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Sri Lanka hopeful of starting tea-for-oil barter with Iran in July

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Sri Lanka is reportedly set to start bartering tea to Iran next month in lieu of USD250 million owed for oil, as the country tries to lift sales to a key market and protect the forex reserves.

The barter was agreed in 2021 for oil imported in 2012, but the exchange was delayed after Sri Lanka’s unprecedented dollar shortage last year plunged the economy into its worst financial crisis in more than seven decades.

Speaking to the Reuters News Agency, Sri Lanka Tea Board Chairman Niraj de Mel has said the programme is a timely initiative as the country will get access to an important market and both Iran and Sri Lanka can trade without relying on dollars.

Chairman Niraj de Mel has said the agreement was to send USD5 million worth of tea each month for 48 months but initially it will be around USD 2 million per month.

Globally popular Ceylon Tea is Sri Lanka’s highest foreign exchange-earning crop, brewing USD 1.25 billion for the country last year, according to government data.

Iran has been one of Sri Lanka’s main tea buyers but exports have fallen steadily from USD 128 million in 2018 to USD 70 million last year as U.S. sanctions on Iran hit trade.

A significant share of Sri Lanka’s tea is now shipped to Iran via the United Arab Emirates (UAE), official data shows, with the UAE more than doubling its tea imports from Sri Lanka to USD 118 million last year from USD 48 million five years ago.

Under the barter programme, the Ceylon Petroleum Corporation that bought the oil will give rupees to the Tea Board to ship tea via Sri Lankan exporters.

Iranian tea importers will then pay riyals to the National Iranian Oil Company.

Chairman de Mel added that, “We are awaiting the final documents and hope to start exports from July.”

Sri Lanka’s foreign exchange reserves grew to USD 3.5 billion at the end of May – a 14-month high – helped by increased remittances and tourism inflows after securing a USD 2.9 billion bailout from the International Monetary Fund.

Source: Reuters

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India – Pakistan agrees to a ‘full and immediate’ ceasefire

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Donald Trump says “India and Pakistan have agreed to a full and immediate ceasefire”.

In a post on social media platform Truth Social, the US President says: “After a long night of talks mediated by the United States, I am pleased to announce that India and Pakistan have agreed to a FULL AND IMMEDIATE CEASEFIRE.

“Congratulations to both Countries on using Common Sense and Great Intelligence. Thank you for your attention to this matter!”

India’s External Affairs Minister S Jaishankar says “India and Pakistan have today worked out an understanding on stoppage of firing and military action”.

“India has consistently maintained a firm and uncompromising stance against terrorism in all its forms and manifestations. It will continue to do so,” he adds.

The Indian Foreign secretary – Vikram Misri has confirmed that the ceasefire between the two countries began at 17:00 local time (12:30 BST).

Meanwhile, Deputy Prime Minister of Pakistan, Ishaq Dar has also confirmed the news and added that “Pakistan has always strived for peace and security in the region, without compromising on its sovereignty and territorial integrity!”

According to a statement by the Pakistan Airport Authority (APA), Pakistan’s airspace has been fully restored for all types of flights. The APA statement adds that all airports in the country are available for normal flight operations.

(Agencies)

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Kohli signals Test exit

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Virat Kohli has communicated his desire to retire from Test cricket to the BCCI ahead of the big five-match series in England starting June 20, for which he is expected to be a part of the squad. ESPNcricinfo understands that Kohli has been having these conversations with officials of the BCCI for the past month or so.

If Kohli doesn’t change his mind, he will bring the curtain down on a glorious career that has spanned 14 years and included 123 Tests – 68 of them as captain – in which he has 9230 runs at an average of 46.85.

But it hasn’t been a particularly fruitful time in the format for Kohli of late. When he scored 100 not out in the Perth Test in November 2024, it was his first century in Tests since July 2023 (against West Indies in Port of Spain), and his average, 55.10 at its peak after he scored his career best of 254 not out vs South Africa in Pune in 2019, has been 32.56 over the last 24 months.
Despite that, it’s understood that the team management and selectors expect his experience to be crucial on the tour, where India will also be playing under a new captain – Shubman Gill is the frontrunner to take over from Rohit Sharma following his retirement from Test cricket earlier this week.

Kohli, as well as Rohit, were included in the highest category (A+) in the latest BCCI contracts, which is usually meant for players who play all three international formats. Both Kohli and Rohit had retired from T20Is after India won the World Cup last year and, if Kohli does retire from Tests, they will only be available for ODI cricket going forward.

Apart from Rohit, India are without R Ashwin, who retired from international cricket during the 2024-25 series in Australia. With Cheteshwar Pujara and Ajinkya Rahane not in the mix at the moment, and Mohammed Shami’s form under scrutiny after his return from a long injury layoff, Kohli is among the only seniors around, along with KL Rahul, Ravindra Jadeja and Jasprit Bumrah.

Before Rohit replaced Kohli as India’s Test captain, India had won 40 of the 68 games in which Kohli led, losing just 17. The 40 wins makes Kohli India’s most successful Test captain of all time – MS Dhoni with 27 from 60 and Sourav Ganguly with 21 from 49 rank below him – and also places him at No. 4 on the overall list of captains with the most Test wins, behind Graeme Smith (53 from 109), Ricky Ponting (48 from 77) and Steve Waugh (41 from 57).

It was in England that Kohli had recorded one of his greatest highs as a Test batter, on the 2018 tour. He was the top run-getter across the two sides in the five Tests, aggregating 583 at an average of 59.30 with two centuries. That it came after he had scored just 134 runs in ten innings on the previous tour, in 2014, made the performance that much more special. That year, 2018, was also his best in terms of aggregate for a year, when he scored 1322 runs.

During his golden run, he averaged 75.93 in 2016, 75.64 in 2017, 55.08 in 2018, and 68.00 in 2019. During that period between 2016 and 2018, Kohli scored 3596 runs in 35 Tests at an average of 66.59, with 14 hundreds and eight fifties in 58 innings.

(espncricinfo.com)

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2 fires erupt in Colombo ; No casualties

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Two separate fires broke out in Colombo this afternoon (May 10), according to the Fire Brigade.

The first incident occurred on Vauxhall Street, where a fire originating in one building quickly spread to a neighboring structure. Five fire trucks were dispatched to the scene to contain the blaze.

Around the same time, another fire was reported near the BCC Bridge on Armour Street, affecting a row of shops. Three fire trucks were dispatched to tackle the flames.

No injuries or casualties were reported in either incident.

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