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FRANKFURT (Reuters): Deutsche Bank’s new leaders said on Friday they intended Germany’s flagship lender to be among the world’s top global banks as the sector consolidates. Speaking to staff on his first day as Co-Chief Executive, Anshu Jain took a swipe at Swiss and French competitors by saying Deutsche would likely be the only “truly ...
Reuters: Indian export data released on Friday confirmed a sharp slowdown in foreign trade, adding to the woes of Asia’s third-largest economy and piling more pressure on the weak coalition government to take steps to boost economic growth. Indian exports inched up 3.23 percent to $24.5 billion in April from a year earlier after falling ...
WASHINGTON/LONDON (Reuters): The world’s economic outlook darkened on Friday as reports showed U.S. employment growth slowing sharply, Chinese factory output barely growing and European manufacturing falling deeper into malaise. In a shock that sent global equity markets into a dive, the U.S. economy added just 69,000 jobs in May, less than half what analysts expected ...
Reuters: Revenues for England’s Premier League soccer clubs hit a record high in 2010/11, but the players are taking an ever greater share of those riches, the annual Deloitte review of football finance said on Thursday. The ratio of Premier League wages to revenues has risen to 70 percent, raising questions about the ability of ...
Pole-vaulting from prison to World Economic Forum!BANGKOK (Reuters): Nobel laureate Aung San Suu Kyi urged foreign firms on Friday to invest cautiously in fast-changing Myanmar and give priority to creating jobs as much as making profits to help defuse the “time bomb” that is the country’s high unemployment rate. Speaking during her first trip outside ...
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 ...
LONDON (Reuters): Oil prices fell more than 3 percent on Friday, with Brent crude dropping below $100 a barrel to a near 16-month low as weak U.S. jobs data, poor Chinese manufacturing figures and the euro zone's debt crisis prompted a cross-market selloff. China’s official Purchasing
Reuters: Asian shares and the euro extended losses on Friday as China’s factory activity data delivered its weakest reading this year, highlighting concerns the worsening euro zone debt crisis will further undermine global economic growth. MSCI’s broadest index of Asia-Pacific shares
Reuters: Kingfisher Airlines’ fourth-quarter net loss more than trebled as huge cuts in the number of flights compounded the woes of a cash-strapped carrier facing high fuel prices and intense competition for low fares. The high-profile airline, which is owned by flamboyant liquor baron Vijay Mallya, lost 11.5 billion rupees in the quarter to end-March, ...
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’
Reuters: Gold steadied on Thursday but was on track to extend its losing streak to a fourth month, matching a similar run more than 12 years ago, as a deepening euro zone debt crisis buoyed the dollar and dented bullion’s safe-haven draw. Gold, which has fallen 6 per cent this month
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 ...
Key insights to state of the economy and market and future prospects from NDB Stockbrokers’ latest Sri Lanka Equities report Uncertainty in the macro environment The robust economic growth and steep rise in global crude oil prices increased Sri Lanka’s import bill by 51% in 2011. As a result the trade deficit widened, putting the ...
Reuters: Asian shares edged higher but the euro eased on Tuesday, as a relief rally from last week’s heavy selling proved short-lived, with a surge in Spanish borrowing costs adding to simmering worries about Europe’s debt restructuring challenges. The euro was down 0.1 percent at $1.2530, just above its 2-month low of $1.2495 hit on ...
The Royal Bank of Scotland Group’s Head of Rating Advisory Raymond Woo had recently called on Economic Development Minister Basil Rajapaksa. “Sri Lanka was able to control the impact of internal and external crisis successfully due to the efficiency of the political, economic
SINGAPORE (Reuters): China’s total in 2012, fuelled by demand from the automobile and other sectors, a senior rubber industry official said last week, despite a slowdown in the world’s second-largest economy. China accounts for 35 percent of global natural rubber consumption, and its appetite will have a major impact on the market, which has been ...
Reuters: Global rubber demand may fall slightly this year or stay flat from last year as a worsening debt crisis in Europe threatens commodities demand, an official of the International Rubber Study Group (IRSG) said last week. “I am pretty certain from the demand side, numbers will not be going up. They will either be ...
Ballooning trade gap Even with the multitude of measures taken to curb imports, Sri Lanka's cumulative trade deficit widened to nearly US$ 1.7 billion in the first two months of the year with earnings from exports increasing marginally by 3.3 per cent to US$ 1.8 billion whilst import expenditure shooting by 24.7 per cent to ...
By Deepal V Perera The volatile exchange rate environment since this year has dealt a fresh crisis for illegal money changers, though the positive outcome is that more transactions taking place officially. “The illegal money changers are now finding a crisis situation to match the daily
BRUSSELS (Reuters): Rising tensions with India and China over the European Union’s “arrogant” law on carbon emissions could rob the region of the markets that can rescue it from economic malaise, airline leaders said last week. They also said they had prepared contingency plans for a possible exit of Greece from the euro, as part ...
Reuters: Using FBI wiretaps, email, phone records and the testimony of a Goldman Sachs Group Inc director, US prosecutors drew a picture for jurors on Thursday of events that led to the insider-trading trial of onetime corporate star Rajat Gupta. The 63-year-old Gupta is accused of providing now-imprisoned hedge fund manager Raj Rajaratnam with boardroom ...
Addressing a youth employment forum, the head of the United Nations labour agency early this week warned of a “growing disconnect between people and policy, people and government.” “Many people are saying ‘you are not taking my situation into account’ – this is particularly true in the case of youth and young people, whose feeling ...
Egypt’s presidential hopefuls have had to zip their lips before voting starts, but there is no stopping the songs that pump up their virtues in styles ranging from hip-hop to folk. For the first time Egyptians get to pick their leader in voting on Wednesday and Thursday in a fiercely contested race enlivened by ...
Reuters: Asian shares fell to their lowest levels of the year on Friday as early bargain hunting gave way to worries about Europe’s raging debt crisis and weak global growth. European shares looked set to follow their Asian peers, with spreadbetters predicting major European markets
Reuters: Analysts at Goldman Sachs and Bank of America-Merrill Lynch cut their growth forecasts for India, following up on a Morgan Stanley downgrade earlier this week that had sparked much concern in domestic markets. The downgrades come in a tough month for Indian markets, after global risk aversion surged, exposing the country’s fiscal and economic ...
ww.wsws.org: On May 20, the Socialist Equality Party and International Student for Social Equality (ISSE) held a successful congress of plantation workers at Hatton, in Sri Lanka’s central hill region. A number of workers, including several dozen from the Nuwara Eliya and Badulla tea plantation districts, as well as youth and students from Jaffna, Kandy ...
A meeting was held between Minister of Justice and Sri Lanka Muslim Congress Leader Rauff Hakeem and the Ambassador of France in Sri Lanka Christine Robichon on Thursday in Colombo. The purpose of the meeting was to discuss present political, social and economic matters. Hakeem stated that the Government has made proposals to appoint a ...
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: Hewlett Packard Co plans to lay off roughly 27,000 employees or about 8 per cent of its workforce over the next couple of years to jumpstart growth and save up to $3.5 billion annually, sending its shares 11 per cent higher. The company said the layoffs would be made mainly through early retirement and ...
By an Analyst There is no doubt and there is near unanimity that overregulation by the previous Securities and Exchange Commission arising from inexperience, lack of knowledge and lack of correct strategies was the prime cause for the market collapse witnessed today. The SEC without any foresight and professionalism has introduced ad hoc legislation detrimental ...