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SINGAPORE (Reuters): Asian shares fell on Monday and the safe-haven dollar rose as concerns about faltering global growth and Europe’s intractable debt crisis continued to sap investor confidence, but commodities steadied after a pummeling last week. The euro also fell, despite moves late last week to ease funding strains on the euro zone banking system, ...
The Financial Times and IFC, a member of the World Bank Group, have named Standard Chartered the 2012 Sustainable Global Bank of the Year as part of the 7th annual FT/IFC Sustainable Finance Awards. The awards highlight leaders in environmentally and socially responsible banking and investment around the world. The Sustainable Global Bank of the ...
Reuters: Loose global monetary conditions are stoking credit and asset price booms in some emerging markets that could lead to a new financial crisis, the Bank for International Settlements warned on Sunday. Such a boom-and-bust cycle might have severe global repercussions, not least due
LONDON (Reuters): Banks are in danger of a “vicious cycle” from the need to pledge more of their best quality assets as protection to central banks and other creditors, which could hinder the banking system’s ability to absorb shocks. The trend, known as “asset encumbrance”, has taken hold over several years and stems from a ...
Reuters: Weakening business activity worldwide is hitting U.S. companies where it hurts, with more of them signaling disappointing results than at any time over the past decade. Many bellwether companies, including two Dow components, have come out in recent days with profit warnings, and the slowing in Europe has been cited as a major factor ...
WEALTH inequality has grown, despite an environment of world economic challenges placing more emphasis on local millionaires to solve global problems. In latest reports, faster-growing Asia for the first time had more millionaires than North America, putting the issue of vast income gaps in the region in the spotlight. A new report has said that ...
President of the UNCSD, Secretary General of the UN, excellencies, ladies and gentlemen, it is indeed a great pleasure for me to be here in Rio de Janeiro and to share my thoughts at this momentous event. The presence of so many Heads of State and Governments, Senior Ministers, Officials and thousands of members of ...
Reuters: Weakening economies that roiled markets last year also took their toll on the world’s rich, though faster-growing Asia for the first time had more millionaires than North America, according to a study released on Tuesday. A new report said the global personal wealth of people with $1 million and more to invest fell in ...
The Central Bank of Sri Lanka notes with grave concern, a statement by Standard and Poor’s, issued yesterday, on the Sri Lankan Banking System and wishes to state that the statement is factually incorrect, illogically analysed, and is highly contradictory. 1. Soundness of the Banking System Quite contrary to the rationale for the statement, Sri ...
International Data Corporation (IDC) last week released its latest results from the Worldwide Software Market Forecaster. The research monitors over 1000 software vendors (global and local) across a total of 49 countries globally. Information provided include annual market size, vendor share, and forecast data for the seventy-eight functional markets that comprise the software market. “2011 ...
Speaking at a forum organised by KPMG in Sri Lanka for chief financial officers and chief risk officers of banking institutions, KPMG India’s Partner and Head of the Financial Risk Management (FRM) practice, Rohit Bammi emphasised that local banks have the opportunity to further enhance their risk management functions. In his opening remarks, Rohit discussed ...
The global financial crisis of 2008/09 has not sent migrant workers streaming back home, despite worsening employment prospects and anti-immigration rhetoric in some destination countries, says a new book on migration and remittances, published by the World Bank last week. In fact, migrants
By Sajjid Z Chinoy and Jahangir Aziz jpmorgan.com: With India’s current account deficit (CAD) reaching unsustainable proportions and the real exchange rate experiencing a sharp depreciation over the last year, one of the critical policy debates in the country currently is whether India can take advantage of the currency weakness and export its way out ...
Reuters: Banks need a radical overhaul to boost profitability against the backdrop of tougher new rules and a grim economy – and they expect their customers to share some of the pain. That is the view of bankers, investors and regulators meeting in Copenhagen this week to assess how banks need to adapt to meet ...
By Cassandra Mascarenhas In a knowledge economy, learning becomes a vital ingredient for power and furthering the need for continuous learning, the Chartered Institute of Chartered Accountants’ annual flagship event, the CIMA Business Leaders Summit 2012 conducted the technical sessions, the second half of its two-day agenda. “Our theme is about power. Power existed even ...
Risk management in financial services has gained core attention in the aftermath of the global financial crisis. The entire economic landscape of the international financial market changed during this period Central Bank Deputy Governor, Ananda Silva said.
