Category: Daily Financial Times

Nations Trust Bank was an active partner in the Central Bank of Sri Lanka’s (CBSL) ‘Pay Digital’ Initiative held in Dambulla recently, as a part of its commitment towards building an economy that drives cashless digital payments for economic progress.

During the initiative, the Bank demonstrated a variety of digital solutions through an interactive stall, highlighting the functionality of its digital capabilities, including the Nations Direct and FriMi mobile apps. While gaining exposure to the Bank’s digital banking capabilities, visitors also had the added advantage of experiencing and signing up for instant account openings with Nations Trust Bank.

Nations Trust Bank is focused on a seamless transition to a digital-first future, which is designed to satisfy the demands of both individuals and businesses alike. The event was attended by CBSL Governor Dr. Nandalal Weerasinghe, Deputy Governor Janaka Karunaratne, and other key officials.

The initiative sought to promote the use of safe and effective digital payment methods nationwide and is the third of a series of events that initially kicked off in Hambantota and Nuwara Eliya earlier this year.

Sri Lanka’s tea industry must embrace climate-resilient cultivation and Geographical Indication (GI) certification to secure its long-term sustainability and competitiveness, Tea Research Institute (TRI) Deputy Director of Research – Production Dr. Shyamantha Bandara said yesterday.

Speaking at a panel discussion at the ‘Perspectives on Geographical Indications in Sri Lanka’ forum in Colombo, Dr. Bandara said the industry must modernise cultivation systems and integrate GI standards to withstand climate risks, while meeting future production targets.

‘We produced around 262 million kilograms of tea until 2024, and our target is to reach 400 million kilograms. To achieve that, we need to advance technology, improve farming systems, and modernise cultivation across the sector,’ he said.

He said the tea sector supports nearly 1 million people, mainly in highland regions vulnerable to changing weather patterns. ‘Sri Lanka has been ranked among the countries most at risk from climate change. The tea sector is already facing production declines due to shifting rainfall patterns,’ Dr. Bandara noted.

To address these challenges, he said the TRI and the industry are focusing on ‘cultivar selection, physiological approaches, and agronomic practices such as shade management, irrigation, and new farming systems.’

He highlighted the growing adoption of tea-and-coconut intercropping systems and terrace cultivation in mid-country regions as examples of innovation.

Dr. Bandara also said micro-irrigation, which is widely used in other tea-producing nations, could be a viable solution to counter water scarcity and ensure consistency in yield. ‘We must assess how introducing technologies like micro-irrigation would align with certification and sustainability frameworks under GI protection,’ he added.

He said the emergence of artisanal and wild teas presents new opportunities for Sri Lankan producers to command higher prices in global markets, but added that GI protection is crucial to prevent counterfeiting and preserve product authenticity. ‘When new products emerge, GI protection ensures traceability, prevents mislabelling, and builds consumer trust,’ he said.

Dr. Bandara said that production costs in Sri Lanka remain among the highest in the world, making market differentiation through GI certification a potential competitive advantage. ‘GI can assure higher market prices, strengthen international recognition, and bridge the gap between producers and consumers through digital marketing platforms,’ he said.

He also called for institutional reforms to improve certification processes and digital traceability. ‘We must strengthen institutional coordination to implement GI standards effectively and align them with emerging marketing landscapes,’ he said.

The forum, organised by the Sri Lanka Tea Board, the French Agricultural Research Centre for International Development (CIRAD), and the Institute of Policy Studies (IPS), marked the conclusion of the Ceylon Tea GI project supported by the French Agency for Development.

The initiative seeks to secure EU GI protection for Ceylon Tea following the success of Ceylon Cinnamon and to promote Sri Lanka’s broader portfolio of origin-linked agricultural and artisanal products.

President Anura Kumara Disanayake undertook the NPP Government’s first Cabinet reshuffle last week, which saw the appointment of three new ministers and 10 additional deputy ministers. Governments across the world carry out cabinet reshuffles due to a multiplicity of reasons. Cabinet reshuffles become necessary when presidents and prime ministers are compelled to remove ministers from their existing portfolios due to their ill-advised decisions and actions as their continuous presence in the same ministerial positions has an adverse impact on the Government’s popularity.

