Category: Daily Financial Times

Following Hela Apparel’s announcement of winding down the previous day, the Board of Investment of Sri Lanka (BOI) yesterday said the employment of workers formerly attached to Hela Clothing Ltd. and Foundation Garments Ltd. remains secure.

This follows their full absorption into Emerald Clothing Ltd. under a group restructuring exercise completed well ahead of recent developments concerning Hela Apparel Holdings PLC.

Hela Apparel Holdings PLC, together with Hela Clothing and Foundation Garments, has filed applications in the Commercial High Court seeking Court-ordered winding up, citing sustained liquidity constraints.

‘The BOI wishes to clarify that these developments do not affect the livelihoods of the employees concerned, as their transfer to Emerald Clothing was formally completed before the winding-up filings,’ the agency said in a statement.

The BOI said that, according to official confirmation issued by Emerald Clothing to the BOI, a total of 3,674 employees – comprising 251 executives, 393 staff members and 3,030 team members – were transferred and absorbed into Emerald Clothing in two phases.

The first phase, effective 1 May 2026, saw 2,504 employees transferred from the Palapathwela and Thihariya facilities and the Emerald Head Office. The second phase, effective 1 June 2026, transferred a further 1,170 employees from the Naula and Ukuwela facilities and the Head Office.

The confirmation letter states that all transferred employees have continued their employment with Emerald Clothing with continuity of service, under the applicable terms and conditions of employment.

The BOI, which facilitated and monitored the restructuring process through its Industrial Relations Department, reiterates its commitment to safeguarding worker interests within its portfolio of approved enterprises. The Board will continue to engage with Emerald Clothing and relevant stakeholders to ensure a smooth transition and to monitor employment conditions in the future.

It will be another Jaffna Kings v Galle Gallants final for the Lanka Premier League (LPL) trophy at the R Premadasa Cricket Stadium today, after Galle Gallants took the wind out of Colombo Kaps’ sails to win Qualifier 2 by six wickets yesterday.

Jaffna and Galle will meet in an LPL final for the fourth time and Galle will be hoping that they will be able to break the jinx this time of losing all three previous finals. No doubt Jaffna and Galle have emerged as the top two teams in the competition and an absorbing contest is on the cards today. Galle won the two matches in the league phase against Jaffna, and Jaffna beat Galle in Qualifier 1.

Sam Harper and Charith Asalanka simply took the game away from Colombo Kaps, making it a virtual no contest as they chased down the target of 177 with ease figuring in a second wicket stand of 126 off 83 balls. Harper who took the Player of the Match award went onto score a cracking 71 off 51 balls (4 fours, 4 sixes) and Asalanka, a stroke-filled 59 off 42 balls (3 fours, 4 sixes). Both were out within the space of four balls leaving Dasun Shanaka and Sahan Arachchige to put the finishing touches to the match with Shanaka smiting Malsha Tharupathi for a winning six.

Deciding to take first lease of the wicket after winning the toss, Colombo Kaps found themselves in dire straits at 52-5 in 6.1 overs on an absolutely flat surface. They were saved face by Rubin Hermann (45 off 33 balls, 3 fours, 2 sixes) and Ravindu Fernando (48 off 27 balls, 1 four, 5 sixes) who added 70 off 43 balls. Janith Liyanage (23 off 9) and Tharupathi (28 off 17) did their little bit to give Colombo Kaps some sort of a total for their bowlers to have a crack at.

Despite Colombo Kaps’ fight back Galle Gallants stuck to their plans with some excellent fielding and spin bowling to keep the total to within

their limits.

Scores:

Colombo Kaps 176 (18.5) (Rubin Hermann 45, Janith Liyanage 23, Ravindu Fernando 48, Malsha Tharupathi 28, Charith Asalanka 2/34, Sachindu Colombage 2/34) vs. Galle Gallants 177-4 (18.4) (Sam Harper 77, Charith Asalanka 59, Ravindu Fernando 2/44)

LANKATILES collaborated with the Geoffrey Bawa Trust to support the 23rd Annual Geoffrey Bawa Memorial Lecture, held recently at the Sri Lanka Foundation Institute, reaffirming its commitment to Sri Lanka’s design community.

The lecture was delivered by Japanese architect junya.ishigami+associates Founder Junya Ishigami. Ishigami is recognised for challenging conventional ideas of architecture and exploring the relationship between built form, nature and human experience through his imaginative work.

