v2025 (2)

v2025

Economic

Launch of 'Worky' - A Revolutionary Platform Transforming Sri Lanka’s Job Market

20th March 2024 –

In a significant boost to Sri Lanka’s employment landscape, especially during its challenging economic times, a groundbreaking platform named 'Worky' is set to launch on March 20, 2024. Designed to bridge the gap between job seekers, part-time workers, students, and service seekers, 'Worky' is poised to revolutionize the way people find work and hire for services in Sri Lanka.

At its core, 'Worky' is a location-based service platform that allows prospective job seekers and part-time workers, including students, to register free of charge. This innovative app enables service seekers to log in and locate the nearest available worker, facilitating immediate bookings for a wide array of services. From traditional roles like plumbers and carpenters to new-age job functions such as dog walking and pet grooming, 'Worky' caters to a diverse range of employment opportunities, directly addressing the varied needs of Sri Lankan households. In light of the current economic downturn in Sri Lanka, where individuals are striving to make ends meet, 'Worky' offers a beacon of hope. By promoting a part-time job culture, the platform not only aids in finding jobs but also significantly boosts productivity across the nation. The convenience of locating talented workers for home needs, which was once a daunting task for many Sri Lankans, is now effortlessly managed through the 'Worky' app.

What sets 'Worky' apart is its user-friendly approach - the services on the platform are offered free of charge. Job seekers and workers can directly settle fees with the employers without any intermediation costs, ensuring transparency and fairness in the employment process.

As 'Worky' gears up for its launch, it is expected to rapidly become a household name, synonymous with productivity and prosperity at all societal levels in Sri Lanka. The platform anticipates attracting over a million members to its community within the first few weeks post-launch, a testament to its necessity and potential impact.

Gone are the days of tireless searching for job opportunities or the right talent for specific tasks. With 'Worky', a new era dawns on the Sri Lankan work culture, promising prosperity and ease for both job seekers and service seekers alike. Registering on 'Worky' is seamless and free of charge, offering an unparalleled opportunity for Sri Lankans to enhance their livelihoods and meet the evolving demands of the labor market.

About 'Worky':

'Worky' is a pioneering platform designed to meet the dynamic needs of the Sri Lankan job and service market. It enables job seekers and part-time workers to connect with service seekers efficiently, fostering a culture of productivity and growth. For more information, visit www.worky.lk -

ENDS- For media inquiries, please contact: This email address is being protected from spambots. You need JavaScript enabled to view it. Join us in transforming the future of work in Sri Lanka. Discover more at www.worky.lk

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Both CSE indices record losses

Closing at 8,244.55 points today (04), Colombo Stock Exchange’s All Share Price Index (ASPI) lost 226.88 basis points during the day's trading.

The S&P SL20 Index ended the day 146.11 basis points lower at 2,684.82.

The turnover for the day was Rs. 1.96 billion.

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Sri Lanka’s inflation rate rises to 4.2% in December

Sri Lanka’s consumer price inflation rate rose to 4.2% year-on-year in December from 2.8% in November, the statistics department said on Monday.

The National Consumer Price Index (NCPI) captures broader retail price inflation and is released with a lag of 21 days every month.

Food prices rose 1.6% in December after falling 2.2% in November on the year, the Department of Census and Statistics said in a statement.

Prices for non-food items, however, fell 6.3% in December from 7.1% year-on-year in November.

Sri Lanka racked up record high inflation last year after its economy was pummelled by the worst financial crisis in decades, triggered by a plunge in foreign exchange reserves.

Source - Reuters

  • Agencies
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CSE temporarily halts regular trading

The Colombo Stock Exchange (CSE) has temporarily halted regular trading due to the S&P SL20 Index dropping over 5 percent from the previous close, as set out in the CSE Directive dated April 30, 2020.

Trading has been halted for 30 minutes while the halt will be lifted at 2.14 p.m.

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Website of Sri Lanka’s control body for Organic Agriculture unveiled – nocu.lk

Sri Lanka’s control body for organic agriculture - the National Organic Control Unit (NOCU), operating under the aegis of the Sri Lanka Export Development Board (EDB), has taken a significant step towards promoting and regulating Sri Lanka's organic agriculture sector with the launch of its official website - www.nocu.lk. This website development was done through the project support to Small and Medium Enterprises in the Organic Agriculture Sector in Sri Lanka which was jointly co-financed by the EU and BMZ implemented by GIZ Sri Lanka. The inauguration ceremony was held at the EDB headquarters with the presence of dignitaries.

