Business
IMF urges central banks to ‘stay the course’ till prices tamed
Bloomberg:Central banks globally must remain vigilant until inflation is firmly under control, according to International Monetary Fund Managing Director Kristalina Georgieva.
“I want to be clear we are not yet seeing inflation going down to target fast enough,” Georgieva told Bloomberg Television’s Haslinda Amin on the sidelines of the Group of 20 finance chiefs’ meetings in Bengaluru, India. “Central banks need to stay the course until we are comfortable that price stability is returning.”
As many central bankers begin to slow their policy tightening, inflation prints across the world remain sticky. With China reopening at a pace that’s exceeded expectations, Georgieva remained hopeful that domestic consumption there remains a growth driver for the world with little risk for an additional inflation flare-up.
In the US, the personal consumption expenditures price index rose 5.4% in January from a year earlier and the core metric was up 4.7%, both marking pickups after several months of declines. In Europe, underlying inflation is forecast to stay at a record 5.3% and in many parts of Asia, including India and Australia, core inflation has remained sticky. Authorities shouldn’t let their guard down as price stability is essential for investors and for consumers to keep on spending, which are the foundations for economic growth, according to the IMF chief.
While China’s resurgence this year is a boon, Russia’s war on Ukraine is “still casting a long shadow on the global economy,” Georgieva said Saturday.
“When we have uncertainty, that impacts investors, it impacts the ability for economies to grow,” she said. “And of course the war is terrible for the people of Ukraine. It is terrible for the world economy.”
Apart from the prolonged war and lingering inflation, debt troubles besetting poorer nations like Zambia, Sri Lanka and Pakistan are adding to uncertainties, said Georgieva.
“I am concerned about emerging markets and developing economies that have very little fiscal space or none,” she said. “And at the same time they have to service that big part of it, of which is dollar denominated, on top of higher interest rates.”
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
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