India ships petrol to Sri Lanka to help neighbour tackle fuel shortages


Taniya Dutta
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India has sent about 40,000 tonnes of petrol to Sri Lanka, its second fuel shipment in days to help its debt-laden neighbour cope with its economic crisis.

“Commitment delivered!! Around 40,000 MT of petrol under Indian assistance reached Colombo today,” the Indian High Commission to Sri Lanka said in a Twitter post on Monday.

The same volume of diesel was delivered to the island nation on Saturday.

Sri Lanka, known for its pristine white beaches, is battling its worst economic and political crisis since independence in 1948.

India last month agreed to extend an additional $500 million credit line to help the country procure emergency fuel stocks as it struggles with its foreign-exchange reserves for imports.

New Delhi has committed $1.9 billion in loans, credit lines and currency swaps to Sri Lanka under India's Neighbourhood First policy, which focuses on peaceful and collaborative relations with neighbouring countries in the subcontinent.

  • Demonstrators in Sri Lanka gather outside the Presidential Secretariat in Colombo as the country faces shortages in food, fuel and medicines after defaulting on its $51 billion debt. EPA
    Demonstrators in Sri Lanka gather outside the Presidential Secretariat in Colombo as the country faces shortages in food, fuel and medicines after defaulting on its $51 billion debt. EPA
  • Demonstrators camp in an area nicknamed the Gota-Go Village, close to the Presidential Secretariat in Colombo, Sri Lanka. Reuters
    Demonstrators camp in an area nicknamed the Gota-Go Village, close to the Presidential Secretariat in Colombo, Sri Lanka. Reuters
  • Residents of Gota-Go Village in Colombo use their phones to organise their protest against President Gotabaya Rajapaksa's management of the economy. Reuters
    Residents of Gota-Go Village in Colombo use their phones to organise their protest against President Gotabaya Rajapaksa's management of the economy. Reuters
  • A demonstrator at Gota-Go Village in Colombo rests in one of the protest camp's many tents. Reuters
    A demonstrator at Gota-Go Village in Colombo rests in one of the protest camp's many tents. Reuters
  • Water bottles are shared among protesters inside Gota-Go Village in Colombo, Sri Lanka. Reuters
    Water bottles are shared among protesters inside Gota-Go Village in Colombo, Sri Lanka. Reuters
  • Gota-Go Village in Colombo is a focus of opposition to Sri Lanka's President Gotabaya Rajapaksa's leadership. Reuters
    Gota-Go Village in Colombo is a focus of opposition to Sri Lanka's President Gotabaya Rajapaksa's leadership. Reuters
  • The demonstrators who gather at Gota-Go Village near the Presidential Secretariat in Colombo, Sri Lanka, fear the country's medical service is near collapse. Reuters
    The demonstrators who gather at Gota-Go Village near the Presidential Secretariat in Colombo, Sri Lanka, fear the country's medical service is near collapse. Reuters
  • Demonstrators distribute essentials such as water at Gota-Go Village in Colombo, Sri Lanka. Reuters
    Demonstrators distribute essentials such as water at Gota-Go Village in Colombo, Sri Lanka. Reuters
  • Protesters in Colombo after President Gotabaya Rajapaksa lost his parliamentary majority. EPA
    Protesters in Colombo after President Gotabaya Rajapaksa lost his parliamentary majority. EPA
  • Power cuts and fuel shortages across Sri Lanka bring protesters to the doorstep of President Gotabaya Rajapaksa in Colombo. AFP
    Power cuts and fuel shortages across Sri Lanka bring protesters to the doorstep of President Gotabaya Rajapaksa in Colombo. AFP
  • Protesters in Sri Lanka have made the centre of Colombo, the capital, the focus of their efforts to unseat President Gotabaya Rajapaksa. AFP
    Protesters in Sri Lanka have made the centre of Colombo, the capital, the focus of their efforts to unseat President Gotabaya Rajapaksa. AFP
  • People shout slogans during the protests. Reuters
    People shout slogans during the protests. Reuters
  • A Buddhist monk prepares a placard at a demonstration against the economic crisis. AFP
    A Buddhist monk prepares a placard at a demonstration against the economic crisis. AFP
  • Religious and secular groups unite in protest. AFP
    Religious and secular groups unite in protest. AFP

Meanwhile, Sri Lanka increased fuel prices on Tuesday.

Petrol prices will rise by as much as 24 per cent, while diesel prices will be lifted by as much as 38 per cent with immediate effect, Power and Energy Minister Kanchana Wijesekera said on Twitter.

