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Wednesday September 27th, 2023

Sri Lanka’s China backed port visited by top Japan foreign officers

ECONOMYNEXT – A high level delegation from the Japan’s Ministry of Foreign Affairs (MOFA) had visited the Hambantota port in Sri Lanka which is operated by China’s CM Ports group.

Deputy Director, Foreign Policy Bureau, MOFA Hamada Takashi and Nakada Taihaku, Assistant Director, Policy Coordination Division, MOFA, led the delegation, the port said.

The sought “first hand information on a wide range of subjects relating to port activity and the economy of the southern part of Sri Lanka.”

Hambantota port has an adjacent industrial zone which offers plug and play factories as well as bare land. The port itself transships vehicles.

The Japanese delegation had met Ravi Jayawickreme, CEO of Hambantota International Port Services (HIPS),Bindu Ranasinghe, Senior AGM Commercial & Marketing and Lalith Ekanayake, AGM of Port Investment Services. (Colombo/May01/2022)

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  1. Shibly says:

    I’m very glad and pleased

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  1. Shibly says:

    I’m very glad and pleased

Sri Lanka to introduce social security system: minister

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)

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Sri Lanka’s stocks up in trading on Wednesday morning

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)

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

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)

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