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28.03.2022 / 12:40

BIMSTEC must seize opportunities for growth – Foreign Secretary

COLOMBO (News 1st); Sri Lanka’s Foreign Secretary Admiral (Prof.) Jayanath Colombage has proposed that the countries in the region seize new opportunities for growth.His comments were heard at the Senior Officials Meeting of BIMSTEC nations that took place on Monday (28).“Asia is increasingly the center of the world economy. By 2040 the continent is projected to account for more than half of the global GDP and about 40% of the global consumption,” he said.Admiral (Prof.) Jayanath Colombage said that the Bay of Bengal has today taken center stage in international politics due to its economic and Geostrategic importance.“The busiest international shipping route in the world lies in the Indian Ocean just south of Sri Lanka.

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IMF sees Port City as important part of economy

COLOMBO (News 1st); The International Monetary Fund issued a press release highlighting recommendations to be made to ensure that Sri Lanka regains its economic stability under article IV, and have highlighted the importance of shielding the domestic financial sector from offshore banking activities in the Port City.According to the IMF, the Port City is an important opportunity for investment promotion and for testing growth-enhancing structural reforms. However, to maximize its benefits while minimizing associated risks, there is a need to ring-fence tax concessions, ensure compliance with international tax and AML/CFT standards and to shield the domestic financial sector from offshore banking activities in the Port City.Moreover, the tax concessions offered in the Port City should be clearly codified and carefully ringfenced through rigorous regulations while the administration should exercise its discretionary power in granting tax concessions and exemptions given, the IMF adds.In IMF staff’s view, Sri Lanka’s debt is unsustainable.

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5-Point Proposal by Advisory Committee to Economic Council

COLOMBO (News 1st); The Advisory Committee appointed to assist the National Economic Council had submitted 5 proposals to the NEC.The Advisory Committee met President Gotabaya Rajapaksa for the first time on Monday (21), and made the submissions.The five proposals are as follows:1. Immediately appoint a Technical Committee with Central Bank, and Treasury representation to propose on International Financial facilities.2.

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Majority of covid restrictions in Scotland scrapped as face masks remain in place

The majority of covid restrictions have been lifted in Scotland today, nearly two years since some of them were first introduced.

Nicola Sturgeon Britain Scotland economy Government mask

Instacart announces 'fuel surcharge' amid gas price increase

announcing a $.40 "fuel surcharge" amid a spike in gasoline prices.Instacart made the announcement on Friday, stating that the company is implementing the "temporary surcharge" on all customer orders, and states that the money will be directly passed on to the shopper."We’re implementing a temporary surcharge on customer orders to help offset the increased cost of gas over the next month. This surcharge will add an additional $.40 on customer orders across our marketplace, with a clear indication of the fuel surcharge on the batch before you accept it.

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Colombo takes to the streets saying ‘ENOUGH’!

COLOMBO (News 1st); Urban Sri Lankans have once again stepped out to the streets to protest against the government’s failure to secure the ailing economy of the country.What started off as a small vigil-like protest in the town of Kohuwala, not far from the Administrative Capital of Sri Jayewardenepura, has now spread to almost all urban areas surrounding the capita.On Saturday (19), anti-government protests took place in Kohuwala, Rajagiriya, Ja-Ela, Mount Lavinia and several other seas.

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West shifting from sanctions to Ukrainian military aid as war intensifies: experts

Ukraine becomes increasingly brutal, with Russian attacks killing and displacing civilians, experts say the international community is shifting its focus from sanctions to helping the Ukrainian military.That’s partly because the few remaining options that could have a significant impact on Russia’s economy — namely, a European ban on Russian oil and gas — are not feasible in the short term. It’s also becoming clearer that the sanctions, while devastating, are not swaying Russian President Vladimir Putin.“It’s not hurting (Russia) enough to make them stop,” said James Brander, a professor in international business and public policy at the University of British Columbia’s Sauder School of Business.“It’s hard to get to that level, whereas what’s really hurting the Russians right now is on the ground in Ukraine, where they’re running into a lot of military trouble.

