Local Archives - Page 5 of 11

Sri Lanka’s Retail Sector Expected to Stabilize in 2024

Sri Lanka’s retail sector is poised for stability in 2024 amid economic reforms. The country faced hyperinflation and import restrictions in 2022, causing essential goods shortages. By 2023, many restrictions were lifted, improving consumer spending and supply chains.

Economists predict 3.5% economic growth for Sri Lanka in 2024. This growth stems from easing inflation and rising household incomes. The retail sector is crucial for the country’s recovery.

Retail contributes over 30% to the national GDP. It also provides jobs for about 14% of the workforce. Digital transformation efforts will likely boost the sector’s growth and competitiveness.

Key Takeaways

Sri Lanka’s retail sector is projected to stabilize in 2024 as economic reforms take hold and inflation eases.
The retail sector accounts for over 30% of the national GDP and employs 14% of the workforce.
Economists forecast a 3.5% economic growth for Sri Lanka in 2024.
Inflation is expected to stabilize, averaging 6.6% in 2024 and decreasing to 5.0% in 2025.
Digital transformation initiatives are likely to support the retail sector’s growth and competitiveness.

Economic Recovery and Consumer Spending

Sri Lanka’s economy shows signs of promising growth. The World Bank projects a 4.4% growth for Sri Lanka in 2024. This recovery is driven by increased consumer spending, tourism revival, and investment growth.

Inflation Stabilizes and Eases Economic Pressures

Inflation is expected to average 6.6% in 2024 and 5.0% in 2025. This stabilization will ease economic pressures on households and boost consumer confidence. The Monetary Policy Board has set a quarterly headline inflation target of 5%.

Despite recent tax adjustments, inflation should remain below target. This is due to downward adjustments in tariffs and fuel prices.

Year	Projected Inflation
2024	6.6%
2025	5.0%

Household Incomes Rebuild Purchasing Power

As inflation stabilizes, household incomes are expected to regain purchasing power. This will encourage consumption and drive economic recovery. Consumer discretionary spending may moderate in the short term due to reduced disposable income.

The supermarket sector is likely to remain stable. Essential items make up a large part of consumers’ shopping baskets. Cargills PLC reported a 12% year-on-year revenue increase, totaling Rs. 54,403 million.

Tourism Sector Revival and Investment Spending

The tourism sector is set for a comeback as global travel resumes. This will boost employment and generate foreign exchange, supporting economic recovery. Investment spending is expected to increase as businesses focus on sustainable practices.

Private credit is projected to rise later in the year. This depends on businesses investing in expansion. Currently, companies are focusing on de-leveraging to strengthen financial stability.

Sri Lanka’s Retail Sector Expected to Stabilize in 2024

Sri Lanka’s economy is on the mend. The retail sector is set to stabilize in 2024. It’s a key player in the country’s GDP and job market.

The sector makes up over 30% of national GDP. It provides 14% of direct employment. More than 10% of households rely on retail sector jobs.

Retail Sector’s Contribution to GDP and Employment

In 2021, about 270,000 retail stores operated across Sri Lanka. Informal retailing remained strong, especially for fresh produce and clothing.

Year	Retail Offline Sales (LKR Mn)	Retail E-Commerce Sales (LKR Mn)
2017	1,945,678.8	7,782.7
2018	2,140,246.7	10,701.2
2019	2,289,063.9	13,734.4
2020	2,175,110.8	19,575.9
2021	2,392,621.8	26,355.5
2022	3,110,408.4	43,545.6

Informal Retail Marketing Remains Strong

Informal retail marketing thrives in Sri Lanka. It’s particularly strong for fresh produce, cooked food, and clothing. Traditional grocery retailers and direct selling still play a big role.

Retailers’ Association Raises Concerns

The Sri Lanka Retailers’ Association (SLRA) voiced worries about the sector in 2022. They feared a collapse would hurt the economy. However, the expected 2024 stabilization may ease these concerns.

Conclusion

Sri Lanka’s economy is showing promising recovery signs in 2024. The retail sector is expected to stabilize and boost economic growth. The first quarter saw a 5.3% growth, compared to a 10.7% contraction in 2023.

