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Sri Lanka Hit By Power Outage After Power Sector Union Strike

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Swathes of Sri Lanka were hit by electricity cuts on Thursday after a power sector union went on strike opposing new government regulations, compounding hardships as the country tackles a crippling economic crisis.

About 900 out of around 1,100 engineers of the state-run Ceylon Electricity Board, CEB, Sri Lanka’s main power company, “went on strike at midnight,” stalling operations at eight hydropower plants that generate around 1,000 MW of electricity.

The CEB Engineers’ Union is opposed to government plans to amend legislation governing the country’s power sector, which include removing restrictions on competitive bidding for renewable power projects.

Sri Lanka’s power minister, Kanchana Wijesekera, said he was open to make Sri Lanka’s power minister to the legislation that is due to be presented to parliament, adding that consumers had the right to “cheap and uninterrupted” electricity supply.

“If the existing CEB act does not need amendments and has the capability to implement renewable energy projects without delay, why did the CEB deprive many who had requested to do so for years?” Wijesekera said in a tweet.

Sri Lanka’s 22 million people are already “suffering the country’s most serious financial turmoil in seven decades, with severe shortages of fuel, medicines and other essentials amid record inflation and a devaluation of its currency.”

In a bid to stop the CEB Engineers’ Union from striking, Sri Lanka’s President Gotabaya Rajapaksa issued a gazette notification late on Wednesday declaring electricity supply as an essential service.

The legal directive makes it mandatory for engineers to report to work.

“President Rajapaksa called the union president late last night and made an appeal not to let the entire grid collapse. So we are working to ensure hospitals and other essential services have power,” the union’s joint secretary Eranga Kudahewa told Reuters.

“But the strike will continue,” he said.

The government, pushing renewable energy as a potential solution for the country’s power woes, has underlined the need for the amendments to allow for quicker approval and implementation of projects.

Janaka Ratnayake, chairman of the power regulator Public Utilities Commission of Sri Lanka, said regions supplied by hydropower had seen power outages, including parts of the commercial capital Colombo.

“We are working to restore services and will talk with the unions to reduce public inconvenience,” Ratnayake told Reuters.

Sri Lanka was ‘crippled’ by long power cuts earlier this year after it was unable to import fuel needed to generate electricity, though the situation has improved as monsoon rains have bolstered hydropower generation.

Russia Injects $9.5 Bln To Emergency Reserve Fund

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The Russian government added 551.4 billion rubles ($9.5 billion) to its emergency reserve fund on Thursday as the Kremlin steps up its stimulus package in a bid to protect the economy from the impact of Western sanctions and its actions in Ukraine.

“The funds will be used in part to implement measures aimed at ensuring the stability of economic development in the conditions of external constraints,” the government said in a statement announcing the cash injection.

The reserves boost came from extra profits generated by Russia’s vital oil and gas exports, which are bringing in hundreds of millions of dollars a day to the budget despite Western sanctions.

Western countries have hit Russia with an unprecedented package of sanctions, including freezing around half – or $300 billion – of the central bank’s gold and foreign currency reserves after Moscow sent tens of thousands of troops into Ukraine on Feb. 24 in what it calls a “special military operation.”

Russia previously directed oil and gas profits into its $198 billion sovereign wealth fund, a rainy-day war chest intended to fund large investment projects.

But the emergency reserve fund is a more flexible pot of cash, allowing the government to plug its own deficit, support social outlays such as a recent emergency hike in pensions and react to the looming economic crisis.

The government added 791.6 billion rubles ($13.56 billion) to the same fund in May.

Russia’s economy is set for its biggest recession in more than two decades as it faces what the Institute of International Finance has termed a “full disintegration of 30 years of investment” that could wipe out 15 years’ worth of economic gains.

The Kremlin has already started deploying its resources to support the country’s largest businesses in an attempt to alleviate an economic crisis that has already seen inflation rise to its highest levels in two decades and is set to see household earnings plunge in the coming months.

