Resolution on Lanka before US House of Representatives

It also seeks an acknowledgement on the end of the war and calls on the Government of Sri Lanka to go through a process of demilitarization throughout the country and also calls on the parties in Sri Lanka to reach a political settlement on the meaningful devolution of power. The resolution notes that the government of Sri Lanka has made progress on rehabilitation, resettlement of displaced persons, and improvement of infrastructure in the north. But it also notes that Sri Lanka also has a long history of establishing commissions but failing to act upon the recommendations of those commissions.That resolution calls on the U.S House of Representatives to urge the Government of Sri Lanka to build on its establishment of the Lessons Learnt and Reconciliation Commission (LLRC) and the Commission’s constructive recommendations on issues of paramount importance to Sri Lanka in a credible, transparent, and expeditious manner. A resolution on Sri Lanka has been put before the U.S House of Representatives to be considered for discussion this week.The resolution seeks support for internal rebuilding, resettlement, and reconciliation within Sri Lanka that are necessary to ensure a lasting peace. The resolution also seeks the support of the House to recognize that the LLRC report failed to adequately address issues of accountability for both the government and the LTTE for credible allegations of war crimes and crimes against humanity.It also urges the Government of Sri Lanka, the international community, and the United Nations to establish an independent international accountability mechanism to look into reports of war crimes, crimes against humanity, and other human rights violations committed by both sides during and after the war in Sri Lanka.The resolution also calls on the House of Representatives to make recommendations regarding accountability and encourage the Government of Sri Lanka to allow for greater media freedoms and humanitarian organizations, journalists, and international human rights groups greater access to the war-affected, including rehabilitated ex-Liberation Tigers of Tamil Eelam cadres, and those detained. However the schedule for this week at the U.S House of Representatives has listed the resolution on Sri Lanka among items that “may” be considered, in which case it may not be discussed and adopted this week. read more

Stock markets sell off amid further dose of glum German economic data

by Malcolm Morrison, The Canadian Press Posted Oct 9, 2014 6:35 am MDT TORONTO – Concerns that stock markets are getting too far ahead of themselves dragged both New York and Toronto markets lower on Thursday, motivated further by disappointing German economic data.The S&P/TSX composite index plunged 205.87 points to 14,460.60, pressured by oil prices that fell to the lowest level since December 2012. The Canadian dollar dropped 0.56 of a cent lower to 89.50 cents US.The Dow Jones industrials tumbled 334.97 points to 16,659.25, erasing gains made Wednesday from indications the Federal Reserve is in no hurry to hike interest rates.The Nasdaq dropped 90.25 points to 4,378.34 and the S&P 500 index gave back 40.68 points to 1,928.21 after the latest data showed German exports in August dropped 5.8 per cent over July as increasing uncertainty over the crisis in Ukraine helped to produce the largest drop in five years.The data prompted ING economist Carsten Brzeski to say that “the economy seems to need a small miracle in September to avoid a recession.”The figures came out a day after minutes from the latest U.S. Federal Reserve meeting showed that Fed officials are becoming increasingly concerned about weak overseas growth.A faltering global economy is one reason that Fed officials have moved away from linking any increase in interest rates to any specific period, meaning rates will rise only when measures of the economy’s health and inflation signalled the time was right.The TSX has had a tough time since hitting 2014 highs in late August, having fallen more than 1,100 points from a year-to-date gain of over 14 per cent on economic concerns and a surging U.S. dollar.New York markets are also off the best levels of the year and some analysts think seasonality is also a culprit.“People come back from vacation, see (the market) at all-time highs and say, they’re due for a pullback, let’s pull some money off the table,” said Allan Small, a senior adviser at HollisWealth.Small doesn’t think investors are in for a major correction in the 15 per cent range, but thinks markets will stay choppy until after late in October.At that point, “you will see strong fundamentals out of the companies that are reporting earnings over the next few weeks and I am hoping that will be enough to calm the markets, regardless of what economic data is coming out of Europe,” he said.Activist investor Carl Icahn is more alarmed at the market shifts, and told CNBC in an interview that he believes a market correction is “definitely coming.”The latest batch of negative data pushed oil prices lower after falling $3 over the last two sessions on signs of lower demand and a sharp rise in U.S. inventories last week. The November contract in New York settled down $1.54, near a 22-month low at US$85.77 a barrel with the energy sector losing 2.8 per cent.The base metals component lost 3.4 per cent even as December copper gained three cents to US$3.03 a pound.The gold sector declined as December gold jumped $19.30 to US$1,225.30 an ounce.On the corporate front, Canadian Tire Corp. (TSX:CTC.A) plans to invest an average of $575 million annually over the next three years on business improvements while buying back an additional $400 million of its class A non-voting shares by the end of 2015. Its shares rose $3.42 to $120.50 after hitting a 52-week high of C$120.53 earlier in the session. AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email Stock markets sell off amid further dose of glum German economic data read more