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Reuters: European banks may need more than 100 billion euros ($ 135 billion) to withstand the sovereign debt crisis, said Ireland ahead of a key meeting of Europena leaders. The falling value of banks’ holdings of government debt from Greece and other euro zone periphery states has already prompted the implosion of Belgian lender Dexia, ...
- Rs.125 billion written off as bad debts . (Category: Breaking News)
- Paycheck Protection Program to open to small banks on Friday (Category: USA, Nebraska)
- Paycheck Protection Program to open to small banks on Friday (Category: USA, Nebraska)
- Paycheck Protection Program to open to small banks on Friday (Category: USA, Nebraska)
BERLIN (Reuters): The leaders of Germany and France promised on Sunday to unveil a new comprehensive package for solving the euro zone’s debt crisis by the end of the month, but offered no details and papered over differences on how to shore up European banks. German Chancellor Angela Merkel and French President Nicolas Sarkozy said ...
- European banks need $ 135 b, says Ireland (Category: Business)
- S&P piles pressure on Franco-German budget plan (Category: Business)
- Sarkozy, Merkel agree to stop sniping on ECB crisis role (Category: Business)
- Crisis in Italy spurs fears of euro zone break-up (Category: Business)
Reuters: When Paul Friedman met the rag-tag youth camped out near Wall Street to protest inequality in the American economy, he felt he was witnessing the start of a protest movement not seen in America since the 1960s. And Friedman should know. The 64-year-old was a student organizer during the anti-Vietnam War movement, protesting from ...
- Wall Street protest plans global rally ahead of G20 (Category: Business)
- Clashes in Rome, NY on global day of protests (Category: Business)
- ‘Occupy Everything’ (Category: Business)
Revises from 8.5 pct yr/yr; still a record high growth $1 b inflow into stocks, debt expected before end-Dec Sri Lanka deals with Asia investors, not from Europe, US COLOMBO(Reuters): Sri Lanka’s Central Bank on Thursday lowered its full-year growth target to 8.3 percent from its earlier estimate of 8.5 percent due to contraction in ...
- Rupee sinks to record low (Category: Business)
- Sri Lanka affirms flexible FX policy, but will intervene if needed (Category: Business)
- November annual inflation eases to 4.7% (Category: Business)
- Borrowed surplus looming, warns Harsha (Category: Business)
MP charges that Government is focusing only on physical infrastructure and adopting a top-down development approach instead of a more inclusive and participatory humane political futureUnited National Party Parliamentarian Eran Wickramaratne asserts that the Government is depleting the resources of the municipality on an election extravaganza. In a candid interview with the Daily FT, the ...
- Hashim on UNP leadership crisis, pressing national issues (Category: Business)
- DPF to the fore (Category: Business)
- “UPFA will win the election” (Category: Business)
- Muza upbeat on Colombo (Category: Business)
Reuters: Anyone hoping that recent falls in commodity prices would provide a boost to powerhouse Asian economies and help lift the developed world out of recessionary danger will be disappointed. The region’s focus remains firmly on inflation. Commodities from crude to corn have slid in the last quarter, with many showing the most dramatic losses ...
- Developing Asia’s growth to moderate amid global uncertainty, says ADB (Category: Business)
- Global slowdown silences Asia’s inflation hawks (Category: Business)
- S&P says Asia will pull through hard times (Category: Business)
- Eurozone crisis dampening developing Asia’s growth prospects, warns ADB (Category: Business)
Leif Lybecker Eskesen, Chief Economist for HSBC India and ASEAN will visit Sri Lanka this week. During his visit, he will address the Bank’s corporate customers on ‘Asia’s Inflation – Growth Tango: who’s dominating the dance?’ at a special Power Breakfast, scheduled to be held on 7 October 2011, at the Cinnamon Grand Hotel. Leif ...
- HSBC Power Breakfast (Category: Business)
- India’s manufacturing growth slips in July, weakest since November (Category: Business)
- HSBC Advance brings innovative banking a step closer (Category: Business)
More inflows into service, capital, financial accounts, says CB Rupee was under pressure due to heavy imports in Aug., Sept. Currency dealers wary on rupee stability By Shihar Aneez Reuters: Pressure on Sri Lanka’s rupee currency will recede in coming months due to increasing inflows into the country’s service, capital and financial accounts, the Central ...
