Category: Daily Financial Times

When a human being directs the hugely potent mind and breath empowered energy within, into a silent and awareness based state we can assume that it synchronises with the breath of the cosmos representing the vibration of all earth-life. Although the ‘breathing’ of the earth may seem a farfetched description in the artificial and disconnected consciousness that we live today, in some meditation practices, especially linked with the ancient Sanathana Dharma (Hinduism), the sound ‘Aauumm’ is understood as the resonance of the universe in sound as it vibrates/hums as consistently as a human breathes. It may be relevant for us to think how religions such as Christianity has the sound ‘Aum’ linked to its prayer closing sacred word pronounced as ‘Amen.’

There are diverse meditation traditions across cultures, including especially Buddhism, and they all contribute towards the goal of cleaning the human mind and directing it through various means to a peaceful state.

Meditation was officially accepted as important to human life when the United Nations General Assembly adopted a resolution on December 6 2024, declaring December 21 as the annual ‘meditation day,’ recognising its role in health, well-being, and global spiritual unity. This landmark resolution was sponsored by countries like Sri Lanka, India, and Liechtenstein, marking the first official commemoration in December 21 2024. The date was chosen coinciding with the Winter Solstice which astronomically marks earth entering the phase of winter. Many cultures across the world see winter as a time when the sun being lowest in the sky prepares humans through resilience in facing harshness of the cold, towards a journey of renewal where there will be light once again.

Meditation as a Path to Global Harmony is the theme this year in the backdrop of increasing climatic disasters around the world and ongoing wars in different locations.

One of the main events to commemorate the day in Sri Lanka is the 2nd World Meditation Day Global Conference, organised by the Centre for Meditation Research (CMR), Faculty of Medicine, University of Colombo, in collaboration with UNESCO and the Rekhi Foundation for Happiness, USA.

This Lankan event is aimed at promoting meditation, inner peace, and mental well-being commencing with a formal inaugural session featuring an address by the Director of the Centre for Meditation Research, Prof. Dilshani Dissanayake. The inaugural session will also include addresses by the Dean of the Faculty of Medicine, Colombo, Prof. Vajira H.W. Dissanayake, the Guest of Honour, Vice-Chancellor of the University of Colombo, Prof. Indika Karunathilake, and the Chief Guest, Senior Prof. Prabhath Jayasinghe, Secretary-General of the Sri Lanka National Commission for UNESCO.

The keynote session will feature two distinguished international speakers. Dr. Matthew D. Sacchet, Associate Professor and Director of the Meditation Research Program at Harvard Medical School, USA, will deliver a keynote address titled ‘Advanced Meditation and the Third Wave of Meditation Research,’ highlighting cutting-edge scientific insights into advanced contemplative practices. The second keynote address, ‘Meditation for Global Harmony,’ will be delivered by Prof. Saamdu Chetri, Director of the Yogananda School of Spirituality and Happiness, India; former Joint Secretary to the Prime Minister’s Office of Bhutan; and Founder Director of the Gross National Happiness Centre, Bhutan.

The conference program will also include a guided meditation session, two thematic symposia-Meditation for Environmental Harmony and Inner Peace for Global Harmony-as well as panel discussions, audience interactions, poster presentations, and additional meditation sessions. The event will conclude with a moderated discussion focusing on evidence-based approaches to meditation as a tool for fostering global peace.

Many global religious as well as secular spiritual movements will be commemorating World Meditation Day in diverse programs. The Heartfulness meditation centre (which has several centres in Sri Lanka) is non-religious in essence and headquartered in Kanha Shanthi Vanam, with a large campus near Hyderabad, India, will commemorate meditation day on December 20 with community meditation workshop for Peace, Compassion and Unity.

This year as we commemorate meditation day, in Sri Lanka many are homeless and seriously harmed by the recent climatic disaster. As we engage in our meditation practices on 21 December, may we unite our minds to our fellow beings and to the heart of the earth so that our actions towards each other and a harmed planet becomes gentle.

CR and FC will look to fire on all bullets when they take on Navy Sports Club at Welisara today fully aware that anything less than a commanding victory could further dent their league ambitions.

The Reds opened their campaign in emphatic fashion with a convincing win over Sri Lions and followed it up by edging Army Sports Club in a shortened encounter. However, their shock home defeat to CH and FC has left them under pressure, making this fixture a must-win encounter.

