Business
Tea quality seen as seriously affecting prices
By Steve A. Morrel
Tea brokers reports this week commenting on price trends said price decreases in the first 6 months of this year’s trading compared to YOY 2020, are clear indication that tea quality gravely affected auction prices. Although some 7 million kilos were traded this week, and the low grown catalog indicated some 3 million kilos auctioned, demand was not described as increasing which left some doubt as to future price stability.
Sources said the lack of NPK (Nitrogen Phosphorous Potassium) mixture, in fertilizing tea lands already seriously affected productivity. It was also of relevance that leading buyers were leaving Colombo in preference to other auction centers for their requirements of the beverage, another trend that could seriously affect tea sales.
Forbes and Walker in their market report said June average 2021 was Rs.586.51. Comparatively June 2020 was Rs. 612.67, indicating yoy drop of some Rs. 26.16. per kilo, which tea sources said was a serious down grade in prices. Brokers’ tea reports at hand, Asia Siyaka Tea Brokers, and JKH Tea Brokers outlined the same information that Colombo was losing its significance as a tea center.
Of acute significance was the fact that the tea smallholder sector complained that the lack of fertilizer gravely affected their income on bought leaf delivered to tea factories. Green leaf delivered to each such factory was paid at Rs. 80. to Rs. 100 per kilo subject to the net sales average of each such factory, which was at a variable level. For example a family of tea smallholders, of about 4 persons, could produce at least 50 to 100 kilos green leaf per day giving them an earning level of about Rs.10,000 thousand per day. Such earnings are now gravely affected because of the drastic drop in crop harvest as a result of the lack of fertilizer.
Additionally they are also at a critical level balancing their finances, on payment of loans for furniture, TV sets, fridges and other household appliances purchased on loans, from banks or other lending agencies.
Fertilizer suppliers and scientists were of the view that replacement of imported fertilizer with alternatives, cannot be done as an ad hoc solution, but a move that would take at least 25 years of planning and study.
The current predicament that would apply to all plantation crops, not necessarily only tea, but all agricultural exports is that export of fruit, for example banana and mango, which hitherto attracted foreign investment, is now faced with such investors withdrawing their commitment, with the remark that uncertain and undependable policies changed at whim cannot attract sustained investment. It is reported that most investors pulled out leaving local investors in a position of insolvency.
The agricultural sector, including rice farmers too have been gravely affected. The expert views were that the country would face a famine situation because knee jerk policies enforced without proper planning would affect food supplies. because of these sudden changes. President, Asia Siyaka Tea Brokers Anil Cooke said Colombo’s prestige world wide as a recognized tea center was now in jeopardy because of dwindling standards. His views were that other countries would score at the expense of Ceylon Tea.
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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