In May, the government injected $4 billion into Russian Railways, the country’s largest employer, and has pledged $1.75 billion for state-owned airline Aeroflot.

World Bank Assists East Congo With $900 Million

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The World Bank and Congo have signed two funding conventions of $900 million to boost female entrepreneurship and access to water and electricity in the east and west of the country.

The projects will focus on Congo’s central west Kasai province and eastern regions.

According to World Bank Congo Director, Jean Carret  “These operations supplement a portfolio of operations focused on reinforcing human capital and protecting the poorest households – including women – against socio-economic hazards.”

The deal was clinched at the end of a two-day visit to Congo by the World Bank’s strategy and operations director for East and Central Africa, Humberto Lopez.

Nigeria Set To Celebrate 23 Years Of Uninterrupted Democracy

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The Federal Government says Nigeria has a lot to celebrate with 23 years of uninterrupted democracy and its citizens reaping dividends of civil rule.

The Minister of Information and Culture, Alhaji Lai Mohammed, said this on Thursday in Abuja, Nigeria’s capital at a media briefing to announce the activities lined up to commemorate this year’s Democracy Day.

Fielding questions from journalists, the minister recalled that between 1966 and 1999, the country had barely six years of democratic rule.

He said 1993 was a watershed in the history of the country when the most free and fair election was conducted which was later annulled on June 12 same year by the military

The minister also said that after the annulment of the 1993 elections, which brought Nigeria to the brink, the country was also ruled by the military for another six years.

He said that with the return to democracy in 1999 the country has not witnessed any military incursion.

“Between 1999 and 2008 we celebrated Democracy Day on May 29 and that was the day the military handed over power after a lot of disruption.

“No government before now had the courage to declare June 12 as Democracy Day. It took the courage of President Mohammadu Buhari to do so.

“We are also celebrating the day to pay tribute to MKO Abiola, the winner of the 1993 presidential election and also to other Nigerians who lost their lives during the struggle,” he said.

Earlier the minister announced that the press briefing kick-started activities for 2022 Democracy Day celebration, adding that it would be followed by a public lecture; and Jumat on Friday at the National Mosque, Abuja.

He said on Sunday, June 12, there would be presidential broadcast in the morning and a Service at the National Christian Centre at 3 p.m.

The Mohammed said on Monday, there would be a Ceremonial Parade at the Eagle Square starting from 9 a.m.

He said that attendance at all the events is strictly by invitation.

It will be recalled that President Buhari in June 2018, directed that Nigeria’s Democracy Day, marked every May 29, be shifted to June 12 to honour Abiola, winner of the 1993 presidential election.

In compliance with the presidential directive, this year’s celebration will mark the fourth time that the Day will be marked on June 12.

SPECIAL REPORT: WTO Set To Seal deal on Global Fisheries Subsidies Agenda Weekend

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WTO Chair of the fisheries subsidies negotiations, Ambassador Santiago Wills of Colombia says at the upcoming 12th Ministerial Conference in Geneva, WTO members will have the opportunity to conclude the fisheries subsidies negotiations, which began over two decades ago and seal the deal.

Wills said the negotiations will be concluded this weekend in a Message on World Oceans Day held on June 8.

Sustainable Development Goal SDG 14.6, part of the 2030 Agenda for Sustainable Development adopted by all United Nations member states in 2015, affirms the WTO’s role in the global fisheries subsidies agenda.

SDG 14.6 targets to “by 2020, prohibit certain forms of fisheries subsidies which contribute to overcapacity and overfishing, and eliminate subsidies that contribute to IUU fishing, and refrain from introducing new such subsidies, recognizing that appropriate and effective special and differential treatment for developing and least developed countries should be an integral part of the WTO fisheries subsidies negotiation.”

Draft agreement on fisheries subsidies

The chair of the fisheries subsidies negotiations, Ambassador Santiago Wills of Colombia, on 24 November 2021 submitted a draft agreement on fisheries subsidies for the consideration of ministers. The draft is based on the collective efforts of WTO members and represents for the chair the most likely way to build consensus after more than 20 years of negotiations, without undermining the sustainability objective.

