by Sanath Nanayakkare
All coconut oil stocks imported to the country are subjected to stringent quality checks by the Coconut Development Authority (CDA), the Sri Lanka Standards Institute (SLSI) and the Ministry of Health, therefore, there’s no room for any imported coconut oil with toxic substances to enter the Sri Lankan market, CDA Chairman Keerthi Sri Weerasinghe told The Island Financial Review (IFR) yesterday.
He said so when the IFR spoke to him in the wake of several media reports that imported coconut oil containing Aflatoxins have found their way to the shelves of supermarkets and grocery stores in the country.
“We have a stringent process for checking the quality of imported coconut oil and only if the government stipulated criteria is met, we allow imported coconut oil to be brought into the country beyond the Port of Colombo. So we categorically deny these unfounded reports that may have caused a sense of undue fear in consumers,” he said.
Further speaking he said: “If we find any coconut oil stock that doesn’t meet our standards, we take immediate action to re-export or repatriate it. Even the stocks that are found to be non-toxic don’t directly go to the consumer. These goods first go to the refinery before going to the market. and once they are refined only, they are authorized to be sold.”
“At the refinery, all imported coconut oil stocks are subjected to a physical RBD process, meaning it is Refined, Bleached, and Deodorized to remove any contaminants. It is a physical process entirely without any chemical treatments. The Aflatoxin level of coconut oil gets to zero after this meticulous RBD process. Furthermore, only trace amounts of fatty acids are left after this refining process, enhancing the nutritional value of the coconut oil,” he explained.
“I can assure consumers as chairman of the CDA that RBD oil can be consumed without any fear or concern though it can cost a bit more than other varieties they find in the market. It is no secret that some local mills use copra with fungus to extract coconut oil. The perishable copra is dried outdoors but there is no proper cleaning of the fungi before the oil is extracted. These mills don’t refine, bleach or deodarize their products nor do they bother about toxic substances or fatty acids and they tend to sell their goods on the outskirts of cities. Most of these nefarious trade practices take place outside of Colombo.”
When asked about coconut oil imports to the country, he said,” Coconut yield is not always the same year-round. There is a good yield season and a not so good season. So we have given permission to import coconut oil. We import about 200, 000 tonnes which is 80% of our total coconut oil requirement. The import tax varies according to available local yields to strike a balance between imports and consumer prices. Also, we have to be mindful of having enough coconuts going round for manufacturers of coconut-based products. Otherwise their cost of production will go up and their export businesses will have a negative impact. So it’s a careful balancing act between having enough coconut oil and coconuts for consumers and leaving enough coconuts for industrialists for their business activities while at the same time making sure that no toxic or substandard coconut oil enters our market,” he said.
SL’s hard default status impacts CSE negatively
By Hiran H. Senewiratne
The CSE slipped in the first hour of trading yesterday after opening over 2.0 per cent up due to SJB lawmaker Dr Harsha de Silva informing that Sri Lanka has now become a hard default country with the failure to pay loans raised from other countries, stock market analysts said.
Sri Lanka’s impending default on US $12.6 billion of overseas bonds is flashing a warning sign to investors in other developing nations. Besides surging inflation is set to take a painful toll. The current petrol crisis has driven the CSE to negative territory, analysts said.
Following the previous day’s momentum, the market opened the day gaining over 2.28 per cent or 192.88 points. Amid those developments, the All- Share Price Index slipped 0.39 per cent or 40.44 points and S and P SL20 went down by 7.76 points. Turnover stood at Rs 3.5 billion without a crossing.
In the retail market top seven companies that mainly contributed to the turnover were; Expolanka Holdings Rs 1.1 billion (8.86 million shares traded), Browns Investments Rs 585 million (66.7 million shares traded), LOLC Finance Rs 527 million (49.5 million shares traded), Softlogic Life Insurance Rs 169 million (2.3 million shares traded), Softlogic Holdings Rs 145 million (16.3 million shares traded), LOLC Holdings Rs 116 million (210,000 shares traded) and Lanka IOC Rs 87.1 million (21 million shares traded). During the day 268 million share volumes changed hands in 33659 transactions.
