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31.05.2022 / 17:27

Inflation zaps US savings rate, a warning sign for some

A shopper wearing a surgical mask, center, looks at looks at packaged meats at a Trader Joes in Brooklyn, New York. (Robert Nickelsberg/Getty Images) Americans are saving less, a potentially troublesome sign for the U.S.

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India's GDP may lost speed on Covid curbs before war

gross domestic product in the year to March 2022 grew 8.7% from a year ago, according to the median estimate in a Bloomberg survey. That’s slower than the 8.9% expansion projected by the Statistics Ministry three months ago.

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China: Beijing relaxes Covid restrictions, Shanghai to end several curbs from 1 June

Covid-19 lockdown, Chinese commercial hub Shanghai has also said that "unreasonable" curbs on businesses will be removed from 1 June.

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Biden launches Indo-Pacific trade deal with 12 nations, warns over inflation

TOKYO (AP) - President Joe Biden launched a new trade deal with 12 Indo-Pacific nations Monday aimed at strengthening their economies as he warned Americans worried about high inflation that it is "going to be a haul" before they feel relief. The president said he does not believe an economic recession is inevitable in the U.S.Biden, speaking at a news conference after holding talks with Japan’s Prime Minister Fumio Kishida, acknowledged the U.S. economy has "problems" but said they were "less consequential than the rest of the world has."He added: "This is going to be a haul.

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Stocks close just above bear market after turbulent day

NEW YORK, UNITED STATES - 2020/05/27: Wall Street sign in front of New York Stock Exchange (Photo by John Nacion/SOPA Images/LightRocket via Getty Images) NEW YORK - The stock market clawed back from a midday drop Friday after coming to the edge of its first bear market since the beginning of the pandemic. The S&P 500 ended 18.6% below the record high it set in early January. A 20% decline would have been considered the beginning of a bear market.

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Biden’s approval rating dips to lowest of presidency, poll shows

President Joe Biden delivers remarks after he announced cabinet nominees that will round out his economic team. (Photo by Chip Somodevilla/Getty Images) WASHINGTON - President Joe Biden’s approval rating dipped to the lowest point of his presidency in May, a new poll shows, with deepening pessimism emerging among members of his own Democratic Party.Only 39% of U.S.

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Many Are Dropping Their Guard (and Their Masks) on COVID

Americans are less worried than they previously have been. Are we in a new phase of public attitudes about the pandemic? And how is this impacting Americans' behaviors? Gallup senior editor Megan Brenan joins the podcast to talk about Gallup's tracking since the pandemic began and where we are now. Below is a full transcript of the conversation, including time stamps.

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China’s economic activity collapses under Xi’s Covid zero policy

What Bloomberg Economics Says

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India is witnessing a V-shaped recovery after Covid-19 pandemic: Rajnath Singh

ANI report.

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Why Koreans could all get younger soon

SEOUL, SOUTH KOREA - MAY 10: After inauguration ceremony, president Yoon Seok-yeol greets people at the street in Seoul, South Korea on May 10, 2022. (Photo by Lee Yong-Ho / Pool/Anadolu Agency via Getty Images) Everyone in South Korea may soon be turning a year younger.

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US inflation hit 8.3% in April but slows from 40-year high

WASHINGTON - Inflation slowed in April after seven months of relentless gains, a tentative sign that price increases may be peaking while still imposing a financial strain on American households.Consumer prices jumped 8.3% last month from 12 months earlier, the Labor Department said Wednesday. That was below the 8.5% year-over-year surge in March, which was the highest rate since 1981.On a month-to-month basis, prices rose 0.3% from March to April, a still-elevated rate but the smallest increase in eight months.

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China at risk of 16 lakh coronavirus deaths if covid zero policy is abandoned

Omicron wave of coronavirus that would swamp intensive care capacity.

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As Russia’s ‘Victory Day’ nears, mood in Moscow appears mixed

Nazi Germany with an economy reeling from the West’s most stringent economic sanctions in modern times.As Russia’s military operation in Ukraine grinds towards the end of its third month, President Vladimir Putin will underscore the enormous sacrifices made by the Soviet Union to defeat Adolf Hitler in World War Two in a Victory Day speech in Red Square on Monday.The sanctions imposed by Western nations since Putin launched the invasion of Ukraine on Feb. 24 have tipped Russia towards its worst economic crisis since the years following the 1991 fall of the Soviet Union, though the Kremlin says it will build up its own production while seeking new markets in Asia.

