economy: Latest News

A gas turbine generator at the Khurais Processing Department in the Khurais oil field in Khurais, Saudi Arabia, on Monday, June 28, 2021. Photographer: Maya Siddiqui/Bloomberg via Getty Images DUBAI, United Arab Emirates (AP) - Saudi Arabia and other major oil producers on Sunday announced surprise cuts totaling 1.15 million barrels per day from May until the end of the year, a move that could raise prices worldwide.Higher oil prices would help fill Russian President Vladimir Putin's coffers as his country wages war on Ukraine and force Americans and others to pay even more at the pump amid worlwide inflation.It was also likely to further strain ties with the United States, which has called on Saudi Arabia and other allies to increase production as it tries to bring prices down and squeeze Russia's finances.RELATED: Plants can make noises when under stress, study saysThe Saudi Energy Ministry said its own reduction of 500,000 barrels per day would be made in coordination with some OPEC and non-OPEC members, without naming them.

Trump’s business, political and personal dealings. Trump is currently ramping up to regain the White House in 2024 while simultaneously battling other legal problems. Here is a look at why he was indicted in New York and what’s going to happen next in that legal process. RELATED: Trump indicted: Charged in New York over hush money paid during 2016 campaignTrump’s indictment in New York has to do with a so-called "hush money" payment made during the height of his 2016 presidential campaign. While making a hush-money payment isn’t itself an illegal act, the way Trump funneled the money might have made it one. A $130,000 payment was made to porn star Stormy Daniels to keep her from going public during Trump’s presidential campaign about a sexual encounter she claims she had with the Republican years ago. The money was paid out of the personal funds of Trump’s now-estranged lawyer, Michael Cohen, who then said he was reimbursed by the Trump Organization and also paid extra bonuses for a total that eventually rose to $420,000. Manhattan prosecutors had been examining whether any state laws were broken in connection with the payment or the way Trump’s company compensated Cohen for his work to keep the allegations quiet. The grand jury heard evidence and from a number of witnesses in secret since January. FILE - U.S.

PHILADELPHIA - Child care services in Philadelphia and beyond are being impacted by staffing shortages that have left classrooms empty and working parents desperate to find alternatives. Kyesha Moody, the Director of Brightside Academy in Southwest Philadelphia, said finding qualified staff that understands child development and the difficulties facing the profession has been hard.The school, located on Woodland Avenue, had nine empty classrooms when FOX 29's Monica Evans visited the building on Tuesday. Mai Miksic from Children First advocacy group said on average a kindergarten teacher will earn $40k a year, which is double the amount of what an early childhood education teacher with similar skills makes. She believes the low pay for qualified staff, paired with childcare fees billed to parents is putting a burden on our economy. The costs for a child and infant, Miksic explained, can cost as much as $1,600-$1,700 a month, or $20k per year. "Parents work in every sector from healthcare to education to restaurants, so the economy isn't going to recover fully unless we solve this child care crisis," Miksic said.

NEW DELHI : As travel resumes normalcy after the pandemic, several tour operators and airlines are reporting that demand for business and premium economy tickets has risen compared with the pandemic and pre-pandemic period. With air travel, especially business travel, slumping during the pandemic and economy-class airfares skyrocketing, an unintended consequence was that the gap between economy and premium economy tickets narrowed. Travel agency Thomas Cook India has seen a 50% jump in business class travel versus last year as corporate travel resumes.

TEL AVIV, Israel - Israel's largest trade union group launched a strike across a broad swath of sectors Monday, joining a surging protest movement against Prime Minister Benjamin Netanyahu's plan to overhaul the judiciary — a plan that is facing unprecedented opposition.The strike by the Histadrut umbrella group, which represents nearly 800,000 workers in health, transit and banking, among many other fields, could paralyze large parts of Israel's economy, which is already on shaky ground, ratcheting up the pressure on Netanyahu to suspend the overhaul.Departing flights out of the country's main international airport were grounded in protest, affecting thousands of travelers. Other sectors were also falling in line, with local governments, which manage pre-schools and other essential services, as well as a main doctors union announcing they would walk out.The growing resistance to the plan came hours after tens of thousands of people burst into the streets around the country in a spontaneous show of anger at Netanyahu’s decision to fire his defense minister after he called for a pause to the overhaul.

