Business
CSE makes initial gains but loses steam subsequently
By Hiran H.Senewiratne
The CSE gained a marginal 0.59 per cent within the first hour of trading yesterday but it could not maintain its tempo due to a liquid index remaining low. The market showed a dip in the wake of the Central Bank Governor’s statement before the COPE committee that Sri Lanka could face its worst economic contraction coupled with the anticipation of negative quarterly results by companies, stock market analysts said.
Further, news of the World Bank diverting some loans for the purchase of essential items for Sri Lanka and the assumption of duty as the new Finance Minister by Prime Minister Ranil Wickramesinghe created some positive investor sentiments, market observers said.
The World Bank said it cannot give new loans to Sri Lanka until a proper economic plan is in place though it is redirecting money from un-disbursed loans for immediate humanitarian needs of the poor, the sick and school children.
“We are concerned for the people of Sri Lanka and are working in coordination with the IMF and other development partners in advising on appropriate policies to restore economic stability and broad-based growth, the World Bank said.
Amid those developments both indices showed a downwards trend. The All- Share Price Index went down by 23.3 points and S and P SL20 declined by 39.75 points. Turnover stood at Rs 1.66 billion without a crossing.
In the retail market top seven companies that mainly contributed to the turnover were; Lanka IOC Rs 467 million (7.2 million shares traded), Expolanka Holdings Rs 270 million (1.18 million shares traded), Browns Investments Rs 202.8 million (21.4 million shares traded), LOLC Finance Rs 79.5 million (8.2 million shares traded), CT Holdings Rs 73.7 million (465,000 shares traded), Softlogic Holdings Rs 52 million (724,000 shares traded) and LOLC Holdings Rs 38 million (63,000 shares traded). During the day 72.2 million share volumes changed hands in 16648 transactions.
Yesterday the Central Bank announced the US dollar buying rate as Rs 354.40 and the selling rate as Rs 364.35.
Last week Fitch downgraded Sri Lanka’s rating to ‘restricted default’ after the grace period expired on coupon payments that were due on April 18 on two international sovereign bonds.
Sri Lanka which imports more than 80 per cent of its medical supplies is also facing a shortage of medicines, which, doctors say, could cause deaths soon.
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
