Category: Industry
Oil Support
Oct 27, 2008 (LBO) – Sri Lanka’s Hayleys group has tied up with UK based Edgo Merap to enter the oil and gas industry support services industry, the company said, with Sri Lanka having issued its first exploration license earlier in the year. It provides drilling services, hydro-geological studies and land development. The group also […]
Merchant Sailors
MANILA, October 26, 2008 (AFP) – Amid dire predictions that trade will slow next year due to the global financial crisis, hundreds of Filipino seamen still gather in downtown Manila everyday to scan the positions vacant notices. Wilfredo Narte, a 66-year-old Filipino sailor, has seen it all before as he walks past a group of […]
Iceland asks IMF for funds to stem financial crisis
REYKJAVIK, October 24, 2008 (AFP) – Iceland asked the International Monetary Fund to help it overcome a crippling banking crisis with a loan of two billion dollars (1.58 billion euros), its government said on Friday. “The Icelandic Government has reached an agreement…with a mission from the International Monetary Fund (IMF) on a comprehensive stabilisation programme,” […]
Finance crisis inflicts more pain; IMF to get more business
WASHINGTON, October 24, 2008 (AFP) – The global financial crisis inflicted more pain Friday on a wide range of corporate sectors, prompting heavy losses in stock markets, while the IMF readied a rescue of some 200 billion dollars for debt-laden countries. Amid grim financial news from around the world, stocks saw another tumultuous day, starting […]
Emerging market strains remove props for global markets
PARIS, October 24, 2008 (AFP) – Emerging market countries, their once vibrant economies now under increased strain in the global finance crisis, can no longer be counted on help prop up world stock markets. “The escalation of the crisis revealed or exacerbated existing vulnerabilities (in emerging countries), such as current account deficits, that were ignored […]
Methanol laced hooch kills in Vietnam
HANOI, October 25, 2008 (AFP) – At least 11 Vietnamese men have died after drinking suspect alcohol in Ho Chi Minh City over the past month, state media said Saturday. The latest death was a 44-year-old man, who had been hospitalised Wednesday and died Friday, the Thanh Nien (Young People) newspaper said. The paper quoted […]
‘s Jet Airways flies into Q2 losses
MUMBAI, October 25, 2008 (AFP) – Jet Airways, India’s biggest domestic airline, reported Saturday a second-quarter net loss from a profit in the same period a year earlier, hit by rising fuel costs and fewer passengers.The airline posted a net loss of 3.84 billion rupees (80 million dollars) after announcing a profit of 283.6 million […]
World leaders call for reform as markets overpower paper central banks, govts.
BEIJING, October 25, 2008 (AFP) – World leaders vowed Saturday to overhaul the global financial system in the face of recession fears, but US President George W.Bush urged nations to “recommit” to free markets despite economic turmoil. After a week of growing economic gloom and plunging stock markets, Asian and European leaders meeting in Beijing […]
Two Sides
Oct 25, 2008 (LBO) – The global economic crisis may reduce information technology outsource work for companies in Sri Lanka but at the same time generate new business opportunities, a top Sri Lankan software firm said.“So in the last two years the volumes increased 20 fold.” He said this massive rise in stock market activity […]
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 […]