Category: Daily Financial Times

Last week, the tourism industry marked two million tourist arrivals for this year. It is a figure that signals renewed global confidence and a welcome boost to an economy still in recovery mode after the 2022 collapse. Yet it also comes with a sobering reminder.

The ambitious target of three million visitors, set by the Government at the beginning of the year, will not be met. Tourism authorities have been quick to point to delays in the expansion of the Bandaranaike International Airport as the key reason for this shortfall. While infrastructure bottlenecks undoubtedly play a role, this moment calls for deeper reflection. What does it truly mean to chase numbers – and at what cost?

For too long, Sri Lanka’s tourism strategy has been dominated by arrival targets. Hitting big numbers makes for good headlines, but it risks masking the real questions. Should our aim simply be to bring more tourists, or to generate more income while protecting our environment and preserving the quality of the visitor experience? Tourism, like any ecosystem, has a carrying capacity. Beyond a certain threshold, services strain, natural resources degrade, and the overall value generated begins to diminish. Growth then becomes counterproductive.

This phenomenon – over-tourism – is already visible in parts of Sri Lanka. National parks are overcrowded to the point of damaging both wildlife and visitor experience. Cultural sites, once treasured for their serenity, struggle under the weight of endless foot traffic. When tourists are herded through these places in long queues, unable to appreciate their beauty or significance, the very essence of Sri Lanka’s appeal is lost.

The tourism industry must therefore remain vigilant about the saturation point, the moment when volume compromises value. When that happens, tourists depart with a poorer impression of the country, and service providers face burnout, rising operational costs, and shrinking margins. To safeguard the sector, policymakers and industry leaders should work together to establish clear carrying capacities for high-traffic sites. Equally important is spreading tourist arrivals both geographically and seasonally, reducing pressure on the same hotspots and allowing lesser-known regions to benefit.

The conversation around promotion and branding also demands rethinking. The private sector has long criticised the lack of cohesive and consistent marketing efforts from the Government. While this critique is valid, relying on the State alone is neither realistic nor strategic. At a time when public finances are under severe strain – with pressing obligations in welfare, healthcare, and public services – tourism promotion is an area where the private sector must assume greater leadership. With its agility, market knowledge, and access to global networks, the private sector is well-placed to drive targeted, innovative, and sustainable campaigns. Government’s role should be enabling and regulatory, ensuring standards, security, and long-term planning, rather than attempting to be the primary driver of growth.

Ultimately, Sri Lanka needs a tourism vision that prioritises quality over quantity. This means investing in infrastructure that supports eco-friendly travel, empowering local communities to participate meaningfully in the tourism value chain, and educating both visitors and operators on responsible practices. It also means shifting away from an obsession with arbitrary numerical targets.

The ambition should be to build a tourism sector that delivers high value with low impact and one that enriches the economy, protects the environment, and offers visitors authentic, meaningful experiences. Numbers may tell one part of the story, but the true measure of success lies in sustainability, resilience, and long-term benefit.

In a continued effort to empower Sri Lanka’s small and medium enterprises (SMEs) and indirect exporters, NDB Bank has extended a credit facility to Khanthmi Sports Workshop and Exports, a rising player in the country’s sports goods manufacturing sector.

This facility was granted under the National Credit Guarantee Institution Ltd., (NCGI) loan guarantee scheme, enabling the business to expand operations without the traditional constraints of collateral.

Khanthmi Sports Workshop and Exports, engaged in the manufacture and indirect export of high-quality cricket bats, recently inaugurated its new workshop-an important milestone in its journey of growth and innovation. The expansion marks a significant step towards enhancing production capacity and strengthening Sri Lanka’s presence in the global sports equipment supply chain.

By leveraging the NCGI guarantee mechanism, which provides collateral-free access to finance, NDB Bank has reaffirmed its commitment to creating inclusive pathways for entrepreneurs and SMEs. This support enables businesses like Khanthmi Sports to channel their resources towards scaling operations, adopting modern technology, and contributing to export growth, while building resilience in an increasingly competitive market.

