Stocks shook off a choppy start to finish higher Monday, as Wall Street kicked off a holiday-shortened week. The S&P 500 ended 0.7% higher after having been down 0.5% in the early going. The Dow Jones Industrial Average also recovered from an early slide to eke out a 0.2% gain. The tech-heavy Nasdaq composite rose 1%. Gains in technology and communications stocks accounted for much of the gains, outweighing losses in consumer goods companies and elsewhere in the market. Semiconductor giant Nvidia, whose enormous valuation gives it an outsize influence on indexes, rose 3.7%. Broadcom climbed 5.5% to also help support the broader market. Walmart fell 2% and PepsiCo slid 1%. Japanese automakers Honda and Nissan said they are talking about combining in a deal that might also include Mitsubishi Motors. U.S.-listed shares in Honda jumped 12.7%, while Nissan ended flat. Eli Lilly rose 3.7% after announcing that regulators approved Zepbound as the first and only prescription medicine for adults with sleep apnea. Department store Nordstrom fell 1.5% after it agreed to be taken private by Nordstrom family members and a Mexican retail group in a $6.25 billion deal. All told, the S&P 500 rose 43.22 points to 5,974.07. The Dow gained 66.69 points to 42,906.95. The Nasdaq rose 192.29 points to 19,764.89. Traders got a look at new snapshot of U.S. consumer confidence Monday. The Conference Board said that consumer confidence slipped in December. Its consumer confidence index fell back to 104.7 from 112.8 in November. Wall Street was expecting a reading of 113.8. The unexpectedly weak consumer confidence update follows several generally strong economic reports last week. One report showed the overall economy grew at a 3.1% annualized rate during the summer, faster than earlier thought. The latest report on unemployment benefit applications showed that the job market remains solid. A report on Friday said a measure of inflation the Federal Reserve likes to use was slightly lower last month than economists expected. Worries about inflation edging higher again had been weighing on Wall Street and the Fed. The central bank just delivered its third cut to interest rates this year, but inflation has been hovering stubbornly above its target of 2%. It has signaled that it could deliver fewer cuts to interest rates next year than it earlier anticipated because of concerns over inflation. Expectations for more interest rate cuts have helped drive a roughly 25% gain for the S&P 500 in 2024. That drive included 57 all-time highs this year. Inflation concerns have added to uncertainties heading into 2025, which include the labor market's path ahead and shifting economic policies under an incoming President Donald Trump. "Put simply, much of the strong market performance prior to last week was driven by expectations that a best-case scenario was the base case for 2025," said Brent Schutte, chief investment officer at Northwestern Mutual Wealth Management Company Treasury yields rose in the bond market. The yield on the 10-year Treasury rose to 4.59% from 4.53% late Friday. European markets closed mostly lower, while markets in Asia gained ground. Wall Street has several other economic reports to look forward to this week. On Tuesday, the U.S. will release its November report for sales of newly constructed homes. A weekly update on unemployment benefits is expected on Thursday. Markets in the U.S. will close at 1 p.m. Eastern on Tuesday for Christmas Eve and will remain closed on Wednesday for Christmas.
Several times following New England’s 24-21 loss to the Buffalo Bills, Patriots coach Jerod Mayo said he wanted to review the game film before making a final assessment of his team’s performance. He did, and on Monday he said the overarching feeling he was left with was one of pride. Going toe-to-toe with one of the best teams in the NFL is commendable. Mayo also remains confident this group has even more room for growth over its final two games this season. “To be frank, I don’t believe in good losses,” Mayo said. “I think there’s a lot to learn from the game. Look, we’re headed in the right direction, but it’s all about consistency, and we have to do that on a down-after-down, a game-after-game basis to be successful in this league.” What is also clear is that despite their 3-12 record, Patriots rookie quarterback Drake Maye wants people to know that he and his teammates believe in their coach. No matter what conversations might be going on outside the Patriots locker room regarding shortcomings by the coaching staff, or Mayo’s job status. “We’ve got his back, and he’s coached us hard. He wants to win. We all want to win. We’re all frustrated,” Maye said. “We’re just plays away, and it’s basically me turning the ball over. I think it’s just a testament to these guys that keep fighting. We keep fighting. Shoot, we’re not going to make the playoffs; we’re out of the race, and these guys are coming in, frustrated when we don’t score. ... So, I think we’re building something good, building something that feels right here, and I’m proud to be a Patriot.” Javascript is required for you to be able to read premium content. Please enable it in your browser settings.The assertion made by the Nanjing Municipal Bureau of Commerce reflects a broader commitment by the city to bolster its reputation as a hub for cross-border trade and digital commerce. By hosting events of global significance like the Amazon Global Selling Seller Summit, Nanjing is strategically positioning itself as an attractive destination for both domestic and international businesses seeking to thrive in the digital economy.
