Business and Economics
Veracity AI partners with Australian AgTech company: ‘GoMicro’ to transform Sri Lanka’s agriculture industry

Surveys have indicated that about 40% of Sri Lankan farmers apply pesticides to their crops prior to the appearance of any symptoms of pest or disease, irrespective of whether the crop is actually diseased or not.

The incorrect usage and/or misuse of chemical pesticides in agriculture has long been the prevalent problem for the industry in Sri Lanka; one that has proven to have detrimental health effects on the farmers that incorporate them into their farming methods, the consumers that buy the produce, as well as on the environment that supports the growth of these crops. Instances where pesticide residues have been detected in exported consignments have also threatened international trade.

Veracity AI and its subsidiary Spectrify AI, are developing a groundbreaking, phone-based AI detection tool that harnesses spectral and image technology to directly benefit the agriculture industry.

The Body Shop amps up Love Your Body programme

Pioneering ethical cosmetics and skin care manufacturer The Body Shop has amped up its ‘Love Your Body’ loyalty rewards programme during its semi-annual end of season sale, the UK-based company announced this week.

Love Your Body members will be rewarded with exclusive discounts up to 25% until 31 July, a significant increase from the previous 10% discount offered by The Body Shop under its loyalty scheme.

The Love Your Body programme was launched with the objective of fostering a deeper and more meaningful link between brand and customer that goes beyond a typical loyalty scheme.

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Reserve Bank of India inks $ 400mn currency swap deal for Sri Lanka

The Reserve Bank of India has signed necessary documents for extending a US$ 400 million currency swap facility to the Central Bank of Sri Lanka. This currency swap arrangement will remain available till November 2022, the High Commission of India in Colombo said today (25).

The High Commission has conveyed this information to senior officials in the Government of Sri Lanka and the Central Bank of Sri Lanka. Earlier, on July 14, Deputy High Commissioner Vinod K. Jacob had met and discussed the currency swap arrangement with the Governor of the Central Bank of Sri Lanka, Prof. W.D. Lakshman.

The High Commission has remained closely engaged in fruitful bilateral cooperation with Sri Lanka on all matters of mutual interest. It would be recalled that on 22 July, High Commission facilitated constructive technical discussions on rescheduling of bilateral debt repayment by Sri Lanka.

These positive developments illustrate active implementation of the leadership-level commitment to work together for addressing the challenges arising from the COVID-19 pandemic, and further the mutually beneficial India-Sri Lanka partnership, including in the economic domain, the statement concluded.

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