Category: Daily Financial Times

This patch of land that we live in, in planet earth which is known as Sri Lanka is now in dire straits. We are faced with the intelligence of nature we have no means to understand, primarily because we have lived away from its consciousness.

Thousands of people are now helplessly awaiting the fate of their homes in areas such as Nuwara Eliya, Badulla and Kandy hit by what we call as landslides and earth quakes. The earth, which our ancient ancestors considered a living being may have its own name to call this phenomena.

Maybe it is a quaking of utter hurt, humiliation and sadness. The earth that gives humanity its food is poisoned and turned into rubbish heaps.

On its sacred nerves and sinews we have built our brick palaces. We burn garbage on its skin. We have neither the respect nor humility that our forefathers had when dealing with our earthmother and her creatures. We kill without thought. Food is now not from earth. It is industry. Our plates hold industrialised crematoriums.

The interconnected network of nature that made food produce a joy and where abundance reaped sharing is no more. We spray the earth sickness. We call it food production. We build more and more cancer hospitals. We call it health.

The little birds that our grandfathers remember as becoming like small mounds of clouds over paddy fields-whom we lovingly called Wee Kurulla (translated as birds that eat paddy seed) are no more. They are not sick. They are dead. The paddy they eat are poison.

They are dead and we are dying. But we think we are healthy. Because the pharmaceutical medical industry is well. Because they are thriving. Because to be a doctor nowadays is not about a dharmic duty to earth to heal its beings like the ancient physicians whose pharmacy was nature did. Parents want their children to be doctors because it is a prestige. Because it is lucrative. Because the more people are sick the more the medical industry thrives.

The birds and the insects that formed the filigree that created the intricate pattern of life are now all dead. They do not go to hospital. They die unidentified beneath the layers of poison that we call agriculture. These deaths are not important.

Universities that represent the universe so little are not interested in these deaths. It is interested in the scientific method. It is now more interested in the artificial than the natural. There are millions of research papers produced by humans who want academic titles. Knowledge is no longer connected to the womb of the earth.

Knowledge is connected now to ego, to grand titles and to an arrogance that considers the earth and all that lives in it as subjects. As the earth quivers in pain and anger this arrogance will be buried as the earth who has no obligation to feed and house thankless humans will reclaim its space.

The Sri Lanka College of Psychiatrists released a statement underscoring the importance of paying attention to the mental wellbeing of people impacted by Cyclone Ditwah and offering support to them.

The College said it is normal for individuals to feel stressed, sad, fearful, or confused after a disaster and urged the public to prioritize emotional well-being during the recovery period.

According to available statistics, close to two million Sri Lankans have been affected either directly or indirectly by the natural disaster, some losing loved ones, others being left destitute having lost all their belongings while others have had to salvage their homes from a massive damage to their properties.

According to the World Health Organization (WHO), slmost all people affected by emergencies experience psychological distress, and need access to mental health care and other basic needs.

As with any disaster manmade or natural, it is always those at the lower rungs of society that are worse off with pre-existing social situations such as poverty and discrimination against marginalized groups, adding to their woes. Emergency-induced situations including family separation, lack of safety, loss of livelihoods, disrupted social networks, low trust and reduced resources are some of these conditions.

According to the WHO, most people affected by emergencies experience feelings of anxiety, sadness, hopelessness, sleep issues, fatigue, irritability, anger or aches. This psychological distress usually improves over time, but some people go on to develop a mental health condition. An estimated 22% may have depression, anxiety, post-traumatic stress disorder, bipolar disorder or schizophrenia .

There are a number of school children who were impacted by the cyclone and they are highly vulnerable group with their education/ examinations disrupted. The elderly too will be among those marginalized in such situations.

The Education Ministry said that it has already begun counselling programs for children affected by the disaster with students who were mid-way into their Advanced Level examination among those coming under special focus.

The Sri Lanka College of Psychiatrists has issued several guidelines to help people cope and this include focusing on strengths and small tasks with activities such as cleaning, sorting documents, checking on relatives, and helping neighbours to restore a sense of control.

