ECONOMYNEXT – Sri Lanka has put glyphosate, a widely used weedicide, back on a banned list under the country’s import control law, in a gazette issued on November 30.
In 2017 glyphosate was named as a substance requiring a license.
“N-(phosphonomethyl) glycine and its salts and derivatives (Glyphosate)” HS Code 2931.39.10″ shall be inserted into Schedule IV (Banned) items of the special 2017 regulations, the gazette notice said.
Sri Lanka’s tea and other commercial food crop growers have been asking for glyphosate as it is internationally recognized as a safer weedicide than some others and leaves fewer residues.
Sri Lanka on November 30, lifted a ban on fertilisers imposed in May 2021 saying agro-chemicals cost around 200 million US dollars to import and they caused non-communicable diseases and kidney disease of unknown aetiology.
However, kidney disease appears to be prevalent in some areas where there is heavy metal in the soil and pipe-borne water is being supplied in preference to groundwater as one solution. (Colombo/Dec01/2021)
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ECONOMYNEXT- Sri Lanka’s Colombo Dockyard, a unit of Japan’s Onomichi Dockyard said it had lost a shipbuilding contract after the Indian Ocean Island’s government defaulted on its foreign debt.
Sri Lanka was downgraded to selective default by rating agencies after it stopped paying foreign debt of commercial and bi-lateral lenders.
Colombo Dockyard said a contract to build two Commissioning Support Operation Vessels (CSOVs) for Norway’s Edda Wind AS was “mutually cancelled” following the downgrade.
“This decision had to be arrived solely due to the prevailing unstable economic and financial situation of the country” Colombo Dockyard said in a stock exchange filing.
“Due to the poor credit rating of SD “Selective Default” and significant scarcity of foreign currency liquidity in the country, it was impossible to issue required guarantees continuously and to receive the milestone payments from the buyer.
Colombo Dockyard said in order to retain the contract efforts were taken by involving the top level government authorities, both local and international banks and financial institutions and relevant diplomatic missions.
However, it said, a solution in the near future to regain the contracts is not possible.
“Considering the facts that the projects are still at their infant stage while foreseeing the greater risks for CDPLC in pursuing the projects, CDPLC’s Board has decided that a mutual cancellation was the most prudent option at this point”
Despite the cancellation of the Norway contract, seven shipbuilding projects for existing European and Scandinavian clients are progressing without any interference.
“With a high demand of ship-repair, and afloat repairs utilizing main port facilities in Sri Lanka ensure its business stability,” Colombo Dockyard said.
Colombo Dockyard said, even though the cancellation has a modest negative impact on the 2022’s financial performance, CDPLS’s growth concern remains intact, and the Board of CDPLC is confident that CDPLC can successfully manage the current projects in hand together with ship repairs and focusing on new avenues. (Colombo/ July 30/2022)
ECONOMYNEXT – Sri Lanka stocks gained for the second session for the week on Friday pushed by energy and plantation shares while the index gained 4.6% in the month, the data showed.
The main All Share Price Index (ASPI) edged up 0.67% or 51.51 points to 7,731.15 from its lowest since July 18.
Analysts said the bourse bounced back to the green territory as investors confidently rallied predominantly in the plantation shares while the president Ranil Wickremesinghe’s call to establish an all-party government boosted the sentiment.
The buying being driven by the energy sector LIOC because of the price formula and the government not having sufficient fuel.
Lack of fuel in state-run Ceylon Petroleum Corporation means the Lanka IOC, a subsidiary of Indian Oil Corporation (IOC), can increase its sales volume and that can lead to higher profits, analysts said.
Others said the plantation and LIOC shares were up because of better earning expectations in the June quarter.
The more liquid S&P SL20 index gained, closing at 0.76% or 18.48 points higher at 2,448.36.
Sri Lanka is facing its worst fuel and economic crisis in its post-independent era and the economy is expected to contract between 8-10% this year.
The turnover was 1.5 billion rupees, around a third of this year’s average daily turnover of 3.06 billion rupees.
The main ASPI has gained 4.6% in July so far after falling 9.3% in June, reversing a 6% gain in May. It lost 23% in April followed by a 14.5% fall in March.
The market has lost 36.7% so far this year after being one of the world’s best stock markets with an 80% return last year when large volumes of money were printed.
Sri Lanka’s sovereign debt default on April 12 has already led the country to be rated with restricted/selective default rating by rating agencies, which has weighed on investor sentiment.
Investors are also concerned over the steep fall of the rupee from 203 to 370 levels so far in 2022.
Richard Pieris leading the ASPI’s gain, closed 8.6% up at 19.00 rupees a share, Namunukula Plantation closed 24.9% up at 473.25 rupees a share, while Lanka IOC (LIOC) closed 6.1% up at 90.1 rupees. (Colombo/July 29/2022)
ECONOMYNEXT – Yields in Sri Lanka’s risk free treasury three-month treasury bills closed lower on dull trade on Friday, while guidance peg on interbank spot trading strengthened, dealers said.
The three months’ bill yield closed at 26.30/27.30 percent down from Thursday’s close at 27.00/27.30 percent.
A bond maturing on 01.06.25 closed at 27.80/28.00 percent steady from 27.80/28.00 percent at last closing.
The kerb rate for the US dollar was 379/380 rupees.
A guidance peg announced by Sri Lanka’s central bank for interbank transactions strengthened 20 cents to 360.80 rupees against US dollar on Friday from the previous day’s close of 361.00 rupees.
Commercial banks offered dollars for telegraphic transfers at rates between 367.80 and 370.00 for small transactions on July 29, data showed.
Banks offered to buy inward remittances at 357.80 -359.00 rupees. (Colombo/July 29/2022)
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