Key sectors like agriculture, industry, and services are driving this recovery. This indicates a gradual return to normalcy. Easing inflationary pressures have helped stabilize consumer spending.

The Colombo Consumer Price Index dropped from 6.4% to 0.9% between January and May 2024. This has rebuilt household purchasing power. The retail sector is set to benefit from increased consumer confidence and demand.

Tourism revival and increased investment spending will further boost the retail industry. However, challenges like poverty, income inequality, and labor market issues persist. Strong reforms are needed to address these problems.

The retail sector is crucial for Sri Lanka’s GDP and employment. Its stability is vital for the country’s economic health. To succeed long-term, the sector must embrace digital transformation and ensure supply chain resilience.

Adopting sustainable practices will also position Sri Lanka’s retail sector for success post-pandemic. These steps will contribute to the overall well-being of Sri Lankan citizens.

Australia to Play Both Tests Against Sri Lanka in Galle 2025

Sri Lanka is excited to host the Australian Men’s cricket team for two matches. These games are major events in the cricket calendar 2025. They are crucial for the World Test Championship 2023-25. The two Tests will happen one after the other. Australia will play both Tests against Sri Lanka in early 2025. The first Test is from January 29–February 2, and the second Test is from February 6–10. Both will be at the famous Galle stadium.

The Australian team is currently in a strong second place with a 62.5 percent points percentage. Sri Lanka is not far behind them. These matches are very important for the journey to the WTC final at Lord’s. Fans will also enjoy a single ODI on February 13. This ODI is set to be a big part of international test matches. For more on how the teams are preparing, see OMP Sri Lanka’s official site. Check out Australia’s squad considerations for the tour.

Key Takeaways

Australia’s tour includes two pivotal Tests contributing to their World Test Championship rankings.
The matches will transpire in the historic Galle stadium, renowned for its cricketing legacy.
The outcome of the series could be a turning point for Australia’s and Sri Lanka’s standings in international cricket.
As strategizing begins, potential changes in the squad composition, like the inclusion of Glenn Maxwell, are being considered.
Further scheduling details and squad announcements are highly anticipated ahead of the January 2025 arrival of the Australian team.

The Significance of the Galle Stadium in International Cricket

The Galle International Stadium is more than a sports center; it’s a symbol of pride in cricket. Hosting key international test matches, it brings a unique challenge with its spin-friendly pitches. These showcase the typical conditions of the subcontinent.

Galle as a Historical Venue for Cricket

Galle Stadium has a rich history marked by memorable cricket events. It has seen historical wins and cricketers’ key achievements. Its scenic setting by the Indian Ocean adds to its fame. After the 2004 tsunami, its rebuild showed the stadium’s resilience and importance in Sri Lanka.

A Review of Previous Australia vs. Sri Lanka Matches in Galle

Looking back at matches between Australia and Sri Lanka here reveals thrilling moments. Most games were intense, often favoring the home team. This added complexity for the visitors and spiced up the rivalry between the nations.

Impact of Subcontinental Conditions on the Game

Subcontinental conditions at Galle Stadium greatly influence the game. With its late spin and changing bounce, players’ skills come to the forefront. Teams need to understand these aspects to excel in subcontinental cricket.

The 2025 test series will further showcase evolving strategies on this pitch. Teams will have to adjust to the bounce and spin. Galle stadium continues to be a landmark for thrilling test matches.

Australia to Play Both Tests Against Sri Lanka in Galle in Early 2025

The Australian cricket team is headed to Galle to play two crucial matches against Sri Lanka. These games are big deals in the cricket calendar 2025, taking place from January 29-February 2, and February 6-10. There’s also a key one-day international match on February 13. This ODI is super important for the Champions Trophy campaigns. With Australia in second place in the ICC World Test Championship 2023-2025, they’re looking to stay on top.

Interesting things are happening, like Glenn Maxwell might play Test cricket again after being away since 2017. Sri Lanka, in third place, is using their home advantage to climb up. But Australia will miss players like Cameron Green and maybe Pat Cummins. Maxwell’s skills against spin will be crucial for the team’s success under coach McDonald’s guidance.