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US Federal Reserve approves first interest rate hike after Covid-19 outbreak, signals more hikes ahead

Federal Reserve hiked interest rates on Wednesday for the first time since the 2020 outbreak of the Covid-19 pandemic and said there could be another six hikes this year if inflation remains high. This comes at a time when economists warn that if inflation does not begin to subside in response to these initial moves, policymakers will end up raising rates too high, sending the economy into a recession and financial markets into a slump, as per news agency ANI report.

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Scooters, e-bikes rise in popularity amid historically high gas prices

PHILADELPHIA - Gas prices in the Delaware Valley continue to hover around $4 per gallon which has forced some people to seek alternative forms of travel to relieve the pain inflicted at the pump. Cars aren't the only thing going electric, electric bikes have also exploded in popularity since gas spiked to a record-setting $4.43 per gallon. The bikes have a range of 40-50 miles on a single charge and retail for around $1,500."As the gas prices as they increase people do cycle more," John Weniter from Cycle Fit said.

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Federal Reserve hikes interest rate to fight inflation, more to come

WASHINGTON - The Federal Reserve launched a high-risk effort Wednesday to tame the worst inflation since the 1970s, raising its benchmark short-term interest rate and signaling up to seven rate hikes this year.The Fed's quarter-point hike in its key rate, which it had pinned near zero since the pandemic recession struck two years ago, marks the start of its effort to curb the high inflation that has followed the recovery from the recession. The rate hikes will eventually mean higher loan rates for many consumers and businesses.The central bank's policymakers expect inflation to remain elevated, ending 2022 at 4.3%, according to updated quarterly projections they released Wednesday.

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Senate votes to make daylight saving time permanent

WASHINGTON - Americans are one step closer to never having to "fall back" or "spring forward" with resetting their clocks after the U.S. Senate approved a measure that would make daylight saving time permanent. Senators on Tuesday unanimously voted for the Sunshine Protection Act, or S.623, sponsored by Sen. Marco Rubio of Florida.The proposed bill will now move to the House.

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Lyft follows Uber in adding fuel surcharge to rides amid high gas prices

FILE IMAGE - A sign for the Lyft ride share pick-up area is seen on Aug. 20, 2020, at Los Angeles International Airport in Los Angeles, California.

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China could aid Russia’s invasion of Ukraine. Here’s why experts say that isn’t likely

Ukraine could have a serious impact on the conflict, experts warn. But it’s unlikely China will grant the reported Russian request, which Chinese leadership has denied they even received, and the Kremlin says was never made.“I don’t think China can afford to be a full-throated backer of Russia,” said Melinda Haring, deputy director of the Atlantic Council’s Eurasia Center.“Russia’s becoming increasingly isolated.

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Learnings from the pandemic to help India in efforts to become $5 tn economy

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Local drivers notice slight dip in exorbitant prices, hope for relief at the pump

PHILADELPHIA - If only just pennies, drivers in parts of the Delaware Valley have noticed that pumped up gas prices have started to dip ever so slightly from historic highs.According to AAA, the average price of a gallon of regular fuel in Pennsylvania was $4.42 on Monday; 10 cents higher than the national average. Driver in New Jersey paid $4.33 per gallon, and Delaware's gas prices sat at $4.21 on average. The average price for a gallon of gasoline in the U.S.

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Russia seeks military aid and equipment from China amid Ukraine conflict, U.S. official says

A Ukrainian serviceman stands guard on a street in front of a damaged church in the city of Irpin, northwest of Kyiv, on March 13, 2022. (DIMITAR DILKOFF/AFP via Getty Images) WASHINGTON - A U.S. official said Russia asked China for military equipment to use in its invasion of Ukraine, a request that heightened tensions about the ongoing war ahead of a Monday meeting in Rome between top aides for the U.S.

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How wild pigs are threatening Canada’s ecosystems and economy

Millions of wild pigs are eating and destroying their way through Canada and the United States, causing billions in crop and ecological damage every year. Another concern is their ability to spread disease.

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Uber adds fuel surcharge for drivers struggling with recent gas price hikes

LOS ANGELES - Rideshare drivers have been hit hard with the recent spike in gas prices and soon rideshare customers could be impacted as well. The recent surge in gas prices has prompted Uber to add a fuel surcharge in order to help drivers and couriers struggling with the recent financial burden. "Beginning Wednesday, March 16, consumers will pay a surcharge of either $0.45 or $0.55 on each Uber trip and either $0.35 or $0.45 on each Uber Eats order, depending on their location—with 100% of that money going directly to workers’ pockets," Uber wrote in a press release. "We know that prices have been going up across the economy, so we’ve done our best to help drivers and couriers without placing too much additional burden on consumers. Over the coming weeks, we plan to listen closely to feedback from consumers, couriers and drivers.

