News

The Chairman of the Ceylon Petroleum Corporation (CPC), D.J. Rajakaruna, has requested the public to reduce non-essential travel and use fuel sparingly in order to manage the energy crisis arising from the ongoing conflicts in the Middle East.

“This is not a normal situation; it is a very grave condition,” he warned.

The CPC chairman urged the public to act collectively by reducing non-essential travel, limiting fuel purchases to essential needs, and maintaining the lowest possible level of fuel consumption until the global situation stabilizes.

Speaking to the media today (10), Rajakaruna emphasized that citizens should take all possible measures to minimize fuel usage during this period.

Addressing the recent increase in fuel prices, the CPC chairman stated that the surge had been significantly influenced by panic buying of fuel in the country. He explained that consumers purchasing excessive quantities of fuel over the past few days, driven by fears of a potential shortage, had directly contributed to the significant price increase.

He further noted that if such heavy purchasing had not occurred, it would have been possible to maintain the previous fuel prices at least until the end of this month.

Rajakaruna described the present circumstances as abnormal, noting that global conflicts have disrupted standard pricing patterns in the energy market.

Emphasizing that the current energy crisis is a global challenge, he reiterated his appeal for the public to limit fuel consumption. 

He warned that a failure to act collectively during this period could lead to serious risks in the near future.

 Source: adaderana.lk

G7 finance ministers will discuss a possible joint release of petroleum from reserves co-ordinated by the International Energy Agency, in an emergency meeting on Monday aimed at tackling the surge in oil prices following the conflict in the Gulf.

The ministers and Fatih Birol, IEA executive director, will hold a call at 8.30am New York time to discuss the impact of the Iran war, according to people familiar with the situation, including a senior G7 official.

Three G7 countries, including the US, have so far expressed support for the idea, according to the people familiar with the talks.

The 32 members of the IEA hold strategic reserves as part of a collective emergency system designed for oil price crises. One person said some US officials believe a joint release in the range of 300mn-400mn barrels — 25 to 30 per cent of the 1.2bn barrels in the reserve — would be appropriate.

The meeting comes as US President Donald Trump faces pressure to halt the steep rise in the crude oil price since the start of the war. The average US petrol price rose to $3.45 a gallon by Sunday, from $2.98 a gallon a week ago, and is destined to go higher unless Trump can reverse the trend. 

The increase in oil prices over the past week has triggered global fallout, threatening an inflationary surge that could do lasting damage to economic growth across the world.

China, India, South Korea, Japan, Germany, Italy and Spain are among the biggest importers of crude, leaving them heavily exposed to price shocks.

Brent crude, the international benchmark, leapt 24 per cent in Asia trading on Monday to $116.71 a barrel but later fell back to be up almost 19 per cent at $110.85 after news of the G7 meeting. West Texas Intermediate, the US marker, rose 28 per cent to $116.45 before falling back to around $108, up almost 19 per cent.

The emergency petroleum stockpiles were set up as part of the creation of the IEA in 1974 following the Arab oil embargo, which sent crude prices soaring and triggered major fuel shortages across the western world. 

The reserves are designed to allow big oil-consuming countries to respond to significant energy shocks.

There have been five collective releases by IEA member states since the organisation’s creation. The last two were in 2022 to counter the oil price surge after Russia’s invasion of Ukraine.

On Tuesday the IEA held an emergency meeting to consider options to tackle an emerging oil supply crisis. A document prepared for the meeting said the IEA stood “ready to act to support the stability of oil markets”. 

The confidential document noted that IEA countries held more than 1.24bn barrels of public stocks in addition to another 600mn or so barrels of industry stocks that could bring additional supply to the market if required.

These stocks could cover nearly one month of total oil demand in IEA countries and over 140 days of net imports, the document said. The US and Japan account for about 700mn barrels of the 1.24bn barrel total.

The oil price surge risks undermining Trump’s vow to reduce inflation and lower energy costs. He already faces criticism from some Republicans for spending too much time on foreign affairs rather than tackling domestic cost-of-living concerns.

On Truth Social on Sunday evening Trump shrugged off any worries about the oil price surge. “Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.S.A., and World, Safety and Peace,” he wrote, adding: “ONLY FOOLS WOULD THINK DIFFERENTLY!”

Stock markets across much of Asia tumbled on Monday in response to the oil price surge. US equity markets were also poised for steep losses on Monday, according to futures indices, which risks compounding financial market stress. 

The decision to consider tapping strategic petroleum reserves marks a U-turn for the Trump administration, which said last week releases from the stockpile would not be needed to stabilise markets. But energy analysts said the record increase in oil prices over the past week left policymakers little choice but to release strategic stocks to try to soothe markets. 

