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Ex-political prisoner beats veteran Maldives leader: official
MALE, October 29, 2008 (AFP) – Ex-political prisoner Mohamed “Anni” Nasheed beat Asia’s longest serving leader, Maumoon Abdul Gayoom, in the Maldives’ first democratic presidential election, official results showed Wednesday. The elections are the climax of an effort to bring political freedoms to the Indian Ocean archipelago in the wake of pro-democracy protests and international […]
Sri Lanka Tiger aircraft hit power station
Oct 29, 2008 (LBO) – Sri Lanka’s Tamil Tiger guerrilla aircraft struck a key power station in the capital Colombo in a night raid, and bombed a military camp in the northeastern Mannar area, in two attacks Tuesday, officials said. Anti-aircraft fire lit up the night sky soon after power was cut to the capital. […]
Indonesian ex-central bank governor gets five years for graft
JAKARTA, October 29, 2008 (AFP) – A former governor of Indonesia’s central bank was sentenced to five years in jail and a relative of President Susilo Bambang was named a suspect Wednesday in a snowballing corruption scandal. Burhanuddin Abdullah was convicted in the anti-corruption court of embezzling 10.3 million dollars in bank funds to bribe […]
Thai crocs feel bite as financial woes dull taste for luxury goods
SAMUT PRAKAN, October 29, 2008 (AFP) – At the Elite Thai Leather factory in Bangkok, craftsman contort tough Thai crocodile hides into any style of luxury handbag a fashion designer wants. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 Bright blue handbags made from the dyed rough […]
Melamine tainted egg scare spreads to Beijing
BEIJING, October 29, 2008 (AFP) – Supermarkets in Beijing stopped selling eggs from one of China’s major producers on Wednesday as fears about the toxic chemical melamine spread to the Chinese capital. The retailers acted after Hong Kong health authorities said they had detected melamine, which has killed four babies and sickened 53,000 in China, […]
Cheap crude may hit non-oil Arab states as inflows fall
DUBAI, October 28, 2008 (AFP) – Cheaper oil prices may damage the economies of non-oil producing Arab countries because of a fall in remittances and other cash inflows from the Gulf states, analysts said. Remittances sent home by migrant workers contributed three billion dollars or 20 percent of gross domestic product in Jordan last year, […]
Powerful rally lifts Dow 10-pct
NEW YORK, October 28, 2008 (AFP) – A frenzied buying spree sent US shares soaring Tuesday with the second-largest point gain in history for blue chips amid hopes for a rate cut and easing of a global credit crunch. The Dow Jones Industrial Average rocketed 889.35 points (10.88 percent) to finish at 9,065.12. The gain […]
Sri Lanka business chambers urge unity among politicians
Oct 29, 2008 (LBO) – Sri Lanka’s top business chambers have called for political unity to back government efforts to devolve power to minority Tamils and defeat Tiger rebels. The call came in a statement which also urged the government to do more to help civilians displaced by fighting between government forces and Tamil Tigers. […]
Air Raid
Oct 28, 2008 (LBO) – A fire broke out in a key power station in Sri Lanka’s capital Colombo soon after lights were doused on warnings of a Tamil Tiger guerrilla air raid, officials and the military said. A lubrication oil cooler connected to the gas turbine plant GT7 in Kelanitissa was burning, officials of […]
Sri Lanka shares in free fall
Oct 28, 2008 (LBO) – Sri Lankan shares plunged Tuesday with heavy losses in some blue chips as investors sold on fears of worsening company profitability and the uncertainty keeping away buyers, brokers said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The All Share Price Index […]
Micro Lending
Oct 28, 2008 (LBO) – Sri Lanka Orix Leasing has linked with Dutch development financier FMO to expand its micro finance with 10 million US dollar loan and equity injection, officials said.LOLC Micro Finance is getting a 2.0 million US dollar equity injection from FMO for a 20 percent stake.FMO will pump in a further […]
Sri Lanka tea prices hold after government purchases
Oct 28, 2008 (LBO) – Sri Lankan tea prices stabilized and more lots were sold at Tuesday’s Colombo auctions after the state-run Tea Board began buying in a market in a rare intervention, officials and brokers said.To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 Tea Board chairman […]