While the new Government’s steps to eliminate wasteful expenditure are much applauded by the public, there is also a necessity to enact early electoral reforms to reduce the heavy burden on the treasury to elect people’s representatives and maintain them. Although the Government has many priorities to provide early solutions to reduce cost of living and related issues, it is also of paramount importance to enact electoral reforms before forthcoming Local Government and Provincial Councils election. Sri Lanka’s electoral system has undergone significant scrutiny and reform efforts in recent years, especially concerning Local Government elections and Provincial Councils. If the Local Government elections are held under the existing system, more than 8,000 representatives will be elected. However the electoral reforms already agreed upon by the political parties represented in the last parliament will reduce the numbers by half, thus saving the country a colossal amount of much-needed funds. These reforms aim to enhance democracy, ensure fair representation, and address the inefficiencies and criticisms of the existing electoral framework. Since 1978, Sri Lanka has operated under a mixed electoral system, combining elements of Proportional Representation (PR). The new proposed system will allow a mixture of PR and a first-past-the-post (FPTP) mechanism. While PR ensures broader representation of political parties, it has been criticised for diluting the direct accountability of representatives. Conversely, FPTP promotes accountability but risks underrepresenting smaller parties. The Local Government elections and provincial council system have been at the center of reform debates due to complaints about inefficiency corruption. The system also resulted in undue delays in holding elections. Provincial Councils were established under the 13th amendment to the constitution, which was introduced as a result of Indo-Sri Lanka agreement of 1987. The PC elections have faced repeated postponements, raising concerns about democratic accountability. Local Government elections have also suffered from delays due to administrative, judicial and political challenges. The PR system often favors larger political entities, marginalising smaller parties and Independent candidates. Hence there is a need for a mixed system. The conduct of elections under the PR system has been expensive, given the complexity of vote counting and seat allocation. Another important requirement is to enhance gender representation. Despite laws mandating a minimum quota for women, their representation in local bodies has remained inadequate. One positive sign is the increase in women representation in parliament to 19 from 12 in the 2024 General Election. Sri Lanka has embarked on several electoral reforms to address these issues including the proposal for Introduction of a mixed electoral system. A hybrid system combining FPTP and PR has been implemented for Local Government elections. Under this system: 60% of representatives are elected through FPTP. 40% are allocated proportionally based on party performance. Proposals have been made to adopt a similar mixed system for Provincial Council elections, ensuring better representation while retaining direct voter accountability. The Local Authorities Elections (Amendment) Act, 2017, introduced a 25% quota for women in Local Councils. Efforts are underway to improve its implementation at the provincial level. Delimitation commissions have been established to redraw electoral boundaries, addressing concerns of gerrymandering and ensuring equitable representation. Reforms include measures to prevent undue delays in conducting elections by setting strict timelines for their scheduling and conduct. The delimitation process has sparked controversies, with allegations of bias and lack of transparency. Despite reforms, administrative delays and political maneuvering continue to hinder timely elections. Larger political parties have resisted reforms that could reduce their dominance, complicating the legislative process. The reforms are also aimed at solving the issue of underrepresentation of minorities. Concerns persist that smaller ethnic and religious minorities may still face underrepresentation under the hybrid system. Electoral reforms in Sri Lanka must focus on enhancing inclusivity, transparency, and accountability. To achieve these goals, the following steps are essential. Strengthening Election Commission Powers: Empowering the Election Commission to act independently and enforce timelines for elections. Public Awareness Campaigns: Educating citizens about the importance of reforms to garner public support. Gender and Minority Inclusion: Ensuring better implementation of quotas and equitable representation of all communities. Digital and Technological Advancements: Streamlining electoral processes through technology to reduce costs and enhance efficiency. Sri Lanka’ is a nation with a proud history of 90 years of universal franchise. The journey toward comprehensive electoral reform is a testament to its commitment to democracy. While significant progress has been made, challenges remain. There is also a need to strengthen campaign finance regulations. Limiting campaign financing to reduce the influence of money in politics is a crucial aspect of the proposed reforms. 2024 Parliamentary Elections The 2024 Parliamentary elections marked a pivotal moment in Sri Lankan politics. The elections were held under a newly proposed framework aimed at improving transparency and voter engagement. The ongoing electoral reforms and recent election outcomes indicate a critical juncture for Sri Lanka’s democratic processes. The emphasis on inclusivity, transparency, and effective governance reflects a commitment to addressing past shortcomings while fostering a more representative political landscape.3. Blocked or poorly maintained chimneys and vents: Chimneys and vents can become blocked by debris, such as bird nests or leaves, preventing proper ventilation and leading to carbon monoxide buildup. Regular chimney inspections and cleanings are essential to prevent carbon monoxide poisoning from blocked or poorly maintained chimneys and vents.