Category: Daily Financial Times

In a milestone for Sri Lanka’s industrial journey, Melwire Rolling (Pvt) Ltd, a subsidiary of Melwa Conglomerate, has become the first and only Sri Lankan steel manufacturer to receive the prestigious Eco Label Sri Lanka certification.

Awarded by the National Cleaner Production Center (NCPC-SL), this recognition places Melwire under the Steel and Steel-Based Products category, certified specifically for its Hot Rolled QST rebars and wire rods, under the certification number EL-ST-25-2025. This certification assures stakeholders that these products meet stringent environmental, health, and social performance criteria.

Sri Lankan Steel, Strength Made Real

Melwire Rolling, established in 2002, has grown into the cornerstone of MELWA’s manufacturing strength. Over the years, the company has pioneered important innovations, most notably introducing Quenched and Self-Tempered (QST) RB500 rebars to the Sri Lankan market in 2011/12. By 2018, the company had taken a major step forward, commissioning Sri Lanka’s first state-of-the-art rolling technology from Danieli-Italy, setting new standards for consistency, reliability, and efficiency in steel production.

Today, Melwire’s portfolio stands for its vision for modern infrastructure. The company produces QST rebars of Grade RB500 (SLS 375), carefully engineered to meet the demanding needs of contemporary construction, alongside wire rods that serve as versatile raw materials for downstream fabrication and a wide spectrum of structural applications. Both represent Melwire’s promise of durability, tested strength, and uncompromised quality, now certified with the added value of eco-responsibility.

Stand with Eco Label Assurance

The Eco Label Sri Lanka program, managed by the NCPC, is the country’s first national green certification scheme built on ISO 14024:2018 standards. It subjects products to rigorous life-cycle assessment and third-party review, ensuring credibility and transparency. While it spans categories from food and textiles to construction materials, steel has now entered the list with Melwire’s certification, a milestone that assures contractors, policymakers, and consumers of sustainability compliance, eligibility for green public procurement (GPP), and products that support both people and the environment.

Local Credentials to Resonate Globally

The Eco Label builds confidence across the global construction sectors, giving engineers and developers assurance that QST rebars and wire rods deliver not only performance but also environmental responsibility.

Beyond local impact, MELWA’s established export presence gains fresh momentum.

Backed by the Eco Label, the brand enters global markets as a trusted eco-conscious supplier at a moment when green procurement is shaping the way nations build. As a result, Melwa’s landmark entry into the Canadian market with 15m and 18m reinforcement bars is not only a historic triumph for Sri Lanka but also a proof to our ability to meet the world’s highest construction standards. Guided under eco-conscious and ethical manufacturing practices, this achievement positions Melwa as a responsible steel supplier idefined by both strength and integrity.

Looking Ahead for Sustainable National Growth

Sri Lanka’s journey toward sustainable growth will depend on industries capable of marrying performance with responsibility. In this respect, MELWA’s Eco Label recognition does more than validate a product; it positions the brand itself as a trusted partner in building the nation’s future.

As a 100% home-grown company, MELWA has long stood at the heart of Sri Lanka’s development story. Its QST rebars and wire rods are embedded in housing schemes, high-rise apartments, commercial complexes, and mega infrastructure projects that shape the country’s skylines and connect its communities. By adding eco-certification to its credentials, MELWA has deepened its relevance to architects, engineers, and the broader construction fraternity who are increasingly called to integrate sustainability into their designs and specifications, which can speak directly to the ethos of modern engineering.

The recognition also carries a symbolic weight for the Sri Lankan engineering fraternity. For policymakers and project developers, it offers a compelling choice: a national brand that not only builds reliably but does so with a commitment to future generations.

In doing so, the MELWA brand secured its position that the home-grown industry can be both the backbone of infrastructure and the beacon of an eco-friendly future in Sri Lanka.

The Sri Lanka Accounting and Auditing Standards Monitoring Board (SLAASMB) has reported that while overall compliance with Sri Lanka Accounting Standards (LKAS) remained broadly stable in 2024, nearly half of the financial statements reviewed required improvements, underscoring ongoing weaknesses in disclosure quality and accounting judgments across sectors.

According to its Regulatory Activity Report 2024, the SLAASMB reviewed 388 sets of financial statements relating to 381 economically significant Specified Business Enterprises (SBEs) from the public and private sectors, a sharp increase from 261 reviews in 2023 following additional supervisory recruitment.