- Rupee on a yo-yo! (Category: Business)
- Rupee sinks to record low (Category: Business)
- Central Bank sees rupee firming helped by inflows (Category: Business)
- Net foreign selling tops Rs. 17 b; bourse remains negative (Category: Business)
HONG KONG (AFP): Asian markets were mixed in choppy trade Thursday ahead of a key vote by Germany’s parliament on whether to approve an expansion of the eurozone’s rescue fund. A new European Union-International Monetary Fund audit of Greece’s progress under its 110 billion euro
- Asian markets mostly higher on euro hopes (Category: Business)
- Asian markets firmer as focus turns to FOMC from Greece (Category: Business)
- German FM: Greece needs sustainable debt by 2020 (Category: Business)
- Asian shares rise as Europe announces debt plan (Category: Business)
LONDON (Reuters) – World stocks rose for a third straight session on Tuesday, with European shares up 2 percent, as investors took comfort from reports that officials were working to add to measures to calm the euro zone debt crisis. After losing more than 7 percent last week, the MSCI all-country world stock index was ...
- Market Jitters (Category: Business)
- Global stocks retreat after Swiss move; euro jumps (Category: Business)
- Euro zone fears rattle global markets (Category: Business)
- World stocks retreat as debt worries, economy outlook weigh (Category: Business)
BRUSSELS(AFP): Caught in the shadow of a potential Greek default that has seen investors switch into risk-aversion mode, European banks are back in the hunt for funds to shore up their books. In a major U-turn, senior EU officials conceded this past week that Europe’s banks need to raise more capital to weather the storm ...
- Regulator warns banking union could split Europe (Category: Business)
- Demands on bank assets pose “vicious cycle” danger (Category: Business)
- European Central Bank injects euro 489 billion into eurozone banks (Category: Business)
- Ship lending to slide in 2012 as downturn bites (Category: Business)
Last week’s My View talked about six popular fallacies of currency or exchange rate appreciation which both the authorities and the public have tended to harbour in themselves. Of them, the following three were discussed in detail: Fallacy One: The government can fix the external value of a currency at any level it wishes. Fallacy ...
- Appreciating the exchange rate to create prosperity (Category: Business)
- External value of the rupee: Market driven or Central Bank driven? (Category: Business)
- Appreciating exchange rates: Not a boon always (Category: Business)
- Sri Lanka swims against Asian currency depreciation tide (Category: Business)
In its march towards development, Sri Lanka is still seeking the assistance of bilateral and multilateral organisations as well as greater input from foreign investors, Governor of the World Bank Group and International Monetary Fund for Sri Lanka, Senior Minister for International Monetary
- China leaves crisis-ridden Sri Lanka in the lurch to fend for itself (Category: Breaking News)
- Premature fiscal tightening endangers global recovery (Category: Business)
- IMF MD calls for anchoring stability to sustain higher and better growth (Category: Business)
- Sri Lanka state finances would improve with domestic domestic restructure: think tank (Category: Breaking News)
Says business environment needs to improve, seventh review to be concluded in December By Deepal V. Perera in Washington DC The International Monetary Fund (IMF) yesterday stated that in the face of the global downturn, the performance of the Sri Lankan economy has been impressive. “The Sri
- Lanka progressing well - International Monetary Fund (Category: Breaking News)
- Lanka growth to dip below 7.5% – IMF (Category: Business)
- IMF Disburses US$ 216.6Mn Tranche (Category: Breaking News)
- Sri Lanka’s debt restructuring likely to be complete by September – IMF (Category: Breaking News)
Gives comprehensive address highlighting issues of developing countries Shoots down discriminatory practices by developed countries Outlines post-war development, reiterates stance against terrorism Backs Palestine, Cuba and Africa By Nisthar Cassim in New York In his much-anticipated address to the UN, President Mahinda Rajapaksa yesterday took a comprehensive local, regional and world view, with...
