CEB announces 7 12 power cut for next two days

The Ceylon Electricity Board (CEB) today announced a 7 1/2 power cut for the next two days as the electricity crisis continued.Accordingly the CEB said that the electricity will be cut at several locations in two stages for 5 1/2 hours in the morning and two hours in the night tomorrow and on Thursday. One group will have the electricity cut from 7.00am – 12.30pm and 6.00pm – 8.00pm, another from 7.00am – 12.30pm and 6.00pm – 8.00pm, another from 12.30pm – 6.00pm and 8.00pm – 10.00pm and the last group from 12.30pm – 6.00pm and 8.00pm – 10.00pm. (Colombo Gazette) The locations where the electricity will be cut have been divided into four groups. read more

North American stock markets plunge on heightened trade war between US and

North American stock markets plummeted Friday after the U.S.-Sino trade war heated up with President Donald Trump angrily responding to China’s tariff retaliation.China kicked off a political firestorm by announcing tariff hikes on US$75 billion of U.S. products including some agricultural products, crude oil, and small aircraft in retaliation to U.S. tariffs. China will also boost import duties on U.S.-made autos and auto parts.Trump reacted by ordering U.S. companies to “immediately start looking for an alternative to China,” although it’s unclear what authority he has to make this happen.Markets plunged as investors digested the back-and-forth, said Philip Petursson, chief investment strategist at Manulife Investment Management.“As of today this trade war seems to have escalated and the uncertainty has escalated and the impact on the global economy, the downside risks we would argue, have accelerated as well,” he said in an interview.The S&P/TSX composite index closed down 215.88 points at 16,037.58. That’s 3.8 per cent below the record high reached in April but up 12 per cent so far this year.In New York, the Dow Jones industrial average was down 623.34 points at 25,628.90, the third large fall in as many weeks. The S&P 500 index was down 75.84 points at 2,847.11, while the Nasdaq composite was down 239.62 points or three per cent at 7,751.77.Trump further responded after markets closed by saying the 25 per cent tariff on US$250 billion worth of Chinese imports will rise to 30 per cent on Oct. 1 and that 10 per cent tariffs on US$300 billion worth of goods would rise to 15 per cent on Sept. 1.Trump had previously delayed some tariffs until Dec. 15 in a reprieve to holiday shoppers buying electronics, apparel, and shoes.“So it would be difficult to deny that Americans are paying for the tariffs in that environment,” Petursson said in reference to Trump’s claims that China pays for tariffs instead of U.S. consumers through higher prices.Among the “shocking comments” from the president was his lashing out at China’s President Xi Jinping, and Federal Reserve chairman Jerome Powell for refusing to signal a large interest rate cut, said Petursson.“My only question is, who is our bigger enemy, Jay Powel (sic) or Chairman Xi?,” Trump wrote in one of several tweets he fired out.Markets were expected to focus Friday on signals from Powell about interest rates.In a speech Friday an annual policy conference in Jackson Hole, Wyo., Powell said: “we will act as appropriate to sustain the expansion.” That followed less dovish comments Thursday from two Fed presidents arguing against rate cuts.Together they suggest a lower probability for a 50 basis point cut in rates in September.“Certainly the message out of Powell and out of some of the others was that we could go another 25 but 50 is a little bit more of a challenge to justify,” Petursson said.“[But] I think given what has gone on today…I don’t think that we’ll get through September without a cut.”The Canadian dollar traded for an average of 75.13 cents US, compared with 75.23 cents US on Thursday.Ten of the 11 major sectors of the TSX closed lower. Materials were the exception, rising 1.8 per cent as investors sought safety in gold. That helped Yamana Gold Inc. and Kinross Gold Corp., which gained 10 and 7.7 per cent respectively.The December gold contract was up US$29.10 at US$1,537.60 an ounce and the September copper contract was down 2.75 cents at US$2.53 a pound.Energy lost more than three per cent with several producers losing big on a drop in oil prices, including Encana Corp. and Canadian Natural Resources.The October crude contract was down US$1.18 at US$54.17 per barrel and the October natural gas contract was down 0.7 of a cent at US$2.16 per mmBTU.Industrials also fell as shares of Bombardier Inc. lost 8.1 per cent and Cargojet Inc. rose 12.9 per cent on a deal with Amazon. read more

Damon Stoudamire reflects on Raptors amazing journey to NBA Finals

The Raptors are in uncharted territories for the franchise. As every fan knows the Raptors are in the NBA Finals for the first time in franchise history. Who better to have a conversation with about the growth of the team than the Raptors first draft pick in 1995 and team first Rookie of the Year winner Damon Stoudamire?You will always be part of the Raptors history as their first Rookie of the Year and first draft pick back in 1995. What’s it like to watch the team you were with on day one come so far?Damon Stoudamire (DS): It’s exciting! It’s exciting to watch from the standpoint as basketball fan but it’s also just so exciting to play for that franchise and being connected with them as the first draft pick. I don’t think at times we over here in the States really understand what it means to Toronto as a city to have success in basketball. It really has come full circle.It’s been almost 25 years since you started with the team. A lot has changed including where they play. How have you seen the franchise grow especially with the fandom?DS: It’s change a lot! I think I was able to help open eyes and give awareness to basketball and bring people to it. I think Vince Carter took it to another level but once he left it kind of died of a little. But, I think as the team went on with DeRozan and Kyle and those guys they did a good job of growing it. But I think the addition of Kawhi has taken them to a whole other level. I think he has helped them become a national brand.Do you think the fact the Raptors have made that final hurdle and are now in the NBA Finals that it’s going to make Toronto a more attractive destinations for players to come here? I know there has been concerns over taxes when players come here.DS: To me when you get talking about the money guys get paid now it’s just really an excuse of them not wanting to come. At the end of the day you are in a tax bracket of your own anyways, you are talking about nickels on the dollar of what people would miss out on. I think Toronto as a city is one of the best sports cities in the world and I think at this junction with the momentum that the team has moving forward it should be attractive to them.We are seeing on the sidelines right now Drake giving massages and giving high fives, do you remember someone doing this back in the Sky Dome days?DS: {Laughs} I don’t remember getting no messages on the sidelines! For the most part though with the acceptation of a few people, when I watch the games on TV the people sitting courtside for the most part are the same people sitting courtside when I was first there. It looks like the Day 1’s have never given up.Now the big question on everyone’s minds, how do the Raptors stack up against the defending Champions the Golden State Warriors?DS: The Warriors have won the last three Championships so let’s be honest the Raptors have to come out and play the best basketball to win let’s not sugar-coat it. To me the Raptors have some advantages right out the gate with Kawhi Leonard but I would love to see Marc Gasol have some good games because he has an advantage at centre. Then you have Steph Curry. Steph Curry is going to be Steph Curry so that is always going to be an issue. It is going to take a concerted effort by everyone of the Raptors that steps foot on the court to beat them, but they have the team to do it. BROWSE Damon Stoudamire | nba finals | raptors | sports read more