Author: user user

Sri Lanka’s seasoned campaigner Nadaraja Thangaraja produced a composed effort to capture the Bengaluru Open 2025 powered by IndianOil title at the Karnataka Golf Association (KGA) course recently.

Thangaraja finished at an impressive 18-under-par, sealing a two-stroke victory and marking a triumphant return for the tournament after a six-year hiatus. His steady approach and ability to hold his nerve through the back nine ensured that the overnight leader never lost control of the contest, reaffirming his reputation as one of South Asia’s most consistent professionals.

Indian Manu Gandas amounted a strong challenge to secure the runner-up position at 16-under-par. Gandas, known for his attacking style, fired a flurry of birdies on the front nine to narrow the gap, but couldn’t quite overtake Thangaraja.

Veteran Rahil Gangjee delivered the standout final with a sizzling 64, climbing an astonishing 13 spots to finish tied-third at 13-under-par. Gangjee’s round featured a near-flawless display of putting and iron play, evoking memories of his prime years on the Asian Tour. His late surge added excitement to the final day and reminded the field of his enduring quality and experience.

Joining Gangjee in third was the talented Saptak Talwar, who carded a steady 67 to match the 13-under total. Talwar’s consistency across all four days showcased his composure and promise as a rising name in Indian golf. His ability to handle pressure and stay within striking distance of the leaders was commendable.

Rounding off the top five was Manoj S., who shot a fine 66 to finish at 12-under-par. Manoj’s disciplined approach and confident shot-making earned him a well-deserved top finish, underlining the depth and competitive spirit of Indian golf at the Bengaluru Open 2025. (SJ)

Hello Amma, a pioneering social-impact initiative, has launched Sri Lanka’s first Return-to-Work Workshop to support mothers re-entering the workforce after career breaks.

Held on September 30 at WSPACE Colombo, the event marked a milestone in advancing gender equality, workplace inclusivity, and sustainable growth in line with SDG 5 (Gender Equality) and SDG 8 (Decent Work and Economic Growth).

The workshop addressed the often invisible barriers faced by mothers such as self-doubt, fear of rejection, and loss of professional confidence. It also equipped them with practical skills in CV building, interview preparation, emotional resilience, digital tools, and networking.

Hello Amma Founder Gayani Punchihewa said: ‘Behind every statistic of women leaving the workforce, there is a mother with dreams put on hold. Hello Amma helps mothers restart their careers with dignity and confidence, while giving organisations access to a resilient, talented workforce. When mothers thrive, workplaces become stronger and society as a whole benefits.’

Participants engaged with leading professionals who shared practical strategies for career re-entry: Dhanishka Dharmarathna, Psychologist and HR Professional – building emotional resilience; Himali Dassanayake, COO of CIPM – understanding employer expectations and readiness; Dr.Oshadie Korale, XpressJobs Co founder and COO – crafting AI-friendly CVs and LinkedIn profiles; Dulith Herath, Founder of Kapruka – bringing an employer’s perspective on how mothers’ maturity and soft skills strengthen workplaces alongside younger talent; and Gayani Punchihewa, Founder of Hello Amma – guiding participants on personal branding and confidence-building for career re-entry.

Mothers also received Hello Amma’s Return-to-Work Blueprint, a structured pathway covering professional preparation, resilience-building, digital upskilling, and support systems to ensure they are workplace-ready.

Beyond training, Hello Amma also acts as a bridge between mothers and employers, helping organisations tap into an underutilised talent pool. Employers gain access to women who are technically skilled and bring maturity, resilience, and adaptability shaped by their life experiences.

The initiative was made possible through the support of Norfolk Foods (sponsor), and in-kind contributions from Janet and Elephant House, who provided appreciation gifts to resource persons. Hello Amma expressed deep gratitude to all partners and speakers for championing this mission.

Hello Amma’s vision extends beyond individual workshops. By bridging the gap between mothers and employers, it aims to create inclusive workplaces, reduce the stigma of career breaks, and strengthen Sri Lanka’s workforce participation rates.

‘This is not just a workshop, it is the start of a movement. We are building pathways that connect mothers with employers who value inclusivity and resilience. I invite forward-thinking organisations to join us in this journey of empowerment and impact,’ Gayani added.

Q: The role of directors is under greater scrutiny today. How do you see the role of boards evolving in Sri Lanka’s current economic climate?

A: The era of passive oversight is over. Boards must now serve as active partners in strategy, transformation, and value creation. In today’s economy, directors are expected to drive performance, enforce discipline, and rebuild stakeholder trust. The focus must shift from compliance-driven governance to long-term value generation. Sri Lanka’s corporate recovery will be led by boards that are agile, transparent, and purpose-driven.

