Category: Daily Financial Times

The largest South Korean Buddhist delegation to ever visit Sri Lanka comprising 130 lay and ordained monks arrived on Monday for a 10-day visit to the country.

They were representing the Choe Order of South Korea, the largest Buddhist sect in South Korea, with over 10,000 Buddhist temples.

Over 100 monks, including the Anunayake Thero of this sect, and 10 lay people joined this pilgrimage.

This group is also scheduled to implement a joint program with the South Korean Government to rescue the Sri Lankan people from the disaster situation they are facing.

A group of high-ranking officials from the Sri Lanka Tourism Promotion Bureau and the Foreign Affairs and Tourism Ministry also arrived at the Katunayake Airport to welcome the group.

The Government is in talks with the insurance and banking sectors to help households, SMEs and businesses hit by Cyclone Ditwah while keeping the 2026 macroeconomic trajectory and reform agenda intact, Treasury Secretary Dr. Harshana Suriyapperuma told the Sri Lanka Economic and Investment Summit yesterday.

He acknowledged concerns that the poorest households, those who have lost homes and small and medium enterprises are less resilient to a shock of this scale, and that some fear the crisis could derail reforms.

Dr. Suriyapperuma said the authorities were in active dialogue with the financial system to contain the economic fallout.

‘We have reached out to the banking and insurance sectors to understand what the impact is on their clients and customers and how to work together as a team to take the country forward.’ He added that he would be meeting the insurance regulator and industry leaders shortly, saying, ‘We want to understand their response so that we are able to help businesses get back on their feet very quickly and support individuals to contribute back into the economy.’

He stressed that the objective is to minimise business disruption and income losses in the real economy. ‘This is to ensure that the livelihood of people is not disturbed, or that disturbance is minimised to the maximum extent possible,’ Dr. Suriyapperuma said.

Setting out the fiscal response, Dr. Suriyapperuma said emergency Budget lines had been pre-provisioned and were now being activated.

‘Budgetary provisions for emergency situations are already available. From that, nearly Rs. 30 billion is now set aside to meet the immediate challenges that we have at hand and keep the financial discipline that we brought into the system.’

He noted that the Treasury has started releasing funds for housing support. ‘We authorised Rs. 7.5 billion to be released from the Treasury for those exercises. Those funds will go into the homes requiring assistance to start the rebuilding process.’

To speed implementation, spending powers have been pushed down the chain of command.

‘Swift action was taken by the Government to allow up to Rs. 50 million to be used by District Secretaries and this morning we are allowing Ministerial Secretaries to spend up to Rs. 150 million on the recovery. This is to make sure nothing in circulars or bureaucracy will be a challenge for implementation of immediate relief,’ the Treasury Secretary said.

Dr. Suriyapperuma argued that this combination of prepared Budget space, tighter controls and targeted delegation is what allows the Treasury to respond quickly without losing fiscal discipline.

‘Zero tolerance for corruption and channelling funding properly into the Treasury allowed us to build buffers to face situations of this nature and look forward with confidence that we can manage,’ he said.

Authorities have begun a rapid damage assessment with support from the World Bank.

Dr. Suriyapperuma said, ‘World Bank has offered assistance to assess the extent of damage through their rapid post-damage assessment system. We are expecting within two weeks to have an initial understanding not only of the number of structures damaged but also the cost of those damages.’

Restoring connectivity and basic economic functions is being treated as an immediate priority. ‘The clean-up efforts have already started because it is very important to give the connectivity back to people to start their lives and connectivity back to businesses to continue their operations,’ he said. Telecom operators, supported by private firms, have restored most services.

He linked the recovery effort to the capital Budget, arguing that implementation rather than allocation is now decisive.

‘We can have commitments and allocations in relation to capital expenditure but it is all about implementation,’ he said. ‘Based on the data I have seen so far, this year will be better than some of the previous years in terms of capital expenditure utilisation.’

Donations have flowed in at scale. ‘Facilities were created immediately to allow people to contribute and as of yesterday we have received over three hundred million rupees,’ he said. He added that more than ten thousand transfers had been made in foreign currencies and over ninety thousand transactions in total within days.

Customs has introduced a fast-track system for relief goods. Dr. Suriyapperuma said, ‘There is a special taskforce set up by Customs. The mechanism simplifies documentation and clearing with zero taxes and fees. Any consignment marked as DMC will be cleared through this expedited process and we expect immediate clearance.’

For the medium term, a new reconstruction vehicle has been approved. ‘The Government has made a decision to set up the Rebuilding Sri Lanka Fund with involvement of the private sector, State officials and political leadership,’ he said, noting that the President and economic agencies had been in continuous discussions with business leaders to shape its mandate.

