economy: Last News

Stocks close just above bear market after turbulent day

NEW YORK, UNITED STATES - 2020/05/27: Wall Street sign in front of New York Stock Exchange (Photo by John Nacion/SOPA Images/LightRocket via Getty Images) NEW YORK - The stock market clawed back from a midday drop Friday after coming to the edge of its first bear market since the beginning of the pandemic. The S&P 500 ended 18.6% below the record high it set in early January. A 20% decline would have been considered the beginning of a bear market.

The benchmark index, the heart of many retirement accounts, came back from a loss of 2.3% to end just barely in the green. RELATED: Inflation gave most Americans a 2.6% wage cut in AprilThe stock market remains stuck in a slump amid worries about how inflation is squeezing businesses and consumers. Investors are also concerned about the Federal Reserve's plan to aggressively raise interest rates and whether that will help temper inflation's impact or crimp growth too much and send the economy into a recession.Concerns about inflation have been growing heavier with Russia's invasion of Ukraine pushing energy and some key food commodity prices higher.

China, the world's second-largest economy, took a renewed hit from lockdowns in key cities because of COVID-19 cases, but a surprise interest rate cut from the Chinese government has at least temporarily eased some anxiety.The famous bull sculpture stands near Wall Street in New York, U.S., on Friday, Feb. 12, 2016.

Photographer: Michael Nagle/Bloomberg via Getty Images Markets in Asia and Europe made solid gains.Wall Street has been digesting earnings from retailers this week. The sector is a key focus as investors try to measure how much damage inflation is inflicting on company operations and whether higher prices on everything

. 2020 economy Citi
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economy: Main News

NEW YORK, UNITED STATES - 2020/05/27: Wall Street sign in front of New York Stock Exchange (Photo by John Nacion/SOPA Images/LightRocket via Getty Images) NEW YORK - The stock market clawed back from a midday drop Friday after coming to the edge of its first bear market since the beginning of the pandemic. The S&P 500 ended 18.6% below the record high it set in early January. A 20% decline would have been considered the beginning of a bear market.
President Joe Biden delivers remarks after he announced cabinet nominees that will round out his economic team. (Photo by Chip Somodevilla/Getty Images) WASHINGTON - President Joe Biden’s approval rating dipped to the lowest point of his presidency in May, a new poll shows, with deepening pessimism emerging among members of his own Democratic Party.Only 39% of U.S.

