Business
Sri Lanka Purchasing Managers’ Index up further in July
Manufacturing PMI increased further in July 2021 recording an index value of 57.8 with an increase of 7.4 index points compared to June 2021. This was mainly attributable to the increases observed in New Orders, Production, Employment, and Stock of Purchases sub-indices. The significant increases in New Orders, Production, Employment, and Stock of Purchases sub-indices, particularly in the manufacture of textile & wearing apparel and food & beverage sectors, have mainly contributed to the considerable improvement in the PMI. Some respondents in those sectors highlighted that they received higher export orders, especially from the Europe, with the gradual normalization of economic activities, and they resumed new recruitments with the expectation of future demand and following the progress of the COVID-19 vaccination programme.
Meanwhile, the Stock of Purchases sub-index increased in line with the expansion in New Orders and Production while the Suppliers’ Delivery Time continued to lengthen in July 2021. Many respondents stressed that delays in the opening of letters of credit and delays in settlement of foreign payments affect adversely the supply chain of importing raw materials. This has caused disturbances for their production schedules. The manufacturers cautioned that the uncertainty over the rapid spread of the COVID-19 virus would hamper the manufacturing activities in the country. Accordingly, overall expectations for manufacturing activities for the next three months deteriorated significantly compared to the previous month, yet remained above the neutral threshold.
Signaling a further expansion of Services activity, Services PMI increased further to an index value of 55.7 in July 2021. This increase was driven by the increases in new businesses, business activity, backlogs of work and expectations for activity. New businesses increased in July 2021 compared to June 2021 with the improvements observed in financial services, insurance, transportation, telecommunication and real estate sub-sectors. Business activities across most of the sub-sectors increased in July in line with the relaxation of the travel restrictions. Accordingly, financial services sub-sector reported a huge improvement during the month. Transportation sub-sector also saw a considerable progress with growths observed in passenger transportation and freight volumes. Further, human health, insurance and telecommunication sub-sectors also improved during the month.
Meanwhile, wholesale and retail trade, and other personal activities sub-sectors also reported positive developments owing to recommencement of business operations and recovery in demand following the gradual normalization of economic activities. Employment continued to fall at a slower pace as retirements and resignations exceeded the number of recruitments carried out during the month. Backlogs of work increased, yet at a slower pace, in July.
Expectations for business activities for the next three months continued to increase in July with the gradual normalization of economic activities. However, expectations of some respondents were rather pessimistic as per the fast spread of the third wave of COVID-19, import restrictions, delays in opening of letters of credit and increase of input costs.
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
