Category: Other
Gulf chiefs okay plans for monetary council, union
JEDDAH, September 17, 2008 (AFP) – Finance chiefs of oil-rich Gulf states on Wednesday approved proposals to set up a monetary council and a charter for a monetary union, the Arab bloc’s secretary general said. Finance and economy ministers of the six-member Gulf Cooperation Council approved the monetary union charter and the council’s bylaws during […]
UK mortgage lender HBOS latest victim of financial crunch
LONDON, September 17, 2008 (AFP) – The global financial firestorm claimed a fresh victim Wednesday as top British mortgage lender HBOS said it was in takeover talks after a huge US bailout of insurer AIG helped underpin volatile share prices. “In the light of market speculation, the Board of HBOS plc confirms that it is […]
‘s Ranbaxy generic drugs
WASHINGTON, September 16, 2008 (AFP) – The US Food and Drug Administration Tuesday said it would block the import of more than 30 generic drugs made by Indian pharmaceutical company Ranbaxy, saying the company had failed to meet manufacturing standards. Due to extensive violations of US requirements, the FDA issued the import alert for drugs […]
AIG gets lifeline as shares go into free fall
NEW YORK, September 15, 2008 (AFP) – Struggling US insurance giant American International Group was thrown a life-line Monday by New York authorities, who said the company could borrow some 20 billion dollars from its subsidiaries. New York Governor David Paterson said he had called on regulators “to provide the authorization, such that AIG can […]
Commodity bubble deflation eases US inflation index
WASHINGTON, September 16, 2008 (AFP) – US consumer prices dropped 0.1 percent in August as falling energy costs eased inflation pressures, government data showed Tuesday. The softer inflation came as welcome news for an economy battered by a credit crunch and real estate woes, analysts said. Some said it could make it easier for the […]
British inflation spikes to 4.7 percent in August
LONDON, September 16, 2008 (AFP) – British 12-month inflation hit a fresh 16-year high of 4.7 percent in August on the back of soaring domestic energy bills, official data showed. Britain’s economy experienced zero percent gross domestic product (GDP) growth in the second quarter, which was the country’s weakest performance for 16 years. Despite the […]
Bank of Japan prints 1.5 trillion yen to grease markets
TOKYO, September 16, 2008 (AFP) – The Bank of Japan on Tuesday injected 1.5 trillion yen (14.4 billion dollars) into money markets in a bid to contain market turmoil after the collapse of US investment bank Lehman Brothers. The central bank said on its website that it injected the sum onto the open markets at […]
Death watch for Lehman Brothers as no buyer emerges
WASHINGTON, September 15, 2008 (AFP) – A last-ditch effort to find a buyer for troubled Wall Street investment bank Lehman Brothers appeared near collapse Sunday in a turbulent weekend for the finance sector.As emergency weekend talks on Lehman’s woes were being held in New York, a London source at British bank Barclays, who requested anonymity, […]
Ike damaged about 10 oil platforms: US officials
WASHINGTON, September 14, 2008 (AFP) – Hurricane Ike appears to have damaged about 10 oil platforms in the Gulf of Mexico, US officials said Sunday, raising concerns that the storm could hurt oil production and lead to a spike in prices at US gas stations. Eileen Angelico, a spokeswoman with the US Mineral Management Service […]
Indian shares fall 5.19 percent on opening
MUMBAI, September 15, 2008 (AFP) – Indian shares tumbled 5.19 percent within minutes of opening on Monday over fears for the global financial system as the fate of Wall Street giant Lehman Brothers hung in the balance, dealers said. The BSE benchmark 30 share Sensex index slumped 727.95 points to 13,272.86 in early morning trade. […]
‘s Colombo University to teach farmers online
Sept 15, 2008 (LBO) – Sri Lanka’s University of Colombo is starting an online agro technology degree program for rural farmers, with a pilot project already showing spectacular results, a senior academic said. The university will first start a certificate level course leading to a diploma and eventually a Bachelor of Science (B.Sc) degree. Each […]
‘s Brown facing growing revolt
LONDON, September 14, 2008 (AFP) – The calls for British Prime Minister Gordon Brown to face a leadership contest grew Sunday as former ministers attacked his performance and more party members backed a showdown. The mutiny against Brown gathered pace less than 48 hours after a member of his government for the first time broke […]