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☆ China will continue to support Sri Lanka in debt restructuring, Sri Lanka minister says
▼ + stars: | 2023-06-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina will continue to support Sri Lanka in debt restructuring, Sri Lanka minister saysAli Sabry, Sri Lanka's foreign affairs minister, says conversations between China and Sri Lanka have been "very, very fruitful" and cordial.

Persons: Ali Sabry Organizations: China, Sri Locations: Sri Lanka, China

☆ Sri Lanka set to start tea-for-oil barter with Iran next month
▼ + stars: | 2023-06-23 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +2 min

COLOMBO, June 23 (Reuters) - Sri Lanka is set to start bartering tea to Iran next month in lieu of $250 million owed for oil, a Sri Lankan official told Reuters on Friday, as the crisis-hit country tries to lift sales to a key market and protect its forex reserves. "This is very timely for us because we get access to an important market and both Iran and Sri Lanka can trade without relying on dollars," Sri Lanka's Tea Board Chairman Niraj de Mel told Reuters. "The agreement was to send $5 million worth of tea each month for 48 months but we plan to start with about $2 million per month." Globally popular Ceylon Tea is Sri Lanka's highest foreign exchange-earning crop, brewing $1.25 billion for the cash-strapped country last year, according to government data. Iran has been one of Sri Lanka's main tea buyers but exports have fallen steadily from $128 million in 2018 to $70 million last year as U.S. sanctions on Iran hit trade.

Persons: Niraj de Mel, riyals, de Mel, Uditha, Krishna N, Das, Peter Graff Organizations: Sri, Reuters, Tea, United Arab Emirates, Ceylon Petroleum Corp, Tea Board, National Iranian Oil Company, International Monetary Fund, Thomson Locations: COLOMBO, Sri Lanka, Iran, Ceylon, Sri Lanka's, Lanka's, UAE, Lankan

WHAT IS THE COMMON FRAMEWORK? The Common Framework requires debtor countries to secure restructuring assurances from any bilateral lenders first and commercial and multilateral lenders second - to Beijing's dismay. "We call on multilateral financial institutions and commercial lenders, who are the main creditors for developing countries, to participate in developing countries' debt relief efforts," Mao said. In Paris, analysts expect China to continue to voice support for the Common Framework but for debt relief to be dispensed "case-by-case". The last time global policymakers met to discuss the Common Framework in Washington, China proposed the IMF should speed up and improve information sharing on debt sustainability analyses.

Persons: Li Qiang, acceding, Yi Gang, Mao Ning, Mao, Qin Gang, Sri, Wang Wenbin, Joe Cash, Ryan Woo, Shri Navaratnam Organizations: Paris Club, International Monetary Fund, Bank, IMF, World Bank, Foreign Ministry, China's, France, Thomson Locations: Paris, China, Zambia, Chad, Ethiopia, Ghana, United States, U.S, Beijing, Washington, CHINA, Addis Ababa, Japan, India, France, Sri Lanka's

THIS IMAGE MAY OFFEND OR DISTURB Swimmers wade into the chilly Derwent River, in Hobart, Australia, June 22 2023. A 2017 show by Austrian artist Hermann Nitsch featuring an animal carcass and rivers of blood outraged animal rights groups. In an Australian exclusive, famed Austrian choreographer Florentina Holzinger retold Dante’s “Divine Comedy” in a two-hour all-female performance of sex and blood. In one scene, 20 nude dancers wet with paint and human blood writhed slowly across a blank canvas, painting with their bodies. Founded on the fortune of professional gambler David Walsh, Australia's largest private museum is dedicated to themes of sex and death.

