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The Informatics Institute of Technology (IIT) proudly welcomes our newest cohort to the Business Degree programmes. This is the start of an exciting journey where you’ll gain practical knowledge, discover your passions, and build a strong professional network.

At IIT, we’re dedicated to empowering the next generation of business leaders through an environment that inspires innovation, growth, and success. We can’t wait to support you as you embark on this journey and make your mark in the world of business.

The Informatics Institute of Technology (IIT), Sri Lanka’s leading private higher education provider with over 35 years of excellence, offers Foundation, Bachelor’s, and Master’s degree programmes in collaboration with two prestigious UK universities – the University of Westminster and Robert Gordon University.

World Elders’ Day is a time to recognize the wisdom, sacrifices and lifelong contributions of senior citizens. As life expectancy increases globally, societies must ensure that older people are not marginalized but supported to live with dignity, independence and purpose. Ageing is not a burden-it is a natural stage of life that deserves respect, planning and care. Building an inclusive society for elders involves addressing healthcare needs, social inclusion, financial security and emotional wellbeing.

Healthcare is one of the most critical areas affecting elders. Age-related illnesses such as diabetes, heart disease, arthritis and memory disorders require consistent medical attention. Unfortunately, many senior citizens face limited access to quality healthcare due to high costs, long travel distances or lack of support systems. Creating affordable and accessible healthcare facilities, mobile clinics and home-care services can significantly improve quality of life. Training caregivers and expanding geriatric healthcare programmes can also strengthen support for ageing populations.

Social inclusion is another essential element of elder wellbeing. Many senior citizens feel isolated after children migrate, friends pass away or retirement reduces daily social interactions. Loneliness can lead to depression, cognitive decline and other health issues. Community centres, religious institutions and social organizations can create opportunities for elders to interact, share experiences and participate in recreational or cultural activities. Intergenerational programmes that connect youth with older adults foster mutual understanding and combat age-based stereotypes.

Economic security is vital for elders to live independently. Many retirees rely on pensions, savings or their children for daily expenses. However, inadequate financial planning and rising living costs can place them in vulnerable positions. Governments and financial institutions should promote pension schemes, senior-friendly banking services and financial literacy programmes. Encouraging businesses to offer flexible part-time roles for capable retirees can also help them remain productive and maintain a sense of purpose.

Support for caregivers is equally important. Families often struggle to balance work, finances and elder care responsibilities. Providing caregiver training, respite services and community support networks can ease the burden and improve the standard of care. Policies that protect the rights of elders against neglect, abuse or exploitation are crucial to maintaining their dignity.

Technology can also be used positively to enhance the lives of older people. Telemedicine, emergency alert devices and digital communication platforms can help them stay connected and safe. However, many seniors may feel intimidated by technology. Offering training programmes and user-friendly tools ensures they are not left behind in the digital world.

Respect and compassion are the foundation of an inclusive society. Elders are reservoirs of wisdom, culture and life lessons. Family members, especially younger generations, should spend time listening to their stories, seeking their guidance and appreciating their experiences. Media and public campaigns can promote positive images of ageing and encourage communities to honour their elders.

On this World Elders’ Day, we are reminded that ageing with dignity is not a privilege but a right. A society that values its elders is one that preserves its history and strengthens its future. By investing in healthcare, social inclusion, financial stability and emotional support, we can create a world where senior citizens are not merely cared for, but celebrated. Ageing should be accompanied by respect, independence and happiness-and it is our collective duty to ensure that every elder has the chance to live with purpose and pride.

The Government is to fast-track passport processing for overseas applicants, more efficient handling of dual citizenship requests, and expanding digitalisation to streamline administrative procedures.

This was discussed at a meeting held by Foreign Affairs, Foreign Employment and Tourism Acting Minister Arun Hemachandra at a high-level joint meeting bringing together senior officials of the Ministry’s Consular Division and the Department of Immigration and Emigration to review and enhance key aspects of Sri Lanka’s consular and immigration services.

