Business
Purchasing Managers’ Indices indicate contraction in June 2022

aIndicating a contraction on a month-on-month basis, the Purchasing Managers’ Indices for both Manufacturing and Services activities decreased in June 2022, recording 44.1 and 40.3 index values, respectively.IIP in May 2022 decreased by 2.3 per cent to 91.1 compared to May 2021. Among the major sub divisions of the manufacturing industries, “coke and refined petroleum products” (98.5 per cent) and “Other non-metallic mineral products” (23.7 per cent) have mainly contributed to this overall decrease.
During the period under review (09.07.2022 to 15.07.2022), crude oil prices broadly showed a declining trend. Prices fell mainly on account of demand concerns due to mass testing for COVID-19 in China and IMF’s downward revision to the US growth forecast for 2022. Prospects of a large US rate hike later this month also supported the price decline. Overall, during the period under review, Brent and WTI prices decreased by US dollars 6.97 and US dollars 7.97 per barrel, respectively.
Weekly AWPR for the week ending 15th July 2022 decreased by 8 bps to 22.19 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. 521.760 bn by the end of this week, compared to a deficit of Rs. 630.701 bn by the end of last week.By 15th July 2022, the All Share Price Index (ASPI) increased by 5.47 per cent to 7,467.82 points and the S&P SL 20 Index increased by 6.92 per cent to 2,400.17 points, compared to the index values of last week.
During the year up to 15th July 2022, the Sri Lankan rupee depreciated against the US dollar by 44.5 per cent. Given the cross currency exchange rate movements, the Sri Lankan rupee depreciated against the Indian rupee by 40.4 per cent, the Euro by 37.4 per cent, the pound sterling by 36.8 per cent and the Japanese yen by 33.0 per cent during this period.
Earnings from exports increased by 12.2 per cent (Y-o-Y) to US dollars 5,266 mn during the five months ending May 2022 as a result of increased earnings mainly from exports of textiles and garments (16.2%), petroleum products (87.3%), gems, diamonds and jewellery (41.7%), machinery and mechanical appliances (12.0%) and base metals and articles(40.2%).
Import expenditure increased by 5.3 per cent (Y-o-Y) to US dollars 8,802 mn during the five months ending May 2022 largely due to higher imports of fuel (38.5%), textiles and textile articles (19.6%), cereals and milling industry products (1,074.7%) and diamonds and precious stones and metals(46.9%). However, the deficit in the trade account narrowed to US dollars 3,535 mn during the five months ending May 2022 from US dollars 3,663 mn in the corresponding period of 2021.
The export unit value index increased by 3.3 per cent (Y-o-Y), in May 2022 due to higher prices registered in all major categories, namely industrial, agricultural and mineral exports. The import unit value index in May 2022 increased by 26.8 per cent (Y-o-Y), due to higher prices mainly recorded in intermediate and investment goods. Accordingly, the terms of trade deteriorated by 18.5 per cent (Y-o-Y), to 71.3 index points in May 2022.The average price of tea (in the Colombo auction) increased to US dollars 3.74 per kg in May 2022 from US dollars 3.06 per kg in May 2021.The average import price of crude oil increased significantly by 60.6 per cent in May 2022 (Y-o-Y). -CBSL
Business
ASUS launches ‘cutting edge’ laptops in Sri Lanka for AI acceleration

ASUS and Republic of Gamers (ROG) Sri Lanka officially launched their latest suite of computing innovations, setting a new benchmark for ultra-portability, AI acceleration, and next-generation gaming experiences in the country.
Unveiled at Shangri La, Colombo on May 7th, the lineup includes five cutting-edge laptops designed to cater to students, professionals, gamers, and creators, marking a transformative leap for Sri Lanka’s tech landscape.
Leading the charge is the ASUS Zenbook A14, the world’s lightest Copilot+ PC at just 980 grams. Featuring a durable Ceraluminum chassis, Snapdragon X processor, and a 45 TOPS NPU for AI tasks, it boasts an ASUS Lumina OLED display, up to 32-hour battery life, Wi-Fi 7, and 1 TB SSD storage. Meanwhile, the gaming-focused ROG Strix SCAR 16/18 and Zephyrus G16 pack Intel Core Ultra 9 processors and NVIDIA RTX 5090 GPUs, paired with 240Hz Mini-LED displays, customizable RGB lighting, and advanced cooling systems for marathon sessions.
“Our mission is to push boundaries in performance and design,” said Eric Ou, ASUS South Asia’s Regional Head, emphasizing the brand’s commitment to innovation. The new devices blend portability with power, offering AI-enhanced workflows and gaming prowess.With multi-day battery life and groundbreaking specs, ASUS aims to redefine how Sri Lankans work, create, and play.
By Sanath Nanayakkare
Business
Direct Kitchens opens flagship Colombo showroom blending Australian luxury design with local elegance

