Category: Daily Financial Times

The Gamani Corea Foundation will be celebrating the 100th birth anniversary of Dr. Gamani Corea, DPhil, M.A. (Oxon), M.A., B.A. (Cantab), one of Sri Lanka’s most distinguished economists and international civil servants in November.

It will hold a commemorative oration, to honour Dr. Corea’s enduring legacy and to reflect on the continued relevance of his ideas for the challenges facing the Global South today.

The oration, titled ‘Dr. Gamani Corea and His Enduring Relevance for the Global South’, will be delivered by South Centre, Geneva, Switzerland Executive Director Dr. Carlos Maria Correa on 4 November, from 5.30 p.m. onwards, at The Lighthouse auditorium, 24 Horton Place, Colombo 7.

Professor Correa has worked with the Argentine government and has been the Director of the Centre for Interdisciplinary Studies on Industrial Property and Economics (CEIDIE) at the Law Faculty of the University of Buenos Aires. He was a member of the UK Commission on Intellectual Property Rights, the Commission on Intellectual Property Rights, Innovation and Public Health established by the World Health Assembly and of the FAO Panel of Eminent Experts on Ethics in Food and Agriculture.

Dr. Gamani Corea (1925-2003) was a visionary leader whose intellectual contributions shaped the global economic discourse of his time. As Secretary-General of UNCTAD from 1974 to 1984, Dr. Corea was a powerful advocate for the interests of developing nations and a driving force behind the call for a New International Economic Order (NIEO). His work championed equitable trade, development financing, and structural reform in the global economic system-principles that continue to resonate in today’s debates on globalization and sustainability.

In keeping with his vision, the Gamani Corea Foundation (GCF) was established by Dr. Gamani Corea, in the year 2000. His vision for the GCF was to develop a research institution that would advance his passion for global economic development, with a particular emphasis on Sri Lanka.

The Management Club (TMC) Colombo continues to empower professionals through its Members Speak initiative, a series designed to enhance knowledge and support skill development among members. The third session of Members Speak 2025 will be held on Thursday, 13 November at 6 p.m. at the Ebony Hall, Cinnamon Grand Hotel, Colombo.

Project Chairperson Dr. Saliya Balasooriya notes that this session will focus on ‘Project management for organisational survival, growth, and success’- a topic of immense importance for entrepreneurs and professionals navigating today’s challenging business environment. The discussion aims to uncover practical strategies that drive organisational success, resilience, and growth.

The keynote speaker, Dr. Madhu Fernando, a renowned Project Management Specialist, Management Consultant, and Trainer, brings over 30 years of experience in transforming organisations through effective project leadership. In her engaging talk titled ‘Eat this soup!’ Dr. Fernando will explore how to understand stakeholder needs, ensure effective communication and collaboration, and align project scope, time, cost, and quality-while managing inevitable risks and changes. She emphasises that the essence of successful project management lies in delivering a ‘working product’ or, as she describes it, a ‘tasty soup’-one that truly meets organisational goals.

Dr. Fernando is an old girl of Visakha Vidyalaya, Colombo, and an alumna of Swinburne University and RMIT University, Melbourne, holding a Doctor of Business Administration and a Master of Telecommunications Engineering, among several other qualifications. She currently serves as a Visiting Lecturer at multiple universities and institutes in Sri Lanka and abroad. As the Founder of Innova Strategies, she provides project management training and consulting services to numerous organisations and also leads the Project Management Practice at Sampath IT Solutions.

Following the keynote session, attendees will enjoy a Fellowship and Networking segment-an excellent opportunity to interact with professionals, exchange insights, and build meaningful business connections in an engaging and friendly atmosphere.

Tickets are priced at Rs. 2,500 per person, inclusive of snacks. For registration and payment, contact the TMC Secretariat (Ashley/Joseph) at 071 586 0000 or email tmcsrilanka@gmail.com.

