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Thursday March 23rd, 2023

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 establishes committee to investigate aircraft incidents

An aircraft lands at the Jaffna International Airport, which was opened in October 2019 and promises to push the tourism frontiers in Jaffna.

ECONOMYNEXT: Sri Lanka’s has established an expert committee under the state-run Civil Aviation Authority to investigate aircraft accidents and to implement precautionary methods in the Sri Lankan airspace, an Official said.

“Even if it is only one flight, there is a chance an accident may occur,” Civil Aviation Authority of Sri Lanka, Director General, P. A. Jayakantha said.

“This particular committee is there to investigate aircraft accidents and act as a mechanism to take over if something goes wrong”.

Sri Lanka has encountered around 2,700 minor aircraft accidents and incidents mostly on the ground in the 19 years through 2021, the CAA annual reports showed.

The new committee will analyze the past accidents and take precautionary measures while also conducting investigations and provide independent reports in the future, Jayakantha said.

The team is provided with required training and qualifications by the CAA along with an International organization, free of charge.

“Internationally also it is a requirement to have a team to investigate the aircraft accidents,” Jayakantha added.

“For a long time we have not fulfilled this requirement and that is why we established this team with the cabinet approval. Moreover, recently, Sri Lanka’s two aircrafts, one training aircraft and a commercial aircraft met an accident”

The committee will be on active duty, until the Accident Investigation Act is passed and a proper Aircraft Accident and Incident Investigation Bureau is established. (Colombo/ Mar23/2023)

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Sri Lanka bond yields steady, Rupee 319/325 at close

ECONOMYNEXT – Sri Lanka’s treasury bond yields closed steady on Thursday while rupee closed weaker, dealers said.

A 01.07.2025 bond closed at 30.60/31.00 percent on Tuesday, down from 30.25/75 percent on Wednesday.

A 15.09.2027 bond closed at 27.80/28.10 percent, steady from 27.90/28.00 percent from Wednesday.

Sri Lanka rupee closed at 319/325 against the US dollar depreciating from 318/320 from a day earlier. (Colombo/ March23/2023)

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Sri Lanka shares dive to two-week low on local debt restructuring fears

ECONOMYNEXT – The Sri Lanka market fell for a fourth session to a two-week low on Thursday, led by financials, as worries over domestic debt restructuring continued after the IMF loan was approved earlier this week resulting in investors adopting a wait-and-see approach until further clarity was provided, analysts said.

The main All Share Price Index (ASPI) closed down 1.38 percent or 131.07 points to 9,395.98, lowest since March 02.

Analysts said, majority of the banks have been on slower investment trends on fears of domestic debt restructuring after the IMF approval and waiting for more clarity on the local debt restructuring.

“The market is on muted sentiments despite the IMF loan being approved and is going through a period of consolidation,” Ranjan Ranatunga of First Capital Holdings said.

The market saw a net foreign outflow of 298 million rupees and the total offshore inflows recorded so far in 2023 to 3.3 billion rupees.

The most liquid index, S&P SL20, closed 1.64 percent, or 45.33 points, down at 2,722.94.

The market saw a turnover of 3.4 billion rupees on Thursday, above this year’s daily average of 1.8 billion rupees.

This is the highest turnover generated since March 08, which is when the market was driven off of positive sentiments from International Monetary Fund deal hope after Chinese assurances.

Top contributors to revenue was Agalawatte Plantations, on off board transactions of a stake change, contributing revenue of 1.6 billion rupees, Ranatunga said.

Top contributors to revenue industry wise was Food and Beverage and Telecommunications.

Sri Lanka Telecom has been seeing positive uptrends as the Secretary to the Treasury has informed the Board of Directors of Sri Lanka Telecom PLC (SLT) and Lanka Hospitals PLC that the Cabinet of Ministers has granted approval in principle for the divestment of the stakes held by the Treasury Secretary in the two companies.

Top losers were Sampath Bank, Hatton National Bank and Commercial Bank.

Sri Lanka is looking at options to re-structure domestic debt, or local law local currency debt (LLLC), without harming the banking sector and announce them the International Monetary Fund said in a report.

Banks have been witnessing profit taking and selling pressures after continuous uptrends prior to the IMF loan had been approved.

Analysts said, selling pressures is expected to ease as the IMF hopes to reduce inflationary pressures which will in turn lead to reductions in interest rates. (Colombo/Mar23/2023)

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