President Ranil Wickremesinghe said that the necessary steps will be taken to pass the best anti-Corruption Act in South Asia in Parliament soon.The President revealed that the cabinet approval for the Bill has already been granted and said that he will discuss it with the Opposition representatives in the future and present it to the Parliament.President Ranil Wickremesinghe said this during a discussion held at the Presidential Secretariat on Thursday (23) with the heads of media organizations.The President's Media Division released the comments made by the President:"Firstly, let me thank everyone of the media for your presence here today. As you know I have requested all of you to be present here to tell you about the IMF agreement.We became a bankrupt country a year ago. This is the first time we have had to restructure our debt with the support of the IMF and our creditors.And this is the first occasion we’ve had to restructure our debt with the support of IMF and our creditors.

Sri Lankan President Ranil Wickremesinghe said that due to the public sector engaging in business activities, the money that was available for the construction of 100 projects similar to the Mahaweli during the past decades, was destroyed.He noted that in the future, the public sector will stop engaging in business and open it to the private sector to create a free and productive economy.President Wickremesinghe mentioned this at the 71st commemoration ceremony of the late Prime Minister D.S. Senanayake at Independence Square on Wednesday (22).Recalling that D.S.

China that has been granted for emergency use," wrote CSPC in a statement. According to the company, the vaccine “adopts advanced technology with independent intellectual property rights, with the advantages of achieving higher production capacity, better process reproducibility, large-scale production and scale-up more easily…The Product is stable and can be stored at 2-8°C for a long time." Also Read: China Has a New Vision for Itself: Global Power The new MRNA vaccine comes at a critical time for China, as the country has recently rolled back strict Covid restrictions to stimulate its struggling economy.

WASHINGTON - The Federal Reserve extended its year-long fight against high inflation Wednesday by raising its key interest rate a quarter-point despite concerns that higher borrowing rates could worsen the turmoil that has gripped the banking system."The U.S. banking system is sound and resilient," the Fed said in a written statement released after its two-day meeting.At the same time, the Fed warned that the financial upheaval stemming from the collapse of two major banks is "likely to result in tighter credit conditions" and "weigh on economic activity, hiring and inflation."The Federal Reserve Headquarters are pictured on March 21, 2023 in Washington, D.C.

WASHINGTON (AP) - President Joe Biden welcomed a high-wattage collection of singers, authors, artists and humanitarians to the White House on Tuesday to present them with medals — and then stole the show himself with a quip about seeking reelection.Bruce Springsteen, Julia Louis-Dreyfus, Mindy Kaling and Gladys Knight were among the 22 people and organizations being honored. When author Colson Whitehead’s award was announced, Biden noted that the author of "The Underground Railroad" and "The Nickel Boys" has already won back-to-back Pulitzer Prizes.The president, who is expected to announce for reelection this spring, quickly picked up on that and joked that he was looking "for a back-to-back myself," drawing a laugh from the audience.It was a feel-good event in the East Room, as the honorees stepped forward to receive their awards one by one.

Michael Colville PHOENIX - Court documents say a 61-year-old man is accused of kidnapping in connection with an incident that happened at Phoenix Sky Harbor Airport.According to investigators, Michael Andre Colville was arrested on March 18 for his alleged role in the incident, which happened on March 17. The incident involved a woman who flew into Sky Harbor from another city.

COLOMBO (News 1st); The United States of America has welcomed the approval of Sri Lanka’s IMF package."Great news & an important step on the road toward economic recovery," tweeted US Ambassador to Sri Lanka Julie Chung on Monday (20).She said that the Sri Lankan government will need to continue reforms and conclude debt restructuring agreements to ensure the program – and the economy – stay on track.She noted that structural & lasting reforms that address good governance & transparency are critical to ensure all citizens of Sri Lanka can prosper.IMF Managing Director Kristalina Georgieva also noted that she was very pleased the Executive Board of the IMF had approved about $3 bn of IMF support for Sri Lanka’s economic policies & reforms. She said that it was an important milestone with International Creditors coming together to help to restore debt sustainability. "Crucial to unlock Sri Lanka's growth potential," she added.The International Monetary Fund said that it will enable an immediate disbursement equivalent to about US $ 333 million for Sri Lanka under EFF program, following Executive Board approval on Monday (20).The Executive Board of the International Monetary Fund (IMF) approved today a 48‑month extended arrangement under the Extended Fund Facility (EFF) with an amount of SDR 2.286 billion (395 percent of quota or about US$3 billion).Sri Lanka has been hit hard by a catastrophic economic and humanitarian crisis.

