Reuters – Alibaba-owned e-commerce platform Daraz Group has announced layoffs across the group to “adopt a more streamlined and agile structure”, acting Chief Executive Officer James Dong said on Tuesday in an internal memo to employees reviewed by Reuters. The memo did not mention the number of people affected by the layoff. Daraz declined to…
Business Sentiment – Lacklustre Business Confidence The Central Bank of Sri Lanka notes that the country’s official reserve assets rose by 2.3 percent in January, reaching US$ 4,491 million from US$ 4,392 million in December. This appreciation came on the back of a US$ 1.4 billion swap facility from the People’s Bank of China. Simultaneously,…
While welcoming the substantial uptick in container arrivals and movements at the Port of Colombo, the Sri Lanka Shippers’ Council (SLSC) is deeply concerned over the unprecedented 300% increase in freight rates imposed by shipping lines navigating the waters of the Cape of Good Hope en route to Europe and the United States. This sudden…
Indian billionaire and industrialist Gautam Adani hinted at future collaborations with Uber, following his recent meeting with the ride hailing app’s Chief Executive Officer, Dara Khosrowshahi. In a post on X, the Adani Group Chairman said he had a “captivating chat” with Khosrowshahi. The Uber CEO’s “vision for Uber’s expansion is truly inspiring, especially his…
Asset growth 24% to LKR 516Bn Operating Income growth 16% to LKR 45Bn Stage 3 loan ratio reduced to 2.34% highlighting quality of loan portfolio Strong Liquidity and Capital Adequacy Ratios at 45% and 19.68% respectively Nations Trust Bank reported strong performance to close the financial year ending 31 December 2023, demonstrating steady growth amidst…
Secretary General of the Conference on Interaction and Confidence Building Measures in Asia (CICA) Kairat Sarybay undertook a one day visit to Sri Lanka on 22 February 2024. The CICA Secretary General was accompanied by officials of the CICA Secretariat which is based in Kazakhstan. CICA is an organization based in Central Asia which brings…
Media sources indicated that Sri Lankans paid comparatively higher prices for vegetables & energy during January 2024. With organizational reforms, cost of electricity is expected reduce to bearable levels (for the grassroots). Indian assistance during 2022 crisis was crucial but with more energy involvements, one may see profits going elsewhere. The JVP symbolically receiving the…
Hayleys Fabric PLC, Sri Lanka’s largest textile manufacturer and a subsidiary of Hayleys PLC, was recently awarded the prestigious Eco Label Sri Lanka certification for its weft knitted fabrics under the Textile & Apparel category. The latest in a long line of sustainability accreditations, this certification recognizes Hayleys Fabric’s commitment to sustainable practices and environmentally-friendly…
The Ceylon Chamber of Commerce hosted a high-level delegation from the Ministry of Agriculture and Rural Development of Vietnam, engaged in a working visit to strengthen bilateral relations between Vietnam and Sri Lanka, in the fields of agricultural, forestry and fishery. Organized in association with the Sri Lanka – Greater Mekong Business Council and the…
India Times – The pre-wedding bells are set to ring for India’s richest man Mukesh Ambani’s youngest son Anant Ambani. Anant Ambani and Radhika Merchant’s pre-wedding festivities will soon take place in Jamnagar, Gujarat, from March 1 to March 3. Ahead of the high profile pre-wedding festivities of Reliance Industries chairman’s youngest son, a long list of guests is being anticipated, including…
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