Based on the current draft text of the WTO negotiations, the outcome is likely to be a legal instrument anchored in three prohibition pillars addressing fisheries subsidies that support IUU fishing, fishing overfished stocks and overcapacity that leads to overfishing.

Any future WTO rule covering fisheries subsidies would integrate part of a broader UN legal framework addressing the Law of the Sea, sustainability, illegal fishing operations and the management of migratory stocks.

According to the organisation, 34% of global marine fish stocks have fallen to levels that are biologically unsustainable. Subsidies and overfishing generate losses of about $88.9 billion due to forgone net benefits.

Ending harmful practices, including overfishing and illegal, unreported and unregulated (IUU) fishing, plus rebuilding depleted marine resources could increase global catches by up to 20%.

However, fisheries support has been on an upward trend since 2016. WTO says this has become a worrisome trend that will worsen if a stalemate in the fisheries subsidies negotiations persists.

The three pillars would be complemented by definitions, provisions on special and differential treatment (S&DT), notification and transparency. But such an instrument cannot be implemented in isolation and must be accompanied by implementation roadmaps and capacity-building programmes.

Necessary implementation roadmap would include actions to:

Set and adjust national regulatory and relevant ex-ante and ex-post administrative procedures considering the limitation set by the three prohibitions pillars.

 Prepare assessments on country-specific needs.

  Provide an open online inventory of country requests versus assistance effectively given.

 Enable S&DT and technical cooperation as an integral part of the implementation effort.

Support multi-stakeholder participation mechanisms to promote consultation and engagement for successful in-country implementation.

Support the preparation of extended WTO country notifications on fisheries subsidies.

Expand and increase Overseas Development Assistance for sustainable use of ocean resources.

Provide linkages to complementary initiatives on the ocean economy and trade, the blue transformation and sustainable food systems.

In addition to this roadmap, further support by intergovernmental agencies, countries and other partners would be instrumental in enabling coherent implementation.

This would include improving public support mechanisms, implementing the Port State Measures Agreement and having more effective monitoring, control and surveillance systems to combat IUU operations.

It would also entail implementing more efficient and effective fisheries and climate resilience management systems and improved data collection.

Poland’s PM Pushes For More Coal To Lower Heating Costs

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Contrary to the controversial climate goals, Poland’s Prime Minister vowed Thursday to support higher production at the nation’s coal mines in order to bring down heating and energy prices that have soared amid the war in neighbouring Ukraine and the European Union’s efforts to reduce its dependency on Russian energy sources.

However, the pledge that Prime Minister Mateusz Morawiecki made in parliament goes against Poland’s climate change obligations and the gradual steps it is taking to reduce the production and use of coal in order to fight global warming.

But Russia’s invasion of Ukraine and EU bans on some Russian energy sources have led to sudden shortages of coal and accelerated the rise of fuel prices. Governments across Europe are looking for other sources of fuel and energy.

The cost of coal has gone up 100% in Poland in the past 12 months, leading to widespread anxiety because one in every three households here is heated by coal. Overall, Poland relies on coal for almost 70% of its energy needs, a far higher percentage than any other of the EU’s 27 nations.

“We will introduce a program of increased coal extraction in Poland’s collieries,” Morawiecki said.

The Polish government’s aim is to reduce the fossil fuel’s prices ahead of the next heating season to the level they “were at before the sudden rise that was linked to the embargo on Russia. We will do this,” Morawiecki said.

In fact, energy prices in Europe had been rising months before Russia invaded Ukraine on Feb. 24.

Poland said in the first four month of 2022, some 19 million tons of coal were produced in Poland’s mines, which was some 155,000 tons more than at the same time last year.

