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Friday January 27th, 2023

Sri Lanka Police lose seven horses in seven months amid feed shortage

ECONOMYENEXT – Sri Lanka Police Mounted division has lost seven horses due to feed shortage,  a police official said, amid import bans.

One horse has died from internal injuries that was caused due to lack of feed, while the other horses were suffering from various illnesses amid lower nutrition level, Police Media Spokesman Nihal Thalduwa told EconomyNext.

“The deaths occurred in February, April, October and November,” he said.

Each horse under the mounted division is worth around 35,000 US dollars and currently there are around 50 horses that are being maintained, he said.

“According to the doctor’s report, only one horse has died because of internal injuries occurred due to lack of feed,”

Sri Lanka has banned many imports including processed animal feed and raw materials for feeds due to a forex shortage that later turned into an economic and political crisis.

The local production of feed was further affected by the import ban on fertilizer, resulting in a drop in agricultural products.

After the rupee collapsed in early 2022, animal feed importers have been struggling. The ban was later lifted partially.

The import ban led commercial banks to refuse to open letters of credit. The available foreign reserves were allocated to import fuel and medicine to the country.

“According to the reports, other horses have been suffering from illnesses which caused the deaths,” Thalduwa said.

However, the Police-Mounted division will be investigating what causes the illnesses, he said.

“They are going to do some research because all the horses are from Europe or Australia and they need to find out what are the reasons for the deaths of the horses. Sometimes European horses tend to be ill with the climate change,” Thalduwa said.

“And May be because these horses fell ill, they may have reduced the amount of food they take,” he said.

However, the division has said an in-depth investigation will be carried out to identify the reasons.

According to Thalduwa, even though there is a medicine shortage in the country, there is enough medicine for horses and doctors are also available in the division. (Colombo/ Dec06/2022)

Comments (2)

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  1. Rahul says:

    Get the Indian horses, no problems

  2. Aljuhara says:

    Who is responsible? Can we please send all remaining horses to some decent cooler country and stop this torture? why do people allow their governments such lunacy? What will it take to shut down this ridiculous circus? Old people don’t have medicine and the government needs to show horses? Doesn’t the president read the news?

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Your email address will not be published. Required fields are marked *

  1. Rahul says:

    Get the Indian horses, no problems

  2. Aljuhara says:

    Who is responsible? Can we please send all remaining horses to some decent cooler country and stop this torture? why do people allow their governments such lunacy? What will it take to shut down this ridiculous circus? Old people don’t have medicine and the government needs to show horses? Doesn’t the president read the news?

Sri Lanka’s Dialog Axiata hopes to hold prices despite rising costs

ECONOMYNEXT – Sri Lanka’s Dialog Axiata hopes to hold prices despite higher taxes, rising costs like energy, officials said as the country goes through the worst currency crisis in the history of its intermediate regime central bank.

High inflation following a collapse of the currency has reduced real incomes of customers.

“There are many factors to consider, especially with the last price increase we did in last year did not resulted in a significant increase in revenue” Pradeep De Almeida · Group Chief Technology Officer at Dialog Axiata said at the launch of its Future zone at Lotus tower.

In September,2022 following an electricity tarrif hike dialog increased its tariffs on Mobile, Fixed Telephone, Broadband Plans and Value Added Services (Prepaid and Postpaid) by 20 percent while tariffs on all Pay Television Services were raised 25 percent.

Value Added Tax (VAT) was also raised by the government from 12 percent to 15 percent on all Telecommunications and Pay TV services.

“Even though we increase the prices we only saw around 8-9 percent increase in revenue,” Almeida said.

“That is because many users cut off their usage to limit the spending”.

Over the 24 months to December 2022, the central bank has generated inflation of 76 percent, based on the Colombo Consumer Price Index official data shows.

Dialog will increase efficiencies and manage costs in an attempt to avoid prices increases for customs, he said.

“We are trying to mainly bear the cost from our side. We are getting a massive support from our parent company Telekom Malaysia International,” Navin Peiris, Group Chief Enterprise Officer at Dialog told EconomyNext.

“Therefore as of now, there is no plan to increase prices”. (Colombo/Jan 26/2023)

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Sri Lanka shares fall at market close on profit taking

ECONOMYNEXT – Sri Lanka shares fell on Thursday as profit taking entered the market mainly on financial and diversified sectors, brokers said.

The main All Share Price Index (ASPI) fell 0.13 percent or 11.50 points to close at 8,926.56.

“The market was trading on dull trade mainly due to profit taking,” an analyst said.

“Also we saw investors taking a sideline as quarterly reports started to come”.

The earnings in the first quarter of 2023 are expected to be negative with revised up taxes and an imminent electricity tariff hike.

Earnings in the second quarter are expected to be more positive with the anticipation of IMF loan and possible reduction in the market interest rates as the tax revenue has started to generate funds.

The central bank’s policy decision was expected and investors have been eying on IMF deal with hopes of rapid economic recovery from the current unprecedented economic crisis, however since the market gained in the last sessions profit taking has come about, analysts said.

The market has been on a rising trend on the hopes of a faster IMF deal. However, the central bank government said the IMF deal is likely in the quarter or in the first month of the second quarter.

The most liquid index S&P SL20 fell  0.33 percent or 9.21 points to 2,798.

LOLC had seen some attention by investors as the firm disposed 90,256,750 shares held with Agstar PLC at 15-17.50 rupees a share.

The market witnessed a turnover of 1.2 billion rupees, lower than the month’s daily average of 1.9 billion rupees.

Expolanka dragging the market down closed 2.36 percent down at 186.7 rupees a share. Sampath bank fell 1.41 percent to close at 42 rupees a share while Royal Ceramic Lanka closed 2.59 percent dwn at 30.1 rupees a share.

(Colombo/Jan26/2023)

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Sri Lanka bonds yields steady at close

ECONOMYNEXT – Sri Lanka bond yields were steady at close on Thursday, dealers said, while a guidance peg for interbank transactions by the Central Bank remained steady.

A bond maturing on 01.05.2024 closed at 31.00/20 percent unchanged from the last close.

A bond maturing on 15.05.2026 closed at 26.60/90 percent, up from 28.50/70 percent on Wednesday.

A bond maturing on 15.09.2027 closed at 28.60/85 percent, up from 28.50/60 percent at the last close.

The three months bill closed at 29.75/30.25 percent unchanged from the last close.

The Central Bank’s guidance peg for interbank US dollar transactions appreciated by another 2 cents to 362.14 rupees against the US dollar.

Commercial banks offered dollars for telegraphic transfers at 360.49 rupees on Thursday, data showed.  (Colombo/Jan 26/2022)

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