Business
Russian-Ukrainian crisis likely to affect multiple sectors in Sri Lanka
By Hiran H.Senewiratne
The effect on the CSE from the Russia-Ukraine crisis still cannot be commented on. But the CSE performed well yesterday to a satisfactory level even with the current external and internal uncertainties, CSE’s Head of Marketing Niroshan Wijesundera said.
“Since Ukrainian and Russian delegations will likely meet on the border between Ukraine and Belarus for peace talks, it will create some hope on this situation. If not it will affect many sectors, such as tourism, oil and gas, plantation sectors, such as tea and many more sectors, Wijesundera told the Island Financial Review.
He said that yesterday CSE produced a strong rebound with indices gaining but the bourse could be negatively impacted it if the tense situation continues. It is said that the US $ one billion Indian loan for Sri Lanka created a positive sentiment in spite of insufficient efforts to revive the situation.
Amid those developments, the CSE market started its trading on a positive note but did not continue that momentum. However, in the latter part of the day huge buying interest was noted in Expolanka Holdings, which automatically turned the market towards positive territory. As a result, indices at the CSE recorded significant gains yesterday with the All -Share Price Index increasing by 470.04 points (4.23 per cent) to 11577.94, while the S and P SL20 increased by 204.40 points (5.46 per cent) to 3946.73. Turnover stood at Rs 4.3 billion sans a single crossing.
In the retail market, the top seven companies that mainly contributed to the turnover were, Expolanka Holdings Rs one billion (3.7 million shares traded), Browns Investments Rs 330 million (27.5 million shares traded), LOLC Finance Rs 281 million (2.2 million shares traded), Commercial Leasing and Finance Rs 262 million (5.5 million shares traded), LOLC Finance Rs 213 million (225,000 shares traded), Royal Ceramic Rs 211 million (3.6 million shares traded) and Softlogic Life Insurance Rs 147 million (1.4 million shares traded). During the day 212 million share volumes changed hands in 41000 transactions.
It is said High net worth and institutional investor participation was noted in Commercial Bank, Access Engineering and Sampath Bank. Mixed interest was observed in Expolanka Holdings, Commercial Leasing & Finance and LOLC Holdings, while retail interest was noted in Browns Investments, LOLC Finance and SMB Leasing. During the day Expolanka, which experienced heavy buying interest, contributed 67 points to the All- Share Price Index, while LOLC Finance contributed 54 points.
Yesterday, the US dollar was quoted at Rs 201.05, which was the controlled price of the Central Bank. The actual rate in the floating market would be more than Rs 250 per dollar. However, Sri Lanka’s rupee has sharply appreciated to Rs 2.36 to the Russian ruble from Rs 2.66 earlier in the week.
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.”
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
