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HEADLINES - 5th October 2018


Ceylon Motor Traders Association pushing for registration of vehicle importers – LBO

Ceylon Motor Traders Association (CMTA) suggests that the Government implements a scheme to register vehicle importers as it could be a first step towards controlling the quality and quantity of imports of motor vehicles. Releasing a statement, the association said through the registration, the consumer is at least to some extent assured that he is buying a vehicle from a credible corporate entity.


Arrivals up 12% Jan-Sep 770K tourists left to hit 2018 target – Ceylon Today

Sri Lanka needs to attract little less than 770,000 tourists during the next three months to achieve the Government’s target of 2.5 million visitors to the country, as Sri Lanka welcomed more than 1.73 million travellers during the first nine months of this year.


Visa regulations to be relaxed to boost tourism: Dept. – Daily Mirror

The existing regulations on extending Sri Lankan online visa facility would be relaxed to encourage tourists, an official of the Immigration and Emigration Department said yesterday. The Visa and Border Controller of the Immigration and Emigration Department Chaminda Hettiarachchi said the Department was planning to relax the online visa regulations.


Sri Lanka to get automated warehouse with Norwegian technology – EconomyNext

Sri Lanka will set up an automated warehousing and packaging facility with robotics capabilities for fresh fish in collaboration with Norway's Element Logics and Tiqri, the Prime Minister's office said Thursday. Prime Minister Ranil Wickremesinghe who is on a three-day official visit to Norway visited sports goods retailer XXL's robotic warehousing facilities. The automated warehouse uses robots to store, package and ship goods to XXL stores and online shoppers.


NEC to work together with Finance Ministry and Central Bank to tackle foreign exchange crisis – Daily FT

The National Economic Council (NEC) is in consultation with the Finance Ministry and the Central bank on implementing short-term measures to improve foreign exchange inflow in dealing with the current foreign exchange crisis. Commending the work done by the Central Bank in managing the situation, NEC Secretary-General Prof. Lalith Samarakoon yesterday said that the Government is now looking at improving inflow of foreign exchange to the country by closely monitoring exchange conversions.


SL launches Trade Facilitation Framework for Multi-Country Consolidation – DailyFT

The Government on Wednesday reiterated its commitment to take all necessary steps to unleash Sri Lanka’s potential as a trade hub in the Indian Ocean, while launching the Trade Facilitation Framework for Multi-Country Consolidation (MCC) with the assistance of the Global Alliance for Trade Facilitation (GAFT) together with Women in Logistics and Transport (WiLAT) Sri Lanka and Verite Research in Colombo. 


Import Promotion Desk of Germany to partner EDB – Daily News

The IPD provides access to the EU market for small and medium sized companies from selected developing and emerging countries. With the start of the third phase of the project IPD, will add Sri Lanka to the new programme. The IPD will include three of the focused sectors of NES of Sri Lanka, natural ingredients for food, spices and spice concentrates and in the processed food sector, fruits and vegetables. The Tourism sector is added as an additional industry and this will benefit the Wellness Tourism identified in the NES.


SL-Vietnam 2020 trade target of US$ 1B unlikely : Vietnam Ambassador – Ceylon Today

The trade target of US$ 1 billion by 2020 between Vietnam and Sri Lanka is unlikely to be achieved, given the global economic challenges and the trade war between China and the US, Vietnamese Ambassador to Sri Lanka, Phan Thi Ngoc told Ceylon FT.


Finance Ministry calls for public proposals for 2019 Budget – DailyFT

The Finance Ministry is now seeking contributions from all stakeholders and professional bodies to compile a Budget proposal that reflects people’s concerns, which will be presented to the Parliament next month.


Women speak up ahead of Budget 2019 – DailyFT

In a first-of-its-kind forum, 26 top female professionals yesterday spoke out on a multitude of issues confronting them and the economy and shared their ideas and recommendations for the Government to considerahead of next month’s Budget.


Indian shipping modernisation threatens Sri Lankan transhipment volumes – EconomyNext

The modernisation of Indian ports and liberalisation of regulations could threaten the container transhipment business of Sri Lanka’s Colombo port, according to speakers at maritime industry forums this week.


SLPA calls for warehousing project EOIs – Ceylon Today

Highlighting that the Sri Lanka Ports Authority (SLPA) was gearing up to support Sri Lanka’s National Export Strategy (NES) and the Multi-Country Consolidation Project, a senior official said that 45 acres in Bloemendhal have been identified for warehousing projects.


Batticaloa International Trade Exhibition opens today – DailyFT

The 4th Edition of the Batticaloa International Trade Exhibition 2018 (BITE 2018) is scheduled to be held on 5, 6 and 7 October at the Shivananda Vidyalaya Grounds in Batticaloa. 


President sets deadline to release all military occupied land in North and East – DailyFT

President Maithripala Sirisena said the occupied lands in the North and East should inevitably be returned to the rightful owners, and instructed the relevant authorities to sort out the problems and complete the process to release the lands before 31 December.


Bond yields increase marginally in thin trade – DailyFT

The secondary bond market yields were seen increasing marginally yesterday on the back of thin volumes. The yields on the liquid maturities of 15.10.21 and 15.07.23 increased to intraday highs of 10.75% and 10.97%, respectively, against its previous day’s closing levels of 10.62/67 and 10.88/90. 


Strong US economy buoys dollar, puts Asian currencies on skids: Reuters poll – DailyFT

REUTERS: Investors continued to bet that Asian currencies would weaken against the dollar, a Reuters poll showed, as hawkish comments by Federal Reserve policymakers and a steady rate hike path buttressed the greenback.


Exchange rate tops Rs. 170 on importer dollar demand; stocks extend gains – DailyFT

Reuters: The rupee hit a record low for a second straight session on Thursday due to dollar demand from importers and foreign banks amid outflows from government securities, while stocks rose for a second consecutive session.


Indian Rupee hits record low despite suspected intervention; stocks, bonds weaken – DailyFT

MUMBAI (Reuters): The rupee plumbed record lows as global oil prices rose and stocks and bonds weakened on Thursday, heightening speculation that the Reserve Bank of India (RBI) may hike interest rates on Friday more aggressively than earlier expected.


Pakistan’s rupee under pressure amid regional currency turmoil – DailyFT

ISLAMABAD (Reuters): Emerging markets currency turmoil and higher oil prices are putting increasing pressure on Pakistan’s central bank to devalue the rupee for a fifth time in a year, analysts said on Wednesday.


UK Minister for Asia Mark Field in town – DailyFT

The UK Minister for Asia Mark Field will be in Sri Lanka today and tomorrow to discuss reconciliation, trade and people-to-people links. 


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