Business
Significant rupee depreciation forced selling price revisions for gasoil & gasoline – Lanka IOC
CBSL has announced flexibility in foreign exchange rate and the Sri Lankan rupee has depreciated twice in the last 7 days against the dollar, initially to Rs 230 per USD and then again to an exorbitant level of Rs. 260 from Rs. 203 previously. Even after this upward revision in exchange rates by over 28%, the inflow of US dollar has not improved much in the banking channels during past two days. The banks are, however, offering USD at the rate of Rs 260 and even much beyond, Lanka IOC said in a press release.
The release adds: “On the other side, Oil has also been rising sharply on the prospects for a full embargo on Russian oil and products and reaching near to the highest levels seen earlier in 2008. With fear of the supply scarcity amidst the Ukraine-Russia war, crude oil continues to be on the boil, threatening to reach unforeseen levels. It is gathered that the international market is rising to account for the supply disruption to at least part of the nearly 4 million barrels per day of oil that is sold by Russia into the U.S. and EU.
“In the wake of the severity of these external shocks, LIOC was forced to increase its Retail Selling Prices for Diesel by Rs 75/Ltr and Petrol by Rs 50/Ltr w.e.f. today.
” Manoj Gupta, Managing Director LIOC, informed that “Rupee depreciation twice in a span of 7 days by Rs 57 against USD has directly impacted the landed cost of Gasoil & Gasoline making them dearer by an equivalent amount per litre. Oil and gas prices are also surging as western countries respond to Moscow’s invasion with numerous sanctions to isolate Russia and cut it off from global oil markets. Our current losses are exorbitantly high considering current international prices leaving no other option but to increase the prices of Gasoil & Gasoline. However, it is a painful reality that even after this price increase, there would still be heavy losses at the prevailing international prices.”
“Gupta further said that “Though the current global political and economic environment is extremely challenging compelling us to resort to desperate measures, I am confident that the situation will improve and we shall be able to pass on the benefits of reduced prices to our valuable customers.”
“LIOC does not receive any subsidy from the Government of Sri Lanka and its losses are calculated based on actual landed cost of the product after considering payment of applicable duties, taxes & other statutory levies including handling charges.
“Lanka IOC is the only public limited energy company and accountable to its more than 10500 local shareholders. Despite the unprecedented challenging situations, Lanka IOC has always remained committed towards the social upliftment through its several initiatives and strong environment conscience.”
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