With hopes of reclaiming the league title still alive, CR cannot afford further slips. On current form and squad depth, they hold a clear edge over Navy and will be targeting a bonus-point win. Led by Lasindu Karunathilake and well supported by Mursheed Doray and Omalka Gunaratne, CR possess the attacking flair and structured forward play to dominate proceedings over the full eighty minutes. Reds are coached by Dushanth Lewke.

Navy Sports Club, despite showing early promise with a draw against Havelock Sports Club, have struggled to maintain momentum. Losses to defending champions Kandy Sports Club and the in-form Air Force Sports Club have highlighted their inconsistencies. Led by Denuwan Wickremaratne, with support from Isuru Kongahawatte and Thilina Weerasinghe, Navy will aim to lift their game on home turf.

On the same day, Sri Lions and Police Sports Club will meet at Longdon Place in a keenly contested basement battle. With both teams still searching for their first win, pride, discipline and execution will be key in what is expected to be a closely fought encounter.

Sri Lanka yesterday formalised a new partnership with the Asian Development Bank (ADB) to introduce innovative, climate-resilient irrigation solutions aimed at strengthening food security and water management in the country’s drought-prone Dry Zone.

The grant agreement for the Transforming Irrigation Systems for Improved Food Security Project was signed at the Finance Ministry in Colombo, with Treasury Secretary Dr. Harshana Suriyapperuma, signing on behalf of the Government of Sri Lanka, and ADB Sri Lanka Resident Mission Country Operations Head Cholpon Mambetova representing the regional lender.

The project will be financed through a $ 3 million grant from the Japan Fund for Prosperous and Resilient Asia and the Pacific, complemented by $ 1.63 million in counterpart funding from the Government of Sri Lanka, reflecting a shared commitment to modernising irrigation infrastructure and enhancing agricultural resilience.

The initiative is designed to address persistent challenges in Sri Lanka’s irrigation sector, where nearly 99% of the national network consists of open, gravity-fed earthen canals. These systems suffer from low conveyance efficiency, leading to significant water losses, reduced irrigation reliability and declining crop productivity, particularly in areas increasingly affected by prolonged droughts and erratic rainfall patterns linked to climate change.

Under the project, four pilot Pipe Distribution Network schemes will be implemented in the North Western and Uva Provinces, covering approximately 877 hectares across existing irrigated command areas and adjoining rain-fed uplands. The selected sites include the Kirindigalla Grama Niladhari Division under the Ridi Bendi Ela feeder canal, feeder canal areas under the Magalla and Inginimitiya reservoirs in the North Western Province, and the Meegas Ara small tank cascade system in the Uva Province.

By replacing or supplementing traditional open canals with closed pipe systems, the project seeks to significantly reduce water losses, improve delivery efficiency and enable more reliable irrigation scheduling. The improvements are expected to translate into higher yields, better water security for farmers and greater resilience of agricultural systems in climate-stressed regions.

The Agriculture, Livestock, Lands and Irrigation Ministry will function as the Executing Agency, while the Irrigation Department will serve as the Implementing Agency responsible for technical delivery and on-ground execution. Project implementation is scheduled for the 2026-2029 period.

One of the first decisions the newly installed cricket selection committee headed by former Sri Lanka fast bowler Pramodya Wickramasinghe took was to appoint former white ball captain Dasun Shanaka as captain of Sri Lanka’s T20I side till the 2026 T20 World Cup.

Shanaka will replace Charith Asalanka who was both the ODI as well as T20I captain of the national team. However when Asalanka fell ill and had to return home after the ODI series in Pakistan, Shanaka who was vice-captain took over the leadership for the T20I Tri-Series that followed in Pakistan. He will continue in the role for next month’s T20I series against Pakistan and England and the T20 World Cup.

Giving reasons for removing Asalanka from the T20I captaincy, Wickramasinghe said, ‘Currently Charith is not amongst the runs in T20I cricket. You have to give him a break to regain his form. We want to give him a free mind to get back into the runs during the upcoming white ball series against Pakistan and England. That is why we have appointed Dasun till the T20 World Cup. Dasun has the experience of captaining in 3 World Cups – 2 T20 World Cups and one 50-over World Cup. After the T20 World Cup we will take a decision regarding the T20 captaincy. We appointed Dasun as captain after consultation with head coach Sanath Jayasuriya.’

