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Sri Lanka bailout conditional on tackling corruption: IMF
Sri Lanka bailout conditional on tackling corruption: IMF
Business and Economy
by  AFP

Sri Lanka must not allow entrenched corruption to undermine a bailout for its bankrupt economy, the IMF said Tuesday after signing off on a $3 billion loan for the crisis-hit nation. Peter Breuer, the IMF mission chief in Sri Lanka, said the government had agreed to enact tougher anti-corruption laws within months during the bailout negotiations.

Asian markets rebound as bank fears ease, Fed decision in view
Asian markets rebound as bank fears ease, Fed decision in view
Business and Economy
by  AFP

Asian markets bounced Tuesday from the previous day's rout, with lenders boosted by easing concerns of another financial crisis, while focus turned to the Federal Reserve's policy decision later in the week. In early Asian trade, Hong Kong rose with lenders HSBC and Standard Chartered well up, while Shanghai, Singapore, Seoul, Taipei, Manila and Jakarta were also in positive territory.

Sri Lanka: timeline of a crisis
Sri Lanka: timeline of a crisis
Business and Economy
by  AFP

The International Monetary Fund approved a $2.9 billion bailout deal for Sri Lanka on Monday, raising hopes for an easing of the island nation's dire economic crisis. - September 1: Bailout deal - The IMF announces a four-year, $2.9 billion bailout package, conditional on a deal between the government and its creditors to restructure its borrowings.

US government seeks to avoid 'bailout' label amid banking turmoil
US government seeks to avoid 'bailout' label amid banking turmoil
Business and Economy
by  AFP

US authorities may have taken extraordinary steps in recent weeks to assure depositors of failed lenders Silicon Valley Bank and Signature Bank, but they are avoiding parallels with bailouts of the 2008 crisis -- which have been criticized. The way the 2008 crisis was managed had provoked criticism, given rise to the Occupy Wall Street movement, and fuelled resentment towards banks.