Persons: Helen Golding, Hermann Nitsch, Florentina Holzinger, Dante’s, Ryoji Ikeda, David Walsh, Lewis Jackson, Lincoln Organizations: REUTERS, Police, city’s Museum of, Thomson Locations: Hobart , Australia, Handout, REUTERS HOBART, Australia, Hobart, Tasmania, Sri Lanka, Sydney, Austrian, Australia's

☆ ‘Like Doomsday’: How Hope of a Better Life Ended on a Boat in the Mediterranean
▼ + stars: | 2023-06-21 | by ( Christina Goldbaum | Zia Ur-Rehman | ) www.nytimes.com time to read: +1 min

Perhaps no two in the group were closer, though, than the cousins, Mr. Wazir and Mr. Salam. The youngest of seven brothers, Mr. Wazir earned a reputation as a rambunctious student who made friends easily. Mr. Salam was quieter, but gained fame in the regional cricket league, where he earned the nickname “Jayasuriya” — after a famous Sri Lankan cricketer. Mr. Wazir left for Saudi Arabia, seeking work as a day laborer. Mr. Salam submitted military enlistment papers, encouraged by his father, a retired low-ranking officer.

Persons: Muhammad Yasir, Muhammad Aslam, Shifaat Ali, Wazir, Salam, “ Jayasuriya ” — Organizations: league Locations: Bandli, Europe, Libya, Sri, Saudi Arabia

☆ Sri Lanka readies ailing Thai elephant for flight home
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +2 min

"But he is very gentle and obedient, which has made it easier to try and get him used to the process." Since he was gifted to Sri Lanka in 2001, the elephant, often used to carry Buddhist relics in processions, has spent most of his time at a Buddhist temple in Kalutara, about 75 km (47 miles) from Colombo, the commercial capital. Perera, who oversees his care, along with a mahout and other staff, said he would probably need hydrotherapy facilities that Sri Lanka lacks to restore full movement. Thailand will pay for the elephant's journey home, while Sri Lanka has footed the cost of his medical care and food, which runs into about 400 kg (882 lb) a day. The pachyderm is expected to return to Sri Lanka after treatment, Prime Minister Dinesh Gunawardena has said, and animal welfare activists hope he will be sent to a sanctuary.

Persons: Read, Sak Surin, Madusha Perera, Muthu Raja, Chiang Mai, Perera, Dinesh Gunawardena, Uditha Jayasinghe, Clarence Fernandez Organizations: Sri, Thomson Locations: Sak Surin, Sri Lanka, Thai, Thailand, Colombo, Sri, COLOMBO, Sri Lankans, Chiang, Kalutara, Lanka

Ranging from debt relief to climate finance, many of the topics on the agenda take up suggestions from a group of developing countries, led by Barbados Prime Minister Mia Mottley, dubbed the 'Bridgetown Initiative'. Though binding decisions are not expected, officials involved in the summit's planning said that some strong commitments should be made about financing poor countries. In particular, there should be an announcement that a $100 billion target has been met that will be made available through the International Monetary Fund for vulnerable countries, officials said. The plan, first agreed two years ago at an African finance summit in Paris, calls on wealthy governments to lend unused special drawing rights to the IMF to, in turn, lend to poor countries. Reporting by Leigh Thomas in Paris and Simon Jessop in London; Editing by Christina FincherOur Standards: The Thomson Reuters Trust Principles.

Persons: Emmanuel Macron, Mia Mottley, Avinash Persaud, Persaud, Leigh Thomas, Simon Jessop, Christina Fincher Organizations: World Bank, United Nations, Barbados, Bridgetown Initiative, Bretton, International Monetary Fund, IMF, AAA, Paris Club, International Maritime Organization, Thomson Locations: Bridgetown, Mottley, Paris, Ethiopia, Ghana, Sri Lanka, Zambia, China, London

☆ Exclusive: World Bank set to approve $700 mln for Sri Lanka next week -sources
▼ + stars: | 2023-06-19 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +2 min

The International Monetary Fund approved a bailout of nearly $3 billion in March, which Sri Lanka expects will bring additional funding of up to $4 billion from the World Bank, the Asian Development Bank and other multilateral agencies. Of the proposed World Bank funding, $500 million will be for budgetary support and is likely to come in two tranches of $250 million each, one of the sources, from the World Bank, said. All four sources, from the World Bank and the Sri Lankan finance ministry, sought anonymity as they were not authorised to talk to the media. "Households that have registered for support will be ranked ... and the lowest 2 million will be eligible for support," the source added. The World Bank and the finance ministry did not immediately respond to requests for comment.