Cabinet reshuffles also provide an opportunity to keep coalition government intact by appeasing partners of the coalition through ministerial portfolios. New ministers may be inducted to the prime decision-making arm of the government in order to provide representation to minority ethnic/religious communities. Rearrangements also serve the purpose of getting rid of underperforming ministers apart from showing the door to those whose views do not align with the policy direction of the government.

In Sri Lanka, Cabinet reorganisations often associate with giving the cold shoulder to ministers who are at loggerheads with the President. The famous Cabinet reshuffle in 2007 under President Mahinda Rajapaksa saw the late Mangala Samaraweera, who was not seeing eye to eye with the former on many issues, losing the foreign affairs portfolio. At the very reshuffle, the late Anura Bandaranaike was downgraded to the insignificant portfolio of Cultural Affairs and National Heritage as Rajapaksa had serious doubts about the late politician’s loyalty to the then Government.

The highly discussed outcome of the recent Cabinet reshuffle is the transfer of the subjects of ports and civil aviation from Bimal Rathnayake to Anura Karunathilaka. Following the rearrangement, the portfolio of urban development, which was hitherto held by the latter, has been assigned to the former. The downgrade of the National List MP comes in the backdrop of recent speculation that Harini Amarasuriya could be replaced by the former for premiership. During his days in the Opposition, Leader of the House was a passionate supporter of Palestine. Rathnayake is considered as a prominent leader of the NPP, and he is part of the six-member JVP Political Bureau – which forms the nucleus of the NPP’s ideological parent’s decision-making authority.

Rathnayake’s handling of matters related to the port was severely criticised by the Opposition. Some accused him of overstepping his authority with regard to the controversial release of 323 red-flagged containers from Colombo Port early this year. The Daily Mirror newspaper recently reported that many officials holding key posts in institutions coming under his ministerial purview had resigned. The JVP strongman who dropped out of the University of Moratuwa without completing his civil engineering degree has also come under fire for regularly interfering with the decisions of the Speaker during parliamentary proceedings.

The politician who rose to the forefront of the JVP through university student activist movements enthusiastically endorsed the remanding of former President Ranil Wickremesinghe last August. During a media interview, the individual who is uncomfortable in conversing in English language ridiculed the former President’s reputation for having a wide network of contacts with international leaders. Opposition politicians have repeatedly slammed his alleged haughty and arrogant conduct.

Despite the recent changes to the Cabinet, the top decision-making authority does not include a single representative from the Islamic faith. Every government in the world, particularly in developed democracies, strive hard to make their Cabinets as inclusive and representative as possible in terms of gender and ethnicity. Since gaining independence, every Government had Muslim minister/ministers in their Cabinets except the incumbent. Even the Gotabaya Rajapaksa-led SLPP Government, which was blatantly anti-Muslim in its outlook, had two representatives from the minority ethnic group in its Cabinet.

Voters have huge expectations from the present Government given the aspirational sentiments they conveyed before coming into power. The pressure of high expectations weighs heavily on the Government. Delivery is more complex and difficult than rhetoric.

Indian External Affairs Minister Dr. S. Jaishankar yesterday met with Prime Minister Dr. Harini Amarasuriya in New Delhi, reaffirming India’s continued support to Sri Lanka and commitment to strengthening bilateral cooperation.

In a post on ‘X,’ Dr. Jaishankar said he was ‘pleased to meet’ the Sri Lankan Prime Minister. ‘Discussed India’s continued support to Sri Lanka and strengthening our cooperation in education and capacity building,’ he added.

Colombo stock market rebounded sharply to close yesterday in the green after the previous sessions decline on profit taking.

The ASPI ended 0.56% higher, up 123.87 points to 22,416.15 and the S and P SL20 closed 0.45% up, gaining 27.82 points to 6,226.64.

