Category: Daily Financial Times

The Grand Kandyan Hotel welcomed the holiday season by hosting its annual traditional cake mixing ceremony on Monday, 20 October. In this beloved tradition, hotel management, staff, and enthusiastic guests gathered to celebrate the season ahead.

The hotel’s Group General Manager Thusith Samaraweera said, ‘The cake mixing is more than just preparation for our Christmas and New Year’s treats; it’s a beautiful ritual that marks the beginning of our festive journey. It’s about sharing joy and bringing our entire hotel family-both staff and guests-closer together in this wonderful spirit of anticipation.’ The event marked the start of the season’s celebrations, promising guests and locals a series of holiday experiences rooted in warmth, tradition, and culinary excellence.

The International Monetary Fund (IMF) yesterday said it was reviewing the 2026 Budget unveiled by President Anura Kumara Dissanayake a week ago.

IMF Director of Communications Julie Kozack said the Executive Board would review the Budget and consider Sri Lanka’s Fifth Review under the Extended Fund Facility (EFF) in the coming weeks, a decision that will release $ 347 million in financing.

An IMF staff-level agreement had already been reached with the Government.

Kozack said the agreement, concluded on 9 October, clears the way for Board consideration.

‘Once the review is approved by the IMF Executive Board, Sri Lanka will have access to $ 347 million in financing. We expect the Board meeting to take place in the coming weeks,’ she told a regular press briefing in Washington DC.

Kozack said the IMF is assessing whether the fiscal framework aligns with commitments under the program. ‘This assessment will be an important part of the review that will be discussed by the Board,’ she added.

Kozack noted the importance of maintaining the reform effort, saying structural changes remain essential for strengthening Sri Lanka’s growth outlook. She identified progress in trade liberalisation, more streamlined regulation around foreign direct investment, accelerated governance reforms, and stronger social protection systems as key areas that require continued focus.

‘Continuing to protect the vulnerable should remain a priority going forward,’ Kozack said.

Earlier this week, Fitch said Sri Lanka’s 2026 Budget keeps the country on its fiscal reform trajectory, though slower revenue growth, underspending on investment, and post-IMF debt risks could weigh on the outlook.

It said that the Sri Lankan Government’s latest Budget indicates that the authorities remain committed to reducing Government debt/GDP over the medium term after beating their targets in the 2025 Budget. Strong revenue performance will remain key to meeting the Government’s fiscal goals.

Sri Lanka has officially welcomed DENZA, the premium new energy vehicle (NEV) brand from the BYD Group marking its first foray into South Asia, in an exclusive event at Waters Edge on Wednesday.

Introduced through a strategic partnership with John Keells CG Auto (JKCG Auto), the launch positions DENZA as the country’s latest contender in the luxury electric mobility space, blending European-inspired design with cutting-edge NEV technology.

BYD Asia-Pacific Auto Sales Division Deputy General Manager Ketsu Zhang said: ‘DENZA is the world’s most sophisticated premium NEV brand and is dedicated to developing premium electric and plug-in hybrid vehicles that exude luxury, comfort, and sustainability, combining European design influences with advanced emerging NEV technology platforms. Our launch in Sri Lanka with the support of JKCG Auto reflects our commitment to delivering value, refinement, and sustainable transportation solutions.’

The official launch brought together leaders from the business and automotive sectors, alongside media representatives, to experience DENZA’s luxury NEV line-up. This occasion marked the company’s official market debut, featuring the DENZA B8, DENZA B5, and DENZA D9 models, representing a portfolio that includes premium Multi-Purpose Vehicles (MPVs) and high-performance new energy electric vehicles (PHEVs), crafted for customers seeking refined luxury and advanced performance.

JKCG Auto CEO Charith Panditharatne said: ‘DENZA allows us to serve customers seeking premium new energy vehicles without compromising quality or reliability. This partnership brings genuine luxury credentials and proven engineering to our market, backed by our commitment to comprehensive after-sales support that ensures confident ownership.’

Established in 2010 through a strategic partnership between BYD and Mercedes-Benz, DENZA effectively integrates European-inspired elegant design with advanced platforms and technologies, providing unique characteristics to the premium mobility sector. The brand introduced its inaugural vehicle in 2014 and has entered select international markets, including Europe and Indonesia, with Sri Lanka marking its first South Asian presence.

DENZA’s initial portfolio in Sri Lanka encompasses three models built on advanced technological platforms. The D9 luxury MPV, which is based on BYD’s e-Platform 3.0, accommodates seven passengers and is equipped with DiSus-C damping control, an 800V high-voltage system featuring supercharging, and the intelligent cockpit with a 17.3-inch touchscreen and 5G connectivity. It utilises BYD’s Blade Battery, incorporating thermal management for enhanced range and safety.

