Category: Daily Financial Times

The Lanka Coffee Association (LCA) held its 4th Annual General Meeting yesterday at the Waters’ Edge Hotel, Battaramulla.

Established in 2021, the LCA represents the collective interests of all stakeholders working to elevate Sri Lanka’s coffee industry to new heights. Among its key initiatives is the Sri Lanka Coffee Festival, organised in collaboration with the Department of Export Agriculture and with the continued support and patronage of Australia’s Market Development Facility (MDF)

This year’s Festival, celebrating 200 years of coffee in Sri Lanka, took place at the Kandy City Centre and attracted over 1,000 visitors. More than 30 companies showcased their products at the Coffee Expo, while the event also featured an awards ceremony recognising outstanding farmers, processors, exporters, and café operators. Other highlights included a school art competition and the official launch of a commemorative 200th-year coffee stamp.

In its efforts to enhance coffee quality, the LCA invited Sunalini Menon, dubbed ‘Asia’s First Lady of Coffee’, a renowned quality consultant, to conduct a full-day, hands-on training session on post-harvest practices and quality evaluation. Over 20 companies participated in this practical workshop, reflecting the growing professionalism within Sri Lanka’s coffee value chain.

At the AGM, Helanta Coffee and Royalwin Ceylon International Founder and Managing Director Tharanga Muramudali, was elected as the new Chairperson of the LCA, succeeding Colombo Coffee Company CEO Kushan Samararatne, who served two consecutive terms and contributed significantly to the Association’s growth.

The newly appointed executive committee includes M.I. Izzadeen (Elpitiya Plantations) as Vice Chairperson, Ashane Perera (Temple Grounds Coffee) as Secretary, and Shelton Thenuwara (Tree of Life), Binesh Pananwala (Kahawatte Plantations), Asitha de Costa (Thadula Realty and Echo Ventures), and Ushan Dissanayake (GKUC Spicy Port) as Executive Committee Members.

In his remarks, Muramudali stated: ‘In my 15-year journey as a coffee farmer from the ground up, I have witnessed how much effort it has taken to unite those within our sector, and the formation of the LCA itself is one of the biggest successes of that effort. The two Chairpersons before me laid a strong foundation for us to build on, and over the next two years, I want to bring together all coffee farmers, roasters, baristas, cafés, exporters, and everyone who loves Sri Lankan coffee to create the most efficient and dedicated association possible. We warmly invite all those involved in the sector to join hands with us. I also take this moment to thank everyone who has supported us over the years.’

Housed with the Sri Lanka Agripreneurs’ Forum (SLAF), the LCA secretariat, and the Executive Committee continues its mission to enhance global recognition for Ceylon Coffee, develop industry standards, promote sustainability, and expand the country’s export profile through collective, industry-led action.

Veteran golfer Chanaka Perera and rising young talent Kumar Danushan are set to represent Sri Lanka at the 121st Malaysian Amateur Open 2025, scheduled from 20 to 23 November at the Permaipura Golf and Country Club in Bedong, Kedah Darul Aman in Malaysia.

The prestigious championship, now in its 121st edition, continues to draw elite amateur golfers from across Asia for four days of high-level competition.

The event will be played over 72 holes of stroke play, with a cut imposed after the first 36 holes to determine those advancing to the final rounds. The Permaipura course, known for its demanding layout and challenging greens, is expected to test accuracy, course strategy, and overall consistency-placing a premium on both experience and composure under pressure.

Perera and Danushan’s participation shows Sri Lanka Golf’s expanding footprint in regional golf. Their presence provides not only international exposure but also a valuable opportunity to measure themselves against some of Asia’s finest amateurs. (SJ)

The United States and Sri Lanka yesterday signed the Memorandum of Understanding (MoU) establishing the State Partnership Program (SPP) between Defence Ministry, the Montana National Guard and the US Coast Guard District 13.

Speaking at the ceremony, US Ambassador Julie Chung welcomed the MoU as a ‘milestone in a growing defence relationship’ built on years of cooperation, mutual respect and shared commitment to safety and security.