Tharanga Paranavithana, a member of the new selection committee stated: ‘Charith is more important to us as a batsman than a captain for the T20 World Cup. If you look at his performance in the ODIs and T20Is we feel that there is more pressure on him to perform in T20Is. That’s why we all came to a conclusion to make Shanaka the captain for the T20 World Cup.’

Sri Lanka has also named a preliminary squad of 25 players for the T20 World Cup that will be held in India and Sri Lanka in February-March.

Wickramasinghe said that the squad was picked by the previous selection committee with a certain plan in mind and that he does not want to make any changes at this point.

‘We’ll go with this squad for the white ball series against Pakistan and England and the T20 World Cup. We’ll be selecting the teams for these series from this set of players.’

Wickramasinghe said the names of the initial squad of 25 players will be sent to the ICC after which it will be pruned down closer to the World Cup.

SRI LANKA’S PRELIMINARY T20 WORLD CUP SQUAD

Dasun Shanaka (captain), Pathum Nissanka, Kusal Mendis, Kamil Mishara, Kusal Perera, Dhananjaya de Silva, Niroshan Dickwella, Janith Liyanage, Charith Asalanka, Kamindu Mendis, Pavan Rathnayake, Sahan Arachchige, Wanindu Hasaranga, Dunith Wellalage, Milan Rathnayake, Nuwan Thushara, Eshan Malinga, Dushmantha Chameera, Pramod Madushan, Matheesha Pathirana, Dilshan Madushanka, Maheesh Theekshana, Dushan Hemantha, Vijayakanth Viyaskanth, Traveen Mathew

HNB PLC has announced a partnership with Prime EV Automobiles Ltd., a subsidiary of Senok Trade Combine Ltd., to expand access to Deepal brand electric vehicles in Sri Lanka. The agreement was signed recently with the aim of strengthening national EV adoption while offering customers structured financial solutions through HNB Leasing.

‘This partnership aligns with our long term commitment to expand access to advanced mobility in Sri Lanka,’ said HNB SVP and Head of Retail Banking Kanchana Karunagama. ‘We see customers looking for practical financing from institutions they trust, and our early entry into green mobility financing has already helped shape industry standards. This collaboration offers a clear value proposition built on stability, accountability and consistent service delivery, and we are ready to support every customer who wants to move forward with confidence.’

Prime EV Automobiles serves as the local distributor for Deepal vehicles introduced by Changan Automobiles. The brand has recorded steady growth in multiple Asian and European markets and now enters Sri Lanka through a model backed by a leading financial institution. With HNB’s national footprint and its position as the first and the best in the local financial services sphere, customers will gain streamlined credit evaluation, competitive leasing packages and rapid processing times.

‘Deepal vehicles are engineered with range optimisation, strong safety benchmarks and data driven diagnostics. We joined hands with HNB because its capacity to support new market categories is proven, and customer confidence rises when both distribution and financing partners operate with measurable reliability. We believe the Sri Lankan market can accelerate EV penetration through partnerships built on technical verification and responsible credit structures, and this agreement sets a strong path forward,’ said Senok Trade Combine Ltd., Deputy Managing Director for Sales and Marketing Ranjan Dahanayake.

The partnership positions HNB as a key channel for EV financing at a time when Sri Lanka’s transport sector records rising interest in cost efficient mobility supported by lower operating expenses and upgraded energy infrastructure. Customers visiting any HNB branch will receive financial advisory support on vehicle models, repayment structures and eligibility guidelines. Delivery and technical support for Deepal models will be handled by Prime EV with service standards aligned to original manufacturer specifications.

Treasury Secretary Dr. Harshana Suriyapperuma yesterday provided an update on post-disaster relief funding following Cyclone Ditwa, which caused widespread flooding and landslides across several districts.

He said total donations received by the Treasury had increased to Rs. 4,286 million as of yesterday.

The total comprises Rs. 4,263 million in direct rupee deposits and Rs. 23 million received in foreign currencies, translating to an equivalent of $ 13.86 million. Foreign currency donations alone have exceeded $ 6 million.

The funds have been contributed by Sri Lankan entrepreneurs, businesses, overseas Sri Lankans and international well-wishers. North America ranked as the largest source of donations, followed by Australia, China, the UK, Germany, Bhutan, Italy, the UAE, Canada, New Zealand, Maldives, Saudi Arabia, France, and South Korea.