The B5 and B8 utilise DM-O (Dual Mode Offroad) technology, an advanced plug-in hybrid platform integrating turbocharged engines with dual electric motors and Blade Battery cells, delivering genuine electric-only driving capability alongside extended touring range. Both models feature DiSus-P hydraulic adaptive suspension, electronically locking differentials and fast-charging capability. The sophisticated cabin environment features 15.6-inch displays and comprehensive driver assistance technologies, exemplifying DENZA’s commitment to a technology-forward approach to luxury electric mobility.

JKCG Auto, as the authorised distributor for DENZA in Sri Lanka, brings established automotive expertise and a commitment to customer service excellence to the partnership. The company intends to establish a comprehensive 3S facility to serve Sri Lankan customers, ensuring access to authorised service, genuine parts, and long-term ownership support. This strategic alliance combines DENZA’s advanced NEV technology with JKCG Auto’s market presence and understanding of Sri Lankan customer needs.

With its official launch, DENZA introduces 15 years of established luxury electric and plug-in hybrid tech development and a robust international reputation to Sri Lanka’s premium automotive sector. The brand’s entry sets new benchmarks within the luxury NEV segment, offering customers vehicles characterised by refined design, intelligent electric performance, and superior passenger comfort, all rooted in advanced engineering and state-of-the-art technology platforms.

Following the launch, DENZA’s official showroom was opened yesterday (13) at The Shoppes, City of Dreams Sri Lanka, offering customers the chance to explore the full range of its premium NEVs.

Public Security Minister Ananda Wijepala has claimed that there is no security threat to Sri Lanka despite the two terrorist attacks in India and Pakistan this week saying the country’s security remains stable due to the active presence and vigilance of its intelligence agencies.

At least 13 people were killed and number of others injured due to an explosion in the busy red Fort area of Old Delhi, India on Monday while at least 12 people were killed in a suicide blast in Islamabad, Pakistan in a terrorist attack on Tuesday. Though Minister Wijepala sounds super confident that Sri Lanka is secure from such attacks, being cautiously optimistic may be a better idea than being complacent.

One reason to be cautious is that Indian media reports this week suggested that the Dawood Ibrahim syndicate which is linked to the Mumbai terrorist attacks of 2008 is colluding with the remnants of the Liberation Tigers of Tamil Eelam (LTTE) to move drugs through South India. The issue was flagged recently by intelligence agencies -with intercepts suggesting that the Mumbai-based crime group was in touch with former LTTE members. The two have long-standing ties and remain engaged with common networks for various illegal activities, Indian media reported.

The crime group is also believed to be tapping into the banned militant organisation’s network – both in Sri Lanka and India to help further their drug business.

There have been numerous reports from India in recent months on the links between the LTTE and drug lords and the attempts to revive the group. This is amidst a high-profile war on drugs that has been undertaken by the Government and hence the need to be extra vigilant.

The nexus between terrorist groups and the drug trade is well known. The LTTE was involved in such activities along with gun running, extortion etc.to fund its activities. The LTTE may no longer be active on Lankan soil but remains active in different corners of the world. The LTTE is banned in over 30 countries including the United States, Canada, India, the European Union. The reason is that the group is considered a threat to security.

Other than the LTTE, there are other groups that pose a threat to the country’s security. The presence of a significant number of Israeli tourists is seen by security experts as a possible reason for terrorist attacks in the country.

Last October, the US Embassy in Colombo issued a warning to citizens based on ‘credible information’ warning of an attack in the southeast of the country. The embassy said in a post on its website that the threat was related to ‘popular tourist locations in the Arugam Bay area’. The warning was withdrawn some days later, but the US travel advisories still warn that there is a risk of terrorist violence, including terrorist attacks and other activity in Sri Lanka.

All this makes it important the government does not take these warnings lightly.

It’s well-known that it was intelligence failures that led to the deadly Easter Sunday terrorist attacks. There were prior warnings of possible attacks and intelligence services in the country were well aware of this, but their negligence and indifference led to the terrible tragedy. Those who head the intelligence units may be new now but that does not mean the Government should be complacent over security matters.

Minister Wijepala is known to make fanciful statements from time to time only to retract them a few days later. His war on drugs seems to be more of a media show given that some of the high-profile drug finds in Kandana and Middeniya have been found to be duds.

Evolution Auto recently opened its multi-brand Electric Vehicle (EV) showroom in Bambalapitiya.

It is designed to provide customers with a premium, seamless experience while exploring and purchasing EVs.

The facility showcased Sri Lanka’s largest EV portfolio, featuring leading brands such as AVATR from Changan, IM Motors from SAIC Motor, and XPeng and Riddara from the Geely Auto Group. A wide range of flagship models from each manufacturer was presented to cater to diverse customer needs.

