Economy

Iceland raises rates to 18.0-pct after currency collapse

REYKJAVIK, October 28, 2008 (AFP) - Iceland jacked up its key interest rate to 18 percent and announced a request for help from the European Central Bank and …

IMF gets new business as central banks lose reserves on intervention mistakes

WASHINGTON, October 26, 2008 (AFP) - Ukraine, facing political deadlock and an economic crisis, agreed a 16. online pharmacy buy abilify with best prices today …

Sri Lanka exchange rate pressured; fuel taxes can reduce fiscal ills: economist

Oct 26, 2008 (LBO) – Despite falling oil prices, Sri Lanka is now in the midst of a balance of payments problem brought about by central bank …

World leaders urge monetary reforms as gloom deepens

BEIJING, October 25, 2008 (AFP) - World leaders called for an urgent overhaul of international financial systems after another day of steep stock market falls …

Sri Lanka central bank calms forex markets as treasuries stock rockets to Rs59bn

Oct 24, 2008 (LBO) – Sri Lanka's central bank says it is ready to accommodate additional foreign currency outflows from foreign bond holders even as …

Fed chief backs US spending plan as markets clutch at latest straw

WASHINGTON, October 21, 2008 (AFP) - The head of the US Federal Reserve backed a stimulus plan for the flagging American economy, buoying stock markets despite …

Sri Lanka central bank says inflation will fall till November

Oct 20, 2008 (LBO) – Sri Lanka's central bank says consumer inflation, which fell to 24.3 percent in September, will continue to fall till November in …

Sri Lanka central bank reserve outflow continues; bill stock spikes to Rs40bn

Oct 19, 2008 (LBO) – The treasury bills portfolio of Sri Lanka's central bank topped 40 billion rupees (370 million US dollars) by mid-October, according …

Forum set up to promote security of US ventures in Asia

WASHINGTON, October 19, 2008 (AFP) - The United States is to launch a forum to promote security of largely American businesses in Asia amid concerns on issues …

Recession fears haunt commodity markets

LONDON, October 17, 2008 (AFP) - World commodity prices tumbled this week, with oil striking a 17-month low point under 66 dollars a barrel in London, as fears …

Asia should consider bank guarantees in current turmoil: IMF

WASHINGTON, October 17, 2008 (AFP) - Asian economies may have to consider guaranteeing bank deposits as a defensive option against global market turmoil …

Sri Lanka urged to promote local business in eastern revival

Oct 17, 2008 (LBO) - An international conflict watchdog has urged the Sri Lankan government to ensure greater fairness and preference to local businesses in …

Sri Lanka’s emerging middle class spend more on convenience

Oct 16, 2008 (LBO) - Changing Sri Lankan middle class consumer habits and inflation reducing spending power is forcing consumer goods marketers to change …

US slipping into recession: Federal Reserve

NEW YORK, October 15, 2008 (AFP) - The United States has slipped into recession, the head of the San Francisco branch of the Federal Reserve, the nation's …

Nobel winner Krugman on crisis: ‘I should have seen it coming’

WASHINGTON, October 14, 2008 (AFP) - Paul Krugman, winner of the 2008 Nobel Prize for economics, said Monday in an interview with National Public Radio (NPR) …

US financial system headed to intensive care: Volcker

SINGAPORE, October 14, 2008 (AFP) - The US financial system is already in the emergency ward and will move into intensive care, Paul Volcker, former chairman …

EU, IMF to help Hungary after forint slumps

BRUSSELS, October 13, 2008 (AFP) - The European Union and IMF stand read to help Hungary's government with financial support if needed after its currency, the …

Britain calls for new world monetary order

LONDON, October 13, 2008 (AFP) - World leaders must meet to agree a new Bretton Woods system, Prime Minister Gordon Brown said on Monday, referring to the …

Sri Lanka relies on hard drinkers to raise tax revenue

Oct 13, 2008 (LBO) - Sri Lanka's government hopes to raise an additional two billion rupees a year in tax revenue through a recent increase in excise tax, a …

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 …