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Helitours granted the AOC for providing Domestic Air Transport

COLOMBO (News 1st); Civil Air Transport Wing of Sri Lanka Air Force, Helitours was certified by the Civil Aviation Authority of Sri Lanka (CAASL) to provide domestic civil passenger & cargo transport facilities after full filling the necessary requirements recently.The Air Operator Certificate (AOC) was handed over by Capt. Themiya Abeywickrama, Director General of Civil Aviation & Chief Executive Officer to the Air Vice Marshal Prasanna Payoe, the Chief Executive Officer of Helitours.The entry of Helitours to the Sri Lanka air transport industry will be a catalyst to the national economy through the tourism industry.The Application submitted by Helitous was scrutinized by the Civil Aviation Inspectors of CAASL by considering the organizational structure, availability of qualified & well-trained staff, instruments/ equipment, and other required facilities & documents for the certification under the guidance of Capt.

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Ukraine must hold off Russia for 7-10 days to deny Moscow claim of victory: official

Ukraine must hold off Russia’s attack for the next seven to 10 days to deny Moscow claiming any sort of victory, said a senior government official, as more than 2 million refugees fled the biggest assault on a European country since World War Two.Vadym Denysenko, adviser to Ukraine’s interior minister, said Russia was desperate for at least some kind of victory, citing the cities of Mariupol or the capital Kyiv as the most likely targets.“They need at least some victory before they are forced into the final negotiations,” Denysenko wrote on Facebook.“Therefore our task is to stand for the next 7-10 days.” U.S. rejects Poland’s offer to supply fighter jets to Ukraine, says it’s not ‘tenable’ Russia said it would provide humanitarian corridors on Wednesday for people fleeing Kyiv and four other Ukrainian cities.

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CBSL has no intention of going to IMF, & believes issues are short-lived, says Harsha

COLOMBO (News 1st); Several Parliamentarians from the Samagi Jana Balavegaya, Sri Lanka’s main opposition faction, visited the Central Bank on Wednesday (9) to meet with Governor Ajith Nivard Cabraal.“Our meeting was strictly professional and not political,” said Dr. Harsha De Silva who attended the meeting, adding that the main focus was highlighting the suffering of the people in the present day.The Central Bank officials believe that the issue is short-term, and had no intention of moving towards the International Monetary Fund or other agencies to restructure Sri Lanka’s debt, said the MP.“The Central Bank officials are of the view that the issues will be short-lived and can be solved by obtaining more loans from China and other lending countries,” he added.Dr.

Harsha De-Silva Ajith Nivard Cabraal China India Sri Lanka economy Progressive

US gas price average hits $4.17, an all-time high, AAA says

banned Russian oil imports.Prices at the pump were rising long before Russia invaded Ukraine and have spiraled faster since the start of the war. The U.S.

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President Biden bans Russian oil imports over Ukraine war

WASHINGTON - President Joe Biden has decided to ban Russian oil imports, toughening the toll on Russia’s economy in retaliation for its invasion of Ukraine, according to a person familiar with the matter."We're banning all imports of Russian oil and gas and energy. That means Russian oil will no longer be accepted at U.S. ports," the president announced on Tuesday.The move follows pleas by Ukrainian President Volodmyr Zelenskyy to U.S.

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President Biden to ban Russian oil imports over Ukraine war: AP source

WASHINGTON - President Joe Biden has decided to ban Russian oil imports, toughening the toll on Russia’s economy in retaliation for its invasion of Ukraine, according to a person familiar with the matter.The move follows pleas by Ukrainian President Volodmyr Zelenskyy to U.S. and Western officials to cut off the imports, which had been a glaring omission the massive sanctions put in place on Russia over the invasion.

