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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 ...
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 ...
The need for an integrated program on a war footingIn 2008, eight prizewinning economists were asked to list the type of projects which would do the most good for the most number of poor people, if they had an imaginary $ 75 million to spend. Half of their proposed projects involved nutrition. There has been ...
SINGAPORE (Reuters): Asia’s economic growth probably troughed in the first quarter but a bounce-back may be muted, a Reuters poll showed. Although the fear factor has faded over Europe’s debt crisis and a slowing U.S. economy, both will still be a drag on growth rates in the region. Respondents in a quarterly survey of over ...
This is a summary of HSBC’s Global Economics Quarterly for Q2 2012 The foundations are weak With the US stock market up around 30% from its lows last autumn, with eurozone periphery bond yields tumbling through much of the first quarter and with the green shoots of an economic spring emerging here and there, it ...
Professor Buddhadasa Hewavitharana felicitated The legendary Economics Guru of Peradeniya vintage for more than four decades, Emeritus Professor of Economics Buddhadasa Hewavitharana, was felicitated last week by the country’s top policy think-tank, Institute of Policy Studies or IPS
Veteran banker Eastman Narangoda today stepped down as Chairman of Seylan Bank after a record-making three year tenure at its helm. Making the announcement at the Bank’s AGM yesterday Narangoda cited “personal reasons” for his decision. Appointed as Chairman of Seylan Bank PLC on 30 December 2008, Eastman Narangoda was a key figure who instrumented ...
Reuters: Asian stocks rebounded on Tuesday and the dollar struggled after Federal Reserve Chairman Ben Bernanke said ultra-loose monetary policy was still needed to reduce unemployment even though the U.S. economy has shown signs of improvement. Wall Street stocks had risen more than 1 percent on Bernanke’s comments, which supported views that easy monetary policy ...
Despite a select few reporting highest-ever profits, the combined figure of 210 companies which have released their financials so far reveals a concerning trend. The cumulative earnings for the quarter ended on 31 December 2011 was Rs. 40.6 billion, up by only 0.56% year-on-year according to broking sources who have tracked corporate results. The 210 ...
Clouded prospects in developed markets cast a shadow over outlook for trade and economyBy Jonathan Story Two key forces that have driven Asia’s transformation for decades can be counted on to continue apace in the coming year: economic development and China’s rise. Nonetheless, individual Asian countries will struggle to balance domestic and international responsibilities in ...
By Dr. Laksiri Fernando Sri Lanka’s independence on 4 February 1948 was never a final act, but a major landmark in a process of evolution from colonialism to independence and underdevelopment to development. It is truly a process of internal emancipation. It is the 63rd anniversary of this landmark or the 64th Independence Day that ...
Says Central Bank ‘miserably politicised’; wants change at the top; warns of public, worker agitation UNP MP and its chief spokesman on the economy Dr. Harsha de Silva yesterday said the Government has to blame itself and take responsibility for the current economic crisis in the country. In a statement, Dr. de Silva said: “The ...
Reuters: If the World Bank is correct, 2012 will see the second slowest year of global economic growth in a decade, at a level consistent with a world recession that, like the 2008/2009 financial crisis, would not spare Asia. Its sister organisation, the International Monetary Fund, warns that economic expansion in China could be slashed ...
Fuel has become as important as food and water to the human life. It is due to fuel being connected to all human activities from cooking to transportation. That is why their hearts miss a beat and their economies get affected when there is a hike in the prices of petrol, diesel, kerosene oil ...
Following are some responses from three economists to the guest column by Chandra Jayaratne titled ‘Important issues’ for Sri Lankan legislators, the Executive, policymakers, Central Bankers, economists and thought leaders to ponder over published on 2 February 1) I disagree with the Stiglitz-Krugman line. My diagnosis is that Europe is in this mess for two ...
Reuters: A new guessing game is about to begin: will China’s incoming generation of leaders show more courage than the current incumbents in tackling deep economic imbalances that threaten to bring growth to a sudden stop? The question, easier to frame than to answer, is critical for the world economy. China has accounted for about ...
