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Sri Lanka at high risk of a currency crisis, warns top Japanese bank

COLOMBO (News 1st) – Sri Lanka is among the seven countries with a high risk of a currency crisis, warned Nomura Holdings, Japan’s top brokerage and investment bank.The other countries are  Egypt, Romania, Turkey, the Czech Republic, Pakistan, and Hungary.According to Reuters, the Japanese bank said that 22 of the 32 countries covered by its in-house "Damocles" warning system have seen their risk rise since its last update since May, with the largest increases in the Czech Republic and Brazil.It meant the sum of the scores generated on all 32 by the model had increased sharply to 2,234 from 1,744 since May."This is the highest total score since July 1999 and not too far from the peak of 2,692 during the height of the Asian crisis," Nomura economists said, calling it "an ominous warning sign of the growing broad-based risk in EM currencies".The model crunches 8 key indicators on a country's FX reserves, exchange rate, financial health and interest rates to give an overall score.Based on data from 61 different EM currency crises since 1996, Nomura estimates that a score above 100 indicates a 64% chance of a currency crisis in the following 12 months.Egypt, which has already devalued its currency heavily twice this year and sought an International Monetary Fund (IMF) programme, now generates the worst score at 165.Romania is next on 145 having been propping up its currency with interventions.

Default-stricken Sri Lanka and currency crisis-regular Turkey both generate scores of 138, while the Czech Republic, Pakistan and Hungary notch 126, 120 and 100 respectively.Nomura also ran the Damocles model on the G7 group of leading economies, with the results showing that all but Japan now have Damocles scores above the 100

