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‘Happy Mind for a Happy Life’

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Happy Mind is an online forum consisting of Facebook and Instagram pages that was created during the Covid-19 pandemic lockdown in April with the objective of driving the charge in raising awareness surrounding mental health complications. Happy Mind aims to develop a culture of compassion towards people that suffer from mental health illnesses in the country. Since its launch they have managed to reach over half a million people and have educated thousands of people in various mental health complications. They have identified clinical cases via many messages received from page visitors and have connected them directly to trained and qualified health professionals.

The World Mental Health Day was last week (10th. Oct) and the World Health Organisation (WHO) reports, every 1 in 4 people suffer from invisible yet torturous mental health illnesses around the world. 450 million people are global victims of ill-health and disability due to this, which could push individuals to even commit suicide. Raising awareness and creating discussion is vital as there has been a significant rise in younger people dealing with poor mental health, all of which have worsened over the pandemic.

Research conducted by Harvard Medical School outlines the following factors as indications of poor mental well-being; episodes of depression, psychosis, anxiety and stress along with loss of social support are a few to mention. Sri Lanka’s Ministry of Health, Nutrition and Indigenous Medicine highlights; in 2017, 30.44% patients were diagnosed with depressive disorders, 13.39% with mental disorders related to anxiety. Simultaneously, the WHO recognises Sri Lanka to have one of the highest suicide rates in the world. This proves that awareness, conversation and creating an environment to mitigate these illnesses is vital.

Speaking on the launch of the online forum Kushan Randeni, founder of the Happy Mind initiative, said “We want to educate the general public on the importance of mental health and its complications. By doing this we hope to have a direct impact on reducing the stigma related to mental health in the country. In 2020, the scare of the pandemic looming over us, I observed a rise in mental health illnesses, with people getting anxious and fearful of contracting the virus, economic uncertainty, strain on marital relationships and stress upon children due to disruption in play and limited social interactions.”

“We want to advocate the importance of ‘Happy Mind, Happy Life’. In order to combat the rising mental strain during this time, we first shared the WHO material on ‘Coping with Stress during Covid-19 outbreak’ and ‘Helping Children cope with stress during Covid-19’. This gained significant traction and positive feedback from the community, endorsing the impact Happy Mind was having for mental well-being.” Added Kushan.

“Mental Health Illnesses are not a personal failure; however, failure does arise if the response to it is poor. We want to build a system which eradicates stigmatisation, discrimination or any form of non-acceptance of mental health illnesses. We want to build a system which encourages positivity, a culture of compassion for a community and a future of physically and mentally healthy people.” further added Kushan, describing the plan for the future.

Focus groups for different groups of mental health complications, workshops, and various therapeutic art events to awaken the creative senses are few steps they wish to take further. The sole purpose of these events will be to drive awareness surrounding the seriousness of mental health in our country, support people to keep their mind calm and learn more about themselves; to fill in for the lack of urgency and misinformation making this topic ‘taboo’.

Happy Mind wishes to be the forefront of spreading positivity among the general public and help those facing mental health illnesses to reach out and get help, so they can live a healthy life.

For more information, WhatsApp Happy Mind – 777336970

Find their informative content on www.facebook.com/happymindsl and www.instagram.com/happymindsl/



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Sri Lanka and Bangladesh shouldn’t compete for the same objective: Bangladesh HC

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President NCCSL, Nandika Buddhipala presents a token of appreciation to Bangladesh High Commissioner Tareq Md Ariful Islam at the bilateral trade and investment forum held at the National Chamber of Commerce recently.

*  Political stability has mainly driven the growth trajectory in Bangladesh

*  Bangladesh is poised to capture a bigger share of the global apparel market

*  More Sri Lankan businesses should tap the growth centre next door

*  Draws attention to a great shortcoming in connectivity between the two countries

by Sanath Nanayakkare

Sri Lanka and Bangladesh can gain more from bilateral trade cooperation by strategically utilizing the two countries’ respective comparative advantages and strengths than from competing with each other for the same objective, Bangladesh High Commissioner in Sri Lanka, Tareq Md Ariful Islam said in Colombo recently.

