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Descent into the financial vortex: a chronology of the crisis
PARIS, November 12, 2008 (AFP) – Key stages in the worldwide financial crisis, which is to be discussed at a summit in Washington on Saturday: – February 2007: First signs of strain in the US market for “subprime” property loans, granted to people who in many cases have no real prospect of paying them back. […]
Sri Lanka shares weaken, trading dries up
Nov 11, 2008 (LBO) – Sri Lankan shares ended marginally lower Tuesday after swinging both ways with trading drying up as wary investors remained on the sidelines, brokers said. The slow withdrawal of funds by foreign investors, pulling out because of the downturn in their own economies, could continue. “There are shares with earnings potential […]
Sri Lanka says milk powder levy must to be absorbed by importers
Nov 11, 2008 (LBO) – The Sri Lankan government said it would not allow milk powder importers to raise retail prices despite an increase in import levy in the budget for 2009 presented last week, because world prices are falling. World market prices of milk are coming down while production in key producer countries is […]
New Maldives president to be sworn in
MALE, November 11, 2008 (AFP) – A former political prisoner who unseated Asia’s longest-serving leader as president of the Maldives will be sworn into office Tuesday, taking charge of a nation he fears could soon disappear. Mohamed “Anni” Nasheed, 41, the winner of the the Indian Ocean atoll nation’s first multi-party presidential elections, has come […]
Sri Lankan troops take rebel town: military
November 11, 2008 (AFP) – Government forces in Sri Lanka have wrestled control of a small town from Tamil Tiger rebels in an ongoing military offensive, the defence ministry said on Tuesday.Troops fighting to secure a strategic road along the coast to the northern peninsula of Jaffna have faced stiff resistance from the Liberation Tigers […]
Zero Sum
Nov 11, 2008 (LBO) – Sri Lanka’s state-run Ceylon Petroleum Corporation is looking at ways to cap losses from hedges that went against it by entering into opposite positions, Chairman Ashantha de Mel said. “I can take a producers hedge where it is upside down compared to the normal one going up and I can […]
Sri Lanka govt gives dates for new taxes
Nov 11, 2008 (LBO) – The Sri Lankan government has announced the dates on which new taxes imposed in the government budget for 2009 will become effective.The budget proposed to double the annual maximum ESC liability to 120 million rupees and also made big changes in income tax, widening the personal income tax slabs and […]
Pakistan, Sri Lanka and Vietnam most at risk of a credit downgrade: report
Nov 10, 2008 (LBO) – Pakistan, Sri Lanka and Vietnam are most at risk of a credit downgrade in Asia by the rating agency Standard and Poor’s (S&P), amid global economic turmoil, a media report said. The island has been hit by withdrawing foreign hot money brought into bridge fiscal deficits. Okorotchenko was quote as […]
Sri Lanka shares slump, Sunshine Holdings trading props up turnover
Nov 10, 2008 (LBO) – Sri Lankan shares ended lower Monday, despite opening firmly in the morning, as investors stayed away from trading owing to uncertainty about the economy and company profits, brokers said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The All Share Price Index […]
Maldives saves for new homeland amid flooding fears: report
LONDON, November 10, 2008 (AFP) – The Maldives’ newly-elected president said in an interview Monday that his government will begin saving to buy a new homeland in case global warming causes the country to disappear into the sea.Beloved by tourists for their white sandy beaches, palm trees and clear waters, the 1,192 coral islands that […]
Emirates first half profits nosedive
Nov 10, 2008 (LBO) – Dubai’s Emirates airline said on Monday its net profit for the first half of the financial year dropped a dramatic 88 percent to 77 million dollars because of high oil prices, AFP news agency reported. Emirates said its profit for the six months to September 30 plunged to 284 million […]
‘ ethical stand leaves buyers cold
Nov 10, 2008 (LBO) – Sri Lanka’s apparel exporters complain buyers practice double standards in purchasing and are not ready to pay more despite the manufacturers’ costly commitment to comply with high labour and environmental standards. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 “We’re disappointed there […]