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Although the Asian region is better prepared for economic turmoil than it was a decade ago, high levels of financial, trade and investment integration with the Western economies ensure that no country is immune to the effects of the Eurozone debt crisis. While most of the European Union (EU) economies struggle to design new austerity measures to ...
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
SINGAPORE: Business sentiment among Asia’s top companies fell for the second straight quarter, dragged down by export-orientated economies such as China and Japan, while domestic spending helped boost Southeast Asia’s outlook, a Thomson Reuters/INSEAD survey showed. Concerns over global demand are hurting Asia’s export engines, with autos, technology and shipping sectors am...
Commendable achievements Over the years Sri Lanka has gained a considerable reputation for its achievements in social development. It punches above its weight on the UNDP’s Human Development Index. It has also performed very well in meeting the internationally agreed Millennium Development Goals (MDGs), which focus on indicators related to poverty, health, education and gender ...
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, ...
The first Prime Minister of independent India, Pandit Jawaharlal Nehru, wrote 75 years ago: “It would be absurd to say that the profit motive does not appeal to the average Indian, but it is nevertheless true that there is no such admiration for it in India as there is in the west. The possessor of ...
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 ...
Reuters: China’s factories contracted in August the most in nine months according to a survey showing falling export orders and rising inventories, signs that more policy action is probably needed to stop a slowdown in economic growth now in a seventh quarter. The HSBC Flash China manufacturing purchasing managers index (PMI) fell to 47.8 in ...
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...
The NDB Group has delivered yet another strong performance for the first half year of 2012 recording a commendable profit after tax of Rs. 1,362 million to its shareholders, which is an increase of 36 per cent compared to the previous year. Chairman of the Bank Hemaka Amarasuriya stated: “The impressive results are attributable to ...
Sri Lanka’s over US$ ($) 500 million leasing industry plans to raise between $ 150-250 million from international capital markets to circumvent high borrowing costs locally, an official told this newspaper. Kamal Yatawara, Chairman Finance Houses Association of Sri Lanka (FHA) and director/CEO The Finance Company plc said that an international donor agency whose name ...
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 ...
financial crisis was one of the strongest among middle-income countries (MICs), but its growth ...
Following is the part one of the Daily FT article featuring the Acuity Stockbrokers Research on Economy and Strategy titled “Lion Leads Frontier” launched last week. Better than the rest General frontier market risks remain pertinent to Sri Lanka Investors in frontier markets are well aware of the risk-return tradeoff intrinsic to these markets. Low ...
REUTERS: Little more than a dozen years after the region’s crippling financial crisis, Southeast Asia is looking more a safe haven than a risky bet, with foreign investors souring on China and India and pouring money into markets proving resilient to the global gloom. Short-term investors
Reuters: Persistent fears about the euro zone’s future and an increasingly subdued global economy will restrain further advances for the world’s major stock markets, according to Reuters polls of analysts, who slashed their forecasts. Equity strategists were badly wrong-footed by last year’s disastrous showing for global stocks. Analysts overestimated gains in all but one of ...
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: JPMorgan Chase & Co’s (JPM.N) losses from disastrous derivatives trades will likely amount to $4 billion to $6 billion in the second quarter, far more than the original estimate of at least $2 billion, according to a person familiar with the matter. The bank has gotten out of more than half of the position, ...
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 ...
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
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 ...
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 ....