Industry news

The Office of Gas and Electricity Markets (OFGEM) has awarded National Grid Gas Distribution Ltd, in partnership with DNV GL, a major new innovation contract which will seek to improve the way gas bills are calculated, and enable the use of lower carbon alternative gases to fuel the homes and businesses of the future.

Related news: Energy Firms Face Price Cap

The European General Data Protection Regulation (GDPR) will have a global impact when it goes into effect on 25th May, 2018, according to Gartner, Inc. Gartner predicts that by the end of 2018, more than 50 per cent of companies affected by the GDPR will not be in full compliance with its requirements. You can read the full story here.

Related news: KPMG Warns Against Brexit Complacency

Indian IT services firm, Infosys, says it has plans to hire 10,000 workers in the US over the next two years and open two new tech hubs in the United States over the next few years. Indian IT firms have become a target in the US after Trump pointed the finger at them for outsourcing American jobs. The Indian IT service industries relies heavily on the H1-B visa program, which U.S. President Donald Trump has ordered federal agencies to review. You can read more here.

Related news: Infosys Looking to Avoid Distraction, Trump Continues Outsourcing Attack

The British Chamber of Commerce (BCC) has called on party leaders to remember other business policies rather than simply talk about Brexit on the campaign. The BCC wants parties to consider business environment and upgrades to infrastructure.

Related news: UK Election Announced

The Tories are likely to unveil plans this week in their election manifesto over takeovers by foreign firms. In a move to raise further drawbridges around the UK economy, plans to scrutinise foreign take-overs of more than 25% in business considered critical national infrastructure could be included by the party in the election campaign.

Related news: BCC Warns of Brexit Tunnel Vision

In a bid to tap into the product-driven global network, Sri Lanka is mulling expanding its Free Trade Agreements (FTAs) with top markets in Europe. He pointed out that if Sri Lanka could sign an FTA with the EU, then the country could continue to enjoy the advantages of GSP+ trade facilitation. Read the full story here.

Related news: Sri Lanka Attracts Big Investors, Sri Lanka Explores Digital Identity Council

UK tech firm, TransferWise is expanding in the Asia Pacific region as the unicorn firm looks to make the most of its approval for online verification in Singapore. TransferWise has proved to be one of the UK’s biggest tech successes with 10 offices worldwide and over 600 staff.

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Donald Trump has decided not to scrap the North American Free Trade Agreement (NAFTA), but wants to renegotiate something he once called the "single worst trade deal ever". The trade agreement between the United States, Canada and Mexico was a major part of Trump’s election campaign in his mercantilist rhetoric.

Related news: Trump Continues Outsourcing Attack

According to the latest Data Breach Investigations Report by Verizon, organisations are still not prepared for cyber-attacks despite a rise in cyber-crime. The use of ransomware and cyber espionage are hitting an increased range of organisations although the financial industry appears to be most at risk. You can read more about the story here.

The GSA is focusing its annual Symposium on cyber security, learn more here.

Related news: Cyber Criminals Run Riot

The Sri Lanka Investment Summit, organised by the influential Finance Asia magazine, was successfully held in Hong Kong recently in partnership with multiple stakeholders including Standard Chartered Bank and Asia Securities. The summit involved a large number of Sri Lankan business leaders and professionals as well as longstanding and new foreign investors in Sri Lanka such as Singer Asia, apparel giant Courtaulds and the World Bank private sector investor arm IFC. You can read more here.

Related news: Sri Lanka Explores Digital Identity Council