Business
Higher taxes at present seen as detrimental to economic and social stability
By Hiran H.Senewiratne
Weak macroeconomic conditions in Sri Lanka indicate that the present moment is not conducive to profitable business activities. The economic downturn, social unrest and political instability are among these factors. But as Sri Lanka is now compelled to make some tough choices to put its economy back on track, both the Finance Ministry and Central Bank officials are calling for higher taxes as part of a crucial fiscal reforms package, while talks with the International Monetary Fund (IMF) continue for a rescue package, market sources said.
Minister of Finance Ali Sabry delivering a special statement in parliament yesterday revealed that Sri Lanka’s foreign liquidity reserves, which amounted to USD 7.6 billion by the end of 2019, have dropped to a critically low level of USD 50 million.
The current situation is good for dollar earning companies but higher taxes and certain fiscal reforms will hit the entire corporate sector, stock market analysts said. Furthermore, a new budget at this juncture to raise taxes will create an uprising similar to that in Pakistan, which ousted Prime Minister Imran Khan recently, analysts said.
Amid those development, the CSE yesterday indicated mixed reactions. All- Share Price Index went down by 26.2 points and S and P SL20 rose by 6.8 points. Turnover stood at Rs one billion with a single crossing. In the retail market, the top seven companies that mainly contributed to the turnover were; Expolanka Holdings Rs 446 million (2.7 million shares traded), LOLC Holdings Rs 155 million (337,000 shares traded), Lanka IOC Rs 63 million (1.9 million shares traded), Browns Investments Rs 55.2 million (9.2 million shares traded), LOLC Finance Rs 37.1 million (5.7 million shares traded), TJ Lanka Rs 36.4 million (941,000 shares traded) and Commercial Bank Rs 19.7 million (383,000 shares traded). During the day 46.8 million share volumes changed hands in 14000 transactions.
The Central Bank has announced the official exchange rates of the US Dollar. Accordingly, the selling rate of the US$ is listed as Rs. 350.05 and the buying rate as Rs. 362.99, according to the central bank. Several licensed commercial banks in Sri Lanka yesterday announced their selling rate as Rs. 370 per US Dollar. But in the kerb market its close to Rs 400.
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
