Category: Daily Financial Times

As global travel behaviour evolves, endurance athletes have emerged as a new class of high-value travellers fuelling what experts now call the ‘racecation’ economy. This fast-growing segment blends sport, travel, and culture, reshaping visitor economies worldwide.

According to Expedia Group’s 2025 Global Travel Trends Report, sports tourism accounts for nearly 10% of international tourism spending and is projected to hit $ 1.3 trillion by 2032. These travellers don’t just attend events; they compete, explore, and spend. Recognising this, governments around the world are forming long-term partnerships with major endurance brands such as IRONMAN, the World Marathon Majors, the Professional Triathlon Organisation (PTO), and Challenge Family. These collaborations consistently attract high-yield visitors whose economic impact extends far beyond a single race weekend.

The Sultanate of Oman has become a standout example in the Middle East. Since 2019, it has hosted seven IRONMAN events, steadily building a triathlon calendar in partnership with The IRONMAN Group. In September 2025, Oman’s Ministry of Heritage and Tourism signed a landmark global partnership extending through 2030, positioning Muscat as the 2029 IRONMAN 70.3 World Championship host city.

The initiative, now embedded in Oman Vision 2040, has an estimated total direct impact of $ 66 million between 2019 and 2030. Endurance and adventure sports are recognised as key pillars in the country’s national diversification strategy. As The IRONMAN Group Chief Executive Officer Scott DeRue explained, the collaboration will ‘deliver world-class racing experiences while showcasing Oman’s unique beauty and culture.’ Oman’s success underscores the value of policy continuity. In contrast, Sri Lanka, which hosted South Asia’s first IRONMAN 70.3 in 2018, one year before Oman’s debut, has yet to build on that early momentum.

When Colombo hosted its inaugural IRONMAN 70.3 in 2018, all 880 slots sold out. This event drew 3,000 foreign visitors from 64 countries and generated over $ 2 million in tourism revenue. Families stayed an average of five to seven days, exploring beaches, heritage cities, and wildlife parks. ‘These participants will take Colombo to the world,’ said Sports Tourism Expert and Race The Pearl and IRONMAN 70.3 Colombo Organiser Yasas Hewage. ‘Sports tourism can be a true thrust sector for Sri Lanka’s economy, drawing travellers to every corner of the island.’

A Kantar LMRB survey following the 2019 event found that each athlete spent an average of Rs. 300,000 (˜ $ 1,960) during their stay, three to four times higher than the average tourist spends. Over half stayed longer than a week. ‘These visitors don’t just race,’ added Hewage. ‘They explore, they engage, and they share their stories. Each one becomes an ambassador for Sri Lanka.’

Countries that have embraced endurance events as part of their tourism identity are seeing strong results. On Australia’s Sunshine Coast, the IRONMAN 70.3, now in its 12th year, draws nearly 2,000 athletes annually. ‘IRONMAN 70.3 plays a key role in delivering our Major Events Strategy, which aims to generate AUD 86 million in economic impact through increased visitation and local spending,’ said Mayor of Sunshine Coast Rosanna Natoli.

According to Ottawa Tourism, the IRONMAN triathlon and other sporting events held in the nation’s capital generated millions of tourism dollars for the local economy over the long weekend. An estimated economic impact of over $ 5.5 million, based on data from hotels and average visitor spending on food, transportation, and other local services.

Nice, France, has emerged as another model for how major sporting events can drive sustained economic growth through long-term partnerships. As part of its extended agreement with IRONMAN through 2028, the city will host multiple world championship events, including the 2025 Men’s IRONMAN World Championship and the IRONMAN 70.3 World Championships in 2026 and 2028, with the option to host again in 2030. This continued collaboration builds on a strong legacy. Since hosting the 2019 IRONMAN 70.3 World Championship, along with the 2023 and 2024 IRONMAN World Championships, Nice has generated over USD 58 million in direct economic impact for the region. The city’s appeal lies not only in its world-class facilities and Mediterranean setting but also in how seamlessly it integrates global endurance sport into its tourism and economic development strategy, positioning the French Riviera as a premier destination for athletes and visitors alike.