Poland insists that it’s departure from coal, of which it has rich deposits, must be slower than for other European countries because it has not yet developed enough renewable energy sources. Coal mining is also a big employment industry in Poland

Navy Transfers Over N500m Intercepted Drugs To NDLEA

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The Nigerian Navy on Thursday handed over 463 bags of cannabis Sativa (marijuana) worth N500 million it intercepted during a routine patrol to the National Drug Law Enforcement Agency (NDLEA).

The Commander, Nigerian Navy Ship (NNS) BEECROFT, Commodore Malami Haruna, handed over the seized drugs to NDLEA’s Commander on Narcotics, Mr Isaac Uzah, at NNS BEECROFT, Apapa, Lagos.

Haruna said the boat was intercepted during a routine sea patrol by the Nigerian Navy Special Boat Service (SBS) off Lagos Fairway buoy in May.

He also said the suspects had jumped into a speed boat and sped off, on sighting the patrol boat though the suspects are at large, efforts are being made to apprehend them.

According to commander Haruna, “investigation revealed that the boat, loaded with 463 large sacks of compressed marijuana is worth more than N500 million in the local market amongst other items.

“The hard drugs will be handed over to the NDLEA in line with extant regulations for the arrest and handover of suspects and evidence to appropriate agencies,” he said.

The Commander said that the prevention of a large number of hard drugs from entering society would help to reduce drug intake that leads youths toward committing crimes in the society.

“The seizure has also deprived the owners of the contraband the funds to sustain their operations,” he said.

Haruna said that the Nigerian Navy under the leadership of Vice Adm. Awwal Gambo maintained zero tolerance to maritime crime and criminalities.

“We will not relent in our drive to rid the nation’s maritime space of all illegalities such as drug trafficking and oil theft among others.

“I commend the patrol teams for their commitment and loyalty in living up to the assigned responsibilities of the Western Naval Command,” he said.

In the same vein, Uzah, said that the Nigerian Navy was one of the agencies of government in collaboration with the NDLEA, supporting the war against transnational crime.

Uzah, also NDLEA’s Marine Commander, said that the Navy was living up to expectations specifically with the agency in spite of the numerous challenges of the maritime domain.

“In January alone, the Navy made massive arrest and seizure, handing over 529 bags of cannabis to the NDLEA and they have seized 463 bags of cannabis again.

“The Nigerian Navy has been complementing the effort of the NDLEA under the leadership of Gen. Mohammed Marwa, who has launched the War Against Drug Abuse (WADA),” he said.

Uzah also said that the Navy recently handed over two gunboats to the NDLEA which had increased their capabilities and enriched their understanding of the maritime environment.

“This will make us have a wide reach in the sea thereby contributing more to the arrest and seizure of contrabands in the country.

“Also, the Nigerian Navy has helped in training our personnel to man these boats as well as the communication and electronic aspect of operating in the maritime domain,” he said.

Uzah said that there was no heinous crime in the society that did not have drugs as its oxygen because most times, drugs were responsible for crimes in the society.

“So, the contribution of the Nigerian Navy in curbing the trafficking and proliferation of drugs is massive towards the reduction of crime and criminalities in the society,” he said.

UK Hits Record 100 pounds In Gasoline Prices

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The average cost of filling up a typical family car has exceeded 100 pounds ($125) for the first time in Britain, as Russia’s war in Ukraine drives gasoline prices higher.

Figures from data firm Experian Catalist showed that the average price of a liter of gas at U.K. pumps hit a record 182.3 pence ($2.3) on Wednesday, taking the average cost of filling a 55-liter (14.5-U.S. gallon) family car to 100.27 pounds. The prices are the equivalent of about $8.8 per gallon.

Motoring association AA said the price hikes have been a “huge shock” for drivers and urged the government to intervene.

“Enough is enough. The government must act urgently to reduce the record fuel prices which are crippling the lives of those on lower incomes, rural areas and businesses,” AA President Edmund King said.

“The 100-pound tank is not sustainable with the general cost-of-living crisis, so the underlying issues need to be addressed urgently,” King said.

