Category: Daily Financial Times

In line with its strategic growth plans and commitment to serving members and customers across the nation, PMF has announced the opening of its newest branch in Bandarawela.

The launch of this branch marks another significant milestone in PMF PLC’s ongoing mission to promote financial inclusion and provide accessible, people-focused financial services to communities across Sri Lanka. The Bandarawela branch will offer a full suite of cooperative financial solutions to individuals, families, and businesses in the region.

PMF Chairman Malik Cader said: ‘The opening of our Bandarawela branch is a reflection of our continued commitment to empowering communities through convenient, reliable, and responsible financial services. We are proud to bring the PMF PLC experience closer to our members in the Uva region.’

Through this new branch, PMF PLC aims to contribute to the socio-economic development of the Bandarawela community by supporting local entrepreneurs, small businesses, and farmers with accessible financial solutions and guidance. The branch will also focus on promoting savings habits, providing financial literacy programs, and creating employment opportunities within the area-strengthening the foundation for long-term community growth and prosperity.

The new Bandarawela branch features modern facilities and a welcoming, customer-friendly environment designed to ensure every member receives personalised and efficient service.

With the addition of the Bandarawela branch, PMF now operates 19 branches across Sri Lanka, reaffirming its position as a trusted leader in the financial sector.

JAT Holdings PLC yesterday announced the acquisition of Mirotone (NZ) Ltd., the market leader in industrial wood coatings across New Zealand and a globally respected coatings brand established in 1935.

The total transaction, comprising the purchase consideration and committed reinvestment for growth, represents a strategic investment exceeding 4 million Australian dollars (about Rs. 800.7 million).

This includes an acquisition value of 2.5 million Australian dollars for 100% ownership of Mirotone (NZ) Ltd. and an additional 1.5 million Australian dollars for working capital infusion, modernisation of manufacturing operations in New Zealand, and the re-launch of Mirotone’s legacy brand in the Australian market.

The acquisition of Mirotone gives JAT not only a powerful brand but also a passport to the world, with immediate reach across Australia and future access to markets in Europe and the Americas.

With Mirotone’s nine-decade heritage of innovation, technical mastery, and international credibility, JAT now inherits a Company and brand that has supplied advanced wood finishing solutions to premium furniture manufacturers, cabinet makers, and industrial partners worldwide.

The acquisition brings with it cutting-edge R and D capability, strong distribution networks, and a portfolio of trusted formulations, positioning JAT to accelerate global product development and scale manufacturing excellence across continents.

JAT Holdings Founder and Managing Director Aelian Gunawardene described the milestone as a defining chapter in JAT’s global journey: ‘The acquisition of Mirotone gives JAT not only a powerful brand but also a passport to the world, with immediate reach across Australia and future access to markets in Europe and the Americas’.

‘Over the past 30 years I have admired the Mirotone brand for its craftsmanship, enduring consistency, and the trust it has earned from generations of professionals around the world. For me, Mirotone has always represented authenticity, precision, and uncompromising quality, qualities that deeply resonate with JAT’s own philosophy,’ he added.

To now have the privilege of being the custodian of this remarkable legacy is both humbling and inspiring. This milestone marks a defining moment in JAT’s journey, the transformation from a regional leader into a truly global coatings company.’

JAT Holdings Chief Executive Officer Nishal Ferdinando said: ‘This acquisition is a defining milestone for JAT. By integrating Mirotone’s global experience, advanced technology, and established brand equity, we are propelling ourselves into new international markets with sustainable, high-performance coating solutions’.

‘Mirotone’s presence in New Zealand and legacy in Australia form a strong launchpad, enabling JAT to compete at a global level and introduce our innovations to mature and emerging markets alike. Our goal is clear: to position JAT as a Sri Lankan multinational with a global manufacturing, innovation, and distribution footprint,’ he added.

With operations already spanning South Asia and Africa, JAT’s entry into Australasia cements its emergence as a borderless coatings enterprise, one that blends Sri Lankan entrepreneurship with world-class technology, sustainability, and design. The acquisition of Mirotone signifies a pivotal move from regional leadership to global relevance, setting JAT on course to become one of the most dynamic coatings companies in the world.

The Court of Appeal has fixed the case challenging VAT collection without refund system and abolition of SVAT for support on 6 November 2025.

When the case was taken up on 24 October 2025 the petitioners representing multiple chambers, informed Court that the Inland Revenue Department (IRD) has issued a Gazette

which has an impact on the relief sought in the Petition. The petitioners, however, do not concede that this Gazette satisfies the mandatory requirement of publication of conditions as stipulated under the provisions of the Value Added Tax Act.