Q: You often emphasise the importance of visible talent. How can boards strengthen succession planning and leadership development?

A: Investors invest in people first and numbers second. Sound governance is built on a foundation of capable leadership. Succession planning should be an embedded, ongoing process-not an annual formality. Boards must identify and mentor emerging leaders early to ensure organisational continuity. At SLID, we help boards institutionalise leadership visibility through programs such as our Women in Leadership Program and Board Placement Service, which strengthen succession pipelines, enhance diversity, and connect qualified professionals with companies seeking strong governance talent. These initiatives ensure that organisations are never unprepared for critical leadership transitions.

Q: ESG is a buzzword, but integration remains a challenge. How can Sri Lankan boards embed ESG into their strategy?

A: ESG is not a compliance tool-it’s a strategic imperative. Boards must integrate environmental, social, and governance principles into the business model, aligning sustainability with profitability. For Sri Lanka, the social and governance dimensions are especially critical. Ethical conduct, transparency, and responsible management build long-term investor confidence. We encourage boards to link ESG performance directly to competitive advantage and access to global capital.

Q: AI and digital disruption are reshaping industries. How ready are Sri Lankan boards to navigate this shift?

A: Technology oversight has become a core board responsibility. Directors must cultivate working knowledge of AI, data ethics, and cybersecurity. SLID is building this capacity through specialised programs on AI governance, data privacy, and digital transformation. The boards of tomorrow will be defined not only by financial acumen but also by their ability to understand how technology shapes risk, opportunity, talent and strategy.

Q: Diversity remains an area where Sri Lankan boards lag. What practical steps can be taken to improve inclusion at the top?

A: Diversity is a strategic advantage-not merely a social cause. Diverse perspectives strengthen boardroom decisions and enhance creativity and resilience. At SLID, we are creating structured pathways for women and young professionals to enter board roles through initiatives such as the Women Directors Forum, Young Directors Forum, and Board Leadership Training (BLT) programs. These initiatives offer mentorship, capacity building, and continuous professional development to ensure leadership readiness. Companies, in turn, must look beyond traditional networks and cultivate inclusive cultures where every voice is heard and valued.

Q: Some argue that new governance requirements are becoming too stringent. What is your view on the latest changes?

A: Some new rules were essential to strengthen accountability and rebuild confidence-but balance is key. Provisions on board independence, term limits, and disclosure must evolve with the country’s economic context. As we recover from a period of financial stress, governance reforms must support growth rather than create rigidity. This is particularly relevant in the financial sector, where strong regulation has been vital in restoring depositor confidence. Since nearly 90% of the capital employed by banks comes from public deposits, sound yet practical governance remains the foundation of stability. The Central Bank’s and SECs role in maintaining that balance is critical, and the Sri Lankan financial system today is among the most tightly and prudently regulated in the region.

Q: Looking ahead, what is your vision for SLID and its role in advancing governance in Sri Lanka?

A: Our ambition is to make SLID a regional benchmark for governance excellence. Over the next five years, we aim to elevate director professionalism, promote ethical leadership, and align Sri Lankan boards with international best practices. To this end, we have launched the SLID-ACCA Director Recognition Program to build governance capacity nationwide. Our Annual International Directors Conference brings together local and global experts to exchange insights and strengthen boardroom effectiveness. Extending our reach beyond Sri Lanka, SLID has formed a strategic partnership with the Institute of Directors (IOD) India, enabling regional collaboration and knowledge exchange across South Asia. Through these initiatives, we are shaping a new generation of directors equipped to lead with integrity, foresight, and resilience-driving Sri Lanka’s transition toward a more sustainable and globally competitive economy.

Major Union Bank shareholder, CG Corp Global Chairman Dr. Binod K. Chaudhary (second from left), who is also a leading investor in several tourism-related ventures, met with Foreign Affairs and Tourism Minister Vijitha Herath to discuss potential new tourism investments and other related investments in Sri Lanka. He was accompanied by (from left): CG Corp Global Managing Director and Union Bank Deputy Chairman Nirvana Chaudhary and Union Bank Chairman and Employers’ Federation of Ceylon Chairman Dinesh Weerakkody

As the closing date for filing income tax returns draws closer (on or before 30 November), taxpayers, auditors, and consultants are working against the clock to finalise their computations. Recognising the importance of this process at a national level, the International Chamber of Commerce Sri Lanka (ICCSL) took the lead in organising a free, trilingual webinar designed to educate and support taxpayers in filing their returns online.

