FT News Briefing Sri Lanka picks a new leader
Jul 18, 2022
Sri Lanka is grappling with political turmoil as it prepares to elect a new leader amidst a humanitarian crisis. The opposition calls for IMF support while citizens hope for recovery after protests led to significant leadership changes. Meanwhile, the world of fintech sees a dramatic downturn, with once-thriving startups facing crashing valuations. In the U.S., migration trends are reshaping demographics and political landscapes, revealing a divided nation. Lastly, the pandemic has sparked a transformation in urban living, with shifts in the housing market and a new embrace of remote work.
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Sri Lanka Crisis
- Sri Lankan protesters celebrated the ousting of President Rajapaksa in Colombo.
- Despite the political victory, the economic crisis continues, with many struggling to afford basic necessities.
Relocation Anecdote
- Gail Kruger, a Detroit native working for Ford, relocated to South Carolina during the pandemic.
- Her office reopened, but she stayed in South Carolina to be closer to family, working remotely.
Migration Trends
- The pandemic accelerated migration from high-tax, blue states to low-tax, red states.
- This trend, influenced by factors like remote work and schooling, has political implications.