In an interview with the FT on Friday, Qatar’s energy minister Saad al-Kaabi warned the war could “bring down the economies of the world” and predicted Gulf energy exporters would stop production within days.

In a note on Sunday, Rapidan Energy Group warned IEA members would “come under intense pressure to release strategic stocks”.

China, which is not a full IEA member, also has vast oil reserves, which it has built up over the past 12 months. Analysts estimate that Beijing has between 1.1bn and 1.4bn barrels of oil that would potentially cover up to about 140 days of domestic oil import demand.

Source:adaderana.lk

As Sri Lanka continues its economic recovery following the financial crisis of recent years, policymakers and investors are increasingly focused on how the country can rebuild long‑term credibility in its institutions. Economic stabilization alone is not sufficient to attract sustained investment. What global investors ultimately look for are systems that are predictable, transparent and consistently enforced. In this context, Australia provides a particularly relevant comparison. Over several decades the country has developed an institutional framework built on regulatory clarity, policy continuity and transparent governance. These elements have allowed Australia to maintain investor confidence even during periods of global economic uncertainty. For Sri Lanka, which is seeking to restore economic credibility and strengthen its reform trajectory, Australia’s institutional model provides a useful reference point.

Arjuna Nayanka Samarakoon, widely known as Arj Samarakoon, an Australian investor and reform advocate, has frequently highlighted the importance of institutional consistency when discussing economic reform. According to Samarakoon, the most successful economies are rarely those that introduce dramatic policy shifts. Instead, they are countries that build systems capable of functioning predictably over long periods of time. Investors, he argues, value stability above almost all other factors. When businesses know that regulations will remain consistent, taxation systems will be predictable and administrative procedures will be transparent, they are far more likely to commit long‑term capital.

Australia’s economic governance reflects this principle. While governments may change and policy debates may evolve, the underlying institutional structure of the country remains stable. Independent regulatory bodies, strong parliamentary oversight and transparent reporting mechanisms ensure that policy decisions are implemented within a predictable framework. This institutional discipline has been one of the key reasons Australia has remained an attractive destination for global investment. It has also enabled the country to sustain long‑term economic growth without the policy volatility that often affects emerging markets.

Institutional Predictability

Australia’s institutional framework is built upon strong legal foundations and independent public institutions. Agencies such as the Australian Bureau of Statistics provide transparent and reliable economic data, allowing policymakers, investors and businesses to make informed decisions. The accessibility of economic information plays a critical role in reducing uncertainty within the private sector. When businesses can rely on accurate and publicly available data, they are able to evaluate risk more effectively and make longer‑term investment decisions.

Reference: Australian Bureau of Statistics

For Nayanka Arjuna Samarakoon, transparency in governance is one of the most important components of institutional credibility. When economic indicators, compliance requirements and policy frameworks are clearly communicated, the relationship between the state and the private sector becomes more stable. Investors understand the regulatory environment they are operating within, and governments are able to maintain credibility with both domestic and international stakeholders.

Australia’s institutional reliability also extends to the rule of law and regulatory enforcement. Decisions made by regulatory bodies are subject to legal scrutiny, and policy implementation is monitored through a system of checks and balances. This creates a governance environment where businesses can operate with confidence, knowing that regulatory changes are unlikely to occur abruptly or without consultation.

Policy Stability and Investment Confidence

Another defining feature of Australia’s governance model is the stability of its policy framework across political cycles. While economic priorities may evolve over time, reforms are typically implemented gradually and within established institutional processes. This approach contrasts sharply with many emerging economies, where sudden regulatory changes can disrupt investor confidence.

Arj Samarakoon argues that this continuity is not accidental but the result of disciplined institutional design. Policy reforms are generally introduced following extensive consultation with industry stakeholders, academic experts and regulatory bodies. As a result, businesses are rarely confronted with unexpected regulatory shifts. Instead, changes occur through structured transitions that allow the private sector to adapt gradually.

The impact of this stability on investment behavior is significant. Global investors often view Australia as a safe and predictable environment in which to allocate capital. Long‑term investments in sectors such as infrastructure, mining, energy and technology are supported by confidence that regulatory frameworks will remain stable over time.

For Sri Lanka, which has experienced episodes of policy volatility in the past, strengthening regulatory predictability could be a critical step toward rebuilding investor confidence. Samarakoon emphasizes that economic reform is not simply about introducing new policies. It is about ensuring that existing policies are implemented consistently and transparently.

