Category: Other
India plans to complete global 3G spectrum auction in January
NEW DELHI, October 21, 2008 (AFP) – India said Tuesday its planned global auction for airwaves to offer high-speed third generation mobile phone services will likely be completed by mid-January.The auction of 3G phone spectrum could spur greater growth in the world’s fastest-expanding mobile market, which has been adding eight million new subscribers monthly, and […]
Sri Lankan firms drawn to carbon trade
Oct 21, 2008 (LBO) – A host of Sri Lankan companies, especially plantations firms, have submitted proposals for projects to earn carbon credits by reducing greenhouse gas emissions, Ministry of Environment officials said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 Most of the projects are for […]
Aussie non-banks face run after government guarantees banks deposits
SYDNEY, October 21, 2008 (AFP) – Australia’s largest mortgage fund, Challenger Howard, is set to freeze investor redemptions following a rush of withdrawals sparked by the government’s guarantee of bank deposits, a report said Tuesday. The Australian Financial Review reported that the 2.9-billion-dollar (two billion US) fund would act imminently to prevent a flight of […]
Pakistani officials to meet IMF over economic crisis
KARACHI, October 21, 2008 (AFP) – Pakistani officials are to meet International Monetary Fund representatives in Dubai on Tuesday as the violence-hit country looks for billions of dollars to stave off an economic meltdown. The government has insisted that seeking IMF help to avoid a balance of payments crisis is only a “back-up plan”, but […]
Anti-dumping probes surge 39 percent in first half of 2008: WTO
GENEVA, October 20, 2008 (AFP) – The number of anti-dumping probes launched by trading nations against alleged unfairly-priced imports surged 39 percent in the first half of the year, with China a key target, the WTO said Monday. Between January and June 2008, 16 World Trade Organization members initiated 85 new probes, compared to 61 […]
Chinese exporters gear up for worst crisis in their miracle rise
CIXI, October 21, 2008 (AFP) – Richard Fan is preparing for what may be the worst crisis of his six-year manufacturing career as the world markets that made his business in eastern China thrive are drying up at an alarming rate. Standing on the shop floor of Henwei Industrial, which produces everything from bottle openers […]
Sri Lankan tea prices tumble at Colombo auction
Oct 21, 2008 (LBO) – Sri Lankan tea auction prices tumbled Tuesday amidst a collapsing global commodity bubble, though brokers said volumes picked up and an approaching winter was likely to bring more buying interest.“We’re confident that, while the market won’t go back to pre-currency drop rates, demand will pick up and stocks will begin […]
”’ is forgiven
PARIS, October 20, 2008 (AFP) – IMF chief Dominique Strauss-Kahn’s had only a “one-night stand” with a member of the world finance body’s staff, his wife insisted Sunday as the French establishment rallied round the former socialist minister. “We have moved on,” said television journalist Anne Sinclair, insisting in her personal blog that she still […]
French bank chairman quits over 800 million dollar trading loss
PARIS, October 20, 2008 (AFP) – The chairman and director general of the French bank Caisse d’Epargne quit Sunday over an 800 million dollar derivative trading loss at the height of the global finance crisis. Chairman Charles Milhaud said in a statement after an emergency supervisory board meeting that he was taking full responsibility for […]
Societe Generale bank shares slump on recapitalisation rumours
PARIS, October 20, 2008 (AFP) – Shares in French bank Societe Generale slumped in morning trading here on Monday, showing a loss of 10.17 percent to 40.69 euros on rumours that the bank needs new capital. The shares showed a loss of about 12.0 percent at one point. The overall Paris market was showing a […]
India faces “temporary slowdown” from global turmoil: PM
NEW DELHI, October 20, 2008 (AFP) – India must brace itself for slower growth due to worldwide financial turmoil, Prime Minister Manmohan Singh warned Monday, as the central bank cut a key lending rate to shore up the economy.India was experiencing the “ripple effects” of the worst financial crisis in nearly 80 years and “must […]
‘s affair with employee
NEW YORK, October 18, 2008 (AFP) – The International Monetary Fund has opened an investigation of its director Dominique Strauss-Kahn and his intimate ties to a subordinate employee — an affair that echoes the scandal that ousted Paul Wolfowitz from the World Bank last year. The IMF, one of the main players in coordinating global […]