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How the recent historic Fed interest hikes will impact your finances

WASHINGTON (AP) - Record-low mortgages below 3% are long gone. Credit card rates will likely rise. So will the cost of an auto loan.

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Fed raises interest rates by half-point, the most since 2000

WASHINGTON - The Federal Reserve intensified its fight against the worst inflation in 40 years by raising its benchmark short-term interest rate by a half-percentage point Wednesday — its most aggressive move since 2000 — and signaling further large rate hikes to come.The increase in the Fed's key rate raised it to a range of 0.75% to 1%, the highest point since the pandemic struck two years ago.The Fed also announced that it will start reducing its huge $9 trillion balance sheet, which consists mainly of Treasury and mortgage bonds. Those holdings more than doubled after the pandemic recession hit as the Fed bought trillions in bonds to try to hold down long-term borrowing rates.

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Biden highlights deficit progress to counter criticism on US economy

WASHINGTON (AP) - President Joe Biden on Wednesday highlighted new figures showing the government's red ink will grow less than expected this year and the national debt will shrink this quarter as he tried to counter criticism of his economic leadership amid growing dismay over inflation going into midterm elections that will decide control of Congress.Biden, embracing deficit reduction as a way to fight inflation, stressed that the dip in the national debt would be the first in six years, an achievement that eluded former President Donald Trump despite his promises to improve the federal balance sheet."The bottom line is the deficit went up every year under my predecessor before the pandemic and during the pandemic. It has gone down both years since I’ve been here," Biden said.

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What is a recession, and should Americans be worried?

Russian war in Ukraine, red-hot inflation and an increasingly hawkish Federal Reserve.Goldman Sachs, Deutsche Bank and Bank of America are among the firms predicting an economic downturn within the next two years, which could have serious implications for millions of Americans. Recessions, which simply refers to two consecutive quarters of negative economic growth, are often characterized by high unemployment, low or negative GDP growth, falling income, and slowing retail sales. They are notoriously difficult to predict.

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India's economy to overcome Covid losses in FY35, recovery remains stimulus-dependent: RBI

RBI stated that India suffered among the biggest pandemic-induced losses in the world in terms of output, lives, and livelihoods, which may take years to recover. Economic activity has barely recovered to pre-COVID levels even after two years.

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Covid surge early hint of 4th wave; will not impact growth in near-term: Nomura

India's Covid surge is an early hint of a fourth wave of pandemic, a Japanese brokerage said Friday, adding that the rising cases, however, do not pose a risk to growth in near-term.

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4 Republicans claw for an edge in live TV Pennsylvania governor's debate

HARRISBURG, Pa. - Leading candidates for the Republican nomination for Pennsylvania’s open governor's office made big promises in Wednesday night’s debate about how they’ll ramp up the economy and spend state dollars, as they clawed for an edge in a huge nine-person field.Four of the nine candidates appeared at the live-televised prime-time debate, spending part of the hour in the studio of WHTM-TV in Harrisburg trying to establish an identity or an edge on a rival.The four met the polling threshold set by the station’s parent company as they vie for the nomination to succeed the term-limited Gov. Tom Wolf, a Democrat.

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Counterfeit 1936 Stanley Cup Championship rings seized by border agents

Counterfeit Stanley Cup Championship rings seized in New York. (U.S. Customs and Border Patrol)Border agents in New York made a slightly more unusual bust than what they are probably accustomed to seeing – 10 counterfeit National Hockey League (NHL) 1936 Stanley Cup Championship rings. The rings were seized at the Champlain Port of Entry cargo facility in very northern New York earlier this month, according to a news release from the U.S.

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Russia’s economy has avoided collapse so far, but trouble is looming. Here’s why

Russia’s economy has averted a devastating collapse so far despite unprecedented sanctions sparked by the war in Ukraine, allowing Vladimir Putin to rally his people against the West and in support of his invasion.Yet experts — and even top Russian officials — say trouble is right around the corner. Reserves that have propped up the economy to this point are starting to run out, and Moscow’s mayor is warning of mass job losses.

