Japanese yen slips to 24-year low against dollar.

The Japanese yen has declined to its lowest level against the US dollar since August 1998, prompting the government to weigh action. The boost in the dollar stems from data suggesting the labour market of the world's biggest economy is recovering. On Thursday, the currenc…

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Professor Malik Ranasinghe Assumes Duties as Chairman of ICTA.

The Information and Communication Technology Agency (ICTA), announces that Professor Malik Ranasinghe has assumed duties as Chairman, ICTA. Professor Malik Ranasinghe is a Senior Professor in Civil Engineering at the University of Moratuwa (UoM) He is a Chartered Engineer, I…

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Sri Lanka to establish National Debt Management Agency.

President Ranil Wickremesinghe, in his interim budget speech, said an independent National Debt Management Agency (NDMA) would be established in the country. Speaking further, he said the government debt management-related activities are carried out by the Central Bank of Sr…

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Special unit to be set up for restructuring state-owned enterprises.

The government has decided to establish a “State-Owned Enterprise Restructuring Unit” with the aim of facilitating the restructuring of government-owned business entities. Presenting the Interim Budget 2022 in the parliament, President Ranil Wickremesinghe further proposed t…

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Special decision taken on 20% stake of state-owned banks.

President Ranil Wickremesinghe says the government has decided to allot 20% of shareholding in state-owned banks to the depositors and staff of those banks. The decision was taken in with the intention of meeting the recapitalization requirement borne out due to the increase…

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Retirement age of govt & semi-govt employees to be reduced.

The retirement age of government and semi-government employees will be reduced to 60 years, President Ranil Wickremesinghe says. Presenting the Interim Budget 2022 for the remainder of the fiscal year 2022, the Head of State noted that all employees who have served up to the…

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Indian billionaire Gautam Adani is now the world’s third richest man.

Now he's also the world's third richest person, overtaking LVMH (LVMHF) chairman Bernard Arnault and becoming the first Asian person to take that spot, according to Bloomberg and its Billionaires Index. Adani, who runs one of India's top conglomerates, is now bel…

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Compulsory tax registration proposed for all aged above 18 years.

President Ranil Wickremesinghe has proposed to introduce compulsory tax registration for all residents who are aged above 18 years without considering their annual income and tax-free thresholds. He stated this during the second reading of the Appropriation (Amendment) Bill,…

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Sri Lanka to increase VAT from September.

The Value-Added Tax (VAT) will be increased from 12% to 15% effective from September 01, President Ranil Wickremesinghe told the parliament today (30). The Head of State, in his capacity as the Minister of Finance, Economic Stabilization, and National Policies, presented the…

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UK economy shrank record 11% in 2020.

The British economy shrank by 11% in 2020, its sharpest contraction in more than 300 years, as a result of the coronavirus pandemic, revised data by the official statistics body showed on Monday (22). The Office for National Statistics had originally estimated that Britain&#…

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WHO pledges USD 4 million worth medical supplies to Sri Lanka.

Director General of the World Health Organization (WHO) Dr. Tedros Adhanom Ghebreyesus pledged essential medical supplies worth USD 4 million to Sri Lanka, the President’s Media Division (PMD) says. The UN health agency’s chief said he has tasked the WHO Health Emergencies P…

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Greece to exit EU's 'enhanced surveillance' framework after 12 years.

Greece will exit the European Union's so-called enhanced surveillance framework on August 20, its finance minister said on Wednesday, a move that will allow the country greater freedom in making economic policy. Greek economic developments and policy have been monitored …

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France is paying car drivers nearly $4,000 to switch to an electric bike.

France will now pay you €4,000 (nearly US $4,000) to swap your old polluting car for a cleaner, more efficient, and more city-appropriate electric bicycle. That marks a major increase in the incentive designed to improve French cities. Pedal bicycles are also included in the…

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Jacqueline Fernandez named as accused in money laundering case.

India actess Jacqueline Fernandez has been named an accused in the money laundering case against conman Sukesh Chandrashekar, who faces charges of extortion amounting to a massive 2 Billion India Rupees. Jacqueline Fernandez has been named an accused in the supplementary cha…

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U.S. partners with David Pieris Motor Company to boost electric mobility in Sri Lanka.

The U.S. government, through its development agency, the U.S. Agency for International Development (USAID), is committed to accelerating clean energy to drive social and economic sustainable growth in Sri Lanka. On August 16, Sri Lanka’s Minister of Power and Energy, Kanchan…

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CSE’s ASPI moves up for 12th consecutive day.

The Colombo Stock Exchange (CSE) showed outstanding growth for the 12th consecutive day today (Aug 15), as the All Share Price Index (ASPI) gained 164.04 points to close at 9,191.52 points. As a percentage, this is an increase of 1.82 per cent. Meanwhile, the S&P SL20 ind…

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Fuel is being issued only under QR code system from 01 August 2022.

The issuing of fuel under the National Fuel Pass or QR Code system commenced from midnight yesterday (31) at filling stations across the island. Accordingly, from today (August 01) onwards, fuel will be issued from all fuel stations across the island only under the QR code s…

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Zimbabwe launches gold coins to stem inflation.

Zimbabwe has launched gold coins to be sold to the public, in a bid to curb an inflation spike that has eroded the country’s unstable currency. The move was announced by the country’s central bank, the Reserve Bank of Zimbabwe, which disbursed 2,000 coins to commercial banks…

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Development Bank of Singapore Limited (DBS Bank) has been recognized as the ‘World’s Best SME Bank’.

Development Bank of Singapore Limited (DBS Bank) has been recognized as the ‘World’s Best SME Bank’ by Euromoney for the second time (the first time in 2018). The bank has established its position as a global industry leader in association with Small to Medium Enterprises (…

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The World Bank appoints Former Director Indermit Gill as Chief Economist.

Indermit Gill, former director of the Duke Center for International Development, has been appointed as Chief Economist of the World Bank Group and Senior Vice President for Development Economics at multilateral development bank. Gill served as director of DCID from 2016 to 2…

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