CSE Signs MoU with CHEC Port City Colombo.

The Colombo Stock Exchange (CSE) and CHEC Port City Colombo signed a Memorandum of Understanding (MoU) to enhance the capital markets in Sri Lanka by taking advantage of the Port City Colombo’s special emphasis of the Colombo International Financial Center, in order to esta…

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UK financial regulator bans world’s largest crypto exchange.

Binance, the world's biggest cryptocurrency exchange, has been issued a warning by the UK's financial regulator. The Financial Conduct Authority (FCA) has ruled that the firm cannot conduct any "regulated activity" in the UK. It also advised people to be war…

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Philippines on FATF grey list, working on junket controls.

The Paris-based watchdog the Financial Action Task Force (FATF) has added the Philippines to its “grey list” of jurisdictions that it regards need increased monitoring in relation to risk of financial crimes.  The Financial Action Task Force said in its latest update: “When …

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Turkmenistan's capital tops list of most expensive cities for expats.

The capital of Turkmenistan in Central Asia has been named as the world's most expensive city for foreign workers. Ashgabat, a city of about one million people, topped a 2021 cost-of-living survey by consultancy firm Mercer. The ranking puts Ashgabat above last year's…

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Pakistan to remain on FATF grey list.

The Financial Action Task Force (FATF) has refused to take Pakistan out of the ‘Grey List’ yet again. It said Pakistan had failed to take appropriate action against UN-designated terrorists such as 26/11 accused Hafiz Saeed and JeM chief Masood Azhar. Although the global ant…

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U.S. bans imports of solar panel material from Chinese company.

The US administration has ordered a ban on U.S. imports of a key solar panel material from Chinese-based Hoshine Silicon Industry over forced labor allegations. The U.S. Commerce Department separately restricted exports to Hoshine, three other Chinese companies and the param…

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Microsoft reaches a $2 trillion market cap.

Microsoft has officially entered the most elite of clubs: corporations with a market value exceeding $2 trillion. The tech giant is only the second publicly traded American company, behind Apple (AAPL), to reach such a valuation. Oil company Saudi Aramco, which went public i…

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Sustainable Development Report 2021 (SDR 2021)

According to the 06th Edition of ‘Sustainable Development Report 2021 (SDR 2021)’ released by Sustainable Development Solutions Network (SDSN), Sri Lanka with a score of 68.1 has been placed at 87th rank out of 165 countries.  Finland topped the Index followed by Sweden &…

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Annual Bank Statistics of 2020 in Swiss Banks.

According to ‘Annual Bank Statistics of 2020’ released by Swiss National Bank (SNB), the Central Bank of Switzerland, The United Kingdom (UK) topped the list with Swiss Francs (CHF) 377 billion, followed by the US (152 billion) in terms of foreign clients' money in Swis…

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Trade deficit widens for the second consecutive month in April 2021.

Sri Lanka's external sector exhibited a mixed performance in April 2021. The deficit in the trade account widened for the second consecutive month in April 2021 compared to a year earlier while earnings from the tourism sector remained subdued. Notably, both exports and…

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World Competitiveness Ranking 2021.

The IMD World Competitiveness Yearbook (WCY), first published in 1989, is a comprehensive annual report and worldwide reference point on the competitiveness of countries. It provides benchmarking and trends, as well as statistics and survey data based on extensive research.…

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World's Most Powerful Magnet.

France is set to get the world's most powerful magnet for a fusion reactor that aims to replicate the process that powers the Sun. Dubbed as Central Solenoid, the powerful magnet is strong enough to lift an aircraft carrier 6 feet in the air. It will be a central compone…

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CPC to build new storage facility at Hambantota International Port.

The Ceylon Petroleum Corporation (CPC) signed a Memorandum of Understanding with the Hambantota International Port Group (HIPG), last week to develop Hambantota Port as a strategic energy center in Sri Lanka.  The signing ceremony was held at the Ministry of Energy, with to…

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India extends USD 100 million Line of Credit to Sri Lanka for solar energy projects.

India has extended a USD 100 million Line of Credit to Sri Lanka to help the island nation finance various projects in the solar energy sector and ensure that the country's 70 per cent power requirements are fulfilled by renewable energy sources by 2030.  An agreement si…

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Germany and Australia sign accord to boost hydrogen production.

Germany and Australia on Sunday 13 June 2021 signed a bilateral alliance on hydrogen production and trade to try to facilitate a renewable energy-based hydrogen supply chain between the two countries. Economy Minister Peter Altmaier and Education and Research Minister Anja K…

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India ties with Russia as fourth largest forex reserves holder.

India's foreign exchange reserves crossed $600 for the first time. As on June 4, the foreign exchange reserves stood at $605 billion, almost tying with Russia as the fourth largest reserve holder in the world. While India’s forex reserve was $605.008 billion, Russia’s wa…

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47th G7 Summit held in Cornwall, United Kingdom (UK).

The 47th G7 Leaders’ Summit 2021 (Outreach Session of the G7 meeting) took place in a Hybrid format from June 11-13, 2021 at Cornwall, United Kingdom (UK). It was hosted by the United Kingdom (UK) as it holds the Presidency of G7 for 2021.  Key highlights of the summit: The T…

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India elected to UN Economic and Social Council for 2022-24 term.

India has been elected to the Economic and Social Council, one of the six main organs of the United Nations, for the 2022-24 term. The 54-member Economic and Social Council (ECOSOC) is at the heart of the United Nations system to advance the three dimensions of sustainable d…

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Kenya Receives $750 million for COVID-19 Recovery Efforts.

Kenya has received US$ 750 Million from the World Bank to reinforce its resilient, inclusive green economy recovery from the COVID-19 crisis. The World Bank approved this development policy financing to support policy reforms that will strengthen transparency and accountabil…

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US, Japan, Australia reviving 'Blue Dot' to provide alternative to China's BRI.

US administration, along with the Japanese and Australian governments, are reviving the 'Blue Dot Network' infrastructure initiative to provide an alternative to China's Belt and Road Initiative (BRI). The Blue Dot Network was first announced during former Presid…

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