Business and Economics
Services sector PMI recorded an index value of 54.7 in September 2023, indicating an expansion in the services activities at a slower pace compared to the previous month.
This was led by the increases observed in New Businesses, Business Activities, Employment and Expectations for Activity. Nevertheless, Backlogs of Works remained contracted during the month. New Businesses increased in September 2023, yet at a slower pace, compared to August 2023, particularly with the increases observed in financial services, wholesale and retail trade, real estate, insurance and education sub-sectors.
Business Activities also expanded in September 2023 showing positive developments in several sub-sectors. Accordingly, business activities in the financial services sub-sector improved further attributed to the gradual increase in credit demand in line with declining lending rates. Further, some positive developments were seen in education and transportation sub-sectors during the month.
The Pin Fernando Trophy recognized as a Board event has been sponsored continuously by United Tractor & Equipment (Pvt) Ltd – UTE CAT and in 2023 its subsidiary UTECH Technologies (Pvt) Limited.
The feature Match-play tournament for members conducted since 1979 as part of the Centenary celebrations of the Royal Colombo Golf Club in recognition of the undisputed champion of match-play, the Late Pin Fernando who annexed the RCGC Club Championship 19 times, which is still to be overturned and winner of the Sri Lanka Amateur Golf Championship and the All-India Amateur on two occasions.
The exciting Pin Fernando Trophy attracts over 100 entries annually and the Qualifying round will be played on Saturday, 21st October 2023.
In a significant move towards environmental stewardship, Hemas partnered with Lanka Sathosa to address the escalating plastic waste problem and promote sustainable living in local communities.
Spearheaded by the Hemas Consumer Brands' Sales Team, customers shopping at Lanka Sathosa will be given a complimentary reusable eco-friendly bag upon purchasing Hemas products. In the initial phase, 40,000 eco-friendly bags will be distributed across 440 Lanka Sathosa outlets throughout the island.
Eco bags will be strategically distributed to outlets based on their footfall, and the bags feature a unique barcode system, enabling recurring discounts to incentivise people to reuse them, fostering sustainable habits amongst the communities.
Additionally, to encourage responsible plastic waste disposal, Hemas and Lanka Sathosa will set up dedicated plastic waste collection bins at Sathosa outlets. Customers who responsibly deposit plastic items in these bins will be rewarded with coupons, and a monthly raffle will be conducted to offer an added incentive for individuals to actively participate in reducing plastic waste.
Kasturi Chellaraja Wilson, Group CEO of Hemas Holdings PLC, emphasised the importance of this initiative, stating, "At Hemas, we recognize our duty in tackling plastic waste. Partnering with Lanka Sathosa marks a crucial step toward a sustainable future, fostering awareness and good habits. Our hope is that incentivizing consumers to adopt eco-friendly practices will change consumption habits and contribute to a healthier environment."