COLOMBO (News 1st); The International Monetary Fund said that it will enable an immediate disbursement equivalent to about US $ 333 million for Sri Lanka under EFF program, following Executive Board approval on Monday (20).The Executive Board of the International Monetary Fund (IMF) approved today a 48‑month extended arrangement under the Extended Fund Facility (EFF) with an amount of SDR 2.286 billion (395 percent of quota or about US$3 billion).Sri Lanka has been hit hard by a catastrophic economic and humanitarian crisis.The economy is facing significant challenges stemming from pre-existing vulnerabilities and policy missteps in the lead up to the crisis, further aggravated by a series of external shocks.The EFF-supported program aims to restore Sri Lanka’s macroeconomic stability and debt sustainability, mitigate the economic impact on the poor and vulnerable, safeguard financial sector stability, and strengthen governance and growth potential. The Executive Board’s decision will enable an immediate disbursement equivalent to SDR 254 million (about US$333 million) and catalyze financial support from other development partners.COLOMBO (News 1st); The International Monetary Fund said that it will enable an immediate disbursement equivalent to about US $ 333 million for Sri Lanka under EFF program, following Executive Board approval on Monday (20).The Executive Board of the International Monetary Fund (IMF) approved today a 48‑month extended arrangement under the Extended Fund Facility (EFF) with an amount of SDR 2.286 billion (395 percent of quota or about US$3 billion).Sri Lanka has been hit hard by a catastrophic economic and humanitarian crisis.The economy is facing significant challenges stemming from pre-existing

COLOMBO (News 1st); The IMF Executive Board approved Sri Lanka’s program under the Extended Fund Facility (EFF) that will enable Sri Lanka to access up to $7 billion in funding, reported the President's Media Division.President Ranil Wickremesinghe has expressed his gratitude for the support of the IMF and other international partners, said the PMD.It added that the President committed to full transparency in all discussions with financial institutions & creditors, & to achieve sustainable levels of debt through prudent fiscal management & an ambitious reform agenda.The IMF program is critical to achieving this vision & will help to improve Sri Lanka's standing in international capital markets, making it an attractive country for investors, talent, & tourists, said the President's Media Division.Earlier this month, Sri Lanka received IMF-compatible financing assurances from its official creditors, including Paris Club members, India and China, allowing the IMF to convene an Executive Board and consider Sri Lanka’s request for a loan.The program is expected to provide much-needed policy space to drive the economy out of the unprecedented challenges and instill confidence amongst all the stakeholders.President Ranil Wickremesinghe welcomed the announcement:“In the 75 years of Sri Lanka’s independence, there has never been a more critical period for ou economic future. Our official creditors have declared their support following continuous and positive engagements over the last few months, and we are pleased that the IMF Executive Board approved our program, enabling Sri Lanka to access up to US$ 7 billion in funding from the IMF and IFIs.

According to the survey, while the health and life insurance categories have seen significant growth in the personal insurance segment, the pandemic has also increased awareness and acceptance of health and term life insurance in the corporate insurance segment In a recent survey by Elephant.in on insurance being brought by corporate employees in India, the organisation shared some interesting facts regarding the growing demand in this category. Notwithstanding the COVID-19 pandemic’s negative effects on the global and national economies and health systems, its single but most powerful positive effect was to raise awareness of the value of insurance.

FILE IMAGE - Chinas President Xi Jinping and Russian President Vladimir Putin pose during a meeting on the sidelines of the Shanghai Cooperation Organisation (SCO) leaders summit in Samarkand on Sept. 15, 2022.

PMD: President Ranil Wickremesinghe emphasized that the Royal College cricket team’s effective captaincy ultimately led to the team’s victory at a time when all of the matches were being lost and that his effort is to lift the defeated country to the path of victory similar to what the captain of the Royal College cricket team did.The President recalled that when he assumed office last July, the country was experiencing numerous crises such as shortage of fuel, food, and fertilizer. He compared this to the Royal team, which had suffered a string of defeats, and claimed that many people believed the country would not be able to recover.However, President Ranil Wickremesinghe stressed that his team was able to change that situation and create economic stability in the country in the last seven months and emphasized that Sri Lanka is no longer a bankrupt state.President Ranil Wickremesinghe made this statement while addressing the 32nd Interact District Conference held at Temple Trees on Sunday morning (19).He said that everyone would be able to witness a developing country in the next two years, and to make Sri Lanka the most prosperous country in the region, it is necessary to build the economy in addition to stabilizing it today.The President added that the 25-year plan to make Sri Lanka a successful nation by 2048 has already been implemented and it can only be achieved with the commitment of the current youth.This conference was organized by St.

