Category: Economy and Markets
Sri Lanka shares rebound, trading thin
Oct 13, 2008 (LBO) – Sri Lankan shares rebounded Monday, lifted by blue chips, on a temporary recovery of confidence as global bailout plans saw overseas markets turning around, but trading remained thin, brokers said.Dialog Telekom rising 7.14 percent (50 cents) to 7.50 rupees while Sri Lanka Telecom went up 3.21 percent (1.25 rupees) to […]
Wall Street searches for bottom after worst weekly pounding
NEW YORK, October 11, 2008 (AFP) – Wall Street’s worst meltdown in recent memory ended the week with a whimper, leaving panicked investors wondering whether the vicious selloff will end soon or will keep ravaging the market. Ironically, some analysts say the meltdown on Wall Street and other global markets could mean a “bottom” has […]
World stock markets dive in crisis of confidence
LONDON, October 10, 2008 (AFP) – Global stocks went into a tailspin on Friday, with double-digit losses in Frankfurt, London and Tokyo, on widespread fears that the financial crisis was spiralling out of control, dealers said.World finance chiefs were preparing an emergency meeting in Washington as a wave of panic selling swept across markets. Interest […]
Sri Lanka shares plunge in widespread sell-off
Oct 10, 2008 (LBO) – Sri Lankan share prices fell sharply Friday as investors appeared unnerved by the global stock market rout, with the benchmark index slumping below the psychologically important 2,000 point mark, brokers said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The All Share […]
Sri Lanka central bank intervening for stability: Governor
Oct 10, 2008 (LBO) – Sri Lanka’s central bank is intervening in forex markets to maintain stability and the monetary authority has bought more dollars than it sold this year, Governor Nivard Cabraal said amidst concerns that the rupee is under pressure. “Our intervention is still on the positive side,” Cabraal said.“We have intervened to […]
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PARIS, October 8, 2008 (AFP) – European Central Bank Chief Jean-Claude Trichet urged financial markets to “collect” themselves Wednesday after Wall Street and European stock exchanges tumbled again despite coordinated central bank cut rates. “Collect yourselves,” Trichet said on France 3 television. “Excessive pessimism is ill advised.” “We all together call upon the market participants […]
Sri Lanka agriculture hampered by skewed subsidies, land policies: World Bank
Oct 09, 2008 (LBO) – The World Bank has said Sri Lanka’s agriculture sector is being held back by wrong policies that place a heavy reliance on subsidies and restrictive land ownership rules. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The bank’s new country assistance strategy […]
Zimbabwe inflation soars to 231 million percent
HARARE, October 9, 2008 (AFP) – Zimbabwe’s annual inflation rate soared to 231 million percent in July, a state newspaper said Thursday, confirming the daily hardships of a nation driven into poverty and trapped in a political impasse.Staggering increases in the price of bread and cereals were the main reason for the jump from the […]
Sri Lanka shares slump, JKH, Distilleries down sharply
Oct 09, 2008 (LBO) – Sharp falls in blue chips dragged down Sri Lanka’s share market Thursday with the main index at one point plunging below the 2,000 point mark as investor sentiment weakened amid global financial turmoil, brokers said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to […]
Major central banks cut rates to head off deflationary collapse
Oct 08, 2008 (LBO) – Major reserve currency central bank led by the Federal Reserve, European Central Bank, Bank of England joined by Swiss and Swedish authorities cut rates by 50 basis points in a bid to head off a deflationary collapse of the global economic system. With interest rates already low the Bank of […]
Sri Lanka shares extend losses
Oct 08, 2008 (LBO) – Sri Lankan share prices ended 3.0 percent lower Wendesday a day after stock fell 2.0 percent amidst unprecedented unraveling of the global financial system, in a day where Asian and Middle Eastern markets plunged. The All Share Price Index fell 64 points to 2,042.13 while the more liquid Milanka plunged […]
Sri Lanka core inflation continues embarrassing climb
Oct 07, 2008 (LBO) – Sri Lanka’s controversial ‘core’ inflation index, which is claimed to be more responsive to monetary action, continued its relentless upward climb even as headline inflation moderated amid tight policy. In an earlier era, in France, paper money ‘central bankers’ who pushed food commodity prices up, created high inflation and economic […]