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Sri Lanka shortage agency likely to relax price controls on LPG, wheat flour, milk
Friday October 8, 2021 7:27 am
Friday October 8, 2021 7:27 am
ECONOMYNEXT – Sri Lanka’s Consumer Affairs Authority which creates shortages with price controls as the central bank prints money and triggers forex shortages, is likely to raise the controlled prices of several goods which have disappeared from shelves, report said.
A meeting of ministers with President Gotabaya Rajapaksa on Thursday night a decision was taken to remove the current price controls on LPG, wheat flour and cement and ask the price control agency to revise them.
The CAA had previously requested milk powder controlled price to be raised by 200 rupees a kilogram, a cooking gas cylinder by 550 rupee and a sack of cement by 50 rupees reports said.
However it is not clear whether these numbers are sufficient to cover the costs. The CAA usually decides on a price based on their own calculations and suppliers have previously not been able to buy the goods or find dollars.
Sri Lanka has severe foreign exchange shortages after interest rates were suppressed with printed money, creating foreign exchange shortages at a fixed price in the official market and depreciating the currency (dollar price rises like milk) in the unofficial market.
Money is printed also to pay state worker salaries who are on full salary, unlike private workers who are on pay cut amid a Coronavirus pandemic. State workers are therefore able to appropriate goods on the shelves before private citizens can.
“But as prices of goods begin to rise in response to the higher quantity of money, those who haven’t yet received the new money find the prices of the goods they buy have gone up, while their own selling prices or incomes have not risen,” explains Murray Rothbard, a US economist who played a part in taming the Fed and educating members of the public on the dangers of un-anchored monetary policy.
“In short, the early receivers of the new money in this market chain of events gain at the expense of those who receive the money toward the end of the chain, and still worse losers are the people (e.g., those on fixed incomes such as annuities, interest, or pensions) who never receive the new money at all. Monetary inflation, then, acts as a hidden “tax” by which the early receivers expropriate
(i.e., gain at the expense of) the late receivers.”
The US Fed is again running un-anchored policy printing large volumes of money to ‘create jobs’ firing what a Powell Bubble, pushing up food, oil, base metals prices.
Sri Lanka has a large public sector which is expanded every year with unemployed graudates, who cannot get a job in growth creating sectors and demand tax money to take home by engaging in fast in front of the main railway station in the capital Colombo.
Last year 53,000 graduates who have to be given 12.7 billion rupees as wages over 12 months which is about 63 million US dollars.
The money printed against Treasury bills operate like a invasion currency (military scrip) creating massive hardships for private citizens and for every one else as time goes on.
The Japanese issued occupation currency to buy food and other stuff in countries that they invaded in Asia creating food shortages and surges in rice prices. Occupation scrip known as Mickey Mouse Money in the Philippines and Banana Money in Malaya.
“Singapore’s first Finance Minister and Governor of the Monetary Authority was paid in depreciated Banana money during Japanese occupation,” says EN’s economics columnist Bellwether.
“In addition to his knowledge of classical economics having studied at LSE instead of Cambridge he had mentioned this to fellow leaders of Singapore. So he created created an currency board without a policy rate. instead of a money printing central bank as soon as Singapore separated from Malaysia.”
The British also honored previous money as soon as the Japanese were driven out.
New money created by the central bank and given to state workers or government contractors and their workers, go from the shop owner to the wholesaler, from the wholesaler to the Pettah import trader who then uses the rupees to buy foreign exchange and replace his depleted stock.
However because the new money had been created against Treasury bills bought by the central bank from failed bill auctions and not dollars bought into reserves, the central bank runs out of reserves on a net basis when convertibility is provided at the pegged rate.
Newly re-appointed central bank governor Nivard Cabraal has allowed interest rates to go up in a bid to reduce money printing and make the government borrow real savings using money already in the system.
However budget deficits are large after tax cuts, pushing up the clearing price for bonds.
Analysts and economists have called for central bank reform to curb its ability mis-used its independence and to print money to boost growth and create forex shortages and balance of payments crises in the process.
