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Ceylon tea exports offset $60M of Sri Lanka’s fuel debt to Iran

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The Sri Lanka Tea Board announced yesterday that exports of Ceylon Tea have successfully offset a substantial portion of the country’s fuel bill owed to Iran, amounting to US $ 60 million.

Since 2011, Sri Lanka has accumulated an arrears of US $ 251 million for fuel imports from Iran.

Sri Lanka Tea Board Chairman Niraj De Mel said that the settlement was achieved, as exports of tea to Iran tripled during this period.

Facing financial challenges exacerbated by the Covid-19 pandemic and domestic economic downturn, Sri Lanka struggled to meet its financial obligations to Iran, due to the foreign exchange shortages.

To resolve this issue, an agreement was reached between the two nations, focusing on settling outstanding debts through tea exports.

De Mel reported that tea exports to Iran from January to May 2024 totalled 4.98 million kilogrammes, a significant increase compared to 1.85 million kilogrammes exported during the same period in 2023.

(dailymirror.lk)
(Except for the headline, this story, originally published by dailymirror.lk has not been edited by SLM staff) 

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Standard egg prices to be announced daily via SMS

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Chairman of the All-Ceylon Egg Producers’ Association, R.M. Sarath Rathnayake has said new measures to announce daily standardized egg prices will be introduced from next Monday (June 23) to ensure fair pricing for consumers.

The prices covering wholesale, retail, and intermediary rates will be communicated daily at 5.00am via SMS to small, medium, and large-scale egg producers, as well as bakery owners, food manufacturers, and hotels through the number 070-7030700.

He warned of recent practices where eggs were bought at Rs.15-18 and stockpiled, stating such actions will no longer be tolerated.

He also criticized groups posing as “egg associations” without actual farming experience.

The cost of producing an egg is around Rs.28 for large farms, Rs.29-30 for medium range farms, and Rs.32 for small-scale producers, he further said.

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16 bn. Apple, Facebook, Google passwords exposed

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A staggering 16 billion passwords to Apple, Facebook, Google, and various US government services have been leaked online, triggering global security alerts in what experts are calling the most significant data breach in history.

The mammoth security breach has forced Google to urge billions of users to change their passwords immediately.

At the same time, the FBI has issued warnings to Americans about opening suspicious links in SMS messages.

Cybersecurity experts at Cybernews, who investigated the breach, discovered a whopping 30 exposed datasets containing between tens of millions and over 3.5 billion records each.

Perhaps most alarmingly, researchers confirmed that nearly all these exposed datasets contain previously unreported information, making this an entirely fresh security crisis.

“This is not just a leak – it’s a blueprint for mass exploitation,” the researchers said via Forbes this week.

(news.com.au)

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New chairman appointed to CSE

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Dimuthu Abeyesekera has been appointed as the new Chairman of the Colombo Stock Exchange (CSE).

The CSE announced that Mr. Abeyesekera brings over 35 years of experience in the capital markets and has served on the CSE Board for the past six years.

He currently serves as the Director/CEO of Asha Securities Ltd, which is affiliated with Phillip Capital Singapore, a specialized financial services organization managing assets worth over US$ 35 billion with a network of offices around the world.

Abeysekera also currently serves as the Director at Asha Financial Services Ltd, a specialised margin Trading Company in Colombo.

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