Business
Sri Lanka’s PMI for manufacturing and services activities expanded in March
Purchasing Managers’ Indices (PMI) for both Manufacturing and Services activities expanded in March. Indicating a strong revival in manufacturing activities in the country, the manufacturing PMI reached a 9-month high at 67.0 in March 2021.
This was largely attributable to the increases observed in Production, New Orders, and Stock of Purchases sub-indices.
The significant increases in New Orders and Production subindices, particularly in the manufacture of food & beverages and textile & wearing apparel sectors, have mainly contributed to the improvement in the overall index. Many respondents in the manufacture of food & beverages sector highlighted that they experienced higher levels of sales and production during March 2021 ahead of the New Year festival season. Further, respondents from the textile & wearing apparel sector mentioned that they increased production during the month to cover-up seasonal holidays.
Meanwhile, the Stock of Purchases sub-index increased in line with the expansion in New Orders and Production. The employment sub-index also expanded at a higher rate.
The Suppliers’ Delivery Time sub-index lengthened at a slower pace during the month. Many respondents highlighted that some easing in suppliers’ delivery time was experienced with the gradual resolvement in shipping related issues. However, freight rates remain at elevated levels, increasing the cost of raw materials, which in turn adversely affected their profit margins.
Expectations for manufacturing activities in the next three months remained at improved levels anticipating a further improvement in economic activities within the country as well as in major export markets.
Services PMI rose to 62.1 in March 2021, indicating an expansion of the services sector for the fourth straight month.
This increase was underpinned by the expansions observed in new businesses, business activities, employment and expectations for activity.
New businesses in the services sector increased in March 2021, particularly with the improvements observed in financial services, other personal services, and wholesale and retail trade sub-sectors.
For the fourth straight month, the business activities in the services sector increased in March 2021 with increases observed almost across all sub-sectors. Mainly, financial services sub-sector recorded a further improvement during the month in line with the progresses in economic activities. With the festive season, wholesale and retail trade, and transportation sub-sectors also expanded further.
-Central Bank
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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