Business
Decline in consumers’ purchasing power hits manufacturing sector
SL Purchasing Managers’ Index – February 2023
Manufacturing PMI recorded an index value of 42.3 in February, indicating a continued setback in manufacturing activities on a month-on-month basis. This setback was driven by subdued performance observed in New Orders, Production, Employment and Stock of Purchases.
The decline in New Orders and Production was mainly driven by subdued demand observed in the manufacture of food & beverages, and textile & wearing apparel sectors. Many respondents representing the food & beverages sector mentioned that the decline in demand was mainly due to deterioration of purchasing power of the consumers.
However, they expect demand to increase on a month on month basis, targeting the festive season in April. Further, many manufacturers mentioned that the latest round of electricity tariff hike adversely affected their cost structure. Meanwhile, Employment and Stock of Purchases also continued to decline in line with the decline in New Orders and Production. It was observed that the manufacturers maintained material stock inventory at a minimum level, considering subdued demand conditions and the declining trend of global commodity prices, freight and exchange rates. Further, Suppliers’ Delivery Time remained unchanged at the previous month’s level.
Expectations for manufacturing activities for the next three months indicated an improvement, anticipating an increase in demand and production targeting the upcoming festive season, despite the adverse impact of the decline in disposable income.
Services sector PMI dropped to an index value of 48.7 in February 2023 indicating a deterioration across the servicessector. This was driven by the declines observed in New Businesses, Business Activities, Employment and Backlogs of Work.
New Businesses declined in February 2023 compared to January 2023, particularly with the decreases observed in transportation, insurance and postal and courier sub-sectors. Business Activities in the services sector declined in February 2023 after six months of continuous growth. Accordingly, business activities related to wholesale and retail trade sub-sector continued to deteriorate amid subdued consumer demand driven by diminishing purchasing power. Further, transportation sub-sector also continued to decline due to drop in freight volumes.
Meanwhile, human health, insurance and postal and courier subsectors also showed decreases during the month. Nevertheless, financial sector continued to improve with the improvements in deposits.Employment continued to decline in February due to resignations, migrations and retirements occurred during the month. Meanwhile, Backlogs of Work also decreased during the month in line with the reduction in new businesses.
Expectations for Business Activities for the next three months improved in February amid increase in tourist arrivals, upcoming festive season and expectations on greater economic stability. Nevertheless, some respondents expressed their concerns over shrinking margins in line with high taxes and electricity tariff and subdued demand due to decline in disposable income. (CBSL)
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