The increases are bound to add to galloping inflation, at least in the short term.

  • Violence raged across Sri Lanka late into the night on Monday, with five people dead and some 180 injured. AFP
    Violence raged across Sri Lanka late into the night on Monday, with five people dead and some 180 injured. AFP
  • Sri Lanka's pro-government supporters vandalise camps of anti government protestors outside the president's office in Colombo. AP Photo
    Sri Lanka's pro-government supporters vandalise camps of anti government protestors outside the president's office in Colombo. AP Photo
  • Sri Lankan Prime Minister Mahinda Rajapaksa quit on May 9 after a day of violence saw four people, including an MP, killed. AFP
    Sri Lankan Prime Minister Mahinda Rajapaksa quit on May 9 after a day of violence saw four people, including an MP, killed. AFP
  • Government supporters armed with sticks and clubs attack protestors. AFP
    Government supporters armed with sticks and clubs attack protestors. AFP
  • Demonstrators scuffle with police outside the president's office in Colombo. AFP
    Demonstrators scuffle with police outside the president's office in Colombo. AFP
  • Demonstrators and government supporters clash. AFP
    Demonstrators and government supporters clash. AFP
  • Police personnel stand guard outside the president's office. AFP
    Police personnel stand guard outside the president's office. AFP
  • Destroyed vehicles litter the street after anti-government protesters rioted in Colombo. AFP
    Destroyed vehicles litter the street after anti-government protesters rioted in Colombo. AFP
  • Pro-government supporters hold Prime Minister Mahinda Rajapaksa's portrait while protesting. AFP
    Pro-government supporters hold Prime Minister Mahinda Rajapaksa's portrait while protesting. AFP
  • A bus burns close to Sri Lanka's outgoing Prime Minister Mahinda Rajapaksa's official residence in Colombo. AFP
    A bus burns close to Sri Lanka's outgoing Prime Minister Mahinda Rajapaksa's official residence in Colombo. AFP
  • Anti-government protesters destroy a bus in Colombo. AFP
    Anti-government protesters destroy a bus in Colombo. AFP
  • Army personnel stand guard outside the president's office in Colombo. AFP
    Army personnel stand guard outside the president's office in Colombo. AFP
  • Supporters of the Sri Lankan government attempt to block a police water canon truck. AFP
    Supporters of the Sri Lankan government attempt to block a police water canon truck. AFP
  • People gather near a burning bus in Colombo. AFP
    People gather near a burning bus in Colombo. AFP
  • Anti-government demonstrators set fire to the house owned by Cabinet Minister Sanath Nishantha. Reuters
    Anti-government demonstrators set fire to the house owned by Cabinet Minister Sanath Nishantha. Reuters
  • Sri Lankans push a bus, transporting government supporters who attacked anti-government protesters, into a lake in Colombo. AP Photo
    Sri Lankans push a bus, transporting government supporters who attacked anti-government protesters, into a lake in Colombo. AP Photo
  • A policeman fires tear gas during a clash. AFP
    A policeman fires tear gas during a clash. AFP
  • Sri Lankan Prime Minister Mahinda Rajapaksa resigned on Monday over the country’s dire economic state and violence at mass protests outside his home in Colombo, his spokesman Rohan Weliwita said. AP
    Sri Lankan Prime Minister Mahinda Rajapaksa resigned on Monday over the country’s dire economic state and violence at mass protests outside his home in Colombo, his spokesman Rohan Weliwita said. AP
  • Demonstrators and government supporters clash outside the official residence of Mahinda Rajapaksa, 76, who offered his resignation to his younger brother, President Gotabaya Rajapaksa. AFP
    Demonstrators and government supporters clash outside the official residence of Mahinda Rajapaksa, 76, who offered his resignation to his younger brother, President Gotabaya Rajapaksa. AFP
  • A man suffers after being sprayed with tear gas as cars burn on the streets of Colombo, Sri Lanka. AP
    A man suffers after being sprayed with tear gas as cars burn on the streets of Colombo, Sri Lanka. AP
  • Paramilitary police arrive as demonstrators and government supporters clash. AFP
    Paramilitary police arrive as demonstrators and government supporters clash. AFP
  • Sri Lankan government supporters cheer outside the prime minister's residence in Colombo. AP
    Sri Lankan government supporters cheer outside the prime minister's residence in Colombo. AP
  • Supporters of the ruling party run as riot police fire tear gas during clashes in Colombo, amid the country's economic crisis. Reuters
    Supporters of the ruling party run as riot police fire tear gas during clashes in Colombo, amid the country's economic crisis. Reuters
  • A policeman stands guard in riot gear. AP
    A policeman stands guard in riot gear. AP
  • Water cannon are fired during a confrontation with anti-government demonstrators. Reuters
    Water cannon are fired during a confrontation with anti-government demonstrators. Reuters
  • Supporters of Sri Lanka's ruling party run in Colombo as police fire tear gas during a clash with anti-government demonstrators. Reuters
    Supporters of Sri Lanka's ruling party run in Colombo as police fire tear gas during a clash with anti-government demonstrators. Reuters
  • A Sri Lankan Catholic priest, centre in a white robe, is among anti-government protesters being attacked by supporters of the ruling party outside the prime minister's residence. AP
    A Sri Lankan Catholic priest, centre in a white robe, is among anti-government protesters being attacked by supporters of the ruling party outside the prime minister's residence. AP
  • Tears after anti-government protesters were attacked by supporters of the ruling party in Colombo. AP
    Tears after anti-government protesters were attacked by supporters of the ruling party in Colombo. AP
  • Violence flares between demonstrators and government supporters outside the president's office in Colombo. AFP
    Violence flares between demonstrators and government supporters outside the president's office in Colombo. AFP
  • Activists stage a mock ritual to 'exorcise demons' outside the official residence of Sri Lanka's prime minister. AFP
    Activists stage a mock ritual to 'exorcise demons' outside the official residence of Sri Lanka's prime minister. AFP

