Business
PMI for manufacturing and services activities expands in March
Following the seasonal pattern in manufacturing activities, the manufacturing PMI increased on a month-on-month basis to an index value of 57.8, yet at a slower rate than the previous years.
This increase was mainly attributable to the improvements observed in Production, New Orders and Employment sub-indices following the seasonal demand.
The increase observed in New Orders and Production sub-indices, particularly in the manufacture of textiles & apparel sector, was due to cover-up arrangements ahead of the seasonal holidays. Though New Orders in the manufacture of food & beverage sector increased in March 2022, catering to the New Year demand, Production and Stock of Purchases related to the same remain subdued, mainly due to supply-side constraints. Many respondents highlighted that fuel shortage amidst scheduled power-cut disturbed their production plans in many aspects, from material supply to transportation of workers.
Suppliers’ Delivery Time also lengthened on a month-onmonth basis. Moreover, Stock of Purchases declined due to unavailability of required quantities in the domestic market and difficulties in opening letters of credit for importing materials.
For the next three months, the overall expectations for manufacturing activities deteriorated significantly compared to the previous month due to prevailing uncertain environment in the country.
Services sector PMI recorded an index value of 51.3 in March 2022 indicating an expansion across the services sector underpinned by the increases observed in New Businesses, Business Activities and Employment sub-indices.
New Businesses rose at a higher pace in March 2022 compared to February 2022, particularly with the improvements observed in financial services, other personal activities, telecommunication and insurance sub-sectors. Following the seasonality, Business Activities continued to grow in March, yet at a slower pace. Accordingly, financial services, transportation, insurance, real estate, and IT programming consultancy sub-sectors reported improvements during the month.
Nevertheless, the operational cost pressures, prolonged power cuts and supply shortages related to the gas, fuel and other inputs negatively affected the business operations of most of the sub-sectors, while rise in cost of living as well as Russia-Ukraine war weakened the demand related to several other services sub-sectors. Accordingly, business activities particularly related to wholesale and retail trade, accommodation, food and beverage, human health, and education sub-sectors recorded deteriorations during the month.
Employment recorded an increase in March due to new recruitments done primarily to meet the seasonal demand. Meanwhile, Backlogs of Work continued to decline at a slower pace during the month.
Expectations for Business Activities for the next three months deteriorated for the first time since August 2021 with the growing uncertainties and challenges with prolonged power cuts, supply shortages of fuel, gas and other inputs, import related issues and restrictions amid foreign exchange shortage, sharp increases in input prices with allowing flexibility in the exchange rate, and political and social unrest in the country.
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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