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Economy Lot at Philadelphia International Airport is open for business

SOUTH PHILADELPHIA - Parking at Philadelphia International Airport continues to get easier as the airport is reopening parking spots.Closed since the pandemic started in March of 2020, the economy parking lot at the airport is back open for business."When I was working on the equipment, people were saying, ‘When’s economy open? When’s economy open?,’ and it’s a big question," airport employee Bill Hogan remarked.Hogan says travelers have been clamoring for a cheaper parking alternative since the lot closed. And, now that airports are getting busier, short and long-term parking lots are nearing capacity, once again.So, the Philadelphia Parking Authority reopened a portion of the economy lot to an 1800 additional parking spots.

economy travelers Parke

manchestereveningnews.co.uk

22.04.2022 / 12:45

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Burnham: Action is needed now to help night time economy crippled by pandemic and cost of living crisis

Mayor Andy Burnham has said that the ‘hangover’ facing the hospitality industry in the wake of the pandemic is going to be ‘with us for a long time’. Burnham was speaking at the launch of a new Night Time Economy Strategy from the Greater Manchester Combined Authority, devised by Manchester’s night time economy advisor Sacha Lord.

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Chinese Ambassador pledges continued support to Sri Lanka

COLOMBO (News 1st); The Minister of Foreign Affairs, Professor G.L.

G.L.Peiris China city Beijing Sri Lanka province Yunnan economy Government Assurant

Moody’s downgrades Sri Lanka’s rating to Ca; outlook stable

COLOMBO (News 1st); Moody’s Investors Service (“Moody’s”) has today downgraded the Government of Sri Lanka’s long-term foreign-currency issuer and senior unsecured debt ratings to Ca from Caa2.

Sri Lanka economy Government Gap

‘Do not disrupt Galle Face protest’ – BASL cautions Sri Lankan Government

COLOMBO (News 1st); The Bar Association of Sri Lanka has called on the Sri Lankan Government to desist from taking any steps whatsoever to disrupt what is a legitimate exercise of the freedom of dissent of the people.In a statement, the Bar Association of Sri Lanka (BASL) said it received credible information from its members of a number of police trucks being moved into the vicinity of Galle Face Green, where there is an ongoing mass protest.‘The trucks have now been removed after it was highlighted in social media and brought to the notice of the authorities,’ said the statement.The BASL views with grave concern any attempt to disrupt in whatever manner, what is a peaceful protest by the people of this country, and any such attempt will have grave repercussions for the country, democracy, its economy, and the rule of law.

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IMF's Gita Gopinath on why the world needs to prepare for Covid-19 downsides. See details

IMF updating global economic-growth forecasts, as it is set to publish the results in its World Economic Outlook scheduled for April 19. IMF in January said the global economy would expand 4.4% this year, down from an estimate of 4.9% in October.

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JPMorgan profit sinks 42% after a pandemic boom

Bank says it is prepared for higher credit losses related to economic challenges and its exposure to Russia

Jamie Dimon India Russia county Chase Ukraine pandemic economy JPMorgan

US banks’ pandemic hot streak is coming to an end

Investment Banking

Morgan Stanley Usa India pandemic economy Extreme

US inflation report: Consumer prices jumped 8.5% in past year, highest since 1981

FILE IMAGE - Gasoline prices hover around $4.00 a gallon for the least expensive grade at several gas stations in the nation's capital on April 11, 2022, in Washington, D.C. (Photo by Chip Somodevilla/Getty Images) WASHINGTON - Inflation soared over the past year at its fastest pace in more than 40 years, with costs for food, gasoline, housing and other necessities squeezing American consumers and wiping out the pay raises that many people have received.The Labor Department said Tuesday that its consumer price index jumped 8.5% in March from 12 months earlier — the biggest year-over-year increase since December 1981.

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Youth protesters set up township in front of Presidents Office, in Sri Lanka.

COLOMBO (News 1st); As the world watches in disbelief as the Sri Lankan economy slips from bad to worse at the rate of knots, ordinary young Sri Lankans facing the worst of the crisis have come up with one of the most peaceful, creative ways to protest in recent times. Mostly made up of Gen-Z youth, the protestors have over the past week created a township right in front of the President’s Office, in the middle of the bustling Colombo City.The town, now called ‘Gota-go-Gama’ (which incorporates the main slogan used by protestors and the word gama, which means village in Sinhalese) now functions with working toilets, phone charging points, entertainment, a shop, and even a library.