The country’s manufacturing and services sectors suffered a sharp dip in April as per the Purchasing Managers Index (PMI) compiled by the Central Bank.
The manufacturing PMI decreased by 21.4 points as against March whilst the Services PMI was down by 7.5 points. CBSL said the Manufacturing PMI declined significantly in April 2022, following the seasonal pattern and indicating a contraction in manufacturing activities on a month-on-month basis. This would impact the manufacturing and services sector counters in the stock market, analysts said
Sri Lanka’s commercial banks quoted Rs 364 for the dollar against telegraphic transfers yesterday while the Central Bank set a daily guidance rate for interbank spot trade for Rs 359.65 plus or minus Rs 2.50.
Banks could quote Rs 2.50 plus or minus under the new direction and the rate is set below the market rates. The kerb rate has also eased after spiking last week.
ComBank’s ‘Anagi’ partners with insurance companies to offer affordable insurance to female customers
The Commercial Bank of Ceylon has announced it has partnered with several insurance companies to offer special Life and General insurance products with unmatched low premium rates exclusively for women customers, under the Bank’s ‘Anagi Women’s Banking’ portfolio.
Extending the scope of the Bank’s services to support this segment, the insurance cover comprises of Life insurance, Business insurance, and Home insurance options, the Bank said.
Besides the special premium rates that apply, the insurance can be obtained via an extremely simplified process, and can be extended to the spouses of women customers. The Bank said the scheme is expected to promote financial inclusion, one of the primary objectives of the Anagi Women’s Banking portfolio, through insurance protection.
The policy value of the Life insurance cover provided under this scheme ranges from Rs 1 million to Rs 5 million and covers eventualities of ‘natural and accidental death’ of the life assured during the policy period.
Under this Life insurance facility, a female customer of Commercial Bank between the age of 18 and 45 can sign up for a Rs 1 million policy by just paying an annual premium of Rs 1,100. The spouse can obtain the same policy for Rs 1,500. Women between ages 46 and 65 can opt for the same sum assured with an annual premium of Rs 2,200, if the policy is taken for themselves, or Rs 2,750, if the policy is taken to cover the spouse. The cover can be purchased at multiples of the unit rates of Rs 1,100 or Rs 2,200.
Quoting the 2020 report of the Insurance Regulatory Commission of Sri Lanka (IRCSL), the Bank said these are incredibly affordable life insurance policies for women, considering that the average sum assured in Sri Lanka is only Rs 1.4 million for which long term insurance policyholders pay an average annual premium of Rs 28,655.
Commercial Bank’s female customers who become life insurance policyholders under this scheme are also entitled to value added services such as access to free fitness classes conducted by leading online fitness provider Fitzky, and a 15% discount on consultations at any ‘My Dentist’ clinic, the largest dental clinic chain in Sri Lanka.
In addition to the life cover, business women can also benefit from a Business Insurance under ‘Anagi.’ It offers protection against fire or lightning, explosions, malicious or aircraft damages, a series of natural disasters, burglary, acts of terrorism and commotions among other incidents. The policy covers losses to buildings including permanent fixtures, fittings, machinery, stocks, cash, and personal property of the policyholder and the cost of workmen’s compensation, hospitalisation, loss of rent, removal of debris, architect’s, surveyor’s, and engineer’s fees due to damage or accidents, and damage to service lines, to name a few. It also includes Personal Accident cover for employers and employees in the event of death or permanent disability, as well as legal liability cover.
