Business
PMI for manufacturing and services expands in February
Manufacturing PMI remained expanded recording an index value of 52.5 in February 2022. The improvement was mainly attributable to the continued expansion in New Orders. However, Production, Stock of Purchases and Employment declined while
Suppliers’ Delivery Time lengthened on a month-on-month basis. An expansion in New Orders, particularly in the manufacture of food & beverage, was witnessed in February 2022, ahead of Sinhala and Hindu New Year season. However, the Production declined on a month-on-month basis, especially in the manufacture of food & beverage, and textiles and wearing apparel sectors, following the seasonal pattern as there were lesser number of working days in February, and due to supply-side constraints. Moreover, the Stock of Purchases declined due to supply side impediments. Many respondents highlighted that it was difficult to acquire imported raw materials and packing materials due to delays in opening letters of credit.
For the next three months, the expectations for manufacturing activities remains at elevated levels anticipating continuous improvements in economic condition locally and globally.
Services sector PMI recorded an index value of 51.8 in February 2022 indicating a marginal growth across the services sector. This marginal increase was underpinned by the increases observed in New Businesses, Business Activities and Expectations for Activity sub-indices. New Businesses rose at a slower pace in February 2022 compared to January 2022, particularly with the improvements observed in financial services, professional services, real estate, telecommunication and transportation sub-sectors. Business Activities continued to grow in February, even though at a slower pace, with the improvements observed in several sub-sectors. Accordingly, financial services, education, professional services, other personal activities, real estate and transportation sub-sectors reported improvements during the month. In addition, business activities in accommodation, food and beverage sub-sector also recorded a marginal growth amid the steady increase in tourist arrivals despite the disturbances occurred from disruptions to fuel and electricity supplies during the latter part of the month. Nevertheless, business activities related to wholesale and retail trade sub-sector observed a deterioration during the month. Employment fell slightly in February for the first time after three months of increase due to retirements and increasing number of resignations. Meanwhile, Backlogs of Work continued to decline at a higher pace during the month.
Expectations for Business Activities for the next three months improved in February, yet at a much slower pace, as wholesale and retail trade sub-sector expects their business outlook to deteriorate due to cost pressures and supply shortages following the float of the exchange rate and the imposition of import restrictions. Further, the uncertainities associated with fuel, electricity and LP gas supplies are also negatively affecting most of the sub-sectors.
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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