Business
Purchasing Managers’ Indices for Manufacturing and Services spike in August
Manufacturing PMI recorded an index value of 49.6 in August 2022, up from July, yet at slightly below the neutral threshold level. The rate of decline of manufacturing activities was softened with the improvements reported in Employment and Stock of Purchases compared to the previous month while Production and New Orders declined at a slower pace. Further, the Suppliers’ Delivery Time was shortened with the improved mobility.
Overall Production and New Orders declined marginally in August 2022 compared to July 2022. However, considering the largest manufacturing sub-sectors, an increase in Production and New Orders was reported in manufacture of textile and apparel sector, limiting the overall decline to a marginal level, while the manufacture of food & beverage sector maintained Production and New Orders at the same level as of July 2022. Many respondents revealed that improved fuel availability on a month-on-month basis positively affected manufacturing activities. Meanwhile, Employment increased in August 2022, particularly in the manufacture of textile and apparel sector which frequently suffered by scarcity of employees. The increase reported in Stock of Purchases was mainly due to higher activity levels anticipated in the coming months. Some respondents mentioned that slightly improved foreign exchange availability in the market allows them to open letters of credit to import materials.
Expectations for manufacturing activities for the next three months indicated an improvement in August 2022, for the first time since February 2022, reflecting an improved business sentiment on gradually restoring stability and anticipating a more conducive environment for manufacturing activities in the coming months despite demand side impediments.
Services PMI returned to the growth territory in August 2022, recording an index value of 51.7 after declining for four consecutive months. This expansion was driven by the increases observed in New Businesses, Business Activities and Expectations for Activity. New Businesses expanded in August 2022 compared to July 2022, particularly with the improvements observed in financial services, real estate, transportation and other personal activities sub-sectors. With the increase in mobility amid the easing of fuel crisis Business Activities in the services sector increased in August following a continuous decline for four months in a row. Accordingly, the business activities mainly related to financial services, other personal activities, real estate and insurance sub-sectors showed improvements compared to the previous month. Nevertheless, as highlighted by many respondents, the other supply side constraints continued to negatively affect the business activities of some sub-sectors. In addition, the low demand lead by high inflation reportedly weighed on business activities. As such, wholesale and retail trade sub-sector showed a major decline during the month. Employment continued to fall in August due to increasing resignations besides halt in new recruitments, non-renewal of existing employment contracts and retirements. Meanwhile, Backlogs of Work dropped during the month mainly with the ease of transportation difficulties faced by the staff.
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