Similarly, Thailand has placed sport at the centre of its tourism agenda. ‘We are preparing to promote the country for both tourism and sports events,’ said Thapanee Kiatphaibool, Governor of the Tourism Authority of Thailand (TAT), which launched the Amazing Thailand Grand Tourism and Sports Year 2025 campaign to align international triathlons, marathons, and fitness festivals with its visitor strategy.

‘The lesson from these examples is clear,’ said Hewage. ‘When governments commit beyond a single year, they create an ecosystem, not just an event. Institutional continuity breeds confidence, investment, and recurring demand.’

Despite its early success, Sri Lanka has yet to institutionalise a sports tourism policy. ‘The need is to lock in world-class active sports events and couple them with creative, authentic experiences,’ Hewage explained. ‘That will help double our current per-day spend of $ 171.’

He estimates that, with proper policy alignment, Sri Lanka could expand its $ 2 million race impact in 2019 into a $ 100 million opportunity by 2030, by attracting ‘the right kind of visitors, CEOs, entrepreneurs, and families who travel for purpose and wellness.’

Serendib Multisport Director and IRONMAN 70.3 Colombo Race Director Rajan Thananayagam shares that vision. ‘We punched above our weight. Our aim now is to make Sri Lanka a permanent global endurance event circuit destination,’ said Thananayagam, an IRONMAN World Championship finisher. Under his leadership, the Colombo event achieved a 91.6% athlete satisfaction score, surpassing many long-established global venues.

Sri Lanka’s brief but brilliant IRONMAN experience proved the concept. The next step is to scale it-with structure, consistency, and a growth-centric government policy recognising endurance events’ long-term value. As the global tourism race accelerates, Sri Lanka faces a choice: continue chasing visitor numbers, or invest in value-driven, high-yield segments like sports tourism. Just as every triathlete knows, endurance is not about speed but consistency. For Sri Lanka, it’s time to commit to the long game. Because in the global race for sports tourism, those who stay the course always win.

For the second consecutive year, Standard Chartered Sri Lanka Priority Banking partners with the celebrated De Lanerolle Brothers for their much-anticipated Christmas concert, ‘Can’t Wait for Christmas’, to be held on Wednesday, 26 November 2025, at the Hilton Colombo.

This collaboration between Standard Chartered Priority and the acclaimed vocal duo to celebrate the magic of Christmas early, reaffirming the Bank’s commitment to curate memorable, differentiated experiences that go beyond banking, bringing together culture, lifestyle, and privilege for clients.

An evening of favourite yuletide tunes and elegance, the De Lanerolle Brothers’ Christmas performance has become one of the most prestigious events of the season, blending breath-taking vocal performances, world-class musical arrangements, and a four-course sit-down dinner in an intimate setting. With an anticipated audience of over 350 guests, the evening promises to be a celebration of sophistication, artistry, and seasonal cheer.

Standard Chartered Sri Lanka Executive Director, Wealth and Retail Banking Head Chamikara Wijesinghe said: ‘The partnership with the De Lanerolle Brothers reflects the commitment to create experiences that resonate with the aspirations of our Priority clients. The event embraces music, celebrating the season with sophistication, exclusivity, and the joy of shared moments.’

Adding to the evening’s excitement, a special raffle draw will offer guests the opportunity to enjoy Standard Chartered Priority membership and other exclusive rewards, further strengthening the brand’s promise of access, recognition, and exceptional value.

Rohan and Ishan De Lanerolle said: ‘We are delighted to once again partner Standard Chartered Priority for ‘Can’t Wait for Christmas.’ The collaboration allows us to bring our music to an audience that truly appreciates artistry and elegance, and together we look forward to creating another unforgettable evening.’

Picking the Sri Lanka ODI and T20I squads for the tour to Pakistan next month was the final task of the four-member cricket selection committee headed by Upul Tharanga whose two-year term will come to an end in December.

