Business
Consumer prices still rising rapidly
CCPI based headline inflation (Y-o-Y) increased to 64.3 per cent in August 2022 from 60.8 per cent in July 2022 due to the monthly increases of prices of items in both Food and Non-food categories, according to Weekly Economic Indicators of the Central Bank.Meanwhile, Food inflation (Y-o-Y) and Non-food inflation (Y-o-Y) recorded at 93.7 per cent and 50.2 per cent, respectively, in August 2022. Furthermore, the CCPI measured on an annual average basis, increased to 28.0 per cent in August 2022 from 23.1 per cent in July 2022.
During the period under review (27.08.2022 to 02.09.2022), crude oil prices were largely on a declining trend. At the beginning of the period, prices increased due to fears of potential OPEC+ output cuts and conflict in Libya. However, prices decreased later, owing to fears that global central banks will continue to raise rates to countering inflationary pressures and on concerns of renewed restrictions to curb COVID-19 in China. Overall, during the period under review, Brent and WTI prices decreased by US dollars 8.07 per barrel and US dollars 6.03 per barrel, respectively.
Weekly AWPR for the week ending 02nd September 2022 remains unchanged at 25.76 per cent compared to the previous week.The reserve money decreased compared to the previous week mainly due to decrease in the currency in circulation.The total outstanding market liquidity was a deficit of Rs. 597.298 bn by the end of this week, compared to a deficit of Rs. 614.942 bn by the end of last week.By 02nd September 2022, the All Share Price Index (ASPI) increased by 5.95 per cent to 9,316.45 points and the S&P SL 20 Index increased by 5.09 per cent to 3,009.61 points, compared to the index values of last week.
During the year up to 02nd September 2022, the Sri Lankan rupee depreciated against the US dollar by 44.5 per cent. Given the cross currency exchange rate movements, the Sri Lankan rupee depreciated against the Indian rupee by 40.6 per cent, the Euro by 37.0 per cent, the pound sterling by 35.2 per cent and the Japanese yen by 32.5 per cent during this period.The gross official reserves were provisionally estimated at US dollars 1,817 mn as at end July 2022, the CBSL report stated.
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