The Memorial Lecture formed part of LANKATILES’ collaboration with the Geoffrey Bawa Trust, through which the company supports platforms where design can be experienced, discussed and celebrated. The partnership also extends to DesignTalk, another knowledge-sharing initiative held throughout the year.

LANKATILES PLC Managing Director Priyantha Talwatte said: ‘Design has always been central to the LANKATILES journey. Our collaboration with the Geoffrey Bawa Trust enables us to support spaces where architecture, creativity and new ideas come together. We are proud to contribute to platforms that celebrate design, inspire future generations and strengthen Sri Lanka’s architectural community.’

Design at LANKATILES extends beyond developing products and surface solutions. It means contributing to the wider creative ecosystem by enabling conversations, encouraging new ideas and connecting Sri Lankan audiences with global voices.

The Geoffrey Bawa Trust plays an important role in uplifting Sri Lanka’s architecture and design ecosystem through platforms for learning, dialogue and creative exchange. Through the Annual Memorial Lecture, DesignTalk and other programs, the Trust connects architects, designers, students and the public with leading ideas and practitioners, while encouraging collaboration and the continued development of Sri Lankan design.

Geoffrey Bawa and Lunuganga Trusts Chairperson Channa Daswatte said: ‘Our partnership with LANKATILES is important because the Geoffrey Bawa Memorial Lecture brings new ideas to Sri Lanka, inspiring people through global perspectives and continuing Geoffrey Bawa’s legacy of encouraging generations to think differently, explore creativity and shape the future.’

M+ in Hong Kong’s West Kowloon Cultural District Museum Director and a Trustee of the Geoffrey Bawa and Lunuganga Trusts Suhanya Raffel said: ‘Without preserving our heritage, we do not know who we are. By looking to Geoffrey Bawa’s legacy, we draw lessons from the past to shape the future while protecting the earth for generations.’

Through this collaboration, LANKATILES is helping to sustain spaces that celebrate design and shape Sri Lankan architecture.

India still has considerable catching up to do with Sri Lanka on per capita income despite its rise as an economic power, Geopolitics Expert Prof. C. Raja Mohan said, pointing to the two countries’ sharply different income levels.

‘We talk about rising India, but we have a long way to go. In fact, we might have a long way to go catching up with Sri Lanka. Sri Lanka has a $ 5,000 per capita. India is still at $ 2,800.’

Speaking at the Lanka India Business Association’s India Calling forum, Prof. Raja Mohan said India’s size nevertheless gave it greater aggregate economic weight, with domestic economic gains translating into a larger international impact.

He said the globalisation model of the past three decades was fragmenting, with geopolitics increasingly influencing economic decisions and greater emphasis being placed on regional engagement, trusted partners and resilient supply chains.

Prof. Raja Mohan said this strengthened the case for greater India-Sri Lanka economic cooperation, but argued that such integration should be determined by economic outcomes rather than proximity alone.

‘The question that must be critical for all of us is, does it increase your capability? Is it cheaper? What are the long-term costs of a particular way of approaching things?’

He said investment decisions should consider the cost of capital, borrowing and long-term equity rather than proceed on the assumption that ‘all money is welcome’.

Prof. Raja Mohan said closer India-Sri Lanka economic integration did not have to depend on broader South Asian mechanisms such as SAARC, arguing that bilateral policy could advance cooperation between two countries separated by about 50 kilometres.

He also placed responsibility on New Delhi to make regional integration deliver economic gains.

‘India, as the largest economy in the region, must do more to be able to become much more attractive for our neighbours to interact with India as well as to be able to create more substantive positive outcomes for the region as a whole.’

Prof. Raja Mohan said artificial intelligence offered another area for India-Sri Lanka cooperation, including preparing workforces and societies for changes in production and economic activity.

On security, he said India would have to be sensitive to Sri Lanka’s security concerns and sovereign rights, while Sri Lanka would also need to consider India’s security interests.

He called for greater cooperation among Sri Lanka, India and other Indian Ocean countries to strengthen regional capacity amid major-power rivalry.

‘The age of AI offers an unprecedented level of prosperity. In a fragmenting world of global economy, the need for more regional collaboration, building on existing synergies, especially between close neighbours, becomes very, very important,’ Prof. Mohan said.

