Global Remittance Flows in 2021

In 2021, the top five remittance recipients in current US dollar terms were India, China, Mexico, the Philippines, and the Arab Republic of Egypt.  As a share of gross domestic product, the top five remittance recipients in 2021 were smaller economies: Tonga, Lebanon, the Ky…

Share:

Read More

World Largest Car Markets 2021.

In 2021 almost 84 million vehicles have been sold in the world, gaining 4.1% compared to the almost 81 million sales reported the previous year. China remains the leading global market, with 24.9 million sales, and rose only 0.5% compared to the sales reported the previous y…

Share:

Read More

World Bank, ADB & AIIB announce joint plan to aid Sri Lanka.

The World Bank, the Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank (AIIB) have jointly decided to support Sri Lanka’s response to the ongoing economic crisis. The three institutions announced their decision in a statement issued after the first joi…

Share:

Read More

"The Rock", the largest white diamond ever auctioned.

The largest white diamond to ever come up for auction has been sold for 21,681,000 CHF ($21.9 million) at Christie's in Geneva. The 228.31-carat, pear-shaped gemstone -- dubbed "The Rock" -- originated from South Africa, where some of the largest diamonds in th…

Share:

Read More

Saudi Aramco overtakes Apple as world’s most valuable company.

Apple has lost its crown as the world’s most valuable company to the oil giant Saudi Aramco, as soaring commodity prices swell profits at energy companies and technology stocks continue to slide. In a sign that the old economy is reasserting itself over the new this year, Ar…

Share:

Read More

China extends 300 Million Yuan to Sri Lanka to procure essentials.

The Chinese Government has decided to award a grant of 300 Million Yuan to Sri Lanka to procure medicine, food, fuel and other essential commodities. A statement from the Prime Minister’s Office said that the grant was a result of a conversation held between Sri Lankan Prime…

Share:

Read More

SIPRI's "Trends in World Military Expenditure Report 2021".

In 2021 world military expenditure surpassed the two trillion US dollar mark for the first time, reaching $2113 billion. Global spending in 2021 was 0.7 per cent higher than in 2020 and 12 per cent higher than in 2012. The economic effects of the Covid-19 pandemic have not …

Share:

Read More

Sri Lanka to purchase LP gas from Thailand-based company.

The Cabinet of Ministers has given the approval to purchase liquefied petroleum (LP) gas from Thailand-based Siam Gas Company for a period of one year. In comparison to the current rates of the Omani supplier, the prices offered by Siam Gas Company are less than USD 09 per m…

Share:

Read More

Special cash allowance to low-income families hit by economic crisis.

The go-ahead of the Cabinet of Ministers has been given to provide a special cash allowance for a period of three months to identified low-income families affected by the ongoing economic crisis. Relevant proposal was tabled by the Minister of Finance and Minister of Samurdh…

Share:

Read More

IMF forecasts 2.6% growth for Sri Lanka.

The International Monetary Fund (IMF) is forecasting Sri Lanka’s economy to grow by 2.6% this year down from 3.6% in 2021.  The projection for 2023 is a growth of 2.7% as per the IMF which this week released its forecasts for Asia and the Pacific countries.  IMF Asia and Paci…

Share:

Read More

S&P cuts Sri Lanka to 'selective default' on missed payments.

S&P Global Ratings cut Sri Lanka's rating as an issuer of foreign currency debt to 'selective default' after the South Asian country missed sovereign bond interest payments, S&P said. The bonds which had missed payments, maturing in 2023 and 2028, were cu…

Share:

Read More

Sri Lanka Purchasing Managers’ Index - March 2022.

Purchasing Managers' Indices for both Manufacturing and Services activities expanded in March 2022. Following the seasonal pattern in manufacturing activities, the manufacturing PMI increased on a month-on-month basis to an index value of 57.8, yet at a slower rate than …

Share:

Read More

Colombo Consumer Price Index (CCPI, 2013=100) based headline inflation continuously increased to 29.8% in April 2022.

Headline inflation, as measured by the year-on-year (Y-o-Y) change in the Colombo Consumer Price Index (CCPI, 2013=100) increased to 29.8% in April 2022 from 18.7% in March 2022. This increase in Y-o-Y inflation was driven by the monthly increases of both Food and Non-Food …

Share:

Read More

Elon Musk to acquire Twitter in $44 billion deal.

The social media giant confirmed Monday 25 April 2022 the Tesla CEO and billionaire will acquire the company in a deal worth $44 billion. Once the deal is complete, which is expected by this year, Twitter will become a privately held company. Source: www.usatoday.com

Share:

Read More

WTO slashes 2022 global trade growth forecast to 3%.

The World Trade Organization (WTO) has revised down its forecast for global trade growth this year to 3% from 4.7% because of the impact of the Russia-Ukraine war and warned of a potential food crisis caused by surging prices. The report from the global trade watchdog said t…

Share:

Read More

World Bank slashes global growth forecast.

The World Bank lowered its annual global growth forecast for 2022 on Monday by nearly a full percentage point, down from 4.1% to 3.2%, citing the impact that Russia’s invasion of Ukraine is having on the world economy. World Bank President David Malpass told reporters on a c…

Share:

Read More

Nexo and Mastercard launch 'world first' crypto-backed payment card.

London-based Cryptocurrency lender, Nexo has joined hands with global payments company Mastercard to launch the world’s first “crypto-backed” payment card. Electronic money firm DiPocket is Nexo’s card issuer. The card requires no minimum repayments, monthly, or inactivity …

Share:

Read More

Sri Lanka to temporarily suspend foreign debt payments.

Sri Lanka will temporarily suspend foreign debt payments to avoid a hard default, the central bank governor said, with its limited foreign reserves required for imports of essential items such as fuel. Sri Lanka is due to start talks with the International Monetary Fund (IMF…

Share:

Read More

Elon Musk offers to buy Twitter for $43 billion.

Elon Musk offered to buy Twitter for $54.20 a share in a filing published, saying the social media company needs to be transformed privately, a little over a week after revealing a 9.1% stake in the company. Musk’s offer values Twitter at about $43 billion. Twitter shares cl…

Share:

Read More

New Secretary to Finance Ministry assumes duties.

Newly-appointed Secretary to the Finance Minister K.M. Mahinda Siriwardana has assumed duties in his position. State Minister Shehan Semasinghe and several senior officials of the finance ministry were present at the occasion. Former CBSL Deputy Governor Siriwardena has more …

Share:

Read More