- CB releases full details on new laws to curb terrorism funding and money laundering (Category: Business)
- LTTE was engaged in the drug trade to finance itself – Kohona (Category: Business)
- Lankan envoy in US hosts National Press Club’s Intl. Correspondents (Category: Business)
UNP Leader Ranil Wickremesinghe yesterday proposed that the committee stage debate of the 2012 Budget be limited to main ministries while a committee is appointed to discuss the rest of the ministries. Wickremesinghe has proposed in the House that since there is a large number of ministries, debating the main ministries during committee stage would ...
- Proposal To Debate Only Main Ministries (Category: Breaking News)
- Opposition Leader of Sri Lanka proposes debate only for main ministries at committee stage of bu... (Category: Breaking News)
- Government, Opposition to skip Budget debates of 21 ministries (Category: Business)
- Parliamentary consultative committee meetings conducted for years (Category: Breaking News)
By Dinali Goonewardene As stock markets the world over strongly slid downwards on fears of slowing economic growth, foreigners took their money out of the Colombo stock market yesterday, contributing to a seven-week low. Foreign sales were Rs. 70 million and net foreign outflows Rs. 21.8 million, albeit a relatively low component of total turnover. ...
- Blue Chips attract more foreign buying (Category: Business)
- Market moves up marginally (Category: Business)
- Asia Asset Finance soars on debut (Category: Business)
- Market rebounds as sentiment improves (Category: Business)
ATHENS (AFP): Greeks on Thursday reacted with anger and disbelief at a new wave of austerity cuts enacted to keep the country in the eurozone as a public transport strike caused road chaos in Athens. The embattled socialist government announced pension and tax break cuts and put 30,000 state employees on temporary lay-offs after pledging ...
- Spending Cuts (Category: Business)
- Power cuts again (Category: Breaking News)
- Power cuts during today as well (Category: Breaking News)
- No Power Cuts Today (Category: Breaking News)
By Deepal V. Perera in Washington DC The International Monetary Fund (IMF) releasing its Global Financial Stability Report assessing key risks facing the global financial system said that financial stability risks have increased substantially over the past few months. Weaker growth prospects
- Global financial system risks escalate, says IMF (Category: Business)
- IMF marks down global growth forecast, sees risk on rise (Category: Business)
- BRICS demand bigger IMF role before giving it cash (Category: Business)
- Credit boom stokes risks in emerging markets – BIS (Category: Business)
Reuters: Sri Lanka’s stock market fell for a third session to a more-than six-week low on Thursday, following Asian peers on a gloomy global economic outlook, a local liquidity shortage and forced selling to meet margin debt reductions. The island nation’s main share index closed 0.45 per cent or 30.50 points weaker at 6,762.38, its ...
- Controlling shareholder CFLB buys 12% more of Colonial Motors for Rs. 319 m (Category: Business)
- Bottomed Out or SEC change talk? Market opens week on the up (Category: Business)
- Royal Ceramics’ 2Q shines with half a billion pre-tax profit (Category: Business)
- Stock market up ahead of Budget; rupee weaker (Category: Business)
IFC, a member of the World Bank Group, yesterday launched a new report that identifies seven inclusive business models that expand access to goods, services, and livelihoods for the world’s poorest people while generating strong financial returns. The report underscores IFC’s commitment to creating opportunity at the base of the economic pyramid. IFC clients from ...
- Optimistic IFC to expand in Sri Lanka (Category: Business)
- IFC clarifies Daily FT Opinion piece, ‘Improving Sri Lanka’s Business Climate’ (Category: Business)
- IFC, NTB help small businesses become more competitive (Category: Business)
- Sanasa Dev. Bank debuts on CSE today; IFC buys 3.57% stake for Rs. 99 m (Category: Business)
IMF urges more exchange rate flexibility CB defends interventions as necessary More discussions expected in Washington this week Reuters: The International Monetary Fund (IMF) yesterday said there has been no timetable set for a review of Sri Lanka’s progress under a $2.6 billion loan
- IMF’s take on Sri Lanka’s good, bad and the ugly (Category: Business)
- Rupee premiums under pressure after IMF statement (Category: Business)
- Devaluation a “right step,” says IMF (Category: Business)
- Exchange rate standoff as IMF visits SL (Category: Business)
SAINT JOHN (Reuters): Canadian economic growth will resume this year and the European debt crisis is “fixable” with existing resources, Bank of Canada Governor Mark Carney said. In an apparent bid to counter growing fears of another recession in Canada, Carney also said he does not expect a U.S. recession, although the risk of one ...
