Jay Y. Lee Appointed Samsung Electronics Executive Chairman.

Samsung Electronics Co. officially appointed Lee Jae-yong as its executive chairman, formalizing the all-encompassing leadership role he has long played at South Korea’s largest business. The 54-year-old, Lee has been vice chairman of Samsung Electronics, the crown jewel of…

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Coca-Cola’s Sprite becomes billion-dollar brand in Indian market.

Coca-Cola, global soft drinks company announced that its lemon and lime-flavored soft drink ‘Sprite’ has become a billion-dollar brand in the Indian market. The company has recorded a “strong” volume growth in its India business in the third quarter of 2022. Trademark Coke d…

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Global Hunger Index 2022: Sri Lanka ranks 64th out of 121 countries.

In the 2022 Global Hunger Index, Sri Lanka ranks 64th out of the 121 countries with sufficient data to calculate 2022 GHI scores. With a score of 13.6, Sri Lanka has a level of hunger that is moderate. The Global Hunger Index (GHI) is a tool designed to comprehensively measu…

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IMF cuts 2023 global growth forecast.

The International Monetary Fund warned recently that colliding pressures from inflation, war-driven energy and food crises and sharply higher interest rates were pushing the world to the brink of recession and threatening financial market stability. In gloomy reports issued …

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Sri Lanka’s first-ever agrivoltaic power plant declared open.

Solar Universe, a 10MW ground-mounted solar power plant in Vavunativu, Batticaloa, was declared open on Tuesday (Oct. 11). Taking to his Twitter handle, Minister of Power & Energy Kanchana Wijesekera stated that this is the agrivoltaic power plant in Sri Lanka. It is co-o…

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Ben Bernanke, former US Federal Reserve chief, wins Nobel Prize.

Ben Bernanke, who led the US central bank during the 2008 financial crisis, is one of three recipients of this year's Nobel prize in economics. The Royal Swedish Academy of Sciences said it was recognising the trio for research that had changed our understanding of finan…

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World Bank and IMF warn of risks of global recession.

World Bank President David Malpass and International Monetary Fund Managing Director Kristalina Georgieva warned on Monday of a growing risk of global recession and said inflation remained a continuing problem after Russia’s invasion of Ukraine.World Bank President David Ma…

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Nobel Prize in Economics 2022

This year’s laureates in economic sciences, Ben Bernanke , Douglas Diamond and Philip Dybvig , have significantly improved our understanding of the role of banks in the economy, particularly during financial crises. An important finding in their research is why avoiding bank …

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OPEC and Russia aim to raise oil prices with through big supply cut.

Saudi Arabia and Russia, acting as leaders of the OPEC+ energy cartel, agreed on Wednesday to their biggest production cuts in more than two years in a bid to raise prices, countering efforts by the United States and Europe to choke off the enormous revenue that Moscow reap…

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World Bank cuts 2022 East Asia growth outlook.

Economic growth in East Asia and the Pacific will weaken sharply in 2022 due to China's slowdown, but the pace of expansion will pick up next year, the World Bank said. The bank said in a report that it expected 2022 growth in the East Asia and Pacific region, which incl…

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US interest rates hit 14-year high in inflation battle.

The US central bank has pushed interest rates to the highest level in almost 15 years as it fights to rein in soaring prices in the world's largest economy. The Federal Reserve announced it was raising its key rate by another 0.75 percentage points, lifting the target ra…

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U.S. Ambassador to the UN Agencies in Rome Cindy McCain to visit Sri Lanka September 25 – 28.

United States Permanent Representative to the UN Food and Agriculture Agencies in Rome Ambassador Cindy McCain will visit Sri Lanka from September 25-28 to highlight U.S. food assistance programs in Sri Lanka and reinforce the U.S. commitment and lasting partnership with th…

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Tesla adds Airbnb co-founder Joe Gebbia to board.

Tesla has added Airbnb co-founder, designer and billionaire Joe Gebbia as an independent member to its board of directors, according to a regulatory filing out Wednesday 28 September. Gebbia’s addition to the board of Elon Musk’s electric vehicle maker follows the departure …

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Sri Lanka set to begin talks to restructure debt of $30 bln.

Crisis-hit Sri Lanka will begin on Friday the tricky task of debt renegotiation with a raft of private and bilateral creditors, including China, India and Japan, to restructure and repay nearly $30 billion that it owes. WHY THE NEED TO RESTRUCTURE DEBT ? Years of economic mis…

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China and UAE to join hands on moon rover missions.

China and the United Arab Emirates (UAE) have agreed to join hands to help further the latter’s space ambitions. The Mohammed Bin Rashid Space Centre (MBRSC) of the UAE and the China National Space Agency (CNSA) have signed a memorandum of understanding (MoU) to work togeth…

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Adobe to buy Figma in $20 billion bid on future of work that spooks investors.

Adobe Inc agreed on Thursday (15) to acquire cloud-based designer platform Figma for $20 billion, sparking investor concerns about the rich price tag that led to a drop of more than $30 billion in the market value of the Photoshop maker. The cash-and-stock deal, the biggest …

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Norwegian central bank uses Ethereum to build national digital currency.

The central bank of Norway has hit a major milestone in digital currency efforts, releasing the open-source code for the country’s central bank digital currency (CBDC) sandbox. Available on GitHub, the sandbox is designed to offer an interface for interacting with the test n…

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CSE trading hours extends from 15 Sept 2022.

The Board of Directors of the Colombo Stock Exchange (CSE), with the consultation of the Securities and Exchange Commission of Sri Lanka (SEC) and the stockbroking industry have decided to extend the trading hours from today (Thursday, 15th September 2022) as set out below: …

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Google completes $5.4B Mandiant acquisition.

Google LLC has completed its acquisition of Reston-based cybersecurity company Mandiant Inc. in an all-cash transaction valued at $5.4 billion. Google is paying $23 per share for Mandiant, which is joining Google Cloud while retaining its branding. The companies announced the…

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Lab grown milk ready to be sold by 2024.

Company Eden Brew has developed an animal-free milk that is expected to be sold in-store by 2024. They use yeast to brew proteins and then they take those proteins and they’re nature-identical, just like what forms in the cow’s tummy and they bind it up with all nutrition. Th…

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