Economic
The Securities and Exchange Commission of Sri Lanka Bill, which seeks to regulate the capital market in keeping with current international best practices, will be taken up for debate on Thursday, Secretary General of Parliament Dhammika Dasanayake said.
As a result of prioritising the vaccination drive for all employees in all 14 export processing zones (EPZ) across the country, the BOI has witnessed a sharp increase in total employee attendance of up to 80% as of July, since the beginning of this year.
The Board of Investment (BOI) said yesterday that it would continuously strengthen its foundation and lead the orchestration in attracting market transforming FDI (foreign direct investment) while contributing substantially to the Government’s transformative economic agenda.
Invites proposals by 27 August from eligible marketing agencies with PR skills to position SL as Indian Ocean maritime, logistics and distribution hub
Finance Minister Basil Rajapaksa yesterday assured support for the tourism industry for a quicker revival despite the COVID pandemic.
The Colombo stock market yesterday managed a marginal recovery as, judging by low activity, investor sentiment remained lacklustre.
Sri Lanka Tourism has launched a drive to register informal sector operators with the help of iconic cricketer Kumar Sangakkara.
In a bid to woo more tourists amidst challenging times for the leisure holiday market, Sri Lanka will roll out what is likely to be the biggest joint industry promotional effort from mid next month.
The Ceylon Chamber of Commerce (CCC) yesterday assured President Gotabaya Rajapaksa that it was eager to promote a number of sectors, including exports and tourism, as soon as the country returns to normalcy with its vaccination drive.
The Government is to enact new legislation for the establishment of a Petroleum Development Authority and formulation of a National Policy on Upstream Petroleum Industry.
The Supreme Court yesterday concluded oral submissions on petitions seeking a ruling that the Finance Amendment Bill submitted by the Minister of Finance to Parliament is unconstitutional.
Softlogic Holdings Plc on Monday paid Rs. 1.12 billion for a 3.5% additional stake in Asiri Hospital Holdings Plc.
SriLankan Airlines yesterday announced a special ‘buy one and get one free’ offer for the Russian holidaymakers to visit Sri Lanka during this summer vacation period. This offer will be valid till 31 October.
1H exports up 10% volume wise and value basis 14%
Key markets contribute to Sri Lanka’s high FOB value; value addition a key aspect, says Asia Siyaka Commodities
Sri Lanka’s Free On Board (FOB) prices for black tea are the highest in the world, Asia Siyaka Commodities PLC revealed yesterday.
It said by June 2021 Sri Lanka had exported 137 million kilograms of tea compared with 124 million kilograms in 1H 2020. The country has earned $ 651 million from these shipments compared with $ 571 million a year ago.
“If weather conditions hold true and agricultural inputs are available as and when needed, the country could easily more than double 1H earnings and move towards the national target of $ 1.5 billion for the year,” Asia Siyaka said. In 2020 the country exported a low quantity of 266 million kilograms, earning $ 1.24 billion.
This sharp drop in export quantity resulted from a drought in the first quarter and reduced application of fertiliser in Q4 2019 and throughout 2020.
Asia Siyaka said earnings recorded in 2020 were made possible by the high prices paid for Ceylon Tea at the Colombo Tea Auctions, as well as the nation’s strong marketing sector adding value to exports under very difficult conditions in the midst of a local and global lockdown.
“FOB value per kilogram for all tea shipped in 2020 was $ 4.67 compared with $ 4.61 in 2019. By June 2021 the average FOB value of tea per kilogram had risen to $ 4.75.”
The FOB value of Indian tea exports in 2020 was $ 3.21. This was considered an attractive figure and resulted from a spike in tea prices at the Indian auctions as a result of a sharp loss in production, mostly from North India. In 2019, India’s FOB figure was $ 3.11, while in the three previous years it ranged from 2.91 to 2.96. Kenya FOB value per kilogram of tea exported in 2020 was $ 2.17 compared with 2.33 the year before. Kenya produced a record quantity of 569 million kilograms in 2020 and flooded the Mombasa auction with below average product that caused the market to collapse, and this trend could continue in 2021.
Customs data analysed by Siyaka Research confirms that Turkey was the prime destination for Ceylon tea exports in 2020. The country absorbed 38.8 million kilograms with an average FOB per kg of $ 4.29. Actual exports to Turkey do realise a much higher FOB value, but the country is a major transit point for shipments to other destinations.
Sri Lanka Customs said yesterday it will not entertain clearance documents with ink (wet) signatures for processing Customs documents with effect from 1 August.
The Colombo stock market reverted to negative mode as both indices dipped, though turnover remained healthy.
The Central Bank has accepted the entirety of the $ 58.6 million worth of bids received for the latest issuance of Sri Lanka Development Bonds (SLDBs).
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