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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 ...
MILAN/LONDON (Reuters): Italian fashion house Valentino has been snapped up by the Qatari royal family for 700 million euros ($857.5 million), the latest purchase of a top European luxury brand by an emerging market investor. The luxury label loved by Jacqueline Kennedy Onassis and Audrey Hepburn said on Thursday that Mayhoola for Investments S.P.C, an ...
The Standard and Poor’s (S&P) Rating Services assigned a score of 8 (very high risk) to the Sri Lankan economy and banking industry last week. The role of ratings agencies in the lead-up to the global financial crisis (2008) was certainly highly questionable. There are also issues related
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 ...
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 ...
By Sajjid Z Chinoy and Jahangir Aziz jpmorgan.com: With India’s current account deficit (CAD) reaching unsustainable proportions and the real exchange rate experiencing a sharp depreciation over the last year, one of the critical policy debates in the country currently is whether India can take advantage of the currency weakness and export its way out ...
By Cassandra Mascarenhas In a knowledge economy, learning becomes a vital ingredient for power and furthering the need for continuous learning, the Chartered Institute of Chartered Accountants’ annual flagship event, the CIMA Business Leaders Summit 2012 conducted the technical sessions, the second half of its two-day agenda. “Our theme is about power. Power existed even ...
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. ...
The UNESCAP recently released its publication, ‘The Economic and Social Survey of Asia and the Pacific 2012 – Pursuing Shared Prosperity in an Era of Turbulence and High Commodity Prices,’ and the global launch took place simultaneously in all ESCAP member countries on 10 May. Speaking at the launch in Bangkok, the Executive Secretary of ...
Mr. Thilak Karunarathne Chairman, Securities Exchange Commission,Colombo. Dear Sir, Re: SEC inquiry connected with the stock exchange transaction where the National Savings Bank acquired shares of The Finance Company I wish to hail your expressed commitments to initiate with urgency a comprehensive inquiry connected with the stock exchange transaction where the National Savings Bank acquired ...
The IMF’s recently released Asia and Pacific Regional Economic Outlook (REO) shows the region continuing to lead global growth and expected to gain momentum over the course of 2012. This forecast, however, remains subject to downside risks related to the global economy, including the possibilities of a sharp fall in exports to advanced economies and ...
Reuters: The global financial crisis is not over and technical innovation and investment will be key to sustaining what remains a “tortuous” recovery, Chinese Premier Wen Jiabao said on Sunday during a visit to Germany. Wen also said China, the world’s biggest exporter
Professor Buddhadasa Hewavitharana felicitated The legendary Economics Guru of Peradeniya vintage for more than four decades, Emeritus Professor of Economics Buddhadasa Hewavitharana, was felicitated last week by the country’s top policy think-tank, Institute of Policy Studies or IPS and the Department of Economics and Statistics of the University of Peradeniya by releasing simultaneously tw...
Parliamentary accountability The Parliament, as the country’s foremost representative institution, has the sole authority over national resources and financial allocations and concurrently has a prominent role to play in fiscal responsibility, the budgetary process, economic development and effective transparent economic and financial management, with a view to assuring sustainable growth an...
While the government is fully capable of dealing with any pressures that come from Geneva, New York or Washington, it is the public servants and heads of corporations who should ensure good governance to improve the image of the country internationally, said President Mahinda Rajapaksa. Addressing a gathering of public servants, heads of state corporations, ...
By Cheranka Mendis Even if the status of the world economy seems to have found a rather fragile equilibrium with Europe over the past six weeks, the world is no closer to being immune from the risks that have cropped up as a result of the European and USA led recession and changes in world ...
By Cheranka Mendis Despite the risk of negative global conditions worsening the ground situation in Asian countries, rating service Standard & Poor’s believes that by and large the region will continue to grow, with most countries now building resilience to face and absorb shocks. Standard & Poor’s Rating Service South East Asia Managing Director Surinder ...
