#SriLanka’s street protests over soaring inflation, shortages of food and fuel and lengthy power cuts have shaken Gotabaya Rajapaksa’s hold on power. His PM, who’s also his brother, has resigned along with other gov ministers, while the opposition has called for fresh elections. Rajapaksa carried out populist tax cuts in late 2019, reducing revenues just months before the pandemic devastated the economy, with international flights grounded and successive lockdowns ordered.

The South Asian nation is set to blow through the grace period on $78 million of payments Wednesday, marking its first sovereign debt default since it gained independence from Britain in 1948. #EconomicCrisisLK #SriLankaEconomicCrisis Its bonds already trade deep in distressed territory, with holders bracing for losses approaching 60 cents on the dollar. The government said last month it would halt payments on foreign debt. #GOSL #CBSL #CSE

At the close in #Toronto, the S&P/#TSX Composite Index was at 20,206.41 points, up 0.53% today, as dip buyers helped Canadian equities rebounded from last week’s selloff. The TSX was also supported by broad-based gains in commodities, towards which the index is weighted. The energy sector was buoyed by crude prices, which is being supported by the likely enactment of a ban on Russian oil, from which Canadian producers are expected to benefit. China is also beginning to lift lockdowns, including in Shangai, easing concerns on the demand side.

TC #Energy (#TSX: $TRP)(#NYSE: $TRP) is a reliable bet to generate a regular inflow of cash amid all market conditions. This energy infrastructure giant owns a low-risk portfolio of regulated and contracted assets that account for most of its earnings and easily cover its payouts Further, it makes it relatively immune to the economic cycles. It’s worth mentioning that TC Energy’s 95% of adjusted EBITDA is generated through the regulated and long-term contracted assets.