Business
Industrial Production in May 2023 decreased by 3.1 per cent
Index of Industrial Production (IIP) in May 2023 decreased by 3.1 per cent to 88.0 compared to May 2022, mainly contributed by the decreases reported in the manufacture of Wearing apparel (-19.0 per cent), Rubber and plastic products (-32.9 per cent) and Chemicals and chemical products (-38.9 per cent).
During the period under review (08.07.2023 to 14.07.2023), crude oil prices largely followed an increasing trend owing to market expectations on tighter oil supply with upcoming supply cuts by Saudi Arabia and Russia, while weak US dollar and market expectations of fewer interest rate hikes by the US Fed in the period ahead also supported the increase in prices.
Overall, Brent and WTI prices increased by US dollars 3.18 per barrel and US dollars 3.42 per barrel, respectively, during the review period.
Weekly Average Weighted Prime Lending Rate (AWPR) for the week ending 14th July 2023 decreased by 48 bps to 18.69 per cent compared to the previous week.
The reserve money decreased compared to the previous week mainly due to the decrease in the deposits held by the commercial banks with the Central Bank.
The total outstanding market liquidity was a deficit of Rs. 230.587 bn by 14.07.2023, compared to a deficit of Rs. 303.435 bn by the end of last week.
By 14th July 2023, the All Share Price Index (ASPI) increased by 2.84 per cent to 10,595.02 points and the S&P SL 20 Index increased by 2.79 per cent to 3,106.77 points, compared to the index values of last week.
Regarding T-Bills, primary market yield rates recorded an increase while the secondary market yield rates remained broadly stable. However, the secondary market T-Bond yield curve depicted a downward movement during the week compared to the week before.
The outstanding stock of T-Bills and T-Bonds held by foreigners depicted a decrease of 4.33 per cent in rupee terms during the reporting week compared to the week before.
The weekly T-Bill and T-Bond auction was oversubscribed by 1.2 and 1.8 times, respectively, during the reporting week.
The total volume of secondary market transactions in T-Bills and T-Bonds has increased by 20.96 per cent in the reporting week compared to the week before.
During the year up to 14th July 2023, the Sri Lanka rupee appreciated against the US dollar by 14.8 per cent. Given the cross currency exchange rate movements, the Sri Lanka rupee appreciated against the Japanese yen by 19.1 per cent, the pound sterling by 5.3 per cent, the Euro by 8.9 per cent and the Indian rupee by 13.7 per cent during this period.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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