Sri Lanka's migrant labour keeps economy afloat

Tuesday, 31 January 2012 10:48

Source: Bankok Post

'The old order changeth yielding place to new," said the 19th century poet Alfred Lord Tennyson in his poem on the death of King Arthur. The context might be entirely different but the words seem apposite to describe the metamorphosis in Sri Lanka's economy in the 64 years since independence.

When Ceylon (now Sri Lanka) gained independence from the British in February 1948 _ a year after India and Pakistan and one month after Burma _ it inherited a colonial economy.

Read more: Sri Lanka's migrant labour keeps economy afloat

Vietnam yet to best use overseas remittances

Monday, 30 January 2012 12:58

Source: Tuoitrenews

Overseas remittances have increased steadily for Vietnam in recent years, but the country is yet to have policies to attract this resource of capital for economic development.

Over the past 2 years, Bui Van Quang, a Vietnamese mechanic working in South Korea, has sent an average US$15,000 annually to his family in the rural area of the northern province of Hai Duong.

Quang says the sum has been used to repay debts, buy a piece of land and gold for savings and help some relatives.

Quang is among 400,000 Vietnamese guest workers abroad.

Read more: Vietnam yet to best use overseas remittances

Immigrant workers leave struggling Spain

Saturday, 19 November 2011 10:31

Source: CNN.com
By: Brian Byrnes

For Laura Dominguez, nothing tastes more like home more than mate tea and dulce de leche, both typically Argentine flavors that she missed during the eight years she lived in Spain.

In June, Dominguez, 36, moved back to Argentina because the economic situation in Spain was so dire that she didn't see strong prospects there for herself or her three young daughters.

Read more: Immigrant workers leave struggling Spain

Expats nervous about remittances as dollar dips

Wednesday, 17 August 2011 12:11

Source: Khaleej Times
By: Deepa Narwani

The fall in the US dollar in the past few weeks has left in its wake a feeling of confusion about investments and remittances.

Due to the ongoing uncertainty, the US dollar has been losing ground against major world 
currencies.

Lalit Kumar, an expat said: “The last time I sent back money was in March and in this climate there is no point in sending money back home. It is better for the tides to change and hold onto remittances for now. Making an investment now would be a big risk.”

Read more: Expats nervous about remittances as dollar dips

EBRD: Central Asia on 'firm recovery path'

Tuesday, 16 August 2011 15:09

Source: Trend

The Central Asian republics are on a "firm recovery path" following the 2009 global financial crisis, the European Bank for Reconstruction and Development (EBRD) said in a Friday report, Central Asia newswire reported.

In its "Regional Economic Prospects in EBRD Countries of Operation: July 2011" report, the bank attributed much of that recovery on the economic and fiscal policies taken by Russia and Kazakhstan, which in turn have benefited neighboring states.

Read more: EBRD: Central Asia on 'firm recovery path'

Interest rates must rise worldwide, says BIS

Monday, 27 June 2011 09:03

Source: BBC

The BIS warned low cost of borrowing had resulted in a credit and property price boom that was fuelling inflation, especially in emerging economies.

Central banks across the globe have cut interest rates in an attempt to boost growth after the 2008 financial crisis.

Read more: Interest rates must rise worldwide, says BIS