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HEADLINES - 25th September 2018

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“Driving Tomorrow’s Retail Today” to be explored at Sri Lanka Retail Forum 2018 – DailyFT

Sri Lanka’s retail industry comes together to identify new trends and map out new strategies at its premier knowledge event, Sri Lanka Retail Forum 2018, which is to be held 17 and 18 October at Cinnamon Grand, Colombo. Sri Lanka Retail Forum provides a valuable opportunity for networking and collaboration in the retail industry.

 

Global advertising expenditure to grow 4.5% in 2018 – DailyFT

Reuters: Global advertising expenditure is predicted to reach $ 581 billion at the end of 2018, with most of the growth coming from sponsored content in search engines and social media ads, according to industry forecaster Zenith.

 

Sri Lanka kicks off 2019 budget process with Appropriation Bill – EconomyNext

Sri Lanka's finance ministry has kicked off the 2019 budget process releasing an Appropriation Bill setting out spending allocations for individual ministries ahead of the actual budget to be presented to parliament in the first week of November. The appropriation bill details a total of 2,281 billion rupees to be spent by ministries and departments.

 

Mangala scraps Sri Lanka anti start up tax – EconomyNext

Sri Lanka's finance minister Mangala Samaraweera had got cabinet go ahead to scrap a controversial annual company registration fee, introduced in a budget for 2016, which critics warned would be a tax discouraging incorporation.

 

Headline inflation down 2.5% in August; core inflation up 2.7% – DailyFT

The Central Bank said headline inflation, as measured by the change in the National Consumer Price Index (NCPI) compiled by the Department of Census and Statistics (DCS), decreased to 2.5% in August from 3.4% in July on year-on-year basis, mainly driven by monthly decline in food prices in August. 

 

Sri Lanka hunts investors in Germany – EconomyNext

A Sri Lanka delegation headed by Minster of Development Strategies and International Trade is heading for Hamburg Germany to hunt for investor with a team of private business representatives. "The delegation will visit Frankfurt, Hamburg and Berlin and meet with senior German officials, as well as captains of German industry," the Board of Investment said.

 

Innovation and Entrepreneurship Strategy soon – Malik – Daily News

The government will bringing out the Innovation and Entrepreneurship Strategy soon to foster a climate for new high-tech products and services to emerge and also for startups to thrive, said Minister of Development Strategies and International Trade, Minister Malik Samarawickrama. “These initiatives will benefit the current exporters and will benefit emerging and aspiring exporters among our domestic enterprises. We are also supporting the universities to turn out more engineering and IT graduates,” the Minister was addressing the Czech Parliamentary Delegation to Sri Lanka at the Ceylon Chamber of Commerce.

 

Implementation of National QR code-based transactions to begin shortly – Daily Mirror

“The Monetary Board of the Central Bank has granted the approval for the standardised national QR code-based transactions named LANKAQR. The QR code would allow any small merchant, be it a street-side vendor or a taxi driver, to accept electronic payments just by having a printed QR code and basic mobile phone. These innovations have been a result of industry collaboration to bring together the dispersed talents into concerted efforts towards advancing financial services,” Central Bank Governor Dr. Indrajit Coomaraswamy said.

 

Dialog Finance PLC debuts – DailyFT

The finance company of telecom giant Dialog Axiata PLC has been launched as Dialog Finance PLC. The change of name has been incorporated and approved by the Registrar General of Companies recently. The entity was previously known as Colombo Trust Finance PLC.

 

Volkswagen to end production of Beetle next year – Daily News

The company said two special Beetle models will join the final lineup - Final Edition SE and Final Edition SEL - in the United States and would offer driver-assistance technology. Volkswagen said it would stop producing its Beetle compact car in 2019, ending a model that looked backward to the 1960s counterculture as the automaker prepares for a leap towards a future of mass-market electric cars.

 

Maldives Opposition Leader wins Presidential poll – Daily News

Opposition Leader Ibrahim Mohamed Solih won the Maldives’ Presidential election, results showed Monday, a surprise defeat for President Abdulla Yameen. Results released by the Elections Commission early Monday morning showed Solih had secured 58.3 percent of the popular vote.

 

Emerging Markets: Rally runs into resistance as trade war stress returns - DailyFT

London (Reuters): Emerging markets sobered up on Monday after last week’s mini bounce, with the significant drags of an escalating Sino-US trade war and another US interest rate hike this week causing a pullback. A 2% jump in oil prices did support markets blessed with the black stuff, such as Russia, but for most others it was tough going. Stock markets in China and South Korea had been shut in Asia, but the near 2% drop in Hong Kong’s Hang Seng index and the first fall in five sessions for MSCI’s pan-emerging market index was testimony to the mood of the new week.

 

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