A representative from NDB said: ‘NDB has always recognised SMEs and exporters as key drivers of Sri Lanka’s economy. Our partnership with the NCGI allows us to extend timely and effective financial support to businesses that require an extra push to reach their full potential. We are proud to stand alongside Khanthmi Sports Workshop and Exports as they continue to grow, innovate, and carry Sri Lanka’s sporting heritage into international markets.’

Through this partnership, NDB continues to demonstrate its role as a nation-building bank, dedicated to fostering entrepreneurship, empowering SMEs, and strengthening Sri Lanka’s export economy. With innovative collaborations such as those with the NCGI, the bank remains committed to driving sustainable economic progress and supporting businesses that contribute to the country’s long-term prosperity.

LAUGFS Eco Sri Ltd., has been honoured with the Bronze Award in the Extra-Large Service Sector Category at the prestigious Ceylon National Chamber of Industries (CNCI) Achiever Awards 2025, marking yet another milestone in its journey of excellence and sustainability.

This prestigious recognition marks a significant milestone in the company’s journey of excellence, innovation, and unwavering dedication to sustainability. This accolade reflects LAUGFS Eco Sri’s continuous pursuit of service excellence, environmental responsibility, and operational efficiency. The award underscores the company’s strong leadership in advancing sustainable mobility solutions and driving Sri Lanka’s efforts toward cleaner air and greener practices.’

LAUGFS Eco Sri Ltd., Director – Chief Executive Officer Saliya Dissanayake, expressed his heartfelt gratitude to the entire team for their unwavering commitment and hard work that made this success possible. He stated that the Bronze Award is a true reflection of the company’s collective dedication, innovation, and passion for excellence. He further emphasised that every milestone achieved by LAUGFS Eco Sri is driven by its people, a team united by a shared vision to make a positive impact on the environment and society. ‘At LAUGFS Eco Sri, we take immense pride in our contribution towards a cleaner, greener Sri Lanka. This recognition not only celebrates our operational excellence but also strengthens our resolve to continue leading the way in sustainable practices and emission management across the nation,’ he added.

With a steadfast mission to champion cleaner air, safer roads, and a more sustainable future, LAUGFS Eco Sri continues to set benchmarks in environmental responsibility and service excellence. The Bronze Award at the CNCI Achiever Awards 2025 reinforces the company’s reputation as a true industry leader in Sri Lanka’s sustainability landscape and stands as a proud recognition of its journey towards creating a cleaner, greener nation.

Union Bank recently conducted a panel discussion with several industry experts sharing key insights on sustainable finance. The discussion covered highlights on climate finance, digital economy transition, women financing and social entrepreneurship.

The panel was represented by Sri Lanka Banks’ Association Secretary General Indrajith Boyagoda, The Ceylon Chamber of Commerce Chief Economic Policy Advisor Shiran Fernando, Hayleys PLC Group Treasury Sriyamal Gamage, UNDP Climate and Environment Team Technical Coordinator Suranga Karavita, and UNIDO Sustainable Finance Specialist Kapila Subasinghe and was moderated by Union Bank’s Head of Sustainability Adeesha Perera.

Newest cyber scam: Pig Butchering

The harvesting of cyberspace is necessary and useful for development, but it is also a fertile ground for those who are intent on robbing the gullible people of their wealth and money. Since money is exchanged through financial institutions, the proliferation of these criminal activities poses challenges for their risk management practices and, if not properly handled, causes an erosion in public trust in them. It leads to panic which is the worst enemy of both financial institutions and regulators. It, therefore, behooves them to take effective measures to keep the cyberspace financial crimes at bay. In a previous article in this series, I have spoken of how gullible people are duped by scammers using artificial intelligence or AI driven platforms.[1]

The newest addition to these scams is what is formally known as ‘Social Engineering Scams’ or aptly nicknamed ‘Pig Butchering’ going by the modus operandi used by scammers.[2] According to the USA based non-profit cyber security alerting group, National Cyber security Alliance, the term pig butchering is a translation from the Chinese term, Sha Zhu Pan which means killing pig plate.[3] Thus, for the scammers, the targeted victim is a pig to be fattened up for slaughter eventually so that the scammers can rid him of all his moneys. These pig butchering scams were first identified in China in about 2016 targeting the offshore gamblers. These networks, mostly based in Asian countries, soon spread to the rest of the world elevating them from a local issue to a global issue.

