Business
CSE dips to negative terrain following Fitch Ratings report
By Hiran H.Senewiratne
CSE activities set off on a negative note yesterday following a Fitch Ratings report that Sri Lanka’s revenue target for the 2024 budget is ambitious. There is an element of risk in achieving it in the backdrop of delays in obtaining the IMF loan’s second tranche and difficulties encountered in the domestic debt restructuring process, market analysts said.
“Fitch Ratings in its statement stated that the targets laid out in Sri Lanka’s budget for 2024 will be challenging to meet, even with the economic recovery that we expect to continue next year, these analysts observed.
“Further, the fiscal deficit is set to be wider than our current forecast of 7.1 percent of GDP in 2024 in light of the new data, even after excluding bank recapitalization costs and the revenue/GDP ratio will be lower than we had assumed, Fitch reported.
Amid those developments both indices moved downwards. The All Share Price Index went down by 61.57 points and S and P SL20 declined by 14.98 points. Turnover stood at Rs 1.06 billion with 4 crossings. Those crossings were reported in Vidullanka, which crossed 19 million shares to the tune of Rs 129.2 million; its shares traded at Rs 6.80, Sanasa Development Bank 3.1 million shares crossed for Rs 110 million and its shares traded at Rs 35, Ceylon Grain Elevators 120,000 shares crossed for Rs 22.14 million; its shares traded at Rs 184.50 and Shaw Wallace Investments 2 million shares crossed to the tune of Rs 20.5 million; its shares traded at Rs 10.
In the retail market top seven companies that mainly contributed to the turnover were; Capital Alliance Rs 108.5 million (1.6 million shares traded), JKH Rs 60 million (316,000 shares traded), Grain Elevators Rs 49.3 million (285,000 shares traded), Colombo Fort Land Rs 43 million (1.54 million shares traded), Distilleries Rs 32.4 million (1.3 million shares traded) and Sampath Bank Rs 29.3 million (432,000 shares traded). During the day 58.4 million shares changed hands in 9369 transactions.Yesterday buying rate of the dollar was Rs 323.35 and selling rate Rs 333.66.
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
