Business
Global business developments dampen local bourse
By Hiran H.Senewiratne
CSE trading activities witnessed some dull and negative moments due to the global business scenario yesterday. The main reason being that the Chinese real estate giant Evergrande is facing a financial crisis triggered by the current Covid-19 situation. The company is now facing a major crisis with regard to settling their debt, which factor has negatively impacted major stock markets in the world, market analysts said.
Evergrande expanded aggressively to become one of China’s biggest companies by borrowing more than $300bn (£217bn).Last year, Beijing brought in new rules to control the amount owed by big real estate developers, sources said.
The new measures led Evergrande to offer its properties at major discounts to ensure money was coming in to keep the business afloat. Now, it is struggling to meet the interest payments on its debts. This uncertainty has seen Evergrande’s share price tumble by around 85 per cent this year. Its bonds have also been downgraded by global credit rating agencies.
Due to these developments it is believed that investor confidence in the CSE is also affected. However, Sri Lanka and seven other countries have been taken off the ‘Red List’ of the United Kingdom’s travel advisory, boosting the country’s prospects for tourism. Therefore, the local hotel sector witnessed fresh buying interest, market sources said.
The pandemic restrictions on travelling into England and Scotland were to be eased, officials were cited as saying on Friday, replacing a complicated ‘traffic light’ watch list with a simpler regime for fully vaccinated arrivals. Amid those developments both CSE indices witnessed a downward trend. All Share Price Index went down by 34.08 points and the S and P SL20 declined by 23.32 points. Turnover stood at Rs. 1.7 billion with one crossing. The crossing took place in Sampath Bank, which crossed three million shares to the tune of Rs. 149.1 million, its shares traded at Rs. 149.70.
In the retail market top five companies that mainly contributed to the turnover were; Expolanka Rs. 295 million (1.8 million shares traded), Browns Investments Rs. 287 million (31.7 million shares traded), Hayleys Rs. 83.9 million (856,000 shares traded), Citrus Leisure Rs. 72.4 million (8.1 million shares traded) and Keells Hotel Rs. 70.76 million (4.8 million shares traded). During the day 106.6 million share volumes changed hands in 19000 transactions.
The Commercial Bank’s latest listed debenture issue had drawn 120 applications with a demand for Rs. 8.6 billion. The bank issued 50 million Basel III compliant Tier 2, listed, rated, unsecured, subordinated, redeemable debentures with a non-viability conversion feature at Rs. 100 each with an option to offer a further 50 million debentures in the event of an oversubscription. The debentures were of two types – Type A, a five-year instrument with a fixed coupon rate of 9 percent per annum (Annual Effective Rate of 9.2 percent) payable semi-annually; and Type B, a six-year instrument with fixed coupon rate of 9.50 percent per annum (AER of 9.73%) payable semi-annually.
Meanwhile, the US dollar is now selling at Sri Lanka Rs. 199.405, Central Bank sources revealed.
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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