The beach and the ocean are both idyllic escapes for many. It can appeal to one’s senses, from swimming in the sea to exploring sea life or pressing one’s feet against the wet beach sands. However, enjoying such pleasures becomes problematic when the beaches and ocean are polluted due to anthropogenic activities.
A study submitted to the Marine Pollution Bulletin in 2020 stated that factors contributing to Sri Lanka’s pervasive environmental issues stem from fisheries, mismanaged harbour operations, and tourism. There are people and organizations in Sri Lanka involved in mitigating and providing solutions to improper plastic waste management by reversing these misdoings.
Waste Less Arugam Bay (WLAB) is one such entity focused on building a green and sustainable tourist destination in Arugam Bay. Founded in 2018, Hendrik Konzok, founder and director of WLAB, was operating a manufacturing company, Rice and Carry, making bags and fashion accessories from upcycled materials. During this time, businesses and tourists in Arugam Bay suggested that WLAB upcycle discarded plastic bottles.
Henry and his team saw the value in collecting plastic bottles for recycling. WLAB was then established to educate and collect plastic waste disposed of improperly. “Tourism is one of the largest contributors to the waste plastic issue. The increase in plastic pollution in A’bay is due to the rise in the need for bottled water consumption by tourists,” stated Hendrik.
He also noted that before the COVID-19 outbreak, over 5000 tourists traveled to Arugam Bay per day. Henry’s team would find about 5000 – 15,000 PET bottles discarded irresponsibly onto roads and waterways. COVID-19 has drastically reduced the amount of PET waste discarded in Arugam Bay, owning to a drop in tourism and island-wide travel restrictions.
A WLAB truck is deployed every day to collect plastic from all across Arugam Bay. Waste is then brought back to the facility for bailing before sending it to Eco Spindles, Sri Lanka’s largest plastic recycler. Henry and other collectors like him also earn by handing waste plastics for the recycling giant. “WLAB is an intervention. We want to educate tourists on waste management so they know the importance of ensuring that plastic waste is disposed of properly. We are in the business of changing people’s behaviour through awareness,” noted Hendrik.
Tourists are shown how bottles are compressed before transportation. They are also invited to use the machinery at the WLAB facility to make products such as surfboard wax combs and key tags. These are made out of shredded and melted plastic bottle lids, which creates value perception.
Their mission to educate does not stop there. WLAB houses a water filtration system in their facility where tourists can refill their bottles. The bottle is placed on a balance, and when it is refilled to one litre, the balance tips. Then the opposite end of the balance shows that by filling a bottle, they have mitigated using seven litres of water, 200 grams of oil, and other resources needed to manufacture one PET bottle. “We noticed between 2018 and 2019 that businesses offering refills grew from 8 places to 20 places, which is great to see,” remarked Hendrik.
Knowing the value WLAB creates in Arugam Bay, Eco Spindles also provides recycled polyester yarn that WLAB sources to make tote bags out of recycled plastic. “Though we are still in the product development phase, we thank Eco Spindles for sending us polyester yarn to test. This provides opportunities to the cottage and village level industries in craft, to create jobs and build livelihoods,” praised Hendrik. Using discarded plastics, Eco Spindles produces value-added products. This includes polyester yarn for global apparel brands and monofilaments for some of the world’s biggest brush producers.
WLAB also looks at innovatively combatting pollution through a plastic credit system when plastic is collected by working with Pristine Ocean and Empower.eco. “Any company in the world with a plastic footprint who wants to become plastic neutral can measure how many kilos they are releasing to the environment. These companies can then buy the same amount of plastic to be removed from the environment through organizations like mine. This money then enables us to do commercial level beach clean-ups in Arugam Bay,” noted Hendrik.
This is the story of an organization that is educating and offering solutions to waste-related issues. The efforts of Henry’s team will be fruitless if strides are not taken to have stronger legislation. Corporations and people need to be held accountable for the mismanagement of plastic waste. Governments and local authorities must have proper infrastructure and incentives to improve the collection and disposal of plastic. We need to be conscious, and we need your support!