After Pakistan, Sri Lanka don’t have any international fixtures till January when Pakistan is due for an ODI and T20I series followed by England for a similar series and then the ICC T20 World Cup in February-March. The teams for these matches will be selected by a new selection committee or by the same committee if they are retained.

Looking back on the two years they have been serving as national selectors, Tharanga said, ‘I won’t say that we were 100% in our selections but it was a mixed performance. I think we have built a foundation by giving players opportunities and a stable team.’

‘We tried as much as possible to give players opportunities without making any big changes to build their trust. In certain areas we couldn’t do it but if you take the overall percentage I think we were successful with the exception of one or two cases.’

It was the Tharanga-led committee comprising Ajantha Mendis, Tharanga Paranavithana, Indika de Saram and Dilruwan Perera (resigned after one year) that appointed Charith Asalanka captain of the two white ball sides – ODI and T20I that has brought about a revival in the team’s performances.

‘We appointed Wanindu (Hasaranga) as T20I captain but after the 2023 Cricket World Cup we selected Charith as captain for both ODIs and T20Is. I think the appointments were successful,’ said Tharanga. ‘If you take the ODIs we were ranked somewhere 9th or 10th after the 2023 Cricket World Cup. Today we are ranked no. 4. Charith has led the side well. It is only in the T20I format that we could not come up to the expected level. We are still ranked no. 8. We are a team that is capable of improving from that position. It is only small mistakes that need to be rectified.’

‘We are okay in the Test matches, there is a vast improvement in the ODIs. T20I is the only format we could not improve as a team. We can’t make big changes to the T20I side but there are areas which we need to resolve. We have a good team and with the T20 World Cup going to be held in Sri Lanka (and India) it’s a good opportunity for us. We have to improve our consistency.’

Whether the Tharanga-led selection committee deserves another two-year term is left to the stakeholders of Sri Lanka Cricket (SLC) and the Sports Minister. If they have faith in this committee they can always reappoint them.

JADE Restaurant, a subsidiary of LAUGFS Holdings Ltd., has announced the opening of its third outlet in Negombo, marking a significant milestone in its journey of culinary excellence. The brand, well known for its exceptional cuisine and welcoming ambience, now extends its footprint beyond its existing locations at Jubilee Post and Maharagama.

Located at 95, St. Joseph’s Street, Negombo, the new JADE Restaurant offers a spacious and modern dining experience that can accommodate 92 guests, including an inviting outdoor seating area. Adding to its charm, the restaurant features a fully equipped karaoke room for up to eight people and a private dining area that seats 10, ideal for family gatherings and intimate celebrations.

The grand opening ceremony was graced by LAUGFS Holdings Ltd., Group Executive Director Dhanusha Muthukumarana, Group Chief Executive Officer Dr. Ravi Edirisinghe, Director – Group Chief People Officer Dr. Dinuka Pattikiriarachchi, and Director – Group Finance Sanjaya Samararatne, together with other distinguished members of the LAUGFS Group senior leadership and the senior management and operations team of LAUGFS Supermarkets and Restaurants.

Director/Chief Executive Officer – Retail Cluster Niroshan De Silva said that the opening of the Negombo outlet reinforces JADE’s commitment to offering customers exceptional dining experiences and highlighted the importance of consistent service excellence to ensure customer loyalty. He further appreciated the team’s dedication and collaborative effort in making the launch a success.

The Negombo outlet offers Dine-in, Delivery, and Takeaway options, along with a BYOB facility. Customers can also conveniently place orders through PickMe and Uber Eats, or by calling 031 212 1321.

With this new addition, JADE continues to strengthen its presence in Sri Lanka’s restaurant landscape, offering an elevated dining experience that blends comfort, taste, and entertainment.

WSO2 yesterday announced the appointment of Sudesh Vasudevan as Vice-President and Corporate Development Head.

In this role, Sudesh will lead WSO2’s global inorganic growth strategy, working closely with the executive leadership team to identify, evaluate, and execute strategic acquisitions that expand the company’s platform capabilities and market presence across API management, integration, and identity security.

