Business
Purchasing Managers’ Indices indicate contraction in June 2022
aIndicating a contraction on a month-on-month basis, the Purchasing Managers’ Indices for both Manufacturing and Services activities decreased in June 2022, recording 44.1 and 40.3 index values, respectively.IIP in May 2022 decreased by 2.3 per cent to 91.1 compared to May 2021. Among the major sub divisions of the manufacturing industries, “coke and refined petroleum products” (98.5 per cent) and “Other non-metallic mineral products” (23.7 per cent) have mainly contributed to this overall decrease.
During the period under review (09.07.2022 to 15.07.2022), crude oil prices broadly showed a declining trend. Prices fell mainly on account of demand concerns due to mass testing for COVID-19 in China and IMF’s downward revision to the US growth forecast for 2022. Prospects of a large US rate hike later this month also supported the price decline. Overall, during the period under review, Brent and WTI prices decreased by US dollars 6.97 and US dollars 7.97 per barrel, respectively.
Weekly AWPR for the week ending 15th July 2022 decreased by 8 bps to 22.19 per cent compared to the previous week.The reserve money decreased compared to the previous week mainly due to decrease in the deposits held by the commercial banks with the Central Bank.The total outstanding market liquidity was a deficit of Rs. 521.760 bn by the end of this week, compared to a deficit of Rs. 630.701 bn by the end of last week.By 15th July 2022, the All Share Price Index (ASPI) increased by 5.47 per cent to 7,467.82 points and the S&P SL 20 Index increased by 6.92 per cent to 2,400.17 points, compared to the index values of last week.
During the year up to 15th July 2022, the Sri Lankan rupee depreciated against the US dollar by 44.5 per cent. Given the cross currency exchange rate movements, the Sri Lankan rupee depreciated against the Indian rupee by 40.4 per cent, the Euro by 37.4 per cent, the pound sterling by 36.8 per cent and the Japanese yen by 33.0 per cent during this period.
Earnings from exports increased by 12.2 per cent (Y-o-Y) to US dollars 5,266 mn during the five months ending May 2022 as a result of increased earnings mainly from exports of textiles and garments (16.2%), petroleum products (87.3%), gems, diamonds and jewellery (41.7%), machinery and mechanical appliances (12.0%) and base metals and articles(40.2%).
Import expenditure increased by 5.3 per cent (Y-o-Y) to US dollars 8,802 mn during the five months ending May 2022 largely due to higher imports of fuel (38.5%), textiles and textile articles (19.6%), cereals and milling industry products (1,074.7%) and diamonds and precious stones and metals(46.9%). However, the deficit in the trade account narrowed to US dollars 3,535 mn during the five months ending May 2022 from US dollars 3,663 mn in the corresponding period of 2021.
The export unit value index increased by 3.3 per cent (Y-o-Y), in May 2022 due to higher prices registered in all major categories, namely industrial, agricultural and mineral exports. The import unit value index in May 2022 increased by 26.8 per cent (Y-o-Y), due to higher prices mainly recorded in intermediate and investment goods. Accordingly, the terms of trade deteriorated by 18.5 per cent (Y-o-Y), to 71.3 index points in May 2022.The average price of tea (in the Colombo auction) increased to US dollars 3.74 per kg in May 2022 from US dollars 3.06 per kg in May 2021.The average import price of crude oil increased significantly by 60.6 per cent in May 2022 (Y-o-Y). -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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