Business
‘To obtain IMF assistance, govt. must address bribery and corruption on urgent basis’
By Hiran H.Senewiratne
The government should address the issues of bribery, corruption and mismanagement by way of new legislation without delay to obtain IMF assistance, Head of Sales at Softlogic Holdings Eardley Kern said.
“We are not purely dependent on IMF funds but the most important thing is IMF endorsement, which gives an indication to the external world that Sri Lanka is on the correct course when implementing proper governance issues. Therefore, it is strategically important for the government to meet those requirements, Kern told The Island Financial Review.
Kern added that since the stock market is an important barometer on the economy, IMF endorsement is absolutely necessary to attract foreign investors to the stock market. ‘Huge selling pressure and an exodus of foreign investors from the stock market will be inevitable if the government fails to implement good governance, he said.
Yesterday CSE investor sentiment slightly improved but both indices showed a downward trend. The All- Share Price Index went down by 120.9 points and S and P SL20 declined by 37.62 points. Turnover stood at Rs 854 million without any crossings.
In the retail market top seven companies that mainly contributed to the turnover were; JKH Rs 284 million (1.4 million shares traded), Capital Alliance Rs 85.7 million (1.2 million shares traded), Distilleries Rs 27.8 million (1 million shares traded), Expolanka Holdings Rs 22.8 million (172,000 shares traded), First Capital Holdings Rs 22.8 million (502,000 shares traded), Hayleys Fabrics Rs 19.9 million (451,000 shares traded) and Hayleys PLC Rs 19.6 million (218,000 shares traded). During the day 29.7 million share volumes changed hands in 11000 transactions.
Huge selling pressure was noted in primary dealer companies, including Capital Alliance and First Capital Holdings. The reason for the stock market to come down yesterday was because investors are expecting the Central Bank to implement a hawkish monetary policy stance and maintain the status quo.
It is said that Sri Lanka’s major creditors, such as Japan, India and France, are likely to reach broad agreement this month on debt reduction steps, including extending repayments, foreign media reported.
Sri Lanka has held multiple rounds of talks with bondholders and bilateral creditors, including Japan, China and India, on reworking its foreign debt after suspending repayments in May last year.
A group of Sri Lanka’s major creditors, including the United States, Japan and India, want to sign a memorandum of understanding with the country around the time of the International Monetary Fund and World Bank meetings later this month in Morocco. The only stumbling block is that China is foot- dragging due to geo-political issues, which has negatively impacted Sri Lanka and other countries, market analysts said.
Yesterday, the rupee opened at Rs 323.90/324.10 to the US dollar, after closing on the previous day at Rs 324.00/324.25 to the US dollar, dealers said.
Two bonds were actively trading. A bond maturing on 01.08.2026 was quoted stable at 15.60/75 percent on Tuesday. A bond maturing on 01.05.2028 was quoted at 14.50/80 percent after closing on Monday at 14.45/70 percent.
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