However there may be also be a possibility of prosecuting the Monetary Board for printing money to push growth considerations and violating its mandate under section 5 (a) of the Monetary Law Act without any changes to the existing Law.
Over several decades Sri Lanka’s parliament has undermined monetary stability by bringing ad hoc changes to the law including Section 88 subsections to undermine rule based monetary policy.
Fortunately the current administration did not enact a law brought by the last administration
The central bank has released 50 million US dollars to importers to clear several hundred containers stuck at port Governor Cabraal has said.
To enforce an overnight policy rate at 6.0 percent the central bank has to print money (about 12 billion rupees) after releasing the money (sterilize the intervention) preventing the credit system from adjusting to transfer of real wealth out and replacing with new paper money.
The overnight policy rate is also a price control, which is enforced with unlimited creation of paper money, leading to dollars shortages or ‘rationing of dollars’.
To stop the exchange rate from collapsing the central bank has to allow liquidity to decrease when dollars are sold, which is known as a unsterilized foreign exchange sale.
In other worlds to provide dollars for every rupee that hits the forex market (provide convertibility) at the promised exchange rate (convertibility undertaking) the monetary authority has to limit its note issue (reserve money).
If it wants to control reserve money at its discretion with a policy rate usually by pegging to an inflation index (inflation targeting) it has to suspend convertibility of the existing rupee money supply (float the rupee) and not give dollars for imports.
However it will also only work if bond auctions do not fail and Treasury does not overdraw state banks with central bank re-finance money. (Colombo/Oct08/2021)
How much does it cost to make a window seat?
How much does it cost to make a window seat?
How much does it cost to build a window seat UK? Costs for basic window seats start from around £1700, excluding the costs of cushions which start from around £60 per individual square. There are companies that specialise in making window seat cushions and there are different levels of softness or hardness for the foam that is used.
How much does a custom made bench cost? You can expect to pay around $500 for a smaller built-in bench and up to $2,000 for a custom bench with a lift top and storage. Keep in mind if you add a cubby or locker to the top half of the bench, costs start at around $5,000.
Are window seats comfortable? Relax a While
It’s no wonder window seats are often the most loved element in a home. They offer comfort—especially with a thick cushion on top—and views to the outdoors. They create a sense of coziness and security, thanks to the niche that defines a window seat.
How much does it cost to make a window seat? – Related Questions
What is a window seat in a house called?
A window nook or alcove is a great way to add extra seating, as well as personality, to a room. As the name implies, the window nook can be the perfect spot for relaxing while enjoying the view. A window seat within a large kitchen is the perfect place to seat guests when entertaining.
Should I put my bed in front of the window?
It’s Totally Okay to Put Your Bed Up Against the Window (& Here’s How To Make it Look Awesome) Most people will do anything to avoid situating their bed underneath a window. While a headboard is great, in front of a window it can often block out precious light, especially if there are no other windows in the room.
Are window seats a good idea plane?
In an era when people are going to want as much privacy as possible when flying, there’s no denying that the window is the best for that. Aside from the fact that you’re farther away from others while flying, you’re much more likely to avoid other people during the boarding and deplaning process.
How tall should a window seat be?
I have found that a finished height of 19 inches off the finished floor is ideal for most window seats. The window seat depth from front to back is also important. Make it too shallow or deep and it can be uncomfortable. The preferred depth should fall somewhere between 17 and 22 inches.
Can you build a window seat over a radiator?
You can free up some space in a small room by building a window seat over one of your radiators. Building your very own window seat isn’t as difficult as you might first think. With the right tools, materials, and a bit of patience you can construct a professional-looking window seat in under a day.
How much is a custom made bed?
A standard bed can typically cost as little as $400 and usually not more than $2,000, and a custom-made bed will be no less than $1,800 and can reach upwards of $5,000. The price will vary depending on the type of wood you select, whether you want it upholstered or not, and the size and complexity of the project.