The appointment follows WSO2’s acquisition by EQT in 2024 and marks an important step in advancing the company’s next phase of growth under the new ownership. It underscores WSO2’s commitment to accelerating that growth through both organic innovation and strategic investments. With over 15 years of experience in finance, strategy, and M and A across the enterprise software and cybersecurity sectors, Sudesh brings deep expertise in driving growth and value creation across high-performing technology businesses.

Vasudevan said: ‘I am thrilled to join WSO2 at such an exciting point in its journey.

WSO2’s open technology, global reach, and commitment to innovation position it uniquely to lead in the next era of transformation and modernisation. I look forward to working with the leadership team to identify strategic opportunities that expand our impact and accelerate growth.’

Before joining WSO2, Sudesh served as Vice-President of Corporate Development, Investor Relations, and FP and A at Gupshup, a leading global conversational engagement platform backed by Fidelity and Tiger Global. Earlier in his career, Sudesh spent more than a decade in software investment banking at Evercore and Deutsche Bank, where he led cybersecurity coverage and advised on over $ 50 billion in M and A and IPO transactions across the US and Europe.

Sudesh holds a Bachelor’s degree in Mechanical Engineering from the National Unive

In the highest run chase in the history of Women’s ODIs, India beat defending champions Australia by five wickets with nine balls to spare in the second semi-final played at Navi Mumbai yesterday to book a place in Sunday’s final against South Africa.

India qualified for the Women’s ODI final for the third time, having finished runners-up in 2005 and 2017.

It was a tough chase and not easy as Australia, batting first, ran up 338. India were up against a total no team had ever chased in a Women’s ODI before. They lost their opening bat Shafali Verma (injured) and then the in-form Smriti Mandhana, but they had someone in the shape of Jemimah Rodrigues, who played one of the all-time great knocks (127* off 135 balls, 14 fours) to see India through, even as her partners ran out of steam. It was her partnership of 167 off 156 balls with skipper Harmanpreet Kaur (89 off 88 balls, 10 fours, 2 sixes) that truly put Australia under pressure. Deepti Sharma (24 off 17) and Richa Ghosh (26 off 16) did their bit, along with Amanjot Kaur (15* off 8) to put the icing on the cake for India.

Australia were left shell-shocked, unable to believe what had hit them, and for the first time in a long while, they did crack under pressure. Catches went down, and Rodrigues made them pay for it dearly. They were also struggling to come to grips with the dew and they were left ruing the small collapse towards the end that curtailed them to a sub-350 score.

Australia came up with another powerful and bruising batting display to post an imposing 338.

After their Captain Alyssa Healy departed early, Phoebe Litchfield rose to the occasion, crafting a hundred of immense quality (119 off 93 balls, 17 fours, 23 sixes) – her first World Cup hundred in a big game. With Ellyse Perry (77 off 88 balls, 6 fours, 2 sixes), who played second fiddle, they added 155 off 133 balls. At that stage, India were under the cosh. But attempting a scoop brought about her dismissal and allowed India to get back in.

India continued to pick wickets but Ashley Gardner played a quickfire knock to notch up 63 off just 45 balls (4 fours, 4 sixes), adding 66 off 41 balls with Kim Garth (17). Her innings helped Australia in the back end, as she cleared the fence often and went past 330, even though at one stage it looked like they would cruise to a 350+ score. India’s fielding was very ordinary and there were a lot of fumbles and runs gifted away. Shree Charani was the pick of the bowlers, but the rest struggled to assert any sort of sustained authority.

Scores:

Australia Women 338 (49.5) (Phoebe Litchfield 119, Ellyse Perry 77, Beth Mooney 24, Ashleigh Gardner 63, Shree Charani 2/49, Deepti Sharma 2/73)

India Women 341-5 (48.3) (Smriti Mandhana 24, Jemimah Rodrigues 127*, Harmanpreet Kaur 89, Deepti Sharma 24, Richa Ghosh 26, Kim Garth 2/46, Annabel Sunderland 2/69)

High Commissioner of India to Sri Lanka Santosh Jha and Minister of Housing, Construction and Water Supply (Dr.) Susil Ranasinghe jointly inaugurated and handed over Mahatma Gandhi Model Village in Ampara to the 24 beneficiary families on 29 October.