Persons: Read, Uditha Jayasinghe, Krishna N Organizations: Bank, Sri, Reuters, Monetary Fund, World Bank, Asian Development Bank, IMF, Thomson Locations: Colombo, Sri Lanka, COLOMBO, Sri Lankan

☆ BTS fans pack Seoul park to celebrate 10-year anniversary
▼ + stars: | 2023-06-17 | by ( ) www.reuters.com time to read: +1 min

SEOUL, June 17 (Reuters) - An estimated 300,000 people are expected to gather in the heart of South Korea's capital Seoul on Saturday as fans from around the globe commemorated the debut of K-Pop boy band juggernaut BTS 10 years ago. At the "BTS 10th Anniversary FESTA" at Han River Park in Seoul on Saturday, thousands of fans wandered under clear skies and bright sun among various exhibits including a BTS history wall, stage costumes and commemorative sculptures, many in BTS' signature purple colour. With the bands' songs playing in the background, fans danced under shady trees or bonded over their favourite band members. Later on Saturday, BTS leader RM is expected to speak to fans, followed by fireworks over the Han River, with local media estimating up to 300,000 people will be in attendance. "I'll continue to be an ARMY for 10, 20, 30 years, so I hope you as artists, singers, extend a lot of positive influence for a long, long time."

Persons: Audrey Lintner, Kim Hye, Daewoung Kim, Jimin Jung, Joyce Lee, Lincoln Organizations: BTS, Thomson Locations: SEOUL, Korea's, Seoul, Han, Sri Lanka

☆ Seoul hosts large crowds as BTS fans celebrate 10-year anniversary
▼ + stars: | 2023-06-17 | by ( ) www.reuters.com time to read: +2 min

[1/6] Fans of the K-pop boy band BTS dance during BTS 10th Anniversary FESTA in Seoul, South Korea, June 17, 2023. REUTERS/Kim Soo-hyeonSEOUL, June 17 (Reuters) - An estimated 400,000 people gathered in South Korea's capital Seoul on Saturday as fans from around the globe commemorated the 10th anniversary of the debut of K-Pop boy band juggernaut BTS. At the "BTS 10th Anniversary FESTA" at Han River Park in Seoul on Saturday, tens of thousands of fans wandered among various exhibits including a BTS history wall, stage costumes and commemorative sculptures, many in the band's signature purple colour. With hit songs playing in the background, fans danced under shady trees or bonded over their favourite band members. BTS leader RM later read out fan messages, performed and received calls from fellow members Jung Kook and V at the celebration.

Persons: Kim Soo, Audrey Lintner, RM, Jung Kook, V, I've, Kim Hye, Daewoung Kim, Jimin Jung, Joyce Lee, Lincoln Organizations: REUTERS, BTS, RM, Thomson Locations: Seoul, South Korea, SEOUL, South Korea's, Han, Sri Lanka

☆ Sri Lanka's economy shrinks 11.5% in first quarter as financial crisis continues
▼ + stars: | 2023-06-15 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +2 min

COLOMBO, June 15 (Reuters) - Sri Lanka's economy (LKGDP=ECI) shrank 11.5% in the first three months of 2023, official data showed on Thursday, as the country remained in the grip of its worst financial crisis in decades. Sri Lanka's central bank projects that GDP will shrink by 2% this year while the International Monetary Fund (IMF) estimates a contraction of 3%. "A pickup in private sector credit will be a growth positive and credit growth will increase over the next six to nine months," Cooray added. Sri Lanka's economy contracted by a record 7.8% last year after its foreign exchange reserves hit record lows, plunging the island into the worst financial crisis since it gained Independence from the British in 1948. But Sri Lanka still needs to complete debt restructuring talks by September in time for the first IMF review.

