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Saudi Arabia said that it will reduce how much oil it sends to the global economy, taking a unilateral step to support the sagging cost of crude after two earlier production cuts by members of the OPEC+ alliance of major oil-producing countries failed to push prices higher. The announcement of the Saudi cuts of 1 million barrels per day, which will start in July, followed a meeting of the alliance at OPEC headquarters in Vienna. The rest of the OPEC+ producers agreed to extend earlier cuts in supply through the end of…

COLOMBO: US Ambassador to Sri Lanka Julie Chung has highlighted the importance of equality and expanding women’s contributions to the country’s legal profession. Speaking at the National Law Conference, Ambassador Chung highlighted that the judicial sector is vital for upholding the rule of law and protecting the freedoms that sustain democracy, and thus spoke on the imperative need for the importance of equality within the profession. The Ambassador was joined by a Utah State Supreme Court Justice and a US Attorney…

COLOMBO: Quick bowler Dushmantha Chameera stormed back into the Sri Lankan team to power their 132-run win over Afghanistan at Hambantota on Sunday and square the three-match one-day international series, AFP reported. Having amassed a target of 324, the Sri Lankan bowlers skittled out the tourists for 191 inside 43 overs for their biggest win in ODIs over Afghanistan. Chameera, returning to the side after a seven-month layoff after ankle surgery, bowled a couple of hostile spells to finish with two for 18. The…

Growth in India's dominant services sector activity slowed slightly last month but held at a firm pace as demand remained strong despite high inflationary pressures, a business survey cited by Reuters showed. The S&P Global India services Purchasing Managers' Index fell to 61.2 in May from 62.0 in April, but outstripped the Reuters poll expectation of 60.0. That marked the longest streak of expansion in almost 12 years with the index above the 50-mark that separates growth from expansion for 22 months. The…

Sweden has officially declared sex as a sport. While sex is a hushed-up topic in many countries, Sweden has taken the first step to remove the stigma around sex by declaring it a sport. The first tournament will be held on June 8. The competition tagged European Sex Championship, is scheduled to take place on June 8 under the supervision of the Swedish Sex Federation. The matches will reportedly last 45 to 60 minutes for several weeks. The competitors will be from different European countries and will face off in…

The train derailment in eastern India that killed more than 300 people and injured hundreds more was caused by an error in the electronic signaling system that led a train to wrongly change tracks, India’s railways minister said in an Associated Press report. ’’Who has done it and what is the reason will come out of an investigation,” Ashwini Vaishnaw said in an interview with New Delhi Television network. The explanation came as authorities worked to clear the mangled wreckage of the two passenger trains that derailed…

Debutant fast bowler Josh Tongue marked his call-up into the Ashes squad with a five-wicket haul as England beat Ireland by 10 wickets inside three days at Lord's but only after a record partnership of 163 between tailenders Mark Adair and Andy McBrine, AFP reported. England were well-placed for an innings win when Ireland started the day needing 255 more runs to make Ben Stokes's men bat again. But Ireland, handicapped by the absence of injured opener James McCollum kept England at bay while Harry Tector (51) and…

COLOMBO: Sri Lanka’s BPPL Holdings Plc an exporter of recycled plastics products and yarn, said profits fell 90 percent to 30 million rupees in the March 2023 quarter maid falling export orders and an appreciating rupee. Mainstream economists in US Fed and European Central Bank have tightened policy after printing money to drive up unsustainable demand and trigger supply chain bottlenecks. There was a slowdown in revenue from all key markets and across product lines due to fears of a possible recession in the coming…

COLOMBO: Recent reports have revealed that Airport and Aviation Services (Sri Lanka) (AASL), responsible for the management of the airports in Sri Lanka, recorded a total profit of Rs. 27,647 million for the year 2022. Accordingly, the institution’s annual reports revealed that  even after paying their due taxes, AASL earned a profit of Rs. 4,803 million, from which Rs. 1,983 million was also contributed to the Treasury. Speaking on the matter, AASL Chairman Major General (Retired) G. A. Chandrasiri emphasised that…

Rescuers waded through piles of debris and wreckage to pull out bodies and free people after two passenger trains derailed in India, killing more than 280 people, according to The Associated Press. Hundreds of others were trapped inside more than a dozen mangled rail cars overnight in one of the country's deadliest train crashes in decades. The accident, which happened about 220 km southwest of Kolkata on Friday night, led to a chaotic scene as rescuers climbed atop the wrecked trains to break open doors and windows…

