World Trade Now Slowing Sharply

Fitch Ratings - Global trade is now slowing sharply after a rapid post-pandemic recovery in 2021 and 2022, Fitch Ratings says in a new report. Monetary tightening, fading fiscal support and service sector reopening are now weighing on global goods demand, which leapt extrao…

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Sri Lankan Rupee ends firmer against US Dollar.

The Sri Lankan Rupee today (June 01) further appreciated against the US Dollar, the Central Bank of Sri Lanka (CBSL) reported. Accordingly, the buying rate was declared at Rs. 283.87, while the selling rate was reported at Rs. 297.23. Meanwhile, the Middle Rate of the USD/LKR…

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China overtakes Japan as world's top car exporter.

China says it has become the world's biggest exporter of cars after overtaking Japan in the first three months of the year. Officials figures released in the last week show China exported 1.07 million vehicles in the period, up 58% compared to the first quarter of 2022. A…

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Dangote oil refinery launched in Nigeria.

Africa's biggest oil refinery has been opened in Nigeria, where it is hoped it will alleviate chronic fuel shortages. Nigeria is a major oil producer but most of this is sent abroad while it has to import the refined fuel used in vehicles and elsewhere. As a result the co…

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Blackstone acquires International Gemological Institute.

Private equity company Blackstone Inc (BX.N) said it has fully acquired the jewellery certification firm International Gemological Institute (IGI) from China's Fosun (0656.HK) and the company's founding family. Blackstone bought IGI, whose majority revenue and profit…

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Sri Lankan Rupee appreciates further against USD.

The Sri Lankan Rupee further appreciated against the US Dollar today (May 18), the Central Bank of Sri Lanka (CBSL) reported. Accordingly, today’s buying rate is declared at Rs.299.21, while the selling rate stands at Rs.312.37.

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Sri Lankan Rupee appreciates further against USD.

The Sri Lankan Rupee further appreciated against the US Dollar today (16 May), the Central Bank of Sri Lanka (CBSL) reported. Accordingly, the buying rate was declared at Rs. 305.43, while the selling rate stands at Rs. 318.79. Meanwhile, CBSL reported the Middle Rate of the …

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US interest rates raised to highest level in 16 years.

The US central bank has raised interest rates to the highest level in 16 years as it battles to stabilise prices. The Federal Reserve increased its key interest rate by 0.25 percentage points - its 10th hike in 14 months. That pushed its benchmark rate to between 5% and 5.25%…

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Business Sentiment – Index Spikes to a 12 Month High.

Biz confidence shores up in the aftermath of the IMF’s facility being approved. The IMF’s US$ 3 billion Extended Fund Facility (EFF), which was approved on 20 March, has surely been instrumental in bolstering business confidence. And efforts to restructure Sri Lanka’s mounta…

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New members appointed to National Procurement Committee.

President Ranil Wickremesinghe today (May 03) appointed new members to the National Procurement Commission. The appointments were made based on the recommendations of the Constitutional Council, according to the President’s Media Division (PMD). Thereby, the commission will b…

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Duty-free allowance for expatriate workers increased from today.

The increase of duty-free allowance given to expatriate workers at the airport will be in effect from today (May 01), the Ministry of Labour & Foreign Employment says. Earlier, a memorandum presented by Minister of Labour & Foreign Employment Manusha Nanayakkara to t…

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Sri Lanka parliament passes resolution on IMF agreement.

The Resolution for the Implementation of the Arrangement under the Extended Fund Facility (EFF) of the International Monetary Fund (IMF) for Sri Lanka was passed in the parliament today (April 28) with majority votes. Members of Parliament voted for the resolution on the imp…

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Stockholm International Peace Research Institute (SIPRI) Report.

Released By: Stockholm International Peace Research Institute (SIPRI) The theme of the Report: Military Spending across the Globe Key Findings According to the Stockholm International Peace Research Institute (SIPRI), global military expenditure has reached a new record high o…

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Bitcoin could hit $100,000 by end-2024, Standard Chartered says.

Top cryptocurrency bitcoin could reach $100,000 by the end of 2024, Standard Chartered (STAN.L) said on Monday, saying that the so-called "crypto winter" is over. Bitcoin could gain from factors including recent turmoil in the banking sector, a stabilisation of ris…

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World economy faces weakest growth since 1990.

The global economy is set to grow at roughly 3% over the next five years - the slowest pace since 1990, the head of the International Monetary Fund has said. Kristalina Georgieva said the path ahead was "rough and foggy" - and warned that cooperation to address the…

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Tesla to build new battery factory in Shanghai.

Elon Musk's electric car company Tesla says it is expanding in China as it builds a new factory to make its large-scale batteries. The plant in Shanghai will be able to produce 10,000 of its "Megapack" energy storage units a year, the firm says. A Megapack is a …

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World Bank issues negative forecast for Egypt’s economy.

The World Bank lowered its forecast for Egypt’s gross domestic product growth during the current fiscal year to four percent from 4.8 percent which it had previously predicted in its October report. According to a report on the latest economic developments on Thursday, the W…

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China’s Yuan replaces dollar as most traded currency in Russia.

China’s yuan has replaced the US dollar as the most traded currency in Russia, a year after the invasion of Ukraine led to a slew of Western sanctions against Moscow. The yuan surpassed the dollar in monthly trading volume in February for the first time, and the difference b…

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The World’s Youngest Billionaires 2023.

The average billionaire is 65 years old, according to Forbes’ latest ranking of the planet’s richest people, and the eldest is insurance tycoon George Joseph, who’s 101. But old age is not a requirement for amassing great wealth. In fact, there are 15 people around the glob…

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The 25 Richest People In The World 2023.

It was a down year for many of the planet’s 2,640 billionaires–including those at the very top of the top. The 25 richest people in the world are worth a collective $2.1 trillion, according to Forbes’ World’s Billionaires list, released Tuesday–down a combined $200 billion …

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