“All the more so because the two countries have a similar product range which has led to a low bilateral trade volume of US$ 200-300 million,” he pointed out.

The High Commissioner made these remarks while addressing a bilateral trade and investment forum at the auditorium of the National Chamber of Commerce (NCCSL) where he was the special guest speaker.

“The similarity in our product range is the main reason behind low trade volume. However, there is a lot of scope for improvement in our trade ties. What we need to do is to couple our respective, comparative advantages and build resilient cooperation to be more competitive in the global market,” he observed.

“The two countries have just completed 50-years of diplomatic relationship.

It has been a long, enduring relationship based on friendship, goodwill and good neighborliness. Over these 50 years, we have enjoyed very strong bonds of solidarity and friendship. Our business ties are also very strong. Now we need to capitalize on our excellent political relations to make the business relationship stronger to make it more tangible, so that it can touch the lives of our people and also help Sri Lanka’s endeavors towards its economic recovery,” he said.

Presenting a comprehensive picture under the theme of the discussion, the High Commissioner went on to say:

“Sri Lankan business community would like to know what opportunities are available in Bangladesh for trade and investment, its government policies, macroeconomic data and how the Bangladesh High Commission in Sri Lanka can help them in this regard.”

“According to my view, preferential trade agreements (PTAs) or free trade agreements (FTAs) shouldn’t be seen through the lens of revenue earning or revenue loss. It means much more than that. While revenue loss and revenue gains are definitely important, there are many other benefits that PTAs and FTAs can bring to our economies; for example, creation of employment and enhancement of our respective competitiveness in the global market. So we should take a holistic approach to FTAs and PTAs. If we can judiciously select the respective tariff lines, then there is every possibility that a PTA or FTA between Bangladesh and Sri Lanka can be successful. We are very encouraged to see that the current government has put a lot of emphasis on PTAs and FTAs with bilateral partners. We started our negotiation late last year. So far we have made good progress, but we still have to do more.”

“Bangladesh initially received substantial investment from Sri Lanka; mostly in readymade garments sector and now Sri Lankan companies have extended into health, power, logistics, financial sector etc. Now they have diversified into investment banking, wealth management, paint, packaging, FMCG etc. This is an indication about the growing, diversified market in Bangladesh. Most of the conglomerates in Sri Lanka have very successful operations in Bangladesh and more Sri Lankan businesses are showing interest in doing business in Bangladesh.”

“Bangladesh has had consistently high economic growth. The average GDP growth in the last 30 years is 6.6% which is among the best in the world. In 2019, it reached 8.15% right before the pandemic. During the pandemic, Bangladesh had 5.4% growth which was among the highest in the world during Covid time. In financial year 2020-21 our growth was 6.9% according to the IMF. In 2021, it went up to 7.2%. The focus for 2022-23 according to the IMF is 6%, but we are hopeful of achieving higher growth. Our foreign debt to GDP is 11.86% and local debt to GDP is 31.42% which is the lowest in the region. Bangladesh is a USD 400 billion plus economy – 41 largest in terms of nominal GDP and 32 largest in terms of purchasing power parity. Per capita income has soared to USD 2,824. Foreign exchange reserves are now USD 34 billion. It was USD 44 billion last year and the decline was due to the rise in the prices of essential commodities in the global market.”

“We have sought an IMF package. We got USD 4.5 billion. This was not a bailout. It was to deal with balance of payment issues. Bangladesh’s Inflation is at a single digit of 8.9%. Remittance in 2019-2020 was USD 18 billion and even during the pandemic, it went up to USD 24 billion. Our exports crossed the USD 50 billion mark last year for the first time.”

“There is a winning combination of conditions for any potential investor or business house to do business in Bangladesh. The main driving force has been our political stability which has mainly helped the growth trajectory in Bangladesh. Ours is a domestic market with 165 million people and out of that, 37 million is the growing middle class whose per capita income is between USD 5,000 and 7,000. On top of that two million are joining the middle class each year.”