She noted that although the MoU makes the partnership official, the relationship is already well-established. Since 2021, she said, soldiers, sailors and officers from Sri Lanka and Montana have trained together, exchanged expertise and forged professional and personal bonds.

She recalled key joint engagements such as ATLAS ANGEL 2024 and PACIFIC ANGEL 2025, where Sri Lankan and the US teams worked side by side to enhance humanitarian assistance and disaster-response capabilities. These exercises, she said, went beyond military cooperation-demonstrating ‘acts of service’ and a shared commitment to helping communities in need.

Ambassador Chung also highlighted the most recent collaboration under the SPP, in August, when Sri Lanka Coast Guard officers trained with the US Coast Guard District 13 in Seattle on oil-spill response, hazardous-waste operations and shoreline recovery. Such hands-on experiences, she said, help strengthen maritime security and protect vital sea lanes.

The Ambassador noted that the United States’ SPP, now in its 30th year, has paired National Guards from 54 US states and territories with 115 partner nations around the world, fostering global security as well as friendships that endure beyond uniforms and titles.

‘This program isn’t only about defence-it’s about connection,’ she said, emphasising that Montanans and Sri Lankans have found common ground through shared challenges and aspirations. She reiterated that the United States deeply values its partnership with Sri Lanka and remains committed to peace, security and prosperity in the region.

Ambassador Chung extended her appreciation to Sri Lanka’s Deputy Defence Minister, Defence Secretary and the Adjutant General of the Montana National Guard for their leadership, noting that their vision had transformed the partnership from an idea into an enduring collaboration.

‘As we sign this Memorandum of Understanding, we’re not just formalising a relationship, we’re writing the next chapter of a shared story: one of trust, friendship, and the promise of what we can achieve together,’ she said.

Ceylon United Business Alliance (CUBA) Industry Sub-Committee Chairman and former KPMG Ford, Rhodes, Thornton and Co., Statutory Auditor M.R. Jeffrey has warned that Sri Lanka should not dismantle tariffs or para-tariffs under the Economic Stabilisation Act, No. 45 of 2024 until the nation’s foreign exchange reserves reach a sustainable and safe threshold.

Jeffrey noted that while the Act aims to modernise tariff structures and create a transparent system, it was not binding unless regional countries adopt the same framework. ‘Sri Lanka must avoid unilateral liberalisation when neighbouring economies maintain strong protective environments,’ he argued.’We are still operating under severe forex pressures. Removing protective duties without adequate reserves will invite a surge of cheap imports, weaken the rupee, and undermine the very industries we are trying to revive,’ Jeffrey said.

He highlighted Sri Lanka’s rights under World Trade Organisation (WTO) Article XXVIII and the principle of Common But Differentiated Responsibilities (CBDR), which allows developing economies to liberalise gradually and strategically, rather than at the accelerated pace expected of wealthier nations.

Jeffrey also addressed longstanding distortions in Sri Lanka’s tariff policy. He stated that earlier regimes implemented selective para-tariff protection that favoured politically connected sectors, such as tiles, aluminium, and hardware, which enjoyed extremely high para-tariffs.

In contrast, one of Sri Lanka’s largest domestic consumption sectors, clothing, worth over $ 2 billion annually, remained severely under-protected. For example, imported denim fabric faced only a Rs. 200 para-tariff per metre, despite local capability to manufacture it competitively. Jeffrey described this as a major structural imbalance that distorted market competition, disadvantaged local manufacturers, and incentivised import-heavy business models.

He added that Sri Lanka’s para-tariff bands lack uniformity.

While most countries maintain a fair protection range of 25-35%, Sri Lanka’s structure is extremely uneven: Hardware and building materials face 40-75% para-tariffs; clothing faces only 5-10%.

‘This disparity is economically indefensible and must be corrected immediately. We cannot continue a system where some industries are overprotected for political reasons while others are left to collapse. The selective para-tariff structure of previous regimes must end. A balanced, transparent, and rational protection framework is the only way forward.’