Deputy Minister of Housing, Construction and Water Supply T.B. Sarath, Deputy Minister of Rural Development, Social Security and Community Empowerment Wasantha Piyathissa, and Member of Parliament Priyantha Wijerathna also participated in the ceremony.

The event was also attended by senior officials from the Ministry of Housing, Construction and Water Supply of Sri Lanka, Chairman and senior officials from National Housing Development Authority, officials from Eastern Provincial Council and Ampara District Administration.

The Model Village Housing Project is being implemented in all 25 districts of the island jointly with the Ministry of Housing, Construction and Water Supply of Sri Lanka with grant support from the Government of India. A Memorandum of Understanding between the Government of India and the Government of Sri Lanka was signed for the project in October 2017. The project encompasses housing facilities for 600 low-income families of Sri Lanka, with a model village each consisting of 24 houses per district for families selected by the District Housing Committees.

Model villages under the project have earlier been inaugurated and handed over in 16 districts: Batticaloa, Vavuniya, Jaffna, Kandy, Gampaha, Anuradhapura, Badulla, Matale, Puttalam, Colombo, Trincomalee, Monaragala, Kilinochchi, Mannar, Mullaithivu and Ratnapura. The project progress is nearly 98% and the remaining model villages too are expected to be inaugurated and handed over to the beneficiaries soon.

The Agricultural and Agrarian Insurance Board (AAIB) announced that it is actively assessing the impact of recent heavy rains on crops across the country, even as the 2025/26 paddy cultivation season begins with fields reported largely unaffected.

Although land preparation for the new paddy season has commenced, officials confirm that paddy cultivation lands are safe and no damage has been recorded so far. However, the Board is keeping a close watch on other crops covered under free insurance, including maize, onion, potato, soya and chilli, which may have been affected by the recent downpours.

AAIB Chairman Pemasiri Jasingharachchi said district officials are currently gathering detailed information from farmers to estimate the full extent of crop damage and are preparing relevant programs to provide relief.

‘As per the Government policy, compensation for damage to paddy fields is paid at Rs. 100,000 per hectare, up to a maximum of five acres. For other insured crops such as maize, onion, potato, chilli and soya, free crop damage compensation is provided up to 2.5 acres,’ he noted.

He stated that additional compensation is also available to farmers holding insurance coverage from the AAIB for affected crops.

Authorities continue to urge farmers to report any damage promptly to ensure timely assistance and support for affected communities

Union Bank has reported an impressive financial performance for the nine months ended 30 September 2025, reaffirming its position as one of Sri Lanka’s fastest-growing private commercial banks.

The bank posted a Profit Before Tax (PBT) of Rs. 1,178 million, an impressive 52% increase compared to the corresponding period of 2024. Profit After Tax (PAT) rose by an exceptional 194% to Rs. 343 million, underscoring the bank’s successful strategic execution and prudent financial management.

The bank’s gross income rose by 7% to Rs. 13,199 million, reflecting continued business expansion and improved earnings from both core and non-core activities. Net Interest Income (NII) increased by a healthy 11% to Rs. 3,981 million, supported by strong loan growth and effective margin management. Complementing this performance, Net Fee and Commission Income recorded an outstanding 39% growth to Rs. 1,133 million, driven by higher transactional volumes, digital channel utilisation, and trade-related services. As a result, Net Operating Income increased by 19% to Rs. 5,705 million.

Union bank’s results from Operating Activities improved significantly by 41% to Rs. 1,106 million, despite a 14% rise in operating expenses, reflecting continued investments in digital infrastructure and capacity building. This demonstrates enhanced operational efficiency and earnings quality.

