Business
Export sector likely to be hit by proposed increased Corporate Tax rate
By Hiran H.Senewiratne
The higher 30 per cent Corporate Tax proposed by the International Monetary Fund, to be unveiled in the upcoming 2023 budget, is likely to threaten the resilience and robust performance of the crucial export sector, especially in the case of high potential ICT services, CSE analysts warned yesterday.
The overall manufacturing export sector is taxed at a supportive 14 per cent and the IT services export sector is exempted as a special policy to boost investments, jobs and foreign exchange earnings and for tapping high growth potential, given the competence in our talent and Sri Lanka’s geographic location.
Therefore, manufacturing sector counters in the CSE will likely be affected due to the proposed 30 per cent corporate tax hike in the upcoming budget, analysts said.
The CSE began on a negative note due to heavy selling pressure noted in blue chip counters, especially Expolanka Holdings, Lanka IOC, LOLC and many other counters yesterday, stock analysts added.
Amid those developments both indices moved downwards. The All- Share Price Index went down by 304.9 points and S and P SL20 declined by 132 points. Turnover stood at Rs 3 billion with one crossing. The crossing was reported in JKH, which crossed 3.5 million shares to the tune of Rs 709 million, its shares traded at Rs 129.50.
In the retail market, seven companies that mainly contributed to the turnover were; Expolanka Holdings Rs 536 million (3.6 million shares traded), Lanka IOC Rs 319 million (1.5 million shares traded), CIC (Non Voting) Rs 170.7 million (2.5 million shares traded), ACL Cables Rs 113 million (1.2 million shares traded), Browns Investments Rs 110 million (18 million shares traded), CIC Holdings Rs 98.7 million (1.1 million shares traded) and JKH Rs 46.9 million (364,000 shares traded). During the day 91.3 million share volumes changed hands in 30000 share transactions.
CSE’s primary and secondary market transactions recorded a net inflow of foreign investments amounting to US$ 97 million during the eight months ending August 2022.
Gross official reserves stood at U$ 1.7 billion at the end of August 2022. This included the swap facility from the People’s Bank of China, equivalent to around US $ 1.4 billion, which is subject to conditionalities on usability.
Total foreign assets, which consist of gross official reserves and foreign assets of the banking sector, amounted to US$ 5.7 billion at end August 2022.
The exchange rate continued to remain stable through August 2022, following the introduction of daily permissible bands in mid-May 2022. Accordingly, during the year up to October 6, 2022, the rupee recorded a depreciation of 44.8 per cent against the US dollar.
Yesterday, as usual the Central Bank- announced US$ buying rate was Rs 359.23 and selling rate Rs 369.96.
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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