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Tuesday June 18th, 2024

Sri Lanka tea prices fall across elevations

ECONOMYNEXT – Sri Lanka’s tea prices across categories fell at the third auction of 2024 on January 16-17 after almost two months of gains, while certain grades within the categories gained, market data showed.

The weekly sale average price fell by 26.52 rupees to 1248.22 rupees a kilogram, according to industry data published by Ceylon Tea Brokers.

In the third week 4.6 million kilos were sold by public auction.

High Grown Teas

High Grown BOP teas went up with Best Westerns going up by 50 to 100 rupees. Plainer categories gained by 70-80 rupees.

Hardly any offerings from Nuwara Eliya’s and Uda Pussellawa’s fell.

The high grown sale average was down by 4.96 to 1,082.30 rupees a kilo.

Medium Growns

BOP1, Select were up by 50 rupees whilst others remained unchanged. OP1, Select best held firm whilst others gained by 50 rupees.

OP/OPA Select best fell by 50 rupees and Best fell by 20 rupees.

PEK Select Best and bests fell by 50 rupees, PEK1 – Select best fell by 50 rupees.

FBOP/FBOPF1 Select best and bests gained by 50 rupees.

The medium grown sale average was down by 9.91 rupees to 1,055.82 rupees.

Low Growns

BOP1 Select best fell, whilst the best and below best gained.

OP1 Select Bests were firm to lower while Best, Below Best gained.

PEKOE/PEKOE1 Select best together with a full range of bold PEK’s were irregular.

FBOP/FBOP1 Select best were were firm.

The Low Growns average fell by 33.92 rupees to 1356.22 rupees per kilogram.
(Colombo/Jan19/2023)

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Sri Lanka’s Ceylon Chamber links up with Gujarat Chamber

ECONOMYNEXT – The Ceylon Chamber of Commerce has signed an agreement with the Southern Gujarat Chamber of Commerce and Industry (SGCCI) to increase trade cooperation between India and Sri Lanka.

The MOU was signed by CCC CEO Buwanekabahu Perera, SGCCI President Ramesh Vaghasia, in the presence of Dr Valsan Vethody, Consul General for Sri Lanka in Mumbai, India.

“With the signing of the MoU, … the Ceylon Chamber of Commerce and SGCCI aim to facilitate trade between the two countries via initiatives such as trade fairs and delegations, business networking events, training programmes,” the Ceylon Chamber said in a statement.

“This partnership will open doors for Sri Lankan businesses to explore opportunities in Surat’s dynamic market and enable the sharing of expertise and resources between the two regions.”

Established in 1940, SGCCI engages with over 12,000 members and indirect ties with more than 2,00,000 members via 150 associations. It promotes trade, commerce, and industry in South Gujarat.

The region’s commercial and economic centre Surat has risen to prominence as the global epicenter for diamond cutting and as India’s textile hub, and is ranked the world’s 4th fastest growing city with a GDP growth rate of 11.5%

Surat’s economic landscape is vibrant and diverse. As India’s 8th largest and Gujarat’s 2nd largest city, it boasts the highest average annual household income in the country.

The nearby Hazira Industrial Area hosts major corporations like Reliance, ESSAR, SHELL, and L&T. (Colombo/Jun18/2024)

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Sri Lanka telecommunications bill some clauses ruled unconstitutional by SC: Speaker

ECONOMYNEXT – Sri Lanka’s Supreme Court has found a number of clauses in a proposed amendment to the Telecom Telecommunications Amendment bill unconstitutional, speaker Mahinda Yapa Abeywardana said.

“Clause No 8, proposed section 9A 2 of the bill is inconsistent with Article 12 1 of the constitution, however this inconsistency shall cease if word ‘may’ will be replaced with word ‘shall’ as set out in the determination of the supreme court.”

“Clause No 9 is inconsistent with Article 12 1 of the constitution and only can be passed with special majority required under paragraph 2 of the Article 84. However, the inconsistency shall cease if clause is amended as set out in the determination of the supreme court.

Clause No 12, proposed section 17 10 of the bill is inconsistent with Article 12 1 of the constitution and can only be passed with special parliament majority required under Article 84 paragraph 2. However, the inconsistency shall cease if clause is amended as set out in the determination of the supreme court.”

Sections of clauses 13, 18, 20, 33 and 35 were also in violation of the constitution, and could only be passed by a special majority of parliament. (Colombo/Jun18/2024)

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Sri Lanka to exempt one house from imputed rent wealth tax: President

ECONOMYNEXT – Sri Lanka will exempt one house from a proposed wealth tax outlined in an International Monetary Fund program, President Ranil Wickremesinghe said.

About 90 percent of the people’s houses are likely to be exempt from the proposed tax, he said.

“[O]ne house will be exempt from this,” President Wickremesinghe told parliament Monday.

“It is going to have a very high threshold and I do not think the vast majority of the people in this country should even be worried about their house

“Don’t worry your house will be safe.”

The IMF program document however did not mention an exempt on one house, but did mention a threshold.

Taxing houses and thrift in general could have detrimental effects on people’s well-being housing stock and their willingness to remain in the country without migrating, critics say.

Related Sri Lanka to tax imaginary rents on houses under IMF deal

The mechanism of imputed rents was used because rates on houses was assigned to provincial councils and courts could strike it down.

Opposition legislator Harsha de Silva said the Samagi Jana Balwegaya welcomed President Wickremesinghe’s statement. (Colombo/June18/2024)

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