Dr. Suriyapperuma said multilateral institutions including the World Bank, IMF and other development partners were considering additional assistance to support rebuilding efforts, with details to be shared once finalised.

All cash donations have been formally recorded by the Treasury in line with Government accounting procedures, while goods and services received are being tracked by Sri Lanka Customs and distributed through the Disaster Management Centre to affected communities.

A consignment of humanitarian relief supplies donated by the Government of Pakistan for disaster relief in Sri Lanka was officially received earlier this week at the Colombo International Container Terminal (CICT), Colombo Port.

The relief cargo was received by Minister of Ports and Civil Aviation, Anura Karunathilake and Deputy Minister of Ports and Civil Aviation, Janitha Ruwan Kodithuwakku, on behalf of the Government of Sri Lanka. The shipment was formally handed over by the Pakistan High Commissioner to Colombo Major General (Retd) Faheem Ul Aziz, representing the Government of Pakistan.

The consignment, dispatched under the coordination of Pakistan’s National Disaster Management Authority (NDMA) and the Prime Minister’s Office, consists of nearly 200 metric tonnes of humanitarian assistance aimed at supporting communities affected by recent disasters in Sri Lanka

The relief shipment includes family tents, blankets, quilts and bubble mats, providing immediate shelter and warmth to displaced families. The cargo also contains life-saving jackets, inflatable boats, and de-watering pumps, which will strengthen emergency response and rescue operations in flood-affected areas

To address health and nutritional needs, Pakistan has donated medicines, milk powder, therapeutic food (RUTF), mosquito nets and camping lamps, ensuring both medical support and essential supplies for vulnerable populations

Pakistan’s timely assistance is a reflection of the longstanding friendship and solidarity between the two countries and reaffirmed its commitment to standing with Sri Lanka during times of need and supporting ongoing disaster relief and recovery efforts.

The relief items will be distributed through relevant Sri Lankan authorities to affected areas in the coming days, in coordination with disaster management and humanitarian agencies.

SSC and Negombo CC dominated the opening day’s play by running up totals in excess of 350, while Leo CC managed to grab first innings points by dismissing unbeaten United Southern SC for 126 in the Tier B 3-day league tournament yesterday.

Pace setters SSC, driven by a resolute century (149 off 192 balls, 17 fours, 1 six) from Nipun Dananjaya finished strongly on 364-9 after being invited to bat first by Ragama CC at the SSC grounds. An opening stand of 54 between Avishka Fernando (45) and Shevon Daniel (58 off 80 balls, 7 fours, 1 six) laid the base for SSC’s innings. Veteran left-arm spinner Upul Indrasiri was the pick of the Ragama CC bowlers finishing with 5/121.

Centuries from Umesh Lakshan (175* off 250 balls, 21 fours, 2 sixes) and Sheshan Fernando (138 off 101 balls, 6 fours, 12 sixes) and their partnership of 211 off 213 balls for the seventh wicket saw Negombo CC recover from a shaky start 100-6 to post the highest total of the day – 379 against Galle CC at the BRC grounds. Right- and left-arm seamers Rajith Priyan (4/55) and Asela Sampath (5/77) caused the early ripple in the Negombo CC batting.

In a low scoring game at Moors SC grounds, Leo CC snuffed out United Southern SC for 126 and by the close had replied with 140-8. Mangala Pradeep has been Leo CC’s dominant figure so far having captured 5/41 with his left-arm spin and following it up with an undefeated 35 out of an unbroken ninth wicket stand of 64 with Malshan Gunasinghe (31*) to lift Leo CC from a precarious 76-8.

Half-centuries from Kevin Samuel (85* off 145 balls, 1 four, 4 sixes) and Wositha Amarasinghe (54 off 100 balls, 3 fours) and their partnership of 124 got Malay CC off to a good start – 213/4 against Army SC at Panagoda.

All-round batting contributions saw Navy SC post 271 (Sumalka Fernando 42) against Moratuwa SC at Welisara. By stumps Moratuwa SC had replied with 26-2. Off-spinner Chanaka Ruwansiri was amongst the wickets taking 6/49 for Moratuwa SC.

Umayanga Suwaris’ stubborn innings of 86 off 156 balls (10 fours, 2 sixes) saw Sebastianites end the first day on 258-9 against Kandy Customs SC at Salawa Army ground, Kosgama.