The College said that it’s important to stay connected, especially with vulnerable groups such as pregnant mothers, young children, the elderly, people with disabilities, and anyone with long-term illnesses or mental health conditions.

It is also important to reassure children by keeping routines as normal as possible and explain the situation in simple terms and use spiritual and cultural practices.

The other guidelines are to continue regular medications, limit distressing news and avoid rumours and not share unverified information or distressing images.

The College reminded the public to act responsibly and encouraged those who need help to seek help by calling the 24/7 National Mental Health Helpline in 1926, or by visiting the nearest hospital for support.

The WHO’s Mental Health and Psychosocial Support, (MHPSS) which works globally to ensure that mental health emergency preparedness and response is both coordinated and effective, will also be assisting the country in this area.

In 2024, the World Health Assembly approved a resolution to strengthen MHPSS in all stages of emergencies and provide integrated, quality mental health services which are accessible to all. It assists Member States in emergency and disaster risk management, preparedness and readiness actions for mental health and psychosocial support in order to strengthen mental health and psychosocial support capacities during emergencies in a way that contributes to the development of sustainable mental health services, including community-based services, within the health system.

This is one area which the country will need to strengthen as it struggles to overcome the trauma of one of its worst natural disasters.

Sri Lanka yesterday marked a major step toward modernising its disaster management capabilities with the launch of the GeoAI for Disaster Resilience initiative at the Taj Samudra Hotel, Colombo.

The program brings together Artificial Intelligence and Geographic Information Systems (GIS) to strengthen early warning systems, improve emergency response and enhance long-term planning.

The event commenced with a one-minute silence in memory of the victims of Cyclone Ditwah, last month’s devastating storm that caused widespread flooding.

The disaster affected over one million people, claimed hundreds of lives and has been described as the worst catastrophe to hit Sri Lanka since the 2004 tsunami. The destruction has also slowed the country’s economic recovery, with major rebuilding efforts still underway across affected districts.

Delivering the welcome address, ADRIMP President Sarath Premalal emphasised the urgency for innovation: ‘Sri Lanka’s climate risks are increasing every year. GeoAI gives us the opportunity to think ahead to forecast hazards more accurately and ensure our responders have the knowledge and technology needed to save lives.’

More than 20 Government officials and 125 university students have joined the yearlong program, supported by the US Embassy in Sri Lanka, which aims to train a new generation of disaster-tech specialists through advanced GeoAI learning.

GeoAI Project Lead Dr. Novil Wijesekara highlighted the program’s transformative potential: ‘Our goal is not only to introduce new tools but to strengthen the entire ecosystem, from real-time data to predictive models, so Sri Lanka can shift from reactive disaster response to proactive, intelligence-driven preparedness.’

Dr. Wijesekara urges Sri Lanka to pair innovation with human commitment, highlighting that technology can guide recovery but people drive it.

Digital Economy Ministry Acting Secretary Waruna Sri Dhanapala underscored the importance of digital readiness: ‘Digital transformation is central to Sri Lanka’s future. GeoAI will unify fragmented data, strengthen inter-agency coordination and enable rapid decision-making during national emergencies.’

Disaster Management Centre Director General Major General Sampath Kotuwegoda stressed operational impact: ‘Every minute matters during a disaster. Tools like GeoAI can give our teams the critical lead time needed during floods, landslides and cyclones. This initiative will directly support our frontline responders.’

US Embassy Deputy Chief of Mission Jayne A. Howell, who also served as the chief guest reaffirmed the United States’ continued support: ‘Investing in these young minds is investing in Sri Lanka’s safer future. The United States is proud to support this initiative, which strengthens early warning systems, enhances emergency response and builds long-term national resilience.’

University of Colombo Vice Chancellor Prof. Indika Mahesh Karunathilaka, who was the guest of honour, spoke on the role of youth in national recovery: ‘This program will empower our youth with greater vigilance and advanced skills. It is the young people of Sri Lanka who are now rebuilding, both financially and physically after the devastation of Cyclone Ditwah. Their contribution is vital and GeoAI will further strengthen their ability to support the country in times of crisis.’