Honourable dignitaries included the Head of Cooperation at the EU delegation to Sri Lanka and the Maldives, Dr. Johann Hesse, and representatives from the GIZ (Deutsche Gesellschaft für Internationale Zusammenarbeit GmbH), EDB Chairman Dr. Kingsley Bernard, and Acting Director General Ms. Malani Baddegamage. Officials graced the momentous occasion.

The objectives of NOCU are manifold, including safeguarding the credibility of organic agriculture products within the domestic and international markets, the implementation of Sri Lanka Organic Regulations, as well as the promotion of organic agriculture systems. The establishment of an official website was deemed imperative to facilitate communication with stakeholders and provide essential information, thereby fostering a sustainable organic agriculture ecosystem in Sri Lanka.

The website - www.nocu.lk - will serve as the primary interface for NOCU to directly engage with stakeholders. This digital platform will enable NOCU to implement an effective communication strategy, ensuring transparent and efficient interactions with all the relevant parties and the online registration of stakeholder The launch of www.nocu.lk represents a significant milestone in Sri Lanka's organic agriculture journey, solidifying its commitment to ensure the highest standards of organic practices and fostering sustainable organic agricultural systems. With this dedicated online platform, NOCU is poised to connect with stakeholders, disseminate vital information, and fortify Sri Lanka's reputation as a trusted source of organic agricultural products in the local and international marketplace.

 

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Budget 2022: Cigarette price to increase

Finance Minister Basil Rajapaksa, in his budget speech for the fiscal year 2022, said the tax on cigarettes is proposed to be increased with immediate effect.

Accordingly, the current retail price of a stick of a cigarette will be moved up by Rs. 5.00.

The government expects a revenue of Rs. 8 billion through this initiative, he noted.

In addition, the excise tax is proposed to be increased with immediate effect. An additional revenue of Rs. 25 billion is expected through this tax increase.

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Locally assembled new motorcycles donated to President’s office

Brand new SENARO GN 125 motorcycles were donated to the President’s Office this morning (15). The assembly of these bikes followed the Standard Operating Procedure (SOP) that was introduced by the Ministry of Industry for manufacturing, assembling, and producing vehicle components in Sri Lanka.

President Ranil Wickremesinghe was officially given the keys and accompanying documents by Senaro Motor Corporation Managing Director Mr. Roshana Waduge.

The newly built assembly factory in the Yakkala area has been producing the SENARO GN 125 motorcycle with 35% value addition through locally produced spare parts, thanks to Senaro Motor Company Pvt. Ltd. The company has invested Rs. 1.5 billion in this venture, with the full financial support of the Bank of Ceylon. The goal is to increase the value addition to 50% in the near future and create more than 160 direct job opportunities.

Introduced to the Sri Lankan market, the SENARO GN 125 motorcycle is now a force in reviving the local economy and adding new energy to local enterprise.

Chairman of the Bank of Ceylon, Ronald C. Perera (PC), General Manager Russell Fonseka, Deputy General Manager Rohana Kumara, Director, Senaro Motor Company Mohan Somachandra and other officials were present on this occasion.

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Sri Lanka inflation increased to 5.7 per cent in July

Headline inflation, as measured by the year-on-year (Y-o-Y) change in the Colombo Consumer Price Index (CCPI, 2013=100)1 , increased to 5.7 per cent in July 2021 from 5.2 per cent in June 2021.
 
This was driven by monthly increases of prices of items in the Non-food category.
 
Subsequently, Food inflation (Y-o-Y) decreased to 11.0 per cent in July 2021 from 11.3 per cent in June 2021, while Non-food inflation (Y-o-Y) increased to 3.2 per cent in July 2021 from 2.5 per cent in June 2021.

The CCPI, measured on an annual average basis, increased marginally to 4.2 per cent in July 2021 from 4.1 per cent in June 2021.

Monthly change of CCPI recorded at 0.50 per cent in July 2021 due to price increases observed in items of the Non-food category.

Moreover, monthly changes of Food and Non-food categories recorded at -0.05 per cent and 0.55 per cent, respectively.
 
Accordingly, within the Food category, prices of coconut, fresh fish and coconut oil decreased.
 
Meanwhile, prices of items in the Non-Food category recorded an increase during the month due to price increases observed in the Transport (Petrol) and Restaurant and Hotels subcategories.