The Australian team lands in Sri Lanka on January 20th for a big showdown. Their last Test series in 2022 ended in a tie, making these matches even more exciting. It’s all about chasing championship glory. For those interested in how cricket ties to Sri Lanka’s national plans, check out OMP Sri Lanka.

HNB Procurement Earns ISO 9001:2015 Certification

Hatton National Bank PLC (HNB) has reached a major milestone in procurement excellence. The bank’s Procurement Functions have earned the ISO 9001:2015 certification from Bureau Veritas. This recognition highlights HNB’s dedication to top-notch quality management.

HNB Procurement Function Earns Prestigious ISO 9001:2015 Certification

The certification covers HNB’s IT, Stationery, and General Procurement processes. It shows the bank’s focus on improving operations and supplier relationships. This achievement makes HNB a leader in the financial sector.

HNB continues to prioritize efficiency and service excellence. The bank operates through 254 customer centers across Sri Lanka.

HNB Procurement Function Earns Prestigious ISO 9001:2015 Certification

Hatton National Bank’s (HNB) Procurement Function has achieved ISO 9001:2015 certification. This milestone showcases HNB’s dedication to top-quality and efficient procurement processes. The certification proves HNB’s commitment to excellence in banking operations.

Benchmark of Excellence in Procurement Processes

ISO 9001:2015 is a global standard for quality management systems. HNB’s certification shows its use of international best practices in procurement. This achievement sets a new bar for excellence in the banking industry.

The bank’s dedication to ongoing improvement in procurement is clear. HNB continues to lead the way in banking innovation and efficiency.

Certification Awarded by Bureau Veritas

Bureau Veritas, a global certification body, awarded HNB the ISO 9001:2015 certification. They performed a thorough review of HNB’s procurement processes. The bank met the strict ISO 9001:2015 standard requirements.

This success shows HNB’s focus on quality, risk management, and compliance. The bank ensures top-notch performance in all procurement functions.

Covers IT Procurement, Stationery Procurement, and General Procurement

The certification applies to HNB’s IT, Stationery, and General Procurement processes. This wide coverage ensures high standards across all procurement operations. HNB aligns its practices with global benchmarks for better efficiency.

By improving these processes, HNB boosts its ability to serve customers. The bank continues to provide superior value to all stakeholders.

Commitment to Service Quality and Operational Excellence

HNB’s procurement function has earned the ISO 9001:2015 certification. This achievement highlights their dedication to efficient processes. It also shows their commitment to service quality across procurement operations.

ISO 9001:2015 Certification Reinforces Dedication to Efficient and Standardized Processes

HNB aligns its procurement with ISO 9001:2015 international benchmarks. This ensures high standards of operational efficiency. The certification involved thorough reviews and documentation of processes.

HNB fosters a culture of continuous improvement. They strive for excellence in all aspects of procurement.

Aligns Operations with Rigorous International Benchmarks

The ISO 9001:2015 certification ensures HNB follows global best practices. This guarantees consistency and reliability in procurement processes. HNB shows its commitment to superior service quality through this certification.

Enhances Customer Satisfaction through Robust Quality Management Systems

HNB implements strong quality management systems with ISO 9001:2015. These systems help meet and exceed customer expectations consistently. This approach enhances satisfaction and builds long-term relationships with stakeholders.

HNB prioritizes service reliability and consistency. This positions them as a trusted partner in the financial industry.

Benefits of ISO 9001:2015 Certification for HNB and Stakeholders

HNB’s Procurement Function has earned ISO 9001:2015 certification. This achievement brings many benefits to the bank and its stakeholders. It shows HNB’s dedication to efficient, transparent, and customer-focused procurement processes.

Strengthens Internal Processes and Compliance

The certification bolsters HNB’s internal processes. It ensures all procurement activities follow clear procedures and guidelines. This enhancement improves compliance with regulations and reduces non-conformity risks.

HNB can maintain consistent and reliable procurement operations. This is achieved through robust quality management systems.

