Business
High inflation and rupee devaluation weighing on CSE investors
By Hiran H.Senewiratne
The CSE began yesterday on a positive note amid moderate activity. But investors were worried that macro- economic issues, such as the energy crisis, high inflation and the rupee devaluation, were likely to affect market activities, stock analysts said.
The Department of Census and Statistics said that the month of February reported the highest inflation and investors anticipate that this month inflation would be higher than in February, which was 17.5 per cent, stock analysts added.
Amid those developments both indices indicated mixed reactions. The All -Share Price Index went up by 16.82 points and S and P SL20 declined by 6.3 points. Turnover stood at Rs 1.3 billion without a single crossing. In the retail market, top seven companies that mainly contributed to the turnover were, Royal Ceramic Rs 145 million (2.8 million shares traded), Expolanka Rs 144 million (555,000 shares traded), Commercial Leasing and Finance Rs 95.3 million (3.1 million shares traded), Browns Investments Rs 92.7 million (8.4 million shares traded), Hayleys Rs 91.6 million (913,000 shares traded), Lanka IOC Rs 55.1 million (1.2 million shares traded) and LOLC Finance Rs 53.5 million (3.1,million shares traded). During the day 65 million shares changed hands in 18000 transactions.
However, retail activity remained at moderate levels as investors continued on the sidelines assessing the prevailing economic conditions and trading momentum in the market.
Foreigners ended on the buying side with a net inflow of Rs. 41mn led by JKH (Rs. 25 million) and Vallible One (Rs. 8.3 million). The ASPI commenced the session with a gap of 69 points and traded upwards until the mid-afternoon session, supported by price gains in selected heavyweight counters across sectors.
The bourse continued to pursue positive momentum for the second day as the announcement of consideration of financial assistance by China to Sri Lanka resulted in investors brimming with hopes, stock market analysts said.
In the money market, the Central Bank was quoting an indicative spot rate of Rs 280.00 per dollar, up from Rs 275.00 per dollar, a day earlier. Market participants said the rupee is quoted around 285 in bids with no firm offers. Commercial banks were offering to sell dollars at Rs 274.99 for telegraphic transfer and buy at Rs. 264.66 on the previous day.
Business
The Rise of Aviyana: Sri Lanka’s luxury hospitality revolution
By Saman Indrajith
As Sri Lanka ushers in 2025, the nation prepares to unveil a game-changing addition to its hospitality landscape—Aviyana Ceylon, the country’s first seven-star luxury hotel. Situated amid the serene hills of Udispattuwa, Kandy, this extraordinary property promises to set a new global benchmark for opulence and innovation. Spanning 24 acres with a masterfully designed balance of wellness and bespoke experiences, Aviyana offers an unparalleled blend of tranquility and adventure, crowned by breathtaking views of the Knuckles Mountain Range.
“Aviyana Ceylon is not just a hotel; it is a gateway to Sri Lanka’s future as a global leader in luxury hospitality. This year, we welcome the world to discover the extraordinary – a legacy that celebrates both innovation and our nation’s rich cultural heritage,” said Dr. Thisara Hewawasam, Chairman of Aviyana during an interview with the Sunday Island.
Excerpts of the interview:
Q: What inspired you to create Sri Lanka’s first seven-star luxury hotel, Aviyana Ceylon, and how do you see it reshaping the country’s hospitality landscape?
A: Tourism in Sri Lanka dates to the arrival of Prince Vijaya, followed by centuries of foreign visits driven by trade. However, in modern times, there’s been a shift towards offering more than just basic accommodation for tourists. While Sri Lanka attracts around two million visitors annually, spending an average of USD 2,000 each, countries like the Maldives see tourists spending up to USD 5,000. To bridge this gap, I believe Sri Lanka needs a new kind of luxury experience.
We currently lack facilities that cater to high-net-worth individuals. The star hotels in Sri Lanka, typically charge between Rs 15,000 and Rs 75,000 per night, while few top-tier hotels charge over Rs 200,000. To attract ultra-wealthy tourists, we need a seven-star hotel that offers unparalleled luxury, combining all the best facilities under one roof.
