December 1, 2016 Reading Time: 2 minutes
Reading Time: 2 min read
Cabinet approves MoU for employment of Sri Lankans in Malaysia
The Cabinet has approved a proposal by the Minister of Foreign Employment, Thalatha Athukorala to sign a Memorandum of Understanding (MoU) to facilitate employment of Sri Lankans in Malaysia. The MoU will be signed by Malaysia’s Ministry of Human Resources and Sri Lanka’s Ministry of Foreign Employment.
An initial proposal was made to the Cabinet in May 2015, with the aim of protecting the rights and welfare of migrant workers.
Prime Minister to visit Hong Kong
Prime Minister Ranil Wickremesinghe will be in Hong Kong on 1 December to attend ‘The World in 2017’ Gala Dinner, organised by the Economist magazine. Prime Minister Wickremesinghe is expected to deliver the keynote speech at the event.
OPEC confirms deal to cut production volume
The Organisation of Petroleum Exporting Countries (OPEC) has agreed to reduce oil production for the first time since 2008. The agreement stipulates a reduction in overall production by 1.2 million barrels a day, effective 1 January 2017.
The price of oil surged by 8% after the announcement. Indonesia decided to suspend its OPEC membership due to its refusal to accept the cut in production.
New UN sanctions on North Korea
The UN Security Council has voted for tougher sanctions on North Korea, in response to its nuclear programme and missile tests. The sanctions place a ban on certain metal exports from North Korea, and place a cap on the country’s coal exports. The cap is expected to reduce the country’s coal exports by approximately 60%.
The tougher sanctions are expected to cost North Korea USD 800 million per year.
European Commission reveals energy market reform
The European Commission has presented measures to promote clean energy technology in the EU. The EU is seeking to remain competitive in the global energy sector as energy markets transition to clean energy.
The EU Commissioner for Climate Action and Energy, Miguel Arias Cañete, stated that the measures ensure ‘a more competitive, modern and cleaner energy system’. The EU executive has set a binding target to cut energy usage by 30% by 2030.