Business
Bad news for tea industry as auction prices slide
by Steve A. Morrell
Brokers reported last week that the drop in tea prices was bad news for the industry, which was doing reasonably well in recent months.
Forbes and Walker said in their weekly tea market report that after ten months of buoyant prices, last week’s auction prices declined by Rs. 20 to 30 per kilo.
The depreciation of the rupee against the dollar, now at Rs. 202.04, was also partly instrumental for the price decline. The anticipated crop boost after Easter and the Sinhala and Tamil New Year holidays was attributed to the dip in auction prices as leaf quality is considered poor due to the pause in plucking due to the intervening holidays, brokers said.
The Forbes and Walker report further said teas from Western slopes were badly affected prices slumping by as much as Rs. 30 to 50 per kilo.
John Keells Holdings (JKH) Tea Market report said Iran, Russia and CIS countries were active in Colombo last week, with Turkey and Libya also chipping in as buyers at the Colombo auctions but in limited quantities.
Asia Siyaka (AS) weekly Tea report also confirmed that Colombo was influenced by the vicissitudes of the dollar. The currency depreciation in Turkey, Syria, and some Middle East destinations also added to price declines in Colombo. Indicated markets reduced their buying as they were unable to settle their bills because of currency fluctuations.
Market conditions were unstable with buyers adopting restraint rather than being enthusiastic over the anticipated improvement in the market, the report further said.
In addition, the decline in the US market end 2020, although the US was not considered a major buyer, influenced a telling quotient for demand for Ceylon Tea.
Ceylon Tea exports to the US from January to November 2020 worked out to 5.4 MT, which placed Sri Lanka in third position behind Argentina (34.1 MT) and India (12 MT).
Ceylon tea exports to the UK, which was our major export destination before plantations were nationalized and British interests withdrew, is now barely 1% of the British market. UK is now dominated by imports from Kenya, which exports around 62.9 MT annually (56.70%).
The auctioned quantity last week was 5.6 million kilos. Production by end March 2021 was 71. 4 million kilos. In the corresponding period last year, (2020), production was 65.3 million kilos, with a relative marginal crop increase.
Nuwara Eliya BOP/BOPF was in demand, and price appreciation was encouraging. Prices were maintained at an escalated level of Rs, 30 to Rs, 40 per kilo, according to the report.
Low grown Tippy teas were also in demand although quantities were limited. They fetched prices ranging from Rs. 2,100 to 2,300 per kilo.
The Central Bank of Sri Lanka today (07) presented its flagship publication, the Annual Economic Review for 2024 (AER 2024), to President and Minister of Finance, Anura Kumara Disanayake, highlighting the steady progress of Sri Lanka’s economic recovery following the country’s most severe downturn in recent history.
The report was officially handed over by Dr. P. Nandalal Weerasinghe, Governor of the Central Bank, during a special ceremony held at the Presidential Secretariat.
AER 2024 comprises four main chapters: Macroeconomic Developments, Conditions of the Financial System, Review of Central Bank’s Policies and Macroeconomic Outlook.
According to the Review, the Sri Lankan economy showed significant signs of recovery in 2024, following the deep economic crisis experienced two years ago. The recovery trajectory, though challenging, has been notably faster than that of many other debt-distressed countries.
Improvements in economic activity, a partial resurgence in purchasing power and reduced uncertainty are among the key positive indicators noted in the report.
The event was attended by Dr. Nandika Sanath Kumanayake, Secretary to the President, K. M. Mahinda Siriwardena, Secretary to the Treasury, Mrs. K. M. A. N. Daulagala, Senior Deputy Governor, Dr. C. Amarasekara, Assistant Governor, Dr. (Mrs.) S. Jegajeevan, Director of Economic Research and Dr. L. R. C. Pathberiya and Additional Director of Economic Research at the Central Bank Dr. V. D. Wickramarachchi.
[PMD]
Business
IceWarp expands into Sri Lanka, fostering European innovation in collaboration with FentonsIT
IceWarp, a global leader in business communication solutions, has officially launched its cutting-edge platform in Sri Lanka, bringing European expertise in email and collaboration solutions to support the country’s evolving business landscape.
This expansion is driven by a strategic partnership with Fentons Information Technology (FIT), the Information Technology arm of Hayleys Fentons Limited.
The grand launch event held at The Kingsbury Colombo on 4th April, 2025, was graced by several distinguished guests, including Chief Guest Mohan Pandithage, Chairman and Chief Executive of Hayleys PLC.
The presence of Adam Paclt, Global CEO of IceWarp, and Pramod Sharda, CEO for India and the Middle East of IceWarp, along with their global team, highlighted the significance of this expansion. Industry experts, government officials, corporate leaders, and CIOs from the banking, financial services and insurance sectors were in attendance as well, reflecting strong local interest in IceWarp’s European expertise.
With this launch, Sri Lankan businesses now have access to an affordable, scalable and secure alternative to Microsoft 365 and Google Workspace. IceWarp’s advanced Collaboration Suite integrates a wide range of tools into a single, unified platform designed to streamline communication and boost productivity. Offering flexible hybrid deployment options and cost-efficient solution, IceWarp enables organisations to optimise their operations without compromising security or functionality.
Eventistry Sports, a trailblazer in innovative sporting events, has unveiled the Sri Lanka Padel League (SLPL), the nation’s first franchise-based padel tournament, set to debut in June 2025. This groundbreaking league promises to redefine Sri Lanka’s sports landscape by creating a dynamic national platform for athletes while fostering unity among fans, brands, and communities.
The SLPL will showcase six franchise teams, each embodying the spirit of iconic Sri Lankan locales: the Colombo Chargers, Yala Rangers, Hikkaduwa Riders, Ella Hawks, Arugambay Vipers, and Trinco Warriors. These teams will not only ignite regional pride but also unite the country through a shared passion for padel—a fast-paced racquet sport merging tennis and squash, played on enclosed courts.
“The SLPL is more than a league; it’s a movement,” declared Karin Wijeratne, Director of Eventistry Sports. “By blending franchise sports with Sri Lanka’s vibrant culture, we’re creating a platform where players gain national recognition, fans rally behind their hometown heroes, and brands engage with communities in meaningful ways.”
The league’s launch on June 21–23, 2025, at Colombo’s Padel House courts (CR&FC) will kick off with three days of high-octane matches, preceded by a star-studded player auction on May 16th at The Vault, Colombo City Centre. Local talent—both professional and intermediate—will be drafted by franchise owners, with international registrations now open to elevate the competition’s global appeal.
Please log in to: www.slpadelleague.com and social media: @SriLankaPadelLeague (Facebook & Instagram) for more information.
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