Enhances Risk Management and Service Reliability

ISO 9001:2015 certification boosts risk management in HNB’s procurement. The bank can ensure reliable supply chain management by identifying and reducing potential risks.

This proactive approach builds stakeholder confidence. They can trust HNB to deliver products and services without interruptions.

Affirms Position as a Customer-Centric Financial Institution

The certification confirms HNB as a progressive, customer-focused financial institution. It shows HNB’s commitment to high-quality, efficient procurement processes.

This achievement proves HNB’s dedication to ongoing improvement. It also demonstrates the bank’s ability to exceed industry standards in service quality and customer satisfaction.

Annual Literary Festivals Celebrate Sri Lankan Writing and Poetry

Sri Lanka’s literary scene thrives through yearly festivals celebrating the nation’s rich writing traditions. These Annual Literary Festivals Celebrate Sri Lankan Writing and Poetry showcase local talent in Sinhala, Tamil, and English literature. The festivals provide a platform for established and emerging writers to share their works.

The Fairway Galle Literary Festival stands out, held annually in the historic Dutch Galle Fort. Its 2018 edition featured over 110 events, including film appreciation, poetry readings, and gourmet dinners. The festival also recognized outstanding local talent through the Fairway National Literary Awards.

Attendees can engage with renowned international authors at these events. Lord David Puttnam, a British film producer with numerous accolades, has participated. Alexander McCall Smith, author of over 100 books, and Richard Flanagan, a Man Booker Prize winner, have also attended.

These festivals promote and preserve Sri Lanka’s literary heritage. They encourage the growth of Sinhala, Tamil, and English literature. The events nurture emerging writers and poets, celebrating the power of storytelling.

events foster appreciation for the art of language. They provide diverse programs catering to various interests. Multiple concurrent sessions and book launches take place throughout these literary gatherings.

Galle Literary Festival: A Premiere International Event

Since 2007, the Galle Literary Festival has become South Asia’s most anticipated literary event. It unites acclaimed authors in an intimate setting. The festival fosters engaging discussions, writing workshops, and cultural experiences.

The festival offers diverse activities for book lovers. These include panel discussions, poetry readings, and literary lunches. It takes place in Galle Fort, a UNESCO World Heritage Site.

Showcasing Sri Lankan and International Authors

The festival has featured over 70 events and hosted numerous writers. More than 40 international and 50 Sri Lankan authors have participated. This lineup showcases both local and global literary talent.

Diverse Program of Literary Events and Cultural Experiences

Attendees can enjoy a wide array of literary and cultural activities. These include thought-provoking panel discussions and intimate writing workshops. Enchanting poetry readings and delightful literary lunches are also part of the program.

Set in the Historic Galle Fort, a UNESCO World Heritage Site

The festival’s location in Galle Fort adds to its charm. The fort’s colonial architecture provides a magical backdrop. This setting creates an inspiring and unforgettable atmosphere.

Harper’s Bazaar Magazine UK named it the “No.1 Literary Festival in the world” in 2011. After a three-year break, it returned spectacularly in 2016. This comeback reaffirmed its status as a premier literary event.

Other Notable Literary Festivals in Sri Lanka

Sri Lanka boasts a vibrant literary scene beyond the Galle Literary Festival. Several events showcase the island’s rich literary heritage. These festivals celebrate Sinhala, Tamil, and English literature, giving writers platforms to share their works.

The Jaffna Poetry Festival highlights Tamil poets’ resilience and creativity. It unites poets from Sri Lanka and the diaspora, promoting cultural exchange. Attendees enjoy poetry readings, workshops, and discussions on Tamil literature.

Colombo International Book Fair

The Colombo International Book Fair is a key event in Sri Lanka’s literary calendar. It draws publishers, authors, and book lovers from across the country. Visitors can explore books, attend launches, and join literary discussions.

The fair promotes reading culture and supports the local publishing industry. It serves as a platform for literary enthusiasts to connect and share ideas.

Smaller literary events occur throughout the year. The Kandy Writers’ Collective unites writers from central Sri Lanka. The Kilinochchi Book Fair and Batticaloa Writers’ Forum celebrate literature in northern and eastern provinces.

