Business
Govt.’s plans to revert taxes to 2019 levels dampen share market
By Hiran H.Senewiratne
CSE plunged to negative territory within the first hour of trading yesterday following reports that the Cabinet is to revert taxes to 2019 levels and the question that arises is what will happen next, market analysts said.
The market began trading in a negative manner following news that the Cabinet has given the go-ahead to amend the 2017 Inland Revenue Act, 2002 VAT Act, 2011 Telecommunication Act, 1998 Betting and Gaming Levy Act and the Financial Management Responsibility Act. Sri Lanka cut taxes in December 2019 as a ‘fiscal stimulus’ measure, saying there was a ‘persistent output gap’ after two earlier currency crises in 2016 and 2018 reduced growth. The value-added tax was cut from 15 to 08 percent, market analysts added.
At the weekly Cabinet meeting yesterday, Sri Lanka announced that it will go back to 2019 tax levels to boost the country’s revenues and a supplementary budget estimate of Rs 695 billion will be presented to parliament soon.
Amid those developments both indices moved downwards. The main All -Share Price Index fell 1.05 per cent or 123.4 points and the most liquid S&P SL20 slipped 1.2 per cent or 23.7 points .Market generated a turnover of Rs 1.6 billion with two crossings. Those two crossings were reported in Commercial Bank, which crossed 500,000 shares to the tune of Rs 29 million; its shares traded at Rs 54 and JHK 200,000 shares crossed to the tune of Rs 24.8 million, its shares traded at Rs 124.
In the retail market top seven companies that mainly contributed to the turnover were; Browns Investments Rs 398 million (39.8 million shares traded), Expolanka Holdings Rs 235 million (one million shares traded), LOLC Finance Rs 134 million (14.9 million shares traded), Lanka IOC Rs 50 million (1.1 million shares traded), Print Care Rs 45.7 million (1.5 million shares traded), Keells Hotel Rs 44 million (four million shares traded) and HNB Rs 41 million (529,000 shares traded). During the day 105.3 million share volumes changed hands in 17000 transactions. The top losers were LOLC Holdings, Expolanka and Browns Investment.
Yesterday, local commercial banks quoted Rs 365.7 against telegraphic transfers, while the Central Bank kept the interbank spot trade at Rs 360.7 under a daily guidance rate. Commercial banks were quoting Rs 355.7/365.7 for telegraphic transfer dollars yesterday, flat from the previous day. Some banks were also quoting the rupee at 365.00 for TT dollars on the previous day.
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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