ANI/PNN: Nepalese Forbes listed billionaire Binod Chaudhary announced the massive acquisition of majority shares in UBC (United Bank of Colombo), Srilanka. Chairman of CG Corp Global, the group makes its maiden foray into the financial services industry in Sri Lanka. The acquisition of 70.84 per cent shares in UBC is via CG Capital Partners, a…
Sri Lanka’s largest textile manufacturer, Hayleys Fabric, hosted its inaugural Sustainability Forum ‘Nature’, showcasing a new generation of home-grown innovations with the potential to enable greater circularity in fashion globally. Drawing together an array of distinguished industry stakeholders, the event served as a platform for Hayleys Fabric to demonstrate the versatile form and function of…
Sri Lanka’s undisputed leader in project logistics and heavy cargo transportation, Advantis Projects, a subsidiary of Hayleys Advantis Limited, is swiftly moving ahead with the delivery of two of the largest Tunnel Boring Machines (TBM) ever to be deployed in the island. This operation will help expedite the progress of one of the nation’s most…
Reiterating its commitment to excellence, LAUGFS Rubber, Sri Lanka’s leading exporter of industrial tyres and rubber products, was recently bestowed as the ‘Most Outstanding Exporter – Overall’ at the 30th NCE Annual Exports Awards 2022. Through its pioneering efforts, the company was able to continue its winning streak, by also being awarded ‘Gold’ for the…
– National Council sub-committee on identifying programs related to economic stabilization It was discussed in the National Council sub-committee on identifying short- and medium-term programs related to economic stabilization that Sri Lanka is lagging behind other countries in the world due to the lack of a national digital policy. These views were expressed when the…
Yahoo Finance – Luxury goods mogul Bernard Arnault is now the richest man in the world, bumping Tesla (TSLA) CEO Elon Musk down to the second spot, according to the Bloomberg Billionaires Index. Arnault, who is chairman and chief executive of Louis Vuitton SE or LVMH (LVMUY), has seen more than a $7 billion loss in…
As the Government seeks to re-engage with the global economy in order to enhance exports and encourage export-oriented foreign direct investment, new strategies formulated collectively by all stakeholders are needed to complement these efforts, Foreign Secretary Aruni Wijewardane stated recently. Speaking at the Members’ Forum 2022 organised by the Ceylon Chamber of Commerce and the…
Reuters – Sri Lanka is expecting loans of up to $5 billion next year from multilateral agencies besides a deal with the IMF, the foreign minister told Reuters, adding that the government could raise up to $3 billion through the restructuring of state assets. “Apart from what we get from the IMF, we are looking…
Export Development Board (EDB) in collaboration with the Sri Lanka Embassy in Vietnam arranged the first-ever participation of Sri Lankan businesses at the 20th edition of Viet Nam Expo, which was held from 1st to 3rd December 2022 at Sai Gon Exhibition & Convention Center (SECC) in Ho Chi Minh City. Representing Sri Lankan businesses,…
MANILA, Dec 14 (Reuters) – The Asian Development Bank cut its growth forecasts for developing Asia for this year and next as the region faces persistent headwinds from the Russia-Ukraine conflict, China’s COVID-19 policies, and a slowing global economy. The Manila-based lender said in a supplement to its Asia Development Outlook report it expected 2022…
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