Around 62% of the financial statements reviewed during the year comprised of regulated entities and the balance represented economically significant private entities.

Of the 388 financial reports reviewed, 51% were fully compliant with applicable standards, while 49% required improvements. No cases warranted enforcement action for significant non-compliance.

The regulator identified recurring deficiencies in several core areas of annual reporting.

These included incomplete disclosures on risks arising from financial instruments, inadequate maturity analyses of financial liabilities, and weak impairment assessments under SLFRS 9 and LKAS 36.

Entities continued to under-report information on valuation techniques and fair value hierarchy classifications, while revenue recognition disclosures under SLFRS 15 remained insufficient in timing, payment terms, warranties and performance obligations.

Disclosure gaps also surfaced in tax reconciliations, related-party transactions, depreciation practices, cash flow classifications, and accounting policy explanations. The SLAASMB highlighted instances where entities failed to reassess useful lives of fully depreciated assets or omitted required details on revalued property, plant, and equipment.

Compliance challenges extended to impairment reviews. Several SBEs did not recognise expected credit losses despite observable evidence, and some omitted the time value of money in ECL calculations. The regulator stressed that these omissions directly affect the reliability of financial statements.

On audit oversight, the SLAASMB inspected 22 audits conducted by six firms, up from 16 in 2023. 19 audits were compliant with Sri Lanka Auditing Standards, while three required improvements.

Deficiencies mainly related to audit planning, risk assessment, testing of journal entries, audit evidence for revenue and inventory, evaluation of going-concern disclosures, and sample selection procedures. These findings were communicated through observation letters.

The SLAASMB said it continued sharing inspection outcomes with audit committees of listed companies to strengthen governance oversight. It also collaborated with CA Sri Lanka to disseminate common inspection findings to preparers and auditors.

The regulator noted improved submission rates of annual reports during the year, with 1,517 SBEs filing financial statements compared to 1,194 in 2020, reflecting a recovery from pandemic-era disruptions.

While compliance levels remain high at a macro level, the SLAASMB’s 2024 findings underline that the quality of annual reporting still depends heavily on the diligence of preparers and auditors in applying standards relating to disclosure, measurement and judgment, areas where weaknesses remain recurring and widespread.

Managed by David Pieris Racing and Leisure Ltd., the motorsports arm of the David Pieris Group of Companies, SpeedBay is redefining motorsports in Sri Lanka. As the first international karting track in South Asia built to CIK-FIA standards, SpeedBay stands as the beating heart of the island’s fast-growing motorsports and leisure entertainment industry.

Nestled in Bandaragama, this 1,217-metre state-of-the-art circuit has become the country’s premier destination for both professionals and enthusiasts. Since its inception, SpeedBay has hosted prestigious international events like the X30 Asia Cup in 2018 and has been the venue for the Asia Pacific Motorsports Championship 2025, which brought together 210 competitors along with their racing teams, mechanics, families, and supporters from over 25 countries, positioning Sri Lanka on the global racing map.

SpeedBay also hosts professional karting championships every year, fostering the growth of motorsports across the country. In 2025, the launch of two international series, the IAME Series Sri Lanka and the Sodi World Series (SWS), marks a new milestone for the circuit, attracting top-tier local and international drivers while providing Sri Lankan competitors with the opportunity to qualify for the world finals and represent the nation on the global stage.

SpeedBay enables drivers to purchase BirelART professional racing karts, IAME engines, and OMP racing equipment through its authorised dealership in Sri Lanka. The facility also allows drivers to store and maintain their karts, offering full servicing, repairs, and maintenance support. Combined with structured driver coaching programs conducted by SpeedBay instructors, it creates a complete motorsport ecosystem that helps drivers enhance their skills and advance in the sport.

In a major step forward, SpeedBay recently upgraded its entire kart fleet to world-class Sodi karts, the globally acclaimed brand from France. Sodi leads the world in both leisure and competitive karting, and with their introduction in Sri Lanka, exclusively at SpeedBay, marks the dawn of a new era in motorsports entertainment. With the largest Sodi kart fleet in Asia, SpeedBay further strengthens its position as a regional leader in karting and motorsport experiences.