The meeting, was attended by Additional Secretaries of the Consular and Foreign Employment Divisions, the Director General of Consular Affairs, the Controller General of Immigration and Emigration, senior Directors from both Departments, and the Chairman and Additional General Manager of the Sri Lanka Bureau of Foreign Employment (SLBFE).

Commending officials for their continued dedication, particularly for their efforts in successfully clearing the backlog of passport applications, the Deputy Minister said it was an achievement that significantly improved service delivery, especially for Sri Lankan citizens living and working overseas.

Discussions at the meeting focused on accelerating the processing of passport applications submitted from abroad, improving the efficiency of dual citizenship application handling, and expanding digitalisation to streamline administrative procedures.

Several operational and field-level issues were also examined with the aim of strengthening the quality and responsiveness of services offered by the two institutions.

‘We are committed to fostering greater coordination between institutions to ensure efficient, transparent, and people-centred service delivery for all Sri Lankans, both locally and overseas,’ Hemachandra said.

India overcame pressure and difficult batting conditions to score a first-up win at the ICC Women’s Cricket World Cup (CWC) 2025.

India’s mission to claim a maiden 50-over Women’s CWC is off to a positive start, beating foes Sri Lanka by 59 runs (DLS method) in Guwahati. But it wasn’t all smooth sailing for the home side, who lost four wickets for just four runs in the middle stages of their innings, falling to 124/6 after 27 overs.

Sri Lanka’s sixth pole brought Amanjot Kaur to the crease, who steadied things for India alongside Deepti Sharma. Outside of putting their team’s batting depth on full show, the pair put on 103 runs for a stand that would help set up a first-up World Cup victory.

Post-game, Amanjot (57 off 56) shot down suggestions there were nerves when she came to the crease, clinging to full belief in not only the process, but the talent she shared a wicket with.

‘I knew that Deepti was with me,’ she told media. ‘We can make a long partnership. I wanted to stay on the wicket. The wicket was a little sticky, it was holding, it was moving, so as long as we played, we knew that we could get a decent total for India, and we did just that. I rarely get a chance to bat; I got the chance today and I enjoyed it when I batted and I’m sure Deepti was also very happy to do batting.’

‘If I would have played slowly and got out, then you’ll would say I wasted so many balls and didn’t get any runs. That is how cricket is. At least that ball will not be spoilt for the next person. Because ultimately, you have to put up some score on the scoreboard to defend.’

With a win on the board, India will look to stay in the moment and turn their attention to what promises to be a huge matchup with Pakistan in Colombo on Sunday.

‘We’re going to take this game by game,’ Amanjot continued. ‘Day one, we have done well and we have won, now we have to have eight more good days; hopefully, we will have eight [more] good days.’

Technology has transformed communication, healthcare, finance and entertainment-but many elders are left behind due to limited digital literacy. On World Elders’ Day, it is important to recognize that bridging the digital gap for senior citizens can improve independence, safety and social connection.

Many elders find smartphones, apps and online services confusing or intimidating. Without guidance, they may avoid using technology altogether, missing opportunities for telemedicine, virtual banking, video calls or online information. Digital exclusion can increase loneliness, limit access to services and reduce independence.

Teaching digital skills to elders requires patience, clear instructions and practical examples. Family members can start with simple tasks such as making video calls, sending messages or using health apps. Community centres, libraries and NGOs can organize digital training sessions specifically designed for senior learners.

Affordable devices with accessible features such as larger fonts, voice commands and simplified interfaces can make technology less overwhelming. Governments and private sectors can offer subsidies, senior-friendly devices and helplines to assist with technical support.

Technology can improve elder safety and convenience. Telemedicine allows medical consultations without travel. Emergency alert systems and health monitoring apps provide peace of mind to both seniors and families. Online banking helps elders manage finances securely without standing in queues.

Most importantly, technology reduces isolation. Video calls allow grandparents to connect with family abroad. Social media and messaging platforms help them maintain friendships and participate in community groups. Entertainment apps, audiobooks and educational videos can stimulate cognitive activity and reduce boredom.

However, cybersecurity awareness is essential. Elders must be taught how to recognize scams, protect passwords and avoid sharing personal data. With the right guidance, they can use technology confidently and safely.