Sri Lanka Cricket (SLC) announced that public admission to the upcoming Test Series between Sri Lanka and India will be free of charge thus providing cricket fans with an excellent opportunity to witness world-class Test cricket.

1st Test: 15-19 August 2026 – GICS, Galle

2nd Test: 23-27 August 2026 – SSC, Colombo

Both matches are part of the ICC World Test Championship 2025-2027 cycle.

Spectators may access the venues through the following designated gates: GICS, Galle: Gate No. 4; SSC, Colombo: Gates 3, 4, 5 and 7.

The Postgraduate Institute of Pali and Buddhist Studies (PGIPBS), University of Kelaniya, stands as Sri Lanka’s foremost Institution for postgraduate education and research in Pali, Buddhist Studies, and related disciplines. Established in 1975 as the Vidyalankara Institute of Buddhist Studies, it inherits the rich scholarly tradition of the Vidyalankara monastic educational movement. Through the Postgraduate Institute of Pali and Buddhist Studies Ordinance No. 8 of 1979, the institute assumes its present identity as an autonomous postgraduate institute within the purview of University of Kelaniya.

Over the past five decades, PGIPBS has expanded significantly from its initial focus on Pali and Buddhist Studies to offer a diverse range of academic programs, including Postgraduate Certificates, Postgraduate Diplomas, Master’s degrees, MPhil programs, and Doctoral research opportunities. This academic growth has attracted postgraduate students from Sri Lanka and numerous foreign countries across Asia and beyond viz. Myanmar, Thailand, Bangladesh, China, South Korea, Nepal, Canada, Malaysia, Singapore, Germany, USA and UK etc. including monks, nuns, and lay scholars engaged in advanced Buddhist scholarship. Today, PGIPBS enjoys international recognition as a leading centre for postgraduate Buddhist studies. Offering instruction in both Sinhala and English through on-campus and online modes, the Institute continues to promote excellence in teaching, research, and intellectual exchange while making a significant contribution to the global advancement of Buddhist knowledge and culture well over par.

As a continuation of the aforesaid service to global Buddhist academia, it is a pleasure to announce that the PGIPBS has organised the Postgraduate Research Conference 2026, under the theme ‘Revisiting Buddhist Studies from the 19th Century to the Present,’ and it will be held on Monday, 10 August 2026, at the Postgraduate Institute of Pali and Buddhist Studies, University of Kelaniya. As the conference is organised exclusively by the postgraduate students of the Institute, it marks a significant first in Sri Lanka. The researchers are to present their research papers under various sub-tracks including Buddhist Textual Studies, Buddhist culture, Buddhist philosophy, Buddhist thought, Applied Buddhist Studies and Buddhist studies interwoven with other Religions, Philosophy, Sustainable Development, Modern Disciplines, Science and Technology as well.

The upcoming Postgraduate Research Conference 2026 chiefly aims at encouraging critical, rational, and reflective engagement with the ways in which Buddhist Studies emerged as an academic discipline, evolved, and expanded globally over the past two centuries. We are hopeful that this conference will serve as a meaningful international forum for postgraduate researchers in Buddhist Studies, fostering the exchange of new research, ideas, and perspectives for the betterment of the many.

Consumer sentiment lifted, though marginally, for a second consecutive month in July, offering an early indication of stabilisation after fluctuations during the first half of 2026, according to Prosoft Research and Insights.

The Consumer Sentiment Index rose to 80 in July from 79 in June, marking its second successive monthly increase since May and the first gradual stabilisation over two consecutive months since January.

Prosoft said the movement was aligned with the Colombo Consumer Price Index (CCPI), which remained unchanged at 208, indicating stabilisation in overall price levels.

However, the research firm cautioned against drawing firm conclusions from the latest improvement, citing fluctuations in consumer sentiment over the past six months, persistent inflationary pressures and the potential impact of El Niño.

It said further monitoring over the coming months would be necessary to determine whether the recent improvement develops into a sustained trend.

The index remains below its recent peak of 90 recorded in September 2024, when President Anura Kumara Dissanayake took office. Its lowest reading was 56 in June 2022, at the height of the economic and political crisis.

Prosoft Research and Insights conducts its Consumer Sentiment Survey monthly among a sample of 200 respondents.