Use of bots to lure victims

They usually use social media to seduce the gullible victims, making it a fitting term to be called more respectfully social engineering scams. The perpetrators operate in the social media space through digitally created ‘bots’ whose identity or origin is not traceable and therefore not known to the targeted pigs.

Last week in Sri Lanka, apparently a group of mischief-makers had solicited Sri Lankans through a few bot-related postings to make a small investment amounting to Rs 75,000 which is roughly equal to $ 250 at current rates in their company and walk into richness within a month. They had used AI generated videos of the President, the Prime Minister, and two leading businesspersons to appeal to gullible people. The appeal had said that they are using an AI-generated algorithmic platform to reinvest the money invested by entrants to the scheme in global share markets to generate a regular high-income flow which is above $ 7,500 per month. The local investor does not have to do anything but to sit and wait, while the algorithmic platform does its work of generating the monthly high-income flow for him.

These are appealing to those who have a blind faith in AI, algorithmic platforms, and investments done by machines without human intervention which is often fraught with human error. Also, the amount invested is only a small sum, about $ 250 initially, which does not cause a great suffering to the investor even if he loses everything. The original videos cloning the voices of the President, Prime Minister, and the two businesspersons are no longer in Facebook apparently because they had been taken out by its scam alert management group on the ground that they had been fake scams. However, new videos with the same appeal made by cloned voices of other leading businessmen in the country have appeared on Facebook implying that the scammers do not want to stop their dirty game. This is a pig butchering scam of a different type.

Romance scams

The pig butchering scams are like online dating or romance or sweetheart scams or crypto currency scams. In a romance scam, a person-maybe a man or a woman-creates a fake online profile, fires up the charm, and stirs up the romantic feelings in targeted victims. After some romantic episodes of flirtation, the scammer asks for money which the victim cannot refuse because by that time, he or she is romantically attached to him.

These scammers try to be as convincing as possible using techniques like AI powered fake videos called deep-fake videos in the industry, or audio technology. If the victim fails to observe red flags about the romantic relationship, he or she becomes a readily usable prey to the scammer. Despite the frequent warnings given by alert groups or government authorities, many online romance seeking individuals choose to become readily usable prey.

Crypto scams

Crypto currency scams have become the usual order of the day because many, especially the young professionals, have lost their faith in physical currencies and have developed a blind faith in crypto which come from high technology which they cannot understand and therefore choose to accept with awe. Above all, they satisfy their inner motive to become quickly richer.

The scammers target such people, induce them to part with their money, provide a good return in the initial period, and rob all their assets eventually. Once the victim realises the folly he has done, it is too late for him to recover his stolen assets. That is because there is no audit trail which he can follow, they are beyond the regulatory arms of Governmental authorities, and the transactions take place instantaneously or more specifically, at the speed of light. Once a crypto payment is made, it is done and there is no way of reversing it even when one has found that there is an irregularity in the payment. This feature of the crypto makes them more efficient than physical currencies but at the same time, they offer a one-way path for scammers to steal the money belonging to victims.

The National Cyber security Alliance has documented how the pig butchering is practiced by scammers.[4] Though there

can be variations depending on the time, product, and location, the common traits are as follows.

Governments and blockchain analytics companies help citizens ex-post and not ex-ante. However, if a citizen has lost all his money due to a scam, he has already lost it and the Government’s intervention does not help him to avoid such transactions. In these circumstances, it is the responsibility of the citizens to jump into dubious investment schemes after verifying all the available information to establish the true credentials of those who offer investment opportunities for them

These cybercrimes have now become a social, economic, political, and geopolitical issue for national governments. They are a social issue because the lifetime savings of their citizens, knowingly or unknowingly, may be ripped off by scammers living in other countries. They become an economic issue because these scammers siphon off the valuable foreign exchange which the national governments wish to use for productive purposes. They become a political issue because some of the politicians, whether in the Government or in the Opposition, may function as leaders or patrons of such scams

Usual modus operandi

The usual method of reaching out to a prospective victim is to pretend that it was an accidental contact done by mistake. Once confronted, the crafty scammer will apologise profusely for the inconvenience caused to the victim. That is a very powerful entry point because by winning the trust of the victim, the scammer can now manipulate him step by step according to his wishes. These by mistake contacts may take place via emails or through propaganda done on social media platforms.