Digital inclusion is not about replacing human connection; it enhance

Fitch Ratings yesterday affirmed Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘CCC+’. Fitch typically does not assign Outlooks to sovereigns with a rating of ‘CCC+’ or below.

The ratings agency said Sri Lanka’s ‘CCC+’ sovereign rating remains constrained by elevated general Government indebtedness and a high interest-revenue ratio despite the completion of the sovereign’s debt restructuring in 2024.

‘Sustained adherence to a path of reforms is facilitating a solid economic recovery, low inflation, a substantial fiscal adjustment, and improvements in the external finance position,’ Fitch said in a statement yesterday.

It noted substantial progress Sri Lanka has made under the 48-month IMF program.

Momentum includes passage of the 2025 budget in March in line with program targets, and restoration of cost-recovery pricing for electricity. Additional measures include greater tax compliance and revenue administration, and reforms to the Ceylon Electricity Board and state-owned enterprises. The investment climate, particularly FDI, is likely to remain a priority to bolster medium-term growth, albeit with incremental progress, Fitch noted.

The Central Bank of Sri Lanka (CBSL) continues to refrain from monetary financing of the deficit, and exchange-rate flexibility has been maintained. Debt-management functions carried out by CBSL are gradually being taken over by the Public Debt Management Office (PDMO).Full operationalisation of the PDMO is expected by January 2026.

Fitch said debt remains elevated despite the sharp fiscal adjustment and debt restructuring, though we expect gradual debt reduction over the medium term. Fitch forecasts gross general Government debt-GDP to reach about 96% in 2027, but will remain well above the ‘CCC’ median of 74%. Risks to the debt outlook remain high over the medium term, particularly after 2027.

Fitch projects interest/revenue to fall to 46.5% in 2027, although this would still be above the 14.3% ‘CCC’ median. We assume the first threshold of average US dollar GDP under conditions of Macro-Linked Bonds to be triggered due to the economic recovery and stronger exchange-rate assumptions.

‘This would result in higher principal and coupon payments from 2028. We expect this to be accommodated with debt declining if primary surpluses are maintained and GDP growth is sustained at 3.5% in line with our baseline,’ the ratings agency said.

Fitch expects Sri Lanka’s primary surpluses to be around 2.7% of GDP on average between 2025 and 2027. The surplus reached 2.2% of GDP in 2024 from a primary deficit of 5.7% GDP in 2021, driven primarily by a sharp rise in revenues. The 2025 budget targets an overall deficit of 6.7% of GDP , but we see a 5.4% deficit owing to lower interest costs and spending under-execution. We expect further gradual narrowing of the fiscal deficit to 4.2% by 2027 as revenues keep the primary surplus steady and interest costs decline.

Fitch said revenues rose 27% yoy between January-July 2025. Tax revenues – nearly 93% of total revenue – were up by 28% yoy. Revenue gains are also due to the revenue-raising measures announced and implemented. We forecast revenue/GDP at 15.2% and stabilisation at 15.3% over 2026-2027, still lower than the ‘CCC’ median average of 22.5%, reflecting frontloading of revenue gains under the IMF program. Additional revenue-enhancing measures in the pipeline are an upside to our projections.

Fitch noted Sri Lanka’s stable external finances. FX reserves in July-August 2025 were about $ 6.2 billion, up from a low of $ 1.9 billion in 2022. The external liquidity ratio as of end-2024 rose to 96.5% from 55.1% in 2022.

‘We expect reserves to rise gradually to $ 6.4 billion by end-2025 on the expectation of the CBSL continuing to make direct FX purchases. We forecast reserve coverage of current external payments at 2.8 months. Upfront debt relief from restructuring is benefiting external finances,’ Fitch noted.

Fitch forecasts a current account surplus in 2025, having been $ 1.2 billion in 2024 (1.2% of GDP), driven by remittances, receipts from services including tourism, and a slight trade deficit. Remittances were up 19% yoy between January-August 2025.

