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Despite the Central Bank’s positive Monetary and External Performance reports this week, the Ceylon Chamber of Commerce (CCC) has called for vigilance in moving forward. Releasing a statement yesterday, the CCC noted that the Government had introduced a package of courageous macroeconomic stabilisation measures in February 2012. “These were necessary to avert the balance of ...
Europeans are avoiding vacations to Greece this summer fearing instability sparked by the debt crisis, industry sources say, inflicting a hard blow to the country’s already devastated economy. “From the aftermath of the elections on May 6, we have experienced a 50 percent drop
With highest-ever top and bottom line performance premier blue chip JKH says knowing exactly who were are, what we stand for and where we are headed makes all the differenceI am pleased to present the Integrated Annual Report, and the Statement of Accounts, for the Financial Year ended 31 March 2012. The Report encapsulates the ...
We are in the month of June where stirrings of environmental conscience or rumblings of environmental activities are heard and reported. Corporate big guns line up many photo events. Some may be eagerly waiting to get down to business in Rio where the Rio+20 Summit is scheduled to start on 20 June. Hopefully the carbon ...
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
With the end of the war, there was a desire throughout the country for a peace dividend. Over the 30 years of the conflict, pent-up demand had built up both for consumption and investment expenditure. The authorities were under intense political pressure to create an environment that was conducive to finance imports of consumption goods, ...
BEIJING (Reuters): China’s annual economic growth could fall below 7 percent in the second quarter if weak activity persists in June, an influential government adviser was quoted on Wednesday as saying. The forecast by Zheng Xinli, a former deputy director of the Chinese communist party’s policy research office, is among the most bearish by any ...
NEW YORK (Reuters): Hiring prospects have improved slightly in the United States and other major economies but companies are only adding workers when they have to, according to a survey by Manpower Group, the global employment services giant. Manpower in a quarterly survey describes a vicious circle in which stronger consumer spending is being reined ...
This letter is in response to the ‘Letter to the Editor’ by Luxman Siriwardena, which was published in the Daily FT on 8 June titled ‘Dr. PBJ: Protectionism or protecting the unprotected?’I refer to the response by Mr. Luxman Siriwardene of the Pathfinder Foundation to my article against the protectionism suggested by the Secretary to ...
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
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
A total of 350 key business professionals in Karachi were hosted by the Chartered Institute of Management Accountants (CIMA) Regional Division for an evening meeting on the theme ‘Harnessing the True Potential of Pakistan,’ which was a first-of-its-kind in the Pakistani financial capital Karachi. The event attracted the key political movers and shakers of Karachi ...
A laudable goal that needs much more workSocial justice to be the Government’s development philosophy The development philosophy of the present Government, as pronounced in the Annual Report of the Ministry of Finance and Planning for 2011 released two weeks ago, is a blend of social justice with economic progress (p 14). This is a ...
Q1 GDP shrinks 6.5 pct year-on-year Contraction deeper than -6.2 pct flash estimate Q2 seen weak Reuters: Greece’s economy shrank further in the first three months of 2012, shrivelling at a yearly rate of 6.5 percent against a backdrop of painful wage cuts, tax hikes and record unemployment
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
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 ...
Bold measures The Government of Sri Lanka introduced a number of bold macroeconomic stabilisation measures in February/March 2012. These were necessary as the country was on a trajectory to a very destructive balance of payments crisis. It is still too early to determine whether enough has been done to stabilise the balance of payments, particularly ...
The instrumental use of the 1978 Constitution When the UNP came to power in 1977, it had a massive mandate to do whatever it desired and it took advantage of the situation by promulgating a new constitution with an all-powerful executive president. There have been many discussions since then, but successive governments took refuge under ...
I refer to your ‘Letter to the Editor’ on 31 May 2012. It is surprising that an economist of Dr. P B Jayasundera’s calibre and experience would need to be told that protectionism is not the right tool for increasing local production and exports. However, when I saw the name of the author of the ...
TOKYO (Reuters): Asian shares hit one-week highs on Thursday, and commodity prices and the euro firmed, on signs that Europe was dealing urgently with Spain’s banking crisis and that the United States could embark on fresh monetary stimulus. Dovish comments from a senior U.S. Federal Reserve official and strong Australian jobs data cemented the bullish ...
Historically, capital markets have played an important role in the development of market economies and therefore the development of efficient regulation of securities too has become increasingly important. While fostering the development of the economy, the capital markets also play
SINGAPORE (Reuters): Global natural rubber output is seen at 10.475 million tons in 2012, nearly two per cent above an April estimate of 10.297 million tons, on higher first-quarter Thai production, the Association of Natural Rubber Producing Countries said on Wednesday. While total consumption by members of the ANRPC was likely to rise this year, ...
Reuters: Asian shares rose on Wednesday as concerns that Europe’s financial strains could intensify following a warning from Spain that it was being shut out of credit markets fuelled hopes that policy makers will unveil fresh monetary stimulus measures. Data showing Australian economy grew
Sri Lankaandrsquo;s economy along with that of many other Asian, African and Middle-Eastern markets would be drastically affected in the event contagion of the EU crisis is not duly contained, Standard Charted Research has warned.
The Colombo stock market fell 2.8 per cent yesterday wiping out Rs. 20 billion in value to hit a 23-month low as domestic and foreign investors sold on both worry global gloom and a weak rupee and the outlook for interest rates. The main index ASI fell 136.58 points to 4,748.60, its lowest since July ...
Reuters: Asian shares, the euro and commodities rebounded on Tuesday, with stocks holding a touch above 2012 lows, as investors looked to European policymakers and the wider G7 to take decisive action to address the worsening euro zone crisis. European shares were likely to extend their gains modestly, having firmed the day before on expectations ...
The global economy is a platform for increasing competition among businesses across industries and economies, where the Sri Lankan market economy is no exception to this norm. While the west is struggling to curb the Eurozone crisis, the Middle East strives to maintain stability in the crude
The Hindu: The major economic problem of India is that agriculture and allied activities account for only 15 per cent of GDP while 70 per cent of the country’s population lives in rural areas. With a growth of agriculture at a rate significantly lower than that of GDP, the trend is an inexorable reduction of ...
an economy mired in a deep five-year ...