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Wednesday February 1st, 2023

Cyclone Mandous kills hundreds of livestock in Sri Lanka’s northern farms

ECONOMYNEXT – Unusually cold weather in Sri Lanka’s northern province caused by the Mandous cyclonic storm in the Bay of Bengal has led to the death of hundreds of farm animals with hundreds more falling sick.

An official said a drop in temperature below 20 degrees Celsius combined with strong winds triggered the death of nearly 350 cattle and 180 goats in four districts of the province.

Jaffna District Kilinochchi District Mullaitivu District Vavuniya District
Cattle deaths – 49

Sick – 17

Cattle deaths – 168

Sick – 159

Cattle deaths – 120

Sick – 159

Cattle deaths – 21

Sick – 17

Goat deaths – 58

Sick – 50

Goat deaths – 6

Sick – 3

Goat deaths – 42

Sick –

Goat deaths – 85

Sick –

Department of Animal Production & Health (DAPH), Provincial Director, Dr S Vaseeharan attributed the incident to poor livestock management practices, which he said has been killing farming animals for years, long before the arrival of the cyclone.

“These kinds of tragedies occur every other year due to the extreme hot climatic conditions, floods and so on. These animals have no insurance cover since they are raised to be slaughtered,” Vaseeharan said.

The official said livestock in these districts have no safeguard against such natural disasters. They’re free grazing animals with no permanent shelter to protect them from environmental hazards.

“There are also 300- 400 in a herd. These animals are owned by farmers and they are sent astray to graze on available land. That’s the extent of their management system,” said Vaseeharan.

A majority of the animals, he said, are for meat production and not for dairy and therefore the farmers are not inclined to invest or care about their well-being.

The small farms too have being affected and Vaseeharan said prevention is actually impossible and the number of deaths may rise.

However, the latest updates from the Department of Meteorology said cyclone Mandous was expected to gradually weaken into a deep depression by Saturday morning and into a depression by noon. (Colombo/Dec10/2022)

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  1. sacre blieu says:

    So what is our so-called ambassador doing about it? Farming his own and close connections interests.

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  1. sacre blieu says:

    So what is our so-called ambassador doing about it? Farming his own and close connections interests.

Sri Lanka coconut prices ease at auction

ECONOMYNEXT- Sri Lanka’s coconut auction prices fell in the last auction in January 2023, with average prices going down by 4.1 percent at an auction on January 26, data showed.

The average price for 1,000 nuts fell to 80.811.89 from 84,116.85 a week earlier at the weekly auction conducted by Sri Lanka’s Coconut Development Authority.

The highest price was 87,300 rupees for 1,000 nuts down from the previous week’s 90,200 rupees, while the lowest was 72,500 down from 73,000 rupees.

The auction offered 469,564 coconuts and 300,983 nuts were sold. (Colombo/ Feb 01/2023)

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Sri Lanka shares edge up at close

ECONOMYNEXT- Sri Lanka’s shares edged up on Wednesday pushed as investors bought in to beaten down shares following the previous session’s drop, market analyst said.“

At this price level what we are seeing is a lot of confidence from the investors to collect when the prices drop. So, the market is not falling sharply,” a market analyst said.

Market had also seen buying in Expolanka shares on speculation that the parent company of SG Holdings was buying back into the shares.

All Share Price Index (ASPI) edged up by 0.96 percent or 84.96 points to 8,950.01.

The most liquid index S&P SL20 gained 1.27 percent or 35.02 points to 2,799.53.

Banking and Insurance counters had seen interest on the back of positive sentiments from the IMF.

The central bank has said it could cut interest rates in future when the the country sees fall in inflation, which has already started decelerating.

The market saw a turnover of 1.5 billion rupees today,lower than the month’s daily average of 1.8 billion rupees and nearly half of 2022 average turnover of 2.9 billion rupees.

The bourse saw a flow of net foreign inflow of 45 million rupees extending the net offshore buying to 1.9 billion so far this year.

Top gainers of the day were Commercial Bank, Expolanka, and Ceylinco Insurance. (Colombo/Feb01/2023)

 

 

 

 

 

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Sri Lanka bond yields down at close

ECONOMYNEXT – Sri Lanka’s bond yields were down at close following a bond auction on Wednesday, dealers said while a guidance peg for interbank transactions remained unchanged.

“The rates were steady at the auction,” a dealer said.

“This can be a signal to the market saying the rates will go down in the future.”

A bond maturing on 01.07.2025 closed at 32.40/60 percent, down from yesterday’s 32.60/85 percent.

A bond maturing on 01.05.2027 closed at 29.10/35 marginally down from yesterday’s 29.20/75 percent.

The Central Bank’s guidance peg for interbank US dollar transactions remained unchanged at 362.14 rupees against the US dollar.

Commercial banks offered dollars for telegraphic transfers at 371.38 rupees on Friday, data showed. (Colombo/Feb 01/2022)

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