Category: Industry
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 […]
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 […]
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 […]
Indian govt refuses to bail out domestic carriers
NEW DELHI, October 23, 2008 (AFP) – The Indian government refused Thursday to bail out ailing airlines facing mounting losses but said it would extend the credit period for the cash-starved carriers to pay their fuel bills.Indian airlines had sought a bailout package worth 47.50 billion rupees (one billion dollars) to survive in the face […]
Sri Lanka to get ADB trade finance support
Oct 23, 2008 (LBO) – The Asian Development Bank (ADB) and Japan’s Sumitomo Mitsui Banking Corp. (SMBC) have launched a trade finance scheme for developing countries the initial phase of which will be in Sri Lanka and Pakistan. An ADB statement said the bank and SMBC have entered a risk-sharing agreement that will enhance support […]
Profit Report
Oct 23, 2008 (LBO) – Sri Lanka’s Sampath Bank’s consolidated September quarter profits grew 48.1 percent to 395.3 million while revenues grew 23.8 percent to 5.8 billion rupees, interim accounts filed with the Stock Exchange showed. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The bank’s interest […]