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HEADLINES - 23rd October 2018


Sri Lanka introduces Business to Consumer (B2C) direct transaction under E-commerce – The Island

The Ministry of Finance and Mass Media as envisaged in Budget-2018 by Minister Mangala Samaraweera has established a regulatory framework enabling the Sri Lankan companies to initiate Business to Consumer (B2C) direct E-Commerce transactions with overseas customers. Sri Lankan customers enjoy this B2C  e-commerce facility via E-bay and other trading platforms but not vice versa. Accordingly, hereafter companies or exporters in Sri Lanka can send goods in any number worth maximum of 3000 US dollars each without submitting CUSDEC application to the Sri Lanka Customs. However, at the end of the particular month the exporter has to submit one CUSDEC application to Sri Lanka Customs covering all transactions. 


Business and Consumer model, an emerging trend - Ashish Mishra – Daily News

Businesses today are no longer B2C (Business to Consumer) but its B and C (Business and Consumer) opined Ashish Mishra, MD, Interbrand India. He was speaking at the Sri Lanka Retail Forum last week which focused on the emerging trends of retail both locally and globally.


SME management will require apex body – Ceylon Today

Sri Lanka recently concluded its first-ever nationwide study on local SMEs, commissioned by the Ministry of Industry and Commerce and supported by German development agency GIZ, which recommends the integration of the country’s three top national SME institutions into an apex SME Advisory Commission, a press release stated.


Seminar on Developing Tourism Sector in Nordic Region – Ceylon Today

The Sri Lanka-Nordic Business Council of the Ceylon Chamber of Commerce will be organizing a Seminar on ‘Opportunities for Developing the Tourism Sector in the Nordic Region’ on 29 October, 2018 at 3.00 p.m. at the Ceylon Chamber of Commerce. The Seminar will cover the latest trends in the inbound/outbound tourism sector and the strategies to increase tourist arrivals from the Nordic Region to Sri Lanka.


B’desh a potential market for local retailers – Ceylon Today

Bangladesh is a potential markets for Sri Lankan retailers to expand into, business consultancy Sensei International Partner Ranjan De Silva said. Bangladesh has over 200 million people, and the economy is expected to grow by 7.3 per cent next year, much higher than the 4.5 per cent forecasted for Sri Lanka. “There are about 30 supermarkets at the scale of Food City or Keells Super, which means that for a country with 200 million people, there is huge market potential out there,” De Silva told a business forum organized by Sri Lanka’s retail chains.


Ceramic industry urges fast-tracking anti-dumping legislation – Daily News

Cheap imports of tiles, sanitary ware, glass and tableware still remain a significant threat to the Sri Lanka ceramic and glass Industry, Piramal Glass Ceylon PLC’s CEO and Executive Director Sanjay Tiwari told the 15th annual general meeting of the Sri Lanka Ceramic and Glass Council (SLCGC) held at the Blue, Hilton.


Oil, Gas prospecting in Mannar Basin commences – Daily News

Natural Gas and Oil prospecting in the Mannar Basin of the Sri Lanka Maritime Zone commenced yesterday. The ship BGP-Pioneer is engaged in this operation, Petroleum Resources, Development Minister Arjuna Ranatunga said.


BOI still in limbo – DailyFT

New appointments to the Board of Investment (BoI) remain in limbo, with three possible options under consideration by President Maithripala Sirsena. Last week’s decision by President Maithripala Sirisena to suddenly dismiss the BoI Director General was also arbitrary, Daily FT learns. 


Inflation dips to 4% in September – DailyFT

Despite increasing fuel prices, inflation for September reduced to 4% in September from 4.7% in August, driven downward by lower food prices, the Census and Statistics Department said yesterday. Headline Inflation, as measured by the change in the National Consumer Price Index (NCPI, 2013=100), which is compiled by the Department of Census and Statistics (DCS), decreased to 0.9% in September 2018, the lowest since January 2016, from 2.5% in August 2018 on year-on-year basis. 


Rupee at record low; stocks up from near 5-year closing trough – Daily Mirror

(Colombo) REUTERS: The Sri Lankan rupee hit a record low yesterday as banks and importers purchased the U.S. dollar, while stocks edge up from their nearly five-year closing low hit in the previous session. The rupee dropped 0.4 percent to an all-time low of 172.50 per dollar, surpassing its previous low of 171.80 hit on Friday, mainly due to importer demand for the greenback, market sources said.


Bond yields continue to decrease ahead of weekly bill auction – DailyFT

The secondary bond market yields were seen decreasing further yesterday ahead of the weekly Treasury bill auction due today. A total amount of Rs. 7.5 billion will be on offer, consisting Rs. 3.5 billion on the 91 day maturity and Rs. 4 billion on the 364 day maturity. At last week’s auction, the weighted averages increased across the board to 9.48%, 9.75% and 10.44% respectively on the 91 day, 182 day and 364 day maturities.


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