India to overtake China as the most populous country.

The 2022 version of United Nations World Population Prospects was released during the second week of July. It said the world population will breach the eight billion mark on November 15 this year. And India will overtake China next year to become the world’s most populous na…

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Zimbabwe to introduce gold coins as local currency tumbles.

Zimbabwe's central bank said it would start selling gold coins this month as a store of value to tame runaway inflation, which has considerably weakened the local currency. The central bank governor John Mangudya said in a statement on Monday that the coins will be avail…

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Oil from U.S. reserves sent overseas.

Oil from U.S. reserves sent overseas as gasoline prices stay high. More than 5 million barrels of oil that were part of a historic U.S. emergency reserves release to lower domestic fuel prices were exported to Europe and Asia last month, according to data and sources, even a…

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Russia in historic foreign debt defaul.

Russia has defaulted on its overseas debt for the first time in more than a century after missing a Sunday deadline, reports suggest. Russia has the money to make a $100m payment and is willing to pay, but sanctions made it impossible to get the sum to international creditor…

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UK interest rates raised to 1.25% by Bank of England.

UK interest rates have risen further as the Bank of England attempts to stem the pace of soaring prices. Rates have increased from 1% to 1.25%, the fifth consecutive rise, pushing them to the highest level in 13 years. It comes as finances are being squeezed by the rising cos…

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US makes biggest interest rate rise in almost 30 years.

The US central bank has announced its biggest interest rate rise in nearly 30 years as it ramps up its fight to rein in soaring consumer prices. The Federal Reserve said it would increase its key interest rate by three quarters of a percentage point to a range of 1.5% to 1.7…

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People in Pakistan urged to drink fewer cups of tea.

People in Pakistan have been asked to reduce the amount of tea they drink to keep the country's economy afloat. Sipping fewer cups a day would cut Pakistan's high import bills, senior minister Ahsan Iqbal said. The country's low foreign currency reserves - current…

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UNCTAD’s Annual World Investment Report 2022.

UNCTAD’s annual World Investment Report monitors global and regional foreign direct investment (FDI) trends and presents key national and international investment policy developments.  Every issue of the report includes a special analysis of investment trends’ implications f…

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Bloomberg Billionaires Index

The Bloomberg Billionaires Index is a daily ranking of the world’s richest people. Details about the calculations are provided in the net worth analysis on each billionaire’s profile page. The figures are updated at the close of every trading day in New York. As of June 12, …

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Travel & Tourism Development Index 2021.

The TTDI benchmarks and measures “the set of factors and policies that enable the sustainable and resilient development of the T&T sector, which in turn contributes to the development of a country”. The TTDI is a direct evolution of the long-running Travel and Tourism C…

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Israel signs first Arab free trade agreement with UAE.

Israel has signed a free trade agreement with the United Arab Emirates, its first big trade accord with an Arab state and a move aimed at boosting trade between the two Middle Eastern nations. The pact was signed in Dubai by Israel’s Minister of Economy and Industry Orna Bar…

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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…

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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…

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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…

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"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…

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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…

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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…

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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 …

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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…

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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…

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