By Steve A. Morrell
Tea Brokers reported last week; particularly, Forbes & Walker, and Asia Siyaka Tea Brokers, revenue from Tea topped Rs.81.27 Billion January to April 2021, Surpassing 2020 the same period by 16. 90 Billion. Tea revenue 2020 the same period was recorded 64. 37 Billion. Dollar Revenue was recorded at 417 million.
We have not received monetary performances from other sectors including garments. However according to the Plantation sector, Tea and Rubber continue to be productive and reportedly the main revenue source to ensure substantial contribution to economy of the Country. Brokers and all areas of the Tea sector, including Buyers, shippers, Plantation Companies, Tea Small Holders, and the Tea Factory Owners, contributed to the success of the industry and also notably, the industry did not falter midst the corona crisis. It is also of speculation that Tea and Rubber are the only income earners that contribute to the economy when most others succumbed to the dilemma enveloping the country at large.
Brokers we quoted further said exports for April 2021, at 16.31 kilo, shows decrease of 1.84 million kilos comparing April 2020.Bulk Tea recorded decreases, However, conversely, Tea bags, and packeted Tea have shown increases over 2020.
The FOB value. ( ‘Free on Board’ broadly indicates the buyer takes responsibility for shipping damage, and applies to surface shipping) was recorded at Rs.959.13, (US $ 4.90), the highest FOB value recorded. the Brokers said.
Turkey retained the leading slot importing Ceylon tea. Iraq, Russia, and the UAE , followed. Other importers included China, Azerbaijan, Libya, and Syria. Destinations to Saudi Arabia, Chile, and the US were not included in the lead slot.
Meanwhile Asia Siyka reported to date production at 108.6 million kilos, surpassing 2020 production which was 88.6 million kilos.
Last week was the 19 auction for the year with 7.9 million kilos on offer, Low growns comprised 3.4 Mkgs, recording good demand,
Ex Estate quantity was 1.2 million kgs, the lager volume last week was reported to be plainer which did not attract top prices. Quality of Teas showed a general decline from the Western hills the Brokers said.
Annual production 2020 comparatively, Sri Lanka is at 4th position producing 278.4 Million kgs, comparing for example \China, 2.4 billion, India,1.2 Billion. Kenya, 473.1 million Other countries producing Tea Indonesia, Bangladesh, Vietnam, Malawi, Uganda, Tanzania, were not leading producers of the beverage.
Norlanka Manufacturing Trincomalee receives LEED Gold Certification
Norlanka Manufacturing Trincomalee was recently awarded the prestigious LEED Gold Certification (Leadership in Energy and Environmental Design).Norlanka, one of Sri Lanka’s largest sustainable exporters of baby and kidswear, has an extensive ESG (Environmental/Social/Governance) strategy and understands the responsibility it has concerning the future of a sustainable apparel industry. Therefore, ethical sourcing, in particular working with responsible supply chain partners has been a critical operational necessity.
The LEED certification is a globally recognized symbol of sustainability achievement, and it is backed by an entire industry of committed organizations and individuals paving the way for market transformation. It’s awarded for projects that have earned points by adhering to prerequisites and credits that address carbon, energy, water, waste, transportation, materials, health and indoor environmental quality. Buildings consume energy and resources at an alarming rate, therefore the LEED rating system is the most widely used green building rating system, as it provides a framework for healthy, efficient, carbon and cost-saving green buildings.
LEED takes multiple areas into account with varying sub-criteria when certifying a building such as location, transportation, sustainability of the site, construction, water efficiency, energy and atmosphere, materials and resource, waste management, indoor environment quality, innovations and more.
Chief Innovation Officer of Norlanka, Buddhi Paranamana stated, “This LEED Gold certification is a testament to our constant drive to improve our sustainability efforts. This award marks yet another milestone in Norlanka’s journey towards becoming carbon neutral by 2025. Since 2010 we’ve constantly been learning how to do things in a more sustainable way. I would like to congratulate our team for obtaining this certification. It showcases dedication towards achieving sustainable excellence while achieving our goals and providing customers with high-quality products.”
People’s Bank celebrates 75 years of Independence by offering gifts to newborns
People’s Bank celebrated Sri Lanka’s 75thNational Independence at a modest ceremony held at their Head Office which was followed by a series of island wide initiatives.People’s Bank’s ‘Birth of Freedom’ programme which commences on every Independence Day was carried out this year as well. Under this concept, People’s Bank gifts Rs.2,000/- worth of an ‘IsuruUdana’ Gift Certificate to every baby born between the 1st and 14th of February.
People’s Bank launched this programme in 2006 with the vision of instilling national pride and encouraging parents to plan for their children’s future. Parents can open an ‘Isuru Udana’ Children’s Savings Account at any People’s Bank Branch using the Gift Certificate.