With this upgrade, every driver receives race suits and safety gear, ensuring international racing standards and a true racing experience in every session. This bold move by the David Pieris Group further underscores its commitment to bringing global-level motorsport experiences to Sri Lanka.

Adding to its allure, SpeedBay sits adjacent to Sri Lanka’s first-ever water park, built to European health and safety standards, creating a unique blend of speed, excitement, and recreation. Expanding beyond Bandaragama, SpeedBay also features a 600-metre leisure circuit at Port City Colombo, offering an enjoyable and accessible karting experience in the heart of the capital.

Backed by over 40 years of trust, innovation and leadership from the David Pieris Group, SpeedBay is not just a racetrack; it’s Sri Lanka’s only international racing platform. It drives the nation’s motorsports ambitions, fuels tourism, and offers every visitor a world-class adrenaline experience right here at home.

Union Assurance has celebrated the outstanding achievements of its top-performing Insurance Relationship Officers (IROs) of the Partnership Distribution Channel at a MDRT recognition event, held at Hilton Colombo. The event honoured over 65 active qualifiers from the Partnership Distribution channel who achieved the prestigious Million Dollar Round Table (MDRT) status for the year 2024, including two Top of the Table (TOT) and 14 Court of the Table (COT) qualifiers.

The MDRT, COT, and TOT recognitions are globally respected benchmarks in the Life Insurance industry, representing the highest standards of performance, professionalism, and customer service. Union Assurance’s commitment to nurturing talent and driving excellence was evident in the calibre of achievers celebrated at the event.

Union Assurance Chief Partnership Distribution Officer Wathsala Aluthgedara, said at the event: ‘We are immensely proud of our top achievers whose dedication and excellence have earned them global recognition through MDRT, COT, and TOT achievements. Their success reflects Union Assurance’s unwavering commitment to equip our distribution force with the right tools, training, and culture to thrive. This milestone is not just a celebration of individual accomplishments, but a testament to the strength of our Partnership Distribution channel in delivering world-class Life Insurance solutions to Sri Lankans.’

The conference also featured an inspiring keynote address by renowned speaker Fahad Farook. This dynamic session was designed to empower IROs with the tools and mindset needed to elevate their performance and expand their impact across Sri Lanka.

Union Assurance is a subsidiary of John Keells Holdings PLC (JKH).

IFS, the leading provider of Industrial AI software, last week announced at Industrial X Unleashed in New York a strategic partnership with 1X Technologies (1X), to jointly industrialise humanoid robotics for asset-intensive industries.

The collaboration will combine 1X’s humanoid robots with IFS.ai to develop and deploy production-ready robotics solutions alongside select customers across manufacturing, utilities, aviation and other industrial settings.

The partnership creates a unified digital-physical operational environment where intelligent robots work directly within enterprise business processes. By integrating humanoids with IFS.ai, IFS and 1X will deliver solutions that close the loop from physical execution to business intelligence, enabling real-time orchestration of robotic operations and seamless data flow between physical work and enterprise systems.

IFS and 1X will work with select customers to industrialise and validate humanoid robotics solutions across high-impact use cases: manufacturing and smart factory automation, IoT-enabled robotics feeding real-time operational data into IFS.ai, field service automation combining robotic hardware with intelligent maintenance orchestration, and vertical-specific applications for warehousing, aviation MRO to utility maintenance. This collaborative approach with pioneering customers will ensure solutions are production-ready and deliver measurable operational outcomes.

IFS Chief Product Officer Christian Pedersen said: ‘This partnership represents an exciting opportunity to bring together the physical and digital AI worlds. By integrating 1X’s advanced robotics with IFS.ai, we’re creating solutions where intelligent machines and intelligent systems work in harmony. This isn’t about adding robotics as a feature, it’s about embedding intelligence in context, delivering real value to customers operating in asset-intensive environments. We’re focused on making a meaningful difference for businesses that manufacture, service, and maintain critical assets.’

1X Technologies EVP Sales and Operations Jorge Milburn said: ‘This collaboration creates a seamless connection between physical execution and intelligent business processes. By integrating our humanoids with IFS.ai, we’re building solutions where robots don’t just operate in isolation, they understand operational context, adapt to changing conditions, and deliver data that drives better decisions across the enterprise.’