Jeffrey urged policymakers to introduce WTO-compliant non-tariff barriers, including quality standards, licencing requirements, and safeguard clauses, ensuring protection without breaching international obligations. He recommended linking tariff liberalisation to a clear foreign reserve threshold: ‘Economic sovereignty begins with economic stability.’

The CUBA Industry Sub-Committee advocates for domestic manufacturing competitiveness and evidence-based economic reforms across apparel, footwear, industrial materials, and allied sectors.

Aitken Spence PLC has recorded a revenue of Rs. 40.7 billion for the six months ending 30 September 2025, reflecting operational resilience across its diversified businesses.

The Tourism sector accounted for 64.3% of Group revenue, while the Maritime and Freight Logistics sector and Strategic Investments sector contributed 19.4% and 13.9%, respectively. The Group’s Maritime and Freight Logistics sector reported profit from operations (including the share of profits from equity-accounted investees) of Rs. 2.2 billion, making it the largest contributor towards Group profits in the first half of 2025/26. However, the sector recorded a marginal dip in its operational profits, mainly due to lower contributions from its equity-accounted investees in the South Asian region.

The profit from operations recorded by the Group’s Tourism sector for 1H 2025/2026 was Rs. 686.1 million, an 86.5% growth over that of the previous year. Strong occupancy recorded throughout the resorts in Sri Lanka, coupled with increases in rates, was the main driving force towards this growth in performance. Hotels in international markets, including the Maldives, also delivered a steady performance, although pressure from intensifying competition has somewhat affected the growth in occupancy.

The Group’s Strategic Investments sector recorded profits from operations (including the share of profits from equity-accounted investees) of Rs. 352.6 million. Within this sector, the printing segment delivered a robust performance with a two-fold increase in profits, reflecting the segment’s operational strength and market resilience.

Conversely, the Garments segment continued to face challenges due to ongoing global economic pressures affecting the industry. Despite these headwinds, the sector as a whole remains a vital component of the Group’s overall portfolio, encompassing the Renewable Energy and Plantations segments, and plays a significant role in the Group’s strategic objectives and future growth initiatives.

The Group’s Services sector achieved a profit from operations (including the share of profits from equity-accounted investees) of Rs. 577.0 million, primarily driven by the recently commenced BPO operations in Port City Colombo.

The Group’s total Profit Before Tax (PBT) stood at Rs. 1.6 billion for the six months ending 30 September 2025, in comparison with Rs. 1.2 billion recorded in the corresponding period of the previous year, reflecting a 42% increase.

During 2Q, the Group continued to strengthen its performance across key sustainability indicators, including energy, water and resource management. In line with its commitments under the Science Based Targets initiative (SBTi), Aitken Spence has set a Group-wide target to reduce transport-related emissions by 20% from the 2024 baseline, pending SBTi validation. To support this goal, all business segments have begun developing and implementing targeted strategies and operational measures to drive measurable progress.

Through its waste-to-energy power plant, the Group has repurposed 90,273 metric tonnes of municipal solid waste this financial year, contributing directly to cleaner and more sustainable urban development in Colombo, while supporting low-carbon energy generation. Across operations, 58,276 cubic metres of rainwater were harvested, accounting for approximately 8% of total water consumption, reducing freshwater withdrawal and enriching soil systems.

Aitken Spence also represented Sri Lanka at the seventh UN Responsible Business and Human Rights Forum Asia-Pacific, held in Bangkok last month, reinforcing its commitment to business and human rights and illustrating its leadership in heading the Business and Human Rights Working Group of the UN Global Compact (UNGC) Sri Lanka Network. This engagement also reaffirms the Group’s continued commitment to embedding sustainable development principles across the value chain, serving as an active voice in the ongoing dialogue on sustainable and inclusive development.

