW YORK, October 22, 2008 (AFP) – Recession fears stalked trading floors around the world Wednesday, sparking major losses in Asia, Europe and on Wall Street as investors weighed prospects for a prolonged global downturn. The realization that a worldwide financial crisis is pummeling economies — and driving down growth, employment and corporate profits in […]