economics

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Market Soars On Congress Victory

John Authers, investment editor for the Financial Time, wrote:

"True surprises for markets are rare. Monday’s rise of 17 per cent in India’s benchmark Sensex stock index was an exception. It is plain that the market is very happy that the ruling Congress party won a smashing victory in parliamentary elections, which should now give it much greater freedom of political manoeuvre."

Sri Lanka rupee, shares down on IMF loan doubt

Article Date: 
13 May 2009

Sri Lanka's rupee and stock market .CSE fell on Wednesday on concern over doubts on a $1.9 billion International Monetary Fund (IMF) loan after a British minister hinted at withholding it to punish Sri Lanka...

However, the Central Bank Governor Ajith Nivard Cabraal told Reuters the views expressed by individuals were political speculation.

Article Source: 
Reuters

Bangladesh plans to cut 10 per cent jobs to clip spending

Article Date: 
1 May 2009

Bangladesh has decided not to make fresh recruitment against the 10 per cent vacant posts in government sector to curtail public spending in view of the global recession.

"The government takes the decision on jobs cut prompted by the logic of saving the public resources," Finance Minister AMA Muhith said at a function yesterday, a day after a government circular disclosed the plan.

Article Author: 
Anisur Rahman
Article Source: 
PTI

Sri Lanka Lowers Interest Rates Ahead of IMF Bailout

Article Date: 
22 Apr 2009

Sri Lanka’s central bank reduced interest rates for the fourth time in as many months to bolster an economy growing at the weakest pace since 2001.

The Central Bank of Sri Lanka cut the repurchase rate to 9 percent from 10.25 percent and lowered the so-called penal rate to 13 percent from 14.75 percent, according to a statement on the bank’s Web site today. The Colombo-based central bank left its reverse repurchase rate unchanged at 11.75 percent.

Article Author: 
Kartik Goyal
Article Source: 
Bloomberg

Bangladesh's Remittance Flow Records Over 27 Percent Growth

Article Date: 
3 Mar 2009

Bangladesh expatriates sent home a record $6.148 billion in remittances during the first eight months of the current fiscal year, marking a 27.01 percent growth over the same period of the last fiscal year.

"The flow of remittances is still at a satisfactory level," a senior official of the Bangladesh Bank (BB), the country's central bank, told AHN Media in Dhaka on Tuesday.

The BB official also said that the total amount of remittances dropped slightly in February over that of the previous month due mainly to fewer working days.

Article Author: 
Siddique Islam
Article Source: 
AHN

Nepal mulls lifting ban on job-seeking in Lebanon

Article Date: 
4 Mar 2009

BEIRUT: Nepal's Foreign Employment Promotion Board has recommended the government lift its suspension on granting work permits to Nepali job-seekers in Lebanon, Nepal's news website My Republica reported on Tuesday. "The board's meeting held on Tuesday made the recommendation on the grounds that the security situation for migrant workers in Lebanon improved," the website said.

Article Source: 
Daily Star

Pakistan’s growing reliance on remittances amid political instability

Article Date: 
18 Jan 2009

Remittances to Pakistan rose by 24.0% year-on-year in July-November 2007, demonstrating the importance of the emigrant community. Remittances in fiscal year 2006/07 reached 4.3% of GDP. This has helped Pakistan's economy to remain relatively resilient to political turbulence. Since a growing amount of remittances come from the Middle East rather than the USA, this should provide some insulation in the event of a slowdown in the US economy.

Article Author: 
Media Eghbal
Article Source: 
Euromonitor International

Mutinous Bangladeshi Border Guards Agree to Surrender

Article Date: 
25 Feb 2009

Disgruntled border guards who went on a shooting spree against their superiors in the crowded Bangladeshi capital of Dhaka on Wednesday agreed to surrender after the government promised amnesty, officials said. At least five people were killed and more than 20 were injured, police said. The guards were apparently motivated by demands for higher pay and better living conditions.

Article Author: 
Emily Wax
Article Source: 
Washington Post

Governor Jindal Turns Down Stimulus Money For Unemployment Insurance

He fears that the money will run out in three years.

"We must be careful and thoughtful as we examine all the strings attached to the funding in this package. We cannot grow government in an unsustainable way."

Prudence -fair enough; but dear prudence, won't you open up your eyes?.  If you were going to be careful and thoughtful wouldn't you a) not decide to be the first of 50 people to turn something down b) not provide a transparent ideological response to it that makes very little sense?  Or to put it more succinctly: @#$@#%#@%@$#%. 

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