The quarter was marked by notable achievements across the Group’s companies, including:

The South Asian Travel Awards (SATA) 2025 honoured the late Deshamanya Harry Jayawardena with a special tribute for his visionary leadership and contribution to the region’s hospitality industry.

Aitken Spence PLC and Aitken Spence Hotel Holdings PLC were recognised with the Sri Lanka Best Employer Brand Award by the World HRD Congress and World Leadership Congress.

Aitken Spence Hotels was recognised with three accolades, while Aitken Spence Travels was recognised with two awards at SATA.

Heritance Kandalama was the recipient of the Gold Award under the Climate Adaptation and Resilience category at the International Centre for Responsible Tourism (ICRT) Indian Subcontinent Responsible Tourism Awards 2025.

The Aitken Spence Hotels’ culinary team earned industry recognition for an outstanding performance at the Culinary Art Food Expo 2025.

Sri Lanka has been officially recognised as a Global Compact for Migration (GCM) Champion Country, joining a select group of nations that demonstrate innovation and leadership in migration governance.

Sri Lanka has long championed safe, orderly, and regular migration as a driver of sustainable development. As one of the early endorsers of the GCM, the country has consistently aligned its migration policies with the 2030 Agenda for Sustainable Development.

Building on this momentum, the Government officially announced its designation as a GCM Champion Country, launching the Migration and Sustainable Development Goals (SDGs) Monitoring Platform (MSMP), and presented the revised National GCM Implementation Plan (2026-2028) during the high-level national symposium, supported by the International Organisation for Migration (IOM) in Sri Lanka and the Maldives. The event brought together stakeholders from Government Ministries, UN agencies, civil society, academia, and the private sector, reflecting a whole-of-government and whole-of-society approach to migration governance.

The MSMP is a new digital tool, launched by Sri Lanka’s Sustainable Development Council with support from the IOM Development Fund. The platform uses reliable data to show how migration contributes to national development goals, helping track progress and guide better decisions for an inclusive and resilient future.

Similarly, Sri Lanka has also introduced the revised National GCM Implementation Plan (2026-2028), a key step towards strengthening migration governance in response to post-crisis challenges and global trends. Led by the Foreign Affairs, Foreign Employment and Tourism Ministry, with technical support from the IOM and funding from the EU’s Building Migration Partnerships Program, the plan was developed through broad consultations to ensure it is practical and inclusive. It aims to strengthen the governance of migration in line with the principles of the GCM, enhance protection and support for migrant workers, and guide evidence-based policies that contribute to Sri Lanka’s SDGs.

IOM in Sri Lanka and the Maldives Chief of Mission Kristin Parco stated: ‘Sri Lanka has made notable strides in strengthening migration governance in recent years. As a GCM Champion Country, the country now serves as a positive model for many in the region. The development of the National GCM Implementation Plan 2026-2028 reflects this collaborative effort, translating global commitments into practical, actionable measures tailored to national priorities and realities.’

Together, the MSMP and the revised GCM Plan reaffirm Sri Lanka’s leadership in advancing migration governance that is inclusive, evidence-based and aligned with global development goals. For over a decade, the IOM in Sri Lanka and the Maldives has been working closely with the Government to strengthen migration policies, improve data systems, and build capacity, helping create better services for migrant workers and smarter decisions that support Sri Lanka’s development goals.

Pakistan completed their third series sweep against Sri Lanka when they won the third and final ODI by six wickets to take the three-match series 3-0 at the Rawalpindi Cricket Stadium yesterday.

The previous two series sweeps were 4-0 in 1985 in Pakistan and 5-0 in 2017 in the United Arab Emirates (UAE).

Sri Lanka’s total of 211 was never going to be enough as Pakistan won with 32 balls to spare. Sri Lanka did have their moments when they picked up Haseebullah Khan for a duck early on, and when they removed Babar Azam and Salman Agha in the space of four overs. Pakistan was 115-4 at the end of 25 overs and were, in fact, well behind in comparison to Sri Lanka’s run rate during most parts of the chase. However, the best part with chasing a low total is that you can afford to play it safe and take it deep.

