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Emerging mkts to make up 30 pct of revenues by 2016 Africa seen as an increasingly important market LAGOS (Reuters): Accountancy firm PricewaterhouseCoopers (PwC) expects a third of its global revenues to come from developing markets by 2016, up from 19 percent now, as its clients look for attractive returns away from crisis-hit mature economies. ...
Reuters: Rich individuals and their families have as much as $32 trillion of hidden financial assets in offshore tax havens, representing up to $280 billion in lost income tax revenues, according to research published on Sunday. The study estimating the extent of global private financial wealth held in offshore accounts – excluding non-financial assets such ...
Needs to pay $ 4.9 b to China for total loan of $ 2.96 b China, ADB leading lenders, Western loans low Govt. has borrowed $ 5 b through five euro bonds Reuters: Sri Lanka will have to repay more than $ 15 billion to foreign lenders such as China and the Asian Development Bank ...
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 ...
The Central Bank yesterday kept policy rates unchanged for the third consecutive month, largely on the confidence that recent measures taken have had desired stabilising effect so far. In its statement following Tuesday’s July Monetary Policy Review, the Central Bank said inflation, as measured by the year-on-year change in the Colombo Consumers’ Price Index, increased ...
Reuters: Sri Lanka’s current monetary policy rates are appropriate despite a spike in inflation last month due to supply constraints, the Central Bank said on Tuesday, a day ahead of its July monetary policy review announcement. The Central Bank has kept both repurchase and reverse repurchase rate at two-year highs of 7.75 percent and 9.75 ...
Reuters: Greece’s new finance minister on Saturday pledged to carry out reforms and privatisations demanded under its latest financial rescue in an attempt to regain credibility with international partners stumping up money to keep the country afloat. In his first policy speech since taking office, respected economist Yannis Stournaras reiterated the government’s plan to ask ...
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 ...
Reuters: Sri Lanka has met all June-end targets set by the International Monetary Fund (IMF) for the last tranche of a $ 2.6 billion loan, Central Bank Governor Ajith Nivard Cabraal said on Friday. “We have met all the targets. Net domestic financing, net internal reserves and reserve money
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: The Sri Lankan rupee edged higher on Friday a day after it hit a record low, as exporters and a state bank sold dollars to buy the local currency in thin trade, dealers said. The rupee closed at 133.50/70 to the dollar, a tad firmer from Thursday’s close of 133.80/90. It hit a fresh ...
Reuters: Sri Lanka’s inflation rate accelerated to a 41-month high in June driven by the rupee’s sharp depreciation, while food prices were hit by supply constraints due to drought and government policies to discourage selected imports. Annual inflation hit 9.3% in June from a year earlier, its highest since January 2009 and up from 7.0% ...
Reuters: Disgraced former IMF chief Dominique Strauss-Kahn and his wife have separated, as his legal battles run on over a New York sex assault case and his alleged involvement with a prostitution ring, weekly magazine Closer reported on Thursday. Anne Sinclair, a wealthy heiress who recently re-launched her media career as a news editor at ...
By Uditha Jayasinghe As the rupee weakened further, the United National Party (UNP) yesterday discharged a fresh salvo against the Government’s economic management, insisting that the rupee’s decline was being “militaristically controlled” and called for greater transparency. Referring to reports that banks stopped quoting spot prices after what dealers said w...
DOHA (Reuters): Qatar’s economic growth is expected to slow to 4.5 percent in 2013, the weakest rate in a decade, but the country plans to continue heavy investment in its non-hydrocarbon sector, the OPEC member’s planning authority said on Monday. Qatar’s oil and gas-reliant economy has been surging at a break-neck, double-digit pace for the ...
Despite an increasing trend in non-performing loans (NPLs) being recorded over the first quarter, the International Monetary Fund (IMF) has expressed confidence in the stability of Sri Lanka’s banking system.
Reuters: Sri Lanka is looking for an extended fund facility from the International Monetary Fund after the current $2.6 billion loan program ends, the Central Bank of Sri Lanka said on Thursday. An IMF mission last week said Sri Lanka had shown interest in further financial support. “
REUTERS: The International Monetary Fund has warned of significant risks to the world economy from the European debt crisis and excessive fiscal tightening in some rich nations, urging collective action to lower unemployment. In an umbrella report for the Group of 20 nations, the IMF said global
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 ...
Political parties supporting Greece’s international bailout begin forging a government on Monday after an election victory over radical leftists staved off the prospect of the debt-laden country leaving the euro and brought relief to global markets. Conservative New Democracy leader Antonis Samaras called for broad support after winning Sunday’s election over the Syriza party, wh...
The International Monetary Fund delegation headed by Dr. John Nelmes last week met Economic Development Minister Basil Rajapaksa and discussed matters of mutual interest concerning Sri Lanka
Reuters: The next wave of private investment in Africa is likely to come from Asian funds, lured by sustained high growth rates and increasing economic and political stability, according to the co-head of one of the continent’s top private equity groups. By contrast with the crisis in the euro zone and slower-than-expected economic recovery in ...
7.2% by Govt. adjusted to 6.75%; puts inflation at 9.5% but lauds policy changes Confirms continued engagement being discussed, says more funds possible Final tranche of $ 2.6 b goes before IMF Board in July By Uditha Jayasinghe The International Monetary Fund (IMF) yesterday
Reuters: Sri Lankan shares rose on Friday as investors snapped up blue-chip companies, helping the main index recover. The Colombo Stock Exchange’s main index closed 1.4 per cent or 68.19 points firmer to end at 4,991.21, its highest since 25 May. “The market has fallen too much and now it is trying to correct itself,” ...
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 ...