The weekly Colombo Tea Auction concluded with offerings increasing to 6.5 million kilogrammes, a marginal rise from the previous week’s 6.4 million kilogrammes. However, the market witnessed a significant pullback from key international buyers, leading to a subdued trading atmosphere and declining prices across several categories.

Industry sources reported a noticeable lack of interest from shippers to the traditional markets of the United Kingdom and the European continent. While shippers to the Commonwealth of Independent States (CIS) and the Middle East maintained a presence, their participation was described as selective and at lower price levels. Buyers from Japan and China also operated at reduced levels, with South African shippers showing minimal engagement.

This cautious stance from the shipping community cast a shadow over the Ex-Estate sector, which offered 1.0 million kilogrammes. The overall quality of teas in this category was described as relatively uninteresting, leading to a weakening of prices. In the Western High Grown category, prices for the best available BOP/BOPF grades declined by Rs. 20 to 40 per kilogramme, while the plainer varieties saw a drop of about Rs. 20 per kilogramme. A fair quantity of these teas remained unsold due to a lack of suitable bids.

Nuwara Eliya teas attracted little to no interest, with the majority of offerings remaining unsold. Uda Pussellawa BOPs weakened further by up to Rs. 50 per kilogramme, while the corresponding BOPFs struggled to maintain their previous price levels. In the Uva region, BOPs saw prices fall by Rs. 50 per kilogramme, though the BOPF varieties were relatively more stable. The High and Medium Grown CTC teas continued to be a weak feature, with many lots unsold and those that were sold recording a price drop of Rs. 20 to 40 per kilogramme. Off-grades and dust grades also experienced a sluggish market, with fair volumes remaining unsold.

In contrast to the gloom in the High Growns, the Low Grown sector, which totalled approximately 2.7 million kilogrammes, met with more encouraging demand. The Leafy and Semi-Leafy categories saw fair demand, while the Tippy and Premium categories were met with good interest. While some well-made varieties in the Leafy catalogues remained firm, many other grades experienced easier prices. However, the Tippy catalogue saw high-priced FBOPs holding firm and the FF1s generally becoming dearer. The Premium catalogue, featuring tippy teas, also met with good demand and saw prices appreciate overall.

Based on Forbes & Walker Tea Brokers comments

By Sanath Nanayakkare

The Asian Development Bank (ADB) has formally entered into its first partnership with the International Committee of the Red Cross (ICRC), marking a significant step towards integrating humanitarian action with long-term development efforts in fragile and conflict-affected regions across Asia and the Pacific.

A Letter of Intent establishing the collaboration was signed on June 10 by ADB Vice-President for Sectors and Themes Fatima Yasmin and ICRC Director-General Pierre Krähenbühl. The agreement provides a framework for coordinating programmes, exchanging knowledge on emerging humanitarian challenges, promoting innovation and sharing best practices through joint events and publications.

The partnership brings together ADB’s development expertise and financing capabilities with the ICRC’s operational experience and access to communities affected by conflict and violence.

Highlighting the significance of the initiative, ADB President Masato Kanda wrote on X on June 17 that the partnership would help strengthen resilience in fragile and conflict-affected areas.

“By bringing together ADB’s longer-term development perspective with ICRC’s humanitarian field presence and operational experience, we can better support people affected by conflict and violence,” Kanda said.

Speaking at the signing ceremony, Yasmin said today’s interconnected challenges require development institutions to move beyond traditional approaches.

“The ICRC brings trusted access to affected communities and credibility in environments that ADB alone cannot easily reach,” she said.

Krähenbühl described the agreement as an important step towards bridging humanitarian assistance and long-term development, adding that it could create opportunities for joint responses in fragile settings across the region.

A Sri Lankan socio-economist told The Island Financial Review that the partnership reflects a growing recognition among development institutions that conflict, fragility and climate-related shocks are becoming major constraints on economic progress.

“Traditionally, development banks focused on long-term infrastructure and economic projects while humanitarian agencies addressed immediate crises. This partnership seeks to connect those two worlds by reducing vulnerability before crises deepen,” he said.

Prime Residencies, the real leader in the modern real estate, and a subsidiary of Prime Group, officially marked the commencement of construction on its latest ultra-luxury residential development, THE GOLF, with its groundbreaking ceremony held at the project site on Lake Drive, Colombo 8. The event brought together key stakeholders and project partners to mark the ceremonial breaking of the ground, signalling that a vision long in the making is currently under construction.