LOLC General Insurance named Best General Insurance Company of the Year
The 3rd Emerging Asia Insurance Awards 2021, recognized LOLC General Insurance PLC as the ‘Best General Insurance Company of the Year’ amongst the top Insurance companies nominated from South-East Asia. The evaluations were done by PricewaterhouseCoopers (PwC), the multinational professional service network and the event was held ceremonially on the 30th of April 2022 in Kolkata, India.
The Indian Chamber of Commerce (ICC) initiated the Emerging Asia Insurance Awards to acknowledge, honour and to recognise the efforts made by the emerging Asian Insurance companies while creating a platform for them to discuss their common challenges and its ramifications effecting the Insurance sector.
PwC performed the groundwork for the awarding body in reviewing and assessing the applicant profiles. The selection of awards comprised of several criteria and PwC has evaluated the audited financial data (for the last three financial years) of the applicants. Performance on Technical Reserve to Net Premium Ratio, Combined Ratio, Top Line Growth, Shareholder Capital, Number of complaints received, Claim Settlement Ratio and Investment on Training were assessed in gauging the winners.
LOLC General Insurance PLC is a subsidiary of LOLC Holdings PLC, which is one of Sri Lanka’s largest and most diversified conglomerates with operations in 20 countries in Asia and Africa. LOLC General Insurance PLC is currently one of the fastest growing Insurance companies in Sri Lanka and owns 45% of Serendib Micro Insurance PLC in Cambodia. The company has evolved into one of the country’s leading insurance providers of today, in a relatively short period of time.
During the last few years the company continuously streamlined their processes and achieved greater coordination between different units of the company to implement a customer centric approach. The organisation is committed to continuously improve its overall processes, efficiency and relationships to serve the customers better.
During 2021, LOLC General Insurance recorded a premium income growth of 19.2% which was the highest growth recorded by a mid/large sized company in the General Insurance industry and reported paid claims to the tune of Rs. 2.5 billion. LOLC General Insurance has always maintained an undisputed and unsurpassed reputation for speedy settlement of claims. The amount of money provided in lieu of claim reimbursements during the last financial year itself, reflects the company’s commitment to timely claim settlements.
Commenting on the remarkable achievement Chief Executive Officer of LOLC General Insurance, Mr. Kithsiri Gunawardena said “It’s indeed an honour to be adjudged by PwC as the Best General Insurance Company of the Year at the Emerging Asia Insurance Awards 2021 organized by the Indian Chamber of Commerce. Winning the award among Pan-Asian giants this year is all the more precious to us due to all the challenges faced globally as well as within our island nation. I wish to take this opportunity to thank our untiring staff who are key in the success of the organisation and of course our invaluable customers who we strive to give the best service at all times. We will continue to provide innovative risk solutions and create value to our customers, employees and stakeholders!”
LOLC General Insurance aims to help the customers understand and to manage the risks they face, be it individual, family or business. The company works hard to offer the customers a range of products and services coupled with expert support. The solutions assure protection against numerous risks and support all classes of products in the General Insurance space. The organization is supported by Swiss Re, one of the largest reinsurers in the world.
Wimal asks for PSC probe into top officials’ complicity in violence
SL’s hard default status impacts CSE negatively
Dr. Pathirana says IGP, Public Security Ministry Secy. allowed goon attacks
‘Dates have the highest sugar content to fight Coronavirus’
U.S. Congress to probe assets fleecing by US citizens of Sri Lankan origin
Sunday Island 27 December – Headlines
Sports5 days ago
CA committed to Sri Lanka despite DFAT travel warning
News6 days ago
Ranil’s appointment as PM: JVP issues ominous warning
News5 days ago
President asks SJB if it will join interim Cabinet
News3 days ago
BASL reiterates call for abolition of Executive Presidency
Features4 days ago
Whose saviour is Ranil? Sri Lanka’s or the President’s
Features3 days ago
Sri Lanka: Debt crisis, neocolonialism and geopolitical rivalry
Features6 days ago
Ex-PM nad dastardly attacks
News4 days ago
Political horse trading in full swing alleges JVP