Evolution Auto CEO Virann De Zoysa said: ‘Through this flagship Evolution Auto showroom, we aim to define premium EV ownership. It reflects our commitment to providing customers with a world-class experience, expert guidance, and complete support throughout their EV journey.’

Evolution Auto Director Dhiren Kundanmal said: ‘Evolution Auto is proud to be associated with superior brands such as Avatr and IM. We are excited to serve customers from our accessible location on Duplication Road and take pride in offering exceptional service to our consumers there.’

Hayleys Mobility Ltd., has introduced three next-generation new-energy vehicles, the JAECOO J7 PHEV, JAECOO J6 and OMODA E5, offering options to choose between fully electric or plug-in hybrid SUVs that align with lifestyles and driving preferences.

Each vehicle is imported responsibly in compliance with Government policies, reinforcing Hayleys Mobility’s commitment to responsible, transparent and sustainable transport solutions.

The new OMODA and JAECOO range is backed by Chery Group, the parent company recently ranked No. 233 on the 2025 Fortune Global 500. As China’s No. 1 automobile exporter for 22 consecutive years, Chery serves over 5.5 million international users and 17 million domestic users across more than 120 markets, reinforcing its position as one of the fastest-growing automotive brands.

The JAECOO J7 PHEV merges electric efficiency with the flexibility of a petrol engine, offering a remarkable combined range of over 1,200 km. Its DC fast-charging capability delivers an 80% charge in just 20 minutes, ensuring both performance and convenience for today’s drivers. Available in Forest Green, Ocean Blue, Lunar Silver, Carbon Black, and Arctic White, the J7 PHEV redefines freedom on the road.

The JAECOO J6, an all-electric SUV, is designed for families seeking comfort, space and confidence on every journey. Offering an impressive 430 km NEDC range on a single charge and fast-charging capability that restores power within 30 minutes, it ensures convenience and reliability for everyday travel. Available in Black, Grey, Green, Silver, and White, the J6 embodies effortless modern family driving.

Completing the trio, the OMODA E5 features a sleek, futuristic design and dynamic all-electric performance. Offering a 505 km NEDC range and 30-minute DC fast charging, it combines innovation, style, and efficiency in a single refined package. This model is available in Khaki White, Aviation Silver, Phantom Grey and Carbon Crystal Black.

Each model features intelligent infotainment systems, advanced driver assistance (ADAS) capabilities, and premium interiors. Customers also benefit from 8-year battery warranties and 7-year vehicle warranties, ensuring confidence and peace of mind.

Hayleys Fentons Ltd., Managing Director Hasith Prematillake said, ‘Our partnership with OMODA and JAECOO marks a defining step in Hayleys Mobility’s journey to bring globally trusted, new-energy vehicles to Sri Lanka.’

Hayleys Mobility Ltd., Director Roshani Dharmaratne added, ‘These models reflect our focus on giving customers choice, whether it’s all-electric sophistication, family versatility or hybrid freedom. Each vehicle has been thoughtfully selected to suit Sri Lankan lifestyles and aspirations.’

Hayleys Mobility Ltd., CEO Rajieve M. Fernando said, ‘Each model we introduce is supported by a full manufacturer’s warranty, certified after-sales service and the assurance of genuine parts. To make these vehicles more accessible, we have partnered with the most trusted financial institutions to provide flexible financing solutions.’ For more information, contact the Hayleys Mobility Hotline on 0112 222 222.

The Kelani Valley Railway Line Project has made almost no progress despite receiving Rs. 250 million in 2024, the Parliamentary Sectoral Oversight Committee on Infrastructure and Strategic Development has found, warning that the Rs. 840 million allocated again in 2025 risks going unutilised without a clear implementation plan, the Parliament Secretariat said.

The Committee said funds released last year resulted in only minimal physical progress, and officials from the Department of Railways were unable to demonstrate satisfactory advancement when questioned. Members said the situation reflects inefficiency within the Department.

President Anura Kumara Dissanayake has repeatedly questioned officials over delayed infrastructure development projects despite the Government allocating the necessary funds.

The Committee said that without a time-bound, actionable plan, it will not be possible to achieve the targeted progress despite the Rs. 1 billion total allocation, ultimately delaying outcomes for the public.

The Committee also reviewed the Thambuttegama Railway Station Development Project and found the technical explanations provided by officials completely unsatisfactory.

Chaired by Samagi Jana Balawegaya (SJB) MP S.M. Marikkar, the Committee examined the financial and physical progress of work under the following Ministries: Energy; Ports, Shipping and Civil Aviation; Housing, Construction and Water Supply; and Transport, Highways and Urban Development.