The launch brought together technical agencies and development partners. Over the coming year, students will receive training in hazard mapping, drone data analysis, predictive modelling and real-time emergency response applications.

As climate-driven disasters intensify globally and locally, the GeoAI initiative is expected to play a critical role in strengthening Sri Lanka’s preparedness, enhancing inter-agency coordination and positioning the nation as a regional leader in AI-powered disaster resilience.

When I visited my hometown in Minnesota this summer, my dear high school friend, who is a highly successful farmer, took me on a tour of his vast agricultural lands of some 50,000 acres of ‘God-given blessings’ in the breadbasket of the American heartland.

Like other soybean farmers in the American heartland, my friend could hardly sell his Soybean and other agricultural produce because China-the largest buyer-threatened to impose retaliatory tariffs after President Donald Trump initially announced duties on Chinese goods.

In response to China, Trump invoked his ‘authority’ under the International Emergency Economic Powers Act of 1977 to address the ‘national emergency.’ When China boycotted American soybean imports, Minnesota farmers felt acute financial hardship that drove a wave of bankruptcies in the agricultural sector.

During his first term in 2017, however, President Trump led a ‘China revolution’ in the heartland-using American soybeans to make the ‘Middle Kingdom great again.’ When his second administration announced ‘Liberation Day’ tariffs in April 2025, the well-prepared and assertive China blocked the punitive tariff measures in May-eventually forcing the United States to return to the negotiating table.

Prof. Patrick Mendis (left) with his high school friend in Minnesota, USA

Learn to lead the world

China is the only country that did not yield to American tariff pressure: Beijing imposed a 125% tariff on US exports in response to Washington’s 145% tariff on Chinese imports. At the 30 October Sino-American summit in South Korea, Trump was forced to say that ‘he would reduce the composite tariff rate to 47% from 57% in exchange for China’s commitments on soy purchases,’ elevating China to the ‘peer rival’ of the United States to dominate the world.

Beijing has seemingly learned the art of deal-making with Washington when ‘Xi found common ground with Trump’s MAGA agenda, which parallels the Communist Party’s own ambitions of restoring China’s past glory, known as the ‘great rejuvenation of the Chinese nation.” At the summit, President Xi Jinping also told President Trump: ‘I always believe that China’s development should go hand in hand with your vision to make America great again.’

China’s targeted strategic retaliations and surgical ‘pressure points’ on Trump’s MAGA political base in the Midwest counties created the intended financial pain on soybean farmers. Indeed, China has learned from Trump’s give-and-take ‘transactional’ approach, executing a successful tactical operation in the American heartland. This combined with China’s strategic calculus on global policymaking for supremacy. Yet Xi cleverly handed Trump a temporary win-win card to satisfy his voting bloc in the Midwest by resuming soybean purchases.

In the meantime, strategic Beijing has continued to heavily invest in soybean and other commodities in Argentina, Brazil, and elsewhere. In Washington, the president angered American soybean farmers and Republican senators by providing a $ 20 billion financial aid package to Argentina, whose soybean exports to China reduced buying from the United States.

History tells us that tariffs as a weapon in trade, especially in an increasingly interconnected global marketplace, risk backfiring. They also stand antithetical to the constitutional legacy of the US tariff policy.

The primacy of national interest

The birth of the US republic resulted from the unpopular British tariffs that sparked widespread resistance in colonial America. These continuing protests culminated in the Boston Tea Party and ultimately the American Revolution-giving birth to a progressive nation conceived by the European Enlightenment ideas of the founding fathers who were also inspired by the Chinese philosophy and culture.

The new nation signalled a radical departure from the colonial powers in Europe when the first US trade ship-the Empress of China-sailed on George Washington’s birthday, 22 February 1784, from New York Harbour to Canton (now Guangzhou) in China. It was the historic beginning of the official Sino-American trade relations, which created a thriving and mutually beneficial commercial civilisation.

