Category: Other
Congress ready for mother of all bailouts
WASHINGTON, September 20, 2008 (AFP) – US congressional leaders, stunned by the depth of the economic meltdown, considered Saturday quick legislative action on a White House-proposed huge financial sector bailout, but demanded help for US workers as well as reeling Wall Street firms. A senior official in the administration of President George W.Bush said the […]
Scores killed in Pakistan hotel bombing
ISLAMABAD, September 20, 2008 (AFP) – At least 27 people were killed in a massive car bombing at the Marriott Hotel in the Pakistan capital Islamabad on Saturday and many people are trapped inside the burning building, police said. Flames were seen shooting out of the hotel, a key meeting place for foreigners and one […]
British regulator bans short-selling in financial stocks
LONDON, September 18, 2008 (AFP) – Britain declared a halt to short-selling — when investors borrow company stock to sell it — on Thursday, and warned it could extend the ban to other financial sectors in order to steady the markets. “While we still regard short-selling as a legitimate investment technique in normal market conditions, […]
Reports of new US rescue arm lift hopes amid financial crisis
WASHINGTON, September 18, 2008 (AFP) – Reports that the US government is preparing the creation of a new entity to rescue troubled financial firms lifted Wall Street Thursday and raised hopes for an end to the credit crisis. US President George W. Bush huddled with the head of the Federal Reserve, Ben Bernanke, and his […]
World stocks rocket as state step up rescue with a tax and inflation-payer bailout
LONDON, September 19, 2008 (AFP) – Global equity markets soared on Friday, lifted by mammoth share price gains for banks, as governments worldwide stepped up their fight against the worst financial crisis in decades, traders said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The US government […]
Sri Lanka rubber seen staying strong despite fall in oil prices
Sept 18, 2008 (LBO) – Sri Lankan natural rubber prices have come off their highs after oil prices plunged but are likely to remain strong with demand from emerging economies like India and China, an equities research report said. Prices of plantations stocks rose in recent months on the back of a global commodities boom […]
Dollar flounders in Asian trade in market storm
TOKYO, September 18, 2008 (AFP) – The dollar fell further in Asian trade Thursday as the US bailout of insurer AIG failed to quell market fears that more victims could emerge from the credit crisis, dealers said. The dollar traded narrowly, changing hands at 104.77 yen in Tokyo morning trade from 104.91 in New York […]
Young Lehman banker rues opportunities lost in London
LONDON, September 18, 2008 (AFP) – When Edouard d’Archimbaud, 24, arrived at Lehman Brothers offices in London on Monday he was hoping his move to the British capital would hail the start of a lucrative career in finance. Sadly, it was not to be. The young Parisian, who had struggled to arrive in time for […]
Central banks in new printing offensive to fill liquidity holes; gold rockets to US$868
NEW YORK, September 18, 2008 (AFP) – The US Federal Reserve on Thursday threw 180 billion dollars into a global fight against the financial crisis as Wall Street legend Morgan Stanley became the latest name under attack and Britain’s top mortgage lender was forced into a merger.China’s sovereign wealth fund, China Investment Corporation, already owns […]
Central bank money printing binge give life to commodity bubble
LONDON, September 18, 2008 (AFP) – Oil prices extended gains on Thursday as the dollar fell following a coordinated plan by major central banks around the world to boost liquidity amid a credit crunch. “The coordinated move by central banks has seen the dollar sold off and has sparked some interest in the dollar denominated […]
Dollar rallies after Fed decision to hold rates steady at 2.0-pct
NEW YORK, September 16, 2008 (AFP) – The dollar rallied against the other main currencies Tuesday after the Federal Reserve surprised the market by holding interest rates steady and defied expectations of a rate cut. The Fed decision to hold its base lending rate at 2.0 percent in the face of panic on the world […]
Barclays announces 1.75 bln dlr deal to buy Lehman parts
LONDON, September 17, 2008 (AFP) – Barclays said Wednesday it had reached a deal to acquire the North American investment banking and capital markets businesses of beleaguered US investment giant Lehman Brothers for 1.75 billion dollars. The bank said it would acquire trading assets with an estimated value of 72 billion dollars (40 billion pounds, […]