Sri Lankans Sri Lanka city Colombo president economy crisis

New Jersey recreational marijuana sales expected to begin 'within weeks,' report says

(Photo by Andrew Lichtenstein/Corbis via Getty Images) TRENTON, N.J. - New Jersey officials have given approval to seven companies to sell recreational marijuana to adults meaning sales could start within weeks, according to The New York Times. The move comes more than a year after voters overwhelmingly approved a ballot question to legalize adult use of the drug.Early last year, Democratic Governor Phil Murphy signed legislation to set up a recreational marijuana marketplace. At the time of the signing, Murphy explained that by establishing a recreational marijuana marketplace, the economy statewide would flourish as new jobs would be created.On Monday, New Jersey’s Cannabis Regulatory Commission, made up of five members, gave seven medical-marijuana companies final approval to start selling their products to all adults, according to NYT. The development makes New Jersey only the second state on the East Coast to fully authorize cannabis sales to all adults. The seven companies are permitted to begin selling recreational cannabis for adult use as soon as each company pays more than $1 million in fees associated with the expanded licenses and meets other requirements to obtain the license. ___DOWNLOAD: FOX 29 NEWS APPSUBSCRIBE: Good Day Digest Newsletter | FOX 29 Philly on YouTubeAdvertisementFOLLOW: Facebook | Instagram | Twitter

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NO Health Minister & system in crisis; Scheduled IMF meeting delayed

COLOMBO (News 1st); It’s been a week since the Sri Lankan Cabinet resigned en masse and the country is YET to see the appointment of a Minister of Health, while the entire health system is in crisis.All the crises in the country including the Health crisis have arisen as a result of Sri Lanka’s economy spiraling down.An online discussion was to be scheduled on Monday (11) regarding the assistance of the International Monetary Fund (IMF), however, it has not taken place as planned.Speaking to News 1st Finance Minister Ali Sabry, PC confirmed this.The Governor of the Central Bank of Sri Lanka, Prof. Nandalal Weerasinghe said in a media briefing held recently that another discussion will be held on the 18th of April.Meanwhile, Masahiro Nosaki, the head of the International Monetary Fund (IMF), told the Bloomberg website that discussions would be held with policymakers in the coming days or weeks on possible assistance to Sri Lanka.He has noted that he is ready to support Sri Lanka based on his policies.However, the head of the International Monetary Fund (IMF) has said that he is closely monitoring the Political and Economic situation.

Ali Sabry Nandalal Weerasinghe Sri Lanka economy crisis Health

Sanctions over Ukraine are starting to ‘shrink’ Russia’s economy. Here’s how

Ukraine, Western sanctions are starting to have an impact on Russia’s economy, experts say.“Their economy is really starting to shrink,” Mark Manger, associate professor at the University of Toronto’s Munk School of Global Affairs and Public Policy, told Global News.Russia’s gross domestic product is estimated to shrink by 15 per cent by the end of the year, according to the International Institute of Finance.If levels drop to this level, Russia will see its greatest recession since 1992, according to data from The World Bank. This would also be twice as severe as the 2009 recession.Here’s a look at how Western sanctions are affecting Russia’s economy.

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Russian assets must be seized; accounts of sexual violence ‘chilling’: Freeland

Chrystia Freeland says there is no better source of extra funds for Ukraine‘s recovery from the Russian invasion than from the assets of those backing the war.In an interview with The West Block‘s Mercedes Stephenson, Freeland emphasized the proposal in the budget she tabled last week that would allow Canada’s minister of foreign affairs to not only freeze Russian assets, but seize them, too.“Right now, we can freeze assets. What we need to do is have the power to seize those assets,” she said.“Ukraine is going to need to be rebuilt.

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Deutsche Bank predicts US recession in 2023 due to Fed rate hikes

recession is on the horizon in the U.S. as the Federal Reserve makes an aggressive pivot to cool the hottest inflation in four decades, according to economists at Deutsche Bank. "We no longer see the Fed achieving a soft landing," Deutsche Bank economists led by Matthew Luzzetti said in the analyst note.