How much would a custom desk cost?
Given the multiple factors involved in building custom furniture, the average cost in the US to commission a piece of custom furniture is $2,600*. But that average price can be deceiving as costs range $200 to $12,000. The largest factors determining price are wood species, design, size, build quality and warranty.
How much do banquettes cost?
Having banquette seating custom-built can cost a pretty penny. This is especially true when it is done by a skilled carpenter or craftsman. Depending on the materials used, features added, and the finish, banquette seating can cost anywhere from $1,500-$8,000 or more.
Should you place furniture in front of a window?
As a general rule, you want to avoid putting things in front of windows as much as possible. If you absolutely must place furniture in front of windows, make sure you maximize the remaining natural light through the use of mirrors, reflective surfaces, and a smart lighting plan.
What is a window seat on a plane?
Occasionally, aircraft with a seating structure of 2+2 may letter the seats as “ACDF” to keep with the standard of A/F being window and C/D being aisle on short-haul aircraft (which generally have 3+3 seats).
Can you sit in a bay window?
Bay windows are designed to protrude farther from your home. Because bay windows protrude farther, you can design a beautiful window seat inside your house. A great spot to read a book, or just sit and relax. (You know how much we love The Window Seat.)
What is a window sofa called?
A window seat is a miniature sofa without a back, intended to fill the recess of a window.
Is sleeping next to a window bad?
When your bed is placed underneath a window, it may create challenges for those sleeping in the bed. When there is a window behind the bed, there is less security because a window is more fragile and, often, operable, which makes you feel less safe while you’re at rest.
Which direction should a bed face?
Ideally, when sleeping, your head or the head of the bed, should be facing North. North represents quieting the mind, allowing self-introspection and promotes the warm, restorative, safe feeling that comes with a time of deep sleep or hibernation.
Is it bad luck to put your bed facing the door?
Never Let your Bed Face a Door
Feng Shui experts explain that your bed facing a door (be it the main bedroom door or a balcony door) is bad luck because the door will “pull” your energy away from you as you sleep.
Is aisle or window seat safer?
This activity helps pinpoint the safest places to sit. The passengers who were least likely to get up were in window seats: only 43 percent moved around as opposed to 80 percent of people seated on the aisle.
Is window seat better or aisle?
Passengers who prefer the aisle seats say it’s better because they have easy access to the restrooms, the possibility of a little extra legroom, and they’re first to exit the aircraft. Window proponents say a view and a fuselage to sleep against make theirs the superior choice.
Where should I sit on a plane with anxiety?
A former EasyJet cabin crew member has revealed that the best place to sit if you’re a nervous flyer is as close to the front of the plane as possible. “If you’re a nervous flyer or feel uneasy with turbulence, then sit as close to the front of the plane as possible.
What is the standard height of window from the floor?
Standard windows are three feet from the floor and about 18 inches from the ceiling. This is not an exact or precise rule, and there is some room for variety.
Can you build a bench around a radiator?
Radiator cover benches are a great way to transform a room, concealing a radiator and increasing potential storage space. Store everything from games and shoes to spare blankets, pillows and cushions, out of sight and ready for the colder weather.
Can you sit on Ikea cabinets?
Since the IKEA cabinets are only 15″ tall, and a standard chair is 18-20″ high, you’ll need to raise up the cabinets by 3-4″ to get them to the right height for sitting. A 2×4 turned up (technically 3.5″ tall on edge) is the perfect way to prop them up and give them a stable and level surface to install on.
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North American Morning Briefing: Stock Futures Slip as Investors Weigh Debt Ceiling, Evergrande
U.S. Factory Orders for August; Canada Building Permits for August; Federal Reserve Bank of Dallas President Robert Kaplan discussion with GMO LLC co-founder Jeremy Grantham.
Stock futures edged down, as bond yields ticked up and investors weighed continued uncertainty about the debt ceiling and indebted property developer China Evergrande Group.
