May 16, 2016 Reading Time: 2 minutes
Global oil prices rise. Image credit - crstrbrt /depositphotos
Reading Time: 2 min read
Sri Lanka invited to high profile development forum in Malaysia
Sri Lanka has been invited to participate in an annual global forum on inclusivity and development, run by Pangkor International Development Dialogue (PIDD) in Malaysia.
The Minister of Industry and Commerce, Rishad Bathiudeen, has stated that aligning the country’s goals with platforms such as the PIDD would strengthen the government’s reform plans, which aim to elevate Sri Lanka’s status from a lower middle income to an upper middle income economy.
Government of Sri Lanka and De La Rue celebrates anniversary
President Maithripala Sirisena has visited De La Rue Lanka, a global identity business, to celebrate the 30th anniversary of a joint venture between the Government of Sri Lanka and De La Rue. The President stated that ‘partnerships like this are exactly what Sri Lanka needs to cement its reputation as a destination for investment from global companies’.
The government holds a 40% share in the joint venture with De La Rue, which employs over 300 people in the region. De La Rue supplies currency, passports, and tax stamps to over 140 countries.
Modi holds talks over Indian and Sri Lankan fishermen
The Indian Prime Minister, Narendra Modi, has discussed the need for a permanent solution to Sri Lankan and Indian fishermen straying into each other’s waters. This was raised during President Maithripala Sirisena’s recent visit to New Delhi, India.
The two leaders also discussed issues of bilateral interest, including the status of India’s economic projects in Sri Lanka, and the efforts needed to increase trade and investment between the two countries.
Venezuela declares a state of emergency
The President of Venezuela, Nicolás Maduro, has declared a 60-day state of emergency, which began last Friday. This occurred amidst demonstrations for a recall referendum against the President.
The declaration comes at a time of widespread economic trouble including triple digit inflation, which is expected to soar to over 700% this year.
Protests in Nepal over constitution
Protesters from the Madhesh region in southern Nepal clashed with riot police in Kathmandu on Sunday over the new constitution.
More than 50 people have been killed during the eight months of protests in the south of Nepal, where the minority Madhesi people are opposing a plan to divide the fertile land bordering India into several provinces.
Global oil prices increase
Following global oil supply disruptions, oil prices have jumped over 2%. Goldman Sachs have stated that the market has ended a two year oversupply, causing a deficit in oil much sooner than expected.
Supply disruptions around the world, of an estimated 3.75 million barrels per day, have wiped out the surplus that pulled oil prices down by over 70% between 2014 and early 2016.
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