Connect with us

Business

Colombo tea prices spiral as Covid-19 lockdowns depress global producers

Published

on

by Steve A. Morrell

Brokers agreed in their weekly market reports that tea production at 21.9 million kilos for September 2020 was more or less on par with the corresponding month of the previous year (2019).

However, performance year-on-year indicated dismal results with Asia Siyaka Tea Brokers saying comparative results in cumulative perspective reflected a minus variance deficit of 31.8 million kilos.

Production at the end of 2019 was 300.1 million kilos. The deficit performance by end September 2019, cumulatively at 201.1 million kilos, was an indicator that the minus variance would continue with production remaining at that level. Production at end September 2019 was 232.9 million kilos.

Attributed to the production deficit results was the severe drought in the first quarter of 2020, which retarded growth. The drought cut across all elevations, but particularly impacted on low growns, which set back production.

However, prices remained at competitive levels. Cumulatively, up to October 14, 2020, the net sales average (NSA) was Rs. 645.03 per kilo. The 2019 average over the same period was Rs. 513.47 per kilo.

The price table of John Keells Tea Market Report showed a steady increase in prices over the months in 2020. Low growns recorded the highest levels at Rs. 674.25 per kilo thereby contributing substantially to the upward trend in the price table.

The report also said flowery grades prices were high. For low growns, FBOPF recorded Rs. 2,800 per kilo while Op 1 fetched Rs. 3,100. per kilo.

The reasons attributed for the price increases in Colombo were shortages in producing countries in the backdrop of global corona lockdowns. India was singled out for its traumatic market conditions because of the pandemic sweeping the world.

The Uva quality season made a difference in Colombo. Though this year, the season was short-lived, it did contribute its share to the price table.

The Forbes & Walker Tea Market report said CTC (Cut Twist Curl) production at end September 2020 recorded marginal decrease of 0.1 million kilos. However, prices at Rs. 569.95 per kilo were better than the Rs. 420.25 fetched in 2019.

Although, the Covid-19 resulted in a global economic crisis, tea production continued to sustain economic activity in Sri Lanka without interruption. Tea was produced, sales and auctions were carried out and the produce was shipped out as routine.

Brokers attributed the sustained forward movement of the industry to the plantations and the tea smallholders, who continued normal production.



Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Dialog Enterprise with Fortinet strengthens the security of its Managed SD-WAN Service for Sri Lankan Enterprises

Published

on

Dialog Enterprise, the corporate solutions arm of Dialog Axiata PLC, announced the strengthening of its Flexnet managed SD-WAN service leveraging the Secure SD-WAN solution from Fortinet, a global leader in cybersecurity with broad and integrated solutions.

Dialog Enterprise pioneered the Sri Lanka’s first Managed SD-WAN service with the release of its Flexnet offering since September 2019. Two years after, most modern organisations are embracing digital acceleration, driving demand for greater agility in networks in order to stay competitive and deliver superior customer experiences. With the scale and variety of cyber threats continuing to grow, Dialog Enterprise enhances its Flexnet service with the Fortinet Secure SD-WAN. Fortinet Secure SD-WAN accelerates network and security convergence, aims at simplifying WAN architecture, and securing work-from-anywhere new normality with embedded ZTNA (zero-trust network access) Access Proxy for explicit per-user application access controls. It delivers integrated security and safer access to internal and external data and applications wherever they are residing, on-premises, or in the cloud.

By integrating Fortinet Secure SD-WAN solution to its Flexnet managed SD-WAN service, Dialog Enterprise will enable its customers the ability to cost-effectively eliminate security gaps in their network while gaining the benefits of advanced routing and self-healing WAN capabilities to ensure superior quality of experience for their users, and an increased business uptime. Additionally, an improved connectivity and user experience can be achieved through an integrated security by prioritizing network traffic and reduced latency. As well as the benefit of an integrated security by prioritizing network traffic is achieved by offering, unified thread management, SSL inspection and proactive security threat prevention.

“With the recent shift to remote working, cloud adaptation and SaaS usage accelerating SD-WAN adoption with organizations, many of our customers in the government, finance, retail, services and manufacturing industries will benefit from Dialog Enterprise’s Managed SD-WAN based on the Fortinet Secure SD-WAN solution. It provides us with an integrated, one-stop management and orchestration console to ensure that connections, configurations, advanced routing features and protections are easily configurable. Being the only Fortinet Managed Security Service Provider in Sri Lanka, we have already been able to provide Secure SDWAN solutions with Fortinet in over 1000 locations across the island.” said Navin Pieris, Group Chief Officer – Dialog Enterprise at Dialog Axiata PLC.

Continue Reading

Business

SLT-MOBITEL completes first phase of Amazon Alexa integrations for Home Broadband customers offering exciting digital lifestyles

Published

on

The first phase of fully integrating Amazon Alexa for SLT-MOBITEL Home Broadband customers was successfully concluded recently. Now customers can seek help from Amazon’s virtual smart assistant Alexa and obtain a range of information on SLT-MOBITEL services such as Voice, Broadband, PEO TV services etc. ensuring subscribers experience exciting new intelligent built digital lifestyles.

Pictured Dilshan Boteju, Chief Executive Officer of The Connection Workshop, handing over the report on the concluded project to Prabhath Dahanayake, Chief Marketing Officer SLT. Also present were Lathika Weerasinghe, Administrative Coordinator, Anup Silva, Lead Developer Alexa program of The Connection Workshop, Ayoma Wickramaarachchi, Deputy General Manager, Product Development & Management of SLT, Ruwan Rekogama, Engineer-Product Development & Management of SLT.

Continue Reading

Business

Loops wins big at SLIM DIGIS

Published

on

Award-winning creative-led integrated marketing agency, Loops Integrated, received 6 recognitions, including a Gold, at the SLIM DIGIS Awards, held on the 25th of January 2022. Loops Integrated received the only Gold DIGI in the Banking and Finance category for Softlogic Invest’s “This Could Be You” campaign, a Silver DIGI in the Performance Marketing category for British Council’s IELTS programme, and another Silver DIGI in the Best Use of Branded Content category for Sri Lankan Airlines. In addition to these three prestigious awards, Loops Integrated also received 3 finalist awards for the Banking & Finance, Performance Marketing and Best Use of Branded Content categories.

Discussing the awards, CEO at Loops, Wasaam Ismail said, “We work with our clients as partners, therefore it’s important to say a big thank you to them for having faith in us and letting us take their campaigns to town. Putting together creative-led campaigns amidst working from home during periodic lockdowns is nothing short of a herculean undertaking, which would not have been possible without our stellar team. Therefore, I must also acknowledge and appreciate our exceptionally talented, committed, dedicated and mind-blowingly fun team here at Loops, without whom none of this would be possible. A big thank you also to SLIM for ensuring that digital marketers in Sri Lanka have a national platform upon which to be recognized.”

The SLIM DIGIS awards is organized by the Sri Lanka Institute of Marketing (SLIM) and recognizes and celebrates Sri Lanka’s best digital marketing work, innovation and talent. SLIM is the national body for marketing in Sri Lanka and the SLIM DIGIS is among Sri Lanka’s most prestigious awards programmes that recognize innovation and budding talent in the digital marketing space.

Loops is an award-winning Creative Led Integrated Marketing Agency with operations in Sri Lanka, Qatar, Malaysia & Australia. The agency has worked with over 250 brands in 15 countries and has over 50 awards for its efforts in creative and digital excellence, awarded by both international and local bodies. Visit www.loops.lk to learn more.

Continue Reading

Trending