Aviyana Ceylon is designed with this vision in mind: to raise the average income from foreign guests and contribute to the local economy. Many feared this ambitious project would fail, especially since most leading hotels here are international chains. However, our focus is on promoting Sri Lankan culture, wellness, traditional medicine, and Ayurveda, which will strengthen our identity in the hospitality industry. This marks a pivotal moment for Sri Lanka’s tourism.
Q: Aviyana Ceylon, nestled in the hills of Kandy, emphasizes wellness and bespoke experiences. How does the hotel blend Sri Lanka’s cultural heritage with modern luxury?
A: There are two key factors when creating a memorable resort experience: the facilities provided and the location’s offerings. At Aviyana Ceylon, we excel in both. While other hotels, like Mount Lavinia, boast a heritage and coastal view, Aviyana’s location is unique. It offers a sweeping view of one-tenth of Sri Lanka’s land area, spanning five districts. This breathtaking scenery is complemented by a diverse climate, where guests can experience five different temperatures in a single day—something no other hotel in the country offers.
Our surroundings are rich with nature—lush greenery, medicinal plants like Aralu and Nelli, and pure water from the Knuckles range, considered the cleanest in the world. The area also offers activities such as bungee jumping, bird watching, and hiking, all framed by nature’s beauty.
Beyond nature, we bring Sri Lanka’s renowned hospitality to the forefront. We celebrate our food culture by serving dishes from King Rajasinghe’s menu, where food offers both nutrition and medicinal benefits. We also embrace customer-centric service, adjusting the hotel’s offerings to suit the guest’s preferences, from security to connectivity.
Aviyana Ceylon will host traditional events weekly, featuring artists from the Dalada Perahera in Kandy. We’re also bringing world-renowned chefs who have not visited Sri Lanka before. Security is a top priority, with advanced systems ensuring the safety of all guests. The hotel includes an on-site hospital, helicopter service, and an underground area for emergencies.
Aviyana Ceylon also stands out by offering unique experiences, such as temporary ordination for Buddhist guests, access to indigenous medicine, and a dedicated hospital and helicopter service for emergencies. This fusion of luxury, culture, and wellness creates an unforgettable experience.
Q: Aviyana’s strategic partnership with the Al Nahyan Royal Family of Abu Dhabi is a significant milestone. How do you see this collaboration enhancing Sri Lanka’s global appeal as a luxury travel destination?
A: When we first approached the royal family, they viewed Sri Lanka only as a country from where they get their housemaids. To change this perception, we showed them a five-minute video showcasing the beauty and offerings of the country, which they found astonishing. This seven-star hotel concept is designed to cater to wealthy clients from Arabic countries, who have long played a key role in international trade, from the Silk Route to modern times. The Al Nahyan family has been instrumental in connecting us with high-net-worth individuals. We plan to expand our partnerships globally, reaching markets in India, the US, Europe, Russia, and other Western countries. Our vision is to host not only the royal family but also former world leaders, renowned sports figures, and artists at Aviyana Ceylon.
Q: Sustainability is often a key focus in high-end hospitality today. How does Aviyana Ceylon balance opulence with environmental responsibility, particularly in Kandy’s scenic highlands?
A: At Aviyana Ceylon, sustainability is integral to our design. We only removed 33 trees, leaving much of the 24-acre property untouched. Instead of building a massive 6,000-7,000 room hotel, we chose just eight acres for construction. We’ve also launched the ‘Breath’ project, planting 33,000 trees to date. Acknowledging the impact of carbon emissions, we invite guests to plant a tree during their visit, with their name and GPS location, so they can track its growth worldwide.
Given the hotel’s mountaintop location, we ensure no waste leaves the property. We’ve implemented an advanced Japanese waste recycling system at a significant cost. Wastewater is treated before being released into the ground. Our broader vision is to create a tourism zone in Kandy, linking local attractions like Victoria Falls, the Knuckles Range, and the Dalada Maligawa, positioning the area as a major tourism hub in the next 10-15 years.