The petitioners further notified Court of their intention to challenge the said gazette and accordingly have filed an amended petition to include this new development.

The legal action by the Free Trade Zone Manufacturers’ Association (FTZMA), together with the National Chamber of Commerce of Sri Lanka (NCCSL) and the Sri Lanka Chamber of Small and Medium Industries, was filed before the Court of Appeal on 30 September 2025 challenging the Inland Revenue Department’s (IRD) decision to commence collecting Value Added Tax (VAT) from 1 October 2025 without first operationalising the legally mandated automated refund mechanism.

The petitioners, representing exporters, deemed exporters, sub-contractors to exporters, service providers in the export supply chain, SMEs, and the broader business community, said that collecting VAT from export-related businesses without a proper functioning refund system, and without publishing the conditions of the proposed risk-based refund scheme in the gazette, is unlawful, unreasonable, and a violation of constitutional rights.

According to the petitioners, the Government abolished the Simplified Value Added Tax (SVAT) scheme earlier this year, after it had been postponed by the previous administration at the request of the export community.

The abolition was accompanied by a statutory requirement that a new automated, risk-based VAT refund scheme be in place from 1 October 2025. To date, no such system has been implemented, nor have the selection criteria for the refund scheme’s Green, Amber, and Red channels been published.

The chambers question the feasibility of IRD assurances that refunds will be paid within 45 days, noting that long-outstanding VAT refunds due to exporters dating back to 2010 remain unsettled.

They further express concern that, contrary to international good practice where refund-risk channels are selected automatically by transparent algorithms, the IRD now proposes appointing a committee to select channels, creating opportunities for discretion, delay, and potential abuse.

They cite similar risks observed when committees, rather than automated systems, are involved in operational decisions such as the release of containers by Customs.

The Chambers argued that the SVAT system, implemented nearly two decades ago by the IRD for registered exporters, deemed exporters, and export supply-chain service providers, had functioned smoothly and transparently because it avoided cash transactions.

Instead, it relied on IRD-issued vouchers exchanged within the IRD’s online system between buyers and sellers.

While the IRD has indicated to the IMF that there were leakages under SVAT, the petitioners note that, despite being administered and monitored through the IRD’s own online system, no violators have been identified or named.

On industry estimates, any leakage would have been negligible (well under 0.01%), demonstrating that SVAT was an effective and low-risk mechanism, the petitioners said..

The chambers also clarify that the IMF’s revenue objective for Sri Lanka is to raise government revenue to 15% of GDP; the method of achieving this is a policy choice for the Government.

The IMF has not required the abolition of SVAT, the chamber pointed out.

Multiple chambers, including the International Chamber of Commerce, engaged with the IMF and urged against abolishing SVAT without a proven, automated refund system ready to replace it. The petitioners contend that the IRD’s advice to abolish SVAT has effectively reinstated a cash-refund regime that was historically vulnerable to delays and corruption.

The chambers warn that immediate VAT collection in the absence of an automated refund system will create severe cash-flow stress across the export ecosystem, pushing many firms, particularly SMEs and indirect/deemed exporters-towards insolvency.

This, they argue, threatens employment, curtails domestic value addition, and undermines export competitiveness as the main exporters shift to importing raw materials and packaging materials rather than sourcing them locally.

The petitioners caution that an export-supply-chain liquidity crunch could trigger a foreign exchange shortfall and jeopardise Sri Lanka’s capacity to meet international obligations by 2028.

Comparing the policy risk to the previous administration’s fertiliser restriction, implemented without adequate impact assessment, the chambers argue that dismantling SVAT without a ready, automated refund alternative could inflict even greater economic damage.

Qatar Airways has been named the ‘Best Airline in the World’ at Business Traveller Awards 2025, reaffirming its position as a global leader in aviation.

This recognition highlights the airline’s continued pursuit of excellence, innovation, and world-class service.

The Business Traveller Awards ceremony, held at the iconic Sky Garden in London, brought together influential figures from across the travel and hospitality industry to celebrate outstanding achievements.

Qatar Airways was recognised by a panel of industry experts, each bringing decades of experience and a sharp eye for excellence, for its role in advancing the aviation industry.

Qatar Airways was also awarded: Best Business Class in the World, Best Economy Class in the World, Best Frequent Flyer Programme in the World, Best Airline Lounge in the World (Al Mourjan Lounges, DOH) and Best Airline Between Europe and the Middle East

Qatar Airways Chief Commercial Officer Thierry Antinori said: ‘We are honoured to receive these prestigious accolades that reflect our unwavering commitment to excellence. Being named World’s Best Airline, alongside recognition for our Business and Economy Class cabins, loyalty programme, and lounges, is a testament to our dedication to delivering unparalleled experiences, to our customers at each travel touchpoint. These awards reaffirm our position as a global leader and top innovator in the industry, and inspire us to continue setting new leading standards for comfort, connectivity and service.’