“Because Bangladesh has handled geo-politics well, it has become a sought-after destination for many regional business houses to relocate their establishments. We have special economic zones dedicated for Japan, India, China and South Korea. This shows that investment is safe and profitable in Bangladesh, therefore, Sri Lanka can further tap this growth centre next door.”

“Bangladesh is poised to capture a bigger share of the global apparel market. Sri Lanka can also contribute in that direction. Apparel industry of the two countries can utilize the comparative advantages in the production process, value addition in re-exports etc. We can utilize Sri Lankan expertise in this sector. Sri Lankans have helped take our readymade garments sector to where it’s today. Our apparel industry continues to benefit from your human resources.”

“Through cooperation, we can enhance our global competitiveness in our IT products. Manufacturing of pharmaceutical products and medical equipment also has more scope for investment.”

“About 700,000 Bangladeshis spend USD 3.5 million every year for overseas medical treatments. That’s a big market Sri Lanka can tap. Electronic components, agricultural food processing, leather and footwear, medical insurance, steel and cement, renewable energy, FMCG, retail operations, supply chain and logistics, financial sector are other sectors with opportunities for investment, supported by proactive policies of the Bangladesh government.”

“Although both countries are into tea, your global tea brands can partner with us in making fine blended tea, “he said.

The High Commissioner chose this forum to draw attention to a great shortcoming in connectivity between the two countries by sea and air which leads to the disadvantage of Sri Lanka tourism.

“Bangladeshis with disposable income travel to all regional destinations, but they are not coming to Sri Lanka because of the poor connectivity. If connectivity and affordability of air fares can be taken care of, Sri Lanka tourism can benefit from it,” he said.

In 2020, Bangladesh imported $153 million worth of goods from Sri Lanka while exports from Bangladesh to Sri Lanka stood at $ 48 million.

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Share market edges–up on mid-market trade for third day running

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By Hiran H. Senewiratne

The CSE began a fresh week on a strong note with sharp increase in both indices and an improved turnover yesterday. The market edged -up on mid- market trade for the third day driven by Expolanka, Lanka IOC and Browns Investment, analysts said.

“Market is still being pushed by Expolanka’s expansion news, while Lanka IOC is moving on higher valuation. But there is month- end profit taking in the market. The Central Bank Governor Dr Nandalal Weerasinghe’s recent positive remarks on the economy in many foras have resulted in the stock market moving well, analysts added.

Further, stock market investor sentiment improved when the Central Bank Governor hinted that the economy has achieved short term stability and that interest rates are to come down in the future.

The bourse commenced the week on a positive note and continued to see strength for the second consecutive day as investors expect interest rates to continue to fall in line with inflation in the upcoming months, stock market analysts opined.

Consequently, both indices moved upwards. The All- Share Price Index went up by 92.6 points and S and P SL20 rose by 43.1 points. Turnover stood at Rs 2.9 billion with a crossing. The crossing was reported in Melstacorp, which crossed 888,000 shares to the tune of Rs 39.6 million and its shares traded at Rs 45.50.

In the retail market top seven companies that mainly contributed to the turnover were, Expolanka Holdings Rs 1.2 billion (6.6 million shares traded), Lanka IOC Rs 381 million (two million shares traded), Browns Investments Rs 287 million (43.6 million shares traded), First Capital Holdings Rs 119.4 million (5.5 million shares traded), First Capital Treasuries Rs 87.5 million (four million shares traded), ACL Cables Rs 61.6 million (781,000 shares traded) and Melstacorp Rs 54.4 million (1.1 million shares traded). During the day 100 million shares changed hands in 23000 share transactions.

It is said that high net worth and institutional investor participation was noted in Lankem Developments and Lanka IOC. Mixed interest was observed in Expolanka Holdings, ACL Cables and First Capital Holdings, while retail interest was noted in Browns Investments, SMB Leasing and LOLC Finance.

The Transportation sector was the top contributor to the market turnover (due to Expolanka Holdings) while the sector index gained 11.62 per cent. The share price of Expolanka Holdings increased by Rs. 19 (11.64 percent) to close at Rs.182.25.