The initiative was conducted by the Committee for Research, Knowledge Mobilisation, and Taxation (RKMT) of ICCSL. The session brought together experts and practitioners to guide participants on key aspects of online filing, from technical procedures to clarifying complex rules.

Trilingual effort to educate taxpayers

ICCSL Chairman Shanil Fernando, highlighted the Chamber’s commitment to strengthening taxpayer awareness and compliance through accessible platforms. Resource persons for the webinar included: Inland Revenue Department Senior Deputy Commissioner Hiran Meneripitiya (Sinhala presenter), Tax, Ernst and Young Principal Velauthapillai Shakthivel (Tamil presenter), and KPMG Principal – Tax and Regulatory Rifka Ziyard (English presenter). Their presentations addressed a diverse audience, reflecting Sri Lanka’s multilingual taxpayer community. They as the panel also fielded questions, offering clarifications on both technical processes and broader compliance issues. The session was moderated by RKMT of ICCSL Chairperson Dr. Nadee Dissanayake, who ensured smooth coordination across the three languages. For those unable to attend live, the webinar remains available on the ICCSL Facebook page.

High engagement webinar

The event attracted strong participation, with many taxpayers actively raising questions throughout the session. This overwhelming response revealed two important insights: the strong demand for taxpayer guidance, and the extent of the knowledge gaps that remain in areas such as technical filing, tax calculations, and documentation.

In response, the RKMT Committee announced plans to produce a follow-up video answering the most important questions. This was also made available on ICCSL’s Facebook platform, ensuring that taxpayers continue to receive timely and practical support.

The panellists diligently addressed all questions, offering detailed insights on how to address the issues raised.

Revealing critical gap

The session underscored a broader challenge facing Sri Lanka’s tax system: while online filing platforms provide efficiency and transparency, many taxpayers still struggle with the technical details. Areas of difficulty include:

Selecting the correct schedules.

Understanding supporting documentation requirements.

Clarifying calculations under specific rules.

Interpreting certain technical concepts and compliance obligations.

The active engagement of participants confirmed that such gaps are not isolated, but systemic, requiring sustained attention from responsible authorities.

Call for clearer guidance

The RKMT initiative of ICCSL highlights how non-state sector bodies can effectively complement Government efforts by providing accessible platforms for taxpayer education. However, the volume of questions raised shows the need for clearer, more structured guidance directly from regulatory authorities. Tax compliance goes beyond a technical exercise, it is vital for national revenue and development. For success, taxpayers require simple instructions, reliable support channels, and transparent communication. Bridging this gap calls for stronger collaboration: authorities must adopt responsive tools, while organisations like ICCSL expand awareness and dialogue. Together, they can transform filing into a manageable and responsible civic duty.

Looking ahead

The ICCSL webinar showed how public-private collaboration can support taxpayers through expert, multilingual, and accessible guidance. With deadlines nearing, clarity and timely help are critical. Strong participation revealed both challenges and opportunities to improve awareness. Building an inclusive, efficient tax culture requires consistent, user-friendly communication an effort that must be led by tax authorities alongside partners. Media coverage supported by Daily FT.

Union Assurance has set a new industry benchmark by becoming the first to fully digitise the Advisor Life Cycle Management process.

This ground-breaking initiative transforms every aspect of adviser operations from onboarding and self-servicing into a seamless digital experience reinforcing Union Assurance’s leadership in innovation within the insurance sector.

The shift from manual to digital processes has unlocked substantial benefits for both internal and external stakeholders. With automation, the adviser onboarding process has been significantly accelerated, representing a major improvement in operational turnaround times. This efficiency is further enhanced by the integration with the Sri Lanka Insurance Institute’s digital examinations platform, which is an industry first initiative, allowing instant verification against prerequisite exam requirements. In addition, advisers have also been empowered with intuitive self-service capabilities, enabling them to complete service requests with just a few clicks. These advancements have led to increased productivity, improved data accuracy, and a significantly enhanced adviser experience, while also delivering considerable cost savings to the organisation.

Union Assurance PLC Chief Agency Officer Imtiyaz Aniff said: ‘By digitising the entire Advisor Life Cycle Management process, we’ve not only improved efficiency but also empowered our teams with greater control and faster access to essential tools. This initiative reflects Union Assurance’s commitment to innovation, sustainability, and delivering exceptional value to all our stakeholders.’

