Business
Chinese swap eased bond yields: First Capital
First Capital Research (FCR) said that foreign currency swap Sri Lanka entered with China had eased the rising bond yields, in an about turn from their previous expectations that the ascent in the yields would continue.
Sri Lanka’s primary and secondary market bills and bond yields ticked upwards through February on concerns said to have been raised by the reserves adequacy to meet foreign currency liabilities and the lack of clarity among market participants with the current economic condition,” according to FCR.
But the bond markets eased after the announcement of People’s Bank of China approving a swap line of 10 billion Yuan for Sri Lanka, equivalent of US$ 1.5 billion for 3 years on March 10, assuaging the concerns held by some of the investors.
Providing further clarity on the economy, the Central Bank last week gave a detailed account of the robust progress made by the economy since its re-opening last May, rekindling hopes on higher and better economic prospects through 2021, as indicated by almost every high frequency data.
“Sri Lanka signs 3-year US$ 1.5 billion currency swap deal with China, which may ease secondary market government securities yield over the short term,” said FCR.
Weighing in on the China swap, Standard Chartered Bank too said that it would boost near term reserves and upgraded their growth outlook for Sri Lankan economy.
However, the government earlier indicated that it wouldn’t expect to draw down the facility but rather would keep it as a buffer, and hence it might not get added on to the foreign currency reserves, which was at US$ 4.6 billion by end of February.
Meanwhile, First Capital’s Fixed Income Economic Health Score, which is calculated by assigning a score for about 11 criteria watched monthly, changed little, reflecting the continuous progress made by the economy.
The overall score compiled based by assigning individual score for criteria such as foreign reserves, money market liquidity, inflation, private sector credit, investor confidence and the likes made up to an accumulated score of 53 for March compared to 54 in February, with the net slippage coming from the depreciation in the rupee against the dollar, which depreciated by about 7 percent year-to-date.
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