. economy crisis Reuters
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Sri Lanka, India abstain on UN resolution calling on Russia to make reparations to Ukraine - newsfirst.lk - China - Iran - India - Indonesia - Sri Lanka - Nepal - Israel - Pakistan - Russia - Bangladesh - Bhutan - South Africa - Cuba - Brazil - city Moscow - North Korea - Syria - Egypt - Belarus - Ukraine
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Sri Lanka, India abstain on UN resolution calling on Russia to make reparations to Ukraine
COLOMBO (News 1st) – Sri Lanka, India and several other countries abstained from voting on a draft resolution approved by the UN General Assembly that recognised that Russia must be responsible for making reparations to Ukraine.The draft resolution, ‘Furtherance of remedy and reparation for aggression against Ukraine’, introduced by Ukraine, was adopted on Monday (14) in the 193-member UN General Assembly by a recorded vote of 94 in favour, 14 against and 73 abstentions, including by India, Bangladesh, Bhutan, Brazil, Egypt, Indonesia, Israel, Nepal, Pakistan, South Africa and Sri Lanka.Those voting against the resolution were Belarus, China, Cuba, North Korea, Iran, Russia and Syria.General Assembly resolutions are non-binding, but they carry political weight.The resolution, co-sponsored by nearly 50 nations, recognised that Russia “must be held to account for any violations of international law in or against Ukraine, including its aggression in violation of the Charter of the United Nations, as well as any violations of international humanitarian law and international human rights law, and that it must bear the legal consequences of all of its internationally wrongful acts, including making reparation for the injury, including any damage, caused by such acts.” In March, 141 members of the General Assembly voted to denounce Russia’s invasion, and 143 in October voted to condemn Moscow’s attempted annexation of parts of Ukraine. India had also abstained on those two votes.
Pandemic alone increased Sri Lanka’s poverty by 27%, reveals CRI Index - newsfirst.lk - India - Sri Lanka - Nepal - Pakistan - Bhutan - Afghanistan - Nigeria - Yemen - Uganda - South Sudan
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Pandemic alone increased Sri Lanka’s poverty by 27%, reveals CRI Index
COLOMBO (News 1st) – The 2022 Commitment to Reducing Inequality (CRI) Index, a report released by OXFAM highlights that the pandemic alone has increased Sri Lanka's poverty by 27%.The report, which is the first detailed analysis looking at Governments' policies and actions to fight inequality during the first two years of the pandemic, presents an analysis of spending, tax and labour policies and actions of 161 governments during 2020–2022.In comparison with neighbouring countries, Sri Lanka has placed 111th in the report, while other countries include Nepal (112th), Bhutan (116th), India (123rd), Pakistan (126th), and Afghanistan (138th) out of the total 161.Two years ago, Sri Lanka ranked in 94th position among 158 countries in the 2020 Commitment to Reducing Inequality (CRI) Index, and in comparison with this year, has gone down 17 places.The report highlights that Sri Lanka is the sixth lowest public services spender out of 161 countries and has been cutting the already low health and education budget shares by one-fifth each since 2019, due to a growing debt crisis which is absorbing 60% of the country's budget.The other countries that have ranked as low as Sri Lanka in public spending includes South Sudan, Timor Leste, Nigeria, Afghanistan, Uganda, Nepal and Yemen.
Sri Lanka rejects resolution at the UN Human Rights Council - newsfirst.lk - China - South Korea - Japan - Usa - Sri Lanka - Germany - Britain - Pakistan - Canada - Cuba - Brazil - county Geneva - Venezuela - Malawi - Bolivia - Uzbekistan - Macedonia - Montenegro - Eritrea
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Sri Lanka rejects resolution at the UN Human Rights Council
​COLOMBO (News 1st) – Sri Lanka categorically rejected resolution A/HRC/51/L.1 (Rev.1) titled "Promoting reconciliation, accountability and human rights in Sri Lanka" tabled by the United Kingdom, Canada, Germany, Malawi, Montenegro, North Macedonia, and the United States, which was adopted by a vote at the Human Rights Council (HRC) in Geneva, on Thursday (6).Sri Lanka's Minister of Foreign Affairs Ali Sabry delivered the statement on behalf of Sri Lanka as the country concerned and called on the Members of the Council to reject the resolution by voting against it.In support of Sri Lanka’s position opposing the resolution, the delegation of Pakistan called for a vote. Over half of the members of the Council did not support the resolution with 07 countries (Bolivia, China, Cuba, Eritrea, Pakistan, Uzbekistan and Venezuela) voting against the resolution and 20 countries abstaining on the vote. 20 countries voted in favour of the resolution.Representatives of Pakistan, Brazil, China, Venezuela, Japan and Republic of Korea made statements in support of Sri Lanka prior to the vote.Pakistan said that they share the concerns of Sri Lanka and other Member States that the resolution is intrusive and this level of scrutiny would not be even acceptable to any sovereign state including the Core Group.
Elizabeth Ii Queenelizabeth (Ii) - Queen’s death prompts calls to return ‘stolen’ diamonds in crown jewels - globalnews.ca - China - Iran - India - Britain - Pakistan - Afghanistan
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Queen’s death prompts calls to return ‘stolen’ diamonds in crown jewels
Queen Elizabeth II‘s death, calls are now being made for the monarchy to release several diamonds currently featured in the British crown jewels.The Kohinoor diamond, also known as Koh-i-noor or Koh-i-Nûr, the Great Star of Africa and the Second Star of Africa diamonds are often seen as symbols of imperialist history. Chinese delegation barred from Queen Elizabeth’s lying in state: report The 105-carat Kohinoor diamond is one of the largest cut diamonds in the world, and was originally mined in India thousands of years ago.The monetary value of the diamond is unclear, though it is startling in both size and sparkle.Despite the diamond’s complicated and mysterious history — and many owners who lay claim to it across India, Pakistan, Iran and Afghanistan — it now adorns a crown created for Queen Elizabeth The Queen Mother to wear during her coronation as queen consort in 1937.The diamond had previously been worn as a brooch by Queen Victoria and was also included in the crowns of Queen Alexandra and Queen Mary.The Kohinoor diamond is on display, still set in Queen Elizabeth The Queen Mother’s crown, at the Tower of London.There are reports that Camilla, the Queen Consort, will wear the crown at King Charles’ coronation, but that is yet to be seen.In 2016, the Indian Culture Ministry called for “all possible efforts” to return the Kohinoor diamond to India.
Pakistan guided missile frigate heading to Colombo - newsfirst.lk - China - India - Sri Lanka - Cambodia - Malaysia - Pakistan - Bangladesh - city Shanghai - city Karachi
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Pakistan guided missile frigate heading to Colombo
COLOMBO (News 1st); Sri Lanka has allowed permission to the Chinese built-Pakistani guided missile frigate PNS Taimur to make a port call at Colombo while on its way to join the Pakistan Navy in Karachi. Build by Hudong-Zhonghua shipyard in Shanghai, the warship is on its maiden voyage to Pakistan while exercising en-route with Cambodian and Malaysian navies. The ship is expected to be at Colombo port from August 12-15, 2022.Pakistan Navy Ship (PNS) Taimur visited Malaysia and participated in a bilateral exercise called MAL-PAK IV.While Sri Lanka gave permission to the Pakistani guided missile frigate to make a port call at Colombo, it is understood that the ship was denied a permission to make a port call at Chattogram port by the Sheikh Hasina government from August 7-10 after making a port call at Lumut port in Malaysia.According to diplomatic sources, India’s close ally Bangladesh denied permission to PNS Taimur as August is a month of mourning for Sheikh Hasina as her father, Sheikh Mujib-ur-Rehman also fondly called Bangabandhu, was assassinated by Pakistan instigated and Jamait-e-Islami inspired radical Islamist forces on August 15, 1975.Prime Minister Sheikh Hasina is scheduled to make a trip to India in the first week of September and along with PM Modi will launch the jointly developed 1320 Mega Watt Maitree Super Thermal Power Project at Rampal in Khulna sub-division.PNS Taimur, the second of the four Type 054 A/P frigates build in China, was commissioned on June 23, 2022.
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