Sri Lanka’s Ceylon tea prices weak, output fall expected
ECONOMYNEXT – Sri Lanka tea prices remained weak in the third week of July amid with slightly lower volume being sold from a week earlier, and industry expecting crop intake to fall, as rains ease and fertilizer problem starting to be felt, industry officials said.
Preliminary information from estates indicated that crop volumes may fall in the coming weeks, market participants said. There had also been quality issue in recent auctions brokers said.
There are anecdotal evidence of tea farmers experiencing problems in getting fertilizer on time after Sri Lanka banned chemical fertilizer.
On the buying side, currency problems in Turkey has also hit purchasing power.
Sri Lanka sold 6.8 million kilograms of tea in the auction of July 19 and 20, down from 7.1 million kilograms a week earlier.
It was made up of 0.95million kilograms of Ex-Estate teas (mainly high grown teas sold while in the factory itself to retain quality) and 2.8 million kilograms in Low Grown (Leafy/Tippy) teas.
Last week the Low Grown tea sale average was 630.10 rupees up by 7.77 rupees from a week earlier. BOPF teas maintained prices from last week.
This week, a few select BOP bests gained while the rest maintained last week’s prices.
Select best FBOP/FBOP1were firm and then eased marginally as the sale progressed. Bests and cleaner below bests gained while the rest maintained prices.
Well-made varieties and cleaner below bests FBOPF/FBOP1’s in general maintained steady prices while others declined following lower quality.
Last week, the High Grown auction average was tea sale average of 545.47 rupees.
This week in BOP teas, select best and best westerns dropped 20-30 rupees a kilogram.
Brighter below bests declined by 10-20 rupees a kilogram while the balance along with the plainer varieties held firm prices from last week.
BOP Nuwara Eliya prices were irregular following lower quality.
Better Udapussellawa’s declined 20 rupees per kilogram whereas the balance were firm towards the end of the auction. Uva’s maintained last week prices.
In BOPF category, a few best westerns went up by 50 rupees a kilogram while the others gained to a lesser extent.
Brighter sorts in the below best category went up by 30-50 rupees a kilogram while the balance teas along with plainer varieties were irregular. BOPF Nuwara Eliya’s followed a similar trajectory to the BOP teas.
Better Udapussellawa’s were irregular while the rest together with the Uva’s maintained.
Last week, the Medium Grown auction average was 520.13 rupees up 2.37 rupees from a week before. This week well-made OP/OPA’s gained 10-20 rupees while the balance were firm and as the sale progressed, gained marginally.
BOPF better sorts were lower, brokers said, while well made BOP teas maintained and the rest declined by 20-30 rupees a kilogram.
Select Best FBOP’s eased in general.
FF1’s declined 10-20 rupees a kilogram,.
High grown BP1s were irregular while PF1 better teas gained 20 rupees a kilogram.
Mid grown BP1s declined 10-20 rupees a kilogram while PF1s followed a similar trend to their BP1 teas. Low grown BPIs better sorts gained 20 rupees a kilogram, while better PF1 teas gained 10 rupees while the rest were irregular.
Crop and weather
Westerns and Nuwara Eliyas recorded a slight decline in crop whilst the Uva/Udapussellawa and Low grown districts maintained, Ceylon Tea Brokers said.
A general decrease in crops were seen in the previous weeks, leading to low volumes at this week’s auction.
The Department of Meteorology forecasts heavy showers with strong winds in the Nuwara Eliya region, eavy showers are expected in the Ruhuna and Sabaragumwa, in the coming week.
The Western planting districts including Nuwara Eliyas reported bright mornings with scattered evening showers. The Low grown region had bright mornings with scattered evening showers.
Some Sri Lanka firms could be hit on import controls as reserves fall: Fitch
ECONOMYNEXT – Some Sri Lankan firms could be hit while firms in essential goods may be less affected and import substitution firms could benefit if import controls are tightened on weak external finances, Fitch, a rating agency said.