- Carney keeps rate steady at 1% (Category: Canada, Ontario)
- Carney keeps rate at 1% (Category: Canada, Ontario)
- Carney keeps rate at 1% (Category: Canada, Ontario)
- Bank of Canada's Carney to address CAW (Category: Canada, Ontario)
SYDNEY (AFP): Australian Treasurer Wayne Swan on Wednesday urged European nations to “get their act together” as the International Monetary Fund released dire new predictions for the global economy. Named the world’s best finance minister by Euromoney magazine overnight due
- Australia beats forecast with $46.7 bln deficit (Category: Business)
- Indonesia’s tourism sector to focus on emerging markets (Category: Business)
- Australian Central Bank neutral on rates (Category: Business)
- US economic fix could take years: Obama (Category: Business)
The world economy has entered a “dangerous new phase,” according to the Chief Economist of the International Monetary Fund Olivier Blanchard. “The recovery has weakened considerably. Strong policies are needed to improve the outlook and reduce the risks.” “Markets
- Washing machine cat is feline dizzy (Category: AU, New South Wales)
- Gets Oscars presenting gig (Category: Business)
- Megyn Kelly pulls sons from ‘woke’ UWS school over anti-white letter (Category: USA, New York)
- Homeless woman called ‘Bus Stop Mary’ identified by her family in New Jersey (Category: USA, Hawaii)
Reuters: Sri Lanka’s private sector credit growth will decline to 27 per cent year-on-year compared to a 16-year high of 34.4 per cent in June this year, due to a higher base and a slowing global economy, the Central Bank said on Tuesday. Credit growth had eased to 34 per cent year-on-year in July from ...
- 2012 budget deficit goal challenging says CB Chief (Category: Business)
- Policy rates steady on contained inflation: CB (Category: Business)
- CB seen keeping rates steady for fifth straight month (Category: Business)
- Cabraal says change a reflection of success (Category: Business)
Says emerging markets will grow by 6.4% but developed countries stalling at 1.6%Pic and text by Deepal V. Perera reporting from Washington The International Monetary Fund (IMF) in its latest report outlining the performances of global economies said yesterday that a dangerous new phase was emerging
- IMF marks down global growth forecast, sees risk on rise (Category: Business)
- World economy fragile, faces “uneasy calm” – IMF (Category: Business)
- IMF upgrades India economic outlook, while China’s recovery loses steam (Category: Breaking News)
- United Front (Category: Business)
HONG KONG (AFP): Asian stock markets extended their losses on Tuesday after the eurozone debt crisis deepened when ratings agency Standard & Poor’s downgraded Italy’s sovereign debt. The move further depressed the already weak euro, which sent Tokyo shares tumbling, with exporters taking the brunt of the selling. It also compounded concerns that Athens is ...
- Moody’s downgrades Italy, warns of further cut (Category: Business)
- Japan bought 10% of eurozone fund’s latest bonds (Category: Business)
- Euro zone barely grows in Q3, recession looms (Category: Business)
- Asian shares mixed as fears for Italy intensify (Category: Business)
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 ...
- Central Bank appoints four new Assistant Governors (Category: Business)
- Jayatissa new Chairman of Insurance Corp. (Category: Business)
- Union Bank appoints former CB Deputy Governor to Board (Category: Business)
- Sri Lanka Central Bank executive warn PM over Governor appointment (Category: Breaking News)
Reuters: Sri Lanka’s Central Bank on Monday started repo auctions after a lapse of two years, a move that currency dealers see as aimed at easing pressure on the exchange rate and the Central Bank’s dollar sales. The Central Bank in the past has used the tool under its open market operation to drain money ...
- Central Bank expects middle spot exchange rate to strengthen rupee exchange rate (Category: Breaking News)
- Central Bank puts future of IMF programme in doubt (Category: Breaking News)
- US$ 1.56bn used up in four months to defend Rupee (Category: Breaking News)
- Drought may cut growth to 6.7% (Category: Business)
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