 The core inflation (Y-o-Y), which reflects the underlying inflation in the economy, increased to 3.7 per cent in July 2021 from 3.2 per cent in June 2021.

Moreover, annual average core inflation increased marginally to 3.1 per cent in July 2021 from 3.0 per cent in June 2021.
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USD selling rate increases to Rs.365/-

The selling price of the US dollar which was at Rs. 380 in commercial banks yesterday (12) morning has come down to Rs. 365 today (13).

With the appointment of Ranil Wickremesinghe as the new Prime Minister, the optimistic situation regarding political and economic stability seems to have contributed to the strengthening of the rupee.

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Moody's places Sri Lanka's Caa1 rating under review for downgrade

Global rating agency Moody's today placed the Government of Sri Lanka's “Caa1” foreign currency long-term issuer and senior unsecured debt ratings under review for downgrade.

The rating decision is driven by assessment that the island nation's increasingly fragile external liquidity position raises the risk of default. It also reflects governance weaknesses in the ability of the country's institutions to decisively mitigate significant and urgent risks to the balance of payments.

 Although the government has secured some financing, mainly from bilateral sources, its financing options remain narrow with borrowing costs in international markets still prohibitive, Moody's said in a statement.

Moody's expects Sri Lanka's foreign exchange reserves to continue declining from already low levels. This will further erode its ability to meet sizeable and recurring external debt servicing needs, and increasing balance of payment risks.

It has extremely weak debt affordability with interest payments absorbing a very large share of the government's very narrow revenue base. This compounds the debt repayment challenge.

The review will focus on whether the sovereign is able to use time provided by current foreign exchange reserves and bilateral arrangements to implement measures that widen and increase its financing sources for the medium term. And avoid default for the foreseeable future, it added.

Sri Lanka's foreign currency country ceiling has been lowered to Caa1 from B3, while the local currency country ceiling remains unchanged at B1. The three-notch gap between the local currency ceiling and the sovereign rating balances relatively predictable institutions and government actions against the low and declining foreign exchange reserves adequacy.
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Stock market temporarily closed next week

The Securities and Exchange Commission of Sri Lanka (SEC) has decided to direct the Colombo Stock Exchange (CSE) to temporarily close the stock market for a period of five business days commencing from 18th April 2022.

The Board of Directors of the Colombo Stock Exchange (CSE) by way of a communication dated 15th April 2022 has called upon the Securities and Exchange Commission of Sri Lanka (SEC) to temporarily close the stock market citing the present situation in the country. Many other stakeholders of the securities market including the Colombo Stock Brokers Association have also sought the temporary closure of the market on the same grounds.

The SEC has carefully considered the grounds that have been adduced by them and has evaluated the impact the present situation in the country could have on the stock market, in particular the ability to conduct an orderly and fair market for trading in securities.

The SEC is of the view that it would be in the best interests of investors as well as other market participants if they are afforded an opportunity to have more clarity and understanding of the economic conditions presently prevalent, in order for them to make informed investment decisions. Therefore, acting in terms of the provisions contained in Section 30 of the Securities and Exchange Commission Act No. 19 of 2021, the SEC has decided to direct the CSE to temporarily close the stock market for a period of five business days commencing from 18th April 2022.

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CBSL tightens currency outflows amid cash crunch

Sri Lanka's central bank on Sunday further tightened controls on the outflow of foreign currency to combat a growing cash crunch triggered by the coronavirus pandemic.

Foreign exchange reserves have almost halved since late 2019 to $4 billion after the rupee sank to a record low in 2020.

The economy has been badly hit by the spread of the virus and lockdowns in its worst downturn since independence from Britain in 1948.

The Central Bank of Sri Lanka said overseas investments by local firms would be suspended for six months.

The amount of capital that companies and citizens can take out of the island nation would also be restricted, it added. Sri Lanka has already banned imports of luxury goods and cars since 2020 to combat the foreign currency outflows.

The government is planning to extend the import ban to mobile phones, computers and electronic consumer goods, local media reported recently.

The central bank said in a statement that the restrictions were to "assist and maintain the financial system's stability."

International rating agencies have expressed concern over Sri Lanka's ability to service its huge foreign debt.

But central bank governor W.D. Lakshman has said the country will meet its debt obligations, which amount to $3.6 billion in the next six months.

The country's debt has ballooned over the past two decades after the financing of several infrastructure projects that critics say have become white elephants. (AFP)

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