The future industrial workforce: Humans, digital workers, and robots

The partnership represents a critical step in IFS’s vision of workforce multiplication in industrial operations. Industrial sectors face massive labour shortages: 1 million open jobs in the U.S. alone, half in manufacturing, while re-industrialisation and energy demand accelerate.

Where operations today rely on 300 human workers barely covering demand, the future holds 3,000+ total workers: human experts elevated to orchestration and judgment calls, digital workers (AI agents) running diagnostics and workflows 24/7, and robotic workers inspecting assets and handling hazardous work in challenging environments. For the first time in industrial history, output is no longer limited by how many humans organisations can hire.

IFS orchestrates all three as one integrated system, the only platform designed to schedule, manage, govern, and optimise human, digital, and robotic workers together. The 1X partnership extends this capability into the physical world, enabling robotic workers to be deployed and managed within the same enterprise platform that runs operations.

The partnership builds on IFS’s Industrial AI strategy, including the Nexus Black innovation accelerator and recent acquisitions of TheLoops and 7Bridges, which have positioned IFS to deliver agentic AI capabilities across customer operations. With advanced robotics integration, IFS continues to build the platform for the complete future of industrial work.

The integrated solutions will be showcased to IFS customers globally, with commercial availability planned for 2026.

1X is a leading U.S.-based AI and robotics company, developing NEO-the humanoid robot. 1X’s mission is to create an abundant future through safe, intelligent humanoids. The humanoid platform from 1X has been designed to operate amongst humans. From homes to manufacturing floors. 1X provides an artificial labour solution to enhance human potential.

IFS technology solutions enable businesses which manufacture goods, maintain complex assets, and manage service-focused operations to unlock the transformative power of Industrial AI to enhance productivity, efficiency, and sustainability.

The National Cleaner Production Centre (NCPC) Sri Lanka is the country’s pioneering technical service provider dedicated to guiding industries and communities towards a greener, cleaner, and more sustainable future.

Since its establishment, NCPC has worked with businesses, government institutions, and development partners to provide practical and innovative solutions that balance economic growth with environmental care.

NCPC’s vision is to prove that protecting natural resources and improving business performance can go hand in hand, delivering benefits for both people and the planet. Over the years, NCPC has gained wide recognition as a trusted national body that helps industries embrace sustainable practices through consultancy, training, and awareness programs.

‘We have worked with a wide range of sectors including food processing, textiles, chemicals, services, and many more, supporting them to turn environmental challenges into opportunities. As an ISO 9001:2015 certified company, we are proud to ensure the highest standards of quality and professionalism in every service we deliver. Today, NCPC continues to play an important role in driving Sri Lanka’s sustainable industrial growth while contributing to global environmental goals such as the Sustainable Development Goals and climate change mitigation efforts’ added by the Operations Manager of NCPC.

At the core of its work is the Resource Efficient and Cleaner Production (RECP), a globally recognized approach that combines environmental sustainability with business competitiveness. RECP focuses on making better use of resources such as energy, water, and raw materials while minimizing waste, emissions, and risks to both people and nature. In simple terms, it is about achieving more with less. This practical approach enables businesses to save costs, improve efficiency, and strengthen their reputation, while also protecting the environment and creating healthier communities.

NCPC supports industries in adopting RECP through detailed assessments, customized training programs, and expert consultancy. By working closely with organizations, we help identify opportunities for improvement and design tailor-made solutions that suit their unique operations. The impact is tangible and measurable, whether it involves lowering energy consumption, cutting down water use, improving waste management, or reducing greenhouse gas emissions. For industries, this means not only financial savings but also long-term resilience and compliance with international sustainability requirements. For society, it means cleaner air, safer water, and the preservation of resources for future generations.

In today’s competitive global market, businesses are increasingly expected to demonstrate their commitment to sustainability. By embracing RECP, Sri Lankan industries can enhance competitiveness, build stakeholder trust, and proudly showcase their contribution to national and global sustainability efforts.

NCPC Sri Lanka warmly invites industries, entrepreneurs, and stakeholders to partner with us in this transformative journey. Together, we can create a cleaner, more resource-efficient, and sustainable future for our country.

The Government is moving to abolish pension entitlements for Parliament Ministers and their spouses with the Cabinet of Ministers on Monday approving the publishing of the Parliamentary Pensions Law (Repeal) Bill in the Government gazette and submitting it to Parliament for approval.