Persons: ”, Shehan Cooray, Cooray, Uditha, John Stonestreet, Susan Fenton Organizations: Statistics Department, Sri, International Monetary Fund, Thomson Locations: COLOMBO, Sri Lanka's, Sri, Sri Lanka

CNN —The world’s largest kidney stone has been removed from a patient in Sri Lanka – and it’s about the size of a grapefuit, as long as a banana and as heavy as four hamsters. Guinness World Records has confirmed that both records have been broken by the Sri Lankan stone, removed at the Colombo Army Hospital. Kidney stones consist of solid pieces of material that crystallize in the kidney, ureters or bladder due to genetic and environmental factors. A 2018 study suggested that the prevalence of kidney stones is increasing among both men and women in the United States. In order to confirm a diagnosis of kidney stones, physicians may use imaging techniques such as ultrasound or computed tomography (CT) scans.

Organizations: CNN, Sri Lankan Army, Guinness World Records, Guinness, Records, Colombo Army Hospital, Mayo Clinic Locations: Sri Lanka, India, Pakistan, Sri, Colombo, United States

☆ China's efforts to catch up in global electronic spying race
▼ + stars: | 2023-06-14 | by ( Greg Torode | ) www.reuters.com time to read: +5 min

Aside from monitoring capabilities, a large, permanent presence on Cuba "is an important symbol, getting right under the noses of the U.S. and reflecting China's global ambitions", he said. In 2019, Reuters reported that China's military was running a space monitoring station in Argentina. Regional diplomats say that as China builds a global military intelligence network, it lacks a U.S.-style system of alliances and partnerships that can help discreet surveillance efforts. China's defence ministry declined to comment. "This trend is only going to grow alongside China's global reach," said Singapore-based defence analyst Alexander Neill.

Persons: Diego Garcia, Carl Thayer, China's, Antony Blinken, Alexander Neill, Greg Torode, Kirsty Needham, Laurie Chen, Gerry Doyle Organizations: People's Liberation Army, Australian Defence Force Academy of, Australian National University, PLA, Reuters, Defence, South China, International Institute for Strategic Studies, China, Support Force, Pentagon, Thomson Locations: HONG KONG, China, Cuba, Beijing, United States, U.S, Britain, Canada, Australia, New Zealand, Taiwan, Guam, British, CUBA, Coast, Florida, Russia, Moscow, Argentina, CHINA, Hainan, South, Southeast Asia, London, Namibia, Pakistan, Kenya, Myanmar, Sri Lanka, Tanzania, Angola, China's, Singapore, Sydney

☆ Sri Lanka extends freeze on outward capital transactions by 6 months
▼ + stars: | 2023-06-13 | by ( ) www.reuters.com time to read: 1 min

COLOMBO, June 13 (Reuters) - Sri Lanka's government has decided to extend a restriction on outward capital transactions by six months due to pressure on its limited foreign exchange reserves, cabinet spokesperson Bandula Gunawardena said on Tuesday. The decision will be revisited after debt talks are finalised in September, added Gunawardena, who is also the transport minister of the island country. Reporting by Uditha Jayasinghe; writing by Sudipto ganguly; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Persons: Bandula Gunawardena, Uditha Jayasinghe, Sudipto ganguly, Kim Coghill Organizations: Thomson Locations: COLOMBO

☆ Sri Lanka lifts import limits on 286 items as crisis eases
▼ + stars: | 2023-06-10 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +2 min

COLOMBO (Reuters) - Sri Lanka lifted import restrictions on 286 items, the Finance Ministry said on Saturday, a fresh sign the South Asian nation is starting to emerge from its worst economic crisis in decades. FILE PHOTO: A general view of city's skyline, amid the country's economic crisis in Colombo, Sri Lanka, April 19, 2022. Sri Lanka’s reserves grew 26% to a 17-month high of $3.5 billion in May, helped by stronger remittances and tourism earnings. “With the economy stabilising, import restrictions on 286 items have been lifted from Friday midnight,” the Finance Ministry said in a statement. Sri Lanka will also slash prices of 60 essential drugs by 16% from this week.