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Local gas prices continue to hit new highs, setting new record, AAA reports

PHILADELPHIA - Gas prices around the globe continue to rise, causing pain at the pump for local drivers. RELATED: Average gas prices in Philadelphia area climb to around $4 per gallonAAA Mid-Atlantic reports that Sunday's average gas price in New Jersey hit $4.09 a gallon, breaking the old record of $3.99 set on July 8, 2008. The price is up 44 cents in the last week, 60 cents in the last month and $1.22 higher than a year ago, the company said.The Pennsylvania gas price average reached $4.17 per gallon Sunday, setting a new record high price for the region after breaking a 14-year record high Saturday, AAA said.

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President to chair Economic Council; EC will convene every week

COLOMBO (News 1st); President Gotabaya Rajapaksa has decided to convene the Economic Council on a weekly basis with the objective of accelerating the economic growth in the country through the management of the entire economy by thoroughly discussing the local economic policies including macroeconomic policies, the behavior of the national economy after Covid – 19 pandemic situation, economic restructuring as well as the major development projects that directly affect the economic policies and financial policies of the government.The Cabinet of Ministers decided to grant their concurrence to the measures to be taken by the President to let implement the decisions taken by the relevant Ministries, Departments and Statutory institutions when necessary subject to the approval of the Cabinet of Ministers followed by the instructions and guidance of that Board as well as to invite intellects with esteem/standard in the respective fields as required for the meetings of the Economy board.Accordingly, the composition of the Economic Council is comprised as follows.• His Excellency the President Gotabhaya Rajapaksha (Chairman)• Prime Minister Mahinda Rajapaksa• Minister of Trade Bandula Gunawardhana• Minister of Highways Johnston Fernando• Minister of Finance Basil Rajapaksha• Minister of Agriculture Mahindananda Aluthgamage• Minister of Plantation Ramesh Pathirana• Governor of the Central Bank of Sri Lanka Ajith Nivard Cabraal• Secretary to the President Gamini Senerath• Secretary to the Treasury S. R.

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Gas guzzler: Maximizing your car’s fuel economy as gas prices soar to record levels

American Automobile Association says the easiest and most effective way to improve the fuel economy of your car is to modify and change driving habits.POTHOLE SEASON IS HERE! WINTER’S THAW MEANS DRIVERS WILL SUFFER BILLIONS OF DOLLARS IN DAMAGESMany of us start up our cars during cold weather to let them warm up before driving off, but AAA advises against that. To save fuel, start your car and let it run for about a minute and then hit the road.

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Gas prices: US national average to soon hit highest ever recorded, experts say

data from AAA shows — and the figure is expected to soon surpass the all-time high reached in 2008. Gas is now a nickel shy of the highest-ever recorded average price, which was set on July 17, 2008, at $4.10 per gallon. On Monday, California had the highest average price per gallon among U.S. states at $5.34, while Missouri had the lowest at $3.627, according to AAA. Twenty U.S.

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Pennsylvania, New Jersey gas prices hit new highs, breaking 2008 record, AAA reports

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Moscow defiant as global condemnation of Ukraine invasion heats up

The worldwide chorus of condemnation against Russia is intensifying, with that country’s economy on the brink of collapsing. Jackson Proskow reports.

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US average price of gas to exceed $4 a gallon this summer, GasBuddy predicts

FILE A pump nozzle labeled "Super 95" is stuck in the tank opening of a vehicle at a gas station. (Photo by Sven Hoppe/picture alliance via Getty Images) WASHINGTON - Gas prices in the U.S.

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February jobs report: US added 678,000 jobs in sign of economic health

WASHINGTON - U.S. employers added a robust 678,000 jobs in February, another gain that underscored the economy’s solid health as the omicron wave fades and more Americans venture out to spend at restaurants, shops and hotels despite surging inflation.The Labor Department’s report Friday also showed that the unemployment rate dropped from 4% to 3.8%, extending a sharp drop in joblessness as the economy has rebounded from the pandemic recession.The latest jobs data follows recent reports that have shown an economy maintaining strength as new COVID infections have plummeted since late January.

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Russia-Ukraine conflict: Sanctions pummel Russian economy

The Russian ruble sank to an historic low against the U.S. dollar on Monday, with analysts saying it was on the verge of a total collapse, forcing the central bank to step in, doubling its interest rate to 20 per cent. Anne Gaviola reports.