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Economy Lot set to reopen at Philadelphia International Airport

SOUTH PHILADELPHIA - Big news for those flying out of Philadelphia International Airport. $13.00 parking is coming back.

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CBSL tightens Monetary Policy Stance to Stabilise the Economy

COLOMBO (News 1st); The Central Bank of Sri Lanka has decided to tighten its monetary policy stance to stabilize the economy.The Monetary Board of the Central Bank of Sri Lanka, at its meeting held on 08 April 2022, decided to increase the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank by 700 basis points to 13.50 percent and 14.50 percent, respectively, effective from the close of business on 08 April 2022.The Board, having noted the inflationary pressures that could further intensify in the period ahead, driven by the build-up of aggregate demand, domestic supply disruptions, exchange rate depreciation, and the elevated prices of commodities globally, was of the view that a substantial policy response is imperative to arrest the buildup of added demand-driven inflationary pressures in the economy and preempt the escalation of adverse inflationary expectations, to provide the required impetus to stabilize the exchange rate and also to correct anomalies observed in the market interest rate structure.

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Sri Lanka must start in-depth talks with IMF – EU

COLOMBO (News 1st); The European Union has requested Sri Lankan authorities to start in-depth discussions with the International Monetary Fund (IMF) on the reforms needed to bring the Sri Lankan economy back to a sustainable path.They issued a joint statement on the recent developments in Sri Lanka together with the diplomatic missions of the EU Member States and with the diplomatic missions of Australia, New Zealand, Norway, Switzerland, & the United Kingdom.

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All of us have failed our duty: MP Jeevan Thondaman

COLOMBO (News 1st); All of us have failed our duty, and we have failed to address ourselves with public sentiment, says Ceylon Workers Congress MP Jeevan Thondaman. Speaking at Parliament today (07), the MP pointed out that while people are holding placard all over the country because they do not have a voice in Parliament, those with a voice are holding placards inside the Parliament, which is a very senseless thing to do. He further stated that the MPs are not speaking on issues they should be speaking about, and are simply delaying the inevitable. “And that inevitable means people’s lives at stake, the economy at stake. Even now we are still playing the blame game, and it is exactly why people are out on the streets.

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37 people injured in Mirihana Protest

COLOMBO (News 1st); 37 people were injured during the protest that took place in Pengiriwatte Road, Mirihana on Thursday (31) night.They are currently being treated at the Colombo National Hospital.Among the injured are 24 members of the Sri Lanka Police Special Task Force, 3 members from Sri Lanka Police, 3 Journalists, and 7 civilians.54 persons who were engaged in the protest on Thursday (31) night at Mirihana, Nugegoda have been arrested by Sri Lanka Police. Police stated that a woman was among them.Two Police & army buses, a jeep, a three-wheeler, and two motorcycles were damaged, during the protest.

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Sri Lanka : Police Curfew in Colombo lifted after a night of protests

COLOMBO (News 1st); Sri Lanka lifted a police curfew imposed on multiple police sectors in the Capital City of Colombo at 5 AM on Friday (1)Authorities were compelled to impose a curfew after tensions were witnessed on Thursday (31) night during protests against a mismanaged economy and rising cost of living.Scuffles broke out between protestors and security forces on Thursday (31) night when a peaceful protest proceeded towards Sri Lankan President Gotabaya Rajapaksa’s residence on the outskirts of the city, in Mirihana.Heavy police presence was witnessed in the area at first, and thereafter the Riot Police, Police Special Task Force, Sri Lanka Army, and Sri Lanka Navy personnel were called in to control the situation and prevent the protestors from proceeding towards the President’s house.It is still unclear if the President was at home at the time of the protest.The people involved in the protest were from all corners of Colombo, and expressed anger over the government’s handling of the economy.The country has been plagued by a shortage of reserves that led to a shortage of essentials such as Kerosene, Diesel, Petrol, Gas, and even medicines.While the protest was taking place the supply of electricity for the entire Mirihana area was shut down, the first time since the power cuts came into effect, as Sri Lanka also struggles to import fuel to keep its power plant running.Further, internet connectivity in some areas also was disrupted, for reasons unknown.Another protest took place in Kelaniya as the road between Kelaniya and Dalugama was obstructed by protestors who burn tires and chanted slogans for the government to resign over their mishandling of the country’s economy.