Market turnover was Rs. 8.87 billion on more than 293.7 million shares traded. Foreigners were net sellers with a net outflow of Rs. 1.4 billion.

First Capital Research said the Colombo Bourse gained 124 points yesterday to ultimately close at 22,416. Retail participation in small to mid-cap shares was lower compared to previous sessions, while HNW activity was strong in blue-chip counters.

HHL, SAMP, VLL, RICH, and DIMO emerged as the key positive contributors to the index.

Turnover remained robust at Rs. 8.9 billion, marking a 27% increase compared to the monthly average of Rs. 7 billion, primarily driven by a Rs. 1.2 billion crossing on HHL.

The Banking sector led turnover, contributing 28%, while the Capital Goods and Diversified Financials sectors collectively accounted for 40%. Meanwhile, foreign investors remained net sellers, recording a net outflow of Rs. 1.4 billion.

NDB Securities said the ASPI closed in green as a result of price gains in counters such as Hemas Holdings, Sampath Bank and Vidullanka with the turnover crossing Rs. 8.8 billion. A similar behaviour was witnessed in the S and P SL20.

Crossings were witnessed in Hemas Holdings, DFCC Bank and Hatton National Bank nonvoting accounting for 40.3% of the turnover. Mixed interest was observed in Central Finance Company, Lanka IOC and Dipped Products whilst retail interest was noted in SMB Leasing, LVL Energy Fund and UB Finance Company. Furthermore, foreigners closed as net sellers.

The Banking sector was the top contributor to the market turnover (due to DFCC Bank, Hatton National Bank non-voting and Seylan Bank) whilst the sector index gained 0.59%.

The share price of DFCC Bank gained 75 cents (0.48%) to close at Rs. 156. The share price of Hatton National Bank nonvoting recorded a gain of Rs. 4.25 (1.37%) to close at Rs 314.25. The share price of Seylan Bank appreciated by Rs. 3 (2.88%) to close at Rs 107.

Capital Goods sector was the second highest contributor to the market turnover (due to Hemas Holdings) whilst the sector index increased by 0.44%. The share price of Hemas Holdings increased by Rs 1 (2.93%) to close at Rs 35.10.

Central Finance Company was also included amongst the top turnover contributors. The share price of Central Finance Company moved up by Rs. 3.75 (1.27%) to close at Rs. 299.

Educating youth on taxation is not merely a lesson in finance; it is an investment in the nation’s future. Recognising this, the International Chamber of Commerce Sri Lanka (ICCSL) has launched a series of university-level awareness programs aimed at helping young people understand the importance of taxation and its role in responsible citizenship.

The initiative is spearheaded by the Committee for Research, Knowledge Mobilisation and Taxation (RKMT) of ICCSL, which, as one of its many initiatives, focuses on bridging the gap between tax knowledge and public understanding. The most recent awareness session was successfully held at the Faculty of Management and Finance, University of Colombo, for its undergraduates.

The session opened with remarks by ICCSL Vice Chairman Hemakumara Gunasekara, who highlighted the organisation’s broader mission to empower professionals and citizens through knowledge sharing. He emphasised that understanding taxation is essential to everyone, regardless of age, gender, or profession as it strengthens the social contract between citizens and the state.

‘Tax is not just a financial obligation; it’s part of being a responsible citizen,’ he stated. ‘When young people understand how the tax system works, they become partners in building a more transparent and equitable future for the country.’

The program featured expert presentations by RKMT members and leading professionals from Sri Lanka’s top tax advisory firms.

Ernst and Young Partner/Principal – Tax Services V. Shakthivel, shared key insights on key tax principles and practical applications relevant to young people. He demonstrated how to apply for a Taxpayer Identification Number (TIN) and register with the Inland Revenue Department, practical steps that every future entrepreneur or professional should know.

KPMG Principal of Tax and Regulatory and RKMT member Rifka Ziyard, led a session on the application of tax procedures, legal frameworks, and compliance requirements, helping students connect academic theory with real-world tax practices. She also explained the many sources that the students can make use of to update their knowledge in taxation.