Fitch said the economy was showing signs of stabilisation after the 2022-2023 contraction, up by 5% in 2024 and 4.8% in 1H25. Growth in 1H25 was supported by industry and services, up by 7.9% and 3.3% yoy, respectively.

‘We expect full-year growth at 4.4%, with 3.8% in 2026 and 3.6% in 2027. US tariffs will be a growth headwind, but the revised reciprocal tariff rate of 20% is now in line with peers, reducing risks to exports. We see low average inflation, but to rise gradually to 5% in 2027, in line with the CBSL’s inflation target,’ Fitch said.

It said Sri Lanka has an ESG Relevance Score of ‘5’ for Political Stability and Rights as well as for the Rule of Law, Institutional and Regulatory Quality and Control of Corruption. These scores reflect the high weight that the World Bank Governance Indicators (WBGI) have in Fitch’s proprietary Sovereign Rating Model (SRM). Sri Lanka has a medium WBGI ranking in the 38th percentile, reflecting a recent record of peaceful political transitions, a moderate level of rights for participation in the political process, moderate institutional capacity, established rule of law and a moderate level of corruption.

Ceylon Chamber of Commerce Chairman Krishan Balendra this week told Japanese investors that Sri Lanka is seeing economic revival and it is the right moment to be part of shaping the South Asian hub’s next growth chapter.

He made this observation at the Sri Lanka Business Forum in Tokyo as part of a public-private sector initiative to woo Japanese investor interest in tandem with President Anura Kumara Disanayake’s State visit.

‘Sri Lanka is on a clear path of economic revival. After a period of great difficulty, we are seeing steady and broad-based growth, with renewed momentum in exports, tourism, remittances, and investment. Fiscal consolidation, completion of debt restructuring, inflation control, and macroeconomic reforms have helped lay the groundwork for rebuilding confidence,’ said Balendra who led a 20-member delegation organised by the Sri Lanka Japan Business Council )SLJBC) under the aegis of the Ceylon Chamber.

‘The former IMF First Deputy Managing Director Gita Gopinath recently labelled Sri Lanka’s recovery as a stand out experience and remarkable progress within a short-term period of time. The World Bank in their latest Sri Lanka Public Finance Review stated that the scale and speed of the fiscal adjustment standout by historical and international standards. We are seeing this on the ground with economic activity at around 5% GDP,’ Balendra said.

‘For investors, this means Sri Lanka is once again open and ready for business,’ he added at the seminar attended by President Disanayake and Japanese Economy, Trade and Industry State Minister Dr. Ogushi Masaki.

The well-attended forum was organised by the JETRO, Ministry of Economy, Trade and Industry (METI), Sri Lanka Embassy in Japan, the Japan-Sri Lanka Business Cooperation Committee, and the Board of Investment (BOI). It was supported by the Japan International Cooperation Agency (JICA).

Balendra also said Sri Lanka’s strategic location at the crossroads of the Indian Ocean, just a short distance from India, makes it an ideal gateway to South Asia and beyond.

‘Sri Lanka is uniquely positioned to leverage India’s rapid growth from the Colombo Port already handling the bulk of India’s transshipment cargo, to opportunities in tourism, where India is our largest and fastest-growing source market, and in exports, where regional supply chains can be deepened and diversified,’ Balendra pointed out.

Critically, Sri Lanka can leverage formal market access through the existing FTAs with India, South Asia, Singapore, Thailand (signed in 2024 and moving toward implementation). On top of that, exporters benefit from EU GSP+ preferences and the UK’s Developing Countries Trading Scheme (DCTS), widening duty-free or reduced-tariff entry. Taken together, these agreements provide preferential access to 2.5 billion consumers across India, Pakistan, Singapore, Thailand, the EU-27 and the UK. Combined with an increasingly stable policy environment, Sri Lanka offers Japanese companies a reliable and strategically connected partner in the region.

