Venezuela introduces new currency with 6 fewer zeros.

Venezuela is set to debut a new currency that will feature six fewer zeros, a response to years of some world’s worst inflation. The highest denomination of the Venezuelan bolivar had previously been a one-million bolivar note, currently worth a little less than $0.25. That …

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UK implements new measures to ease fuel crisis.

The British government introduced new measures to help ease a fuel crisis that has gripped the UK which has seen long queues form outside gasoline stations as consumers rush to fill up their gas tanks.  The measures, which are intended to further ease supply chain pressures …

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Elon Musk overtakes Jeff Bezos to become world's richest person again.

Tesla's CEO Elon Musk, with a net worth of $213 billion has pipped Amazon's Jeff Bezos to become world's richest person again, according to Bloomberg Billionaires Index. In the past one-week the Tesla founder has gained around $13 billion in net worth as the shar…

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Colombo Stock Exchange today recorded new all-time high.

The All Share Price Index (ASPI) of the Colombo Stock Exchange today (28th) recorded a new all-time high as it closed at 9,339.28 points and this was an increase of 0.75% from the previous day’s closing points.   According to CSE, the index surpassed its previous highest of …

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Health Minister on making COVID-19 vaccine compulsory

It would be possible to pass legal provisions making anti-coronavirus vaccination compulsory if the need arises, Minister of Heath Keheliya Rambukwella said. He mentioned this speaking to journalists following a program held at the Kandy National Hospital today (September 26…

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Iran offers support to expand trade ties with Sri Lanka.

The governor of the Central Bank of Iran (CBI) has said the bank is ready to provide necessary financial mechanisms for financing trade transactions between Iran and Sri Lanka, the CBI portal reported. Making the remarks in a meeting with Sri Lanka’s Energy Minister Udaya Ga…

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China's top regulators ban crypto trading and mining.

China's most powerful regulators on Friday (24th) intensified a crackdown on cryptocurrencies with a blanket ban on all crypto transactions and mining, hitting bitcoin and other major coins and pressuring crypto and blockchain-related stocks. Ten agencies, including the …

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Statue of Bitcoin founder Satoshi Nakamoto unveiled in Hungary.

Hungary has unveiled the statue of Bitcoin founder Satoshi Nakamoto. The imposing bronze statue was unveiled in Hungary’s capital, Budapest. This is the first such statue across the world to pay homage to the creator of Bitcoin digital currency. It has been constructed in a…

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China applies to join Asian trade deal abandoned by Trump.

Beijing has applied to join an Asia-Pacific trade pact once pushed by the U.S. as a way to isolate China and solidify American dominance in the region. China submitted the formal application letter to join the Comprehensive and Progressive Agreement for Trans-Pacific Partner…

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Global Innovation Index 2021.

The Global Innovation Index (GII) provides detailed metrics about the innovation performance of 132 countries and economies around the world. Its 80 indicators explore a broad vision of innovation, including political environment, education, infrastructure and business soph…

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Securities and Exchange Commission Act to come into force from today (21).

The Hon. Speaker Mahinda Yapa Abeywardena endorsed his certificate on the Securities and Exchange Commission of Sri Lanka Bill today (21). The Bill was presented by the Minister of Finance in Parliament on 9th of July, 2021 which was published in the Gazette on 28th of June,…

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European Union unveils Indo-Pacific strategy, tries to allay China fears.

The European Union on Thursday (16th) unveiled a new strategy for boosting economic, political and defense ties in the Indo-Pacific, just hours after the United States, Britain and Australia announced a new security alliance likely to reshape their relations with the vast r…

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CBSL to unveil new short-term economic roadmap for Sri Lanka.

New Governor of Central Bank of Sri Lanka (CBSL) Ajith Nivard Cabraal says that a new economic roadmap has been prepared for the upcoming six months. Posting on Twitter, he said that the CBSL is currently getting ready to unveil this 6-month plan on October 01. The plan cover…

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Port City Colombo marks 7th anniversary with vertical development set to commence.

Port City Colombo, the largest and most ambitious development project ever undertaken in Sri Lanka, proudly marks its 7th anniversary since the initial land reclamation work commenced in 2014.   During this period, the project has committed USD 1.4 billion of foreign direct …

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World Bank Group has discontinued "Doing Business Report"

The World Bank Group has issued the following statement on 16 September 2021 regarding the Doing Business report. After data irregularities on Doing Business 2018 and 2020 were reported internally in June 2020, World Bank management paused the next Doing Business report and …

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Ford will cease manufacturing in India.

Ford Motor Co. will shut its car factories in India and record roughly US$2 billion in restructuring charges, scaling back significantly in a country that past management saw becoming one of its three biggest markets. Manufacturing of vehicles for sale in India will stop imm…

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CSE implements a new OTC Platform to conduct REPO Transactions on Debt Securities.

The Colombo Stock Exchange (CSE) announces the introduction of a new Over the Counter (OTC) Platform to facilitate the Repurchase (REPO) Transactions on Corporate Debt Securities with effect from tomorrow (16th September 2021). The new OTC Platform is a significant step in …

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Ajith Nivard Cabraal has officially assumed duties as Governor of Central Bank.

Ajith Nivard Cabraal has officially assumed duties as the 16th Governor of the Central Bank of Sri Lanka, a short while ago today (15th).  Cabraal had received his letter of appointment from President Gotabaya Rajapaksa this morning (15). With the resignation of the previous …

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Britain announces biggest auction round in renewable energy scheme.

The British government announced on Monday 13 September the biggest auction round of its renewable energy scheme, hoping to build up enough extra offshore wind capacity to power about 8 million homes. Under its Contracts-for-Difference (CfD) scheme, qualifying projects are g…

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Sri Lanka Retailers Association announces, Sri Lanka Retail Forum 2021.

The Sri Lanka Retailers Association (Guarantee) Ltd (SLRA), recently entered in an MOU with the Ceylon Chamber of Commerce to organize the island’s premier retail sector forum for the fifth successful year.  This year’s Sri Lanka Retail Forum themed, ‘Recharging Retail: Res…

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