Business and Economics
Coca-Cola, Avocado partnership to reward food experiences

Coca-Cola whose purpose is to refresh the world and make a difference. The company has entered into a partnership with Avocado, a leading Sri Lankan food-based loyalty app to make meal times more fun and rewarding for consumers.

Avocado app users can click and upload photos of their Coke over a meal with family and friends till the 12th of March and be entitled to win a Grand Prize of an iPhone 12 Pro and exciting gift vouchers worth Rs.100,000 from Avocado’s network of partners.

The Avocado app enables users to get rewarded for every picture or video they upload of them enjoying Coca-Cola with their family, friends or a loved one. The more unique the content is, the more points the user can generate. Users who send in content that gets the highest points stand a chance to win the grand prize and gift vouchers.Having spent nearly a year at home due to the lockdowns, consumers have found meal times at home to be a more meaningful experience as everyone gathers around and enjoys each other’s company while enjoying their meals.

Pelwatte Dairy receives Rs. 463 mn Project Facility from SAPP

Pelwatte Dairy has secured Rs 463 million from the SAPP (Smallholder Agribusiness Partnerships Programme). Pelwatte Industries reveals its plans to catalyze and distribute it among 1,000 Dairy Farmers in the upcoming 6 months as its first phase.

SAPP is a programme implemented by the Ministry of Agriculture that aims to facilitate rural small holder farmers with a key focus driver of ‘Public – Private – Producer Partnership’ in terms of building commercial partnerships, in providing access to finance, improving technical know-how and financial literacy while focusing on assisting the famers to improve their technology and resources by introducing mechanization and towards implementing sustainable agricultural practices.

Read More
Limited impact on regulatory capital

Asset risk at Sri Lankan insurers has increased due to the sovereign’s weaker credit profile and the consequent lowering of national ratings of some state-owned and private-sector institutions, says Fitch Ratings in a report published today. The increased asset risk, however, will not greatly affect the regulatory capital ratios of most Fitch-rated Sri Lankan insurers due to the limited rise in risk charges according to local risk-based capital (RBC) rules.

The local regulatory RBC rules exempt debt securities issued or guaranteed by the government from charges on credit and concentration risk in the calculation of the regulatory capital ratio. In addition, some of the recent negative national rating actions were within the same national rating category and therefore not subject to additional credit risk charges according to these rules.

“We estimate that as at end-June 2020 Fitch-rated insurers had invested around 55% of their fixed-income portfolios in direct government securities, such as treasury bills, bonds, Sri Lanka development bonds, repos and unit-trust assets backed by government securities, and around 16% in deposits and debt securities issued by state-owned enterprises, including banks, non-banking financial institutions and corporations.”

Fitch recalibrated the national rating scale following the sovereign downgrade, resulting in the downward revision or downgrade of the national ratings of some state-owned and private-sector institutions.

Read More