Japanese businesses were told that despite being a small island nation, Sri Lanka has carved out a reputation in several high-value industries. It is a hub for high-tech apparel manufacturing, supplying leading global brands with innovative, ethically produced garments. The country is world-renowned for its Ceylon Tea, while also rapidly gaining recognition as the world’s leading source of Ceylon Cinnamon. At the same time, Sri Lanka’s services sector is advancing rapidly, with IT and BPM services emerging as a key growth driver, supported by a skilled, English-speaking workforce that serves clients across North America, Europe, and Asia.

Balendra acknowledged that several Japanese businesses have already built a strong presence in Sri Lanka, particularly in sectors such as manufacturing, automobiles, electronics, infrastructure, and trading. Their long-standing contributions have created jobs, technology transfer, and enduring partnerships.

‘Looking ahead, opportunities exist to deepen this engagement in apparel, agri-exports, renewable energy, logistics, and IT services, where Sri Lanka’s strengths align with Japan’s expertise and global networks. Together, these sectors highlight how Sri Lanka offers not just resilience, but also a diverse platform,’ Balendra said.

Balendra observed that discussions and exchanges in Tokyo have reinforced the strong foundations on which partnership rests, and more importantly, the opportunities that lie ahead.

He said that the Ceylon Chamber of Commerce remains committed to fostering meaningful engagement between the two business communities and invited Japanese companies to attend the Ceylon Chamber organised Sri Lanka Economic and Investment Summit from 2 to 3 December.

‘As Sri Lanka moves from a period of stability to a phase of sustained and accelerated growth, this Summit will be the premier platform to engage with that journey. It will deepen today’s dialogue, explore sector-specific opportunities, and connect with a wide spectrum of Sri Lankan and international business leaders. We believe this is the right moment for Japanese investors to be part of shaping Sri Lanka’s next growth chapter,’ Balendra emphasised.

The forum in Tokyo was the final event under the public-private sector joint initiative to boost greater economic and business cooperation between Sri Lanka and Japan, buttressing the State visit by President Disanayake. Prior to Tokyo, a similar business forum was held in Osaka apart from President Disanayake officiating at the Sri Lanka Day at Expo 2025 in Osaka.

The private sector delegation with over 20 personnel/companies has interests in manufacturing, exports, services, tourism, logistics, and IT. The delegation included SLJBC Vice President and Spear International Ltd., Chairman and Managing Director Shamil Mendis; SLJBC Treasurer and MendisOne Chairman Rohitha Mendis; SLJBC Immediate Past President and Andrew the Travel Company Managing Director Mahen Kariyawasan; BOV Capital Managing Partner Prajeeth Balasubramaniam; Celestia International CEO Chandana Silva; Connaissance De Ceylan CEO Chamin Wickramasinghe; EW Information Systems Chairman Sanjeewa Wickramanayake; Hayleys PLC Director Sarath Ganegoda; hSenid Group Chairman Dinesh Saparamadu; Lanka Harness Executive President Rohan Pallewatta; MAC Holdings Chairman and President Otani San; MAC Holdings Managing Director Andre Fernando; MendisOne Managing Director Rishantha Mendis; Microsoft Sri Lanka and Maldives Country Manager Harsha Randeny; Tomo Wold Ceylon Chairman Nishantha Perera; Adamjee Lukmanjee and Sons Business Partner – Exports Hashini Kalansuriya; Jayalanka Suppliers Managing Director Ganidhu Ishara; Transfood Lanka Director Sajahan Pasie, NCINGA Group Managing Director Vajira Wijesinghe, and The CCC Assistant Secretary General Dinithi Dias.

The first-ever Sri Lanka edition of Essentials of Modern Marketing by Prof. Philip Kotler, developed in cooperation with Kotler Impact Inc. and Deyo Consultancy and Advisory, was officially launched at the Cinnamon Grand Hotel in Colombo recently.

Sampath Bank is the only bank featured as a case study in this landmark publication, a distinction that celebrates the Bank’s commitment to harnessing innovation to address real human challenges while shaping the future of banking in Sri Lanka.