Russia’s invasion of Ukraine led to concern about oil and gas supplies and worsened soaring energy prices, trickling down to customers filling up at the pump. High gasoline prices have hit people across Europe and in the United States, prompting governments to pass measures to try to ease the pain.

The British government in March announced a fuel tax cut of 5 pence per liter to help drivers after record jumps in pump prices.

Many motorists argue the tax cut reduced the cost of filling up a car by only a tiny amount. There are also growing concerns that fuel retailers are not passing on the tax cut to customers.

Prime Minister Boris Johnson’s government is facing heavy pressure to do more to help Britons struggling with fuel and food prices and domestic energy bills amid a severe cost-of-living crisis.

Johnson’s spokesman said Wednesday that soaring fuel prices were “hugely concerning,” and the government wants to make sure companies are passing the tax cut on to consumers.

“It is important the public understand what actions each of the fuel retailers are taking, and so we are considering what further options we can take in this area,” he said.

Gas Prices Rising Toward $5 A Gallon In US; Record In UK

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The average price that Americans pay for a gallon of gasoline is closing in on $5, another drain on the wallets of consumers who are paying more for many other essentials too.

Pump prices have been rising steadily for months, shooting past the $4 mark in early March. They track the cost of crude oil, which was rising even before Russia’s invasion of Ukraine drove oil even higher.

AAA said the nationwide average for regular on Thursday was $4.97 a gallon, up a quarter in just the last week and $1.90 more than drivers were paying a year ago.

GasBuddy, a service that helps drivers find deals on gas, said the average surpassed $5 for the first time ever. Fears of short supplies are being compounded by demand, which usually picks up around Memorial Day — the unofficial start of summer and vacation trips in the U.S.

California has the highest average price, at $6.40 a gallon, according to AAA. Several other Western states and Illinois are higher than $5.50.  The lowest average is in Georgia, at $4.41.

While the $5 mark is new, Americans paid more for gasoline back in July 2008, when inflation is considered. The high of $4.11 a gallon then would be equal to about $5.40 a gallon today.

Americans aren’t the only ones paying more to fill up. This week, gasoline prices in the United Kingdom hit a record 182.3 pence ($2.30) per liter, or about $8.80 per gallon.

On both sides of the Atlantic, pressure is growing on governments to do something to help motorists.

Global Economic Outlook: OECD Slashes Forecast On Russia-Ukraine War

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The Organization for Economic Cooperation and Development OECD said Wednesday Russia’s war in Ukraine, the Energy and food crises it worsened will severely drag down global economic growth and push up inflation this year,

China’s “zero-COVID” policies, which have further scrambled manufacturing supply chains, also are weighing on a world economy that was just starting to rebound from the COVID-19 pandemic, the Paris-based OECD said, becoming the latest institution to slash its growth forecast and underscoring the dimming economic outlook.

The OECD, a club of largely wealthy nations, expects the global economy to expand 3% in 2022, down from the 4.5% that it predicted in December.

Inflation is forecast at nearly 9% for the OECD’s 38 member countries, which include the United States, United Kingdom and many European nations, nearly double the previous estimate.

The World Bank, the United Nations, and the International Monetary Fund have made similar downgrades to their economic forecasts recently.

“Russia’s war is indeed imposing a heavy price on the global economy,” OECD Secretary-General Mathias Cormann said at a press conference in Paris. He urged Russian President Vladimir Putin to “stop this atrocious, senseless war now.”

The organization released its forecast as it gears up for a two-day annual meeting starting Thursday, attended by government ministers and featuring video remarks by Ukrainian President Volodymyr Zelenskyy.

The OECD warned that the economic turmoil will hit the poor the hardest. The war is disrupting supplies of food staples like wheat and energy, of which Russia and Ukraine are major global suppliers, fanning inflation that eats away at disposable income and living standards, it said.

The war is hurting economic growth in European nations the most because they are more exposed to the war through trade and energy links. But the OECD also raised the alarm about poor countries farther afield facing food shortages.