Business
Year on year industrial production decreased by 25.3 per cent
• LKR appreciated against US dollar by 0.3 per cent
Index of Industrial Production (IIP) in December 2022 decreased by 25.3 per cent to 80.2 compared to December 2021, Economic Indicators report of the Central bank stated last week.Among the major sub divisions of the manufacturing industries, Food products (-21.5%) and non-metallic mineral products (-39.9%) mainly contributed to this overall decrease, it stated.
The report further stated: During the period under review (04.02.2023 to 10.02.2023) crude oil prices largely showed an increasing trend. Prices increased on supply concerns following the shutdown of a major oil export terminal after a major earthquake in Turkey and eased concerns about future interest rate hikes. However, prices fell towards the end of the period as earthquake impact on crude oil eased.
Overall, during the period under review, both Brent and WTI prices increased by more than US dollars 4.0 per barrel. Weekly AWPR for the week ending 10th February 2023 increased by 101 bps to 25.83 per cent compared to the previous week. The reserve money decreased compared to the previous week mainly due to decrease in the deposits held by the commercial banks with the Central Bank.
The total outstanding market liquidity was a deficit of Rs. 168.934 bn by 10.02.2023, compared to a deficit of Rs. 297.619 bn by the end of last week. By 10th February 2023, the All Share Price Index (ASPI) decreased by 2.62 per cent to 8,938.48 points and the S&P SL 20 Index decreased by 3.74 per cent to 2,756.41 points, compared to the index values of last week.
During the year up to 10th February 2023, the Sri Lankan rupee appreciated against the US dollar by 0.3 per cent. Given the cross currency exchange rate movements, the Sri Lankan rupee depreciated against the Japanese yen by 0.5 per cent, the Euro by 0.4 per cent and the pound sterling by 0.2 per cent while appreciating against the Indian Rupee by 0.1 per cent during this period.
The gross official reserves were provisionally estimated at US dollars 2,120 mn as at end January 2023 including the PBOC swap equivalent to around US dollars 1.4 bn, which is subject to conditionalities on usability.
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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