8 more ministers sworn into SL’s new cabinet

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Colombo, May 23 | Eight more ministers were sworn in to Sri Lanka’s new Cabinet on Monday as a fresh government is being formed amid weeks of political instability and the ongoing economic crisis.

According to the President’s Media Division, the eight ministers took oath at the President’s House in Colombo and later assumed duties in their respective ministries, reports Xinhua news agency.

Douglas Devananda was sworn in as the minister of fisheries, Keheliya Rambukwella as the minister of water supply, Mahinda Amaraweera as the minister of agriculture, wildlife and forest conservation and Ramesh Pathirana as the industries minister.

Thirteen cabinet ministers had been appointed on two previous occasions following the appointment of Ranil Wickremesinghe as the Prime Minister on May 12.

Sri Lanka has seen weeks of public protests due to a shortage in essential supplies including food and medicines.

Source: IANS

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Weekly Fundamental Market Outlook

Weekly Fundamental Market Outlook

Indian share market posted its first weekly gain in Jun by rising 2.7%.

This week, the Indian Stock Market rebounded strongly and ended with first weekly gain of 2.7% in June as a drop in commodity prices offered some relief from broadening inflationary pressures. Copper prices, which are often seen as a bellwether for economic output due to their wide range of industrial and construction uses, are heading for their worst week in a year, while oil prices have dropped over concerns of slumping demand.

While the US recessionary fears are still at the forefront, but the slide in commodity prices has lifted the mood of stock market.Cheaper oil is usually beneficial for oil-importing countries such as India.

Domestically, on sectorial basis, Auto and FMCG are the top gainers, while Metal index is the top losers. On stock basis, Hero MotoCorp, Eicher Motors, Hindustan Unilever, Maruti Suzuki and M&M were the top gainers and Tata steel, UPL, Reliance Industries, hindalco Inds and Coal India were the top losers.

In the next week, investors will keep a close eye on crude oil price movement, commodity prices, US economic activity and the geopolitical development.

 

Post Disclaimer by BhaskarLive.in

The information contained in this post is source form the news agency or PR agency. We do not take any responsibility of accuracy of information. We have not made any modification or changes in original source content. This information only for general information purposes only. The information is provided by BhaskarLive.in and while we Endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.

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