Category: Other
Germany to unveil 470 bln euro bank rescue package: sources
BERLIN, October 13, 2008 (AFP) – Germany was to unveil Monday a 470-billion-euro rescue package to save the country’s banks from collapse, government sources said, after European leaders hammered out a common approach at a high-stakes weekend summit. Government sources in Europe’s biggest economy said that the package would include around 70 billion euros (95 […]
” of banks: Treasury
WASHINGTON, October 13, 2008 (AFP) – The United States is ready to buy equity in a “broad array” of financial institutions, the Treasury’s pointman on a 700 billion dollar bank bailout, Neel Kashkari, said Monday. “We are designing a standardized program to purchase equity in a broad array of financial institutions,” Kashkari said in a […]
IMF ready to lend to countries during financial crisis; endorses G7 plan
WASHINGTON, October 11, 2008 (AFP) – The International Monetary Fund said Saturday it was ready to lend to countries in need of capital, as the 15 eurozone economies and Britain redied a Paris summit to seek a joint response to the global financial crisis. “Using its emergency procedures, the Fund stands ready to quickly make […]
Golden Age for TV beckons
CANNES, October 12, 2008 (AFP) – A golden age for television beckons as established TV companies go head on with the Internet and other new digital media platforms to woo audiences worldwide.And with a fast growing variety of new forms of audiovisual entertainment being rolled out for audiences of all ages, viewers are firmly in […]
European finance crisis summit opens in Paris
PARIS, October 12, 2008 (AFP) – European leaders opened a summit in Paris on Sunday to try to agree on decisive measures to confront the global financial crisis. President Nicolas Sarkozy predicted that “an ambitious, coordinated” plan would emerge from the meeting held nearly a month after the collapse of US investment giant Lehman Brothers […]
US plans to inject capital into banks: Paulson
WASHINGTON, October 11, 2008 (AFP) – Treasury Secretary Henry Paulson said Friday that the US government planned to invest directly in US banks to prevent them from failing, expanding the focus of the government’s 700-billion-dollar rescue plan. “We’re going to do it as soon as we can do it and do it effectively,” Paulson said […]
IMF, World Bank meet amid financial mayhem
WASHINGTON, October 11, 2008 (AFP) – The International Monetary Fund and the World Bank opened their annual meetings Saturday in the midst of global financial chaos that has governments racing to find the means to tame it. The meetings follow Wall Street’s worst week on record and a pledge by the Group of Seven major […]
Supreme Order
Oct 11, 2008 (LBO) – Sri Lanka’s Supreme Court has called for new laws to cut political interference in investment projects and the handing out of concessions, following the reversal of an illegal sale of state lands in which a former president was involved. The investment value which was first listed as 250,000 US dollars […]
Gross Betrayal
Oct 11, 2008 9LBO) – Sri Lanka’s former president Chandrika Kumaratunga had grossly violated public trust in a deal where state lands and a tax holiday were given to a firm in which an associate was covertly holding shares, the island’s Supreme Court has said. The judgement delivered by Supreme Court justice Shirani Tillakawardene said […]
Legal Signal
Oct 11, 2008 (LBO) – Sri Lanka top grouping of legal professionals had unanimously condemned an attack on anti-corruption activist and lawyer J C Weliamuna, sending a powerful message against the culture of impunity in the country, lawyers said. Weliamuna had appeared in human rights cases relating to police brutality. He also appeared in a […]
Asian stocks dive as panic erupts over financial crisis
TOKYO, October 10, 2008 (AFP) – Asian stock markets went into a tailspin Friday, with Tokyo down more than 10 percent as fresh panic erupted over fears that authorities are unable to contain the global financial crisis.Bucking the trend was Moscow, where the leading stock markets closed around 10 percent higher, rebounding from the previous […]
Crisis talks due in Washington; markets in tailspin
TOKYO, October 10, 2008 (AFP) – The world’s major economies were to hold crisis talks later Friday in an attempt to end a massive sell-off on the global stock markets, as Asian shares were hit by another day of panic selling. The talks in Washington were expected to see finance ministers and central bankers from […]