March 7, 2016 Reading Time: 2 minutes
Reading Time: 2 min read
Western Province to undergo infrastructure development
A budget allocation of Rs. 4 billion is to be directed towards the development of 23 suburban towns in the Western Province.
The Minister of Megapolis and Western Development, Patali Champika Ranawaka, said that the construction of houses for 68,000 “shanty dwellers,” in and around Colombo is already underway.
Sri Lanka Investment and Business Conclave begins today
The “Sri Lanka Investment and Business Conclave 2016,” organized by the Ceylon Chamber of Commerce will commence today. Over 125 potential investors from 27 countries are expected to participate.
The event has been praised by President Maithripala Sirisena, who has stated that it will help propel development in the country through quality Foreign Direct Investment.
Thai delegation visits Sri Lanka
A delegation of 130 government and private officials from Thailand, headed by the country’s Deputy Prime Minister, Somkid Jatusripitak, will be in Sri Lanka from the 8th to the 11th of March.
The aim of the visit is to strengthen bilateral ties, especially in the areas of trade and investment.
Oil prices rise in global markets
The price of oil has reached $40 per barrel for the first time in 2016. The price of Brent Crude, a global benchmark for oil prices, has risen by more than 40% since its lowest point in January this year.
The current recovery, after a 12-year-low just two months ago, can be largely attributed to the decision by Russia and the Organization of the Petroleum Shipping Countries (OPEC) to freeze production to stabilize oil prices.
MH370 disappearance remains a mystery
The search for the Malaysian Airlines airplane making flight MH370 is expected to conclude this July. Experts will complete their search of a 120,000 square kilometer zone in the southern Indian Ocean where the plane is believed to have crashed.
Meanwhile, families of 12 passengers have filed lawsuits in Beijing, in the hope that judicial proceedings could reveal the fate of the flight.
EU considers strengthening its carbon reduction target for 2030
The European Union (EU) Director of Climate Strategy, Artur Runge-Metzger, has stated that the EU is open to strengthening its ‘carbon target’, which is presently a 40% cut in emissions by 2030, compared to 1990.