Hussain Talat and Mohammad Rizwan, playing in his 100th ODI, executed that ploy to perfection to seal the game with a 100-run unbeaten stand off 122 balls. Rizwan went onto make 61* off 92 balls (4 fours) – his 19th ODI fifty and second in succession in the series – and Talat 42* off 57 balls (1 four). But the 74-run partnership between Fakhar Zaman (55 off 45 balls, 8 fours) and Babar (34) is what really set the tone.

Jeffrey Vandersay, back in the side because of a hamstring injury to Wanindu Hasaranga, impressed with figures of 3/42, but, unfortunately for Sri Lanka, the rest did not quite create the kind of impact they would have liked in the middle overs.

For the first time in the series, Sri Lanka failed to bat out the full quota of overs and were bowled out for a disappointing subpar total of 211 in the 46th over. Five of the top seven batters got starts, but none of them managed to convert it into a meaningful contribution. This has been Sri Lanka’s Achilles heel in the series.

Sri Lanka once more had a 50+opening stand between Pathum Nissanka and Kamil Mishara, but just were not able to push on, with batters getting starts and nothing more. Sadeera Samarawickrama top-scored with 48 off 65 balls (2 fours), while there were 20s and 30s from Nissanka, Mishara, Kusal Mendis, and debutant Pavan Rathnayake.

The run rate slowed down gradually after the first powerplay, and, unfortunately for Sri Lanka, wickets kept falling at regular intervals, which meant there was no proper partnership to inject any sort of momentum into the innings.

Rathnayake waged a lone battle towards the end, and his efforts helped Sri Lanka get past the 200-run mark. The Sri Lankan batters were guilty of not using their feet and playing with hard hands on far too many occasions.

Mohammed Wasim Jr. was the pick of the bowlers with figures of 3/47, while Faisal Akram and Haris Rauf also picked up two wickets apiece.

Mohammad Wasim Jr. won Player of the Match and Haris Rauf took the Player of the Series award.

Sri Lanka and Pakistan made four changes to their sides, with Sri Lanka giving Pavan Rathnayake his ODI cap. With skipper Charith Asalanka and several other players battling a viral flu and Hasaranga nursing a hamstring injury, Kusal Mendis took over the captaincy for this match.

Ideal Motors, the authorised importer of Mahindra vehicles and a leader in light commercial vehicle sales, has launched a series of nationwide service camps to provide customers with convenient access to expert vehicle care in their own cities.

These service camps are designed to ensure Mahindra owners enjoy superior after-sales service, with free technical inspections, on-the-spot minor repairs and system adjustments, and special discounts on genuine Mahindra spare parts. Customers also benefit from free technical advice on proper vehicle maintenance, delivered by Ideal Motors’ team of specially trained technical officers.

The initiative began in Matugama, and has since extended to Puttalam, Chillaw, Ragama, Akkaraipattu, Galgamuwa, and Bandarawela. Special service camps have been arranged for Mahindra Bolero vehicles supporting safari tour companies.

Ideal Motors After Sales Service Manager Nalaka De Silva said these were conducted successfully in Habarana, Udawalawe, Panama, Mandaram Nuwara, and Sandathenna,

As future engagement, service camps are scheduled at the Ideal Motors branches in Weligama and Ampara, followed by December sessions at Anuradhapura, Kurunegala, Matara, Morawaka, and Yapahuwa. The program will continue in multiple locations until March 2026, ensuring customers islandwide have access to professional care and maintenance.

Sri Lanka Telecom PLC (SLT) has announced the appointment of A.N. Hapugala as a Non-Independent Non-Executive Director and Raghvendra Madhav as an Independent Non-Executive Director to its Board.

Hapugala, currently Deputy Secretary to the Treasury, brings more than three decades of experience in the public sector, including 20 years at the Treasury. He joined the Sri Lanka Accountants’ Service in 1992 as an Accountant.