Direct Kitchens, Melbourne’s premier designer and manufacturer of high-end custom kitchens, marked a significant milestone with the launch of its first international showroom in Colombo, bringing over 40 years of world-class kitchen design expertise to sophisticated Sri Lankan homeowners. Located at No. 314, R.A. De Mel Mawatha, Colombo 03, the new Experience Centre reflects the brand’s commitment to luxury, craftsmanship, and innovation.
The soft launch of the showroom was attended by select invitees including Nalin Herath, Chairman and Managing Director of Home Lands Group, who graced the occasion as the Chief Guest, along with industry professionals and well-wishers.
For over three decades, Direct Kitchens has earned a stellar reputation in Australia for creating bespoke, luxurious kitchens that are as functional as they are visually stunning. From sleek modern designs to timeless French provincial and country styles, each kitchen is crafted with precision, using the finest materials and cutting-edge technology. The brand also specializes in a range of custom interior solutions including pantry units, wardrobes, closets, laundry units, and more—tailored to suit the lifestyle and aesthetic of each client. Direct Kitchens Sri Lanka is a subsidiary of Home Lands Group, Sri Lanka’s leading real estate solutions provider.
The Colombo Experience Centre marks the beginning of Direct Kitchens’ global journey in redefining sophisticated living spaces. Visitors to the showroom can explore a curated selection of premium kitchen displays, cabinetry styles, finishes, and fittings—guided by a team of expert designers who offer personalized consultations and complete project management services.
Speaking at the launch, Amaya Herath, Director of Direct Kitchens Sri Lanka, stated, “We are proud to bring the legacy of Direct Kitchens to Sri Lanka and offer homeowners here access to a new standard in luxury interior solutions. Our Experience Centre is more than just a showroom—it’s a space where creativity, lifestyle, and functionality meet. With our decades of expertise and design excellence, we look forward to helping our clients transform their homes into elegant, purposeful spaces.”
Business
W15 Ambuluwawa- Magic, mystery and magnificence

Harold Samuel, a British real estate mogul is credited with the phrase- location, location, location, a sentiment that will forever be pertinent and one that is evident when you behold W15 Ambuluwawa, a white clad stunning boutique hotel perched atop an outcrop of land in Gampola, offering 360-degree views of hills wearing jade and crowns of white clouds. It is a magical place that invites guests to leave the ordinary behind and step into the extraordinary and be enveloped with an utter stillness of being and a peace that transcends quiet.
W15 Ambuluwawa is indeed a rare find, a gem that has been recently added to adorn the W15 Collection, a group of luxurious boutique hotels dotted across some of the most beautiful locations in Sri Lanka. The first boutique hotel to be opened within the Ambuluwawa biodiversity project, W15 Ambuluwawa, with one master suite, 4 deluxe and 3 standard rooms, has been designed with responsibility to the surroundings and sustainability at its core. The ingenuity of architectural genius is displayed from every space in this breathtaking property as the exterior beauty is captured through floor to ceiling windows, a spacious patio and a sundeck.
Guests can expect W15’s signature exceptional service with a large staff cadre and a personal butler assigned to each room, an extraordinary al-fresco dining experience where tastebuds will be tantalized while nature paints the skies with vivid hues and birdsong provides a harmony of background music. Evenings are for breathtaking sunsets to be imbued into your restless soul while you sip a sundowner on the patio.
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