Business
CSE moves up in the wake of SL-IMF deal as local corruption comes into focus
By Hiran H.Senewiratne
Sri Lanka’s shares moved up over 2.5 per cent in mid-morning trade yesterday on new found hope after the IMF announced that it agreed to offer a US$ 2.9 billion loan fund to the crisis-hit country, which has widely focus on to prevent corruption in the government, stock market analysts said.
“This time the IMF recommended measures and reforms based on corruption in Sri Lanka, because the government’s corruption is very critical, which caught up to us. Therefore, the IMF supports creating fiscal transparency and introducing new laws and legislation to address those issues, IMF senior mission chief Peter Breuer said yesterday at the IMF press conference held at the Central Bank head office in Colombo.
Stock market analysts and brokers welcomed and heralded the IMF assistance and support to revive the economy from a medium to long term perspective by reducing corruption in the government sector. The latter task is expected to help in developing the capital market in a sustainable manner.
Amid those developments both indices indicated positive and upbeat situations. All-Share Price Index gained 183.49 points (2.02 per cent) to end at 9254.81 while S and P SL 20 gained 80.01 points (2.73 per cent) to end the day at 3008.98. Turnover stood at Rs 4.1 billion with two crossings. The crossings were reported in Expolanka Holdings, which crossed 1.3 million shares to the tune of Rs 303.7 million, its shares traded at Rs 225 and Kelani Valley Plantations 300,000 shares crossed to the tune of Rs 31.4 million, its shares fetched Rs 104.50.
In the retail market top seven companies that mainly contributed to the turnover were; Lanka IOC Rs 735 million (3.8 million shares traded), Expolanka Holdings Rs 253 million (1.1 million shares traded), Melstacorp Rs 249 million (4.4 million shares traded), Lankem Development Rs 137 million (4.5 million shares traded), CIC Holdings Rs 130 million (1.8 million shares traded), Kotagala Plantations Rs 123 million (11.6 million shares traded) and Agsta PLC Rs 106 million (6.7 million shares traded). During the trading almost all stocks, including blue- chips, contributed to the market in a positive manner. Todate, net foreign inflow has been recorded at more than Rs 550 million. It is said that 151 million share volumes changed hands in 37000 share transactions.
Yesterday, the Central Bank’s dollar buying rate was Rs 357.51 and the selling rate Rs 368.86. IMF also said that the Central Bank’s prudential fiscal policy management system has done reasonably well to maintain rupee stability against the dollar.
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.”
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