The Hayleys Leisure Awards 2025 marked a significant milestone for Hayleys Leisure, as the sector hosted its first-ever awards night; an evening that brought together pride, passion and purpose to honour the people and teams who continue to shape its enduring legacy in Sri Lankan hospitality.

The event, held on 14 October 2025 at The Balmoral, The Kingsbury Colombo, was graced by Hayleys PLC Chairman Mohan Pandithage, and spearheaded by Hayleys Leisure Managing Director Rohan Karr. The evening was also attended by the Boards of Directors of The Kingsbury and Hayleys Leisure. The ceremony gathered representatives from across The Kingsbury, Amaya Resorts and Spas, and The Boutique Collection by Amaya, recognising exceptional achievements in service, innovation, leadership and teamwork.

Pandithage and Karr delivered inspiring messages that underscored the Group’s vision of excellence and its unwavering commitment to people-centred, sustainable growth.

Karr highlighted the Group’s purpose of ‘Curating Happiness’ and his elation on the exponential growth of the sector in the past financial year. He further emphasised Hayleys Leisure’s ambition to be trendsetters in redefining the future of Sri Lankan hospitality.

The ceremony honoured winners across multiple categories, including the Employee of the Year (Front of the House and Heart of the House), Rising Star of the Year, and awards for People and Culture, Financial Excellence, Integrity and Compliance and Online Reputation. The Leading Hotel of the Year was presented to Amaya Lake, Dambulla, while the prestigious Overall Excellence Award was presented to The Kingsbury, Colombo, recognising its market-leading financial performance, industry accolades and consistent commitment to service excellence.

The Managing Director’s Special Awards recognised the Kingsbury Banquet Operations Team for redefining event hospitality in Colombo, and Anil Wickramanayake of Amaya Hills, whose 28 years of service and artistry have helped preserve the resort’s Kandyan heritage and character.

The Hayleys Leisure Awards 2025 marked the beginning of a new chapter. It celebrated the people whose passion, perseverance and teamwork continue to elevate Hayleys Leisure as a leading force in Sri Lankan hospitality, and reaffirmed the Group’s vision of curating happiness through experiences that are meaningful, sustainable and unforgettable.

Harmanpreet Kaur has waited a long time for the ultimate success and that’s why lifting the ICC Women’s Cricket World Cup trophy was extra special for the inspirational Indian captain.

Harmanpreet was one of five players at the tournament to be appearing at their fifth World Cup, with the India skipper having made her international debut at the 2009 edition of the event in Australia in a 10-wicket victory over Pakistan.

Years of heartbreak followed for Harmanpreet and India – including a narrow loss to England in the 2017 final at Lord’s – so it was no surprise that the veteran was lost for words after the side’s 52-run triumph over a gallant South Africa in Navi Mumbai on Sunday.

‘I’m just trying to express what I’m feeling. I’m numb, I’m not able to understand,’ Harmanpreet said.

‘It’s just that there were ups and downs, but the team had self-belief. I’ve been saying this since day one. We weren’t looking to the left or right. We were only looking at our main end goal.’

The victory wasn’t only special for Harmanpreet, with a host of Indian greats joining the current team on the field after the match to join in the celebrations in front of a parochial crowd of almost 40,000 people in Navi Mumbai.

Among those former India legends enjoying the celebrations were Mithali Raj, Jhulan Goswami and Anjum Chopra, with the trio long-time teammates of Harmanpreet and alongside the 36-year-old when she made her international debut in Australia back in 2009.

‘Jhulan di was my biggest support,’ Harmanpreet said of former India captain Jhulan Goswami.

‘When I joined the team, she was leading it and she always supported me in my early days when I was very raw and didn’t know much about cricket.

‘Anjum di, too. Both of them have been a great support for me and I’m very grateful that I got to share a special moment with them.’

‘It was a very emotional moment. I think we all were waiting for this. Finally, we were able to touch this trophy.’

There was also a special moment after the match for Harmanpreet and Smriti Mandhana, with the experienced duo reflecting on the many occasions they have shared the field together prior to the World Cup.

‘I’ve played many World Cups with her (Mandhana) and every time we lost, we went home heartbroken and stayed quiet for a few days,’ Harmanpreet said.

