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Sri Lanka at high risk of a currency crisis, warns top Japanese bank - newsfirst.lk - Japan - Sri Lanka - Pakistan - Turkey - Hungary - Romania - Egypt - Czech Republic
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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.
Sri Lankans - Migrant Rescue: Sri Lankans were in a Myanmar-flagged trawler - newsfirst.lk - China - Japan - Sri Lanka - Canada - Libya - Cuba - Turkey - Vietnam - Haiti - Burma - city Ho Chi Minh City
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Migrant Rescue: Sri Lankans were in a Myanmar-flagged trawler
COLOMBO (News 1st) – In an unusual rescue operation in the South China Sea on Monday (7) , a migrant vessel attempting to make a transpacific voyage was rescued off the coast of Vietnam.More details about this dramatic rescue have surfaced following revelations made by the Vietnamese media.Migrant vessels are frequently rescued off Cuba, Haiti, Libya and Turkey, but these are generally small, improvised craft on regional journeys. The Myanmar-flagged trawler Lady R3, saved by a good samaritan ship off the coast of Vietnam yesterday, was none of these things. This substantial steel-hulled fishing vessel was attempting to make it all the way from Myanmar to Canada – another 6,000 nm away on a Great Circle route  – in order to deliver more than 300 Sri Lankan nationals to a new country. Vietnamese authorities in the southern province of Ba Ria-Vung Tau, in coordination with representatives from the Sri Lankan Consulate General in Ho Chi Minh City, have welcomed more than 300 Sri Lankans who were saved by a Japanese freighter, after their boat faced a serious incident in the waters off the Vietnamese town.No injuries were reported, and Helios Leader transited to Vung Tau's sea buoy in order to meet up with the Vietnamese Coast Guard and transfer the survivors.At 8:30 p.m.
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