COLOMBO // UN chief Ban Ki-moon yesterday recalled his main representative in Sri Lanka and closed down offices in Colombo that have been the scene of angry protests over a United Nations war crimes panel.
"The secretary general finds it unacceptable that the Sri Lankan authorities have failed to prevent the disruption of the normal functioning of the United Nations offices in Colombo as a result of unruly protests organized and led by a cabinet minister of the government," his spokesman said.
As a result, Mr Ban had recalled UN resident coordinator Neil Buhne to New York and shut down the regional centre of the United Nations Development Programme in the capital Colombo, the spokesman's statement said.
Mr Ban named a three-member panel last month to advise on "accountability issues" during the war between government forces and the Tamil Tiger separatists, which ended in May last year.
The protests against the UN are widely seen as having the tacit support of the government.
"The secretary-general calls upon the Government of Sri Lanka to live up to its responsibilities towards the United Nations as host country, so as to ensure continuation of the vital work of the organisation to assist the people of Sri Lanka without any further hindrance," the spokesman said.
Earlier yesterday a Sri Lankan cabinet minister said he was on a hunger strike outside the UN office in Colombo to protest against a panel set up to probe alleged rights abuses during the island's civil war.
Housing minister Wimal Weerawansa, who led protests outside the United Nations building earlier this week, said he was prepared to fast to the death to protect the honour of the military.
Hunger strikes are often used in Sri Lanka to attract publicity but are rarely followed for long.
Buddhist monks chanted blessings as Mr Weerawansa sat down on a makeshift stage outside the UN compound to start his fast.
He urged people to take part in protests across the island to pressure Mr Ban to dissolve the panel.
On Tuesday demonstrators led by Mr Weerawansa surrounded the UN office in Colombo and kept staff under siege for several hours.
The world body has previously said that at least 7,000 ethnic Tamil civilians were killed in the final stages of the war, and it estimates some 100,000 people died during the decades-long conflict.
* Agence France-Presse
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What should do investors do now?
What does the S&P 500's new all-time high mean for the average investor?
Should I be euphoric?
No. It's fine to be pleased about hearty returns on your investments. But it's not a good idea to tie your emotions closely to the ups and downs of the stock market. You'll get tired fast. This market moment comes on the heels of last year's nosedive. And it's not the first or last time the stock market will make a dramatic move.
So what happened?
It's more about what happened last year. Many of the concerns that triggered that plunge towards the end of last have largely been quelled. The US and China are slowly moving toward a trade agreement. The Federal Reserve has indicated it likely will not raise rates at all in 2019 after seven recent increases. And those changes, along with some strong earnings reports and broader healthy economic indicators, have fueled some optimism in stock markets.
"The panic in the fourth quarter was based mostly on fears," says Brent Schutte, chief investment strategist for Northwestern Mutual Wealth Management Company. "The fundamentals have mostly held up, while the fears have gone away and the fears were based mostly on emotion."
Should I buy? Should I sell?
Maybe. It depends on what your long-term investment plan is. The best advice is usually the same no matter the day — determine your financial goals, make a plan to reach them and stick to it.
"I would encourage (investors) not to overreact to highs, just as I would encourage them not to overreact to the lows of December," Mr Schutte says.
All the same, there are some situations in which you should consider taking action. If you think you can't live through another low like last year, the time to get out is now. If the balance of assets in your portfolio is out of whack thanks to the rise of the stock market, make adjustments. And if you need your money in the next five to 10 years, it shouldn't be in stocks anyhow. But for most people, it's also a good time to just leave things be.
Resist the urge to abandon the diversification of your portfolio, Mr Schutte cautions. It may be tempting to shed other investments that aren't performing as well, such as some international stocks, but diversification is designed to help steady your performance over time.
Will the rally last?
No one knows for sure. But David Bailin, chief investment officer at Citi Private Bank, expects the US market could move up 5 per cent to 7 per cent more over the next nine to 12 months, provided the Fed doesn't raise rates and earnings growth exceeds current expectations. We are in a late cycle market, a period when US equities have historically done very well, but volatility also rises, he says.
"This phase can last six months to several years, but it's important clients remain invested and not try to prematurely position for a contraction of the market," Mr Bailin says. "Doing so would risk missing out on important portfolio returns."