“Sri Lanka sovereign’s weak external finances will affect corporates importing non-essential finished goods such as consumer durables more than corporates importing essential finished goods such as pharmaceuticals, food or clothing,” Fitch said.
“At the same time, we believe restrictions are less likely in the near term on the importation of raw materials for the domestic manufacture of essential products such as personal care, or for those industries serving as import-substitutes such as tyre and footwear manufacturers.”
Inflated Reserve Money
Sri Lanka’s central bank has been injecting liquidity (inflating reserve money supply in excess of the external monetary anchor or peg) keeping interest rates and credit out of line with the balance of payments and triggering forex shortages.
The central bank has lost foreign reserves as the liquidity was used in state salaries and later in cascading bank credit, and the news money redeemed against foreign reserves for imports or debt payments at a non-credible peg (convertibility undertaking).
The convertibility undertaking has far shifted from around 185 to 203 to the US dollar since early 2020. After convertibility was restricted for trade transactions, as well as some capital transfers banks started to ration dollars.
Parallel exchange rates have also risen as a result.
Due to Mercantilist beliefs – which are also taught in Keynesian universities – monetary instability has been blamed on imports, and authorities tried to control imports.
In Sri Lanka oil often is blamed for currency falls, though liquidity injections in 2015 created a currency crisis as global oil prices collapsed.
However as credit driven by the new liquidity shifted to permitted areas, the trade deficit had exceeded the 2019 levels by May 2021.
In June some import restrictions were relaxed.
Among Fitch Rated firms, consumer durables sellers were likely to be most affected.
“Singer (Sri Lanka) PLC (AA(lka)/Stable) and Abans PLC (AA(lka)/Stable) are the most exposed among Fitch-rated corporates to tighter import controls, due to the discretionary nature of their products,” the rating agency said.
“A tightening in import controls may exert pressure on both entities’ ratings, owing to low headroom. However, the availability of buffer inventories, a degree of local manufacturing, and potential group synergies in the case of Singer, could help mitigate the impact in the near term.”
Meanwhile firms that critics call crony import substitution firms which have actively lobbied politicians for protection in the past to create a domestic ‘black market’ at high prices could benefit.
“We expect sales volumes for domestic manufacturers to rise in the near term as they attempt to fill shortages created by import restrictions,” Fitch said.
“Therefore, corporates such as the domestic tyre manufacturer Ceat Kelani Holdings (Private) Limited (CKH, AA+(lka)/Stable), footwear manufacture and retailer DSI Samson Group (Private) Limited (DSG, AA(lka)/Stable), as well as electric cable producer Sierra Cables PLC (AA-(lka)/Negative), may be long-term beneficiaries as their products serve as import substitutes.”
The impact on alcohol, beverage and phamarceuticals may be neutral.
“We believe pharmaceutical manufacturers and distributors such as Hemas Holdings PLC (AAA(lka)/Stable) and Sunshine Holdings PLC (AA+(lka)/Stable) are less likely to see tighter import restrictions despite significant import exposure,” Fitch said.
“This is because of the essential nature of their goods, and limited availability of their products in the local market.
“Hemas and Sunshine have limited domestic manufacturing capabilities for certain generic drugs, while around 90% of the pharmaceutical products they sell are imported.
“This is because domestic pharmaceutical manufacturing is at a nascent stage, with producers lacking the technological know-how and infrastructure near term as they attempt to fill shortages created by import restrictions.”
Sri Lanka Insurance holds Annual General Meeting via Zoom online platform
Sri Lanka Insurance holds its Annual General Meeting via Zoom online platform on 7th July 2021. The Chairman and Board of Directors were participated for the meeting from their respective locations adhering to the Covid 19 health and safety standards issued by Health authorities.
During the Annual General Meeting, it was declared that the company has closed year 2020 in a positive note recording phenomenal growth with exceptional service innovations.