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March jobs report 2022: US added 431,000 jobs in sign of economic health

FILE IMAGE - A large "Now Hiring" advertisement is posted on the windows of the Advance Auto Parts store in Bay Shore, New York on March 24, 2022. (Photo by Steve Pfost/Newsday RM via Getty Images) WASHINGTON - Defying a pandemic and supply chain disruptions, the U.S.

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Mirihana protestors cannot be charged under PTA – Human Rights Commission

COLOMBO (News 1st); The Human Rights Commission of Sri Lanka says that those arrested for protesting in Nugegoda CANNOT be charged under the PTA.54 persons who were engaged in the protest on Thursday (31) night at Mirihana, Nugegoda have been arrested by Sri Lanka Police. Police stated that a woman was among them.Two Police & army buses, a jeep, a three-wheeler, and two motorcycles were damaged, during the protest. Police said that five officers were injured in the protest.

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Mirihana protestors cannot be charged under PTA – HRCSL

Gotabaya Rajapaksa Sri Lanka president economy Citi

Sri Lanka : Police Curfew in several parts of Colombo

COLOMBO (News 1st); Sri Lanka has imposed a police curfew on multiple police sectors in the Capital City of Colombo until further notice.These areas are:COLOMBO CENTRAL DIVISIONPettah / Keselwatta / Dam Street / Wolfendhal Street / Fort / Slave Island / Maradana / MaligawattaCOLOMBO NORTH DIVISIONColombo Harbour / Fore shore / Modara / Kotahena / Mattakkuliya / Bloemendhal / Grandpass / Dematagoda / Mihijaya sewanaCOLOMBO SOUTH DIVISIONColpetty / Bambalapitiya / Kirulapone / Wellawatta / Narahenpita / BMICH / Borella / Cinnamon GardenNUGEGODA DIVISIONMirihana / Maharagama / Boralesgamuwa / Wellampitiya / Thalangama / Welikada / Nawagamuwa / Mulleriyawa / Homagama / Kottawa / Athurugiriya / Padukka / Hanwella / Gothatuwa / Meepe / Kaduwela / MalabeMOUNT LAVINIA DIVISIONMount Lavinia / Piliyandala / Angulana / Dehiwala / Kohuwala / Moratuwa / Kahathuduwa / Moratumulla / Egoda Uyana / KesbewaKELANIYA DIVISIONKelaniya / Kandana / Wattala/ Mahabage / Sapugaskanda / Biyagama / Meegahawatta / Ja – Ela / Ragama / Kiribathgoda / Kadawatha / EnderamullaAuthorities were compelled to impose a curfew after ugly scenes were witnessed on Thursday (31) night during protests against a mismanaged economy and rising cost of living.Scuffles broke out between protestors and security forces on Thursday (31) night when a peaceful protest proceeded towards the Sri Lankan President Gotabaya Rajapaksa’s residence on the outskirts of the city, in Mirihana.Heavy police presence was witnessed in the area at first, and thereafter the Riot Police, Police Special Task Force, Sri Lanka Army, and Sri Lanka Navy personnel were called in to control the situation and prevent the protestors from proceeding towards the President’s house.It is still unclear if

Gotabaya Rajapaksa Sri Lanka president economy Citi

Will allowances ease the economic burden on Sri Lankans?

COLOMBO (News 1st); Economists have raised concerns whether the Sri Lankan government’s decision to award Rs. 10,000/- as allowances for low-income families will ease the economic burden on the people, in the long term.Professor Aminda Methsila Perera, from the Wayamba University of Sri Lanka, says that according to government calculations there are 3.1 million low-income families in the island nation, and it would require Rs.

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United States	Cases: 46 252 513 Deaths: 750 423 Recovered: 0
India	Cases: 34 321 025 Deaths: 459 652 Recovered: 0
Brazil	Cases: 21 835 785 Deaths: 608 235 Recovered: 0
United Kingdom	Cases: 9 215 683 Deaths: 141 607 Recovered: 0
Russia	Cases: 8 494 589 Deaths: 237 619 Recovered: 0