These events offer writers chances to network, collaborate, and share their works. They provide platforms for both established and emerging authors to connect with readers.

Sri Lanka’s literary festivals showcase talent and boost the economy. The Galle Literary Festival drew thousands to the south coast in 2024. It provided a significant economic boost for Galle and Sri Lanka.

The Colombo Stock Exchange (CSE) reported positive economic indicators. Sri Lanka’s stock market became Asia’s second-best performing equity market as of October 25, 2024. It showed a 29.65% year-to-date return in USD terms.

Annasi and Kadalagotu Literary Festival

The Annasi and Kadalagotu Literary Festival celebrates both Sinhala and Tamil literature. It aims to foster cultural exchange between the two communities. The event highlights Sri Lanka’s shared literary heritage.

Attendees can enjoy poetry readings, book launches, and panel discussions. Authors from both languages participate, promoting understanding and appreciation of diverse literary traditions.

Literary Festivals Celebrate Sri Lankan Writing and Poetry

Sri Lanka’s literary festivals showcase the nation’s rich heritage. They celebrate established and emerging writers in Sinhala, Tamil, and English. These events promote new voices and preserve Sri Lanka’s cultural legacy.

The Galle Literary Festival, started in 2005, is a top international event. It attracts renowned authors and intellectuals worldwide. The festival offers author talks, panel discussions, book launches, and workshops.

In 2024, the 11th edition will feature international authors. It will explore themes in fiction, non-fiction, and poetry. The event engages readers of all ages and interests.

Other notable festivals include the Jaffna Literary Festival and Colombo International Book Fair. These events showcase emerging writers through poetry slams and competitions. They help grow and preserve Sri Lankan literature.

Preserving Sri Lanka’s Cultural Legacy

These festivals celebrate writing and preserve Sri Lanka’s cultural heritage. They promote works in Sinhala, Tamil, and English. This highlights the diversity of Sri Lankan literature.

The events foster cultural exchange and community engagement. They nurture a love for the arts. This ensures Sri Lanka’s literary traditions thrive for future generations.

Conclusion

Sri Lanka’s annual literary festivals are vital to its literary community. They celebrate writing and poetry in Sinhala, Tamil, and English. These events showcase authors’ works and foster intellectual exchange.

The Galle Literary Festival and others draw global participants. Writers, poets, and literary fans come together at these events. They offer diverse programs like book readings, panel discussions, and workshops.

These festivals preserve and promote Sri Lanka’s literary heritage. They encourage new talent and inspire love for literature in younger generations. The events bring authors and readers together, celebrating the power of words.

Literary festivals strengthen Sri Lanka’s position in South Asian literature. They showcase the country’s rich cultural traditions and artistic expression. These events continue to grow in popularity and scope.

Sri Lanka Clinches Asia Cup 2022 Title with Victory Over Pakistan

The Sri Lanka cricket team won the cricket championship against the Pakistan cricket team in the Asia Cup final. Starting from a tough spot at 58/5, Sri Lanka made an incredible comeback to reach 170/6. Bhanuka Rajapaksa played a key role with an unbeaten 71 off 45, helped by Wanindu Hasaranga’s efforts and their crucial partnership.

Pakistan’s chase was met with trouble. Despite a good start and a half-century from Mohammad Rizwan, they struggled for runs later on. Sri Lanka’s bowlers, especially Wanindu Hasaranga with his three-wicket haul, stopped Pakistan from scoring. Sri Lanka won by 23 runs, claiming their sixth Asia Cup and their first win in over a decade.

Sri Lanka’s cricket success shows their commitment to excellence, like other achievements of the nation. The recent licensing of Starlink in Sri reflects a big step in technology and broadband in the area.

