Business
Sri Lanka tea sees price variances because of quality differentials
Better liquoring teas receive attractive prices
Auction offerings remained around last and totalled 5.5 M/Kgs. Overall demand for the Low Grown/Large Leaf teas showed a slight improvement following improved activity. Ex-Estate offerings declined quite sharply and totalled 0.68 M/Kgs, down from the 0.8 M/Kgs on offer the previous week. Overall quality of teas showed no significant change.
Improved demand for select invoices in the Best Western category. Also, the final offerings of seasonal teas from the Eastern sector continued to witness some useful support and fairly attractive prices were
recorded with price variances often reflective of quality. Teas in the middle price bracket, both from the Western and Eastern sector, tend to ease off by Rs. 20-40 per kg particularly for the BOPF grade.
High & Medium Grown CTC teas continued to witness a bearish sentiment with prices often firm to easier on last. Corresponding Low Grown varieties sold firm to dearer, whilst the PF1 grade in particular continued to sell between Rs. 1,450-1,550 per kg levels (approximately USD 5).
Better liquoring teas continued to receive support from the UK, Japan and the continent, whilst shippers to the CIS continued to be active on a wide cross-section of the teas.
Low Growns comprised of 2.5 M/Kgs. The Leafy, Semi-Leafy and Tippy categories met with fair demand.
In the Leafy and Semi-Leafy catalogues, well-made BOP1’s were firm, whilst the balance together with the bolder varieties were irregularly lower. Select Best and Best OP1’s were dearer, whilst the Below Best and poorer sorts were fully firm. Well-made OP/OPA’s appreciated, whilst the Below Best varieties declined.
Teas at the bottom were firm. Select Best and Best PEK/PEK1’s were dearer, whilst the balance sold around last levels.
Well-made FBOP’s together with the cleaner Below Best and cleaner teas at the bottom were firm, whilst the balance were easier following quality. Select Best and Best FF1’s were firm to easier. However, the cleaner Below Best were firm, whilst the balance were irregular following quality.In the Premium catalogue, Very Tippy teas together with the Best and cleaner Below Best appreciated, whilst the balance were easier following quality.
Business
ComBank tops banking sector in LMD’s first Corporate Happiness Index
The Commercial Bank of Ceylon has been ranked No 1 among Sri Lankan banks in the inaugural Corporate Happiness Index (CHI) just released by LMD magazine.The Bank has also been ranked one of Sri Lanka’s “happiest second homes” taking fifth place overall in the ranking, following the high positions it achieved in the 16 attributes that made up the survey conducted by PepperCube Consultants for this pioneering initiative.
Remarkably, Commercial Bank was the highest-ranked bank in 14 of the 16 attributes, leading the banking sector in several fundamentally-important aspects related to employees, such as ‘Remuneration scales,’ ‘Rewards & Perks,’ ‘Career progression,’ ‘Work environment,’ ‘Gender balance,’ ‘Health & wellbeing,’ ‘Work-life balance,’ ‘Workplace diversity,’ and ‘Workplace flexibility.’
Commercial Bank was also ranked No 1 in the banking sector for ‘Financial stability,’ ‘Corporate leadership,’ ‘Workplace camaraderie,’ ‘Open culture’ and ‘Recreational facilities.’
Besides its emphatic leadership in the banking sector, the LMD Corporate Happiness Index ranked Commercial Bank among the top five corporate entities in Sri Lanka across all sectors, in 10 of the 16 attribute rankings, and among the top ten overall, in 15 of the attribute rankings.
The Bank was ranked second overall for the attributes of ‘Financial stability’ and ‘Workplace camaraderie,’ third for ‘Career progression’ and fourth in Sri Lanka for ‘Workplace diversity’as well as ‘Workplace flexibility.’
“The importance of workplace happiness cannot be over-emphasised in today’s fast-paced corporate environments, and we welcome this groundbreaking effort by LMD magazine to redefine understanding of workplace wellbeing and to rank companies on their progress in this sphere,” Commercial Bank Managing Director/CEO Sanath Manatunge said. “At Commercial Bank, a lot of attention is devoted to creating a workplace culture that ensures that employees can achieve their full potential as they build their careers. Our biggest strength is our people, and there is intense focus on their wellbeing, including minimising work-related stress which can negatively affect the health of employees as well as the productivity of the organisation.”
Commercial Bank also has the distinction of being in the Top 10 of the LMD 100 ranking of Sri Lanka’s leading listed companies, which is primarily based on turnover, every year since the ranking was first published 31 years ago.
Business
Ceylinco Life closes 2024 with 13 awards for financial reporting and brand excellence
Sri Lanka’s life insurance market leader Ceylinco Life has brought 2024 to a close on a victorious note, winning a total of 13 awards, 11 for distinction in financial reporting and two for brand excellence.
The company’s annual report for 2023 received accolades from four prestigious local and international bodies – CMA Sri Lanka, CA Sri Lanka, the South Asian Federation of Accountants (SAFA) and MerComm Inc., the presenter of the prized ARC Awards.
Titled ‘The Core of Trust,’ Ceylinco Life’s integrated annual report for 2023 was recognised as one of the ‘Top 10 Excellent Integrated Reports’ in Sri Lanka at the CMA Excellence in Integrated Reporting Awards 2024, and was adjudged the first runner-up in the Insurance category. CMA Sri Lanka is the national professional management accounting body.
The Annual Report also won the Silver award in the Insurance sector, the Bronze for Corporate Governance Disclosure, and three Certificates of Recognition for Sustainability Reporting, Integrated Reporting and Digitally Transformative Reporting respectively, at the 2024 edition of the CA Sri Lanka Annual Report Awards, now branded the ‘TAGS’ Awards.
Business
Queen’s Hospital Medical Centre Opens in Ratmalana, Offering Affordable and Advanced Healthcare
The newly opened Queen’s Hospital Medical Centre in Ratmalana is revolutionizing private healthcare with state-of-the-art facilities and compassionate services. Equipped with advanced medical technologies, including ultrasound, echo, and X-ray machines, the hospital ensures accurate and timely diagnoses for patients. A team of experienced medical officers, nurses, and healthcare professionals is dedicated to providing exceptional care, said a release.
Patients can access OPD treatments for just Rs. 550, and until 31 January 2025, enjoy a 50% discount on X-rays and hospital charges for ultrasound or echo tests. On 29 January, the hospital will host a special medical camp offering free screenings for cholesterol, diabetes, and heart conditions. Pre-registration is required to secure a spot.
Queen’s Hospital also introduces a daycare service for elderly parents, allowing families to attend to their commitments while ensuring their loved ones are cared for in a safe, professional environment. Serving Ratmalana and surrounding areas like Kalutara, Dehiwala-Mount Lavinia, Moratuwa, and Maharagama, the hospital eliminates the need to travel to Colombo for quality care. Convenient e-channeling services enable patients to choose their preferred doctor and save time and money.
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