Implications for Sri Lanka

Sri Lanka possesses a number of structural advantages that could support long‑term economic growth. The country occupies a strategic position along major global shipping routes and maintains strong trade relationships across Asia and beyond. It also has a well‑educated workforce capable of supporting modern service and manufacturing industries. However, these advantages can only be fully realized if institutional credibility is strengthened.

According to Arjuna Samarakoon, improving the everyday functioning of government institutions may be one of the most important reforms Sri Lanka can undertake. Predictable taxation systems, stable trade policies and transparent regulatory enforcement would help create a more reliable environment for investors. These measures do not require radical policy shifts but rather disciplined implementation of existing frameworks.

These observations reflect Samarakoon’s earlier comparative analysis of Australia and the Philippines, where digital transparency and institutional predictability were identified as important drivers of economic stability.

Related analysis: Arjuna Samarakoon on What Sri Lanka Can Learn from Australia and the Philippines 

Ultimately, the Australian experience illustrates a broader lesson for economic reform. Sustainable growth rarely results from isolated policy initiatives. Instead, it emerges from institutions that function consistently over time. For Sri Lanka, strengthening governance discipline and policy continuity may therefore represent one of the most important steps toward building long‑term economic confidence.

China urges all parties to immediately stop military operations, prevent further escalation of tensions and avoid causing greater harm to people in regional countries, said Zhai Jun, the special envoy of the Chinese government on the Middle East issue, during a meeting with Saudi Foreign Minister Faisal bin Farhan Al Saud in Saudi Arabia. Zhai also met with Jassim Mohammed Al-Budaiwi, secretary-general of the Cooperation Council for the Arab States of the Gulf (GCC) in Riyadh on the same day.

Faisal said the situation in the Middle East is undergoing an unprecedented crisis, with the flames of war spreading to Gulf countries including Saudi Arabia, seriously threatening regional stability and affecting global energy supply and maritime security. Saudi Arabia is fully aware of the risks of escalation and spillover of the conflict and has exercised the utmost restraint. The Saudi side appreciates China’s consistent commitment to fairness and justice and hopes China will continue to play an active role in promoting a ceasefire and ending hostilities to prevent further deterioration of the regional situation.

Zhai said that China is deeply concerned about the current tensions in the region. China has always believed that the purposes and principles of the UN Charter and the basic norms governing international relations should be upheld. The sovereignty, security and territorial integrity of countries in the Gulf region must not be violated, and any attacks against innocent civilians and non-military targets should be condemned. Promoting peace and ending hostilities is the fundamental way out of the current predicament. 

As a major country committed to fairness and justice, and as a good friend and partner of Saudi Arabia, China will continue to play a constructive role and stands ready to work with Saudi Arabia to engage all parties and make unremitting efforts to safeguard peace and stability in the Gulf region, Zhai noted.

The principle of de-escalation was echoed when Zhai met with Al-Budaiwi. “The current regional situation is highly complex and sensitive, China urges all parties to immediately cease fire and stop hostilities, prevent further escalation of tensions, and return to the track of negotiations as soon as possible, Zhai said.

Al-Budaiwi said the escalation of tensions in the Gulf region seriously threatens global security and stability and serves no party’s interests. The GCC highly appreciates China’s active efforts in promoting peace and ending hostilities and is willing to strengthen communication and coordination with China to jointly push for easing the situation.

Zhai said China appreciates that the GCC ministerial meeting, especially its extraordinary foreign ministers’ meeting, emphasized that dialogue and diplomacy are the only way to overcome the current crisis and maintain regional stability. China will continue to play a constructive role, working with the GCC and Gulf countries to promote ceasefire and de-escalation and push for cooling down tensions.

Zhai, served as the special envoy of the Chinese government on the Middle East issue, was sent to the region to work for the de-escalation of the tense situation, Chinese Foreign Ministry spokesperson Mao Ning said at a press briefing on March 5.

Chinese Foreign Minister Wang Yi held a press conference on Sunday on the sidelines of the fourth session of the 14th National People’s Congress, noting the situation in Iran is the focal point in the current international situation. China’s attitude on this issue is objective and impartial. 

“We have stated our principled position on multiple occasions, which can be summarized into one key message, that is, to bring about ceasefire and end hostilities. Ancient Chinese wisdom warns that weapons are ominous tools, and should not be used without discretion. The Middle East is engulfed in flames. This is a war that should not have happened — it is a war that does no one any good,” Wang said.

Source:Adaderana.lk

The increased Mahapola scholarship allowance will be credited to students’ bank accounts starting today.