Accordingly, a potential victim may get an email which is not intended for him. But it provides an opportunity for the scammer to have his communication line open with the victim who now falls for his pretensions. In the initial stage, like in the case of romance scams, the true face of the scammer is not revealed. Over time, when the two parties have become thick pals online, the opportunity for investment, usually in a crypto currency or another similar platform, is offered to the victim. There can be suggestions for gold trading or forex trading too.

At that stage, the victim is not in a position to refuse the offer and accepts the same willingly. All these offers for investment are fakes or fabrications and moneys will go straight to a clandestine account maintained by the scammer. Thus, without the victim›s knowledge, his money is siphoned off by the scammer. In cases where the scammer intends to continuously siphon off the victim’s wealth, false profits are shown to him through fake investment platforms created by the scammer. After the victim’s beliefs about the profits are cushioned, the scammer encourages him to invest more money which sometimes may involve the use of his lifetime savings before eventually completely emptying the investment account. Whatever the method adopted, it is the practice

of the scammer to fatten the victim before he goes for slaughtering the victim.

Educated professionals becoming victims

The targeted victims are often educated young professionals who are not happy about their surroundings or societal opportunities available. But why should they fall for such crafty maneuvering by someone whom they have not met even in person? The obvious reason is that they are mentally unsettled and, therefore, wait for an opportunity that would enable them to realise their unfulfilled life goals. They have a blind trust in the delivery capacity of advanced science and technology, a misleading trait which they have gathered through education or interaction with peer groups.

Hence, they become a yielding hand to manipulation by someone who promises to deliver suns and moons to them. They abandon their critical thinking power-that is to question oneself why one holds a given view-and allow others to do the job. This can be observed in the high incidence of sharing of fake posters even by the educated intellectuals in social media without bothering to find out whether they have been concocted by some interested parties to fool others. This is happening when they have all the facilities to check the veracity of such posters instantly by getting the free support of the AI assistants now created by main internet search engines such as Google or Yahoo or Bing. This is intellectual laziness and it is that laziness which has converted them to be willing victims of crafty pig butchering scams.

Need for Governmental intervention

These cybercrimes have now become a social, economic,

political, and geopolitical issue for national governments.

They are a social issue because the lifetime savings of their

citizens, knowingly or unknowingly, may be ripped off by scammers living in other countries.

They become an economic issue because these scammers siphon off the valuable foreign exchange which the national governments wish to use for productive purposes.

They become a political issue because some of the politicians, whether in the Government or in the Opposition, may function as leaders or patrons of such scams.

They become a geopolitical issue due to the potential money laundering or terrorist financing by these scam networks, on one side, and establishing the work sites for their operations clandestinely within their territories by enslaving the gullible victims as operators, on the other. Recently in Sri Lanka, there was the story of some 20 odd young men and women working in slavish conditions in a clandestine cybercrime operational site located in Myanmar Thai border areas.[5]

Though the governments are not responsible for the losses incurred by private citizens due to their own folly, at the final analysis, it is the Government which must protect them from such cybercrime scams. Therefore, there is now coordinated global action by national governments to warn the citizens of such scams and track the scammers through various Government actions. For instance, the Canadian Government has created a Crypto Scam Tracker to receive complaints from the public and comprehend such scammers.[6] The government of Cayman Island, a known haven for money laundering, has issued a warning to the public about pig butchering scams through its Police Department.[7]

Blockchain analytics companies

National governments are now increasingly using ‘blockchain analytics companies’ to track down the cyberspace scammers. These companies use specialised software to analyse the public immutable transaction data on blockchains, connect pseudonymous wallet addresses to real world identities, and share this intelligence with law enforcement authorities and financial institutions.[8]

