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Many trapped in Pakistan hotel after bombing
ISLAMABAD, September 20, 2008 (AFP) – Many people are trapped inside the hotel in the Pakistan capital Islamabad after a massive bombing at the site Saturday killed at least 27 people, police said.At least 20 bodies could be seen at the Marriott Hotel in Islamabad following the large bomb blast, an AFP photographer said. The […]
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 […]
Gold rockets and oil soars as reserve currency central banks print liquidity
LONDON, September 19, 2008 (AFP) – Oil and gold prices bounced higher this week as investors sought a safe haven while other commodities fell on fears that the financial crisis could sap global economic growth and dent demand. However, profit-taking was in evidence Friday as world stock markets soared, driven by hefty gains in the […]
Sri Lanka needs low inflation, good institutions and governance to grow: economists
Sept 20, 2008 (LBO) – Sri Lanka needs good institutions, governance and economic tranquility that come with low inflation to grow, senior economists said, at a time when the island is suffering from the highest inflation in its history. The head of the Sri Lanka Economic Association (SLEA) A D V de S Indraratna said […]
Sri Lanka Bank of Ceylon selling US$30mn 5-year bond
Sept 19, 2008 (LBO) – Sri Lanka’s state-run Bank of Ceylon is selling a 30 million US dollar 5-year bond which will pay a floating interest rate every six months, dealers and officials said. This week top central banks have been printing billions of dollars, Euro and Yen to fill disappearing liquidity with AIG Insurance […]
Sri Lanka shares rebound
Sept 19, 2008 (LBO) – Sri Lankan shares Friday recovered some of their losses the previous day, although volumes were moderate and local investors were still wary of buying, brokers said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The All Share Price Index went up 1.28 […]
Sri Lanka hopes wildlife glories will attract new tourists
SIGIRIYA, September 19, 2008 (AFP) – With wetlands and jungles teeming with colourful butterflies and exotic primates, Sri Lanka is planning to lure a new type of tourist who prefers wildlife to beach life.The critically endangered purple-faced leaf monkey can occasionally be spotted in Colombo’s suburbs, while the brown saucer-eyed loris lives in the island’s […]
Magic Cup
Sept 19, 2008 (LBO) – The Sri Lanka unit of Leo Burnett Worldwide, an advertising agency, said it had won a medal at a regional award for marketing effectiveness, held in Macao.The Asian Marketing Effectiveness Awards, now in its sixth year, has given 10 golds, 18 silvers and 20 bronzes this year for 628 entries […]
Tigers on defensive as Sri Lanka military closes in
September 19, 2008 (AFP) – Tamil Tigers were once regarded one of the world’s most ruthlessly efficient rebels, but they risk losing their mini-state as Sri Lankan forces make a determined push after decades of bloodshed. After months of bitter fighting, security forces have reached the outskirts of the Tiger political capital — Kilinochchi — […]
Sri Lanka Insurance gets AA- rating from RAM
Sept 19, 2008 (LBO) – Sri Lanka Insurance Corporation Ltd (SLIC) has been rated ‘AA-‘ by RAM Ratings, with a ‘stable’ outlook, saying the firm is well capitalized, has kept full required reserves but disclosures could improve. “The rating is supported by the company’s strong competitive position and unparalleled capitalisation as well as the size […]
‘s south lose power on exploding transformer
Sept 18, 2008 (LBO) – Southern parts of Sri Lanka lost power last night after a transformer at a hydro power complex in the island’s central hills exploded and caught fire, an official at the country’s power utility said.A voltage transformer at a switchyard in the Laxapana hydro-power complex had exploded at 9.16 pm in […]
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 […]