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Sri Lanka features positively in GSER Report 2024 

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Sri Lanka featured in GSER Report 2024

Sri Lanka has got positive reviews in the latest Global Startup Ecosystem Report (GSER), launched at London Tech Week yesterday (10).

The report, compiled by Startup Genome and the Global Entrepreneurship Network (GEN) ranked Sri Lanka within the world’s top 10 for affordable talent and within the top 30 in Asia in talent and experience. It also placed Sri Lanka in the Top 35 in Asia for funding.

Reasons to move startups to Sri Lanka, according to the report, include access to talent, startup-friendly environment and supportive community.

Not surprisingly, Silicon Valley remains at the top in the GSER 2024, followed by New York City and London, tied for the number two spot.

Singapore ranked as the best ecosystem for startups in Asia, followed by Beijing, Seoul, Tokyo and Shanghai. Bengaluru-Karnataka is ranked sixth followed by Delhi and Shenzhen, Hangzhou and Mumbai in Asia’s top 10.

Apart from those in the Top 10, Sri Lanka, Kerala, Kuala Lumpur, Manila, Tamil Nadu and Telangana were featured among the select few ecosystems that were highlighted in the report.  Madrid moved up 12 ranks, claiming the number one spot in the Emerging Ecosystems Ranking.

Insights include the decline in global VC funding, the scarcity of IPOs, the resilience of Cleantech investments and the surge in Generative AI funding.

The GSER analyses data from over 4.5 million companies across over 300 entrepreneurial innovation ecosystems. Its rankings indicate which ecosystems are currently driving innovation and feature startup trends around the world.

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No justification for coconut oil price hike – Coconut Development Authority

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The Coconut Development Authority has stated that there is no valid reason for a price increase of coconut oil in the local market.

CDA chairman – Prof. Roshan Perera has emphasized that there has been no tax hike on imported coconut oil.
Given the sufficient supply of coconut oil for domestic consumption, Prof. Perera asserted that any price increase is unjustifiable.

Additionally, a new regulatory program is being planned to control and stabilize coconut oil prices in the market, he added.

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Coconut oil price upped

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The price of a litre of coconut oil has been increased by more than Rs. 100, the National Consumer Front (NCF) has said.

NCF Chairman Asela Sampath said that the price of a litre of coconut oil has been increased by between Rs. 180 and Rs. 200. 

Accordingly, the current retail price of a coconut oil litre is Rs. 550.

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Registration compulsory for all money changers 

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The Central Bank has issued a notice making it compulsory for all money exchange institutions to be registered with the Central Bank and regulated by it. 

The CB order is in effect from 3 June 2024. 

The Central Bank states that all money changers who are currently not registered will now receive the opportunity to provide such services in a systematic and regulated manner. 

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