The move comes following the Attorney General’s clearance for the Bill.

On 16 June, the Cabinet of Ministers approved in principle to repeal the Parliamentary Pension Act No. 1 of 1971 of the State Council.

‘As promised, a draft Bill prepared by the Legal Draftsman to repeal the Parliamentary Pensions Act with the aim of abolishing the pension entitlements granted to elected representatives to Parliament and their spouses has got Attorney General’s approval,’ Cabinet Spokesman and Minister Dr. Nalinda Jayatissa said at the weekly post-Cabinet meeting media briefing yesterday.

He assured that the law will apply from the time it is enacted and not retrospectively. ‘Once enacted the reforms would abolish lifetime pensions for MPs, which they currently receive after five years of service,’ he clarified.

Dr. Jayatissa said the move is in line with the Government’s broader policy vision titled ‘Pohosath Ratak – Lassana Jeewithayak’ (A Wealthy Country – A Beautiful Life), which was presented to the public as part of the Government’s mandate.

He said the decision reflects the people’s will. ‘People voted for this Government to repeal the excessive and unjustified benefits previously granted to former Presidents and MPs,’ he added.

The proposal to this effect was submitted by Justice and National Integration Minister Harshana Nan

The Government will channel over Rs. 21.64 billion into nine major health sector projects next year, Cabinet Spokesman and Health Minister Dr. Nalinda Jayatissa announced yesterday, as it moved to restart stalled developments and address critical gaps left by the economic crisis of 2021-2024.

He noted that the Public Investment Committee has identified a series of projects vital for improving national health outcomes, all of which have now been approved by the Cabinet of Ministers at their meeting on Monday for immediate implementation.

Speaking at the weekly post-Cabinet meeting media briefing yesterday, Dr. Jayatissa said the downturn triggered by COVID-19 forced the suspension of many essential health investments, but with the economy stabilising, the Government is prioritising both the recommencement of abandoned projects and the launch of new initiatives under the 2026 Budget.

The nine projects include; 1) the National Oral Health Census for 2025/2026, which has been allocated Rs. 33.6 million, 2) expansion of the existing four-storey building at the Kurunegala Teaching Hospital for the establishment of proposed operating theatre, endoscopy unit and cardiothoracic pre-operative ward with Rs. 1,892 million, 3) construction of a five-storey building with outpatient department and specialised units for the Maharagama Oral Health Services Institute with Rs. 2,240 million, 4) construction of a five-storey building for the Institute of Forensic Medicine and Toxicology (for the Colombo Forensic Medicine Unit) with Rs. 1,591 million, 5) Construction of Phase-I and Phase-II of the building complex for Accident and Emergency Treatment and related services at the Anuradhapura Teaching Hospital with Rs. 6,518 million, 7) construction of official residences for specialist doctors and medical officers at the Anuradhapura Teaching Hospital with Rs. 6,518 million, 8) expansion of Radiology Unit at the Batticaloa Teaching Hospital to house the new MRI scanner with Rs. 250 million and 9) construction of the National Heart Centre at the National Hospital of Sri Lanka with Rs. 200 million.

‘The 2026 Budget has allocated Rs. 31 billion for the development of Base Hospitals, including infrastructure upgrades and improvements in Human Resources,’ Dr. Jayatissa added.

When asked if the Government intends to upgrade some of these identified Base Hospitals into District Hospitals, he stressed that the Government’s intention is not merely to rebrand Base Hospitals as District Hospitals, but to ensure these facilities genuinely meet the standards required for such elevation.

The Minister also noted that 17 health projects abandoned by previous administrations are now being revived under a three-year program running from 2026 to December 2028, with a total investment of Rs. 45 billion and of this, Rs. 22 billion has been earmarked specifically for 2026.

‘The investments mark a renewed commitment to strengthening the country’s healthcare system, ensuring equitable access and rebuilding capacity after years of crisis-driven disruption,’ Dr. Jayatissa explained.

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

The inaugural South Asian Bitumen Conference (SABIT 2025) conference sessions took place on 14 November 2025 at the Cinnamon Life, Colombo, following a pre-conference ice braker reception on 13 November.