Addressing concerns about policy continuity, Dr. Suriyapperuma said the reform agenda set out in the 2026 Budget remains intact.

‘The Government has laid down a very clear path,’ he said. ‘There are six strategies that will take the country forward, including inclusive growth, export diversification, new markets, regional development, manufacturing, stabilisation and the digital drive.’

He stressed that SMEs remain central to the recovery and long-term growth plan. ‘We will be working and supporting our business communities, including the SME sector,’ he said.

Dr. Suriyapperuma added that multilateral partners are fully aligned with the program. ‘All the multilateral agencies have reached out to us already and we are working to extend their support and assistance for the initial aftermath and to continue the journey of growth.’

Despite the scale of damage, the Treasury does not expect the disaster to shift next year’s economic trajectory.

‘Based on the information we have, we are quite certain this will not create a major deviation,’ he said. ‘There are no significant deviations in the initial projections for 2026 and we are confident we will be able to meet the challenge very quickly.’

He said the crisis would test but not derail the recovery.

‘Sri Lanka as a country is known for our resilience and this is another opportunity for us to demonstrate it,’ he said, adding that rebuilding requires coordinated action across the public and private sectors. ‘The entire ecosystem has to be strengthened for us to move forward as a country. The journey will continue.’

Wealth Trust Securities Ltd., (WTS) one of Sri Lanka’s leading non-bank Primary Dealers, yesterday formally announced its Rs. 500.8 million-worth Initial Public Offering (IPO) which is up for subscription now whilst the official opening is on 17 December.

The IPO involves issuance of 5.84% stake or 71.548 million shares at Rs. 7 each.

During the media launch, the company’s Board and senior management outlined how the IPO is designed to strengthen WTS’s core capital position, enhancing resilience against unexpected interest rate volatility and improving its ability to manage market risks associated with primary dealer operations.

The company reiterated that the capital infusion will be used in the ordinary course of business, primarily to expand its trading portfolio of Government securities as favourable opportunities arise.

Chairman Senaka Weerasooria assured prospective new shareholders the IPO and the company going forward offers an opportunity to participate in the next stage of the company’s growth journey and maximise returns. He said ‘have absolute confidence and trust,’ in the company and its professional management.

The media was told yesterday that WTS with conservative trading approach has delivered strong returns, averaging an ROE of 31% over the past 12 years. With forward rates expected to decrease further, WTS is well positioned to sustain profitability through disciplined balance sheet management and continued focus on capitalising on market opportunities and optimising returns.

WTS has also delivered consistently superior Net Interest Margins (NIMs), outperforming peers through funding optimisation. Over the past five years, WTS has maintained leading NIMs1 among peers reflecting disciplined balance sheet management and effective funding cost optimisation strategies. The funding cost optimisations have been delivered because of its highly efficient deal team and operations teams who are able to source and process funding at optimal costs.

Incorporated in February 2010, WTS is a Primary Dealer Company authorised by the Central Bank of Sri Lanka (CBSL) and licensed by the Securities and Exchange Commission (SEC) as a stockbroker and stock dealer for debt.

WTS is one of only 5 non-banking primary dealers in Sri Lanka. As a primary dealer, WTS functions as an intermediary in the Government securities market, participating in T-Bill and T-Bond auctions, trading Government securities in the primary and secondary markets, trading portfolios and corporate debt and carrying out repo and reverse repo transactions.

The company’s main shareholders consist of Finco Holdings Ltd., SAFE Holdings (Pvt) Ltd, Iconic Trust Ltd. and GENESIIS Software Ltd., owning more than 50% of the company.

WTS has strong capital buffers reflecting prudent capital management, ensuring flexibility and readiness for increases in regulatory and capital requirements. As of 30 September 2025, WTS maintains a core capital of Rs. 6.3 billion, significantly above the current regulatory requirement of Rs. 2.5 billion and comfortably exceeding the anticipated increase to Rs. 5 billion by 2027. The capital buffer will further enhance post-IPO, with proceeds directed to bolster core capital, reinforcing resilience and readiness for future regulatory changes.

Following the targeted FY26 dividend pay-out, WTS said it will continue to maintain a robust capital buffer well above the minimum core capital requirement of Rs. 4 billion effective from 01 January 2026, underscoring its strong financial position. WTS said its A- (Positive outlook) credit rating from Lanka Rating Agency, indicates the company’s stability and prudent management.

The IPO funds will strengthen WTS current Pre-IPO core capital of Rs. 6.3 billion resulting in a post-IPO core capital of Rs. 6.8 billion. This will enable WTS to further expand its investment portfolio and deliver stronger returns to shareholders.