Meanwhile, the Non-Performing Loan (NPL) ratio was maintained at a stable level, reflecting the bank’s robust credit risk management framework and proactive portfolio oversight, which have ensured high asset quality amidst a challenging operating environment. The bank’s Capital Adequacy Ratios remain within regulatory thresholds, reinforcing its prudent risk and capital management practices. The bank has also announced its intention to raise up to Rs. 3 billion through Tier II Basel III compliant debentures to reinforce its capital base and support future business growth.

The bank’s total assets grew by a robust 17% to Rs. 171,864 million as of 30 September 2025, reflecting solid balance sheet expansion. Loans and Advances increased by a remarkable 32% to Rs. 107,592 million, affirming its strengthened lending portfolio and continued support for businesses and individuals. Meanwhile, Customer Deposits grew by 8% to Rs. 111,895 million, underscoring growing customer confidence and deepening relationships across market segments. Total assets of the Group grew by 18% to Rs. 182,946 million.

Key operational highlights included the expansion of the bank’s product range with Junior Elite for children, Power HER for women entrepreneurs, and the introduction of Gold Loans alongside pawning. The bank also leveraged its BizDirect cash management solution to grow Small and Medium Enterprise (SME) businesses, while Corporate Banking focused on enhancing customer profitability. Advancing its digital agenda, the bank upgraded its core banking infrastructure and mobile app, reaffirmed its PCI-DSS certification, and partnered with Mastercard to enhance digital payment solutions.

Director/CEO Dilshan Rodrigo said: ‘Union Bank’s exceptional performance in the first nine months of 2025 is a testament to our unwavering commitment to growth and customer-centricity. We remain focused on leveraging technology, innovation, and strong governance to deliver sustainable value. The significant improvement in profitability and balance sheet strength reflects our disciplined strategy, the agility of our teams, and the trust placed in us by our valued customers and stakeholders.’

Chairman Dinesh Weerakkody added: ‘These results reflect the continued progress of Union Bank’s transformation journey and the disciplined execution of its strategic priorities. Our focus remains on building a more productive, technology-driven, and customer-centric institution that consistently delivers value to shareholders, customers, and the broader economy. We will continue to pursue sustainable growth and strategic partnerships that further strengthen Union Bank’s position in Sri Lanka’s financial sector.’

National Development Bank PLC (NDB) continues to empower Sri Lanka’s export and manufacturing sectors with the introduction of its Tea Manufacturer Finance Program, a specialised financial solution designed to support tea producers and exporters in expanding their operations and growing beyond borders.

As one of Sri Lanka’s most iconic industries, tea remains central to the nation’s economy and heritage, sustaining thousands of livelihoods and earning global recognition for its unmatched quality. In recognition of this, NDB has introduced this tailored financial program to help tea manufacturers, producers, and exporters access affordable funding that enhances productivity, quality, and international competitiveness.

Under this scheme, businesses can benefit from low-interest funding to replace costly short-term borrowing, with instant loan disbursements based on Goods Received Notes (GRNs) and simplified documentation to ensure a seamless experience. The program is designed with flexibility in mind, enabling tea factories of any scale to access working capital or long-term financing as per their operational needs.

Middle Markets and Business Banking Vice President – SME Indika Ranaweera said: ‘Sri Lanka’s tea industry has always been a pillar of strength in our national economy. Through the Tea Manufacturer Finance Program, we aim to provide producers and exporters with the financial support they need to modernise, innovate, and compete globally. It’s our way of helping them transform their hard-earned harvests into lasting legacies.’

The program aligns with NDB’s broader vision of empowering Sri Lankan exporters and producers through accessible and purpose-driven financial solutions. Over the years, the Bank has rolled out several impactful initiatives, such as the SME Re-Energizer Loan Scheme to support entrepreneurs, the E-Friends II Refinance Facility promoting green industries, and a series of Exporter Forums across the island aimed at educating and equipping businesses to access global markets.

Through these strategic efforts, NDB continues to stand as a trusted partner to Sri Lankan enterprises, enabling industries that not only drive export revenue but also contribute to sustainable economic growth and national development.