Category: Other
Fed rolls out new 540-bln-dollar aid to financial sector
WASHINGTON, October 22, 2008 (AFP) – The US Federal Reserve reached deeper into the troubled financial system on Tuesday, offering up to 540 billion dollars of help to money market mutual funds in its latest response to the credit crunch. Under a new program, the Fed offered the funds to back a private sector initiative […]
Debt Consultant
Oct 22, 2008 (LBO) – Sri Lanka’s Securities and Exchange Commission has issued a statement on a consultant Toshihisa Iida, the spouse of the head of the World Bank country office, Naoko Ishii. The statement is reproduced below: We refer to an article which appeared on a Sunday newspaper pertaining to Mr. Toshihisa Iida, Consultant […]
Australia considers amending deposit guarantee: Treasurer
SYDNEY, October 22, 2008 (AFP) – Australia is considering changing its multi-billion-dollar bank deposit guarantee scheme by charging savers who have more than one million dollars in the bank, Treasurer Wayne Swan said Wednesday. Prime Minister Kevin Rudd announced on October 12 an unlimited three-year guarantee on all deposits in institutions such as banks, credit […]
Dollar gains against Sterling to five-year high
LONDON, October 22, 2008 (AFP) – The British pound fell Wednesday to a five-year low point against the dollar after Bank of England governor Mervyn King indicated that Britain was “likely” entering a recession. Sterling sank to 1.6203 against the dollar shortly before 0600 GMT, which was its lowest level against the greenback since September […]
World oil prices extend losses with dollar strength
SINGAPORE, October 22, 2008 (AFP) – World oil prices weakened in Asian trade Wednesday on renewed worries about energy demand in the face of slowing global growth, dealers said. New York’s main contract, light sweet crude for December delivery, fell 2.72 dollars to 69.46 dollars a barrel from its close of 72.18 dollars in the […]
French workers made sick by Indian radioactive lift buttons
GRENOBLE, October 22, 2008 (AFP) – French factory workers were exposed to excessive levels of radiation as they handled luminous lift buttons made using unsafe material from India, officials said. France’s Nuclear Safety Authority (ASN) classed the incident at “Level Two” on a scale of seven because of the exposure of more than 10 people […]
Sri Lanka agro firm warns price controls are hurting quality
Oct 22, 2008 (LBO) – A top Sri Lankan agro enterprise has warned that state controls of prices would block quality gains of agricultural produce with government slapping price ceilings on rice in the wake of a global bubble in April. “In the question of price control of rice what has happened is that you […]
Anti-dumping probes surge 39 percent in first half of 2008: WTO
GENEVA, October 20, 2008 (AFP) – The number of anti-dumping probes launched by trading nations against alleged unfairly-priced imports surged 39 percent in the first half of the year, with China a key target, the WTO said Monday. Between January and June 2008, 16 World Trade Organization members initiated 85 new probes, compared to 61 […]
Chinese exporters gear up for worst crisis in their miracle rise
CIXI, October 21, 2008 (AFP) – Richard Fan is preparing for what may be the worst crisis of his six-year manufacturing career as the world markets that made his business in eastern China thrive are drying up at an alarming rate. Standing on the shop floor of Henwei Industrial, which produces everything from bottle openers […]
Obama to dash to side of sick grandmother
WEST PALM BEACH, October 21, 2008 (AFP) – Democrat Barack Obama will leave the White House trail later this week to dash to the side of his gravely ill 85-year-old grandmother in Hawaii, just 11 days before the election. The Illinois senator will cancel events in midwestern Iowa and Wisconsin and head to his native […]
Iran hopes OPEC cut would push oil prices to 150 dollars
TEHRAN, October 21, 2008 (AFP) – Iran’s oil minister said on Tuesday that Tehran believes OPEC should cut production by between two million and 2.5 million barrels a day, and that prices could go higher than 150 dollars a barrel.Attiyah also said OPEC “might be obliged to reduce production to balance supply and demand,” at […]
India plans to complete global 3G spectrum auction in January
NEW DELHI, October 21, 2008 (AFP) – India said Tuesday its planned global auction for airwaves to offer high-speed third generation mobile phone services will likely be completed by mid-January.The auction of 3G phone spectrum could spur greater growth in the world’s fastest-expanding mobile market, which has been adding eight million new subscribers monthly, and […]