While WTS already meets the core capital requirements stipulated for the future as well, the IPO funds will further strengthen its capital buffer and provide an added cushion against any interest rate shocks.

Managers to the issue, Asia Securities said the IPO Offer Price provides an 18% upside to the Rs. 8.28 valuation derived from the Justified P/BV valuation (Primary Valuation Methodology).

WTS said it has delivered sustained profits across multiple interest rate cycles, with only one exception in FY22 when the entire primary dealer industry was impacted negatively, during which WTS successfully minimised its losses. Managing Director and CEO Romesh Gomez said WTS’s growth is driven by deep client relationships, insight-led decision making, technological integration and a performance-oriented team culture.

Revenue in FY25 was Rs. 4.6 billion down from Rs. 13.2 billion in the previous year. Profit after tax amounted to Rs. 1.2 billion as against Rs. 4.9 billion in FY24. Assets amounted to Rs. 23 billion whilst average annual transaction volume is Rs. 913.4 billion.

The senior management team with over 100 years of collective industry expertise drives WTS’s operational excellence. It includes Managing Director/CEO Romesh Gomez, Deputy CEO Priyanthi Abeyesekere, Trading and Research Development Head and Assistant General Manager Gayan Karunaratne, General Manager – Finance and Planning / Business Processing Ajith Athukoralage, and Senior Manager – Compliance and Risk Aruni Fernando.

WTS’ Board of Directors comprises Chairman Senaka Weerasooria, Managing Director/CEO Romesh Gomez, Anarkali Moonesinghe, Tarusha Weerasooria, Shanti Gnanapragasam, and Timothy Speldewinde.

The commanding pilot of the Bell 212 helicopter Wing Commander Nirmal Siyambalapitiya, who sacrificed his life at the Lunawa incident while engaged in emergency relief efforts, has been posthumously promoted to the rank of Group Captain by the Sri Lanka Air Force (SLAF).

With another pilot and three other airmen, he was engaged in delivering essential supplies including food and dry rations to families hit by floods under critical weather conditions but had to make an emergency landing near the Lunuwila Bridge on 30 November.

The SLAF said in a statement that his exemplary service and dedication to duty are honoured with the highest respect.

Wing Commander Siyambalapitiya, a highly experienced pilot with over 3,000 flying hours during his distinguished career, according to SLAF sources, had to do the emergency landing but all his attempts for a safe landing failed due to people standing on the bridge videoing the incident.

With the assistance of residents, all injured SLAF crew members, who fell into the river, were evacuated and taken to the Marawila Base Hospital but Wing Commander Siyambalapitiya succumbed to his injuries.

The Co-Pilot and three other crew members survived and are currently receiving medical care.

Following the directives of SLAF Commander Air Marshal Bandu Edirisinghe, a Board of Inquiry has been appointed to investigate the incident.

Meanwhile, the University of Colombo (UoC) has announced today that he has been conferred the Master degree in International Relations, today.

The UoC has stated in its Facebook that it was with profound sorrow that it announced the passing of Wing Commander Siyabalapitiya, a distinguished member of the MA in International Relations (2023/2024) program at the University of Colombo.

‘Wing Commander Siyabalapitiya made the supreme sacrifice in the line of national duty. In recognition of his academic dedication and service to the nation, the University will confer his degree posthumously’, it has stated.

Group Captain Siyambalapitiya’s remains was taken to his residence in Ratmalana yesterday evening and final rites will be conducted with full Air Force honours on 4 December.

The President’s Media Division has announced that LB Finance PLC has donated Rs. 5 million to support ongoing humanitarian assistance efforts.

The cheque was officially handed over by LB Finance Managing Director Niroshan Udage to President’s Secretary Dr. Nandika Sanath Kumanayake. Udage assured that LB Finance remains committed to extending further support to the Government’s relief initiatives in the future.

Senior Additional Secretary to the President Roshan Gamage, along with senior officials of LB Finance PLC were also present at the occasion.

The company is involved in the research, design, manufacturing, and exporting of advanced sports simulators and lifestyle products, with a particular emphasis on its flagship product, the SkiPod. Recognised as the world’s first indoor ski and snowboarding mixed reality simulator of its kind, the company’s primary markets include North America, Europe, and the UAE. Backed by US-based investment, SkiPod recently signed an agreement with the BOI to set up a manufacturing facility, with Phase I valued at $ 3 million. The investment is facilitated by the Continam Group, which operates from New York and Colombo.