Organizations: Reuters, Finance, REUTERS, International Monetary Fund, Finance Ministry, IMF, Sri Locations: COLOMBO, Sri Lanka, Colombo

☆ Natural evolution: Record Galapagos deal sparks clamour for eco-friendly debt swaps
▼ + stars: | 2023-06-09 | by ( Marc Jones | ) www.reuters.com time to read: +5 min

The growing appetite comes as record numbers of developing world governments face debt pressures due to higher global interest rates. There have been around 140 over the past 35 years, but even including last month's super-sized Galapagos deal they have only involved around $5 billion of debt altogether. The top-level attendees will be urged to do more, not only debt swaps, but also by providing foreign exchange guarantees and automatic debt-payment breaks for countries hit by climate-related disasters. "Seeing something that has a group of countries involved would be amazing," Issa said. Ecuador says it is eyeing another transaction to capitalise on the halo effect from the Galapagos deal.

Persons: Ramzi Issa, Charles Darwin's, Issa, Ilan Goldfajn, Scott Nathan, Nathan, Emmanuel Macron, Mia Mottley, Suisse's Issa, Simon Jessop, Sharon Singleton Organizations: Ecuador, Credit Suisse, Inter, American Development Bank, U.S . International Development Finance Corporation, Reuters Graphics, Thomson Locations: Ecuador, Belize, Barbados, Gabon, Paris, Sri Lanka, Indian, Colombia, Costa Rica, Panama, Kenya, Mozambique, Tanzania, Seychelles

☆ Maitreyi Ramakrishnan Is Done With School. On TV, Anyway.
▼ + stars: | 2023-06-08 | by ( Nancy Coleman | ) www.nytimes.com time to read: +1 min

When we last saw Devi, she had about as much life as she could handle. She had just cashed in Ben’s handwritten coupon for “one free boink” — and, in doing so, traded in her long-detested V-Card. There are friendships and romantic prospects to balance, yes, but also admissions counselors to meet, universities to visit. Ramakrishnan, who grew up just outside Toronto, in Mississauga, Ontario, was once a normal teenager navigating high school herself, a first-generation daughter of Tamil immigrants from Sri Lanka. Like Devi, who is Indian American, she was raised in a multigenerational home — and still lives there with her family.

Persons: Devi, Ramakrishnan, Mindy Kaling, Lang Fisher, “ Organizations: Indian, Disney, Netflix Locations: Toronto, Mississauga , Ontario, Sri Lanka, Indian American, Los Angeles

☆ James Beard Award 2023 winners announced
▼ + stars: | 2023-06-06 | by ( Marnie Hunter | Forrest Brown | ) edition.cnn.com time to read: +12 min

The awards have been presented in the Windy City since 2015 and are set to remain there through 2027. Like last year, much of the 2023 show was focused on showcasing the new push for greater diversity. The James Beard Foundation has been mired in controversy over the past few years. The winner of the South category, Natalia Vallejo, is the first Puerto Rican native to win a James Beard Award. Here’s the full list of the 2023 James Beard Restaurant and Chef Awards nominees.

