By Cheranka Mendis Asia, which is estimated to contribute 52 per cent to the world’s GDP by 2050, has turned back a 260-year spell of declining contribution to the global GDP within a 80-year period and is now poised for better growth. Central Bank Governor Ajith Nivard Cabraal addressing the Asian Bankers Association General Meeting ...

FRANKFURT (AFP): Prospects for the German economy, the eurozone’s biggest, are clouding over, with the debt crisis and financial market turmoil hurting business confidence, data showed on Monday. The closely-watched Ifo business climate index fell to its lowest level in more than a year this month, as companies become increasingly pessimistic about the outlook for ...

With the World Bank announcing that the world economy is teetering on “a new danger zone,” it is of paramount importance for governments and financial power-houses to restore confidence through concrete policies and systematic financial planning. This is the order of the day, given the recent pessimistic report on the world economy delivered by Morgan ...

THE Monetary Board, with the concurrence of the Finance Minister has promoted three Assistant Governors, the Central Bank announced yesterday. They are Dr. P. Nandalal Weerasinghe and B.D.W.A. Silva with effect from 27 September and C. Premeratne with effect from 1 January 2012 to the posts of Deputy Governor. Details of their careers are given ...

ALLANKULAM, 8 September 2011 (IRIN):  More policies and programmes must address the needs of female-headed households in Sri Lanka’s former conflict zone, experts say. “Most programmes don’t take into account the unique role of women here,” Saroja Sivachandran, director of the Center for Women and Development (CWD), an advocacy body based in northern Jaffna, told ...

Cyril Herath who served as the Inspector General of Police (IGP) from 1985 to 1988 passed away yesterday after a brief illness. Herath Joined the Police force in 1957 as a probationary ASP and was promoted as SP in 1969 and as DIG in 1975. He had a very distinguished career in the Police service ...

‘Remember your humanity’ is a phrase that was made famous by the Russel Einstein manifesto issued on 9 July 1955. This document is considered as the final major document that Albert Einstein signed before his death in 1955 and is quite a famous statement. The whole idea of issuing this statement has been to indicate ...

Reuters:U.S. employment growth ground to a halt in August, reviving recession fears and piling pressure on both President Barack Obama and the Federal Reserve to provide more stimulus to aid the frail economy. For the first time in nearly a year the economy failed to create new jobs on a net basis according to the ...

LONDON: Here’s a bold prediction to feed Western worries that power is shifting inexorably to the East: China’s yuan could overtake the US dollar as the world’s principal reserve currency as soon as next decade. Beijing has been promoting the use of the yuan beyond its borders since 2009 to settle trade transactions. The resulting ...

Sampath Bank Plc opened its latest branch in Dankotuwa recently. The new branch is located at No:63, Nattandiya Road Dankotuwa. It strengthens the presence of Sampath Bank in the locality. The ceremonial opening of the new branch was graced by Sunil G Wijesinha – Deputy Chairman Sampath Bank. The branch is geared to serve the ...

Top professionals Professor Malik Ranasinghe and Dhara Wijayatilake have been appointed to the Board of Directors of Sampath Bank. The Non Executive Independent directorships have expanded the Sampath Bank Board to 14 and with an alternative director it is 15. Several senior members of Sampath Bank Board will be relinquishing their posts later this year ...

JACKSON HOLE: Central bankers gathered at an annual retreat in Jackson Hole, Wyoming, this weekend had a message for political leaders: monetary policy alone can’t keep the global expansion going. Federal Reserve Chairman Ben S. Bernanke urged adoption of “good, proactive housing policies” to reverse the depressed US real estate market and warned lawmakers to ...

WASHINGTON (Reuters) – With the global economy sputtering and financial markets on the rocks, the world needs reassurance the U.S. central bank stands ready to save the day. Federal Reserve Chairman Ben Bernanke will make a speech on Friday at a lodge in Wyoming’s Jackson Hole, where policymakers and academics meet once a year to ...

Reuters: Emerging markets will not save the world if the West slides back into recession. In an interconnected global economy, decoupling is a beguiling myth. As fears mount that the developed world is shifting from slow growth to no growth, emerging markets seem to many economists better placed to weather the storm than they were ...

European debt crisis signals collapse of social welfare stateBy James Roberts and J.D. Foster, Ph.D. Europe’s socialist (or “social democratic”) welfare state is collapsing under the load of unsustainable debt. There is no chance European politicians will ever make good on the many costly and unfunded entitlements they have promised their citizens. The fundamental problem ...

A veteran Banker W.A.Nalani assumes duties today as the new General Manager of Bank of Ceylon. Having joined in April 1975, Nalani takes over as the 17th General Manager of the Bank of Ceylon and the 3rd lady General Manager of the Bank. W.A.Nalani Nalani having a distinguished career in banking and in the Bank ...