He holds a Master’s degree in Financial Economics from the University of Colombo and a Bachelor’s degree in Management from the University of Sri Jayewardenepura. He has also completed two Postgraduate Diplomas in Accountancy from the same university and a Diploma in Public Finance Management from the Institute of Development Administration.

Hapugala is a Chartered Public Finance Accountant (CPFA) of the Association of Public Finance Accountants of the Institute of Chartered Accountants of Sri Lanka.

Madhav has held leadership and advisory roles in management consulting and the telecom and media sectors. He worked with Price Waterhouse Coopers in London before serving as a Director in the firm’s consulting practice in India, where he handled large systems, processes, and strategy assignments in both countries. He later held senior roles at the UT Group Companies from 1995, including Director South Asia and CEO of AOL, focusing on international business.

He has served on the Boards of several UT Group entities in India, including Aircel, Sun Direct Television, Red FM, and SAFL, and has been a member of their audit and risk committees.

Madhav holds an honours degree in Economics from St. Stephen’s College, India, is a Chartered Accountant, and has completed the Advanced Management Program at Harvard Business School.

Midea, the world’s largest producer of consumer appliances and the global leader in air treatment, recognised Sri Lanka’s Telesonic with the first-ever Sustainability Pioneer Award at its prestigious Global Strategic Partner Summit held in China.

The three-day global summit for Midea’s world-leading Residential Air Conditioning directorate brought together over 500 of Midea’s leading partners from around the world, marking a landmark moment as Telesonic stood tall among global industry giants to earn this pioneering accolade. The recognition placed Sri Lanka firmly in the international spotlight for sustainability and innovation in the air-conditioning sector as Telesonic’s far-reaching sustainable eco systems restoration and rural empowerment mission was awarded over other sustainability initiatives spanning the globe.

Receiving the award on behalf of Telesonic, Managing Director Arun Mahtani described the honor as ‘an incomparable feeling – to be awarded as a pathfinder and receive Midea’s first-ever Sustainability Pioneer Award.’

Mahtani added, ‘Climate change, identified by the UN as the world’s greatest crisis, demands genuine action. For an air-cooling company, taking climate action is both a duty and a privilege. That’s why years ago, we established two workshops – one that made us Sri Lanka’s No.1, and another that made us green.

Telesonic’s long-term environmental vision, initiated five years ago, seamlessly aligns with Midea’s global ‘Green Vision, Blue Future’ platform, a comprehensive strategy that integrates sustainability across design, sourcing, manufacturing, logistics, recycling, and service.

Telesonic’s reforestation initiatives have already seen over 75,000 trees planted and an additional 50,000 nurtured annually through its eco-restoration nursery in Buttala, stocking up more than 50 native species to preserve biodiversity and ecosystem balance. The sustainability mission works closely with families off the beaten-track, as well as, government and non-profit institutions, ensuring sustainability and bio diversity conservation.

The planet is warming alarmingly and climate change is threatening our existence. So we know all too well that just as a business’ primary goal is to make profits, as a responsible corporate citizen, it is also our bounden duty to help create a safer, cooler world for everyone. This award will spur us on, avers Mahtani.

Midea’s ‘Green Vision, Blue Future’ strategy underscores its commitment to a low-carbon future through energy-efficient products, smart-home integration, and sustainable operations. The initiative extends to innovative technologies such as the MHELIOS smart energy management system, which allows households to optimise energy use and even contribute to the power grid.

By integrating green principles into every stage of production and consumption, Midea aims to redefine what it means to ‘cool the world’ – responsibly.

The Sustainability Pioneer Award marks a defining chapter in Sri Lanka’s corporate sustainability journey. Telesonic’s model of blending technological excellence with environmental restoration has not only elevated the brand but also demonstrated how developing nations can inspire global corporations toward climate-conscious growth.

As Mahtani concludes, ‘Reforestation and sustainability are long journeys. But with Midea’s support and shared vision, we’ll continue ensuring that when we say ‘We cool your world,’ it truly means a greener world for all.’