Business
Sri Lanka economy contracted by 8.4 per cent in Q2 2022
Sri Lankan economy has contracted by 8.4 per cent in Q2 2022, according to Weekly Economic Indicators of the Central Bank.
“This was mainly due to the contractions of 10.0 per cent in Industry activities, 2.2 per cent in Services activities and 8.4 per cent in Agriculture activities,” the report said.
“Meanwhile, Taxes less Subsidies on Products recorded a 35.1 per cent decline. Purchasing Managers’ Indices for both Manufacturing and Services activities increased in August 2022, on a month-on-month basis, recording 49.6 and 51.7 index values, respectively.”
“During the period under review (10.09.2022 to 16.09.2022), crude oil prices showed a mixed performance. At the beginning of the period, prices increased due to tight supply ahead of the winter heating season. However, oil prices declined towards the end of the period with expectations for a weaker global demand and continued strengthening of US dollar ahead of potential large interest rate hike. Overall, during the period under review, Brent and WTI prices decreased by US dollars 0.42 per barrel and US dollars 0.19 per barrel, respectively.”
“Weekly AWPR for the week ending 16th September 2022 decreased by 76 bps to 25.51 per cent compared to the previous week.”
“The reserve money increased compared to the previous week mainly due to increase in the deposits held by the commercial banks with the Central Bank.”
“The total outstanding market liquidity was a deficit of Rs. 556.58 bn by end of this week, compared to a deficit of Rs. 565.40 bn by the end of last week.”
“During the six months ending June 2022, government revenue increased to Rs. 918.5 bn compared to Rs. 714.5 bn recorded in the corresponding period of 2021.”
“During the six months ending June 2022, overall budget deficit increased to Rs. 902.7 bn compared to Rs. 780.2 bn recorded in the corresponding period of 2021.”
“During the period from January to June 2022, total expenditure and net lending increased to Rs. 1,822.1 bn compared to Rs.1,495.5 bn recorded in the corresponding period of 2021 ,” the report 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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