Business
Sri Lanka’s Ceylon tea prices weak, output fall expected
ECONOMYNEXT – Sri Lanka tea prices remained weak in the third week of July amid with slightly lower volume being sold from a week earlier, and industry expecting crop intake to fall, as rains ease and fertilizer problem starting to be felt, industry officials said.
Preliminary information from estates indicated that crop volumes may fall in the coming weeks, market participants said. There had also been quality issue in recent auctions brokers said.
There are anecdotal evidence of tea farmers experiencing problems in getting fertilizer on time after Sri Lanka banned chemical fertilizer.
On the buying side, currency problems in Turkey has also hit purchasing power.
Sri Lanka sold 6.8 million kilograms of tea in the auction of July 19 and 20, down from 7.1 million kilograms a week earlier.
It was made up of 0.95million kilograms of Ex-Estate teas (mainly high grown teas sold while in the factory itself to retain quality) and 2.8 million kilograms in Low Grown (Leafy/Tippy) teas.
Low Growns
Last week the Low Grown tea sale average was 630.10 rupees up by 7.77 rupees from a week earlier. BOPF teas maintained prices from last week.
This week, a few select BOP bests gained while the rest maintained last week’s prices.
Select best FBOP/FBOP1were firm and then eased marginally as the sale progressed. Bests and cleaner below bests gained while the rest maintained prices.
Well-made varieties and cleaner below bests FBOPF/FBOP1’s in general maintained steady prices while others declined following lower quality.
High Growns
Last week, the High Grown auction average was tea sale average of 545.47 rupees.
This week in BOP teas, select best and best westerns dropped 20-30 rupees a kilogram.
Brighter below bests declined by 10-20 rupees a kilogram while the balance along with the plainer varieties held firm prices from last week.
BOP Nuwara Eliya prices were irregular following lower quality.
Better Udapussellawa’s declined 20 rupees per kilogram whereas the balance were firm towards the end of the auction. Uva’s maintained last week prices.
In BOPF category, a few best westerns went up by 50 rupees a kilogram while the others gained to a lesser extent.
Brighter sorts in the below best category went up by 30-50 rupees a kilogram while the balance teas along with plainer varieties were irregular. BOPF Nuwara Eliya’s followed a similar trajectory to the BOP teas.
Better Udapussellawa’s were irregular while the rest together with the Uva’s maintained.
Medium Growns
Last week, the Medium Grown auction average was 520.13 rupees up 2.37 rupees from a week before. This week well-made OP/OPA’s gained 10-20 rupees while the balance were firm and as the sale progressed, gained marginally.
BOPF better sorts were lower, brokers said, while well made BOP teas maintained and the rest declined by 20-30 rupees a kilogram.
Select Best FBOP’s eased in general.
FF1’s declined 10-20 rupees a kilogram,.
CTC
High grown BP1s were irregular while PF1 better teas gained 20 rupees a kilogram.
Mid grown BP1s declined 10-20 rupees a kilogram while PF1s followed a similar trend to their BP1 teas. Low grown BPIs better sorts gained 20 rupees a kilogram, while better PF1 teas gained 10 rupees while the rest were irregular.
Crop and weather
Westerns and Nuwara Eliyas recorded a slight decline in crop whilst the Uva/Udapussellawa and Low grown districts maintained, Ceylon Tea Brokers said.
A general decrease in crops were seen in the previous weeks, leading to low volumes at this week’s auction.
The Department of Meteorology forecasts heavy showers with strong winds in the Nuwara Eliya region, eavy showers are expected in the Ruhuna and Sabaragumwa, in the coming week.
The Western planting districts including Nuwara Eliyas reported bright mornings with scattered evening showers. The Low grown region had bright mornings with scattered evening showers.
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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