‘When we returned, we always said, ‘we have to start again from ball one’. It was heart-breaking because we played so many World Cups – reaching finals, semi-finals, and sometimes not even that far. We were always thinking, when will we break this?

‘As soon as we got to know that our venue had been changed to DY Patil Stadium, we all got so happy because we’ve always played good cricket there and the biggest thing is the crowd – it’s always so supportive.

‘So, when the venue changed from Bangalore, we all started messaging in the group. We were manifesting. We said, ‘The final is going to be there – we won’t leave it now.’

‘As soon as we reached Mumbai, we said, ‘We’ve come home now, and we’ll start fresh.’ We didn’t want to look back at previous World Cups – we left them there. The new World Cup had just started.’

Proteas look ahead after falling short in World Cup decider

South Africa Captain Laura Wolvaardt believes her team continues to evolve and an elusive ICC trophy will arrive if they can continue to perform at the highest level.

The Proteas fell at the last hurdle once again when the lost to hosts India by 52 runs in an exciting finale to the ICC Women’s Cricket World Cup on Sunday and have now been beaten finalists at the three most recent ICC tournaments following runners up finishers at the ICC Women’s T20 World Cup in 2023 and 2024.

While disappointed to have lost narrowly to India in the final of the Women’s Cricket World Cup, Wolvaardt reflected on the growth her side had made since they reached their first major final on home soil in 2023.

‘I think after that first one (2023 T20 World Cup) at Newlands, I think we sort of had domestic contracts introduced after that. So that’s really big for our depth as a team,’ Wolvaardt said.

‘The last one (2024) I think sort of just made us sort of a bigger name in cricket, I guess.

‘I think we’re the team that consistently is making finals now, whereas before it was maybe like a one-time thing.

‘So I’m really proud that we’re able to reach three in a row and I think it shows that we’re doing something right domestically and from a squad perspective, consistency wise.

‘Hopefully we can keep reaching finals and one day, one day we can win one.’

The consistency of Wolvaardt at the top of South Africa’s batting order was one of the major reasons behind the Proteas’ run at the World Cup, with the right-hander amassing a whopping 571 runs at an average of 71.37 to break the record of Australia’s Alyssa Healy for the most runs at any single edition of the tournament.

Three of Wolvaardt’s teammates (Tazmin Brits, Sune Luus and Marizanne Kapp) also scored more than 200 runs across the tournament, while Nonkululeko Mlaba (13) and Kapp (12) were nestled highly among the leading wicket-takers leaving the South African skipper with plenty of positives to take from the event.

‘I think it’s been a great campaign for us – to make it all the way to the final is really awesome,’ Wolvaardt noted.

‘I think we’ll still look back at this tournament as a lot of positives as we’ve played some really good cricket throughout this tournament.

‘At one stage we won five games in a row or something like that, which is pretty big for our group.

‘Just searching for that consistency which is something that we don’t necessarily have in bilaterals. So really proud that we’re able to perform in, in big tournaments.’

Sysco LABS delivered an outstanding performance at the President’s Challenge Trophy – Mercantile Swimming Championship 2025, held recently at the Thurstan College Swimming Pool Complex, securing a total of seven medals – four Gold, one Silver, and two Bronze. Competing against 31 organisations, Sysco LABS placed 10th overall and ranked 1st among IT companies, a remarkable achievement for the team.

Top performers included Charya Dharmadasa, who won three Gold medals in the 25m Backstroke, Breaststroke, and Freestyle (Championship events); Isuru Walpita Gamage, who claimed Gold in the 25m Butterfly (Novices); Chathura Lakmal Thalapalage, who earned Silver in the 25m Freestyle and Bronze in the 25m Breaststroke (Novices); and Upeksha Fernando, who secured Bronze in the 100m Individual Medley (Novices).

A high-level delegation from the Embassy of the United States in Sri Lanka made a courtesy call to Hambantota International Port (HIP) recently.

The delegation, led by Deputy Chief of Mission at the US Embassy Jayne Howell, also included Regional Indo-Pacific Strategy Coordinator Dustin R. Bickel, Senior Defence Official Lieutenant Colonel Matthew House and Chief of the Office of Defence Cooperation Lieutenant Commander Ros Lary.

The visit concluded with a guided tour of HIP’s terminals and operational zones, including container yards, vehicle handling zones and ship berths. The delegation was also briefed on HIP’s recent upgrades and investments, such as a $ 41 million crane expansion that has raised container handling capacity to one million TEUs, extended taking capacity, and a 26% year-on-year increase in vehicle throughput, reaching approximately 700,000 units.

