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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 […]
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, […]
Sri Lanka gets US aid to develop eastern region
Sept 19, 2008 (LBO) – The United States has launched a programme to help develop Sri Lanka’s eastern region from where government forces have driven out Tamil Tigers and which for long has lagged behind other regions. “At the national level, CORE will focus on promoting business-friendly policies that will enable enterprises in the target […]
Sri Lanka opens investment office in Shanghai
Sept 19, 2008 (LBO) – Sri Lanka has opened an investment centre in Shanghai and appointed an official of the Shin Kwan Group, a big investor in the island, as the honorary representative of the investment promotion agency.The Sri Lanka Centre in the Chinese port city is aimed at boosting bilateral economic relations between the […]
Sri Lanka Tokyo Cement goes green to revive profitability
Sept 19, 2008 (LBO) – Sri Lanka’s Tokyo Cement group, whose profits dipped last year owing to higher raw material, energy and transport costs, says new eco-friendly manufacturing processes and products should help it revive profitability. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 Chairman Edgar Gunatunga […]
Sri Lanka rates spike as markets tumble
Sept 18, 2008 (LBO) – Sri Lanka’s overnight money rates spiked to 18.75 percent and banks borrowed at a penal 19 percent from the central bank in a day that saw turmoil in global markets and stocks plunged 2.5 percent. A popular bond among foreign investors maturing in April 2012, traded close to 17.95/18.05 levels, […]
Sri Lanka shares tumble as foreign funds sell
Sept 18, 2008 (LBO) – Sri Lankan shares fell sharply Thursday as foreign funds sold to raise cash following global market turmoil, with losses in heavyweights Dialog Telekom and John Keells Holdings dragging down the indices, brokers said. Brokers said there was no risk of a similar sell-off in the other market heavyweight, Sri Lanka […]
Pirates Ahoy
NAIROBI, September 18, 2008 (AFP) – Pirates seized another ship off the Somali coast in the Indian Ocean, a maritime official said Thursday. Andrew Mwangura of the Kenyan chapter of the Seafarers Assistance Programme said the “Great Creation” was hijacked on Wednesday but added further details on its origin, crew and destination were not immediately […]
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 […]
Growth Spurt
Sept 18, 2008 (LBO) – Sri Lanka’s Mobitel, a unit of fixed access operator Sri Lanka Telecom says its customers would increase by 300,000 to 2.4 million by year-end with a package aimed at state-workers selling rapidly.Mobitel chief executive Suren Amarasekera says the firm is issuing over 10,000 connections a day following the launch of […]
Sri Lanka military advance on Tiger capital, 50 dead
September 18, 2008 (AFP) – Sri Lanka’s military said Thursday it was moving closer to the northern headquarters of the Tamil Tigers, with fierce clashes leaving at least 50 dead.The rebels have been fighting for a separate homeland for minority Tamils in the island’s north and east since 1972. To receive instant alerts from LBO […]
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 […]