S&P 500   3,901.36
DOW   31,261.90
QQQ   288.68
S&P 500   3,901.36
DOW   31,261.90
QQQ   288.68
S&P 500   3,901.36
DOW   31,261.90
QQQ   288.68
S&P 500   3,901.36
DOW   31,261.90
QQQ   288.68

Rajapaksa swears in 4 Cabinet members amid Sri Lanka crisis

Saturday, May 14, 2022 | Bharatha Mallawarachi And Krishan Francis, Associated Press


In this handout photograph provided by the Sri Lankan President's Office, President Gotabaya Rajapaksa, right, watches Ranil Wickremesinghe take the oath of office as the new prime minister in Colombo, Sri Lanka, Thursday, May 12, 2022. Wickremesinghe has been reappointed in an effort to bring stability to the island nation engulfed in a political and economic crisis. (Sri Lankan President's Office via AP)

COLOMBO, Sri Lanka (AP) — Sri Lanka's president swore in four new Cabinet ministers Saturday in an effort to ensure stability until a full Cabinet is formed in the island nation engulfed in a political and economic crisis.

The appointment of four ministers came two days after President Gotabaya Rajapaksa reappointed five-time former Sri Lankan Prime Minister Ranil Wickremesinghe, after his predecessor — the president’s brother Mahinda Rajapaksa — resigned Monday following violent attacks by his supporters on peaceful anti-government protesters.

His resignation automatically dissolved the Cabinet, leaving an administrative vacuum.

In an effort to bring back stability, the president reappointed Wickremesinghe on Thursday and swore in four Cabinet ministers Saturday until a full Cabinet is appointed.

Rajapaksa swore in ministers of foreign affairs, public administration and home affairs, urban development and power and energy, said a statement Saturday from the president’s office.

All four ministers belong to the president's Sri Lanka Podujana Peramuna party.

Lawmakers from the SLPP party held a meeting with the president on Saturday, after which the party's spokesperson Sagara Kariyawasam told media that the SLPP lawmakers would extend their support to Wickremesinghe, who belongs to the United National Party.

Rajapaksa sought a unity government in early April but the largest opposition political party, the United People’s Force, rejected the proposal.

The Indian Ocean island nation is on the brink of bankruptcy and has suspended repayment of its foreign loans pending negotiations on a rescue package with the International Monetary Fund.

It needs to repay $7 billion in foreign debt this year out of $25 billion due by 2026. Its total foreign debt is $51 billion. The Finance Ministry says the country currently has only $25 million in usable foreign reserves.


For several months, Sri Lankans have endured long lines to buy fuel, cooking gas, food and medicine, most of which come from abroad. Shortages of hard currency have also hindered imports of raw materials for manufacturing and worsened inflation, which surged to 18.7% in March.

Sri Lanka’s economic woes have brought on a political crisis, with the government facing widespread protests for several weeks.

Authorities on Wednesday deployed armored vehicles and troops in the streets of the capital after attacks on protesters triggered a wave of violence across the country. Nine people died and more than 200 were injured.

Security forces have been ordered to shoot people deemed to be participating in the violence as sporadic acts of arson and vandalism continued despite a strict nationwide curfew that began Monday evening.

Protesters have been occupying the entrance to the president’s office in the capital Colombo for over 30 days, demanding that Rajapaksa resign. Rajapaksa family members have been in power for most of the past two decades.

So far, the president has resisted calls for his resignation.

In his meetings with the envoys of 19 nations since taking office, Wickremesinghe has discussed the possibility of forming a consortium of nations to help Sri Lanka recover from the economic crisis, a spokesperson said Saturday.

During his meetings with diplomats from countries including the Unites States, China, India, Japan, Germany and the European Union, Wickremesinghe briefed them on the country’s economic situation and the talks were used to “introduce the idea (of an aid consortium) officially,” said Dinouk Colambage, a spokesperson for the prime minister’s private staff.

In a short video statement after the meetings, Wickremesinghe said he has received “good responses” from his meetings but more discussions were needed before reaching agreements.

Wickremesinghe said the next two to three weeks are going to be the worst for the country economically, especially in terms of fuel and fertilizer shortages, but he hoped mid-term positive results may start to come in two to three months if international assistance is received.


7 Transportation Stocks That Can Keep Your Portfolio Moving Forward

The supply chain disruptions due to the unprecedented supply and demand imbalance brought on by the Covid-19 pandemic.  Transportation and logistics stocks have been in the news. This sector includes a variety of companies ranging from trucking and railroad companies to companies involved in last-mile delivery to airlines and rental cars that allow for travel and leisure.

This sector has been highly volatile. But if you've been invested in transportation stocks, you've done pretty well. The Dow Transportation Average (DTA) is up 5% in the last 12 months. However, as recently as November, the index was up more than 14%. And you would have done even better with a selection of individual stocks.

We expect that this section will continue to be volatile in 2022. However, as is the case with many sectors, some companies are better positioned than others. And that's the focus of this special presentation. We give you seven transportation stocks that are likely to outperform the sector in 2022.



View the "7 Transportation Stocks That Can Keep Your Portfolio Moving Forward".


Resources

Premium Research Tools

MarketBeat All Access subscribers can access stock screeners, the Idea Engine, data export tools, research reports, and other premium tools.

Discover All Access

Market Data and Calendars

Looking for new stock ideas? Want to see which stocks are moving? View our full suite of financial calendars and market data tables, all for free.

View Market Data

Investing Education and Resources

Receive a free world-class investing education from MarketBeat. Learn about financial terms, types of investments, trading strategies and more.

Financial Terms
Details Here
MarketBeat - Stock Market News and Research Tools logo

MarketBeat empowers individual investors to make better trading decisions by providing real-time financial data and objective market analysis. Whether you’re looking for analyst ratings, corporate buybacks, dividends, earnings, economic reports, financials, insider trades, IPOs, SEC filings or stock splits, MarketBeat has the objective information you need to analyze any stock. Learn more about MarketBeat.

MarketBeat is accredited by the Better Business Bureau MarketBeat is rated as Great on TrustPilot

© American Consumer News, LLC dba MarketBeat® 2010-2022. All rights reserved.
326 E 8th St #105, Sioux Falls, SD 57103 | U.S. Based Support Team at [email protected] | (844) 978-6257
MarketBeat does not provide personalized financial advice and does not issue recommendations or offers to buy stock or sell any security.

Our Accessibility Statement | Terms of Service | Do Not Sell My Information | RSS Feeds

© 2022 Market data provided is at least 10-minutes delayed and hosted by Barchart Solutions. Information is provided 'as-is' and solely for informational purposes, not for trading purposes or advice, and is delayed. To see all exchange delays and terms of use please see disclaimer. Fundamental company data provided by Zacks Investment Research.