Henceforth, the nascent republic-supported by Washington’s Treasury Secretary Alexander Hamilton and his arch-rival Secretary of State Thomas Jefferson, who disagreed on everything but trade with China-imposed a high tariff policy to protect infant domestic manufacturing and to raise federal government revenue.

Since the founding era, the tariff-seeking industries scandalously bribed Congress with backroom deals for preferential rates, corrupting the American trading system. It ultimately hurt American consumers and exporters. To prevent these, the protectionist tariff policy led to the adoption of the 16th Amendment to the US Constitution in 1913. It gave Congress-not the President-the power to collect taxes on incomes as an alternative revenue source for the federal government (tariffs are also a form of taxes paid directly to the federal government by importers, who then pass the cost via higher prices to consumers).

Since the catastrophic Smoot-Hawley Tariff Act of 1930, US tariff rates have been reduced through a series of trade agreements and legislative acts, fostering global trade and American prosperity. President Trump not only reversed America’s tariff policy, but he also fundamentally shifted it by using tariffs as the central tool of US economic and foreign policy. Moreover, he paused the Foreign Corrupt Practices Act of 1977, opening a dangerous path for the ‘new American hustle’ that the 16th Amendment was designed to prevent.

America against America

Besides all these far-reaching-intended and unintended-policy implications, my high school farmer friend in Minnesota would be delighted to receive agricultural subsidies to compensate him for his losses, as the USDA plans to pay out $ 12 billion for farmers impacted by tariff policies. However, some may feel that this resource transfer is helping one group of Americans in favour of another, creating a more divided nation. We may all remember what President Abraham Lincoln counselled: ‘A house divided against itself cannot stand.’

As Chinese leaders continue to learn from history to lead the way, can we learn from our own American Experiment, rooted in the Enlightened Americanism, for the benefit of all Americans?

As of now, US Senator Amy Klobuchar (D-MN) co-sponsored a joint resolution to terminate the ‘national emergency’ declared by the Trump White House to impose tariffs. Eventually, however, the tariff showdown-as a landmark decision to reshape America, China, and the world-rests with the Supreme Court of the United States in coming weeks and months.

Akbar Brothers, the country’s top exporter of Ceylon Tea bagged the Overall Award for Net Foreign Exchange Earner at the 27th Presidential Export Awards held at the Bandaranaike Memorial International Conference Hall. The company also bagged the Globally Outreached Sri Lankan Brand of the Year Award. Here, Akbar Brothers Managing Director Asgi Akbarally (left) receives the award from Prime Minister Dr. Harini Amarasuriya.

The FT yesterday published the image of the previous year’s edition. We regret the error.

The Cabinet of Ministers this week approved new contracts for SriLankan Airlines Ltd.’s operations at Frankfurt Airport, Germany, following the scheduled conclusion of existing service agreements. The ground mission service supply contract ended on 31 October 2025, while the goods warehouse management contract is set to conclude on 31 December 2025.

Under a limited international competitive procurement process, six bids were received to provide air passenger services, ground support, and warehouse management for the national carrier.

Based on recommendations from the higher-level standing procurement committee, the Cabinet approved awarding the air passenger and ground service contract to Fraport Ground Services GmbH, the substantially responsive minimum bidder, for an estimated pound 6.49 million over three years from 1 November 2025 to 31 October 2028.

Meanwhile, the goods warehouse control services contract was awarded to CHI Aviation Handling GmbH for an estimated pound 947,766 for a three-year period from 1 January 2026 to 31 December 2028. The appointments ensure uninterrupted operations at Frankfurt Airport and strengthen SriLankan Airlines international service capabilities.

Unilever Sri Lanka pushed back against the long-held argument that the country’s population of 22 million restricts investment opportunities, insisting that the country offers a far more compelling case when viewed through the lens of value generation, consumer behaviour, and category development.

Speaking at the Sri Lanka Economic Summit last week, Unilever Sri Lanka Marketing Director Imeshika Kariyawasam said despite economic turbulence, Sri Lanka continues to be viewed positively within Unilever’s global system.

‘In the global Unilever eyes, we are performing better in terms of the relative size and the right-to-win side of things,’ she added.