Persons: James Beard, Eric Adjepong, Esther Choi, Andrew Zimmern, Gail Simmons, ”, ” Simmons, Gregory Gourdet, Kann, ” Sherry Pocknett, Sly Fox, James, Ellen Yin, J.B . Pritzker, Chicago Mayor Brandon Johnson, foodie, James Beard’s, “, Timothy Hontzas, Sam Fore, Mariah Carey, Monti Carlo, Natalia Vallejo, Rachel Miller, Nightshade Noodle, Lynn, Niki Nakayama, Erik Ramirez, NY Rob Rubba, Hajime Sato, Sozai, Celeste Noche, NY Don, Brandon Chrostowski, Greg Dulan, CA Aaron Hoskins, Sarah Simmons, Elie Yigo, Quynh Pham, WA Ellen Yin, Damarr Brown, Virtue, Rashida, LA Charlie Mitchell, Clover, NY Amanda Shulman, Angelo, Bakeshop, Zak, Baker, Baker Veronika Gerasimova, Elaine Uykimpang Bentz, Café Mochiko, Vince Bugtong, Margarita Manzke, CA Shawn McKenzie, Café, AL Lula Drake, Los Angeles , CA Spencer, Ann, Brownsville , TX Rob Roy, California Gilberto Cetina Jr, CA Kyle, Katina, Brandon Hayato Go, Hayato, Los Angeles , CA Justin Pichetrungsi, Carlos Salgado, Taco, Omar Anani, Saffron De, Diana Dávila, IL Tim Flores, Genie Kwon, IL Andy Hollyday, MI Sarah Welch, Marrow, Jesse Ito, Cantina La, Kate Lasky, Tomasz Skowronski, Michael Rafidi, Sanaa, Gregory León, Francesco Mangano, Osteria, Madison , WI Itaru Nagano, Andrew Kroeger, Madison , WI David Utterback, Salvador Alamilla, Amano, Caldwell, Michael Diaz de Leon, Suchada Johnson, WY Kris Komori, Ali Sabbah, Brooklyn , NY Mary Attea, Amanda Cohen, Dirt, Valentine Howell, Hunter, CT Sherry Pocknett, Renee Touponce, Joshua Dorcak, Vince Nguyen, Thomas Pisha, Gado, Beau Schooler, Bocca Al, AK Aaron Verzosa, KY Josh Habiger, TN Sam Hart, NC Terry Koval, Paul Smith, Ana Castro, Lengua, LA Timothy Hontzas, AL Henry Moso, Alex Perry, Kumi Omori, Cocina al, Oscar Amador, Kaoru Azeuchi, KAISEKI, Andrew Black, Jeff Chanchaleune, Ma Der, Justin Pioche, Texas Reyna, Painter, Houston , TX Emiliano Marentes, El Paso , TX John Russ, Clementine, San Antonio , TX Ernest Servantes, David Kirkland, Jim Embry, Valerie Horn, Savi ” Horne, Ira Wallace, Olivia Watkins, Karen Washington, Madur Jaffrey Organizations: Washington , D.C, Lyric Opera of, Illinois Gov, Chicago Mayor, Philadelphia, James Beard Foundation, James, New York Times, CNN, Foundation, WA Coracora, Sunday, of Culture, NY, Neng, EDWINS, Restaurant Institute, Hospitality, SC Yenvy, Street Hospitality, Mbaye, Dakar, WA Bottega, AL, SC, Beverages, Merchant, WA BEST, Sherman, Taco María, Selden, D.C, Madison , WI Itaru, Fairchild, Madison , WI, WY, New, New York State, NY Shaina Loew, Pacific, AK, TN, EDO, Food, Burnt Bean, Sustainable Communities Network, Cooperative Farming, Community Center, Southern, Sierra, Burgerville Workers Union, Black Farmer Fund Locations: Philadelphia, Haitian, Pacific, Washington ,, Lyric Opera of Chicago, livestream, Windy City, Boise , Idaho, Madison , Wisconsin, Oklahoma, Monson , Maine, Haiti, Charlestown , Rhode Island, Puerto Rican, Los Angeles, Brooklyn, NY, Washington, Clawson, MI, Seattle, West Hartford, Philadelphia ,, Lucia, Dallas ,, Cincinnati, Portland , Oregon, of Culture , New York, Mexican, Fort Worth , TX Kann, Portland, Milwaukee ,, Asheville , NC, Chicago, Houston , TX, Cleveland, Crenshaw, Columbia, WA, Rashida Holmes, Bridgetown Roti, Los Angeles ,, Dakar NOLA , New Orleans, LA, Clover Hill, New Orleans, Richardson ,, Kansas City ,, Miami, Billings, San Francisco ,, Café Cerés, Minneapolis, Cypress, Pullman, Birmingham, Quarry, Monson, IL, New York, Houston ,, Ann Arbor, Honolulu, Shawnee, KS, Las Vegas, Brownsville , TX, Healdsburg, Sherman Oaks, Costa Mesa ,, Lakes, Saffron De Twah, Detroit ,, Detroit, NJ, PA, , Philadelphia, Cantina La Martina, Apteka, Pittsburgh, Albi , Washington, Kalaya, MN, MO, Sioux Falls, Amilinda, Milwaukee, Osteria Papavero, Madison ,, Yoshitomo, Omaha, UT, WY, Salvador, BRUTØ, Denver, Teton, Teton Village, Boise, Salt Lake City, Sofreh, Brooklyn , NY, , New York, Hudson, Atomix , New York, NH, RI, Krasi, Boston, New Preston, Charlestown, Siu, Yunnan, The, MÄS, Ashland, Berlu, Gado Gado, Bocca Al Lupo, Juneau, Archipelago, KY, NC, TN, WV, Lexington, Bastion, Nashville, Charlotte, Decatur, Charleston, Lengua Madre , New Orleans, Homewood, Orlando, Springs, Cocina, Cocina al Fondo, San Juan, AZ, NM, Oklahoma City, Fruitland, Navajo Nation, Sandwich Hag, El Paso , TX, San Antonio ,, Seguin ,, City of Whitesburg