Mint. TCPL, which sells packaged beverages under brands such as Tata Tea Premium, Tata Tea Chakra, Tata Grand coffee and bottled water under Himalayan, reported a 5% dip in volume growth in the December quarter in its India beverage business on account of price corrections as well as demand slowdown in key markets. Das said while demand had softened in the December quarter, the trends in the months of December and January were relatively better.

Sri Lanka's economy shrank 7.8% in 2022 from the previous year, government data showed on Wednesday, as the country struggled with its worst financial crisis in more than seven decades.The island's fourth-quarter GDP contracted 12.4%, according to the figures.Sri Lanka's growth is expected to shrink by 3% this year, Moody's Investors Service said on Monday but growth is expected to rebound in 2024.Economic mismanagement coupled with the impact of the COVID-19 pandemic left Sri Lanka severely short of dollars for essential imports at the start of last year tipping the country into the worst financial crisis since Independence from the British in 1948.Sri Lanka is waiting for a $2.9 billion bailout program from the International Monetary Fund (IMF) to be finalised on March 20.“These numbers are broadly in line with expectations.

FILE-Security personnel check the health codes of travelers on smartphones at an entrance to Beijing Capital International Airport in Beijing, China, on Tuesday, Feb. 2, 2021.

COLOMBO (News 1st); Sri Lankan President Ranil Wickremesinghe has expressed gratitude to the Paris Club, Japan, India, and China for enabling cooperation required to reach an IMF facility for the country.In an open letter to Sri Lanka's Official Bilateral Creditors, President Wickremesinghe noted that the government deployed all efforts to demonstrate our commitment to the EFF program and relentlessly engage on the path to reforms. He said the administration has already implemented major reforms by way of prior actions agreed with the IMF.The President said his government introduced a robust  reform agenda aimed at achieving debt sustainability, strengthening governance, widening the social safety nets supporting the most vulnerable and ensuring we can grow an inclusive  economy attractive to international business. He said this is how Sri Lanka will improve the lives of its people and ensure they are first in line to benefit from improvements in our economic conditions.The President has requested creditors to maintain and even enlarge and strengthen official bilateral creditor coordination in the context of Sri Lanka's forthcoming engagement. He called on the Paris Club  bilateral partners, in particular Japan, together with all our other official bilateral partners,  including India and China, to garner and foster coordination as you best see fit.The Presidnet noted that Sri Lanka is committed to communicate transparently with all on any debt treatment terms that are agreed with any creditor or group of creditors, before being formalized. The President in his letter has also committed not to resume debt service to any creditor unless that creditor agrees on a comprehensive debt treatment in line with IMF-supported

By Frederica JanszThe word ‘IMF’ has got to be the most spoken in Sri Lanka today. As this word runs on a daily cycle of constant discussion which lends ear to a babble of discourse mostly filled with resentment, it is interesting to note, how few are aware of the true functions and makeup of the International Monetary Fund.It is indeed correct that this powerful organization has repetitively come under criticism for a lack of accountability.

A research conducted by Verite Research observes that economic management in Sri Lanka lacks compliance both by the bureaucracy and Parliament. Commenting on the new Public Finance Management Act proposed in September 2022, Verite Research suggests that rather than the lack of fiscal rules, the more critical problem for Sri Lanka may be the lack of compliance with fiscal rules in public finance management. The analysis, which was reported in a Verite publication titled Verite Insights, sheds light on how the Parliament of Sri Lanka had consistently revoked rules set out in the Fiscal Management (Responsibility) Act either by blatantly breaching them or by amending the rule whenever it became a constraint.The three rules that have been flouted include the rule on budgeted deficit, the rule on central government debt and the rule on treasury guarantees. The research further states that in order to recover confidence and build the economy, Sri Lanka may need deeper diagnostic and more robust correction mechanisms with regard to the crisis of governance.