BOI Chairman Arjuna Hearth congratulated the management of Skipod on its new investment. ‘The latest technology and sports sector investment demonstrates to the rest of the world how Sri Lanka can serve diverse sectors. Most importantly, new learning on simulation technology, both hardware and software, will provide much-needed learning opportunities for Sri Lankan youth,’ he underscored.

The SkiPod simulator is driven by the desire for year-round training, improved safety, and performance optimisation for both professional athletes and recreational enthusiasts. The market includes a range of products, from high-end commercial and professional machines that can mimic real-world terrain to more accessible home-use models. Key growth factors include the increasing number of participants and the projected shortening of ski seasons, which drives demand for alternative training methods.

It further redefines superseding technology. SkiPod isn’t just about technology-it’s about creating genuine moments of joy, excitement, and achievement. Whether you’re an experienced skier or trying it for the first time, this mixed reality experience delivers authentic sensations in a safe, controlled environment. Diverse products and technology options will bring a multifaceted life experience to the customer.

Treadmill simulators: These often feature a continuous, rotating slope that simulates downhill movement and speed. Mixed-reality simulation and 3D environments: Advanced simulators use computer-controlled motors to recreate the terrain of famous ski resorts, including specific features like bumps and ice, based on 3D scans of the actual mountains.

Adjustable settings: Many simulators allow for customisation of speed, incline, and other parameters to accommodate different skill levels and training goals.

Performance tracking: Software is used to analyse a user’s technique (pressure, angle, position) and provide feedback, allowing instructors and users to track progress.

The SkiPod simulator offers various difficulty levels and customisable settings to cater to individual skill levels. This versatility makes it an ideal training tool for both beginners and seasoned skiers looking to refine their techniques. They range from basic fitness devices to high-tech systems with interactive screens, Immersive simulation, virtual reality and computer-analysed feedback, used by beginners and professional athletes alike.

This new technology-driven manufacturing ecosystem will create new opportunities for the Sri Lankan employees. The New York-based company will open a new dimension of technology advancement with Industry 4.0, with key emphasis on interconnected machinery, smart factories, and enhancing efficiency, flexibility, and productivity.

Sri Lanka continues to receive significant international support following the devastation caused by Cyclone Ditwah, which has resulted in hundreds of deaths and left hundreds of thousands displaced across the country. As recovery operations intensify, nations across the world have expressed solidarity while several key allies have mobilised direct relief assistance on the ground, the President’s Media Division said in a statement.

India has taken a leading role in immediate emergency response efforts. Prime Minister Narendra Modi conveyed heartfelt condolences to President Anura Kumara Dissanayake and reaffirmed that India ‘stands firmly beside Sri Lanka and its people in this difficult hour,’ pledging continued support under Operation Sagar Bandhu for relief, rescue and rehabilitation efforts.

He further assured that India will extend ‘all necessary support’ as Sri Lanka moves into recovery. Earlier, India dispatched humanitarian assistance through INS Vikrant and INS Udaygiri, which delivered relief materials in Colombo, with further deployment underway.

The United States strengthened its humanitarian contribution with the delivery of 20,000 polysacks to reinforce embankments and mitigate rising water levels, while additional supplies including generators, cooking stoves, water bins and tents will be provided through the World Food Program (WFP).

Further deepening engagement, US Special Envoy for South and Central Asian Affairs Sergio Gor spoke with President Dissanayake on Thursday, during which the President conveyed Sri Lanka’s gratitude for continued US support.

The United States reiterated its commitment to stand by Sri Lanka, noting that it is closely monitoring the evolving situation and extended deepest condolences to families who have lost loved ones. The call highlighted ongoing cooperation as Sri Lanka faces one of its worst natural disasters in recent years.

In a statement issued from Moscow, Russian President Vladimir Putin expressed his deep condolences, saying: ‘Please accept my sincere condolences over the numerous human casualties and the extensive destruction caused by the floods and landslides that have struck your country. I ask you to convey words of sympathy and support to the families and loved ones of those who perished, as well as wishes for a speedy recovery to all those injured.’

Australia has pledged AUD 1 million for immediate response and early recovery assistance, while Nepal announced a contribution of $ 200,000 to support relief efforts.

Pakistan has also delivered substantial emergency supplies, with the Pakistan Navy Ship PNS SAIF handing over relief items through the Sri Lankan Navy to support families affected by flooding. The Maldives confirmed the donation of $ 50,000 along with 25,000 cases of tuna cans, expressing solidarity with Sri Lankan communities affected by the disaster.

Additionally, the Sri Lankan expatriate business community in the Maldives contributed $ 33,000 to ongoing operations.

The United Nations in Sri Lanka is also coordinating efforts with national authorities to support rescue, emergency relief and early recovery initiatives.

