Angola leaves OPEC in blow to oil producer group.

Angola said on Thursday it would leave OPEC in a blow to the Saudi-led oil producer group that has sought in recent months to rally support for further output cuts to prop up oil prices. Angola's Oil Minister Diamantino Azevedo said the Organization of the Petroleum Expo…

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Binance sees $956 million in outflows after Zhao steps down.

Investors pulled about $956 million from crypto exchange Binance over the past 24 hours, market data showed, after its chief, Changpeng Zhao, stepped down and faced prison time after pleading guilty on Tuesday to settle a years-long U.S. illicit finance probe. The deal, in w…

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Binance chief Changpeng Zhao pleads guilty to money laundering charges.

The Binance chief executive, Changpeng Zhao, has resigned after pleading guilty to money laundering violations. "I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself", he said in a post on X. The Justice Depart…

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World Intellectual Property Indicators Report 2023.

In 2022, the global landscape of intellectual property (IP) experienced significant changes and trends, as outlined in the World Intellectual Property Indicators (WIPI) report. While trademark and design applications dropped, patent filings saw an unprecedented surge, drive…

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Bill Gates’ assistant, is the 5th-richest person in the world.

Bill Gates’ former assistant at Microsoft is now the fifth-richest person in the world, per Bloomberg’s tally, and only one spot behind Gates on the real-time list of the world’s richest people. Steve Ballmer, who joined Microsoft as its 24th-ever employee in 1980, has seen …

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Sri Lanka’s official reserves estimated at USD 3.5 billion.

The level of gross official reserves of the country were estimated at around USD 3.5 billion as of the end of September 2023, according to the Central Bank of Sri Lanka (CBSL). However, this includes the swap facility from the People’s Bank of China to the tune of USD 1.4 bi…

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Tesla announces it produced its 5 millionth electric car.

Tesla has announced that it has produced its 5 millionth electric car this week – a milestone that many nayswyers thought impossible not so long ago. I’ve been reporting on Tesla long enough to remember the days where most people in the auto industry thought Tesla would neve…

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South Africa Makes Huge Announcement on U.S. Dollar Supremacy.

The BRICS alliance aims to pay in native currencies for global trade and end dependency on the U.S. dollar. The bloc of five nations will discuss using local currencies to strengthen their respective native economies. The Chinese Yuan and the Indian Rupee are being used for…

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Fed raises interest rates to highest in 22 years.

The US central bank has raised interest rates to the highest level in 22 years as it fights to stabilise prices in the world's largest economy. The decision lifted the Federal Reserve's influential benchmark rate to a range of 5.25% to 5.5%. It marked the eleventh inc…

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World Investment Report 2023.

The  UNCTAD’s World Investment Report 2023  reveals that foreign direct investment (FDI) inflows to developing Asia remained unchanged at $662 billion in 2022 compared to the previous year. However, the report highlights significant variations among countries in the region. Wo…

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41 Countries ready to accept BRICS Currency.

The list of countries ready to join the BRICS alliance and accept the new currency is growing. From a set of 19 countries in April, the numbers have spiked to 41 by the end of June. A total of 22 new countries expressed interest to enter the bloc and ditch the U.S. dollar i…

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ADB appoints Takafumi Kadono as new Country Director for Sri Lanka.

The Asian Development Bank (ADB) has appointed Takafumi Kadono as the new Country Director for Sri Lanka, who has assumed office in Colombo today (03 July).  Mr. Kadono succeeds Mr. Chen Chen who ended his term as Country Director on 30 June 2023.  In a career spanning 23 yea…

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Oil prices slip on global economic slowdown fears.

Oil prices slipped in early Asian trade on Monday as global macroeconomic headwinds and possible further interest rate hikes from the U.S. Federal Reserves offset forecasts of tighter supplies amid OPEC+ cuts. Brent crude futures dropped 20 cents, or 0.3%, to $75.21 a barrel…

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Alibaba named Eddie Wu as new CEO.

Alibaba Group said in a surprise announcement Tuesday Eddie Wu will succeed Daniel Zhang as its chief executive, a move that will free Zhang to focus on the company’s cloud intelligence business. This succession plan comes after China’s largest e-commerce company said in Mar…

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UK net debt passes 100% of GDP for first time since 1961.

Britain's public sector net debt surpassed 100% of gross domestic product in May as borrowing came in higher than expected, the Office for National Statistics said on Wednesday. Public sector net debt, excluding that of state-controlled banks, hit 2.567 trillion pounds (…

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Elon Musk says Tesla to come to India 'as soon as possible'.

Tesla CEO Elon Musk has said the electric carmaker will be in India "as soon as humanly possible". His comments followed a meeting with Indian Prime Minister Narendra Modi, who is on a state visit to the US. The Indian government said it had invited Mr Musk to explo…

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Sri Lankan Rupee significantly depreciates against USD.

The Sri Lankan Rupee continued its recent depreciating trend against the US Dollar today (14 June), with the buying rate reported at Rs. 303.19 and the selling rate at Rs. 318.99. Meanwhile, the USD/LKR Spot exchange rate was reported at Rs. 303.20, according to the Central …

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Turkish Airlines to launch direct flights to Colombo.

Turkish Airlines, the flag carrier of Turkey, has decided to launch direct flights between Istanbul and Colombo starting from October 2023. That being so, the airline will cease operating flights between Turkey and Sri Lanka via Malé, the Maldivian capital, as it has been do…

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Robinhood Markets removes three crypto tokens.

Robinhood Markets (HOOD.O) said on Friday it is removing three cryptocurrency tokens from its platform, days after the U.S. securities regulator's crackdown against the industry's biggest exchanges. Customers will not be able to trade Solana, Cardano or Polygon using…

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World Trade Now Slowing Sharply

Fitch Ratings - Global trade is now slowing sharply after a rapid post-pandemic recovery in 2021 and 2022, Fitch Ratings says in a new report. Monetary tightening, fading fiscal support and service sector reopening are now weighing on global goods demand, which leapt extrao…

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