☆ Sri Lanka to remain on policy loosening course, next rate cut likely in August -analysts
▼ + stars: | 2023-06-02 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +3 min

Sri Lanka plunged into crisis last year as its foreign exchange reserves ran out, food and energy prices spiralled and protesting mobs forced the ouster of the country's then president. "With no inflation risk the central bank will cut rates aggresssively to push demand and target growth." The CBSL expects Sri Lanka's GDP to contract by 2% in 2023, slightly better than the 3% contraction predicted by the IMF. Five analysts backed CBSL and IMF estimates, two said Sri Lanka would perform better and one projected a steeper contraction of 4.8%. []Sri Lanka will begin rolling back import restrictions on 300-400 items from next week, as per a statement from the finance ministry which gave no further details.

Persons: CBSL, Dimantha Mathew, Kenji Okamura, Uditha Jayasinghe, Devayani, Swati Bhat, Toby Chopra Organizations: Sri, Citi Bank economists, International Monetary Fund, First, IMF, Thomson Locations: COLOMBO, Lanka's, Sri Lanka's, Sri Lanka, Colombo

☆ Central Bank of Sri Lanka governor says downward trend in inflation behind surprise rate cut
▼ + stars: | 2023-06-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCentral Bank of Sri Lanka governor says downward trend in inflation behind surprise rate cutNandalal Weerasinghe, governor of the Central Bank of Sri Lanka says surprise rate cut was 'corrective', to help support economic growth.

Persons: Weerasinghe Organizations: Email Central Bank of Sri, Central Bank of Sri Locations: Email Central Bank of Sri Lanka, Central Bank of Sri Lanka

[1/2] Staff members work at a packing section at a garment factory in Colombo after the International Monetary Fund's executive board approved a $3 billion bailout for Sri Lanka. The Central Bank of Sri Lanka (CBSL) cut its standing deposit facility rate and standing lending facility rate to 13% and 14%, respectively, from 15.5% and 16.5% previously. The central bank raised rates by a record 950 basis points last year to tame inflation and by 100 bps on March 3 this year. "There is a need to bring the interest rates down because the cost of government financing is high," said Udeeshan Jonas, chief strategist at equity research firm CAL. Sri Lanka secured a $2.9 billion bailout from the IMF in March and aims to complete restructuring debt talks by September, coinciding with the first review by the lender.

