Category: Other
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 […]
‘s no dictator
MALE, October 7, 2008 (AFP) – The president of the Maldives went into a multi-party election challenge to his 30 years in office Wednesday insisting he was no dictator and pledging to bow out gracefully should he lose. Veteran strongman Maumoon Abdul Gayoom, currently Asia’s longest-serving leader, faces five challengers in the polls that mark […]
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 […]
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 […]
India central bank cuts cash ratio amidst currency pressure
MUMBAI, October 6, 2008 (AFP) – India’s central bank injected liquidity into the financial system by cutting the amount of cash commercial banks must hold in reserve, citing “a sharp deterioration” in the world financial situation. After a day of market turmoil in which Indian stocks plunged nearly six percent, the bank lowered the cash […]
Fed to pay interest on statutory reserves, give printed money for nothing
WASHINGTON, October 6, 2008 (AFP) – The Federal Reserve and the US Treasury, armed with new emergency powers, announced measures Monday to tackle a rapidly escalating financial crisis as panicked investors fled stock markets. The central bank and Treasury said they were studying the possibility of making unsecured loans in an effort to keep credit […]
Oil stays below 90 dollars
SINGAPORE, October 7, 2008 (AFP) – Crude oil prices remained below 90 dollars a barrel in Asia on Tuesday as deepening global financial turmoil and plunging stock markets raised fears about slowing demand for energy, dealers said. New York’s main contract, light sweet crude for November delivery, rose 71 cents to 88.52 dollars after a […]
‘s central bank slashes interest rates
SYDNEY, October 7, 2008 (AFP) – Australia’s central bank slashed interest rates by one percent Tuesday amid fears of a global slowdown sparked by the US-based financial crisis.The Reserve Bank of Australia reduced its official cash rate to 6.0 percent, just a month after a 25 basis point cut marked the first downward movement in […]