Increasing risks and probability of natural disasters Consider the volcanic eruptions in Iceland and Congo, the destructive earthquakes that hit Christchurch, eastern Turkey and the East Coast of Tohoku in Japan, as well as the recent flooding in Thailand and one thing becomes clear about natural disasters – their risks, probability and consequences are higher ...
No country immune from current crisis, says Lagarde Need to build firewalls to restore confidence Countries must tailor their budget responses to individual situation Rapidly restoring confidence in both Europe and globally is crucial to protecting the battered international financial system and rebuilding the ailing recovery, threatened particularly by strains within the euro zone, ...
Bloomberg:President Barack Obama is considering nominating Lawrence Summers, his former National Economic Council director, to lead the World Bank when Robert Zoellick’s term expires later this year, according to two people familiar with the matter. Summers has expressed interest in the job to White House officials and has backers inside the administration, including Treasury Secretary Timothy ...
Facing the short-term economic challengesThe macroeconomic imbalances Sri Lanka has achieved a growth rate of 8.3% last year and inflation fell to 4.9% year-on-year in December 2011. These are noteworthy achievements at a time when the global economic landscape has been hostile with a slowdown in the US and a crisis in Europe; key markets ...
Developing countries should prepare for further downside risks, as Euro Area debt problems and weakening growth in several big emerging economies are dimming global growth prospects, the World Bank said yesterday in the newly-released Global Economic Prospects (GEP) 2012. The bank has lowered its growth forecast for 2012 to 5.4 per cent for developing countries ...
Reuters: China’s economy grew at its weakest pace in 2-1/2 years in the latest quarter and it appeared headed for an even sharper slowdown in the coming months as export demand fades and the housing market falters. The fourth-quarter year-on-year growth of 8.9 percent, although slightly stronger than the 8.7 percent that economists polled by ...
‘A ruler with a depleted treasury eats into the very vitality of the citizens and the country. A ruler, who impoverishes his own people or angers them by unjust exactions will also lose their loyalty Impoverishment, greed and dissatisfaction are engendered among the subjects, when the ruler among other things (i) fails to give what ought ...
“Our sense is that if we do not act boldly and if we do not act together, the economy around the world runs the risk of a downward spiral of uncertainty, financial instability and potential collapse of global demand… we could run the risk of what some commentators are already calling the lost decade” – ...
If the Governor of Central Bank has an urge to enter politics, he should come to Parliament without playing politics inside the CB, charges United National Party Parliamentarian and well-known Economist Dr. Harsha de Silva. Dr. de Silva notes that Governor Nivard Cabraal should respect the sanctity of the Central Bank and therefore if Cabraal ...
BERNE (Reuters), Monday - Swiss National Bank Chairman Philipp Hildebrand resigned with immediate effect on Monday, saying he could not prove he had been unaware of a currency trade made by his wife and wanted to protect the integrity of the central bank. Hildebrand's decision to relinquish one of the world's top central banking jobs after just two years came as Swiss parliamentarians met to dis...
Reuters: U.S. manufacturing grew at its fastest pace in six months in December, capping a late-year upswing, but a European slump and rising oil prices posed threats to the U.S. economy in the new year. The Institute for Supply Management’s index of national factory activity hit its highest level since June, coming in above forecasts ...
Below is an interview with Ambassador Dayan Jayatilleke published in the French Diplomatic Review – La Lettre Diplomatique (The Diplomatic Letter) Two years after the end of a three decades conflict, the lifting of the emergency rule in late August 2011 confirmed the beginning of a new era for Sri Lanka. With the recent discovery of ...
Sampath Bank with effect from 1 January has got a new Chairman and several new youthful additions to its Board of Directors. The Bank announced on Friday that at a Board of Directors meeting held on 29 December Chairman I.W. Senanayake decided to step down with effect from 31 December. Whilst accepting this decision the ...
Reuters: New U.S. claims for jobless benefits rose last week but the underlying trend pointed to an improving labor market, while regional factory data showed the economy gaining momentum as the year ended. The growth picture was brightened by other data on Thursday showing pending sales of previously owned homes jumped to a 1-1/2 year ...