Key Takeaways

Sri Lanka recovered from 58/5, finishing strong with 170/6.
Rajapaksa’s unbeaten 71 off 45 was a match-winning performance.
Hasaranga and Rajapaksa added a crucial 58-run stand to the board.
Pakistan, needing 69 runs from 28 balls, fell short by 23 runs.
Sri Lanka’s Asia Cup win marks their third title victory in the event.
Hasaranga took key wickets, significantly influencing Pakistan’s chase.
Pakistan’s initial bowling successes were overshadowed by Sri Lanka’s comeback.

Sri Lanka’s Triumphant Journey to the Asia Cup 2022 Championship

Sri Lanka’s cricket team showed their strength in the Asia Cup 2022 championship. Their journey began with a loss to Afghanistan. Yet, they bounced back with a win against Bangladesh, moving to the Super 4 stage.

With great teamwork, Sri Lanka defeated Afghanistan and won against India. They beat Pakistan too, making it to the finals without a loss.

Key players like Bhanuka Rajapakse and Wanindu Hasaranga stood out. Rajapakse scored 191 runs, and Hasaranga got 66 runs and 9 wickets. Their efforts, combined with others, were crucial.

Dasun Shanaka, the captain, scored 111 runs and took 2 wickets, showing his leadership on the field.
Maheesh Theekshana and Chamika Karunaratne were key bowlers. They took important wickets, keeping the score low.

The Asia Cup 2022 win was a big moment for Sri Lanka. It wasn’t just a victory, but a story of hard work, unity, and spirit. Their win in the final match showed their determination and teamwork, celebrating the Asia Cup’s importance in cricket.

Sri Lanka Clinches Asia Cup 2022 Title with Victory Over Pakistan

The Asia Cup 2022 showcased Sri Lanka’s cricket skills and their intense rivalry with Pakistan. Bhanuka Rajapaksa played a key role in leading his team to victory. In the beginning, Sri Lanka faced a tough situation with a failing top-order. This could have made Pakistan win easily. But, the game changed because of some standout plays.

Early Setbacks for Sri Lanka Overcome by Rajapaksa’s Heroics

Bhanuka Rajapaksa’s unbeaten 71 off 45 balls was a cricket highlight. He hit six fours and three sixes when his team needed him the most. His fearless batting stabilized Sri Lanka’s game. It also inspired the team to face Pakistan’s bowlers confidently.

The Turning Point: Hasaranga and Rajapaksa’s Resolute Partnership

Rajapaksa was outstanding, but his teamwork with Wanindu Hasaranga was a game-changer. Together, they scored 58 runs for the sixth wicket. This not only helped the team’s score but also set a tough target. Hasaranga’s 36 runs were perfect with Rajapaksa’s bold attacks, showing their effective teamwork under stress.

Victorious Sri Lankan Bowling Dismisses Pakistan’s Chase

The match ended with Sri Lanka’s bowlers shining. Pramod Madushan and Wanindu Hasaranga crushed Pakistan’s batting. Madushan took 4 wickets, and Hasaranga got 3 in the crucial last over. Their skill stopped Pakistan at 147 all out. This 24-run win added another victory to Sri Lanka’s records in their rivalry with Pakistan.

An Analysis of the High-Stakes Asia Cup Final Match

The Asia Cup 2022 final was not just a win. It showed resilience and strategy in a major sports event. This final had Sri Lanka and Pakistan fighting for victory, surprising many. Despite Sri Lanka’s low start of 50 runs, they didn’t give up. Their determination led them to a last-ball win against Pakistan, setting the stage for an unforgettable final.

Bhanuka Rajapaksa’s amazing performance was key to Sri Lanka’s comeback. His play has become a key story for Sri Lanka’s cricket. Captain Dasun Shanaka’s smart moves and bowling changes also played a big role. When Pakistan seemed to be winning, Sri Lanka’s bowlers took over and won the game. This shows how important leadership and smart decisions are in big sports events.

Sri Lanka’s win is very important for international cricket. With the World Cup 2023 coming, their success is a hopeful sign and a guide for other teams. Teams like Afghanistan, Australia, and India can learn from it. The Asia Cup’s impacts, such as England being the favorite and the excitement of the India-Pakistan game, show cricket’s changing nature. High viewer interest in the Asia Cup final suggests more exciting matches to come and the deep strategies of cricket.