Category: World
Selection Process for New IMF Managing Director Begins
The Executive Board of the International Monetary Fund (IMF) has initiated the selection process for its next Managing Director. The announcement was made by the Board Coordinators, Afonso S. Bevilaqua and Abdullah F. BinZarah. The Executive Board has decided to follow an open, merit-based, and transparent process for the selection, mirroring the procedure used in […]
Red Sea Disruptions Benefit Shipping Companies’ Near-Term Profitability: Fitch Ratings
Global shipping companies’ short-term profitability will benefit from increased freight rates, which exceed the costs of re-routing following persistent attacks on commercial vessels in the Red Sea, Fitch Ratings says. We do not expect structural shifts in the shipping sector as a result of these disruptions. Nearly half of all cargo ships and tankers have […]
US Under Secretary Concludes Visit: Emphasizes Freedom of Expression for Transparent Governance
Liz Allen, the first U.S. Under Secretary of State for Public Diplomacy to visit Sri Lanka, concluded a historic three-day trip to Colombo (February 17-19), during which she interacted with young leaders, entrepreneurs, content creators, civil society, and journalists to reaffirm U.S. support for Sri Lanka’s economic recovery and long-term prosperity. In a meeting with […]
FAO’s Director-General Arrives in Sri Lanka to Inaugurate UN FAO Conference
FAO Director-General, Dr QU Dongyu, arrived on Sunday in Sri Lanka for a three-day visit to participate in the 37th Session of the FAO Regional Conference for Asia and the Pacific. Government Ministers and Heads of Delegations from as many as 46 Member Nations are gathering in Colombo for the event. Sri Lanka is hosting […]
Surprise visit signals possible thawing of India-Pakistan relations
Dec 28, 2015 (LBO) – A surprise visit on Christmas Day between the leaders of India and Pakistan could be a sign of thawing relations between the two nuclear-armed countries.Indian Prime Minister Narendra Modi’s trip to meet his Pakistani counterpart Nawaz Sharif is the first visit to Pakistan by an Indian prime minister in almost […]
South Korea issues its first yuan-denominated sovereign bonds
Dec 16, 2015 (LBO) – The South Korean government has issued its first ever yuan-denominated sovereign bonds in China’s onshore bond market. This sovereign bond issue is expected to contribute to diversifying the currency composition of Korea’s foreign exchange reserves and further China’s efforts to open its capital markets to the world.“The bond issuance was […]
China, US Rates Pressures Build for APAC Banks in 2016
Dec 16, 2015 (LBO) – Banking sectors within the Asia-Pacific (APAC) region are likely to face a more challenging year ahead as financial systems adjust to slowing growth in China and the prospect of higher US interest rates, says Fitch Ratings in the agency’s 2016 Outlook Report for the region.Earnings and capital buffers built up in […]
Sharp China slowdown would hit global growth hard: Fitch
Dec 15, 2015 (LBO) – A sharp slowdown in China’s GDP growth rate to 2.3% during 2016-2018 would disrupt global trade and hinder growth, with significant knock-on effects for emerging markets and global corporates, according to a hypothetical study by Fitch Ratings. In turn, this would keep short-term interest rates and commodity prices lower for […]
IMF includes Yuan in reserve currency basket
Dec 01, 2015 (LBO) – The International Monetary Fund has included the Chinese yuan as a fifth currency in their basket of currencies that make up the Special Drawing Rights (SDR). Effective from October 1, 2016 the Chinese Yuan is determined to be a freely usable currency along with the US dollar, the euro, the […]
‘s yuan as reserve currency
Nov 30, 2015 (LBO) – The International Monetary Fund may soon label China’s yuan as a reserve currency that could pressure China to reform currency management and improve communication with the rest of the world.The IMF is expected to say that next year it will add the yuan to the basket of currencies that comprise […]
Security tightened in major European cities
Nov 20, 2015 (LBO) – Security has been tightened in major cities in Europe with police in Italy and Sweden looking for suspected militants and increasing security around public buildings, media reports said.Swedish police arrested a man suspected of planning an attack, while Italy’s foreign minister said St.Peter’s Basilica in Rome or the cathedral or […]
Sri Lanka on UNESCO executive board
Nov 16, 2015 (LBO) – Sri Lanka has been elected to the executive board of the United Nations Educational Scientific and Cultural Organisation (UNESCO) during the 38th General Conference in Paris, the foreign ministry said. “Sri Lanka was one of six countries that qualified to serve on the Executive Board from the Asia and Pacific Group […]