There are seven leading blockchain analytics companies, namely, Chainalysis, Elliptic, TRM Labs, Nansen, Merkle Science, Kaiko, and Crystal Intelligence. The services of these companies are essential because though the blockchain transactions are transparent for anyone to see, the available data only show transactions between different wallets addresses that are usually anonymous. Crypto currencies

have many legitimate uses, but they are also abused to facilitate illicit activity. In these

circumstances, the blockchain analytics providers help national governments and financial institutions to trace wallet addresses and transactions to real-world identities to gauge illicit uses.[9]

This is specifically useful since many crypto exchanges operate in territories where regulatory oversight by Governmental authorities is lax. The national governments and prospective investors are helpless in this situation because the necessary information to establish the credentials of the counterparties is available through the exchanges. The blockchain analytics companies can fill this gap.

Citizens who should be beware

However, governments and blockchain analytics companies help citizens ex-post and not ex-ante. However, if a citizen has lost all his money due to a scam, he has already lost it and the Government’s intervention does not help him to avoid such transactions. In these circumstances, it is the responsibility of the citizens to jump into dubious investment schemes after verifying all the available information to establish the true credentials of those who offer investment opportunities for them. That requires them to avoid potential scams at the first glance and not after the damage has been done.

Therefore, it is the citizens who should beware of pig butchering scams.

Zahira College produced a resilient and disciplined performance to win the Under-14 All Island Elite Schools Rugby Cup segment, overcoming Wesley College 5/0 in a tightly contested final at the Trinity College Rugby Stadium in Pallekele.

Played under persistent rain and slippery conditions, Zahira adapted better to the challenges, using structured defence and smart territorial play to seal the title.

Ananda won the Plate, while the Antonians clinched the Bowl trophy and Mahanama took home the Shield.

With a total of 32 teams locking horns in the two-day event across Digana and Pallekele, this year’s tournament once again highlighted the impressive depth and promise of Sri Lanka’s junior rugby talent. (SJ)

Hambantota International Port Group (HIPG) has partnered with Rank Container Terminals Ltd., (RCT) to develop a purpose-built container cargo inspection yard within the Port premises.

The new facility will serve as a centralised inspection point for all local import and export containers handled through Hambantota International Port (HIP), strengthening the Port’s role as a key logistics gateway for southern Sri Lanka.

The Rs. 1 billion project represents a significant private sector commitment to enhance operational efficiency, regulatory compliance, and trade facilitation. The developer will integrate modern technology and infrastructure in close collaboration with Sri Lanka Customs and other relevant Government agencies involved in container inspection.

The groundbreaking ceremony launching the partnership was also attended by senior Sri Lanka Customs officials, including Director General of Customs Seevali Arukgoda.

RCT Chairman Ravi Wijeratne said: ‘This facility is mainly targeted at servicing the southern hinterland of Sri Lanka. With the Colombo Port facing an excess of supply, the HIP can help reduce the pressure by providing an efficient alternative for container handling and inspection.’

HIPG CEO Wilson Qu said: ‘These extensions to the container yard are in line with our original master plan for Hambantota. Each new development strengthens the Port’s ability to meet the growing logistical demands of the region and positions the HIP as a key enabler of trade and industrial growth in southern Sri Lanka.’

Founded in 1994, RCT operates Sri Lanka’s leading Inland Clearance depot facility in Colombo, and is recognised as the country’s pioneer import inspection facility. RCT is also the largest terminal operator in Sri Lanka to host all key Government and regulatory agencies in-house, including Sri Lanka Customs, and other Government authorities.

By leveraging this experience, RCT plans to replicate its successful one-stop-shop model in Hambantota, by providing comprehensive container handling and inspection services designed to streamline cargo movement and minimise logistical bottlenecks.

The HIP continues to position itself as a multi-purpose maritime and logistics hub for Sri Lanka’s southern region, connecting industrial, automotive, energy, and container operations within a fully integrated ecosystem.

The Women’s Chamber of Industry and Commerce conducted its 40th Annual General Meeting recently with Gayani de Alwis commencing her second term as Chairperson for the period 2025/2026, as per the constitution of the WCIC.

