Aviation

Saudi plane with Sri Lanka President Rajapaksa lands in Singapore

Thursday July 14, 2022 5:44 pm

ECONOMYNEXT – An aircraft carrying Sri Lanka President Gotabaya Rajapaksa from Maldives had landed in Singapore’s Changi Airport, flight tracking websites showed.

The Saudi Air flight SV788 landed in Changi Airport at 1917 local time (1647 Sri Lanka Time).

News agencies also confirmed that the aircraft landed.

Sri Lanka’s speakers office said parliament would not be held on July 15 Friday as earlier planned since President Rajapaksa’s resignation has not come as expected.

President Rajapaksa was forced to flee Sri Lanka after two years of money printing to boost growth (output gap targeting) while operating a flexible inflation targeting sending inflation over 50 percent so far and the rupee down from 182 to 370 to the US dollar.

With money and exchange policies still in conflict the country is suffering severe forex shortages especially for oil imports.

Images from FlightRadar24.com. (Colombo/July14/2022)

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General Industry

Sri Lanka to introduce social security system: minister

Wednesday September 27, 2023 10:01 am

ECONOMYNEXT – Sri Lanka’s Labour minister has said that they are set to introduce a comprehensive national social security system, covering all workers.

“The system will address the weaknesses of the current system and provide much-needed support to workers and their families,” Manusha Nanayakkara, Minister of Labour and Foreign Employment said on X (formerly known as Twitter).
He did not specify the details.

Nanayakkara also spoke of the need for robust social security when he met with exporters last week to discuss labor law reforms, boosting female workforce participation and attracting FDI.

Sri Lanka plans to reform labour laws for an export-oriented economy.

The pandemic and the economic crisis highlighted the need to improve the coverage of social security.

Studies have shown that Sri Lanka’s women are kept out of formal employment by childcare, elderly care and housework, as day care and elderly homes are either too expensive or too few.

The government imposed a Social Security Contribution Levy to increase its revenue last year. (Colombo/Sep27/2023)

Sri Lanka’s pandemic-hit unemployment show need for social security: IPS

Commodities

Sri Lanka’s stocks up in trading on Wednesday morning

Wednesday September 27, 2023 9:53 am

ECONOMYNEXT – Sri Lanka shares were picking up in trading on Wednesday morning.

Turnover was at 50 million. Trading in the Capital Goods Industry Group was driving turnover.

The All Share Price Index was up 0.37 percent or 41.78 points to 11,289.94, while the S&P SL20 was also up 0.68 percent or 21.66 points to 3,187.65.

Hatton National Bank, Commercial Bank and LOLC saw gains in morning trade, while Tokyo cement and Lanka Hospitals were trading down during morning trading. (Colombo/Sep27/2023)

Bonds & Forex

Sri Lanka rupee opens at 323.50/324.10 to the US dollar, bond yields stable

Wednesday September 27, 2023 9:35 am

ECONOMYNEXT – Sri Lanka’s rupee opened at 323.50/324.10 to the US dollar on Wednesday, after closing on Tuesday at 323.70/324.20 to the US dollar, dealers said.

A bond maturing on 01.08.2026 was quoted at 15.50/70 percent on Wednesday up from Tuesday’s close at 15.45/65 percent.

A bond maturing on 01.05.2028 was quoted at 14.50/55 percent from closing at Tuesday at 14.30/55 percent. (Colombo/Sep27/2023)