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By 2020, the financial system could support double the number of SMEs A new white paper, Funding the Future, released by Ernst & Young to coincide with the G20 Young Entrepreneur Summit 2012 (G20 YES) in Mexico recently, analyses why entrepreneurs are so critical for a global economic recovery but continue to face challenges in ...
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 ...
Reuters: Fitch Ratings cut its credit outlook for India to negative from stable, nearly two months after rival Standard & Poor’s made a similar call, citing risks that India’s growth outlook could deteriorate if policymaking and governance don’t improve. “A significant loosening of fiscal policy, which leads to an increase in the gross general government ...
Reuters: Brent crude steadied around $96 a barrel on Tuesday, staying close to 16-month lows hit in the prior session, as Spain’s rising borrowing cost showed Europe is nowhere near resolving its debt crisis that has hurt the outlook for fuel demand. Oil, along with other commodities, fell on Monday after an initial rally fueled ...
Central Bank has termed the first quarter economic growth as better than expected, according to a report filed by Reuters. “It is better than what we expected,” Reuters quoted Central Bank Assistant Governor K.D Ranasinghe as saying. “For the full year our forecast is 7.2 per cent,” he added. A Reuters poll of 10 analysts ...
Speaking at a forum organised by KPMG in Sri Lanka for chief financial officers and chief risk officers of banking institutions, KPMG India’s Partner and Head of the Financial Risk Management (FRM) practice, Rohit Bammi emphasised that local banks have the opportunity to further enhance their risk management functions. In his opening remarks, Rohit discussed ...
In the first five months of 2012, HSBC has broadened its global renminbi (RMB) network coverage to 59 markets with RMB Trade Settlement capabilities. The recent launch of RMB Trade Settlement services in Jordan further consolidates HSBC’s position as the leading international RMB bank and complements its existing RMB Trade Settlement capabilities in 19 Asia-Pacific ...
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 may have mitigated some of the pain of the crisis as they ...
The Oxford Dictionary definition of ‘inept’ is ‘acting or done with no skill’. An ineptitude results is such behaviour being manifested An ‘Inept’ocracy’ has been defined in the Urban Dictionary as ‘a system of government, where the least capable to lead are elected, by the least capable of producing, and where the members of society ...
Positive macro news and rumoured overhauling of SEC among other State entities trigger buying spree; some analysts insist rebound is due to attractive pricingThe Colombo Bourse on Friday shot up by over 100 points before losing some momentum, with the earlier development being linked by some analysts to positive macro news and a rumoured overhauling ...
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 downgraded Sri Lanka’s growth prospects but insisted that its economic ...
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
A seminar on assisting entrepreneurs on methods of ‘increasing business profitability and investment returns’ was held at the Lighthouse Hotel, Galle on 30th March 2012 hosting 30 participants and Swiss Residence, Kandy on 18 May with 50 attendees. The program reflected the urgent need to be better prepared for the challenging business environment and the ...
Reuters: Authorities in the world’s major economies are preparing for a possible market storm or public panic after cliffhanger Greek elections this weekend, officials said on Thursday, should radical leftists win and cast doubt on the nation’s future in the euro zone . Britain announced on Thursday it would flood its banking system with cash ...
RIO+20 is the next focus point for the world and as President Mahinda Rajapaksa takes Sri Lanka’s concerns to this international forum, it is perhaps time for a larger discussion on its importance to a developing country as well as the world at large. Twenty years ago, it was mostly people who were displaced by ...
The main Opposition UNP yesterday charged that people are suffering due to the inequitable economic policies of the Government. The UNP said that the Central Bank has stated in its latest monetary policy review that “The policy measures adopted by the Central Bank and the Government during the period February to April 2012 to curtail ...
By Shanuka Tissera CEMS Global – Conference and Exhibition Management Services Ltd opened its doors to specialists within the power and energy sector with their latest international exhibition on power generation and transmission, PV power, energy and renewable energy. Minister of Industry and Commerce Rishad Bathiudeen inaugurates CEMS-Global USA’s 8th Power Sri Lanka 2012 Internation...
