World Economic Forum 53rd edition to start at Davos, Switzerland.

Today marks the start of the 53rd World Economic Forum (WEF) in Davos, Switzerland. The meeting will go on through January 20. The WEF meeting’s 2018 theme is “Cooperation in a Fragmented World.” The gathering of professionals, academics, investors, and political and commer…

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Jason Moo appointed as CEO of Bank of Singapore.

Bank of Singapore (BOS), the private banking arm of Oversea-Chinese Banking Corporation (OCBC), announced that it has appointed Jason Moo as its new CEO. BoS’s announcement comes after Bloomberg’s article on Dec 26, 2022. Moo will succeed Bahren Shaari officially from March…

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Elon Musk becomes first person ever to lose $200 billion.

Elon Musk was the second person ever to amass a personal fortune of more than $200 billion, breaching that threshold in January 2021, months after Jeff Bezos. The Tesla Inc. chief executive officer has now achieved a first of his own: becoming the only person in history to e…

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EU adopts global minimum 15% tax on big business.

The European Union has adopted a plan for a global minimum 15% tax on big business. Leaders gave their final approvals on Thursday after months of political wrangling. The landmark deal between nearly 140 countries aims to stop governments racing to cut taxes in a bid to attr…

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Elon Musk no longer world's richest man.

Elon Musk is no longer the world's richest man after a sharp drop in the value of his shares in electric car company Tesla this year. According to both Forbes and Bloomberg, Mr Musk has been overtaken at the top spot by Bernard Arnault, the chief executive of luxury good…

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Luxury passenger cruise ship “Mein Schiff 5” arrives at Colombo Port.

The luxury passenger cruise ship "Mein Schiff 5" has arrived at the Colombo Port this morning (Nov. 29) with 2,000 tourists on board, the Ministry of Tourism said. The Hapag Lloyd Lanka, a joint venture between Aitken Spence PLC and TUI has ushered in the super lux…

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Amazon becomes world’s first Public Company to lose $1 trillion in Market Value.

Amazon.com Inc. is the world’s first public company to lose a trillion dollars in market value as a combination of rising inflation, tightening monetary policies and disappointing earnings updates triggered a historic selloff in the stock this year.  Shares in the e-commerce…

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Day of Eight Billion

On 15 November 2022, the world’s population is projected to reach 8 billion people, a milestone in human development. This unprecedented growth is due to the gradual increase in human lifespan owing to improvements in public health, nutrition, personal hygiene and medicine.…

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World’s Best Employers 2022

Forbes has compiled sixth annual World’s Best Employers in partnership with market research company Statista. To compile this ranking, Statista surveyed 150,000 full-time and part-time workers from 57 countries working for multinational companies and institutions to determi…

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Mercedes-Benz becomes latest Western company to pull out of Russia.

Mercedes has become the latest Western company to pull out of Russia, following the invasion of Ukraine in February. The German-based firm stopped manufacturing in and exporting to the country in early March. But now it says it will withdraw from the Russian market and sell s…

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Elon Musk dissolves Twitter Board & becomes the Sole Director.

Elon Musk dissolved Twitter's board and became the sole director of the company. Having his own vision of what the platform should become, he is best able to make decisions related to this. Last Thursday (27), Elon Musk officially completed the Twitter takeover and becam…

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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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