She acknowledged that size matters, noting that Sri Lanka is just ‘1.5 to 2% of India’s population’ and ‘about 10% of Pakistan’s population.’ However, she stressed that Unilever evaluates markets using several additional criteria beyond population alone.

‘When you look at the other lenses that we look at-the GDP per capita or the per-capita turnover-that our portfolio generates, we perform better as a country. From the shared point of view, we have the right to transform, grow the categories that we are in,’ she added.

Kariyawasam said Unilever assesses investments based on incremental growth potential and the speed at which capital can be recovered.

‘This is where the country’s economic journey and the regulatory journey comes in; when you make an investment, how fast you can get that return on investment (RoI) into the business,’ she noted.

Kariyawasam cited the company’s long presence in the laundry segment as evidence of how category transformation can unlock significant value.

‘For the past 80 years, it was a bar format, and in the last decade, we transformed our consumer from bar format to powder. Now, when we move them from powder to liquid, we unlock approximately 15% value in a transaction,’ she explained.

‘It’s value generation that happens in the country even in the mass categories,’ she added

She opined that while Sri Lanka’s population is small, categories such as skincare and haircare remain ‘significantly underpenetrated,’ presenting substantial future opportunity, particularly given the country’s high literacy and female literacy rates.

‘When the right product comes in with the right proposition and the right benefit, it can unlock fast future growth,’ she said.

Kariyawasam noted that the country’s potential is not limited by scale. ‘Sri Lanka is very much poised to grow,’ she stressed, while cautioning that macroeconomic and regulatory stability remains essential. ‘We need the external environment stability to bring this full opportunity to life,’ she said.

The Cabinet of Ministers on Wednesday approved the procurement of a wide range of vehicles and equipment to improve the country’s primary health care system.

The Government of Sri Lanka has signed a $ 150 million financial agreement with the International Development Association (IDA) of the World Bank Group to implement a comprehensive project.

The project, which will run from 2024 to 2028, seeks to enhance prevention and management of non-communicable diseases (NCDs), elderly and palliative care, and strengthen community-level health services, while also building resilience against climate-related emergencies.

A key challenge identified in the project is the insufficient transport facilities available for field officers, including Public Health Midwives, public health inspectors, primary care nurses, and surveillance teams.

‘To address this, the Cabinet approved the procurement of a wide range of vehicles and equipment to improve mobility, support house-based care, and enhance the efficiency of field testing and supervisory work. The measures will also ensure the safe and timely transport of clinical waste and medical supplies across districts,’ Cabinet Spokesman and Health Minister Dr. Nalinda Jayatissa said at the post-Cabinet meeting media briefing yesterday.

The approved transport assets include 26 clinical waste transport lorries, 26 double cabs, five ten-seat vans, two 42-seat buses, and nearly 4,000 scooters and motorbikes for field officers, including Public Health Midwives, nurses, and inspectors. Additional provisions include 20 refrigerated trucks and eight forklifts for the Medical Supply Division, a crew cab for the Divisional Health Office in Puttalam, and a dedicated ambulance fleet for the Jaffna district.

He noted that these measures are critical to expanding community outreach, ensuring timely delivery of services, and strengthening the country’s health system to better respond to both ongoing public health needs and future emergencies.

‘The World Bank-backed initiative is expected to have a transformative impact on primary health care access and efficiency across all districts in the country,’ he added.

The proposal to this effect was submitted by Health Minister Dr. Jayatissa.

From left: CDF Duty Free Country General Manager Dimantha Kinigama, Colombo Port City Economic Commission Director – Finance Ruwan Karunarathne, and CHEC Port City Colombo Deputy Managing Director Xiang Nan

The iPhone 17 series along with the iPhone Air, was launched at the Mall at the Colombo Port City Economic Commission in the presence of several dignitaries including Colombo Port City Economic Commission Director – Finance Ruwan Karunarathne, CHEC Port City Colombo Deputy Managing Director Xiang Nan, and CDF Duty Free Country General Manager Dimantha Kinigama.