Q: As Aviyana prepares for its grand opening, what specific features or experiences do you believe will set it apart from other luxury hotels, and what are your long-term aspirations for the brand?
A: Sri Lanka, known mainly for cricket and Ceylon tea, lacks a strong tourism brand and policy. Despite being one of the best destinations globally, we fail to leverage the opportunities tourism presents. Aviyana Ceylon aims to change that by becoming Sri Lanka’s defining luxury brand, much like cricket. We’re working with top global influencers to promote the hotel, with plans to invite one from each of 160 countries to cover our opening. With social media reach, we hope to captivate millions worldwide, offering a marketing campaign unlike anything seen before.
Our goal is to create a lasting impact not only for Aviyana Ceylon but for Sri Lanka’s tourism sector. We plan to introduce a hotline and travel insurance for all tourists to enhance their experience, benefiting the entire industry.
As we near completion of the seven-star hotel, we expect heads of state from Arab countries to attend our opening. With the government’s support, we anticipate a 20% boost in tourism revenue and increased hotel prices in Colombo. Looking ahead, we’re also planning the Aviyana-2 project, with a world-first gem showroom and hospital, bringing Sri Lanka’s pride to the global stage.
Business
AIA Sri Lanka welcomes Biswa Prakash Misra as new Chairman
AIA Sri Lanka last week announced the appointment of Biswa Prakash Misra as the new Chairman of the Board of Directors, effective January 2025 – subject to approval of the Insurance Regulatory Commission of Sri Lanka.
An AIA news release said Biswa brings a wealth of experience and expertise to this role, having been a member of AIA Group’s leadership team since 2013. As part of the AIA Group Executive Committee, he is the Group Chief Technology Officer and Life Operations Officer. Biswa is also responsible for the Group’s business operating in New Zealand and a director of various companies within the Group.
“A seasoned technology professional with a deep understanding of the insurance industry, he has demonstrated strong leadership in driving technology, digital and analytics transformation and operational excellence across the Group. Throughout his career spanning over 25 years across various Asian markets, he has successfully managed complex, multi-market Information Technology (IT) teams. He has been actively involved in due diligence, mergers, and acquisitions, demonstrating his ability to navigate complex business environments and manage external stakeholder relationships effectively,” an AIA new release said.
“Being a career insurance technology professional, he is well-versed with the insurance value chain including manufacturing, distribution and digital. He is an insurance Enterprise Architect and has successfully transformed IT landscapes in several entities.
“He has successfully worked with diverse teams across several Asia-Pacific markets including Hong Kong, Taiwan, South Korea, India, Thailand, the Philippines, Indonesia, Australia, New Zealand, Singapore, Vietnam and Mainland China.”
AIA Sri Lanka’s Executive Director/ CEO, Chathuri Munaweera said, “We warmly welcome our new Chairman, Biswa Prakash Misra, while expressing our sincerest gratitude to our outgoing Chairman Tan Hak Leh for being a nurturing leader who allowed us to reach greater heights in customer focus led business growth as a team. Biswa’s extensive experience in the insurance industry, coupled with his deep technological expertise, will be invaluable as we continue our journey of excellence in helping Sri Lankans live Healthier, Longer, Better Lives. We are committed to raising the bar even higher under his guidance and expertise.”
Business
Star Garments Group wins gold at NCE Export Awards
Star Garments Group secured the Gold Award for the Textile and Garment Sector under the Extra-Large Category at the 32nd NCE Export Awards, held on December 6 at Shangri-La Colombo.
Organized by the National Chamber of Exporters of Sri Lanka, the event highlighted the theme “embrace innovation and digitalization.” Despite global market challenges in 2023, Star expanded operations with new acquisitions, including Kolonna Manufacturing (Pvt) Limited, bringing its total number of factories to 12.
Employing over 10,000 associates, Star produces approximately 1.6 million apparel pieces monthly and exports to leading global brands. The group has achieved carbon neutrality through renewable energy initiatives and operates Sri Lanka’s first LEED Platinum-certified facility under LEED version 4. Star also plans to establish a factory in Togo, West Africa.
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