Business

Coronavirus stalls construction projects in Sri Lanka

Chanka Jayasinghe

Tuesday February 11, 2020 2:39 pm

By Chanka Jayasinghe

Tuesday February 11, 2020 2:39 pm

ECONOMYNEXT- Construction work on a number of major projects in Sri Lanka have stalled because of the novel coronavirus effect, an industry leader said.

These projects include the Chinese-funded expressways, the Port City and the Shangri-La Apartments project.

Nissanka Wijeratne, Secretary of the Sri Lanka Chamber of Construction Industry told EconomyNext that this is because many of the Chinese construction workers who went home for the New Year have been unable to return.

Restrictions have been placed on them from leaving China by Beijing, and also the barriers have been erected by the Sri Lanka government for travellers from China.

“My guess is, at least half of the total Chinese employees working in Sri Lanka are stuck in China,” Wijeratna said.

He said the construction work is on hold for over three weeks to date.

He said he could not name a figure for the losses the construction companies are suffering because of this development. “But they must be huge,” he said.

He said the companies have a due date to complete certain projects otherwise they will have to pay a penalty.

Wijeratne said the Chamber is in discussion with the Chinese Embassy to find a solution.

Wijeratne adds the companies have received complaints from Chinese workers that they are being discriminated against by Sri Lankans after the coronavirus scare.

“That is why Chinese companies said these employees should be isolated for some time,” Wijeratne said.

Sri Lankan workers on these worksites have also not returned because of the presence of Chinese he said.

Chinese construction workers are paid around 1,000 US dollars per month while an Indian workers get 300-450 US dollars, he said.

Wijeratna said these foreign workers are worth the money. “Average productivity is three times greater than a local employee,” he said.

Wijeratne said locals get many days off while Chinese employees work 365 days. “Locals want many holidays days off, like two weeks for New Year’s, and weddings, funerals and many other occasions,” he complained.

“On the other hand, local employees have not returned yet due to the fear of falling ill even there are no Chinese employees”.

Wijeratne said, the industry expects the situations to be settled in the near future.

“We think all the things will get normal from about two weeks from now.” (Colombo/ Feb 10/ 2020)

-Edited by Arjuna Ranawana

FILED UNDER: Chinese workers in Sri Lanka,sri lanka construction industry,Sri Lanka Novel Coronavirus

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Markets

Sri Lanka stocks close up as some investor interest returns

Monday December 4, 2023 6:12 pm

ECONOMYNEXT – The Colombo Stock Exchange closed up on Monday, CSE data showed.

The All Share Price Index was up 0.22 percent, or 23.33 points, at 10,743.59.

The S&P SL20 index was up 0.68 percent, or 20.60 points, at 3,067.73.

Turnover was at 708 million. The banks sector contributed 189 million, while the food, beverage and tobacco sector contributed 176 million of this.

Sri Lanka’s stock market has seen some investor interest return after last week’s news that the country had managed an agreement on a debt restructuring deal with an official creditor committee, and foreign funds for some development projects resumed.

Top positive contributors to the ASPI in the day were Sampath Bank Plc (up at 71.50), LOLC Holdings Plc (up at 379.00), and Commercial Bank of Ceylon Plc, (up at 90.90).

There was a net foreign outflow of 52 million.

Citrus Leisure Plc, which announced that its banquet hall and revolving restaurant at the Lotus Tower would launch on or around Dec 9, saw its share price rise to 6.20 rupees. (Colombo/Dec4/2023).

Bonds & Forex

Sri Lanka rupee closes broadly steady at 328.10/30 to the US dollar

Monday December 4, 2023 5:24 pm

ECONOMYNEXT – Sri Lanka’s rupee closed at 328.10/30 to the US dollar on Monday, from 328.00/10 on Friday, dealers said.

Bond yields were stable.

A bond maturing on 01.06.2025 closed at 13.70/14.00 percent from 13.70/95 percent.

A bond maturing on 01.08.2026 closed at 13.90/14.10 percent from 13.90/14.05 percent.

A bond maturing on 15.01.2027 closed at 14.00/14.10 percent from 14.05/10 percent.

A bond maturing on 01.07.2028 closed at 14.20/35 percent from 14.15/25 percent.

A bond maturing on 15.05.2030 closed at 14.25/45 percent, from 14.20/45 percent.

A bond maturing on 01.07.2032 closed at 14.05/40 percent, from 14.00/45 percent. (Colombo/Dec4/2023)

Crime

Gov minister highlights abortion rights, sex-ed for children, and Sri Lanka men killing their women

Monday December 4, 2023 4:21 pm

ECONOMYNEXT – Sri Lanka’s legislators have politicized the topics of rape and violence without addressing the elephant in the room, Jeevan Thondaman, Minister of Water Supply and Estate Infrastructure Development said in parliament on Monday (4).

“All the members here are talking about rape. What happens after that? We must talk about abortion rights. That is not something anyone wants to touch on, and that is why we are in this place right now,” Thondaman said.

“Despite alarming statistics on rape and violence, women are often blamed and punished for it. The criminalisation of abortion is a major example of this.”

Sri Lanka has some of the most restrictive abortion laws in the world. According to a 2016 estimate by the Health Ministry, he said, approximately 658 abortions take place a day, and close to 250,000 a year.

“That’s 250,000 women whose lives you are endangering.”

He added that what was needed at this point in time was comprehensive sexual education (CSE) for children and young people.

“Only through CSE in schools will children and young people develop, accurate, age appropriate knowledge attitude and skills; positive values such as respect for human rights, gender equality, diversity and attitude and skills that contribute to a safe, healthy and positive relationship.”

Thondaman pointed out that CSE plays a pivotal role in preparing young people for a world where HIV, AIDS, sexually transmitted infections, unintended pregnancies, and sexual and gender based violence still pose a risk to their well-being.

“CSE basically empowers children take control and make informed decisions freely and responsibly.”

Thondaman also highlighted the findings of a 2021 study (Fatalities_20211109_UNFPA) by the UNFPA and the University of Kelaniya that showed that a majority of women killed in Sri Lanka were murdered by those close to them.

“62 percent of homicides of Sri Lankan women are committed by either an intimate partner, ex-partner or family member. 84 percent are killed in their own homes by someone they know.”

Police and the judiciary have failed Sri Lanka’s women, the minister pointed out.

“Only 5 percent of these cases, between 2013-2017, were ever concluded. Men claim they were provoked, or are of unsound mind or have mental illness: These have been successful defenses. And the Police often express sympathy to this narrative as opposed to the victim’s.”

“We have a history of protecting oppressors.”

It takes 7-10 years for a child rape case to conclude, he pointed out.

Establishment of child courts are needed, he said, as well as several legislative amendments. “The government is working on a new law to reform the domestic violence act, reform of marriage and divorce laws to ensure there is an easier path to divorce: no one should be forced to remain in a marriage that is either abusive or not healthy.” (Colombo/Dec4/2023)