Category: Other
Eurozone ministers drop plans to balance budgets by 2010: Juncker
BRUSSELS, November 3, 2008 (AFP) – Finance ministers from the 15 nations sharing the euro have dropped a 2010 deadline for balancing their budgets, in the face of a severe economic downturn, their chairman Jean-Claude Juncker said Monday. Juncker told journalists that the deadline, which was agreed under much rosier economic conditions in April last […]
Mega doubts as Dubai mall to open amid global crisis
DUBAI, November 4, 2008 (AFP) – The vast Dubai Mall shopping centre is finally set to open for business on Tuesday but the success of the 20-billion-dollar project is far from certain amid the global economic crisis. The mall will be one of the world’s largest with 1,200 shops, four times as many as the […]
Americans crowd polling stations in historic election
WASHINGTON, November 4, 2008 (AFP) – Americans crowded polling stations Tuesday to vote in their historic election, with front-running Democrat Barack Obama seeking to become the first black US president and Republican rival John McCain battling for a comeback.With predictions of record turnout, long queues stretched in the dark from polling stations waiting to open […]
Secret Budget
Nov 04, 2008 (LBO) – Sri Lanka’s Supreme Court has struck down a hidden budgetary fund that gave the island’s top treasury official power to circumvent the parliament and allocate money to any ministry, usurping parliamentary control over the public purse. Court said the government was caught in a ‘debt trap’ where debt service was […]
Pay Up
Nov 04, 2008 (LBO) – Sri Lanka’s central bank said it has ordered four unlicensed finance companies that failed to register with the regulator to repay depositors, and given time for two more to comply with its rules. A bank statement said four of six organisations and individuals carrying on finance business without authority had […]
Obama and McCain hurtle into final 48 hours
CLEVELAND, November 2, 2008 (AFP) – White House front-runner Barack Obama Sunday hurtled into the last 48 hours of his epic campaign against Republican John McCain pledging to remake America as he presented a loving tableau of his youthful family. On the home stretch before Tuesday’s election, the Democrat bidding to be America’s first black […]
‘s worst year in recent times: Wen
BEIJING, November 3, 2008 (AFP) – The global financial crisis has made 2008 the worst year for China in recent memory, with growth and inflation posing serious challenges, Prime Minister Wen Jiabao said in a signed article. “We must be aware that this year is the worst in recent times for our economic development,” Wen […]
SKorea announces 10.7 bln dlr stimulus package
SEOUL, November 3, 2008 (AFP) – South Korea Monday announced a 10.7 billion dollar plan to stimulate growth in the face of a global slowdown which is set to hit the crucial export sector.The government detailed plans to spend an extra 11 trillion won next year, plus tax cuts totalling three trillion, to boost sagging […]
‘s Horana Plantations Sept net up sharply on rubber boom
Nov 03, 2008 (LBO) – Sri Lanka’s Horana Plantations, which is managed by the Ceylon Theatres group, said net profit for the September quarter shot up 201 percent to 50 million rupees from a year ago. Revenue rose 25 percent to 430 million rupees from 343 million rupees during the period. The profit growth was […]
Sri Lanka tea board to buy again at auctions
Nov 03, 2008 (LBO) – Sri Lanka’s tea board said it plans to buy stocks at the Colombo auctions this week as well to help prop up the market after prices crashed and large stocks went unsold last month. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 […]
British PM calls on Gulf states to give funds to the IMF
RIYADH, November 2, 2008 (AFP) – British Prime Minister Gordon Brown said Sunday it is in the interests of oil-rich Gulf states to give funds to help countries hit by the world financial crisis.On the second day of a brief Gulf tour that started in Saudi Arabia, Brown also backed an enhanced role for them […]
South Asia braces for fall in vital remittances
DHAKA, November 2, 2008 (AFP) – The global economic crisis is putting a dent in funds sent to poor South Asian countries by nationals working abroad amid fears their armies of cheap workers will become redundant, say recruitment agents.Millions of families in Bangladesh, Nepal and Sri Lanka rely on remittances from relatives working in construction […]