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Ranil Wickremesinghe - New PM should demonstrate ability to establish consensus among political parties: BASL - newsfirst.lk - Sri Lanka
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New PM should demonstrate ability to establish consensus among political parties: BASL
COLOMBO (News 1st); The Executive Committee of the Bar Association of Sri Lanka (BASL) is of the view that the newly-appointed Prime Minister, Ranil Wickremesinghe should demonstrate his ability to establish a consensus among the political parties in Parliament as soon as possible.Issuing a statement with regard to the appointment of the PM, the BASL states that he should endeavour to build a representative Government of National Unity to implement a Common Minimum Programme (CMP) in the interests of the people. Citing the earlier proposals of the BASL, which denotes that the Government should establish an Interim Government of National Unity consisting of 15 Cabinet Ministers, and the the Prime Minister being a Member of Parliament who is able to establish a consensus among all political parties recognized by the Speaker in Parliament on the national economy and to enact necessary reforms, the association states that  it was necessary to appoint a Prime Minister who is able to establish a consensus among all political parties within Parliament, rather than merely relying on the existence of a parliamentary majority.It is also imperative that the Government establishes a clear timeline to introduce critical constitutional amendments proposed by the BASL, including the introduction of the 21st Amendment to the Constitution and the abolition of the executive presidency. In this period of tremendous uncertainty, disaffection and suffering it is vital that the new Government acts with transparency and purpose of vision so as to restore confidence among the citizens of this country and the various international and domestic actors whose assistance is required in this moment of crisis, the BASL addds.
Sri Lankans - Gotabaya Rajapaksa - Mahinda Rajapaksa - Latest township ‘HoruGoGama’ set up near Parliament - newsfirst.lk - Sri Lanka
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Latest township ‘HoruGoGama’ set up near Parliament
COLOMBO (News 1st); The world’s most creative people’s protests continued in Sri Lanka today, with student protestors tear-gassed and chased away by police, stayed on and within hours, set us a township they called ‘Horu-Go-Gama’.Sri Lankans led by the Inter-University Students Federation, commonly known as Anthare’, set up a protest camp along the road leading to the parliament, and this camp is now known as ‘HoruGoGama’.This protest camp is the latest site set up against President Gotabaya Rajapaksa, Prime Minister Mahinda Rajapaksa, and their government.The protestors are demanding that the President, Prime Minister, and their government resign immediately and that the Rajapaksa family return the money they looted from the people over the years.They blame the government for the mismanagement of the economy, which has sent prices of goods skyrocketing and the country’s reserves plummeting to levels reaching a record low.The Inter-University Students Federation, the largest student body in Sri Lanka marched from the University of Sri Jayawardenapura to the Parliament Road on Thursday (5) evening and was confronted by a large police force that fired tear gas to disperse the crowd.However, as word spread of the tear gas attack, more youth joined with the IUSF and decided to occupy the road leading to Parliament and voice their protest.However, all roads leading to Parliament were already closed by Police using GI Pipes and Barricades.According to News 1st’s Vindana Prasad Karunarantne who has been covering these protests since day one, the HoruGoGama protest camp received a large number of water bottles and food packs within hours of the Tear Gas attack by police, as more Sri Lankans extended their support to the IUSF.The
Airlines - COPE tells SriLankan Airlines to delay procurement of aircraft - newsfirst.lk - Sri Lanka
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COPE tells SriLankan Airlines to delay procurement of aircraft
COLOMBO (News 1st); Sri Lanka’s Committee on Public Enterprises (COPE) has instructed the national carrier SriLankan Airlines to delay its procurement process to lease up to 21 aircraft by three months.COPE Chairman MP Dr. Charitha Herath had instructed the Secretaries to the Ministry of Tourism, and the State Ministry of Aviation and Export Zone Development to revisit the entire procurement process given the present state of the economy, and to monitor if the process is followed in a proper manner.The COPE Chairman had also recommended that procurement guidelines be prepared, and the respective procurement process is tabled at the meeting of the Cabinet of Ministers via the respective Cabinet Minister for approval.SriLankan said it had 24 aircraft and the number is expected to drop in the future, and since aircraft cannot be procured immediately, the necessary process was adopted.Chairman of SriLankan Airlines Ashok Pathirage had informed COPE that considering the market factors the process would take approximately 6 to 12 months to complete, and it would be carried out transparently via the ministry.Earlier, state-run SriLankan Airlines said it has requested proposals to lease upto 21 aircraft aiming to increase its fleet from the current 24 to 35 aircraft by 2025 while replacing equipment with expiring leases.“SriLankan is planning for measured growth in the next three years through frequency increases and the addition of new destinations as international travel is in a trajectory of recovery from the pandemic,” the airline said in a statement.“The business plan of the airline necessitates a 35-aircraft-strong fleet by 2025.
Phil Murphy - New Jersey recreational marijuana sales expected to begin 'within weeks,' report says - fox29.com - New York - state New Jersey
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New Jersey recreational marijuana sales expected to begin 'within weeks,' report says
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Gotabaya Rajapaksa - Sri Lanka : Police Curfew in Colombo lifted after a night of protests - newsfirst.lk - Sri Lanka
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Sri Lanka : Police Curfew in Colombo lifted after a night of protests
COLOMBO (News 1st); Sri Lanka lifted a police curfew imposed on multiple police sectors in the Capital City of Colombo at 5 AM on Friday (1)Authorities were compelled to impose a curfew after tensions were witnessed on Thursday (31) night during protests against a mismanaged economy and rising cost of living.Scuffles broke out between protestors and security forces on Thursday (31) night when a peaceful protest proceeded towards Sri Lankan President Gotabaya Rajapaksa’s residence on the outskirts of the city, in Mirihana.Heavy police presence was witnessed in the area at first, and thereafter the Riot Police, Police Special Task Force, Sri Lanka Army, and Sri Lanka Navy personnel were called in to control the situation and prevent the protestors from proceeding towards the President’s house.It is still unclear if the President was at home at the time of the protest.The people involved in the protest were from all corners of Colombo, and expressed anger over the government’s handling of the economy.The country has been plagued by a shortage of reserves that led to a shortage of essentials such as Kerosene, Diesel, Petrol, Gas, and even medicines.While the protest was taking place the supply of electricity for the entire Mirihana area was shut down, the first time since the power cuts came into effect, as Sri Lanka also struggles to import fuel to keep its power plant running.Further, internet connectivity in some areas also was disrupted, for reasons unknown.Another protest took place in Kelaniya as the road between Kelaniya and Dalugama was obstructed by protestors who burn tires and chanted slogans for the government to resign over their mishandling of the country’s economy.
Gotabaya Rajapaksa - Sri Lanka : Police Curfew in several parts of Colombo - newsfirst.lk - Sri Lanka
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Sri Lanka : Police Curfew in several parts of Colombo
COLOMBO (News 1st); Sri Lanka has imposed a police curfew on multiple police sectors in the Capital City of Colombo until further notice.These areas are:COLOMBO CENTRAL DIVISIONPettah / Keselwatta / Dam Street / Wolfendhal Street / Fort / Slave Island / Maradana / MaligawattaCOLOMBO NORTH DIVISIONColombo Harbour / Fore shore / Modara / Kotahena / Mattakkuliya / Bloemendhal / Grandpass / Dematagoda / Mihijaya sewanaCOLOMBO SOUTH DIVISIONColpetty / Bambalapitiya / Kirulapone / Wellawatta / Narahenpita / BMICH / Borella / Cinnamon GardenNUGEGODA DIVISIONMirihana / Maharagama / Boralesgamuwa / Wellampitiya / Thalangama / Welikada / Nawagamuwa / Mulleriyawa / Homagama / Kottawa / Athurugiriya / Padukka / Hanwella / Gothatuwa / Meepe / Kaduwela / MalabeMOUNT LAVINIA DIVISIONMount Lavinia / Piliyandala / Angulana / Dehiwala / Kohuwala / Moratuwa / Kahathuduwa / Moratumulla / Egoda Uyana / KesbewaKELANIYA DIVISIONKelaniya / Kandana / Wattala/ Mahabage / Sapugaskanda / Biyagama / Meegahawatta / Ja – Ela / Ragama / Kiribathgoda / Kadawatha / EnderamullaAuthorities were compelled to impose a curfew after ugly scenes were witnessed on Thursday (31) night during protests against a mismanaged economy and rising cost of living.Scuffles broke out between protestors and security forces on Thursday (31) night when a peaceful protest proceeded towards the Sri Lankan President Gotabaya Rajapaksa’s residence on the outskirts of the city, in Mirihana.Heavy police presence was witnessed in the area at first, and thereafter the Riot Police, Police Special Task Force, Sri Lanka Army, and Sri Lanka Navy personnel were called in to control the situation and prevent the protestors from proceeding towards the President’s house.It is still unclear if
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