Adding a strong civic dimension to the session, RKMT Committee Chairperson Dr. Nadee Dissanayake emphasised the importance of understanding taxpayer rights and obligations from an early stage. She explained that nurturing tax awareness among youth fosters trust, transparency, and long-term compliance, essential ingredients for sustainable national development.

The program received strong institutional support from Faculty of Management and Finance Dean Prof. H.M. Nihal Hennayake, and Senior Lecturer and Coordinator of the Career Guidance Unit G. Ranaweerage. Their collaboration ensured a meaningful and interactive learning experience for the students.

The undergraduates responded with enthusiasm, participating actively in discussions and sharing their curiosity about how taxes shape business and society. Many expressed appreciation for the practical insights and clarity the session provided.

The ICCSL’s RKMT Committee plans to continue this initiative across multiple universities and academic institutions, expanding its outreach to students, future entrepreneurs, and young taxpayers. By creating an early understanding of taxation and its civic value, the program aims to build a generation that views tax compliance not as a burden, but as a shared responsibility for the nation’s progress. This event was covered by Daily FT.

The Special Investigation Division (SID) of the Sri Lanka Foreign Employment Bureau (SLFEB) has arrested a lawyer who defrauded Rs. 9.41 million by promising to provide jobs in the nursing sector in England and Malta.

The lawyer from Moratuwa ran a licenced foreign employment agency operated under the name CMM Travels and Tours and charged a total of Rs. 9.41 million promising to provide jobs in England and Malta in the nursing sector. His agency licence had expired and did not hold a valid employment order.

He was produced before the Moratuwa Magistrate’s Court on Wednesday. Since he pleaded guilty, the Magistrate ordered to release him on two surety bonds of Rs. 500,000 each, and the case is scheduled to be taken up again on 27 January 2026.

A son of a former mayor of Kalaeliya, Ja-Ela, was also arrested by the SLFEB’s SID for accepting Rs. 600,000 to send a resident of Talawakelle for employment in Dubai without a valid permit from the SLFEB, on Wednesday.

During the arrest, officers seized several job applications and visa-related documents from his house. The suspect was scheduled to appear before the Welisara Magistrate’s Court yesterday (16).

Acting on a complaint, a resident of Kochchikade, Negombo, who had collected Rs. 2 million promising a job in Japan, was also arrested for recruiting people for foreign employment without a permit. He was to appear before the Kaduwela Magistrate’s Court yesterday.

Meanwhile, a person, who had been charging money to send women aged between 58-60 years old as domestic workers in Dubai using tourist visas, was arrested by SID officers on Tuesday.

Following two complaints received by the SID from two women who returned to Sri Lanka failing to secure a job in Dubai and the other who paid money but did not get the promised job, he was arrested in Udahamulla.

He was operating a job agency called Methsara Housemaid Services in Beddagana Road, Kotte, and collected Rs. 1.1 million without providing the promised jobs. Officers seized four foreign passports, CVs, visa documents, and other materials. He was also produced before the Gangodawila Magistrate’s Court on Wednesday

Sri Lanka Customs informed the Court of Appeal yesterday that vehicles detained for being imported from countries not listed in the relevant Letters of Credit (LCs) may be released subject to specific conditions.

Appearing for the Department, Additional Solicitor General Sumathi Dharmawardena said importers could recover their vehicles upon submitting a corporate or personal bond and paying any additional fees owed to Customs. The Court was also told that registration would be permitted once all dues are settled.

The announcement was made during the hearing of about 15 fundamental rights petitions filed by vehicle importers seeking release of their shipments. The petitions were taken up before Court of Appeal President Justice Rohantha Abeysuriya and Justice Priyantha Fernando.

Counsel for the petitioners Faiszer Musthapha, PC, argued that similar vehicles had previously been cleared by Customs and urged the Court to call for a list of such cases. He also contended that if the petitioners succeed, the 35% surcharge imposed on the vehicles should be refunded.

President’s Counsels Ikram Mohamed and Sanjeeva Jayawardena, representing other petitioners, requested more time to discuss a possible settlement. The Court ordered the matter to be taken up again on 22 October to explore that option.