Tesla shares rose 1.7% in premarket trading after the auto maker reported record deliveries in the third quarter. Merck climbed more than 3%, suggesting an extension of Friday’s gains into a second trading session, after the pharmaceutical company said its antiviral pill was effective against Covid-19 in a late-stage trial.
Investors are watching negotiations in Congress closely, as lawmakers debate the debt ceiling ahead of a deadline this month to raise it so the government can pay its bills.
Meanwhile, Democrats are considering scaling back the next spending package to improve its chances of being passed. The Biden administration is also set to unveil its China trade policy following a review of import tariffs.
«You’ve got a combination of uncertainty out of D.C., continued headlines out of China about Evergrande and against a backdrop where you’ve seen bond yields rise,» said David Stubbs, global head of investment strategy at J.P. Morgan Private Bank. «This should all eventually be manageable but this is the problem with policy uncertainty, especially about the world’s two largest economies.»
Shares of China Evergrande and its property-management unit halted trading in Hong Kong on Monday. The subsidiary said it was pending an announcement about a possible takeover bid.
Another Chinese developer, Hopson Development, also halted its shares. It said this was pending an announcement about a transaction involving an unnamed Hong Kong-listed target company.
«While this could provide some shorter-term funding, markets are still going to question what the longer-term picture is for the company,» said Kiran Ganesh, a multiasset strategist at UBS Asset Management. Evergrande carries more than $300 billion of liabilities that investors think it is unlikely to pay.
Overseas, the pan-continental Stoxx Europe 600 declined 0.5%, led lower by technology stocks. Volvo Cars is completing plans for an initial public offering that may value the auto maker as much as $25 billion, The Wall Street Journal reported.
In Asia, most major benchmarks pulled back. Markets in mainland China are closed until Friday for the Golden Week holiday.
The recent rally in the U.S. dollar «appears to have taken a pause,» in line with a stabilization in U.S. Treasury yields, but lingering uncertainties could reignite risk aversion and lift the safe-haven currency back up, said UniCredit.
«Market signals remain quite mixed as risk aversion continues, and equities remain volatile,» it said.
Monthly U.S. jobs data Friday are also expected to show further job creation in September. Investors will evaluate these not only in terms of the Federal Reserve’s tapering plans but for indications on whether interest rates could start to rise in late 2022 rather than 2023, as some policymakers favor, the bank said.
MUFG Bank raised its year-end dollar forecast after the Fed recently indicated it was closer to reining in stimulus. It now expects EUR/USD to fall to 1.15, from 1.1620 at present, compared to its previous forecast of 1.20.
«The Fed is now planning a faster pace of policy normalization than we had previously expected,» MUFG currency analyst Lee Hardman said. «The Fed has sent a clear signal that it will announce quantitative easing tapering plans ‘soon’ which most likely means at their next meeting on 3rd November.»
The dollar’s safe-haven status means it should also continue to benefit from the deteriorating global growth outlook as supply constraints are proving more persistent, Hardman said.
The yield on the benchmark 10-year Treasury note ticked up to 1.482% Monday, from 1.464% on Friday.
An important consequence of an approaching tapering of asset purchases by the Fed in the Treasury market will be the reopening of relative value opportunities, said Morgan Stanley.
The back end of the yield curve, including the eight- to 10-year maturity bucket, as well as the 20- to 30-year maturity segment, «stand out as sectors in which relative value opportunities are increasing,» said strategists Guneet Dhingra and Kelcie Gerson.
Unless there is a marked deterioration within Friday’s payrolls report, this will likely be the catalyst to cement the November taper by the Fed, barring an exogenous or market shock, said Jim Reid, a strategist at Deutsche Bank.
Apart from that, investors will also increasingly focus on the U.S. debt-ceiling deadline, whilst Congress simultaneously grapples with the infrastructure bill and the reconciliation package, he said.
At its September meeting, the Fed signaled a planned start to tapering for November, and it also indicated that interest rates may start to rise during 2022.
UniCredit sees more room upward in Treasury yields than in eurozone government bond yields, with the expected increase in the former to be driven primarily by rising real rates.
