Business
Ripple effects felt in bourse following Silicon Valley Bank collapse
By Hiran H.Senewiratne
CSE trading became negative despite positive macroeconomic factors yesterday owing to the collapse of the US’s 16th largest bank, the Silicon Valley Bank on Friday morning. It is the second-largest failure of a financial institution in US history, market analysts said.
“California regulators closed down the tech lender and put it under the control of the US Federal Deposit Insurance Corporation. The FDIC is acting as a receiver, which typically means it will liquidate the bank’s assets to pay back its customers, including depositors and creditors. This has impacted the entire global stock market, these analysts said.
“The market has been on a constant green for the last few sessions and is bound to come down, which is what we are seeing now. The market went down on profit taking and consolidations on the IMF,” the analysts added.
“The stock market started on a negative note and edged- down in mid-day trade, as the market was consolidating on the International Monetary Fund agreement discussion due on March 20, an analyst explained.
Amid those developments both indices moved downwards. The All -Share Price Index was down by 117.4 points, while the most liquid share S&P SL20 declined by 25.2 points Turnover stood at Rs 238 million with five crossings. Those crossings were reported in Vidul Lanka, where 108.9 million shares crossed to the tune of Rs 653 million, its shares traded at Rs 6, Melstacorp 3.5 million shares crossed to the tune of Rs 203 million, its shares traded at Rs 58, JKH 950,000 shares crossed to the tune of Rs 134.9 million and its shares traded at Rs 142, Amana Takaful nine million shares crossed for Rs 109.8 million, its share fetched Rs 12.20 and Sampath Bank 200,000 shares crossed to the tune of Rs 27.4 million, its shares traded at Rs 54.8 million.
In the retail market top seven companies that mainly contributed to the turnover were; Softlogic Capital PLC Rs 73.6 million (5.8 million shares traded), Expolanka Holdings Rs 63.4 million (431,000 shares traded), Sampath Bank Rs 52.9 million (969,000 shares traded), Melstacorp Rs 48.3 million (836,000 shares traded), Lanka IOC Rs 40.6 million (215,000 shares traded), Dialog Axiata Rs 36.5 million (3.5 million shares traded) and JKH Rs 33 million (233,000 shares traded). During the day 238 million share volumes changed hands in 14000 transactions.
Yesterday the Central Bank quoted Rs 318/323 to the US dollar in mid-morning trade Monday in the spot market after opening at 315/322, dealers said, as data showed de-leveraging supporting the appreciation of the peg.
The rupee had been stabilizing around Rs 320 to the US dollar in mid Central Bank purchases in the last few trading days. Spot sales volumes have eased after the initial rush of around 100 million US dollars a day.
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