Director of the Castle Street Maternity Hospital Dr. Ajith Danthanarayana, Director of De Soysa Hospital for Women in Borella Dr. Pradeep Wijesinghe, People’s Bank Senior Deputy General Manager (TB & OCS) Rohan Pathirage, Deputy General Manager (Retail Banking) Renuka Jayasinghe, Deputy General Manager (Strategic Planning, Performance Management & Research) Jayanthi Kurukulasooriya, Deputy General Manager (Risk Management) Roshini Wijerathna, Deputy General Manager (Banking Support Services) Nipunika Wijayaratne, Deputy General Manager (Channel Management) T.M.W Chandrakumara, Head of Marketing Nalaka Wijayawardana, Assistant General Manager (Retail Banking) Nalin Pathiranage, Assistant General Manager (Human Resources) Manjula Dissanayake, Colombo North Regional Manager S.L.M.A.S Samarathunga, Colombo South Regional Manager M.S Kanakka Hewage, Borella Branch Manager W.A.N Udayangani, Town Hall Branch Manager Tiral Pradeep, Deputy Director of De Soysa Hospital for Women in Borella, Dr. K.M Nihal, Administrative Officer of Castle Street Hospital for Women S.M.T.A.R. Bandara, Nursing officers along with hospital staff were also present at the event.In line with the above all People’s Bank branches across the country initiated ‘Nidahase Upatha’ activities island wide.
SL bondholders ready for debt restructuring talks with authorities– with conditions
Sri Lanka’s bondholders have told the International Monetary Fund (IMF) that they are prepared to engage with Sri Lankan authorities in debt restructuring talks consistent with the parameters of the global lender’s program.The Ad Hoc Group of Sri Lanka bondholders conveyed its stance in a letter directed to IMF Managing Director Kristalina Georgieva on Friday (Feb. 03).
“The Bondholder Group through its Steering Committee stands ready to engage quickly and effectively with the Sri Lankan authorities to design and implement restructuring terms that would help Sri Lanka restore debt sustainability and allow the country to re-gain access to the international capital markets during the IMF Programme period.”
The Bondholder Group acknowledged the Sri Lankan authorities’ engagement with their official creditors towards a resolution of the current crisis and restoration of debt sustainability.
The Bondholder Group further acknowledged that such engagement has recently resulted in the Indian government delivering letters of financing assurances to the IMF, committing to support Sri Lanka and contribute to its efforts to restore debt sustainability by providing debt relief and financing consistent with the IMF Extended Fund Facility Arrangement and the IMF Programme targets indicated in the India’s letter to the global lender.
Sri Lanka Bondholder Group Letter to IMF stated:
Based on the limited information available to us at this time, including information contained in the India Letter, we understand that the IMF Programme’s debt sustainability targets are identified as (i) reducing the ratio of public debt to GDP to 95% by 2032, (ii) limiting the central government’s annual gross financing needs to GDP ratio to 13% in the period between 2027 and 2032, and central government annual foreign currency debt service at 4.5% of GDP in every year between 2027 and 2032 and (iii) closing of the external financing gap.
The Bondholder Group hereby confirms it is prepared to engage, through its Steering Committee, with the Sri Lankan authorities in restructuring negotiations consistent with the parameters of an IMF Programme and the targets specified therein (the “IMF Programme Targets”), which the Bondholder Group understands to be the targets identified in the India Letter; it being recognized that these negotiations will necessarily be further informed by the receipt of the forthcoming DSA. We would note that the finalization of an agreement will also be subject to the satisfaction of the following conditions:
The central government’s domestic debt – defined as debt governed by local law – is reorganized in a manner that both ensures debt sustainability and safeguards financial stability. Assuming that annual gross financing needs should not exceed 13% of GDP in the period between 2027 and 2032, whilst allowing for central government annual foreign currency debt service to reach 4.5% of GDP in every year between 2027 and 2032, domestic gross financing should therefore be limited at 8.5% of GDP for the period 2027-2032.
Supreme Court Judge, President of the Appeal Court, Appeal Court Justice took oath before President
Death toll in Syria and Turkey more than 300
Strong earthquake hits south-eastern Turkey near Syria border
‘Dates have the highest sugar content to fight Coronavirus’
Sunday Island 27 December – Headlines
U.S. Congress to probe assets fleecing by US citizens of Sri Lankan origin
News4 days ago
NPP for implementation of 13A, says Harini
News5 days ago
Ex-diplomat alleges Australian aid project sabotaged, points finger at Medical Supplies Division
Opinion6 days ago
Should only private sector employees pay income tax?
Business6 days ago
CSE planning new product lines to attract investors in greater numbers
Midweek Review5 days ago
GR’s exit and developing crisis: Different interpretations
News6 days ago
DG Information ignorant of basic election laws and regulations: ECSL
Breaking News4 days ago
President Ranil Wickremasinghe calls upon chief prelates of Asgiriya and Malwatta chapters
News4 days ago
Nuland accuses China of failing to help SL with ‘credible and specific assurances’ acceptable to IMF