UniCredit expects the upward momentum in eurozone government bond yields to slow as inflation compensation doesn’t have much space left, said Michael Rottmann, head of fixed-income strategy.
«One of the most pressing questions after the quick increase in euro-area yields is whether European Central Bank rhetoric might heat up in the weeks ahead,» he said.
Oil prices were flat in early European trade. With Chinese markets closed for the public holiday, liquidity has been low in Asia.
Traders in Europe and the U.S. await clarity from OPEC+, which meets later, on whether it will stick to plans to relax production curbs by 400,000 barrels next month or go further in light of the rapid tightening in energy market supply initially caused by a supply crunch in the natural gas market.
A larger-than-planned production increase will likely put pressure on oil prices, said ING’s Warren Patterson. He pointed to Chinese and European data showing that LNG imports are higher and inventories lower than at the same time last year.
Gold prices ticked lower, tracking rises in bond yields, which weaken the case for the precious metal. Speculative investors have continued to reduce their gold holdings as they get ready for the Federal Reserve’s tapering, said TD Securities.
While gold’s price action has been lackluster, the fact that investors have already offloaded a lot of their gold holdings suggests prices shouldn’t drop much further, the bank said.
«With investment flows already reduced, a cleaner positioning slate suggests the weak price action will not turn into a rout. Fears of stagflation are growing ever stronger, which could once again spur interest in precious metals down the road,» TD said.
Base-metals prices were posting mixed, limited moves amid low volumes as Chinese traders are missing from the market. Three-month copper on the LME ticks up 0.3% to $9,180 a metric ton.
Trading has been quieted by the absence of Chinese traders who are observing a weeklong national holiday. The outlook for metals has been hit by China’s power shortages, which threaten to reduce demand just as the world’s second-largest economy is slowing.
«Widespread power shortages in China and the debt crisis within the property sector, together with regulatory risks and anti-pollution measures, have reduced industrial activity, thereby potentially lowering the short-term demand outlook for copper and other metals such as nickel, tin and zinc,» said Ole Hansen, head of commodity strategy at Saxo Bank.
TODAY’S TOP HEADLINES
China Evergrande Unit Flags Possible Takeover Bid
The $7 billion property-management unit of ailing developer China Evergrande Group said it could be the subject of a takeover bid, a deal that could bring in much-needed cash for its parent company.
Shares in both Evergrande and its management arm, Evergrande Property Services Group Ltd., were halted in Hong Kong on Monday. The subsidiary said the halt was pending an announcement concerning «inside information and a possible general offer for the shares of the company.»
Swiss Police Raid Credit Suisse as Part of Greensill Investigation
Swiss police raided Credit Suisse Group AG offices last week, the bank said, as part of an investigation into collapsed finance firm Greensill Capital.
Greensill’s failure in March hammered the Swiss bank. Credit Suisse ran $10 billion in investment funds that financed Greensill’s supply-chain finance lending programs. Credit Suisse has recovered around $7 billion of the $10 billion invested in Credit Suisse-Greensill funds so far.
Volvo Cars Is Completing Plans for IPO in Stockholm
Volvo Cars, the Swedish auto maker owned by Zhejiang Geely Holding Group Co. of China, is completing plans for an initial public offering and is set to announce details of the listing as early as Monday, in a deal that could value the car maker at as much as $25 billion, according to people familiar with the matter.
A listing, if it goes ahead, would represent one of the car industry’s most dramatic turnarounds. Ford Motor Co., weakened by the global financial crisis, sold the Swedish company to Geely for $1.8 billion in 2010.
Morrisons Sold to Clayton, Dubilier & Rice for $9.4 Billion in Frenzied Bidding War
A consortium led by U.S. buyout firm Clayton, Dubilier & Rice won the bidding war for U.K. grocery chain Wm Morrison Supermarkets PLC, an almost $9.4 billion bet that highlights the extreme lengths private-equity firms are willing to go amid a global deal frenzy.
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