These developments position HIP as a growing multipurpose maritime hub, strategically located along one of the busiest shipping routes in the Indian Ocean. The visit reinforced HIP’s importance as a resilient logistics connector.

India were crowned the new champions of the ICC Women’s Cricket World Cup when they beat South Africa by 52 runs in a highly charged final at the Dr DY Patil Sports Academy in Navi Mumbai yesterday.

It was the first time in 25 years that a new winner has emerged in the Women’s Cricket World Cup, dominated by Australia and England. Prior to yesterday, India had been in two losing Women’s Cricket World Cup finals, while for South Africa, it was their first final.

Chasing a target of 299, South Africa were bowled out for 246 in the 46th over despite a record-equalling century from their Captain Laura Wolvaardt, who became only the second player to score a hundred in a World Cup semi-final and final (men’s and women’s) after Australia’s Alyssa Healy in 2022.

The match winner for India was spin all-rounder Deepti Sharma, who followed her half-century with 5/39 to produce one of the all-time great World Cup final displays. Rather fittingly, Indian skipper Harmanpreet Kaur took the catch to dismiss the dangerous Nadine de Klerk to set off a series of celebrations around the stadium and in the country.

This was the moment India had been waiting for, which they felt they were perhaps going to be denied when they lost three matches on the spin. But after yesterday’s win, that didn’t matter anymore.

One had to spare a thought for South Africa. They came into the final chasing history, just like India, and their skipper gave it a proper shake with a century, but in the end, they just could not muster enough to get over the line.

Invited to bat first, India scored the second highest total in a Women›s World Cup final – 298-7 after Australia’s 356-5 against England in 2022. The pitch, though under covers for more than 3 hours, looked to have very little impact on how the ball behaved in the first few overs. While Marizanne Kapp could not get enough swing, Ayabonga Khaka failed to control her lines, making life easy for the openers Smriti Mandhana (45 off 58 balls, 8 fours) and Player of the Final Shafali Verma, helping them build a 104-run stand for the opening wicket off 106 balls. South Africa managed to slow things down a touch after the powerplay, and despite a few dropped chances, they did well to not leak too many runs in the last 20 overs.

Smriti, Jemimah Rodrigues (24), and Harmanpreet (20) all had starts, but failed to kick on. Shafali looked the part with her 78-ball 87 that included 7 fours and 2 sixes.

Scores:

India Women 298-7 (50) (Smriti Mandhana 45, Shafali Verma 87, Jemimah Rodrigues 24, Harmanpreet Kaur 20, Deepti Sharma 58, Rich Ghosh 34, Ayabonga Khaka 3/58)

South Africa Women 246 (45.3) (Laura Wolvaardt 101, Tazmin Brits 23, Sune Luus 25, Annerie Dercksen 35, Deepti Sharma 5/39, Shafali Verma 2/36)

Hanif Yusoof represents the best of Sri Lankan business. Starting out making deliveries on a Honda motorcycle, he built Sri Lanka’s most valuable listed company, Expolanka Group.

When he left Expolanka, the company had grown from a tiny family run firm into a global multinational with offices in 39 countries. Expolanka was able to compete, thrive and swallow others in the fiercely competitive global logistics market. It was able to prove that a Sri Lankan company could play with the world’s best and beat them at their own game.

Expolanka’s prowess was so formidable, it attracted a buyout from Sagawa, the Japanese logistics giant. They retained Hanif because they knew he was the man who made it all happen.

That’s what President Anura Kumara Disanayake, a consummate talent spotter, knew too. Which is why he appointed him as Western Province Governor and now the President’s Special Envoy on Foreign Investments as well.

This is the first time a President has appointed a Special Envoy for Foreign Investments, demonstrating the seriousness of the Government’s FDI drive and the priority it commands.

As Presidential Special Envoy for Foreign Investments he will engage strategically with international investors; lead efforts to strengthen investor confidence and champion reforms to unlock foreign direct investment. He will also coordinate across the Government to facilitate investment, including across the Board of Investment (BOI), Export Development Board (EDB), Port City Commission and line ministries.

As Sri Lanka climbs out of the hole of crisis, there is no one who can marshall the credibility and connections Hanif does.

With his extensive track record in international business leadership, his experience leading major global investment partnerships, and his longstanding contributions to Sri Lanka’s private sector development, he is the man for the job.

With someone like Hanif in the room, foreign investors will have the confidence to engage and invest. They will know that roadblocks will be removed and problems solved swiftly.

As a result, just as Upali Wijewardene brought Motorola to Lanka to build a semiconductor plant, we can expect Hanif and the crack team the President is putting together to deliver similar feats and take Sri Lanka’s foreign investments to the next level.