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Saturday April 20th, 2024

Sri Lanka starts rage room to vent frustrations as economic crisis bites

ECONOMYNEXT – Enterprising Sri Lankans have come up with the idea of a ‘rage room’ to help people vent their anger as the country is in the grip of a deep economic crisis.

A rage room, also known as a smash room or anger room, is a room where people can vent their frustrations by destroying objects, to relieve stress.

“The idea of opening a smash/rage room came … when I and my partner were discussing new business concepts that could be introduced to Sri Lanka to help battle its current economic crisis,” Shaveen Perera, Founder of the Rage Academy, told EconomyNext.

“The rage room was introduced as an addition to the leisure and entertainment market.”

Sri Lanka’s 12-month inflation peaked at 58.9 percent in June 2022 as the rupee fell to 360 to the US dollar from 200 and has since eased to 59.2 percent in December 2022.

As consumption falls due to depreciation, many businesses are feeling the pinch and bad loans are rising in the banking system.

However Perera are his partner decided to take up the challenge of setting up a new business.

The rage room is a “both a fun activity as well as a healthy outlet for stressed individuals,” Perera said.

“So I decided not to waste any time and get into introducing it despite the massive risks new business concepts come with.”

Doctors say a rage room is a temporary and useful tool but the underlying problem giving rise to stress also has to be solved.

“A rage room is not a total, realistic solution for uncontrollable anger,” N Kumaranayake, a clinical psychiatrist told Economy Next.

“I think it’s a temporary solution to settle for any harm to the family member or self.

“The best solution is to assess the mental state of the person and take necessary issues as long-term problem-solving.

“Cognitive therapy is effective as it does improve awareness of behavior and learn how to control anger or rage in a new outlook.” (Colombo/Feb07/2023)

 

 

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  1. Bryan Ekeneike says:

    Isn’t it more practical for the total population to vent their anger on the streets than “smash up a room” in private and cause unnecessary expenses to an individual??. One must remember that the 225 reps are not in the least bit concerned with the sufferings of the people who put them there and the people have a right to be heard.

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  1. Bryan Ekeneike says:

    Isn’t it more practical for the total population to vent their anger on the streets than “smash up a room” in private and cause unnecessary expenses to an individual??. One must remember that the 225 reps are not in the least bit concerned with the sufferings of the people who put them there and the people have a right to be heard.

Sri Lanka discussing giving extra land, water for Chinese oil refinery

ECONOMYNEXT – Sri Lanka is in discussions with China’s Sinopec to give extra land and assure water supplies after the company decided to expand the capacity of a planned oil refinery in Hambantota, Energy Minister Kanchana Wijesekera said.

“There are concerns on how the water supply is going to be provided for the refinery,” Minister Wijesekera told reporters Friday.

The refinery will need more land and also revise conditions in a Board of Investment agreement, he said.

Read more
Sinopec to double capacity of new refinery in Sri Lanka’s Hambantota

Recommendations and decisions from Sri Lanka’s side had already been sent and Sinopec is expected to revert back in May.

“We are hoping to sign the agreement once everyone has agreed,” Wijesekara said.

The principle agreements are expected to be signed by June, he said.

The refinery could sell up to 10 percent of its output in the domestic market.

“There is no commitment by the government to purchase anything,” Minister Wijesekera said. (Colombo/Apr19/2024)

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Sri Lanka rupee closes weaker at 302.00/50 to the US dollar

ECONOMYNEXT – Sri Lanka’s rupee closed at 302.00/50 to the US dollar in the spot forex market on Friday, down from 301.50/302.00 a day earlier, dealers said.

There was increased demand for dollars after the central bank bought 715 million dollars from forex markets. In the previous two months it was buying on average about 200 million US dollars, leaving market participants and bank in a ‘oversold’ position.

There were some official dollars sales Friday dealers said.

READ Sri Lanka rupee quoted wide to US dollar as peg inconsistencies flare up

Bond yields were broadly steady.

A bond maturing on 15.12.2026 closed at 11.30/40 percent down from 11.35/40 percent.

A bond maturing on 15.09.2027 closed at 11.95/12.05 percent up from 11.90/12.05 percent.

A bond maturing on 15.12.2028 closed stable at 12.15/25 percent.

A bond maturing on 15.09.2029 closed stable at 12.30/40 percent.

A bond maturing on 01.10.2032 closed stable at 12.40/50 percent. (Colombo/Apr19/2024)

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Sri Lanka stocks close down, banks trade down

ECONOMYNEXT – The Colombo Stock Exchange closed down on Friday, data on its site showed.

The broader All Share Index closed down 0.38 percent, or 44.80 points, at 11,753; while the S&P SL20 Index closed down 0.53 percent, or 18.46 points, at 3,456.

Turnover was at 1.4 billion. The diversified financials (Rs366mn) and banks (Rs266mn) sectors continued to see selling pressure.

“This was possibly due to uncertainty around the bond discussions,” market participants said.

With the exception of Sampath Bank Plc (up at 77.50) all other banks traded down in the day. Commercial Bank of Ceylon Plc was down at 104.50, Hatton National Bank Plc was down at 188.50, and DFCC Bank Plc was down at 77.00.

LOLC Finance Plc saw the most trades and closed up at 6.40. Another LOLC company, Browns Investments Plc, also saw high traded volumes and closed up at 5.60.

Softlogic Capital Plc was up at 7.00, and Softlogic Holdings Plc was up at 11.20. A trading suspension imposed on SHL.N0000 was lifted effective today as the company submitted the annual report for the year ended 31st March 2023.

However, shares of the Company will remain in the Watch List “due to Qualified Audit Opinion and Emphasis of matter on going concern in the Independent Auditor’s Report in the Audited Financial Statements for the year ended 31st March 2022.”

Dialog Axiata Plc, which announced its merger with Bharti Airtel Thursday, saw its share price close up at 11.90.

“There was some traction on index heavyweights,” market participants pointed out.

Top contributors to the APSI included Aitken Spence Plc (up at 134.50), Ceylon Tobacco Company Plc (up at 1,245.25, and Lion Brewery (Ceylon) Plc (up at 1,048.50).

There was a net foreign inflow of 5 million. (Colombo/Apr19/2024)

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