Business
Reported progress at IMF staff level agreement talks peps share market
By Hiran H.Senewiratne
The CSE fell within the first hour of trading after opening to a stronger market yesterday but during the latter part of the day it witnessed some recovery with the announcement of some progress made at the IMF staff level agreement talks, stock market analysts said.
It is said that the latest IMF talks with Sri Lanka have made significant progress towards developing a policy package to stabilize the country but the latter has to move forward on debt restructuring to finalize a bailout, market sources said.
“The staff team and the authorities made significant progress on defining a macroeconomic and structural policy package, IMF sources were quoted as saying.
The discussions will continue virtually with a view to reaching a staff-level agreement on the EFF arrangement in the near term. Because public debt is assessed as unsustainable, the IMF Executive Board would require adequate financing assurances from Sri Lanka’s creditors that debt sustainability will be restored, which would give some relief to the country, stock markets analysts said.
The analyst also pointed out that they are seeing a trend in investors moving to energy sector shares following the adoption of a price formula.
“In a high inflation market, energy sector shares become lucrative. This we have seen in other markets too and it will strengthen more when a price formula is imposed on the electricity sector too, market analysts added.
Amid those developments both indices moved downwards. The All-Share Price Index went down by 23.6 points and S and P SL20 declined by 11 points. Turnover stood at Rs 785 million with a single crossing. The crossing was reported in Nations Finance PLC, which crossed 85 million shares to the tune of Rs 51 million; its shares traded at 60 cents.
In the retail market top seven companies that mainly contributed to the turnover were; Expolanka Holdings Rs 244 million (1.4 million shares traded), Lanka IOC Rs 182 million (2.5 million shares traded), Browns Investments Rs 31.1 million (four million shares traded), TJ Lanka Rs 29.2 million (763,000 shares traded), Renuka Holdings Rs 21.8 million (1.5 million shares traded), LOLC Holdings Rs 17.7 million (45000 shares traded) and Softlogic Holdings Rs 16.3 million (622,000 shares traded). During the day 115 million share volumes changed hands in 9500 transactions.
Yesterday the Central Bank announced the US dollar buying rate as Rs 355.76 and the selling rate as Rs. 367.12. With prudent fiscal and monetary policies the rupee is strengthening, financial sources said.
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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