Business and Economics
‘Govt should pursue phased approach to organic fertilizer transition’

Asia Siyaka Commodities says that the government should pursue a phased approach to transitioning to organic fertilizer, thereby mitigating the inevitable adverse impacts across the entire tea value chain.

Chairman -Asia Siyaka Commodities T Someswaran told shareholders in their Annual Report 2020/21 that they welcome the move by the government to move into the use of organic fertilizer. “However while acknowledging the good intentions of the chemical fertilizer ban, the government should pursue a phased approach to transitioning to organic fertilizer.”

The tea sector outlook for Sri Lanka may be dampened by the limited availability of fertilizer following the ban on chemical fertilizer which is likely to have a significant impact on production volumes, quality and yields of tea,” he predicted. He also said that Sri Lanka’s tea sector remained relatively resilient during the first and second waves of the pandemic, with operations continuing relatively uninterrupted.

Sampath WePay presents Sri Lanka’s first digital Man of the Match award

sampath Bank became the first bank in Sri Lanka to present a Man of the Match award digitally at a cricket match, giving away a prize purse of Rs.300,000 through its widely popular digital wallet, Sampath WePay, at the recently held first ODI of South Africa’s tour of Sri Lanka.

Sri Lanka’s Avishka Fernando, who has adjudged the Man of the Match, received this sum through an electronic fund transfer made in real-time, using Sampath WePay during the presentation ceremony.

This is quite possibly the first instance of a digital transfer such as this being done by a bank for a Man of the Match award, anywhere in the world.

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‘Accelerated vaccination drive in SL to help opening up of the economy in 4Q-2021 ‘

First Capital Research Mid-Year Outlook 2021 says that they believe the accelerated vaccination in Sri Lanka supported by 24-hour vaccination centres which are very impressive may support the gradual opening up of the economy and recovery in tourism towards 4Q2021 similar to the Western Nations despite the recent surge in cases due to the COVID Delta variant.

Sri Lanka has also made C-19 vaccine certificates mandatory from September 15 to visit public spaces and travel between provinces while health regulations were relaxed for tourists. By making Quarantine for fully-vaccinated international arrivals limited to just one day. Due to this fully vaccinated travelers from India will now be able to travel to Sri Lanka.

“Due to these factors the tourism sector is likely to witness an important recovery from 4Q2021 onwards,” the report says.

“We expected Sri Lanka to go through a W-shaped recovery (September-20) amid the continuous waves and possible shocks while a bumpy road to recovery (January-21) was explained subsequently,” the report adds.

“Trade Deficit is expected to climb above USD 7 billion amidst gradual relaxations of trade restrictions.’The rupee experienced a steep depreciation in the 1Q, however, following that supported by moral suasion CBSL has managed to maintain the exchange rate around the Rs 200.0

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