Sri Lanka’s High Commissioner to India, Milinda Moragoda said that the economic integration is the key to enhancing the exiting relations between India and Sri Lanka to a special relationship. He made these remarks while addressing the officers of the Indian Armed Forces at the prestigious Army War College, Mhow, on the topic ‘Trajectory of Sri Lanka India Relations: 2030’.Speaking to the officers of the Indian Armed Forces who are following the Joint Higher Command Course, High Commissioner Moragoda broadly highlighted the strategic significance of Indo-Lanka relations drawing from the historical ties to the present status of the special relationship between the two countries.  Elaborating on the vibrant Indo-Lanka relations, High Commissioner Moragoda highlighted the key role played by India by way of extending much-needed financial assistance worth nearly USD 4 billion, which served as the lifeline that rescued Sri Lanka’s economy from a total collapse.He also deliberated upon the strong defence cooperation that exists between the two countries and the continued training assistance extended to the members of the Sri Lankan Armed Forces by India, including the training opportunities offered by the Army War College.

 Sri Lanka’s rupee, which became the world’s best performing currency this year amid hopes of an International Monetary Fund bailout, may resume declines and lose a fifth of its value against the dollar by end-2023, according to Fitch Solutions.“We are optimistic that Sri Lanka will be able to secure an IMF board approval by early 2Q-2023,” said Seah Wang Ting, country risk analyst at Fitch Solutions. Nevertheless, there’s potential for disruptions after the initial board approval as authorities may find it challenging to stay on track with the IMF program amid a weakening economy and a local election likely on the horizon, he said.Fitch maintained its forecast for the rupee to weaken to a record low of 390 per dollar by year-end.

SACRAMENTO, Calif. - California Gov. Gavin Newsom is delivering on his word to cut ties with Walgreens over the drugstore chain's stance on distributing abortion pills.On Wednesday, California officials announced the Golden State won't renew its $54 million contract with Walgreens because the company said it won't dispense the abortion medication, mifepristone in 20 states. "California will not stand by as corporations cave to extremists and cut off critical access to reproductive care and freedom," said Newsom.

LOS ANGELES - Modern anxieties with new names including "bankxiety," "climanxiety," "scamxiety," and more are plaguing more Americans than ever, according to a recent poll by anxiety tracking app AQ.According to the poll, published on Feb. 28, "Banxiety," impacts 36% of U.S.

An American Airlines jet is seen in the air preparing to land September 3, 2004 at Chicago's O'Hare International Airport in Rosemont, Illinois. American Airlines announced December 10, 2004 that they will be raising domestic airfares $10 for round-t WASHINGTON - The Department of Transportation has announced a new online dashboard that will allow travelers to identify which airlines in the United States will seat children under 14 years old next to an accompanying adult at no additional cost. According to the department, a parent who purchases airline tickets for a family should receive a guarantee from the airline that it will seat the parent and child together "without fees or a last-minute scramble at the gate or having to ask other passengers to give up their seat to allow the parent and child to sit together." Currently American, Alaska and Frontier are the only airlines that offer fee-free family seating.United Airlines also announced in February that it changed its policy, which takes effect this month, to allow families to be seated together more easily and free of charge.

oe Biden speaks at the International Association of Fire Fighters legislative conference in Washington, DC, US, on Monday, March 6, 2023. The Biden administration is nearing completion of an executive order that would restrict investments by US compa WASHINGTON - President Joe Biden on Tuesday proposed new taxes on the rich to help fund Medicare, saying the plan would help to extend the insurance program's solvency by 25 years and provide a degree of middle-class stability to millions of older adults.In his plan, Biden is overtly declaring that the wealthy ought to shoulder a heavier tax burden.

Colombo (News 1st) – The International Monetary Fund announced on Tuesday (07) that Sri Lanka has received financial assurances from all its major bilateral creditors. This paves the way for the IMF Board to consider the approval of the Staff Level Agreement for financing under the Extended Fund Facility on March 20.Earlier in the day, China gave assurances that it will support Sri Lanka's debt restructuring, clearing the biggest hurdle for the nation to secure a USD 2.9 billion bailout from the IMF. The IMF approval for a USD 2.9 billion loan depended on financial assurance from all Sri Lankan creditors.

FILE - Federal Reserve Board Chairman Jerome Powell speaks during an interview by David Rubenstein, Chairman of the Economic Club of Washington, D.C., at the Renaissance Hotel on Feb. 7, 2023 in Washington, D.C.

WASHINGTON, DC - MARCH 06: U.S. President Joe Biden addresses the International Association of Fire Fighters' legislative conference at the Hyatt Capitol Hill on March 06, 2023 in Washington, DC.

