Business
Manufacturing sector suffers setback in January 2023
Manufacturing PMI signals a continued setback in manufacturing activities on a month-on-month basis in January 2023. Accordingly, Manufacturing PMI recorded an index value of 40.8 in January 2023, with a decline of 4.0 index points from the previous month driven by the decreases in all the sub-indices, except Suppliers’ Delivery Time.
The decline in New Orders and Production was mainly attributable to the subdued demand condition observed, particularly in the manufacture of food & beverages, and textiles & wearing apparel sectors. Many respondents involved in the manufacture of food and beverages mentioned they experienced a notable decline in demand mainly due to the deteriorating purchasing power of the consumers, in addition to the seasonal drop in demand following the December festival season. Export-oriented manufacturers such as those in the textiles & wearing apparel sector observed that the export demand remains subdued amidst a slowdown in major export destination economies, forcing them to run factories significantly below the full capacity. Meanwhile, Employment and Stock of Purchases also declined in line with the decline in New Orders and Production. Many respondents mentioned that they intentionally reduced material purchases with the inventory build-up. Further, Suppliers’ Delivery Time lengthened in January 2023, compared to the previous month on a month-on-month basis.
Expectations for manufacturing activities for the next three months indicated an improvement, anticipating an increase in demand during the upcoming festive season, despite the decline in disposable income.
Services PMI recorded an index value of 50.2 in January 2023, remaining slightly above the threshold level. This was underpinned by the improvements observed in New Businesses, Business Activities and Expectations for Activity. New Businesses improved at a faster pace in January 2023 compared to December 2022, particularly with the increases observed in financial services, education and real estate sub-sectors. Business Activities in the services sector continued to increase at a slower pace in January 2023. Accordingly, financial services, education and telecommunication sub-sectors showed improvements during the month. Further, in line with the increase in tourist arrivals, there were some improvements in business activities related to other personal activities and accommodation, food and beverages sub-sectors.
However, business activities related to wholesale and retail trade sub-sector continued to deteriorate amid off season and reduced purchasing power of consumers. Furthermore, transportation sub-sector also declined due to decrease in freight volumes, particularly related to textiles & wearing apparel sector. Employment declined in January at a faster pace due resignations, migrations and retirements occurred during the month. Backlogs of Work also decreased at a faster pace during the month.
(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.”
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