Jewellery retailer Malabar Gold & Diamonds said a duplicate showroom in its name in Islamabad has been shut down following a legal battle. Malabar Gold & Diamonds also clarified that it does not operate any showroom in Pakistan. The company, in a statement, said it filed a legal case against Muhammad Faizan, a Pakistani national who illegally used the Malabar Gold & Diamonds brand name to operate a jewellery store in Islamabad. In addition to using the brand name and other trademarks to operate his…

COLOMBO: President Ranil Wickremesinghe, in his message for Poson Full Moon Poya, urged everyone to commit to safeguarding Buddhism and preserving the invaluable Buddhist heritage in the country. “Poson Poya Day is of the highest significance to Sri Lankan Buddhists as it marks the historic arrival of Arahat Mahinda Thera to our Motherland with the message of the Buddha, paving the way to create a new meaningful identity as well as a cultural renaissance.” Wickremesinghe pointed out that, as a country filled with…

Afghanistan opener Ibrahim Zadran starred with run-a-ball 98 in his team's six-wicket win against hosts Sri Lanka in the first of three one-day internationals, AFP reported. Zadran and Rahmat Shah (55) top scored to steer the visitors to 269-4 in the 47th over after they won the toss and chose to field first in Hambantota. Earlier Charith Asalanka top-scored with 91 to help Sri Lanka reach a below-par 268 all out after a shaky start pushed them to 84-3 inside 20 overs. The 21-year-old Zadran was dismissed by Kasun…

COLOMBO: The existing import restrictions on hundreds of items are expected to be relaxed next week, State Minister of Finance Ranjith Siyambalapitiya said. Accordingly, the State Minister stated that the current import restrictions on 300 to 400 items will be relaxed from next week. Trade Minister Nalin Fernando earlier said that measures will be taken to reduce the prices of several commodities, in comparison with the appreciation of the Sri Lankan Rupee. Speaking at a press briefing, Minister Fernando emphasized…

Stating that he never imagined he could be disqualified from the Lok Sabha, Congress leader Rahul Gandhi asserted that he is not looking for international support for his fight against the BJP. Speaking at an interactive session at Stanford University, Mr. Gandhi said it was his right to build a relationship with the group of Indian students and wondered why Prime Minister Narendra Modi does not do the same and “answer some tough questions." In March, the BJP had accused Mr. Gandhi of seeking “international support”…

Pakistan's annual inflation rate rose to 37.97% in May, the statistics bureau said, setting a national record for the second month in a row, adding to its problems of a balance of payment crisis and the risk of a sovereign default. Already in April, the bureau said Pakistan's CPI at 36.5% was the highest recorded, as well as the highest in South Asia, ahead of Sri Lanka, which posted annual inflation of 25.2% in May, Reuters reported. Pakistan's month-on-month rise in May was 1.58%, the bureau said in a statement,…

COLOMBO: Sri Lanka, which declared bankruptcy last year, is showing signs of economic improvement but its recovery still faces challenges, the International Monetary Fund said in an Associated Press report. Sri Lanka reached an agreement with the IMF in March on a nearly $3 billion bailout program over four years. “Sri Lanka’s economy is showing tentative signs of improvement, in part due to the implementation of critical policy actions. But the economic recovery remains challenging," said IMF deputy managing director…

COLOMBO: Sri Lanka has unleashed some special bowling talents ahead of big events over the years. In the case of Lasith Malinga, he was thrown into the deep end during a so-called Top End tour of Australia in 2004. In the case of Ajantha Mendis, he was introduced just before the Asia Cup and he starred with six wickets against India in the final as Sri Lanka clinched the trophy in 2008. The same blueprint is to be followed with 20-year-old Matheesha Pathirana, who will make his ODI debut in the three-match series…

COLOMBO: Sri Lanka has sharply cut interest rates for the first time since it last year crashed into its worst economic crisis, with the central bank saying the country was showing signs of recovery. The Central Bank of Sri Lanka reduced the benchmark lending rate by 2.5 percentage points to 14 percent, a day after official data showed inflation had tumbled to 25.2 percent last month, from 35.3 in April. It said the monetary board arrived at the decision to "ease monetary conditions in line with the faster than…

COLOMBO: The Sri Lankan government has made it mandatory to test imported dried fish, sprats and fruits for heavy metals such as lead and arsenic. The decision was taken after a survey conducted by the Food Control Administration Unit of the Health Ministry between 2021 and 2022 discovered that certain consignments of imported dried fish, sprats and fruits contain heavy metals, especially lead and arsenic, in large quantities. According to the survey, some imported fruit stocks contain alarming levels of lead – an…