Sri Lanka Insurance the premier insurer to the nation recorded stellar performance in 2020 to record a Profit before taxation of Rs. 7.9 billion for the year2020 , with a strong improvement in combined Gross Written Premium (GWP) of Rs. 39.4 billion denoting growth of 16.65%.
In the year of 2020 Sri Lanka Insurance reported 29.9 % growth in life insurance premium increasing to Rs.19.8 from 14.8 billion whilst Sri Lanka Insurance General reported 6.27% premium growth increasing to Rs.20.1 billion. General insurance contributed 51% towards the total GWP whilst Life Insurance contributed 49 %.
In continuing with its tradition of leadership, Sri Lanka insurance in 2020, surpassed its own record to declare a sum of Rs.8.6 billion as bonus to policyholders. The cumulative life insurance bonus paid out during the past 15 years tops a massive Rs.73.2 billion making the SLIC bonus payout unmatchable.
“Inclusive insurance or as I like to call it “Insurance for All” is something I have consistently reiterated, for it is without a doubt one of the best ways to safeguard the quality of life for every Sri Lankan. Insurance helps everyone, even those at the base of the economic pyramid . A majority of Sri Lankans are unaware that Insurance acts as a safety net in times of crisis and can provide people and businesses with lifeline to help them recover from unforeseen events to re-establish their livelihoods. What is more disconcerting is that the lack of awareness has given rise to the misconceptions that insurance is a product for a privileged few. The task of delivering “Insurance for All” is no easy feat. However, with over 59 years of expertise in serving the Sri Lankan market, I am convinced SLIC is best equipped to lead the movement to make insurance accessible to all.” noted Mr.Jagath Wellawatta, Chairman of SLIC.
Notwithstanding the challenging macroeconomic environment and large-scale disruptions due to the COVID-19 outbreak, SLIC delivered an excellent performance in 2020, even outperforming the industry on many fronts. With our perceptions and outlook coloured by the pandemic, we embarked on a new strategic planning exercise aimed at mapping out SLIC’s growth trajectory for the next 3 years. Eager to put our plan into action, we advanced the first phase of our agenda and undertook a broad based restructuring initiative to embed a greater degree of management oversight across the General business and the Life business, which we felt will pave the way for SLIC to systematically improve the scalability of each business, based on specific opportunities in the market.” noted Mr. Chandana L. Aluthgama, Chief Executive Officer of SLIC.
Established in 1962, Sri Lanka Insurance Corporation is the largest government-owned insurance company in Sri Lanka, with a managed asset base of over Rs.235 billion and a Life fund of Rs. 134 billion, the largest in the local insurance industry. Sri Lanka Insurance ranked as the ‘Most Loved Insurance Brand’ and the ‘Most Valuable General Insurance Brand’ in the country by Brand Finance for the fourth consecutive year. Further Sri Lanka Insurance recognized as a “Great Place to Work” in Sri Lanka by Great Place to Work. The company is on the mission of being a customer focused company which constantly innovates in providing insurance services to customers and is now serves customers through an extensive network of 158 branches.
Police detain Bathiudeen’s wife, father-in-law and another suspect over domestic aide’s death
Flame throwers as deterrent to wild elephant incursions into cultivations?
Durian prevent cancer and improve digestion
7-billion-rupee diamond heist; Madush splls the beans before being shot
The Burghers of Ceylon/Sri Lanka- Reminiscences and Anecdotes
Unfit, unprofessional, fat Sri Lankans
news4 days ago
J’pura University scientists: Sinopharm very effective against Delta variant
Business5 days ago
Hayleys Fabric cuts carbon footprint by 15% with Sri Lanka’s largest solar roof
Sports6 days ago
Stunning Indian batting flattens Sri Lanka
Sports6 days ago
An American hurdling for Sri Lanka at Olympics
Business5 days ago
Sri Lanka Tourism to request debt and interest waivers from Central Bank
Sports3 days ago
Sports5 days ago
Find remedies or face consequences
Features5 days ago
Fame for Sri Lankan…in Europe