The Energy sector was the second highest contributor to the market turnover (due to Lanka IOC) while the sector index increased by 3.60 per cent. The share price of Lanka IOC gained Rs. 7.25 (3.98 per cent) to close at Rs. 189.50.

Yesterday, the Central Bank announced the US dollar buying rate as Rs 361.23 and the selling rate as Rs 371.71.

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‘JAT posts stellar Q2 – doubles PBT and commences manufacturing in Bangladesh’

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JAT Holdings PLC has posted exceptional financial performance for Q2 of FY 2022/23. During the Quarter, the Group also achieved a major milestone, delivering on its key IPO promise, by inaugurating its own end-to-end state-of-the art manufacturing facility in Bangladesh. Simultaneously, JAT Holdings PLC also recorded its highest-ever revenue for Q2 in history, doubling its profit before tax, compared with the corresponding period in the year prior.

Accordingly, JAT Holdings PLC noted a YTD revenue growth of 40% during the period, concurrently managing to increase gross profit margins amidst the most challenging economic environment in its history, clearly demonstrating the Group’s strategic and fiscal prowess.

Gross Profit margins grew during the period under review amidst a deepening economic crisis, material scarcity in global markets and foreign exchange outflow restrictions. The Group’s strategy of purchasing raw materials in bulk and maintaining adequate stocks for at least 6 months at all times, allowed the enterprise to benefit from economies of scale, while JAT Holdings’ prudent and effective waste management efforts helped to improve productivity and efficiency. As a result, operating profit also recorded a healthy growth of 111% during the period under review, supported by cost management efforts, which helped manage input cost inflation and foreign exchange volatility. Profit Before Tax (PBT) and Profit After Tax (PAT) also sustained their recovery momentum, while showing sharp rises in the quarter under review, contrasted with the corresponding period in the previous year.

Commenting on the business momentum, CEO Nishal Ferdinando said, “Supported by our new manufacturing facility in Bangladesh and expert manoeuvring in the Sri Lankan market amidst the toughest business environment we have endured to date, we are pleased to present rock solid financial performance to our investors, and exceptional value to all other stakeholders. Leveraging our excellent relationships with suppliers, we have secured raw materials and shored up our stocks to be able to meet upcoming seasonal demand. The capital raised at the IPO has enabled us to keep borrowing costs to a minimum amidst a tighter monetary environment, which has delivered a positive boost to our bottom line. We intend to move forward with the present momentum and continue to deliver exceptional performance during the remainder of FY 2022/23.”

The Group’s WHITE by JAT range of brilliant white paints grew rapidly, driven by a unique hybrid marketing strategy. Commencement of manufacturing in Bangladesh, coupled with the opening of JAT Holdings PLC’s R&D Centre, another fulfilment of an IPO pledge, helped to drive business momentum during the quarter

Discussing the Group’s strategy and future plans, Founder and Managing Director Aelian Gunawardene added, “Just over a year on from our IPO, I’m pleased to communicate to investors that we have fulfilled the pledges made in our prospectus. We have completed and commissioned our ultramodern end-to-end manufacturing and warehousing facility in Bangladesh, located strategically in close proximity to seaports and our key markets in that country, Dhaka and Chittagong. Our Research and Development Centre is now operational, staffed by teams of experts who will help us to engineer better, cleaner and more efficient products in the future. I am also very pleased to state that the Group as a whole has come together to look after our people amidst the present crises, providing relief allowances and other benefits to help cushion the blow. We are excited about the future and look forward to growing and defending our position as Sri Lanka’s market leader for wood coatings and an emerging giant in the region.”

Since its founding in 1993, JAT Holdings has established itself as a market leader in Sri Lanka for wood coatings and as one of the country’s most promising conglomerates. This is further attested to by accolades such as being ranked amongst Sri Lanka’s ‘Top 100 Most Respected Companies’ by LMD for four years consecutively and also ranking among the ‘Top 20 Conglomerate Brands’ by Brand Finance.

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