Business
Tea auction buoyant amid cumulative production records decrease in first 7 months
Colombo Tea Auction saw improved demand this week with Low Grown varieties selling well in the backdrop of dipped production levels from January to July this year.
Cumulative production of tea from January 2020-July 2020 totalled 156.3 M/kgs, recording a decrease of 28.4 M/kgs vis-à-vis 184.8 M/kgs of January-July 2019, Forbes and Walker Tea Brokers’ report on August 26 showed.
On a cumulative basis, all elevations showed a decrease year-on-year with Low Growns in particular showing a fairly significant variance, the report said.
Meanwhile, a total of 6.2 M/Kgs were on offer at the auction this week, recording a decline from the previous week’s 6.95 M/Kgs, while there was good demand.
Ex-Estate offerings comprised 0.86 M/Kgs, once again recording a decline from the previous week’s 0.95 M/Kgs. There was improved demand, particularly as the sale progressed. Best Western BOP’s – high priced tea of last week were up to Rs. 20 per kg lower on average, whilst the others gained Rs. 10-20 per kg selectively following special inquiry.
Corresponding BOPF’s appreciated up to Rs. 20 per kg. In the Below Best category, brighter BOP’s gained Rs. 10-20 per kg, whilst the others sold around last week’s levels. Corresponding BOPF’s appreciated Rs. 20 per kg. Plainer sorts continued to sell at last week’s levels. Nuwara Eliyas – with most estates in the region adopting a large leaf manufacturing process, there was hardly any offerings of BOP/BOPF grades this week. Uda Pussellawas sold around last. Uvas – the limited availability of seasonal/brighter teas were substantially dearer. Other BOP/BOPF’s were firm, with the latter appreciating Rs. 10 per kg on selected lots.
High and Medium Grown CTC BP1’s witnessed a correction in prices after several weeks of price advances. PF1’s were generally firm though irregular following quality. Corresponding Low Grown varieties continued to sell well.
Low Grown Leafy/Semi Leafy and Tippy’s comprised of approximately 2.7 M/Kgs. There was fair demand. BOP1’s together with OP1’s were fully firm to dearer barring a selection of teas that did not maintain quality which declined in value. OP/OPA’s too were generally firm to dearer.
Here again, a selection of teas that did not maintain quality, particularly in the Below Best category, were irregular and lower. PEK/PEK1’s met with good demand this week and prices were fully firm to dearer. In the Tippy catalogues, select FBOP/FF1’s were easier Rs. 10-20 per kg and more, whilst Best and Below Best varieties too declined further. A selection of cleaner secondaries were, however, fully firm to dearer. Others and the teas at the lower end were easier. In the Premium catalogues, a selection of well-made teas maintained, whilst the others were lower to last, the report said.
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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