Malaysia Unveils Energy Security Plan Amid Iran Conflict and Rising Oil Costs 
Judge Delays SEC Settlement With Elon Musk Over Twitter Stock Disclosure Case 
Dollar Struggles to Rally Despite Strong US Data as Fed Hike Expectations Remain Limited 
European Stocks Fall as US-Iran Conflict Rekindles Energy Supply Fears 
Goldman Sachs Delays Fed Rate Cut Forecast to 2026 Amid Rising Inflation Concerns 
Nintendo Shares Tumble as Weak Forecast and Rising Switch 2 Costs Worry Investors 
Coinbase Q1 2026 Earnings Miss Sends COIN Stock Lower Amid Crypto Market Slump 
Gold Prices Rise as Weaker Dollar and Iran Ceasefire Hopes Boost Safe-Haven Demand 
Norway Core Inflation Hits 3.2% in April, Fueling Interest Rate Hike Expectations 
Dell Stock Hits Record High After Trump Endorsement, AI Server Demand Fuels Rally 
Trump Rejects Iran Proposal as Strait of Hormuz Crisis Pushes Oil Prices Higher 
Aker BP Q1 Profit Jumps on Higher Oil Prices and Asset Reversal 
Dollar Rises as Strait of Hormuz Crisis Pushes Oil Prices Higher 
US Stock Futures Slip as Trump Rejects Iran Peace Proposal Amid Rising Middle East Tensions 
Russian LNG Shadow Fleet Expands Amid Arctic LNG 2 Sanctions 
KOSPI Hits Record High as AI Chip Demand Boosts Samsung and SK Hynix 
Asian Stocks Rise Despite Middle East Tensions as Chipmakers Boost Markets 
Sri Lanka revealed its plan to use its locally produced tea to pay off the money it owes Iran. The country incurred $251 million in debt for previous oil imports.
Sri Lanka's Member of the Parliament, Ramesh Pathirana, said the government is hoping to deliver $5 million worth of tea to Iran. The plan is to keep sending this amount of tea every month until the $251 million debt is completely settled.
According to BBC News, Sri Lanka is currently in deep debt and foreign exchange crisis that has worsened after losing income from tourism as people are not able to travel and visit the country at the height of the COVID-19 pandemic.
At any rate, one of the members of the nation's tea board said this will be the first time that tea would be given in exchange for settlement of the foreign debt. The Minister of Plantation, Hon. Pathirana explained the plan to use tea as a payment method will not violate the United Nations or US sanctions as the aromatic beverage was categorized as a food item on humanitarian grounds and the deal will not involve any black-listed Iranian banks.
"We hope to send $5m worth of tea each month to repay Iran for oil purchases pending since the last four years," Pathirana told Reuters and the Plantation Ministry added, "The recommended scheme will save Sri Lanka much-needed foreign currency since the settlement to Iran would be made in Sri Lankan rupees through the sale of Ceylon Tea."
Then again, Dr. Roshan Rajadurai, the spokesperson for the Planters Association of Ceylon, an organization where major plantation companies in the country are members, seems to be not so fond of the idea as he suggests this form of payment is a "sticking plaster solution by the government" and adding that "it does not necessarily benefit exporters as we will be paid in rupees, circumventing the free market, and provides no real value to us."
Meanwhile, if the plans push through, it is expected to save Sri Lanka from much-needed foreign currency. The Daily Mail reported that there is no comment yet from the Iranian government if the proposed delivery of tea is an acceptable form of payment for them.
Finally, it was reported that Sri Lanka needs to settle a total of $4.5 billion next year as part of its debt repayments. Starting in January, it has to repay $500 million international sovereign bond and more repayments will follow throughout the year.
