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LONDON (Reuters): Brent crude oil fell on Wednesday, as fears intensified about the future of Spain’s banks, while China signalled it was not planning a large stimulus package, dimming demand prospects. Oil recovered some losses after the European Commission called for sweeping reforms to restore investor confidence. However, the move failed to turn around the ...
Reuters: European Union leaders, advised by senior officials to prepare contingency plans in case Greece decides to quit the single currency, urged the country to stay the course on austerity and complete the reforms demanded under its bailout programme. After nearly six hours of talks held during an informal dinner, leaders said they were committed ...
Reuters: China’s factories took a hit in May as export orders fell sharply, a private sector survey showed on Thursday, suggesting surprise weakness in April’s hard economic data persists even as policymakers seek to shore up growth. The HSBC Flash Purchasing Managers Index, the earliest indicator of China’s industrial activity, retreated to 48.7 in May ...
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. ...
Reuters: China’s premier called for additional efforts to support growth on Sunday, signalling Beijing’s willingness to take action after a recent series of economic indicators suggested that the world’s second-biggest economy will slow further in the second quarter. “We should continue to implement a proactive fiscal policy and a prudent monetary policy while giving more ....
Reuters: HSBC, Europe’s biggest bank, said it has made sustainable cost savings of $2 billion after one year of a three year turnaround plan, and is on target to meet its return on equity and other financial targets. HSBC has sold 28 businesses, and some 15,000 staff have been transferred outside the group, with the ...
In a world where most product categories are at the mature stages of the product lifecycle, the key differentiating factor for a brand happens to be the reputation that it has earned in the market place. Be it a fridge that you buy for your home or a packet of milk powder that you get ...
REUTERS: JPMorgan Chase and Co said last week that it suffered a trading loss of at least $2 billion from a failed hedging strategy, a surprise disclosure that hit financial stocks and the reputation of the bank and its prominent CEO, Jamie Dimon. For a bank viewed as a strong risk manager that never reported ...
BEIJING (Reuters): China’s economy stuttered unexpectedly in April with lower than expected output data, softening retail sales and easing prices suggesting economic headwinds might be stiffer than thought, requiring more robust policy responses to counter them. Industrial output expanded at its slowest annual pace in nearly three years, while fixed asset investment growth dipped to ...
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 ...
Global crisis must not disrupt the region’s continuing transformation: ADB Report MANILA, PHILIPPINES: While developing Asia must build a firewall against possible escalation of the global financial crisis, it must not veer from long-term structural reforms already underway
The success of the current economic reforms in Portugal is because the people believe it’s fair, Portugal’s Finance Minister Vitor Gaspar said. Speaking at an IMF sponsored programme in Washington DC on Wednesday (April 18), he said that thus far Portugal has been protected from any market risks because of the support of the international ...
SINGAPORE (Reuters): Asia’s economic growth probably troughed in the first quarter but a bounce-back may be muted, a Reuters poll showed. Although the fear factor has faded over Europe’s debt crisis and a slowing U.S. economy, both will still be a drag on growth rates in the region. Respondents in a quarterly survey of over ...
This is a summary of HSBC’s Global Economics Quarterly for Q2 2012 The foundations are weak With the US stock market up around 30% from its lows last autumn, with eurozone periphery bond yields tumbling through much of the first quarter and with the green shoots of an economic spring emerging here and there, it ...
The Merchant Bank of Sri Lanka (MBSL) has created history by opening 16 branches and service centres in a day in different parts of the country as part of its 30th anniversary celebrations. MBSL said the move highlighted the presence of the bank serving the nation across the country and driving home its strength and ...
MADRID: Spain, sucked back into the centre of the eurozone debt crisis, is headed towards a financial crunch in 2013 that may force it to seek international help, analysts warn. Alarm has spread on the financial markets over Spain’s rising public debt, bulging deficit, fragile banks and a slide into recession at a time of ...
TORONTO (Reuters):A growing majority of Canadians do not intend to buy a house in the next two years, even with mortgage rates near record lows, according to a Royal Bank of Canada survey released. In RBC’s annual poll of Canadian homeowners, 73 percent of respondents said they are unlikely to buy within the next two ...
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...
nInternationally-renowned risk consultant David Roden in town Capital Alliance, a full-service investment bank will focus on highlighting to the industry this week on best practices in risk management for emerging markets. Concentrating on the industry’s financial institutions, CAL along with David Roden will spend two days in Sri Lanka, meeting with senior bank executives including ...
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 ...
Capital Alliance, a full-service investment bank will be hosting one of Asia’s foremost Investor Relations experts, Jonathan Zax, in Colombo this week. Zax’s investor relations efforts have been frequently recognised by the international financial community through top rankings in polls by Asiamoney, Finance Asia, Lafferty Group and Investor Relations Magazine. Last year, he received a...
Citizens should make a noise The Central Bank’s former Assistant Governor and its long-time Director of Statistics, Dr. Anila Dias Bandaranaike, at a recently held exporters’ forum, expressed the view that the business community should make it their business to discuss, debate and deliver their views on economic policies being formulated by the country’s policy ...
TOKYO: Japan and 12 other Asian countries will likely agree to double the amount of funds available under a regional currency swap pact amid uncertainty over the European debt crisis, a report said Sunday. Japan, China, South Korea and the 10 members of the Association of Southeast Asian Nations (ASEAN) are to agree to double ...
TOKYO (Reuters): Asian shares steadied on Friday while the dollar took a breather after its recent broad rally spurred profit-taking, with some investors wondering if a fresh batch of encouraging economic data would put further upward pressure on U.S. yields. Financial spread bets are for major European markets to open flat to 0.1 percent higher. ...
NEW YORK (Reuters): The U.S. economy is growing again but faces tough challenges that call for action to create jobs and foster expansion, U.S. Treasury Secretary Timothy Geithner said on Thursday. Geithner, speaking to the Economic Club of New York, singled out rising oil prices as a stumbling block for the economy because they force ...
NEW DELHI (Reuters): India’s businesses, already facing high interest rates and a global economic slowdown, worry that the finance ministry will ask them to shoulder a bigger tax burden in the budget set for release on Friday to trim the fiscal deficit. After a drubbing in recent state elections, the government has little room to ...