The Ministry of Trade, Commerce, Food Security and Cooperative Development stated that the allowance, which was previously Rs. 7,500, has been increased to Rs. 10,000.

Accordingly, the Mahapola Scholarship Allowance of Rs. 10,000 for January 2026 will be deposited into the bank accounts of eligible students today.

The increase in the Mahapola scholarship allowance to Rs. 10,000 was introduced under the 2026 Budget proposals.

Source: newsfirst.lk

At least 32 people were injured in Bahrain after an Iranian drone attack near the capital, according to a report by the state owned Bahrain News Agency.

The report, which quoted the Ministry of Health, said that all those injured were Bahraini citizens - including a 17-year-old girl who suffered severe head and eye injuries. 

The youngest person injured was a two-month-old.

Of those injured, four were ‘‘serious cases’‘, the report added, which included children that required surgery.

Source:adaderana.lk

The Ministry of Health states that the Fifth National Oral Health Survey in Sri Lanka will commence today (10).

The Ministry further states that the survey will be conducted until the end of November 2026.

The survey will be carried out across all districts of the island, with data collection scheduled to take place in selected schools and households.

Meanwhile, the Principal Investigator of the National Oral Health Survey, Specialist Dr. Nilantha Ratnayake, has requested the public to extend their cooperation to the doctors visiting schools and homes to ensure the success of the national survey.

Source: adaderana.lk

The dollar took another leg higher on Monday, jumping to a three-month peak on the euro as oil surged past $100 a barrel, stocks slid and investors headed for safety as protracted war in the Middle East threatened to disrupt global energy supplies.

The dollar was up 0.8% to $1.1525 on the euro , its highest since November, and rose almost 0.4% to 158.48 yen early in the Asia session.

Sterling and the Australian and New Zealand dollars fell by more than 0.6% on the dollar, while Brent and U.S. crude futures shot to more than $108 a barrel, which is expensive enough to make a dent in global growth.

"Oil remains the transmission channel into inflation expectations, rates and currency markets, with the dollar’s resurgence echoing the 2022 energy crisis," said Bob Savage, head ⁠of markets macro strategy at BNY.

"The week ahead will test whether markets continue to treat the current conflict as a contained shock or begin to price a more durable supply disruption."

The dollar, which notched its sharpest one-week rise in 15 months on the breakout of war last week, has been the most effective safe haven asset for investors as gold has faltered amid broad selling in anything that has lately made sharp gains.

"The dollar benefits from its twin status as a safe-haven and energy exporter," said Joe Capurso, Head of Foreign Exchange, International and Geoeconomics at Commonwealth Bank in Sydney.

"We expect the Iran-U.S. war to escalate before it de-escalates. Iran is incentivised to strike back to gain leverage in future negotiations to end the war.
 
The ⁠US and Israel are incentivised to degrade Iran’s offensive capabilities."

The Australian dollar was down 0.7% to $0.6983 and the New Zealand dollar down 0.6% to $0.5860. Sterling slid nearly 0.8% to $1.3324, while the dollar even gained 0.5% on its fellow safe haven in the Swiss franc .

Iran on Monday named Mojtaba Khamenei to succeed his father, as Supreme Leader, signaling hardliners remain firmly in charge in Tehran a week into battle with ⁠the United States and Israel.

The conflict has already led to the suspension of around a fifth of global crude and natural gas supply, as Tehran targets ships in the vital Strait of Hormuz between its shores and Oman, and attacks energy infrastructure across the region.

Qatar’s energy ⁠minister told the Financial Times on Friday he expects all Gulf energy producers to shut down exports within weeks, a move he said could drive oil to $150 a barrel.

High energy prices act like a tax and can also stoke inflation, ⁠leaving investors worried that central bankers may be reluctant to cut interest rates.

Surprisingly weak U.S. jobs data had on Friday briefly stalled dollar gains, and raised expectations for U.S. rate cuts, but that faded somewhat on Monday morning and U.S. stock futures tumbled, too, with S&P 500 futures down 1.6%.

Source:adaderana.lk

China said Monday that Iran’s decision to name Mojtaba Khamenei as its new supreme leader following the killing of his father was a domestic matter, and it opposed any attempt to target him.

Israel’s military has threatened to target any successor to former supreme leader Ali Khamenei, who was killed over a week ago in a first wave of US and Israeli strikes on Iran.

China’s foreign ministry spokesman Guo Jiakun told reporters on Monday that Iran’s decision to appoint the younger Khamenei was “based on its constitution.”

“China opposes interference in other countries’ internal affairs under any pretext, and Iran’s sovereignty, security, and territorial integrity should be respected,” he said when asked about the threats against the new leader.