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Ukraine war may slow, but won’t stop, Bank of Canada interest rate hikes: experts

Bank of Canada is likely to forge ahead with its first interest rate increase in years on Wednesday, economists predict, though uncertainty tied to the war in Ukraine could put the pace of future rate hikes into question.The central bank said in January that its special guidance around the COVID-19 pandemic, which kept its key overnight rate at 0.25 per cent for much of the past two years, has ended.Senior bank officials strongly signalled rates need to rise in an effort to tamp down on inflation, which hit 5.1 per cent in Canada last month a high not seen in 30 years.

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State of the Union: Read the full text of President Joe Biden's 2022 address

WASHINGTON - Madam Speaker, Madam Vice President, our First Lady and Second Gentleman. Members of Congress and the Cabinet. Justices of the Supreme Court.

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Development company eyes desolate Bader Field for $2.7M project

ATLANTIC CITY - A development company has its sights set on Atlantic City's Bader Field for a flashy new multi-million dollar project that local leadership believes could be a shot in the arm to its economy. Bader Field, once the site of one of the nation's first airports, has been deserted since 2006. Atlantic City Mayor called the plot of land "our last asset" and said local leadership needs to manage the property responsibly to "get a win-win-win for the taxpayers."The latest proposal from DEEM Enterprises has the Small and others excited: a $2.7M project that features hundreds of condos, surrounding a Motorsports facility and a technology hub.

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Western allies slam Russia with ‘severe’ sanctions amid Ukraine invasion

With Russia’s invasion of Ukraine underway, Western nations are now hitting back with tougher economic sanctions.

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Russia-Ukraine conflict: EU will introduce ‘massive and targeted’ sanctions following Putin’s actions, von der Leyen says

European Commission President Ursula von der Leyen said Thursday that the European Union would introduce “massive and targeted” sanctions against Russia after President Vladimir Putin ordered a wide-ranging military attack on Ukraine.

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(PICTURES) Global Digital Platform (GDP) by NSF launched

COLOMBO (News 1st); The global digital platform (GDP) prepared by the National Science Foundation for Sri Lankan expatriates and emigrants in the world was launched on Monday (21) at the BMICH.The National Science Foundation (NSF) embarked upon constructing an instrument with technical support from the SLASSCOM to harness this potential, and a state-of-the-art global digital platform with the requisite capabilities and features to mobilise the expatriates for national development has now been developed.More than 950 Sri Lankans around the world are currently connected to this network.The GDP of the NSF will facilitate effective harnessing, mobilising, and channeling intellectual assets at home and abroad ― the most precious and treasured resource in a knowledge economy –– for development.This will enable Sri Lanka to address and resolve high-priority national needs and concerns while making the most of the opportunities and natural resources available in order to transform Sri Lanka into a developed nation.A Memorandum of Understanding (MOU) was also signed between the National Science Foundation (NSF) and the Sri Lanka Association of Software and Service Companies (SLASSCOM) for a broader purpose, including enhancing higher education and its capacity building, enhancing educational collaboration and research collaboration.

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‘It’s important to introduce social media ethics’: State Minister

COLOMBO (News 1st): It is important to introduce ethics for social media usage, Shehan Semasinghe, the State Minister of Samurdhi, Household Economy, Micro Finance, Self Employment, and Business Development said. He pointed out that social media is being used to circulate misinformation.“Certain people have taken the lead in tarnishing Sri Lanka’s reputation with regard to Human Rights, every time the Geneva Human Rights Council session is there. This is because they cannot stand the revival of a collapsed economy,” State Minister Semasinghe emphasized.Thereby, he highlighted the need to introduce social media ethics, since the use of social media for personal gains may negatively impact the country on the diplomatic front.He shared these remarks at an event held in Anuradhapura.

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Presidents Day 2022: What’s open and closed on the national holiday

The Lincoln Memorial is seen on President's Day in Washington, DC. President's Day was first observed in 1796 in recognition of George Washington's birthday.