Arguably, the silver lining in the currency depreciation is that Sri Lanka’s exports will grow, or it seems to be that at first glance. Yet, deepening the gloom, there is increasing concern that import-dependent exports such as apparel will take a hit from the plummeting rupee, resulting in the US$ 12 billion target being left ...
My column today is an attempt to focus our attention on a few less spoken or untold developments that may have a profound influence on how we carve our way through in creating a desirable social, economic and political future for mankind on this only planet of ours. While I will not specifically touch on ...
By: Surendra Ajit Rupasinghe In the mid nineteen eighties, the Philippines was rocked by a sustained people’s resistance movement that finally deposed of the hated and corrupt dictator, Ferdinand Marcos, who had to flee the country in a US Air Force helicopter. The Catholic Church, representing the majority of the people, played a critical role ...
In the event of an insolvency of an insurer, the winding-down process is stable that does not pose a systemic risk. The failure of an insurer does not require the same government reaction as failures in the other financial service sectors, says leading international insurance think tank, The Geneva Association, in a new report for ...
Reuters: Sri Lanka and the International Monetary Fund (IMF) meet this week amid a standoff over the Central Bank’s defence of the rupee currency, which has cost $ 2.6 billion in foreign exchange reserves since July – the same amount the global lender has pledged to loan. Bucking all its Asian peers, Sri Lanka has ...
Regulatory pressure mounted further over the course of 2011 – bad news for financial services firms, but good news for the consultancies to which they turned for help. Ernst and Young topped the Operational Risk and Regulation consultancy rankings again in 2011 (http://www.risk.net/operational-risk-and-regulation/feature/2135016/orr-consultancy-rankings-2011), and the New York-based head of ...
Facing the short-term economic challengesThe macroeconomic imbalances Sri Lanka has achieved a growth rate of 8.3% last year and inflation fell to 4.9% year-on-year in December 2011. These are noteworthy achievements at a time when the global economic landscape has been hostile with a slowdown in the US and a crisis in Europe; key markets ...
By Cassandra Mascarenhas Addressing a topical subject which is of crucial significance to Sri Lanka in the context of the current drive towards achieving GDP growth of over eight percent per annum in the next five years, the Postgraduate Institute of Management hosted a lecture-discussion on ‘International Financial Institutions and Development in Asia’ earlier this ...
The Top 100 Nation Brands have been ranked by Brand Finance plc with the USA, Germany and China topping the report Eurozone crisis affects the Nation Brand vales of Greece, Ireland and Japan who are ranked as the Top 3 biggest Losers Further chaos in Europe has seen the brand values of Spain, Austria, Italy ...
Foreign Direct Investment (FDI) generally refers to long-term participation by one country in another country. It usually involves participation in a JV, capital transfer, transfer of technology and expertise. There are two types of FDI: inward foreign direct investment and outward foreign direct investment, resulting in a net FDI inflow (positive or negative) and stock ...
By Cassandra Mascarenhas The Sri Lanka Institute of Directors (SLID), as part of its ‘Power Evening’ series of events, presented an eclectic combination of chairmen from leading organisations in the country last week and at the occasion delved into the subject ‘Performing While Conforming – What the Textbooks Don’t Teach You’ by sharing experiences from ...
Following are excerpts from the address delivered by Aloy Jayawardene, PHF, JP, President of the Sri Lanka Chamber of Small and Medium Industries at the 48th anniversary celebrations and ‘Industrial Excellence Awards 2011’ held at Waters Edge last week. Chief Guest at the ceremony was Australian High Commissioner Kathy Klugman I feel privileged and sad ...
The Central Bank released its latest educational publication titled ‘Analysis of Basic Economics Principles,’ authored by P. Samarasiri, Assistant Governor supervising the financial system stability cluster of the Central Bank. This book has been compiled based on key topics used to understand and analyse the working of an economy. Therefore, the book covers topics covering ...