The Sri Lanka Institute of Information Technology (SLIIT) concluded its September 2025 Convocation with great distinction.

The event, held over five days from 29 September to 3 October at SLIIT Malabe Campus Main Auditorium, marked a historic milestone for the institution, as it conferred degrees upon more than 2,500 undergraduate and postgraduate students. This was the largest convocation held by far at SLIIT, celebrating the academic success and dedication of its graduating class.

The ceremony honoured graduates across a wide range of disciplines, symbolising the culmination of years of perseverance, commitment, and scholarly achievement. In addition to the awarding of degrees, SLIIT further celebrated excellence by presenting special performance awards to high-achieving students, reinforcing the university’s strong culture of academic distinction.

The convocation was attended by distinguished Chief Guests including, MAS Holdings Chief Digital Officer Steve Dodd; OREL IT Chief Executive Officer Dr. Upendra Pieris; Standard Chartered Bank, Sri Lanka Chief Executive Officer Bingumal Thewarathanthri; Liverpool John Moores University Director of the School of Law and Justice Studies Prof. Daniel Silverstone; Liverpool John Moores University Senior Lecturer in Psychology (Link Tutor) Dr. Simon Cooper; and University of Bedfordshire Pro-Vice Chancellor (International) Adrian Dutch alongside various guests of honour and industry partners from reputed organisations.

For most students, the convocation represented a defining moment, not only as a recognition of their accomplishments but also as the beginning of their journey into the global workforce. The event showcased SLIIT’s unwavering commitment to providing world-class education while equipping its graduates with the skills, knowledge, and values needed to thrive in an ever-evolving professional landscape.

Family members, friends, distinguished invitees, and faculty gathered to celebrate this momentous occasion, creating an atmosphere of pride, joy, and accomplishment.

Hutch Sri Lanka has raised the bar for travellers once again by introducing free travel insurance for all its roaming customers, an initiative that uniquely combines roaming convenience with comprehensive travel protection. This move ensures Hutch customers remain both connected and protected when travelling abroad.

With a global roaming footprint spanning 150+ destinations, Hutch roaming packages already deliver unbeatable value, offering customers up to 50% savings compared to market alternatives. The new travel insurance benefit further enhances this proposition, covering a wide range of eventualities such as loss of baggage, hospital expenses, accidents, illness, personal liability, and trip delays. This protection is offered in collaboration with Assetline Insurance Brokers Ltd., (AIBL), the David Peiris Group’s insurance arm and Sri Lanka’s 2nd largest insurance broker, together with Allianz Insurance, reinforcing customer confidence in choosing Hutch as their ideal travel companion.

Catering to today’s flexible travel needs, Hutch offers a wide range of roaming packages based on trip duration. The most popular choice is the 10GB weekly plan, now bundled with free travel insurance cover of $ 5,000, giving travellers unmatched value and absolute peace of mind. The plans can be seamlessly activated and monitored through the Hutch Self-Care App, ensuring customers have full control throughout their journey. New customers can also easily join the network by ordering a SIM online at www.hutch.lk, where an eSIM can be downloaded instantly or a physical SIM delivered directly to their door. Connections are also available through authorised merchant outlets island-wide.

Hutch ‘s ability to deliver such unmatched roaming offering is powered by the strength of its parent company, CK Hutchison Holdings. As a Fortune 500 conglomerate with deep roots in telecommunications across Europe and Asia, CKHH brings a vast global footprint to the table. Enabling HUTCH to offer the best roaming rates and exclusive deals for Sri Lankans traveling abroad, unmatched by any local operator.

Hutch Head of International Business Mushtaq Munsoordeen said: ‘Through this pioneering initiative, Hutch is redefining the travel experience for our customers. We are not only helping them stay connected affordably across the globe, but also safeguarding their journeys with a level of protection never before offered by a telecom provider in Sri Lanka. Backed by CKHH Global’s immense network strength and partnerships, we continue to deliver world-class innovation and value that truly make a difference.’