Category: Other
” 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 […]
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 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 […]
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 […]
US candidates eye Warren Buffett as possible Treasury chief
NASHVILLE, October 8, 2008 (AFP) – Democratic White House hopeful Barack Obama and his Republican rival John McCain Tuesday agreed that one of the world’s richest men, Warren Buffett, would make a good treasury secretary. The two were asked at the beginning of their second presidential debate who would be a good replacement for current […]
McCain hits hard but debate lacks game-changer
NASHVILLE, October 8, 2008 (AFP) – John McCain hammered away at unruffled front-runner Barack Obama in Tuesday’s second presidential debate but failed to land the cutting blow likely to revive his sliding poll numbers. Gallup’s daily tracking poll Tuesday reflected the high stakes for McCain, giving Obama a nine point lead nationally, while the Democratic […]
Arab stock markets join global rout
KUWAIT CITY, October 8, 2008 (AFP) – Gulf stock markets tumbled for the fourth day running on Wednesday amid growing fears that policymakers may be powerless to stop the worst financial shock since the Great Depression. The plunge slashed many more billions from the combined value of regional markets to add to enormous losses chalked […]
Icelandic central bank abandons krona peg to euro
REYKJAVIK, October 8, 2008 (AFP) – Iceland’s central bank said Wednesday it was abandoning efforts to shore up the krona, saying there was “insufficient support” for the exchange rate it had locked in at 131 kronur to the euro a day earlier. “For the past two days, the central bank of Iceland has carried out […]
Reversed
Oct 08, 2008 (LBO) – Sri Lanka’s Supreme Court has rapped a former president for abuse of power and reversed a controversial transfer of state land to a private developer in a landmark case, a court official said. Justice Shirani Tilekewardene delivering the judgement has observed that a president exercises power in trust for the […]
Bunker Saga
Oct 08, 2008 (LBO) – Sri Lanka’s former Treasury Secretary P B Jayasundera was ordered to assure Supreme Court that he would not remain in public service following an apology for having remained in public office after a judgment, lawyers said. On Wednesday Jayasundera was told to submit an affidavit assuring Supreme Court that he […]