All matches continue on their second day today.

Sri Lanka’s Micro, Small and Medium Enterprise (MSME) sector has raised concerns over what it describes as excessive lending rates charged by licenced commercial and specialised banks, arguing that reductions in policy interest rates were not passed on proportionately to borrowers.

In a detailed submission to financial authorities, the Ceylon Federation of MSMEs said the interest-rate transmission mechanism had remained distorted well after the peak of the 2022 economic crisis, placing a sustained cost burden on businesses already weakened by the downturn.

The Federation pointed to the sharp tightening of monetary policy in 2022, when the Central Bank of Sri Lanka (CBSL) raised its Standing Deposit Facility Rate (SDFR) and Standing Lending Facility Rate (SLFR) to historic highs as part of crisis stabilisation measures. While acknowledging the necessity of those actions at the time, it said subsequent policy easing had not been reflected adequately in retail lending rates

Even when the Average Weighted Prime Lending Rate (AWPLR) had peaked at 29.67% in September 2022, the policy rate was 15.50%. While policy rates have since decreased, market rates continue to trail much higher. According to the submission, by 5 December, the Overnight Policy Rate (OPR) stood at 7.75%, while the AWPLR remained significantly higher at 8.74%, indicating a persistent gap between policy intent and market outcomes.

The Federation argued that this divergence disproportionately affected MSMEs, which rely heavily on bank credit and have limited pricing power to absorb higher financing costs. It said elevated borrowing rates constrained recovery, investment, and employment at a time when economic normalisation was expected to support growth

To underline its case, the submission included profit-after-tax figures of several licenced commercial banks for the 2022-2024 period, showing a marked improvement in earnings during the same years when MSMEs faced elevated interest expenses.

The Federation called on regulators to make fuller use of existing legal and supervisory powers to ensure fair transmission of monetary policy and prevent what it described as unjustified widening of lending spreads. It warned that failure to address the issue could undermine broader economic recovery and weaken confidence among small and medium-scale entrepreneurs. It called on the CBSL to ensure that the banking system paid back the excess interest charged on MSME borrowers.

Sri Lankan kidswear brand Kia and Kel has officially launched Santa’s Market 2025, unveiling the country’s largest Christmas-themed kidswear collection. Featuring over 80 unique festive T-shirt designs, the collection combines the brand’s signature comfort, quality, and irresistible cuteness, just in time for the most magical season of the year.

From jolly Santas and dancing reindeer to sparkling snowflakes and gingerbread friends, Kia and Kel’s Santa’s Market captures the joy and wonder of Christmas in every tiny detail. For the first time ever, parents can personalise their child’s T-shirt with their name, making it the perfect keepsake for family photos and Christmas parties.

‘We wanted to bring something truly special to Sri Lankan parents this year,’ said Kia and Kel Co-Founder Nayodya Perera. ‘Every child deserves to feel the magic of the holidays, and what better way than wearing a comfy, custom-made shirt with their own name on it.’ Crafted with soft, breathable cotton and vibrant, long-lasting prints, each piece is designed for both style and comfort, perfect for Sri Lanka’s tropical December weather. The collection caters to children aged three months to 12 years, with styles for both boys and girls.

Adding a sustainable twist to the festivities, Kia and Kel is including a special gift with the first 100 orders, a Christmas wish you can plant. Each gift features a beautifully designed biodegradable seed card embedded with real seeds. Families can write their child’s Christmas wish on the card, plant it in soil, and watch it grow into a small plant, a heart-warming symbol of hope, love, and sustainability.

‘We wanted to give our customers something that grows, just like the joy their little ones bring,’ added Nayodya. ‘It’s our way of teaching children that even small actions, like planting a seed, can make the world brighter.’ This thoughtful gesture reflects Kia and Kel’s ongoing commitment to sustainability and conscious parenting, turning the joy of gifting into an opportunity for learning and love.

Parents are encouraged to place their orders early to ensure delivery before Christmas, as many designs are limited edition and expected to sell out quickly.

‘Kia and Kel’s Santa’s Market is not just about clothes, it’s about memories,’ said Kia and Kel Co-Founder Sriyan Rajapaksha. ‘We’re proud to be the first Sri Lankan brand to offer over 80 festive designs with name personalisation, bringing smiles to families across the island.’