Lanka’s tea output down 8.9pc on bad weather

Colombo—Sri Lanka’s tea production in November fell 8.9 percent year-on-year due to heavy rain but rose 14.2 percent in the first 11 months of 2010 from a year earlier, the state-run tea board said. Tea output in November dipped to 26.67 million kg from 29.28 million kg in the same month last year. Output in January to November jumped to 302.45 million kg from 264.8 million in the same period last year.

“Heavy rain affected the pruning in the second half of November, “ said H.D. Hemarathne, director general of the Sri Lanka Tea Board. “But overall the output is good due to fairly good weather and better agricultural practices throughout the year. We expect output of at least 325 million kg and export revenue to definitely be over $1.4 billion,” he said.

If this forecast proves accurate, both output and export earnings would be at a record high this year. Output fell 9 percent to 289.8 million kg last year from an all-time output peak of 318.7 million kg in 2008 due to adverse weather and a lack of fertiliser, along with a labour strike.

Sri Lanka’s annual earnings from tea exports fell 6.8 percent to $1.2 billion last year after hitting a record peak of $1.28 billion in 2008. Export revenue from January to September rose 17.6 percent to $995.8 million compared with a year ago, central bank data showed. Tea is one of the $42 billion economy’s main foreign currency earners, along with remittances, garment exports and tourism.—Agencies

Comments

Ukrainians injured as police dismantle Kiev 'tent city'

At least 10 demonstrators have been injured in clashes with Ukrainian police and another 100 detained in the capital Kiev after authorities began dismantling a makeshift "tent city" protesting against corruption. The tent city was set up in October by supporters of Mikheil Saakashvili, a former president of Georgia who has become an opposition politician in Ukraine. Saakashvili, a critic of corruption in Ukraine, was deported to Poland in February. He said he was "kidnapped" by Ukrainian authorities and removed from the country against his will. Andriy Kryshchneko, police chief of police, said at the camp on Saturday that "two court decisions" allowed authorities to search and dismantle the camp. Police said that explosives and other weapons were found at the scene

ASSIGNING OF PREFERENTIAL NUMBERS FOR LG POLLS COMPLETED

The Election Secretariat announced that assigning preferential numbers for candidates of the Local Government election to be held for 67 bodies has been completed. Preparations are currently underway to hold the polls under the 2010 electoral register, Additional Elections Commissioner W.P. Sumanasiri said. The electoral register of the year 2010 is scheduled to be certified on June 31.

In abrupt turnaround, Olympus admits it hid losses

Japan's Olympus admitted on Tuesday it hid losses on securities investments dating back two decades, bowing to weeks of pressure to explain a series of baffling transactions that have put the future of the firm in doubt. The revelations by the 92-year-old company appear to vindicate ex-CEO Michael Woodford, who has staged a campaign since being sacked on October 14 to force the firm to come clean on nearly $1.5 billion in questionable payments. Olympus President Shuichi Takayama blamed Tsuyoshi Kikukawa, who quit as president and chairman on October 26, Vice-President Hisashi Mori and internal auditor Hideo Yamada for the cover-up, saying he would consider criminal complaints against them. The admission after weeks of denials shocked investors, sending shares in the endoscope and camera maker skidding almost 30 percent and prompting the biggest non-Japanese shareholder to demand the replacement of the entire board. "Ignorance is no defense," said Jo...

Share Blogs

Search This Blog