Chinese banks face risks, quick action needed - IMF
The International Monetary Fund (IMF) has warned that China's
financial system "faces a steady build up in vulnerabilities".
In a review, publicly released on Tuesday, the IMF said that banks
were robust enough to withstand isolated shocks.
But not, it said, combined exposure to credit, property and currency
The IMF has urged reforms, including allowing banks to rely more on
market mechanisms such as interest rates.
"China's banks and financial sector are healthy, but there are
vulnerabilities that should be addressed by the authorities," said the
Head of the IMF team Jonathan Fiechter, who conducted the review.
The IMF has recommended the Chinese government play less of a role in
the banking system, and allow lending decisions to be based on
Euro falls to a five-week low
The Euro fell to a five-week low against the dollar as traders
worried that Europe's debt crisis is spreading to larger countries.
Borrowing rates in Spain spiked to their highest level since 1997, a
sign that investors are worried that the country may have trouble paying
Many economists believe that Spain's higher rates are unsustainable
over the long-term. Rates in France and Italy have also jumped higher
Greece, Portugal and Ireland were forced to seek a bailout
after their borrowing rates rose above seven percent. AP
More opportunities for Belgian investors - Rishad in Brussels
The expanding growth opportunities in Sri Lanka, compared with the
current global economic situation, should provide the impetus for
forward looking European companies to increase exposure in the country.
Most of the 40 Belgian companies which visited the country for the first
time only a year ago, have already begun productive trade and investment
ventures with their local partners, and are also supporting the major
infrastructure development efforts of Sri Lanka" said Rishad Bathiudeen,
Minister of Industry and Commerce of Sri Lanka.
Idling industries to be handed over to private sector
Large manufacturing industries which were ruined due to terrorism,
inefficient State management or after privatisation are to be reviewed
by the Government. The Government will offer these enterprises to the
private sector or start partnerships with the private sector,government
sources said. Accordingly the Paranthan Chemical Industry which was
completely destroyed by the three-decade long terrorism will be
reconstructed the Ministry of State Resources and Enterprise Development
The Paranthan Chemical Industry is on a 217-acre land in the Northern
Province. According to estimates, the total investment required for
re-establishment of the production facility is Rs. 3b. Investors from
India, Ireland and Dubai have expressed interest to invest in the
Fitch upgrades People's Bank to 'AA(lka)'
Fitch Ratings Lanka has upgraded People's Bank's (PB) National
Long-Term rating to 'AA(lka)' from 'AA-(lka)'. This projects a stable
The upgrade reflects Fitch's view of the Government's increased
capacity to support PB, if required, as indicated by the upgrade of Sri
Lanka's Issuer Default Rating to 'BB-' in July 2011.
The rating reflects Fitch's expectation of Government support,
underpinned by the bank's increasing importance to the State, systemic
importance to the wider banking sector, and its State ownership.
However, Fitch views the probability of support to be moderate.
DIMO Battas for Samurdhi beneficiaries
DIMO Batta vehicles were recently handed over to Samurdhi
beneficiaries under the Divi Neguma project.
The beneficiaries include recipients of Samurdhi stamps and those who
have been elevated to the next level through the Samurdhi scheme.The
official ceremony to handover the vehicles was held recently at the Divi
Neguma Home Based industrial Exhibition in Gampaha.
Electro Metal (Pvt) Ltd., Chairman
Chandranandana Diyunuge with Managing Director, T. Suresh
Kumara receiving the award from President BID Jose E Prieto
ComBank opens branch in Beliatta
The Commercial Bank of Ceylon opened a branch in Beliatta, expanding
the Bank's presence to 207 service points and strengthening its network
Situated at Walasmulla Road, Beliatta, the new branch is equipped
with all facilities available at other Commercial Bank branches and is
computer-linked to the other service points of the Bank islandwide,
enabling online real-time banking.
The two ATM machines at the new branch increase Commercial Bank's ATM
network to 458 terminals. It is the single largest automated cash
dispensing system in the country.
CIM chairman to speak at AmCham luncheon
The American Chamber of Commerce in Sri Lanka (AmCham) in
collaboration with The Chartered Institute of Marketing Sri Lanka Region
(CIM) is organising a luncheon seminar on the (Issues Facing Global
Marketers) on November 28, 2011 at Hilton Colombo from 12.30pm to
2.00pm. Chris Lenton, International Chairman of The Chartered Institute
of Marketing will discuss the challenges marketeers are facing about
leadership, sustainable campaigns and getting more for less out of their
campaigns based on the research the institute had carried out recently
with 150 top CEOs and Senior Executives attached to world's leading
Singapore's SingHealth offers healthcare via Delmege Medical
At the launch from L - R : Associate
Prof. Andrew Tan- Consultant Orthopaedic Surgeon, Ms. Vijaya
Business Development Sing Health, Kavinda Makalanda-
Director Delmege Medical, Prof. Boon Keng - Senior
Orthopaedic Surgeon, Dr. Benjamin Chua, Consultant Vascular
and Endovascular Surgeon, Peter Tan, Group Director Sing
Singapore's healthcare provider, SingHealth which has two tertiary
level hospitals and five specialty centres, recorded their partnership
with Delmege Medical (Pvt) Ltd, a part of the Delmege Forsyth Group, to
a gathering of corporate and medical elite.
To formalise the partnership in Sri Lanka were Peter Tan Director
Business Development SingHealth, Dr. Andrew Tan Consultant Orthopaedic
Surgeon, Prof. Boon Keng Consultant Orthopaedic Surgeon, Dr.Benjamin
Chua Consultant Vascular and Endovascular Surgeon and Ms Vijaya
Sreenidhi, all from the SinghHealth Group.