Region’s tourism to be hit in euro collapse-Euromonitor Tourism receipts could drop as much as 17.3 percent Hotel value sales would be down 15 percent Spending on air travel could drop 20 percent FRANKFURT (Reuters): A collapse of the euro zone would have a crippling impact on Europe’s airlines and hotel groups, as consumers and ...
Lanka IOC has raised the price of diesel. It has for some time been asking that it be allowed to determine its own prices. But unfortunately it caters to too small a market share and cannot afford to get too far out of step without losing business. Now that world oil price is slipping, there ...
Peter Kropotkin is a Russian revolutionist who has commented in his book ‘The Conquest of Bread’ what he considers to be the weaknesses of the economic systems of capitalism and how poverty and scarcity thrives on. However, Kropotkin did not believe in the theory of state and is known as an anarchist. The issue of ...
As global leaders prepare to attend the G20 summit in Mexico (18-19 June), they have been urged to offer more support to Small and Medium Sized Enterprises (SMEs) in gaining access to finance, by ensuring that a more widespread approach is taken to policy development for the sector and that there are greater levels of ...
Despite the Central Bank’s positive Monetary and External Performance reports this week, the Ceylon Chamber of Commerce (CCC) has called for vigilance in moving forward. Releasing a statement yesterday, the CCC noted that the Government had introduced a package of courageous macroeconomic stabilisation measures in February 2012. “These were necessary to avert the balance of ...
The Central Bank has decided to keep its rates unchanged due to policy changes taken earlier in the year bearing results, it said in its Monetary Policy Review, adding that rupee depreciation would reduce impact from the drop in exports. The decision results in the repurchase rate and the reverse repurchase rate remaining unchanged ...
Dialog Axiata in collaboration with Hatton National Bank and Deutsche Bank announced the launch of the country’s first mobile service under the brand name ‘eZ Cash’ yesterday as a means of taking financial inclusion to every citizen in Sri Lanka. The latest in mobile telephony innovation from Sri Lanka’s mobile market leader, this ‘virtual wallet’ ...
Dr. Gamini Wickramasinghe, Chairman of Bank of Ceylon, was recently awarded with the Communication and Leadership Award by District 82 of Toastmasters International. The award was presented to him by the President of Toastmasters International, Distinguished Toastmaster Michael Notaro at the inauguration ceremony of the recently concluded Annual Conference of District 82 – Ovation 2012. ...
With highest-ever top and bottom line performance premier blue chip JKH says knowing exactly who were are, what we stand for and where we are headed makes all the differenceI am pleased to present the Integrated Annual Report, and the Statement of Accounts, for the Financial Year ended 31 March 2012. The Report encapsulates the ...
Reuters: Banks need a radical overhaul to boost profitability against the backdrop of tougher new rules and a grim economy – and they expect their customers to share some of the pain. That is the view of bankers, investors and regulators meeting in Copenhagen this week to assess how banks
With the end of the war, there was a desire throughout the country for a peace dividend. Over the 30 years of the conflict, pent-up demand had built up both for consumption and investment expenditure. The authorities were under intense political pressure to create an environment that was conducive to finance imports of consumption goods, ...
This letter is in response to the ‘Letter to the Editor’ by Luxman Siriwardena, which was published in the Daily FT on 8 June titled ‘Dr. PBJ: Protectionism or protecting the unprotected?’I refer to the response by Mr. Luxman Siriwardene of the Pathfinder Foundation to my article against the protectionism suggested by the Secretary to ...
Sustainability and corporate responsibility The SAFA-CMA International Management Accounting Summit has chosen an appropriate theme ‘Sustainability and Corporate Responsibility’ and will be attended by all professional accounting bodies in India, Pakistan, Bangladesh, Sri Lanka, Nepal, Maldives and Bhutan. Professional Accountants in Business (PAIB) of International Federation of Accou...