Business
Reforms to stay course with bets on elections: First Capital Research
Expects downtrend in lending rates during 1H2024
Investment Strategy – Jan 2024 report released by First Capital Research says reforms will stay the course amid guesses and opinions on upcoming elections.”After announcing the rate cut in Nov-23, we expect the Central Bank of Sri Lanka (CBSL) to take a pause and maintain rates in the near future, paving way for market rates to adjust downward. However, CBSL plans on implementing a single policy rate window, we believe CBSL may implement it in the 1Q2024 via a rate cut to the SLF (standing lending facility ) reducing it to 9.0% to be in line with the SDF (standing deposit facility),” First Capital Research (FCR) says.
They further said:
“With the completion of external debt restructuring during 1H2024, we believe the overall yield curve is likely to drop below 13.5% and reach a range of 11.0%-13.5% in the short term and towards end of1H2024 to reach 10.0%-12.5%. AWPR may decline to 10.0%-12.0% by Jun-24 and rise again to 11.0%-13.0% by Dec-24.”
“We expect the downtrend in AWPR to continue and reach a low of 10.0% – 12.0% during 1H2024, but with the stronger demand for credit and the pick in the economy with the gradual rise in SME segment and inflation, we expect slight pressure on interest rates pushing AWPR to 11.0-13.0% during 2H2024.”
“Exchange Rate outlook upgraded to LKR 310.0-330.0 for 1H and LKR 320.0-340.0 for 2H2024”.
“FCR outlook for 1H2024 for the LKR has been upgraded with potential appreciation pressure as the newly implemented higher taxes are likely to significantly slowdown the rising consumer demand in the short term supported by the rise in cost of living resulting in LKR appreciating to a range of 310.0-330.0. LKR may register depreciation pressure amidst the growth in the economy as we target a range of LKR 320.0-340.0.”
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