The Colombo stock market yesterday ended the week on the up on improving sentiment from easing tensions in the Middle East and subdued movement in oil prices.

During the week, the ASPI gained 1.14% and the active S and P 20 was up 0.81%.

Yesterday, the ASPI ended up 0.47% or 100.42 points at 21,370.09 and the S and P SL20 gained 0.28% or 16.66 points to 5,988.16. Market turnover was nearly Rs. 1.9 billion on over 122.2 million shares traded. Foreign investors were net sellers on a net outflow of Rs. 15.8 million.

First Capital Research said amid an easing global geopolitical environment and softer oil prices, investor sentiment at the Colombo Bourse remained positive for the third consecutive trading session.

HAYL, CFIN, JKH, RIL, and DOCK were the primary positive contributors to the ASPI. Participation from both HNW and retail investors remained at average levels throughout the session.

The banking sector led the daily turnover with a share of 32%, followed by the capital goods, and diversified financials sectors collectively contributing 30%.Foreign investors remained net sellers, posting a net outflow of Rs. 15.8 million.

NDB Securities Research said High net worth and institutional investor participation was noted in Cargills Bank, Ceylon Cold Stores and C T Holdings. Mixed interest was observed in Commercial Credit and Finance, Sierra Cables and Singer Sri Lanka whilst retail interest was noted in SMB Leasing, Industrial Asphalts and Browns Investments.

The banking sector was the top contributor to the market turnover due to Cargills Bank whilst the sector index gained 0.29%. The share price of Cargills Bank fell 50 cents to Rs.7.

The capital goods sector was the second highest contributor to the market turnover due to Sierra Cables whilst the sector index increased by 1.02%. Sierra Cables moved up by Rs.1.20 to Rs.31.30.

Commercial Credit and Finance, Singer Sri Lanka and Ceylon Cold Stores were also included amongst the top turnover contributors. Commercial Credit and Finance gained Rs.1.75 to Rs.109.25, Singer Sri Lanka recorded a gain of Rs.1.20 to Rs.76.20, and Ceylon Cold Stores appreciated by 25 cents to close at Rs.127.25.

The Annual Aadi Vel Festival, popularly known as the Addivel Chariot Festival, was held recently. The chariot travelled along Galle Road to reach the New Kathiresan Temple at Bambalapitiya, stopping briefly at the Seylan Bank Head Office. The Vel Chariots were warmly welcomed by Seylan Management and Staff. Upon delivering blessings during a special religious pooja, Seylan staff members distributed refreshments and sweet meats to all attending devotees, demonstrating their commitment to inclusivity and heartfelt moments

Defending champions Wesley were shocked when they were beaten by a gutsy Ananda outfit in the All Island Elite Under-18 Rugby Sevens, which was worked off at the Royal Sports Complex yesterday.

In another group encounter, Maliyadeva shocked Joes 12/7 to book their Cup/Plate quarter-final berth. All other leading teams qualified for the Cup/Plate quarter-finals, which will be worked off from 7.30 a.m. at Reid Avenue.

Day 1 results:

Wesley beat Richmond 38/5, St. Peter’s beat Lumbini 24/5, Zahira beat Lalith Athulathmudali College 33/10, Trinity beat Sri Sumangala College (Panadura) 52/0, Ananda beat Richmond College 29/0, Dharmaraja beat Lumbini 22/5, St. Anthony’s College beat Lalith Athulathmudali 17/5, Vidyartha beat Sri Sumangala (Panadura) 63/0, Ananda beat Wesley College 31/7, Isipathana beat Mahanama College 35/5, Maliyadeva beat St. Joseph’s College 12/7, St. Peter’s College beat Dharmaraja 24/17, Kingswood beat Thurstan 24/0, Zahira beat St. Anthony’s College 24/0, Trinity beat Vidyartha 24/5, DS beat Kandy Sumangala 34/5.

Cup/Plate quarter-finals

Ananda vs. Isipathana

Maliyadeva vs. St. Peter’s

Kingswood vs. Zahira

Trinity vs. DS Senanayake

Bowl quarter-finals

Wesley vs. Mahanama

St. Joseph’s vs. Dharmaraja

Thurstan vs. St. Anthony’s

Vidyartha vs. Kandy Sumangala

Shield semi-Finals

Richmond vs. Lumbini

Lalith Athulathmudali vs. Sri Sumangala College (Panadura)