This first-of-its-kind event was held at the Mall at the Colombo Port City, renowned for pioneering the Downtown Duty-Free concept in South Asia, marking this event a major milestone for both CDF Duty Free and the Sri Lankan Duty Free retail industry.

Representing CDF Duty Free’s commitment to innovation, exposure, and excellence, this momentous occasion is commemorated hand in hand with Port City, with the aim to establish CDF at Port City as a world-class shopping destination, not just for arriving and departing passengers, but also for the newly recognised diplomatic community.

CDF Duty Free is part of the China Duty Free Group (CDFG), a global leader in Duty Free retail, operating in over 200 locations worldwide, with an annual revenue exceeding $ 10.5 billion. CDFG operates the world’s largest Duty-Free mall, spanning over 280,000 square metres, a clear reflection of CDFGs global scale and ambition. CDF works with 1000 Global suppliers with over best Global brands. Unlike other Duty-Free outlets, the scale of CDF allows them to purchase directly, and offer the best prices and best promotions to the consumer.

The iPhone 17 series stands out for its across-the-board upgrades that make both the standard and Pro models significantly more capable than previous generations. Core improvements to the iPhone 17 includes a new Centre Stage front camera that takes selfies to the next level; a powerful 48MP Fusion Main camera with an optical quality 2x Telephoto; and a new 48MP Fusion Ultra-Wide camera that captures expansive scenes and macro photography in more detail. The 6.3-inch Super Retina XDR display with ProMotion, is bigger and brighter, enabling supersmooth scrolling, immersive gaming, and improved efficiency. And with the new Ceramic Shield 2, the front cover is tougher than any smartphone glass or glass-ceramic, with 3x better scratch resistance than the previous generation and reduced glare. It is all powered by the latest-generation A19 chip for higher performance and longevity.

On the Pro side, Apple adds more professional-grade capabilities, including superior thermal management, more advanced optical zoom, and a suite of creator-focused video tools. Both models feature A19 Pro, the most powerful and efficient chip for iPhone yet, enabling the advanced camera systems, next-level mobile gaming, and Apple Intelligence. Built with an Apple-designed vapor chamber that is laser-welded into a strong, light, and thermally conductive aluminum unibody, iPhone 17 Pro and iPhone 17 Pro Max deliver Apple’s best-ever performance and an enormous leap in battery life.

These latest models are now available at CDF in an array of new finishes; including lavender, mist blue, sage, white and black for iPhone 17, space black, cloud white, light gold and sky blue for iPhone Air and Cosmic orange deep blue and silver for Pro models.

All customers can now get a global Apple warranty of one year + another 1 year extended warranty, which can be claimed anywhere in the world, in addition for the first time there is two-time front and back drop damage warranty, which could be claimed anywhere in Sri Lanka by registering your device at

Softlogic Finance PLC yesterday announced that its Board of Directors has resolved to reduce the company’s stated capital to write off accumulated losses of over Rs. 7.6 billion, which have constrained its ability to pay dividends. The retained loss figure is as at 31 July 2025.

To rectify this and tidy the balance sheet, the Directors have proposed reducing stated capital from over Rs. 9.93 billion to Rs. 2.33 billion, enabling the full set-off of carry-forward losses. The company said the adjustment will not change the number of issued and fully paid shares, which remains at 962,573,191.

Softlogic Finance confirmed that it has received written approval from the Central Bank of Sri Lanka under Section 18(2) of the Finance Business Act No. 42 of 2011. The company stressed that the reduction does not involve any return of funds to shareholders and will not affect ownership or voting rights.

It added that the proposal, subject to the required corporate approvals, is intended to strengthen its capital position and support the resumption of dividend distributions when profitability improves.

Softlogic Capital PLC is the major shareholder at 92.53% on a public float of 5.08%. Softlogic Finance reported a net assets value per share at Rs. 3.06 as of end-September 2025. It reported an after-tax profit of Rs. 7.38 million for the six months to end-September 2025, down sharply from Rs. 37.9 million a year ago.

For the year to end-March 2025, the company reported an after-tax profit of Rs. 145 million, the first time the bottom line was in green since 2019.