Fairfirst Insurance recently hosted the Fairfax Asia Summit 2025 in Colombo, bringing together leaders and delegates from across the Fairfax Asia Group and Fairfax Financial Holdings for two days of collaboration, learning, and celebration.

This marked the first time the summit was held in Sri Lanka, reflecting both the trust and recognition of Fairfirst’s growing role within the Fairfax family.

The event began with a warm Sri Lankan welcome as delegates experienced the sights and spirit of Colombo before gathering for a culturally themed welcome dinner. The evening featured vibrant traditional performances and an atmosphere of camaraderie that set the perfect tone for the summit that followed.

Day two featured engaging discussions on topics shaping the future of the insurance industry – from financial readiness and digital progress to strengthening collaboration across the Fairfax network. The sessions offered valuable insights into how the group continues to evolve through innovation and shared purpose.

Renowned personalities, including John Keells Holdings PLC Chairperson Krishan Balendra, and cricketing legend Aravinda de Silva, shared their experiences on leadership, teamwork, and navigating challenges – inspiring fresh ideas and conversations among participants.

The summit concluded with the Fairfax Asia Service Excellence Awards and Gala Dinner, recognising employees who demonstrate exceptional dedication and create meaningful impact across the company.

Wijini Hasanthika from Fairfirst Insurance was one of five recipients, honoured for her outstanding contribution to the Fairfax family and her commitment to Fairfirst’s values.

Fairfirst Insurance Deputy CEO Ravishankar Wickneswaran said: ‘It was a privilege for Fairfirst to host this year’s Fairfax Asia Summit in Sri Lanka. Bringing together leaders and teams from across the group was truly special – combining teamwork, insight, and a touch of our island’s warmth and culture.’

As the summit came to a close, Fairfirst said it had not only showcased the best of Sri Lankan hospitality but also strengthened the Fairfax family’s sense of unity, partnership, and shared success. It was a fitting conclusion to a gathering that embodied the very essence of the Fairfax spirit.

Senthilverl Holdings Ltd. has increased its shareholding in C M Holdings PLC to over 10% of the company’s issued capital following a transaction on 30 October 2025.

Senthilverl Holdings bought one million shares at Rs. 71 each for Rs. 71 million, raising its total holding to 15,488,966 shares or 10.19% of C M Holdings’ issued capital of 152 million shares. Senthilverl Holdings is the second largest shareholder of C M Holdings.

C M Holdings closed Friday at Rs. 70.90 a share down by 10 cents.

As of end-September 2025, the company reported a net asset value per share of Rs. 467, up from Rs. 246 a year ago. The Colombo Fort Land and Building PLC is the top shareholder with a 63.5% stake.

The National Savings Bank, Sri Lanka’s premier savings institution and the country’s sole representative of the World Savings and Retail Banking Institute (WSBI), last week joined the global celebration of World Savings Day 2025 on 31 October, reaffirming its founding purpose, to inspire the nation to save and build a financially secure future.

The origins of this significant and globally observed day dates to 31 October 1924, when the founders of WSBI declared the first ‘World Thrift Day,’ advocating savings as a pathway to financial security, independence and national progress. A century later, this mission continues with renewed strength and transformative energy.

This year’s global theme, ‘This Is Not a Savings Account’ marks a bold shift in perspective. Rather than viewing savings as a passive act of depositing money, the campaign redefines savings as a powerful and active investment in the future. Every savings account represents a life goal, education, a home, a new business, a retirement spent with dignity, and ultimately, the confidence to move toward a better tomorrow. Savings are not static; they are an ongoing investment in life’s aspirations.

In recent months, NSB has scaled the heights of global recognition by receiving the prestigious WSBI SDG Award, celebrating the Bank’s exceptional contributions towards climate finance, consumer protection, digital transformation and technological innovation.

With this award, NSB stands among the world’s leading savings banks that demonstrate a measurable impact towards the United Nations’ Sustainable Development Goals (SDGs). This accolade is not merely ceremonial, it underscores NSB’s role as a national and international leader in sustainable, inclusive banking.