Israel and the United States have continued in recent days to pound Iran, which has retaliated by launching waves of missile and drone attacks on Israel and Gulf neighbors hosting US forces.

Source:adaderana.lk

Donald Trump has said a decision on when to end the war with Iran will be a “mutual” one that he will make with Prime Minister Benjamin Netanyahu, The Times of Israel reports.

In the brief telephone interview, the US president also asserted that the Islamic Republic would have destroyed Israel if he and Netanyahu had not been around.

He said: “Iran was going to destroy Israel and everything else around it... We’ve worked together. We’ve destroyed a country that wanted to destroy Israel.”

The US president was asked whether he alone would decide when the war with Iran ends, or if Netanyahu would also have a say.

“I think it’s mutual... a little bit. We’ve been talking. I’ll make a decision at the right time, but everything’s going to be taken into account,” he said.

Asked whether Israel could continue the war even after the US decides to stop its strikes, Trump declined to speculate, before adding: “I don’t think it’s going to be necessary.”

Source:adaderana.lk

The government of Qatar has strongly condemned an attack attributed to Iran that targeted a residential facility in Al-Kharj, a city in Saudi Arabia, resulting in the deaths of two civilians and leaving several others injured.

In an official statement released on Sunday (local time) on X, Qatar described the strike as a serious violation of international norms and warned that such actions could further destabilise an already tense regional environment. 

The statement emphasised that attacks targeting civilian locations undermine international law and risk escalating conflict across West Asia.

‘‘The State of Qatar strongly condemns the Iranian attack that targeted a residential facility in Al-Kharj, Saudi Arabia, and resulted in the death of two civilians and injuries to others,’‘ the statement said.

According to Qatar, the incident represents a clear breach of internationally accepted legal principles and raises concerns about rising tensions in the region.
 
The country warned that such actions could lead to wider instability if not 
addressed through adherence to international rules and diplomatic engagement.

‘‘Qatar deems the attack a flagrant violation of international law and its principles, and a dangerous escalation that threatens the security and stability of the region,’‘ the statement added.

The remarks were issued by the Ministry of Foreign Affairs of Qatar, which also rejected the explanations offered by Tehran for conducting attacks within the region. Doha reiterated its opposition to actions that involve targeting neighbouring states or expanding hostilities.

‘‘The Ministry of Foreign Affairs affirms Qatar’s categorical rejection of the justifications offered by the Islamic Republic of Iran for targeting countries in the region,’‘ the ministry said.

Qatar also emphasised the importance of maintaining respect for international legal frameworks and preserving peaceful relations among regional neighbours. Officials urged all parties to avoid steps that could worsen tensions or broaden the scope of conflict.

‘‘The Ministry stresses the necessity of respecting the rules of international law and the principles of good neighbourliness and avoiding anything that could widen the circle of tension in the region,’‘ the statement added.

Doha further expressed its solidarity with Saudi Arabia following the incident and affirmed its support for measures taken by the kingdom to safeguard its national security and maintain stability.

‘‘The Ministry also expresses Qatar’s full solidarity with the Kingdom of Saudi Arabia and its support for all measures taken to preserve its security and stability,’‘ the statement said.

Concluding the statement, Qatar conveyed condolences to those affected by the attack and expressed sympathy for the victims and their families.

‘‘Qatar extends its sincere condolences to the government and people of the Kingdom of Saudi Arabia and to the families of the victims, wishing a speedy recovery to the injured.’‘

Source:adaderana.lk

A massive fire near one of Scotland’s busiest train stations has engulfed a historic building in Glasgow, causing it to partially collapse.

Dozens of firefighters scrambled at Union Street just before 4 p.m. Sunday after the blaze started on the ground floor of a four-story commercial building, crews said.

Dramatic images captured orange flames curling around a domed roof beneath the night sky, as a silhouetted crane directed a powerful water jet over the raging blaze.

Specialist equipment was used to tackle the inferno. No casualties have been reported so far.

‘‘At its height, 15 fire appliances and specialist resources, including three high-reach vehicles and a water rescue team, were mobilized to the area,’’ the Scottish Fire and Resue Service said.

Scotland’s First Minister John Swinney expressed deep concern over the fire and thanked emergency crews for their ongoing response in a post on X late Sunday, local time.

‘‘Please continue to follow travel guidance, avoid the area and stay safe,’’ Swinney added.

Glasgow Central has regular rail services across the United Kingdom including direct links to Edinburgh and London. It has been closed for now and major disruptions to train services have been reported, according to Britain’s National Rail.

Source:adaderana.lk