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Reuters: Banks are getting round new rules intended to make a still vulnerable industry safer while countries are distracted by the continuing financial crisis, the International Monetary Fund said on Tuesday. The IMF’s latest Global Financial Stability Report said banks will adjust
A number of articles which appeared in print media in the recent past signify the volatility in the economy. High volatility leads to vulnerability. Volatility and vulnerability are reflections of the haphazard nature of the economic policies and poor economic governance in a country. What is volatility? Volatility is the severity and the frequency with ...
Reuters: Asian shares edged lower on Tuesday after Germany’s business confidence fell in September for a fifth consecutive month and Caterpillar Inc (CAT.N), the world’s largest earth moving equipment maker, cut its earnings forecast, underscoring worries about slowing global growth. Uncertainty about the bailout prospects for Greece and Spain, as the euro zone’s three-year-long ...
LONDON (Reuters): Britain’s budget deficit widened to the biggest on record for any August, data showed on Friday, a day after the central bank chief said missing its debt goal was acceptable for the government. Public sector net borrowing excluding financial sector interventions rose to 14.410 billion pounds from 14.365 billion in August 2011 as ...
By Saman Gunadasa World Socialist Web Site: A scandal over the manipulation of shares on the Colombo Stock Exchange has erupted in recent weeks, after former Sri Lankan Securities Exchange Commission (SEC) Chairman Thilak Karunaratne accused Government ministers of acting in league with speculators. Karunaratne was pressured by President Mahinda Rajapaksa to quit his position, ...
Reuters: Asian shares crept up on Monday with expectations rising that weak U.S. jobs data would prompt the Federal Reserve to announce fresh stimulus and Europe will make further progress in its debt crisis management this week, overshadowing soft Chinese data. Trade data released on Monday showed China’s exports in August grew slightly less than ...
24th August 2012 Dr. P. B. Jayasundera, Secretary to the Treasury, Ministry of Finance & Planning The Secretariat, Colombo 1. Dear Dr. Jayasundera, Establishment of a Financial Services Authority and a Banking and Finance Commission I suggest for your consideration that you duly evaluate the long-term national economic benefits of enhancing effective fiscal management capability ...
CAIRO (Reuters): Egypt has formally requested a $4.8 billion loan from the International Monetary Fund, a spokesman for its president said on Wednesday during a visit to Cairo by IMF chief Christine Lagarde to discuss support for the country’s ailing economy. Egypt’s finance minister
By Cassandra Mascarenhas The technical sessions of the Association of Professional Bankers’ 24th anniversary convention were held yesterday, bringing the APB’s flagship event to a close. Aptly themed ‘Sustainability in volatility: The bankers’ challenge,’ each technical session explored an area that could throw obstacles in the path of bankers and the line-up of speak...
By Chamitha Kuruppu The Janatha Vimukthi Peramuna (JVP) on Wednesday stated that the time has come for the public to “stand against the irresponsible decisions and unwise acts of the Finance Minister and the Central Bank Governor that leads this country into an economic downfall.” President Mahinda Rajapakse as the Minister of Finance and Central ...
The Central Bank is expected to keep interest rates steady for a fourth straight month on Tuesday as a spike in inflation to a 42-month high complicates its efforts to bolster cooling growth. All 11 analysts polled by Reuters expected repurchase and reverse repurchase rates to be left unchanged at 7.75% and 9.75% respectively. Both ...
LONDON (Reuters): Britain’s economy shrank far more than expected in the second quarter, battered by everything from an extra public holiday to government spending cuts and the neighbouring euro zone crisis. Finance minister George Osborne said figures released on Wednesday showed Britain had “deep-rooted economic problems,” adding that the slump in the second quarter was ...
Reuters: China’s economy is set for a soft landing even as global headwinds increase, the International Monetary Fund said in a report on Wednesday that urged further reform and currency appreciation to rebalance growth and reduce risks. The report said economic reforms
Reuters: Asian shares inched higher on Tuesday, helped by improving Chinese manufacturing data, but the euro remained under pressure as surging Spanish borrowing costs stoked fears that the euro zone’s fourth-largest economy will be forced to seek a bailout. The HSBC flash China manufacturing purchasing managers index rose to a five-month high in July, driven ...
