Business
Colombo Tea Auction prices remain stable despite conflict between Russia and Ukraine
‘A degree of uncertainty and volatility in the future would no doubt be a concern’
Amidst the ongoing conflict between Russia and Ukraine, and the sanctions imposed on Russian banks, the Colombo Tea Auction prices largely remain unchanged, according to Forbes & Walker Tea Brokers.
“Perhaps a degree of uncertainty and volatility in the future would no doubt be a concern for the Sri Lankan tea sector considering the ‘Ceylon Tea’ presence in both these markets. Undoubtedly trading conditions are likely to be strained and additional war risk surcharges would further escalate the high logistics rates, which have already adversely impacted on tea prices,” they said.
Forbes & Walker Tea Brokers further said, “Total Auction offerings declined sharply and totalled 4.98 M/Kgs from the 6.0 M/Kgs on offer the previous week. Ex-Estate offerings comprised of 0.81 M/Kgs, down from a 0.98 M/Kgs the previous week.
Overall quality of teas from the Western planting districts showed a decline with fewer seasonal teas on offer. Consequently, prices for the better Westerns’ declined by Rs. 20-30 per kg and more with the exception of the few available seasonal teas which continued to sell in keeping with quality. In the Below Best category, BOP/BOPF’s declined Rs. 20-40 per kg and Rs. 20 per kg respectively. Plainer BOP’s declined Rs. 10-20 per kg, whilst the corresponding BOPF’s sold around last week’s levels. Nuwara Eliyas’ – the limited availability of BOP/BOPF invoices sold around last week’s levels, whilst the Uva/Uda Pussellawa prices mostly remain unchanged.
High and Medium Grown CTC teas continued to witness a bearish sentiment, whilst the Low Growns which have been selling at premium levels for a period of time declined fairly sharply by Rs. 30-60 per kg.
Low Growns comprised of 1.9 M/Kgs in the Leafy/Semi Leafy and Tippy catalogues. There was fair demand.
In the Leafy and Semi Leafy catalogues, Select Best BOP1/OP1’s together with clean Below Best varieties maintained, whilst the others were barely steady. Well-made OP/OPA’s were firm to marginally easier following quality, whilst the others in the Below Best category and poorer sorts were barely steady. A range of well-made PEK/ PEK1’s were fully firm to selectively dearer, while the others and poorer sorts maintained.
In the Tippy catalogues, select Best FBOP/ FF1’s were firm to marginally easier, whilst the Best together with cleaner Below Best sold around last levels. Balance declined following quality.
In the Premium catalogues, Very Tippy teas continued to attract good demand. Best together with cleaner Below Best were firm, whilst the balance were irregular following quality.
National tea sales average for the month of February 2022 recorded Rs. 725.63 (USD 3.61), thus establishing the highest ever recorded average for a calendar month surpassing the previous best of Rs. 704.67 (USD 3.56) recorded in the month of January 2022. In comparison to the February 2021 average of Rs. 645.95 (USD 3.35), shows a significant increase of Rs. 79.68 YOY.
When analysing the respective elevational averages for the month of February 2022 – Highest ever High Grown average for the month of February of Rs. 696.48 (USD 3.47) recorded an increase of Rs. 15.92 month on month vis-à-vis Rs. 680.56 (USD 3.39) of January 2022. When compared to the February 2021 average of Rs. 611.83 (USD 3.17), a significant increase of Rs. 84.65 is recorded YOY.
Highest ever Medium Grown average for a calendar month totalling Rs. 645.08 (USD 3.21) for February 2022 recorded an increase of Rs. 18.35 month on month vis-à-vis the previous highest of Rs. 626.73 (USD 3.12) of January 2022. When compared to February 2021 average of Rs. 579.78 (USD3.01), shows a significant increase of Rs. 65.30 YOY.
Low Growns too recorded the Highest ever average of Rs. 759.45 (USD 3.78) in February 2022 surpassing the previous best of Rs. 744.52 (USD 4.01) recorded in May 2020. It records an increase of Rs. 25.76 month on month and Rs. 85.34 YOY respectively.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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