Daily limits on the quantity each consumer can purchase will continue.

Last week an Indian ship laden with emergency relief supplies — including 9,000 tonnes of rice, 24 tonnes of medicines and 200 tonnes of milk powder — arrived in Sri Lanka.

The two countries have strong historical links. In recent decades, there has been a significant growth in bilateral ties, including in trade and investment.

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A Long Way Home by Peter Carey
Faber & Faber

SPECS
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The specs

Engine: 1.5-litre, 4-cylinder turbo

Transmission: CVT

Power: 170bhp

Torque: 220Nm

Price: Dh98,900

$1,000 award for 1,000 days on madrasa portal

Daily cash awards of $1,000 dollars will sweeten the Madrasa e-learning project by tempting more pupils to an education portal to deepen their understanding of math and sciences.

School children are required to watch an educational video each day and answer a question related to it. They then enter into a raffle draw for the $1,000 prize.

“We are targeting everyone who wants to learn. This will be $1,000 for 1,000 days so there will be a winner every day for 1,000 days,” said Sara Al Nuaimi, project manager of the Madrasa e-learning platform that was launched on Tuesday by the Vice President and Ruler of Dubai, to reach Arab pupils from kindergarten to grade 12 with educational videos.  

“The objective of the Madrasa is to become the number one reference for all Arab students in the world. The 5,000 videos we have online is just the beginning, we have big ambitions. Today in the Arab world there are 50 million students. We want to reach everyone who is willing to learn.”

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The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

Challenge Cup result:

1. UAE 3 faults
2. Ireland 9 faults
3. Brazil 11 faults
4. Spain 15 faults
5. Great Britain 17 faults
6. New Zealand 20 faults
7. Italy 26 faults

WOMAN AND CHILD

Director: Saeed Roustaee

Starring: Parinaz Izadyar, Payman Maadi

Rating: 4/5

Ain Dubai in numbers

126: The length in metres of the legs supporting the structure

1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch

16 A380 Airbuses: The equivalent weight of the wheel rim.

9,000 tonnes: The amount of steel used to construct the project.

5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place

192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.

Euro 2020

Group A: Italy, Switzerland, Wales, Turkey 

Group B: Belgium, Russia, Denmark, Finland

Group C: Netherlands, Ukraine, Austria, 
Georgia/Kosovo/Belarus/North Macedonia

Group D: England, Croatia, Czech Republic, 
Scotland/Israel/Norway/Serbia

Group E: Spain, Poland, Sweden, 
N.Ireland/Bosnia/Slovakia/Ireland

Group F: Germany, France, Portugal, 
Iceland/Romania/Bulgaria/Hungary

Types of fraud

Phishing: Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.

Smishing: The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.

Vishing: The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.

SIM swap: Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.

Identity theft: Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.

Prize scams: Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.

* Nada El Sawy

MATCH INFO

Uefa Champions League semi-final, first leg

Tottenham 0-1 Ajax, Tuesday

Second leg

Ajax v Tottenham, Wednesday, May 8, 11pm

Game is on BeIN Sports

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
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Updated: May 24, 2022, 9:07 AM