The case study spotlights Sampath Bank’s pioneering Touchless Cash Withdrawals, the first such service in Sri Lanka and among similar innovations in Asia, introduced at the height of the COVID-19 pandemic. Designed to minimise physical contact at ATMs, the service enabled customers to withdraw cash using a QR code generated on the Bank’s WePay mobile app, eliminating the need to touch the machine. Initially offered to its own customers, the Bank later extended the service to users of other banks, reflecting its ethos of inclusivity and collective responsibility.

Sampath Bank Senior Deputy General Manager – Marketing and Life Lead Operations Tharaka Ranwala said: ‘Marketing isn’t just about what you do but about what you do for people. At Sampath Bank, we believe that is where true marketing lives, in the space where we solve problems within our society, and in turn, those solutions drive our business to greater heights. Being featured in a publication that has shaped modern marketing thinking across the world affirms our unwavering commitment to innovation with purpose, and inspires us to keep creating experiences that transform lives.’

Its inclusion in Kotler’s Essentials of Modern Marketing reflects how the initiative reshaped industry behaviour and consumer expectations well beyond the pandemic. Pioneering touchless withdrawals accelerated the adoption of contactless technologies in Sri Lanka’s banking sector, setting new benchmarks for safety, accessibility, and digital trust. The service’s rapid uptake demonstrated how empathetic innovation can deepen customer loyalty and drive market differentiation, turning a health-driven necessity into a sustained competitive advantage.

HNB Assurance PLC has announced the introduction of HANA, a novel AI-powered chatbot designed to transform how customers connect with them.

Developed as part of HNB Assurance’s drive to embrace cutting-edge technology and reimagine customer service, HANA delivers instant, 24/7 assistance, making insurance simpler, faster and more intuitive for every policyholder. From policy inquiries to claims guidance and company updates, HANA offers seamless, personalized interactions that remove the need for wait times on calls or branch visits.

Director/CEO Lasitha Wimalaratne said: ‘At HNB Assurance, our priority has always been to place the customer at the heart of everything we do. With HANA, we are taking that promise to a new level by introducing a virtual assistant who is always available, always informed and always ready to help. This is not just a launch, it is a reflection of the significant investments and digital roadmap we have developed over the past few years to leverage technology in making insurance easier and more accessible to meet the evolving needs of our customers. My sincere thanks and congratulations to all the teams involved in making this milestone a reality and elevating the way we serve our customers.’

Chief Information Officer/General Manager Suneth Jayamanne said: ‘Implementing HANA is more than deploying a chatbot, it is about embedding intelligence into every interaction. Powered by advanced natural language processing (NLP), machine learning algorithms and deep integration with our core systems, HANA is designed to handle complex queries, learn from vast datasets, and deliver responses with human-like understanding. We certainly believe that his launch is an exciting first step in our broader strategy of using AI to create meaningful, customer-centric experiences. I would also like to extend my sincere appreciation to CodeGen International Ltd., for their invaluable contribution in turning this vision into reality.’

The country’s leading state development bank, the Regional Development Bank (RDB), has been close to the hearts and minds of Sri Lankans for four decades, offering a wide range of savings and financial services. The bank has introduced a wide range of savings accounts for children from infants to senior citizens.

Children are the future of a nation and they can be identified as the lifeblood of a country. It is the responsibility of parents and adults to provide them with proper education and guidance to ensure their future security. Accordingly, with the aim of instilling the value of thrift in the hearts of children from an early age and creating a financially disciplined generation for the country, the RDB has introduced the Kekulu Account, a savings account that offers attractive interest rates and many other benefits.

Accordingly, the eco-friendly RDB Kekulu Saving Till can be introduced as the most valuable gift that can be given to children on this World Children’s Day. This has been designed to be used as a pen holder later on.

From October 1, 2025, the RDB branch network will offer this special savings account to children who come to the bank branches to open new Kekulu accounts, as well as to children who come to the bank with their old savings account.

In addition, for the children of RDB Kekulu account holders,

Educational seminars

Special gift scheme based on the account balance

Educational achievement Appreciations

Scholarships for the children who passed Grade 5 scholarship examination

Special savings programs

School banking units

A number of programs to improve savings habits are launched by the RDB throughout the year, and we respectfully invite your children to open a Kekulu account and seize these opportunities.