A highlight of the conference themed, ‘Bridging Trade, Infrastructure and Supply Chains Across South Asia and Beyond’ was the Ministerial Address by Roads, Highways and Urban Development Minister Bimal Rathnayake on the ‘Development of Sri Lanka’s Roads and Highways Infrastructure.’

The Minister addressing attendees from 15 countries, highlighted the transformation of bitumen and asphalt from just a raw material to strategic assets for regional connectivity, economic resilience and climate adaptation. Underscoring the inclusion of Performance Grade and Polymer Modified Bitumen in the drive towards sustainability, the key takeaways of his speech were to focus on ‘Durability, Sustainability, Knowledge Sharing and Collaboration.’

Organised by Conference Connection (CC) with Helanka Vacations by MendisOne, the event brought together policymakers, refiners, traders, and road industry professionals from across South Asia, the Middle East, and Asia Pacific.

Coinciding with Sri Lanka’s 2026 national budget, which allocates Rs. 342 billion to road and infrastructure projects, SABIT 2025 delegates delved into how this investment will boost bitumen demand, blending capacity, and technology adoption across the region.

Other keynote speakers included; Road Development Authority T. Paskaran, Ceylon Petroleum Corporation Dr. Mayura Neththikumarage, John Keells Holdings Zafir Hashim, and Ceylon Institute of Builders Dr. Rohan Karunaratne.

orsed by the FCCISL, CIOB, CASA, SLPBC, YoungShip Sri Lanka, and SLANA, and supported by the Sri Lanka High Commission, Singapore, SABIT 2025 featured sessions on market dynamics, logistics, technology, and sustainability.

Media partners include World Petroleum and Bitumen Journal, Highways Today, FiiNews, and WorldOils.

The Sri Lanka Design Festival (SLDF) has launched ‘Palmyra Stories from the North’, a special exhibition presented by the Academy of Design (AOD) with the support of the Embassy of Switzerland. The showcase opened on Thursday, 13 November and is hosted by Urban Island at its flagship store in Dharmapala Mawatha, Colombo 7, marking the first event leading into SLDF 2025 under the theme ‘What’s Your Colombo?’

Palmyra Stories from the North celebrates the extraordinary craftsmanship of women artisans from Northern Sri Lanka, spotlighting a collection born from AOD’s long-standing Design for Sustainable Development initiatives. Launched in 2009, these programs have empowered communities in post-conflict regions through design innovation, skill development, and access to sustainable livelihoods.

Supported by the Embassy of Switzerland, the exhibition embodies the spirit of cultural exchange and resilience. Switzerland’s continued partnership in uplifting women and vulnerable communities, reflects a shared commitment to social inclusion and sustainable development through creativity.

Curated by AOD, the collection reimagines traditional palm weaving and other northern craft traditions for contemporary design and tourism sectors. Each piece tells a story of revival, resilience, and reinvention, blending heritage techniques with modern design sensibilities to bring a new voice from the North.

AOD and Sri Lanka Design Festival Founder Linda Speldewinde said, ‘This exhibition is deeply symbolic. It represents the continuation of a journey that began over a decade ago when design became a tool for rebuilding lives and communities. As we begin Sri Lanka Design Festival under the theme ‘What’s Your Colombo?’, we’re reminded that Colombo’s story is also the story of its people, from every region, tradition, and craft.’

Ambassador of Switzerland to Sri Lanka and the Maldives Dr. Siri Walt said, ‘Switzerland is proud to support initiatives that champion dignity, opportunity, and cultural heritage. By partnering on Palmyra Stories from the North, we hope to amplify the talent of women artisans in the North and help safeguard these traditions for new generations, while opening pathways to sustainable livelihoods through design.’

The event serves as one of the many citywide activations across Colombo for Sri Lanka Design Festival 2025, which will unfold across the city in November 2025 uniting design, fashion, food, and creative enterprise in a celebration of Colombo’s evolving identity as South Asia’s Creative Capital.

Showcase details

Exhibition: Palmyra Stories from the North

Date and time: From 13 – 30 November, 10 a.m. – 7 p.m.

Venue: Urban Island, Colombo 7

The showcase invites interest from individuals and organisations across sectors, including NGOs, businesses and hotel partners, seeking to engage in initiatives that strengthen livelihoods in the Northern community. It aims to encourage broader participation in supporting the continued gr