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Kenney says federal government’s use of Emergencies Act ‘not necessary’ in Alberta

Trudeau invokes Emergencies Act for 1st time to aid convoy blockade response Kenney referenced the Critical Infrastructure Defence Act, legislation that allows law enforcement to arrest and fine anyone impeding what is deemed critical economic infrastructure, including railways and highways.He said the legislation gives the province sanctions “that are quite similar to the court injunction obtained by Ontario” to break up a blockade on the Ambassador Bridge in Windsor, Ont., over the weekend.Kenney said he is concerned invoking the Emergencies Act could have the potential to make things worse at the Coutts blockade.“I think at this point, for the federal government to reach in over top of us, without offering anything in particular, would frankly be unhelpful,” Kenney said.“I think we need to find ways to effectively enforce without escalating the situation.” RCMP arrest 13 people, seize weapons and ammunition near Coutts border blockade Kenney’s comments come after several arrests were made and more than a dozen long guns, handguns, ammunition and body armour were seized at the blockade. The premier described the group as a “militant cell” and said it’s why there has been “a relatively light touch on enforcement.”It’s the first time the Emergencies Act has been enacted in Canada, which Trudeau said would have a time and geographic limitation to areas impacted by the blockades and where law enforcement deems the expanded powers are needed.According to Trudeau, the expanded powers will give police more tools for enforcement and allow the RCMP to enforce municipal bylaws and provincial offences where it’s necessary.“The potential for violent acts I think remains.

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Sri Lanka’s Sirisena hopes for a Korean unification during World Summit 2022

Seoul (News 1st); Former Sri Lankan President Maithripala Sirisena has called on the world to pledge to not be warmongers and war criminals but peacemakers and sacrifice in whatever way required to benefit humanity forever with bestowed peace.Sirisena was speaking at the World Summit 2022 (Summit for Peace on the Korean Peninsula) in Seoul, South Korea.World Summit 2022 (Summit for Peace on the Korean Peninsula) gathered world leaders and a worldwide virtual audience around topics related to peaceful reconciliation on the Korean Peninsula.It featured keynote speakers from around the world on a range of topics related to the peaceful reconciliation of the Korean Peninsula. Many speakers are from the 157 countries that have diplomatic ties with both North and South Korea.“The experiences in the unification of Germany and Vietnam show how two contrasting political ideologies could positively merge.

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The economy is recovering, says President during meeting with professionals

COLOMBO (News 1st); President Gotabaya Rajapaksa said that the nature or extent of the challenges will not matter in fulfilling the promises made to the people.He noted that development activities continue in the country while taking necessary steps to control the COVID-19 pandemic.The President also pointed out that the economy, which had been collapsed for nearly two years, is gradually recovering.The President made these remarks participating in the first round of discussions in a series of sessions with professionals representing various fields, held at the President’s House on Friday (11).The professionals who participated in the discussion said that they are further committed to make the national programme a success by giving the necessary strength to achieve the goals desired by the President, said a statement.The professionals vehemently rejected the allegations spread by some sections with the objective of achieving narrow political agendas, the statement added.Experts in the field said that the new approach to agriculture initiated by the President is being continuously supported by the researchers and entrepreneurs who are engaged full time in these fields, further noted the statement.Representatives from a wide range of fields, including education, policy, sociology, agriculture, research, water and renewable energy, medical, engineering and innovation, were present at the discussion with the President.Ministers, State Ministers, Members of Parliament, the Governor of the Central Bank, the Secretary to the President, the Principal Advisor to the President and many others were also present.

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Ambassador Bridge protest blockade disrupts car manufacturing sector

As protesters remain at the Ambassador Bridge, the blockade disrupting the busiest border crossing between Canada and the U.S. is taking a toll on economies on both sides.

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Biden moves to split $7 billion in frozen Afghan funds for 9/11 victims

U.S. President Joe Biden speaks at Germanna Community College in Culpeper, Virginia, on Feb. 10, 2022.

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Stable, sustainable recovery amid pandemic an important aim of Union Budget: FM

₹9.57 lakh crore for the economy was far sharper than ₹2.12 lakh crore in GDP growth that was lost in 2008-09 global financial crises, yet the government was able to contain consumer price inflation (CPI) to within 6.2% as opposed to CPI ballooning to 9.1% during the global financial crisis.

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US inflation report: Consumer prices jumped 7.5% in past year, a 40-year high

FILE - Workers unload shipments of food at Union Market in Washington, DC, on Feb. 9, 2022.

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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