As a national leader in savings mobilisation since its establishment, NSB continues to drive financial inclusion and literacy across Sri Lanka. With its broad branch network and cooperation with the postal banking system, NSB ensures that all Sri Lankans, whether in city centres or distant rural hamlets, have access to trusted and affordable financial services.

NSB said in today’s rapidly changing global landscape, the value of thrift and savings has never been more pertinent. The world faces shifting economic tides, climate uncertainty, evolving employment patterns, and the acceleration of digital transformation. In such times, cultivating the discipline of saving is not merely a personal financial habit, it becomes a strategic asset, both for individuals and for society as a whole.

On an individual level, savings provide a dependable foundation for navigating unexpected events from job disruptions, health emergencies, seasonal fluctuations, to transitions in life. When a household maintains a savings cushion, it builds resilience. Research shows that in modern economies a strong savings culture contributes significantly to financial stability and can act as a buffer in times of crisis. Beyond the personal sphere, the act of saving plays a key role in fueling economic growth.

When individuals save through trusted institutions, these funds can be channeled into investment in entrepreneurship, infrastructure, innovation and national development. In emerging economies, especially, savings translate into capital that powers broader progress.

As a savings bank committed to the public interest, we believe the concept of thrift should be re-thought for the 21st century, not as mere restraint of spending, but as purposeful facilitation for tomorrow. Here’s how we invite the public to embrace savings in a novel way:

Think of savings as opportunity-creation, not just reserve-keeping. Every rupee put aside is not just for ‘just-in-case’ scenarios, it is a stake in future possibilities: new skills, new business, sustainable upgrades, better education, or a healthier life. By positioning savings as an investment in one’s potential, we shift from passive mode to proactive planning.

Align savings with purpose and values. In a world where sustainability and inclusion matter, savings can be directed in ways that reflect both personal goals and collective values. For example: a savings plan that supports green home improvements, empowers women through new skills, or supports rural livelihoods. Thus, thrift becomes aligned with environmental and social contribution, not just personal gain.

Embrace saving as a long-term habit, not a one-off. The power of savings grows with consistency. Small regular deposits build financial habits, reduce dependency, and provide freedom. In turn, institutions can channel stable savings into meaningful development activities. A strong savings culture becomes a virtuous cycle of personal stability and national resilience.

Leverage digital tools and financial literacy. In the digital era, access and inclusion matter. Savings should be made simple, accessible, secure and understandable. We encourage every customer, whether young, working, retired or under-banked, to use digital channels, automated deposit plans, and to engage with learning resources. A wise savers’ mindset is built not just on doing, but on knowing why.

Prepare for change, embrace flexibility. Global economy and technology evolve quickly. A savings mindset that is adaptable will enable individuals to adjust, whether to career shifts, global challenges or new opportunities. Thrift today prepares for the uncertainties of tomorrow, from climate shocks to digital disruption.

Saving is a collective contribution, as saving begins with individuals, they extend their impact beyond. Strong savings habits across households support stable banking systems, enable development funding, enhance economic resilience, and support national progress. Likewise, each person’s frugality becomes a part of a broader story of growth, sustainability and inclusion.

In sum, at this stage of the world, savings are not merely extras stowed away: they are tools of empowerment, engines of inclusive growth, and safeguards of the future. As your savings bank, we invite you to view your savings account differently, not just as a place where money rests, but as a launch pad for dreams, a buffer for uncertainty and a pledge for the progress of the planet and the nation. By making the habit of saving, you are not only preparing yourself – you are shaping a sustainable, inclusive and prosperous tomorrow.

NSB Chairman Dr. Harsha Cabral PC, emphasises the strategic importance of this course: ‘Savings lie at the heart of national resilience. NSB, as the country’s dedicated savings institution, has always believed in empowering people through financial discipline. On World Savings Day 2025, we proudly continue this legacy while steering the nation toward sustainable prosperity. Every rupee saved strengthens not only one’s personal future, but also the economic foundation of our country.’

