Business
Tea production and prices leaving much to be desired
By Steve A. Morrell
Brokers’ comparative analysis of tea production in Sri Lanka for January 2024 and January 2023 did not yield any noteworthy and positive statistics that merit elaborate commentary.
Year 2023 ended with a production of some 256 million Kgs, with 2021 recording around 299 million Kgs. Data gleaned from the Asia Siyaka Weekly Tea Market Report last week revealed these comparative results.
Auction prices during last week did not indicate any substantial improvements either.
Forbes and Walker Tea Market Report said, however, that prices improved as the auction proceeded with improved selection coming from Nuwara Eliya and Uva Udapussellawa. Such selections broke the trend of unsold volumes. Better teas gained Rs.50 to Rs. 70 per kilo.
The declining trend in prices was attributable to perhaps the instability of Sri Lankan rupee and the turbulence in money markets.
Ex- estate offerings totaled around 0.72 million Kgs for the week, reflecting dependence among the smallholder sector.
Tea factory owners informed us that some factories pay as much as Rs, 300 for each kilo of green leaf supplied by smallholders. Some smallholders informed us that holdings of around 10 to15 hectares generated substantial profits.
Private factory owners were of the view that their enterprises generated profits. These views were voiced by smallholders in the low country as well as those in the central hills as well.
Of the 4.6 million Kgs on offer, low growns accounted for 2.10 million kgs. Low production trends were not unusual during this time of year because of drought conditions in the western hills. Factory owners were confident that March / April showers will result in crop rejuvenation.
Asia Siyaka weekly Tea Report also indicated that the Sri Lanka Tea Board had confirmed that production for January this year was 19.1 million kgs. However this figure was eventually revised to 18.4 million kgs.
The January 2024 production gain was primarily from the low grown sector. High growns declined from 3.6 to 2.5 million kgs.
Shippers to Iran were less active last week although fair demand was recorded by shippers to CIS countries and Turkiye.
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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