BEIJING (Reuters): Fresh fears over the global economy could unravel the benefit of cheaper oil prices and keep a lid on financial forecasts for the airline industry when its chiefs gather in China for their annual summit. An eight percent drop in oil prices this year has delivered a quick fix to an industry severely ...
Reuters: President Barack Obama stressed on Friday the U.S. economy was “not doing fine,” seeking to clarify his earlier comments about the health of the private sector that Republicans pounced on to try to paint him as out of touch. Speaking to reporters in the Oval Office, Obama said that while corporate profits were strong ...
Reuters: Commodities from oil to copper and Asian shares tumbled on Friday, while risk aversion lifted the dollar, after Federal Reserve Chairman Ben Bernanke disappointed investors looking for a clear signal of further U.S. monetary stimulus. The reaction to Bernanke’s congressional testimony, which left uncertainty over the Fed’s policy decision at its June 19-20 meeting, ...
Reuters: Global cheers over China’s decision to cut interest rates faded quickly on Friday as investors and economists worried that the move signalled the impending release of some grim economic data. China’s surprise rate cut unveiled late on Thursday boosted hopes that cheaper credit would help combat its faltering economic growth and it encouraged global ...
The International Air Transport Association (IATA) yesterday announced that the 68th IATA Annual General Meeting (AGM) and World Air Transport Summit will open in Beijing, China on Monday 11 June 2012. The event will bring together some 650 leaders of the global aviation industry for two days of intense discussions on the industry’s most important ...
Reuters: Lloyd Blankfein, the chief executive of Goldman Sachs Group Inc, told jurors at the insider-trading trial of one of the investment bank’s former directors that “all parts” of a 2008 board meeting the two attended were confidential. “If something is discussed in a board meeting, it is confidential,” Blankfein said, when asked about a ...
Reuters: To convict former Goldman Sachs Group Inc (Board Member Rajat Gupta of insider trading, prosecutors must convince the jury he benefited from his relationship with Raj Rajaratnam, the now-imprisoned hedge fund manager he is accused of tipping. On Thursday, the prosecution put on the witness stand a former marketing manager at Rajaratnam’s Galleon Group ...
BRUSSELS, May 31 (Reuters) – The European Central Bank stepped up pressure on Thursday for a joint fund to guarantee bank deposits in the euro zone, saying Europe needed new tools to fight bank runs as the bloc’s debt crisis drives investors to flee risk. The European Commission’s top economic official, Olli Rehn, warned the ...
LONDON (Reuters): Brent crude oil fell on Wednesday, as fears intensified about the future of Spain’s banks, while China signalled it was not planning a large stimulus package, dimming demand prospects. Oil recovered some losses after the European Commission called for sweeping reforms to restore investor confidence. However, the move failed to turn around the ...
Reuters: European Union leaders, advised by senior officials to prepare contingency plans in case Greece decides to quit the single currency, urged the country to stay the course on austerity and complete the reforms demanded under its bailout programme. After nearly six hours of talks held during an informal dinner, leaders said they were committed ...
Reuters: China’s factories took a hit in May as export orders fell sharply, a private sector survey showed on Thursday, suggesting surprise weakness in April’s hard economic data persists even as policymakers seek to shore up growth. The HSBC Flash Purchasing Managers Index, the earliest indicator of China’s industrial activity, retreated to 48.7 in May ...
With a view to strengthening regional financial and economic cooperation, Governor of Reserve Bank of India Dr. D. Subbarao on 16 May announced in the 24th SAARC FINANCE Governors’ Meeting in Pokhara, Nepal, that the Reserve Bank of India will offer Swap Arrangement of US $ 2 billion both in foreign currency and Indian rupee. ...
Reuters: China’s premier called for additional efforts to support growth on Sunday, signalling Beijing’s willingness to take action after a recent series of economic indicators suggested that the world’s second-biggest economy will slow further in the second quarter. “We should continue to implement a proactive fiscal policy and a prudent monetary policy while giving more ....
Reuters: Thai Hua Rubber Pcl, Thailand’s third-largest rubber producer, plans to invest in Myanmar, aiming to produce rubber and export it following political and economic reforms there, the company’s chief executive said. “We have already met Myanmar’s agriculture minister and he said our investment is welcomed,” Chief Executive Luckchai Kittipol told Reuters. The co...