Chief Information Officer Harsha Senanayake said: ‘This marks a transformative moment in how we manage and support our advisor network. By integrating technology into every stage of the advisor life cycle, we’ve built a scalable, efficient, and future-ready platform. It’s a testament to our ongoing commitment to operational excellence and delivering value across the board.’

Despite welcoming a record number of visitors in September 2025, Sri Lanka’s tourism industry fell short of revenue expectations, reflecting persistent challenges in boosting tourist spending.

According to the latest data from the Central Bank of Sri Lanka (CBSL), September earnings rose marginally year-on-year (YoY) to $ 182.9 million, but fell sharply by 42% month-on-month, underscoring the gap between arrivals growth and actual economic returns.

The average daily spending per tourist remains around $ 171-lower than expected-and is a key factor preventing stronger revenue growth.

By comparison, September 2018 saw earnings of $ 279.8 million, highlighting that the industry still lags nearly $ 97 million behind pre-crisis highs.

Thus, the $ 400.66 million earned in January 2025 remains the highest monthly performance since 2020, buoyed by strong early-season demand.

During the first nine months, the tourism industry has generated over $ 2.47 billion, reflecting a 5% year-to-date (YTD) increase. However, the figure remains 31.2% below the 2018 benchmark of $ 3.25 billion for the same period, the year Sri Lanka recorded its highest-ever annual tourism revenue of $ 4.38 billion.

On average, during January-September 2025, around $ 274 million per month was generated from the tourism industry.

Despite the positive momentum, the sector faces an uphill battle to achieve its ambitious $ 5 billion year-end target and revised 2.6 million arrivals goal, following a mixed performance in the first nine months of the year. To reach that goal, the country will need to generate over $ 2.52 billion in the final quarter alone, a target analysts describe as ‘challenging but not impossible,’ given the current pace of demand.

To meet the $ 5 billion target, Sri Lanka must now average over $ 840 million in monthly earnings over the next three months, almost double the current average. It underscores the scale of the challenge as the country looks to reclaim its position among the region’s top-performing tourist destinations.

People’s Leasing and Finance PLC (PLC) yesterday listed over 55.4 million new ordinary voting shares following a scrip dividend.

The company reported a group net asset value per share of Rs. 22.72 for the quarter ended June 2025.

The stock was trading at Rs. 28 last afternoon.

Official reserve assets inched upward to $ 6.24 billion as of end September 2025, after stagnating at $ 6.1 billion the previous two months.

According to the latest Central Bank of Sri Lanka (CBSL) data, foreign currency reserves amounted to $ 6.18 billion by end-September, with Gold reserves amounting to $ 58 million.

The CBSL expects a $ 2.1 billion outflow within the next 12 months, including debt servicing.

Last week, the International Monetary Fund (IMF) said strong tourism receipts, remittances, and exports have helped offset the impact of higher imports on reserves.

IMF Mission Chief Evan Papageorgiou said: ‘Reserve accumulation is an outcome of many variables, not just the imports of vehicles which remove dollars from the market, but also offsetting aspects with strong tourism, strong remittances, and ongoing general strength on the export sector.’

He added that the CBSL remains on track to meet or exceed its net international reserve target.

Sri Lanka has fallen sharply to being ranked among the five most vulnerable countries in the Asia-Pacific region for fraud exposure, according to the 2025 Global Fraud Index released by Sumsub in partnership with Statista and the Digital Assets Association (DAA) Singapore.

The Index, which measures fraud risk across 112 countries, placed Sri Lanka at 103rd globally, ahead of Bangladesh (106), India (109), Indonesia (111), and Pakistan (112). Sri Lanka has fallen sharply from last year’s 94th ranking.

New Zealand, Singapore, and Australia were identified as the most fraud-protected economies in the region, while Europe continued to dominate the list of countries with the strongest anti-fraud systems.

Sumsub’s findings highlight growing risks in the Asia-Pacific’s fast-digitising markets, noting that fraud prevention efforts have not kept pace with the rapid adoption of digital technologies.

The region as a whole dropped from third to fourth place globally in fraud protection, trailing Europe, the Middle East, and the Americas, and ranking just above Africa.

Sumsub Vice President – APAC Penny Chai said: ‘The 2025 Global Fraud Index provides a comprehensive view of fraud risks worldwide, highlighting both emerging threats and the effectiveness of preventative measures.’

She added that stronger Government intervention and public-private collaboration are critical to ensuring regional resilience against increasingly sophisticated digital fraud.

Despite a fall in overall ranking, Singapore remained the global leader in the Government Intervention pillar, reflecting strong regulatory frameworks and coordinated anti-fraud efforts.