Category: Other
Singapore economy in recession
SINGAPORE, October 10, 2008 (AFP) – Singapore’s trade-sensitive economy has declined for a second straight quarter, the government said Friday, meaning the city-state has entered a recession for the first time in six years.On a seasonally adjusted quarter-on-quarter annualised basis, real GDP declined by 6.3 percent in the third quarter after contracting 5.7 percent in […]
Asian stocks dive as panic erupts over financial crisis
TOKYO, October 10, 2008 (AFP) – Asian stock markets went into a tailspin Friday, with Tokyo down more than 10 percent as fresh panic erupted over fears that authorities are unable to contain the global financial crisis.Bucking the trend was Moscow, where the leading stock markets closed around 10 percent higher, rebounding from the previous […]
Crisis talks due in Washington; markets in tailspin
TOKYO, October 10, 2008 (AFP) – The world’s major economies were to hold crisis talks later Friday in an attempt to end a massive sell-off on the global stock markets, as Asian shares were hit by another day of panic selling. The talks in Washington were expected to see finance ministers and central bankers from […]
Golden paydays for bankers are over, lawmakers say
PARIS, October 10, 2008 (AFP) – While governments worldwide have not yet agreed on a solution to fix the current global economic crisis, nearly all agree on the cause of the problem: the large bonuses awarded to executives.Bankers’ bonuses have come under scrutiny as taxpayers money is being used to bail out ailing financial institutions. […]
Sri Lankan businesses told new carbon rules mean new markets
Oct 09, 2008 (LBO) – New rules in Western markets to reduce greenhouse gas emissions offer business opportunities for Sri Lankan companies in products and carbon trading, an expert in financing environmentally-friendly projects said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 Suranjan Cooray, chief executive of […]
No clear winner from landmark Maldives election
MALE, October 9, 2008 (AFP) – The first-ever democratic presidential election in the Maldives looked set to go into a second round after Asia’s longest-serving leader apparently failed to deliver a knock-out blow to his rivals. Official results based on roughly two-thirds of ballots cast showed incumbent President Maumoon Abdul Gayoom — who has run […]
Sri Lanka to set up more waste disposal sites
Oct 09, 2008 (LBO) – Sri Lanka has approved two waste disposal sites with private sector participation to handle garbage generated in the densely populated western province which houses the capital, Colombo, a minister said. Yapa said the Burns would operate the waste site with two other partners. Burns, which had a concession from the […]
Fed announces new $37.8bn cash infusion for AIG
WASHINGTON, October 8, 2008 (AFP) – The Federal Reserve said Wednesday it had authorized a new 37.8-billion-dollar cash infusion into insurance giant AIG, which is under fire over a lavish spa retreat paid for by the company after its rescue by the government. The newly nationalized company, saved from bankruptcy last month and propped up […]
” from financial crisis: IMF
WASHINGTON, October 8, 2008 (AFP) – The International Monetary Fund said Wednesday that the global economy was sinking in a maelstrom of financial turmoil and faced a painful crawl toward recovery in 2009. “The world economy is now entering a major downturn in the face of the most dangerous shock in mature financial markets since […]
Nervous French savers start gold rush
PARIS, October 9, 2008 (AFP) – The gold merchants of Paris may trade from shops in the shadow of the historic stock exchange building, but their business is booming even as the share market collapses.Nervous investors, who have seen house prices, equity markets and interest rates falling, are seeking shelter for their savings in what […]
ADB chief says Asia to fare better than rest of world in credit crisis
TOKYO, October 9, 2008 (AFP) – The global financial crisis will have “considerable” effects on Asia but the region will fare well by world standards, Asian Development Bank president Haruhiko Kuroda said Thursday.He also downplayed concerns about the economies of Australia and South Korea, saying that the two countries were in good health considering the […]
Wall Street lose 500 points to slips to five-year low
NEW YORK, October 7, 2008 (AFP) – Stocks plunged for a second day running on Wall Street on Tuesday, while those in Europe were mixed, on persistent anxiety over the health of the banking sector — and despite central bank initiatives to shore up confidence. Wall Street opened with solid gains, bolstering both spirits and […]