WASHINGTON - The U.S. Department of Agriculture has released a proposed rule with new requirements on "Product of USA" labels in an effort to increase transparency and help ensure consumers understand where their food comes from. Announced Monday, the proposed rule allows the voluntary label "Product of USA or "Made in the USA" claim be used on meat, poultry and egg products only when they are derived from animals born, raised, slaughtered and processed in the U.S. "American consumers expect that when they buy a meat product at the grocery store, the claims they see on the label mean what they say," agriculture secretary Tom Vilsack said in a statement.

Costco CFO Richard Galanti said the company is maintaining low prices on certain products – including its coveted rotisserie chicken – to drive membership and sales. Galanti, on the retailer's earnings call this week, said the membership warehouse has kept its rotisserie chicken price at $4.99, because it is "is an investment in low prices to drive membership – to drive the sales in a big way."Rotisserie chicken is just one example of key categories that members specifically shop for where the company has invested in pricing. However, this comes as Costco posted revenue of $55.27 billion in the period, falling short of Wall Street forecasts. Ten analysts surveyed by Zacks expected $55.64 billion. Inflation remains a headwind, though the company acknowledged that it's been improving somewhat. During the fourth quarter, which ended in August, the company's estimated year-over-year price inflation was 8% for that prior fiscal year.

COLOMBO (News 1st); Sri Lankan President Ranil Wickremesinghe emphasized that a change of government can only be brought about through a parliamentary election and the streets is not an option for parliament.He made this comment on Friday (3) while participating in the Air Force cadets and other officers Passing Out Parade at the Trincomalee Air Force Base today."When you passed out today, you had to take an oath under the constitution. You also undertook an oath of the Sri Lanka Air Force in public. These two oaths underline your primary responsibility.

FILE - Deputy Labor Secretary Julie Su attends a Learn About Worker Experiences event at the Skal restaurant in Brooklynon April 11, 2022 in New York City. (Photo by Roy Rochlin/Getty Images for One Fair Wage) WASHINGTON - President Joe Biden is nominating Julie Su, the current deputy and former California official, as his next labor secretary, replacing the departing incumbent, former Boston Mayor Marty Walsh.Su, a civil rights attorney and former head of California's labor department, was central to negotiations between labor and freight rail companies late last year, working to avert an economically debilitating strike.

Representatives from the World Bank stated that the World Bank will continue to support Sri Lanka’s development reforms program.They stated that the World Bank will provide technical assistance in the drafting of laws for development policy operations, as well as work to provide additional guidance and support regarding the use of international media and welfare benefits.The delegation including the Vice President of the South Asian Region of World Bank, Martin Raiser, met President Ranil Wickremesinghe at the Presidential Secretariat on Tuesday (28).The World Bank Development Policy Operational Program was fully investigated and the President and World Bank representatives commented on its progress.Improving financial supervision and credit management, improving tax administration, sovereign-financial sector linkages and reducing systemic risks; maintaining stability and confidence in the banking sector, restructuring and divestment, reducing policy uncertainty and increasing competitiveness in the economy, mobilizing private capital and competition in the broadband market, strengthening the social security institution, delivery system and targeting was discussed.Source: PMD

(Reuters) – The International Finance Corporation (IFC), the World Bank's investment arm, said it will provide Sri Lanka a $400 million cross-currency swap facility to help fund essential imports.Three private banks, which together deal with over 30% of Sri Lanka's remittances and exports, will receive the facility to fund essential imports, including medicine, food and fertiliser, the IFC said in a statement on Monday (27).The funds will provide a much needed foreign exchange cushion for Sri Lanka, which is grappling with its worst financial crisis in over seven decades partly triggered by a severe shortage of dollars.The island nation's economy is estimated to have contracted by 9.2% in 2022 and is expected to shrink a further 4.2% in 2023, according to World Bank data."We expect this financing to boost confidence in the investor community, attract fresh capital inflows to support the Sri Lankan economy," said Joon Young Park, IFC's Portfolio Manager, Financial Institutions Group for South Asia.IFC is also working on further plans to support client banks with other long-term funding and advisory services in the future, the statement added.Sri Lanka signed a preliminary agreement with the International Monetary Fund (IMF) for a $2.9 billion bailout last September but has to put its debt on a sustainable repayment track before the funds can be disbursed.

