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October 8, 2019
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UNP says it will not accuse the President

The United National Party (UNP) says it will not accuse President Maithripala Sirisena over the nomination issue involving former President Mahinda Rajapaksa.Former UNP MP P. Harrison said that the UNP had reached an agreement with President Maithripala Sirisena ahead of the January 8 Presidential election and worked with him to meet the expectations of the people. The former UNP MP also noted that the President had made every effort to obtain support for the 20th Amendment to the constitution but that attempt eventually faced some obstacles.“We have no issues with the President since he met most of the expectations of the people,” Harrison said. He said that the President had promised to establish good governance and he had begun that process by getting support for the 19th Amendment to the constitution. Harrison also said that the UNP does not see Mahinda Rajapaksa as a challenge at the August 17 Parliament election as he has already been rejected by the people. (Colombo Gazette) “He have his full support to establish good governance and that is what we expected from him,” Harrison told reporters today. read more

October 3, 2019
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US consumer borrowing increased 205 billion in April helped by big gain

by Martin Crutsinger, The Associated Press Posted Jun 5, 2015 1:02 pm MDT Last Updated Jun 5, 2015 at 4:26 pm MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email In this Thursday, June 4, 2015, photo, Jazmin Donati, left, hands a customer his credit card after making a sale at Panther Coffee, in Miami. The Federal Reserve releases its April report on consumer borrowing on Friday, June 5, 2015. (AP Photo/Lynne Sladky) US consumer borrowing increased $20.5 billion in April, helped by big gain in credit cards WASHINGTON – Consumer borrowing surged again in April, helped by the largest gain in credit card borrowing in a year.Consumer borrowing expanded by $20.5 billion in April, the Federal Reserve reported Friday. That was down only slightly from a gain of $21.3 billion in March which was the biggest increase in eight months. The strong gains pushed consumer credit to a fresh record of $3.38 trillion.Borrowing in the category that includes credit cards jumped by $8.6 billion, the largest rise in 12 months. Borrowing in the category that covers auto and student loans advanced a solid $11.9 billion, after an even bigger $16.5 billion increase in March.Economists expect consumers, who have seen strong job gains over the past year, will keep borrowing and spending in coming months, helping to boost overall economic growth.The overall economy went into reverse during the January-March quarter, reflecting the adverse impacts from a harsh winter, cutbacks in investment by energy companies and a stronger dollar, which hurt U.S. export sales.The gross domestic product, the economy’s total output of goods and services, contracted at an annual rate of 0.7 per cent in the first quarter. But economists say it will rebound to growth of around 2 per cent to 2.5 per cent in the second quarter, helped by stronger consumer spending. The expectation is that consumer spending will be supported in coming months by continued strong growth in employment.The Fed’s monthly consumer credit report does not cover mortgages or any other loans secured by real estate such as home equity loans.The overall category is up 6.6 per cent from a year ago. The category that covers credit cards has risen 3.2 per cent in the past year while the category that includes auto and student loans is up a much stronger 7.9 per cent.Consumers’ use of credit cards to support their spending has lagged in the current recovery. Economists attribute that in part to the heavy job losses during the recession which made households more cautious about building up credit card debt. read more