Business
Work commences on project to establish a Central Counter Party system for the stock market
The project to launch a CCP system for equities was formally launched at a Joint Securities and Exchange Commission of Sri Lanka (SEC) – Colombo Stock Exchange (CSE) meeting held at the SEC recently.
The Chairman of the SEC Viraj Dayaratne PC who chaired the meeting said that he was happy that steady progress was being made on the continuous development of the market infrastructure. He emphasized that this project should also be completed on time in the same way the Delivery vs Payment (DvP) project was completed since this will significantly enhance the post trade risk management of the equity market. He further stated that the new SEC Act has all the enabling provisions to facilitate the implementation of a CCP mechanism.
The meeting was attended by SEC Commissioner Sunil Lankathilake who is the Chairman of the joint Committee, the Director General of the SEC Chinthaka Mendis, the Director Surveillance and Acting Director Capital Market Development SEC Prabash Wanigatunge and senior SEC officials. The CSE was represented by Chairman Dumith Fernando, CSE Directors Dilshan Wirasekera and Suren De Silva, Chief Executive Officer of the CSE Rajeeva Bandaranaike, the Chief Regulatory Officer Renuke Wijayawardhane and senior CSE officials.
The Chairman of the Joint committee Lankathilaka emphasised on the importance of studying the practices adopted in other jurisdictions in facilitating a CCP mechanism in order to identify the most suited model for the Sri Lankan market. Further, he stated that as the next step business model for a CCP system will be finalised based on which a project plan will be developed to ensure the successful implementation of the initiative within a specified time frame.
Chinthaka Mendis Director General SEC stated that the CCP business model should be developed in a cost effective manner which would benefit all stakeholders in the market.
Dumith Fernando Chairman CSE commenting on the initiative said that this was part of the plan agreed upon with the SEC to first introduce DvP and then establish a CCP and said that he was satisfied that both phases of the project are getting implemented as scheduled. He further stated that the business model has to be agreed upon and the inception report that was already prepared by the CCP consultants could be utilized for this purpose.
Rajeeva Bandaranaike Chief Executive Officer CSE made a presentation to the committee covering the overall scope of the CCP implementation.
A CCP can offer significant benefits to the Financial Market in Sri Lanka and can be considered as part of the critical Financial Market Infrastructure that is needed and is of national interest.
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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