Members expressed dissatisfaction at repeated delays across multiple institutions and instructed that future appearances must include specific action plans with deadlines instead of broad technical explanations. The Committee will summon the Department of Railways, Sri Lanka Transport Board (SLTB), and other agencies again and directed officials to return with accurate and complete data.

The review also covered highway and rural bridge work, SLTB bus procurement, renovation of Colombo apartment buildings under the Urban Development Authority, and priorities in the energy sector. The Committee also instructed the Ports Authority to submit its pending report on making Galle Port financially viable.

The National Water Supply and Drainage Board was commended for its performance in earlier sessions.

Framed by the tranquil Gin Oya and the soothing rhythm of the ocean, Wattura Resort and Spa presents an elegant sanctuary designed for discerning families seeking sophistication, comfort, and meaningful time together. Here, contemporary luxury blends seamlessly with the gentle charm of nature, creating an atmosphere of calm and exclusivity.

At the heart of the resort’s family-focused offering is its bespoke children’s water park-a vibrant, thoughtfully designed haven where young explorers can enjoy hours of joyful play. From inviting splash zones to exciting slides and interactive features, every element inspires imagination and delight. With dedicated spaces and attentive care, parents are free to relax and savour tranquil moments, confident their children are thriving in a safe and inspiring environment.

Accommodation at Wattura embodies elegance, privacy and sensory calm. The Gin Oya-facing suites capture the serenity of the river through expansive views and refined interiors, offering families a peaceful retreat surrounded by nature’s quiet beauty. For those seeking heightened exclusivity, the private ocean-view pool villas deliver an indulgent stay experience, complete with generous living areas, lush outdoor space and personal plunge pools-a seamless blend of coastal sophistication and absolute comfort.

Every moment at Wattura Resort and Spa is crafted to honour togetherness, wellbeing and understated luxury. From intuitive service and curated spaces to serene landscapes that invite pause and connection, the resort embodies a rare balance-a luxury escape where families can slow down, reconnect, and immerse themselves in truly memorable experiences by the water.

The Harvard Club of Sri Lanka hosted a welcoming reception last night for participants of Big Bold Brave 2025, ahead of the conference opening today (13) at Cinnamon Life, City of Dreams, Colombo.

Bringing together over 15 Harvard Clubs across the Asia-Pacific region, the forum unites official alumni organisations of Harvard University to foster collaboration and shape the future of ideas and leadership.

Under the theme ‘Big Opportunities | Bold Moves | Brave People,’ BBB 2025 will examine the forces driving the region towards 2050, focusing on Future of Work and Human Capital, Digital Economy, Modernising Agriculture, Sustainable Energy and Infrastructure, and Climate Resilience. With over 40 speakers and over 150 delegates expected to attend, the summit aims to spark meaningful discussions, strengthen cross-border partnerships, and drive innovation across sectors vital to Asia’s future. Daily FT is the print media partner of the event.

C3, a leading innovation, R and D, and product prototyping company based in Sri Lanka, an ecosystem partner of E Ink is establishing Pixel Paper Labs-a new venture dedicated to the development, design, and manufacture of ePaper-based products for both local and international markets.

Pixel Paper Labs will serve as Sri Lanka’s first dedicated facility for ePaper based product design and development, introducing world-class display innovation to the region. The lab will focus on creating sustainable, low-power, and intelligent solutions for digital signage, retail, logistics, education, and smart city applications.

The new facility will combine E Ink’s groundbreaking ePaper technology with C3’s multidisciplinary engineering, design, and prototyping expertise to develop and commercialise next-generation display solutions. It will also act as a collaborative platform for researchers, startups, and manufacturers to co-develop customised ePaper products for emerging markets.

‘Pixel Paper Labs represents a bold step in Sri Lanka’s journey toward advanced electronics innovation,’ said C3 CEO Tony Mahadevan. ‘By partnering with E Ink, we are bringing global technology leadership to Sri Lanka and creating new opportunities for sustainable, low-power product development.’

‘We are pleased to engage with C3 to expand ePaper innovation through Pixel Paper Labs,’ said E Ink Corporation Senior Director Vignesh Sanmugam. ‘This collaboration will accelerate the creation of next-generation applications and strengthen the global ePaper ecosystem.’

The centre will enable rapid concept-to-product development and serve as a testbed for assessing environmental durability, energy efficiency, and scalability of ePaper-based solutions.

This strategic partnership marks a significant milestone for Sri Lanka’s high-tech manufacturing and export capabilities, opening new opportunities in the global smart display and IoT markets. By fostering collaboration between academia, startups, and industry, Pixel Paper Labs aims to position Sri Lanka as a regional innovation hub for ePaper technologies. The initiative will also promote local talent development through internships, training, and joint research programs-cultivating a new generation of engineers and designers driving the future of sustainable electronics.