Persons: Dinuka, Udeeshan Jonas, Uditha Jayasinghe, Swati Bhat, Shri Navaratnam, Raju Gopalakrishnan Organizations: Staff, Monetary Fund's, Sri, REUTERS, Central Bank of Sri, Colombo, Monetary Fund, Reuters, CAL, Thomson Locations: Colombo, Sri Lanka, Lanka's, Central Bank of Sri Lanka

NEW YORK/LONDON, June 1 (Reuters) - A bill backed by debt justice campaigners and civil society groups advocating on behalf of economically distressed countries could alter past and future sovereign debt restructurings covered by New York state law - and Wall Street is watching. Senate Bill S4747, the NY Taxpayer and International Debt Crises Protection Act, "relates to New York state's support of international debt relief initiatives for certain developing countries." The initiative has so far failed to accelerate debt relief talks, while private creditors are not even formally included in this initiative. It would "bring badly needed improvements to the framework for resolving unsustainable sovereign debt burdens," according to Nobel Prize-winning U.S. economist Joseph Stiglitz. If this bill passes, "I would recommend issuers not go through New York law, (but) through London or any other jurisdiction," said Rodrigo Olivares-Caminal, professor of banking and finance law at Queen Mary University of London.

Persons: Bill S4747, Alexander Flood, Patricia Fahy, Kathy Hochul, Joseph Stiglitz, Rishikesh Ram Bhandary, THE BILL, Rodrigo Olivares, Caminal, Rodrigo Campos, Jorgelina, Karin Strohecker, Aurora Ellis Organizations: NY Taxpayer, Senate, Institute of International Finance, Paris Club, China, WHO, Economic, Initiative, Boston, Global, Policy, THE, Queen Mary University of London, Thomson Locations: New York, United States, Ukraine, Sri Lanka, Zambia, Rishikesh, London, Paris, Brazil, Argentina, Rosario

☆ James Beard Foundation, Whose Awards Honor Chefs, Is Now Investigating Them
▼ + stars: | 2023-05-31 | by ( Brett Anderson | Julia Moskin | ) www.nytimes.com time to read: +1 min

The chef Sam Fore received an ominous voice mail message this month from an unknown number. The caller identified himself as a private investigator working for the James Beard Foundation. Later that day, Ms. Fore found herself on a Zoom call, answering questions from him and another man. Ms. Fore is among the first subjects of an investigatory process created in 2021 as part of that overhaul. But in many ways she is the kind of chef the retooled awards are meant to recognize more fully.

Persons: Sam Fore, James Beard, Fore, “, ’ ”, Beard, Ms, Tuk Organizations: James, James Beard Foundation Locations: United States, Lexington, Ky, Sri Lankan

☆ Sri Lanka c.bank to hold rates as inflation stays high
▼ + stars: | 2023-05-30 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +2 min

COLOMBO, May 30 (Reuters) - Sri Lanka's central bank is expected to keep rates unchanged at its policy meeting this week as it continues to support the debt-laden economy amid persistently high inflation. Sri Lanka secured a $2.9 billion bailout from the International Monetary Fund (IMF) in March and aims to complete restructuring debt talks by September. Thirteen out of the fifteen analysts and economists polled by Reuters expect the Central Bank of Sri Lanka (CBSL) to hold benchmark rates steady on Thursday, at its fourth policy rate announcement this year. The central bank raised rates by a record 950 basis points last year to tame inflation and by 100 bps on March 3. The first review of its IMF programme is expected in September and Sri Lanka plans for it to coincide with the completion of debt restructuring talks with creditors.

☆ Should you check emails on vacation or face a ‘tidal wave’ of messages later? These CEOs have some ideas
▼ + stars: | 2023-05-22 | by ( Monica Pitrelli | ) www.cnbc.com time to read: +6 min

Should you check email on vacation or face a tsunami of messages once you're back at the office? An 'email intervention'Robinson launched an "Email Intervention Campaign" earlier this month to deal with issues like "vacation email panic," he told CNBC Travel. "I encounter tons of people who are burned out from email," said work-life speaker and consultant Joe Robinson. Robinson advises companies to create defined email policies, ideally ones which give workers permission not to check email on vacation. Don't respond (if you don't have to) Emails proliferate like rabbits, said Joe Robinson.

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