Addressing the AGM, de Alwis pledged her commitment to driving the WCIC vision to be the ‘think tank’ voice and the ‘platform’ empowering women to be powerful nation builders by participating in transforming economic growth of the country.

«Over the past four decades of our trailblazing journey, WCIC has evolved into a think tank, voice and a platform for women in business, fostering an inclusive environment where women entrepreneurs can thrive.

“We have witnessed remarkable growth and transformation in our journey through encouraging participation, creating opportunities, removing barriers to build sustainable businesses along the way” ,she said.

She emphasised that the WCIC as the National Chamber for Women in Business, collaborates with all Chambers and has partnerships with like minded organisations with similar objectives. These initiatives allow the Chamber members to benefit from efforts across all such organisations.

WCIC during the year championed our three flagship properties which have clearly defined objectives and deliverables. WCIC Prathibhabisheka – Women Entrepreneur Awards 2024, which recognise and rewards outstanding women entrepreneurs across the country and the SAARC region, WCIC Women Leadership Forum – which deliberates on pertinent topics relevant to women in business and shares unique knowledge and learning opportunity, WCIC RampUp – The fashion show providing opportunity for entrepreneurs in the fashion business to showcase their products on the ramp and to become export ready.

De Alwis concluded her speech by thanking the Past Chairpersons and members for their presence and the Pillar Leads for their dedicated voluntary service and appreciating the outgoing Board Members contribution to the WCIC.

Gracing the post event as Chief Guest was 99x Founder and Chairman Mano Sekaram who shared insights on the importance of entrepreneurships and particularly start-ups. ‘In comparison to large-scale businesses, SMEs are the ones that really create job opportunities’. «While SMEs are good for the economy, Start-ups are the disruptors of the market,» he said. As an Investor, he encouraged the setting up of more start-ups to grow the country’s economy even further.

The post AGM session was attended by invitees from the national chambers, banks and business community.

The Women’s Chamber of Industry and Commerce is the premier organisation supporting Entrepreneurs and professional businesswomen. With a well-structured Board of Management and Pillar teams and Leaders with dedicated responsibility the organisation focuses on achieving its detailed objectives with a clearly defined strategic plan, as well as a plan into action. The membership is open to women who believe they can contribute to society as well as benefit from the many facilities the organisation creates.

Red Bull’s Max Verstappen won the Las Vegas Grand Prix on Saturday, but McLaren’s Lando Norris has one hand on the Formula One title after finishing second and stretching his lead over teammate Oscar Piastri to 30 points.

Piastri finished fourth after Mercedes’ Kimi Antonelli, who was ahead of the Australian at the chequered flag, had five seconds added for jumping the start. George Russell, last year’s winner of the floodlit race and, like Norris, making his 150th start, completed the podium for Mercedes.

With two grands prix and a sprint remaining, worth a maximum 58 points, Norris has 408 points to Piastri’s 378, with four-time world champion Verstappen still mathematically in contention on 366.

Norris finished 20.741 seconds behind but can now secure his first title in Qatar this weekend, with McLaren having already clinched the constructors’ crown for the second year in a row.

‘The car was working pretty well, much more to my liking,’ said Verstappen, ferried to the podium with Norris and Russell in a LEGO pink Cadillac convertible driven by actor Terry Crews as fireworks lit up the sky over the strip. ‘It was at the end quite a decent gap.’

It was the 69th win of Verstappen’s career and his sixth of the season, as well as his 125th podium and eighth in a row in the 150th Grand Prix of Red Bull’s partnership with Honda.

Antonelli finished fifth with Ferrari’s Charles Leclerc sixth and Williams’ Carlos Sainz seventh. Isack Hadjar was eighth for Racing Bulls, and Sauber’s Nico Hulkenberg and Ferrari’s Lewis Hamilton completed the top 10.

The Mercedes-Benz Fashion Week (MBFW) presented by the Academy of Design (AOD) and powered by DIMO held its ‘Future Craft Runway’ on Friday at Cinnamon Life, City of Dreams. Day 3 featured 18 fashion brands and designers, redefining fashion through sustainable creativity and craftsmanship, while honouring local heritage and successfully adapting it for a global future.