NSB’s commitment to sustainability and social progress is reflected in its many initiatives. Its Agro-Forestry programme invites savers to participate in tree-planting and home-garden projects that strengthen environmental stewardship and support families in building green assets.

The bank also runs major financial literacy programmes for children, youth and women, and supports language and education efforts through ‘English is Simple’ and the annual ‘Hapan’ scholarship scheme , all of which reinforce the Bank’s alignment with SDG-goals such as decent work and economic growth (SDG 8), industry, innovation and infrastructure (SDG 9), reduced inequalities (SDG 10), and climate action (SDG 13).

Reflecting on NSB’s global standing and its mission-driven work, NSB General Manager/CEO Shashi Kandambi said: ‘Our responsibility goes beyond banking transactions. When we encourage a person to save, we are helping them to build confidence, self-reliance and a better future. This year’s theme resonates deeply with NSB’s promise, we are not just opening savings accounts, we are opening pathways to dreams. With WSBI and our global network, we look forward to elevating the savings culture of Sri Lanka and driving sustainable progress for generations to come.’

As Sri Lanka navigates economic transformation, digital evolution and climate urgency, NSB remains steadfast in its mission: rooted in thrift, oriented toward innovation, and aligned with the SDG agenda. On this World Savings Day, NSB invites every Sri Lankan to participate in the movement, because this is not a savings account; it is a future in the making.

Ports and Civil Aviation Minister Anura Karunathilaka last week visited India to attend India Maritime Week (IMW) 2025, organised by India’s Ministry of Ports, Shipping and Waterways at Bombay Exhibition Center, Mumbai.

During the visit, the Minister held a bilateral meeting with his Indian counterpart, Sarbananda Sonowal,. He also joined the Ministerial plenary of the India Maritime Week and met Ministers of several other countries as well.

Speaking at the IMW ministerial plenary session, Minister Karunathilake observed that oceans are the bridges that connect civilisations and cultures, and the maritime industry is a lifeline of trade, energy, and connectivity, central to collective economic growth. Commending India’s Sagarmala programme and the Maritime India Vision 2030, he noted that they present a framework for regional collaboration to strengthen trade, connectivity, and shared prosperity across the Indian Ocean. He highlighted that joint efforts between Sri Lanka, India and neighbouring countries can create a resilient, interconnected network of ports that benefits the broader South Asian economy and supports the seamless flow of trade across the region.

Minister Karunathilaka also participated in the inauguration of Sagarmanthan: The Great Oceans Dialogue, organised by ORF and Ministry of Ports, Shipping and Waterways, Government of India where he participated in the Ministerial plenary.

Speaking as a panellist on Shaping the Future Global Logistics: Building Resilient, Smart and Sustainable Supply Chains, he conveyed that the government intends to develop Sri Lanka as a regional bunkering and energy hub at the ports of Colombo, Trincomalee and Hambantota, and highlighted the need for automation to enhance port capacity and efficiency.

He also met prominent industry leaders on the sidelines of the visit including JM Baxi and Adani Ports.

Karunathilaka, along with a high-level delegation, visited the Jawaharlal Nehru Port Authority (JNPA) in Navi Mumbai as part of the ongoing India Maritime Week 2025. The visit focused on discussions around advancing maritime technology, enhancing port skilling and training programs, and fostering the exchange of ideas to strengthen regional cooperation in the port and logistics sector. During the visit, the delegates received a comprehensive overview of all the container terminals at JN Port, gaining insights into operational efficiency, automation, and sustainable port management practices.

Minister Karunathilaka was accompanied to the engagements by Sri Lanka’s Consul General in Mumbai Priyanga Wickramasinghe, Consul (Commercial) Shirani Ariyarathna and Private Secretary Sidath Perera.

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.