By Shamil Samsul Mueen 1. Introduction The global financial crisis has raised imperative issues concerning the stability and reliability of existing financial systems. This has driven an extensive global re-examination on the competence of the existing financial architecture and the search for a more enduring solution. As a result an increasing interest in Islamic finance ...
Reuters: China, Europe and Britain loosened monetary policy in the space of less than an hour on Thursday, signalling a growing level of alarm about the world economy, although suggestions of coordinated action were played down. Of the three, the surprise move was from Beijing which lowered its lending rate by 31 basis points to ...
China demand for coal, iron ore expected to drive market Average capesize earnings to rise to $12,400 in H2 Panamax earnings seen increasing to $11,000 SINGAPORE (Reuters): The Baltic Exchange’s Dry Index, an indicator of global economic activity, will rebound by 35 percent in the second half of 2012 versus the last six months on ...
Reuters: Angela Merkel was portrayed across Europe as the big loser of a euro zone showdown in Brussels after the German chancellor was forced to accept the crisis-fighting measures championed by countries struggling with their debts. Newspapers in Spain, Italy and France on Saturday toasted the triumph of their leaders – Mario Monti, Mariano Rajoy ...
Reuters: Europe won support from world leaders on Tuesday for an ambitious but slow-moving overhaul of the euro zone, even as pressure built in financial markets for quicker solutions to its debt crisis that threatens the world economy. European countries showed at a Group of 20 summit they were considering concrete steps to integrate their ...
Top economist and public servant R.A. Jayatissa has recently assumed duties as the Chairman of Sri Lanka Insurance Corporation. Previously the SLIC Chairmanship was held by President’s Chief of Staff Gamini Senerath. Jayatissa, an economist, was the Deputy Secretary to the Treasury and Senior Economic Policy Advisor to the Ministry of Finance and Planning. He ...
Offers $ 43 b in overall deal which will see Fund’s base doubling to $ 456 b Reuters: China on Monday offered $43 billion to the IMF’s crisis-fighting reserves, rounding off a global push to nearly double the Fund’s war chest to $456 billion to help protect countries from fallout from the euro zone debt ...
Reuters: Under pressure from financial markets and anxious world leaders, Europe agreed on Monday to move towards a more integrated banking system to stem a debt crisis that threatens the survival of the euro. At a Group of 20 summit of the world’s leading industrialized and developing economies in this Mexican resort, Germany and its ...
Reuters: Sri Lanka may need to consider easing monetary policy if trade data for May and June point to significant weakness in global demand for the island’s goods, the Treasury Secretary told Reuters on Thursday. A further export slowdown would put additional pressure on the economy as domestic demand has already shown signs of cooling ...
Reuters: Sri Lankan stocks jumped 1.6 per cent on Thursday to a more than three-week high on institutional buying of blue-chips stocks like John Keells Holdings PLC in an oversold market after the central bank kept policy rates steady. The Central Bank held the key policy rates unchanged on Wednesday. The main index rose 1.61 ...
Peter Kropotkin is a Russian revolutionist who has commented in his book ‘The Conquest of Bread’ what he considers to be the weaknesses of the economic systems of capitalism and how poverty and scarcity thrives on. However, Kropotkin did not believe in the theory of state and is known as an anarchist. The issue of ...
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. The data, released on Friday, will add ...
Reuters: Sri Lanka’s central bank expects the steps it has taken to reverse a currency decline to drive the rupee past 125 to the US dollar, but it is not targeting a particular level, Central Bank Governor Ajith Nivard Cabraal said on Tuesday. The rupee is hovering around 129-130 despite a warning from the authorities ...
Reuters: The World Bank cut its economic growth forecast for China this year to 8.2 per cent on Wednesday and urged the country to rely on easier fiscal policy that boosts consumption rather than state investment to lift activity. In a biannual East Asia and Pacific economic update, the World Bank said a slowing China ...
TOKYO (Reuters): Global shares, precious metals and oil fell and the euro remained pressured on Wednesday as Greece struggled to form a government after an election that saw incumbent parties punished, heightening the risk that a hard-won bailout deal could be scrapped. MSCI’s broadest index of Asia-Pacific shares outside Japan shed 1.4 per cent to ...
The IMF’s recently released Asia and Pacific Regional Economic Outlook (REO) shows the region continuing to lead global growth and expected to gain momentum over the course of 2012. This forecast, however, remains subject to downside risks related to the global economy, including the possibilities of a sharp fall in exports to advanced economies and ...