California Prop. 31 was approved on Election Night, banning flavored tobacco products. SACRAMENTO, Calif. (AP) - Some California lawmakers want to eventually ban all tobacco sales in the nation’s most populous state, filing legislation to make it illegal to sell cigarettes and other products to anyone born after Jan.

In a bid to maximize the use of government funds and ensure that resources are utilized efficiently, President’s Secretary Saman Ekanayake has issued a directive on the instructions of President Ranil Wickremesinghe, requiring officials purchasing airline for official travel abroad to be on Economy Class.This directive will take effect from March 1, 2023, and supersedes all previous circulars and instructions related to this subject.According to the new directive, officials such as the Hon. Chief Justice, Hon.

COLOMBO (News 1st); U.S. Treasury Secretary Janet Yellen is urging other leading economies to move faster in resolving debt crises that threaten a growing number of countries.Yellen made the comments in a meeting Thursday with India’s finance minister, Nirmala Sitharaman, on the sidelines of a meeting of financial leaders of the Group of 20 major economies, the Treasury Department said in a statement.U.S.

COLOMBO (News 1st); Sri Lankan President Ranil Wickremesinghe told Parliament on Thursday (23) that the country's National Election Commission has not legally called for an election, and there are no funds to conduct an election.Commenting on the debate requested by the opposition on postponing the election, the President said there is no election for one to be postponed."The Election Commission had gone to court and said that it cannot conduct an election. However, an affidavit was provided. It states that the Commission has been informed by the Secretary of the Treasury that he is unable to provide the necessary funds to conduct the election.

COLOMBO (News 1st); Sri Lankan President President Ranil Wickremesinghe urged all citizens, including politicians, professionals, teachers, those engaged in agriculture, the business community, and members of the security forces, police and civil servants, to work together to overcome the current economic crisis and promote reconciliation efforts.He was speaking at an event at Royal College, Colombo that was held to honour President Wickremesinghe, who is an alumnus of Royal College. The President called upon the present generation of Royalists to dedicate themselves to serving the country and transforming it into a place where they would like to reside. He urged young Royalists to take up the challenge and shape the future of the nation."We have two difficult tasks in this country.

Russian President Vladimir Putin arrives for his annual meeting with the Federal Assembly on Feb. 21, 2023, in Moscow, Russia.

COLOMBO (News 1st); Sri Lankan President Ranil Wickremesinghe has emphasized the importance of having a proper plan to strengthen the country’s economy, during a meeting with businessmen and lawyers in the Kandy district.According to the President's Media Division. the President had noted that the primary issue facing the country is its economic problem, and addressing it should be a top priority.The President has also noted that the upcoming election is not a means to change the government.

COLOMBO (News 1st); Sri Lankan President Ranil Wickremesinghe said that an Economic Commission will be formed as early as possible replacing the Board of Investment and the Board of Exports.President Ranil Wickremesinghe made these remarks at the opening of the country’s first migratory bird park and eco-tourism zone in Hanthane, Kandy (20).He stated that an Economic Commission will be formed as early as possible to approve investment opportunity in order to provide more opportunities to local and foreign investors.The President also stated that it has the potential to significantly boost the country’s economy."More investment opportunities are necessary for Sri Lanka to embark on a new economic path. It takes ten years to approve a firm after an investor arrives in Sri Lanka. This situation should be changed.

Over a six-week period, as part of the ‘Out of Pocket’ series, Global News is examining how inflation is impacting Canadians from coast to coast.

COLOMBO (News 1st) – Sri Lankan President Ranil Wickremesinghe said that the government will not give into the demands of protestors.He noted that just, because certain groups strike demanding the removal of certain officials, the government will not remove anyone arbitrarily as there is a procedure that has to be followed and the government will follow the rules and act accordingly.He was addressing the launch of the Centre for Governance and Public Policy (C-GaPP) at the Sri Lanka Technological Campus (SLTC) Research University at the Trace City in Colombo on Wednesday (15).He said that the responsibility to address such issues rests to a large extent with the Universities. The President noted that even at the point of the new Centre for Governance and Public Policy (C-GaPP) being inaugurated at the Sri Lanka Technological Campus (SLTC) Research University, two strikes were in progress. One was staged at the Ruhuna University demanding the removal of the Vice Chancellor and another one demanded the removal of the General Manager of a state Corporation.President Wickremesinghe further stated that the removal of the General Manager is a matter of the government. “Just, because there is a strike we will not remove him.