Meanwhile, a significant number of partner nations and diplomatic missions have extended messages of sympathy and solidarity.

Cuba, Trkiye, Nicaragua, European Union had conveyed their condolences, as did the State of Palestine which said: ‘The Foreign Affairs and Expatriates Ministry expresses its deepest condolences and sympathies to the friendly Government and people of Sri Lanka, and to the families of the victims of Typhoon Ditwah, which struck the Sri Lankan island, leaving tens of casualties and displaced tens of thousands of people, leaving behind extensive destruction and great suffering. The Ministry wishes a speedy recovery to the injured and alleviates the suffering of those affected, confirming that the entire State of Palestine stands with the friendly Government and people of Sri Lanka in this cruel humanitarian situation.’

As relief continues to arrive by sea and air, Sri Lanka’s recovery effort is being strengthened by a unified global response, reflecting deep diplomatic partnerships and regional cooperation in disaster management. The government has stated that international coordination remains critical as communities begin the long process of rebuilding homes, livelihoods and essential infrastructure.

The Government of Nepal yesterday expressed its profound sorrow and deepest sympathies to the Government and people of Sri Lanka over the recent devastating floods that have claimed numerous lives and caused extensive damage across the country.

‘In the spirit of close bilateral relations, Nepal stands firmly with Sri Lanka in this difficult time. The Government of Nepal offers its heartfelt condolences to the bereaved families and wishes for swift and complete recovery to the injured,’ Nepal’s Foreign Affairs Ministry noted in a condolence message.

As a gesture of solidarity, the Government of Nepal has decided to extend an assistance of $ 200,000 for the relief and recovery operations.

‘The Government and people of Nepal remain confident in the resilience and strength of the people of Sri Lanka as they recover and rebuild from this tragedy,’ it added.

The Board of Investment (BOI) yesterday confirmed that all Free Trade Zones (FTZs) have resumed near-full operations, with only limited disruptions reported in the aftermath of Cyclone Ditwah. ‘We have successfully kept the impact to a minimum. Only the Thulhiriya zone and a single factory in the Polgahawela zone experienced notable damage,’ BOI Chairman Arjuna Herath told the Daily FT.

He added that BOI teams worked around the clock to restore electricity and water supply in affected areas, ensuring factories could resume operations as quickly as possible.

The Chairman added that the BOI continues to monitor conditions closely as factories work through logistical challenges arising from the adverse weather.

BOI Director General Renuka Weerakone noted that while overall attendance has dropped due to difficulties in accessing work sites, particularly where certain roads remain partially submerged; factory operations have not been halted. She added that some companies have introduced work-from-home (WFH) flexible arrangements, where feasible to ensure business continuity. (CdeS)

The Management Club (TMC) Colombo chapter has concluded its 3rd Members’ Speak event titled; ‘Eat the Soup! Project Management for Organisational Survival, Growth and Success’ on 13 November 2025 at the Cinnamon Grand Hotel, drawing an audience of professionals and entrepreneurs eager to strengthen their understanding of project management.

TMC Colombo Chairperson Duneeshya Bogoda, highlighted the organisation’s mission of fostering professional growth through knowledge, networking opportunities and member engagement. She also announced two major events planned for 2025-‘The Way Forward’ and ‘TMC Christmas Night.’

TMC Vice Chairman Samitha Senevirathne, compered the event with his signature engaging style. He also introduced the theme, describing it as a thought-provoking and relatable concept-much like titles such as; Rich Dad Poor Dad and Who Moved My Cheese. His introduction set the tone for a session that encouraged participants to see project management through a creative and practical lens. The keynote speaker, Dr. Madhu Fernando, a seasoned project management expert with over 30 years of experience, captivated the audience with her unique approach of explaining project management through the process of preparing a soup. She linked each step-identifying who will ‘eat’ the soup, gathering and preparing ingredients, planning, execution, and serving-to core project management principles such as understanding stakeholder needs, planning, teamwork, resource allocation and delivering results. Dr. Fernando emphasised that effective project management is essential for organisational survival and growth across all sectors. Poorly managed projects, she noted, are similar to ‘burnt soup’-a result of inadequate planning, weak communication and insufficient monitoring.

Industry professionals in the calibre of S.A. Paulraj, Nihal Premachandra praised the session, commending the freshness of the metaphor and the clarity of delivery. Dr. Saliya Balasooriya, project Chairperson of the Members Speak initiative, thanked the speaker and audience for their active participation and noted the relevance of addressing Sri Lanka’s project delivery challenges. The event concluded successfully, reinforcing TMC Colombo’s commitment to advancing professional excellence and meaningful learning experiences.