Banking veteran Thushari Hewawasam joins People’s Insurance Board

People’s Insurance PLC has announced the appointment of Thushari Hewawasam to its Board as a Non-Executive Non-Independent Director.

Hewawasam serves as Deputy General Manager – Commercial Credit of People’s Bank.

Prior to that, she served as DGM – International Banking at People’s Bank. Commencing her career as a Management Trainee with the bank in 2002, she has over 23 years of experience across diverse banking domains, including Credit, Branch Banking, Corporate Banking, and International Banking.

Her specialised proficiency in Corporate and Business lending spans two decades.

Hewawasam holds a Bachelor of Science Special Degree in Agriculture with second upper class honours from the University of Peradeniya and has furthered her education with an MBA from the Open University of Sri Lanka.

Additionally, she is recognised as an Associate Member of the Institute of Bankers of Sri Lanka. Demonstrating her commitment to continuous professional development, she holds esteemed memberships, including being an Associate member of the Chartered Institute of Management Accountants (CIMA) (UK) and an Associate member of the Chartered Global Management Accountants (CGMA) (UK).

Hewawasam holds esteemed positions in several prestigious professional associations. She serves as a Council Member of the Association of Professional Bankers and is a Board Member of the International Chamber of Commerce Sri Lanka, where she also contributes as a member of the Banking Committee. Additionally, she holds a directorship at People’s Leasing Fleet Management Ltd., Lanka Financial Services Bureau Ltd., and International Chamber of Commerce Sri Lanka.

IMF urges implementation of CEB reforms

The International Monetary Fund (IMF) yesterday emphasised the importance of continued progress on energy sector reforms, particularly the unbundling of the Ceylon Electricity Board (CEB) and maintaining cost-reflective pricing, as part of Sri Lanka’s Extended Fund Facility (EFF) program.

IMF Mission Chief Evan Papageorgiou told reporters in Colombo: ‘We are paying close attention to the developments around the unbundling of CEB and the evolution that the energy sector is going to undergo in 2026 and beyond.’

‘The reform is a very crucial step meant to bring more transparency and a more efficient function of the energy sector. However, with any reform and any change, there are a lot of details to be ironed out and to be clarified,’ he added.

Papageorgiou stressed that maintaining cost-recovery electricity pricing remains a continuous structural benchmark under the IMF program, forming one of the building blocks of the EFF.

‘This ensures that, on a forward-looking basis, CEB or a successor company is not incurring financial losses,’ he said. ‘By that, we also mean that this does not become a liability to the taxpayer and to the State.’

He said cost-reflective pricing is essential for containing fiscal risks and supporting long-term economic stability. ‘It ensures that the electricity company operates on commercial grounds, much like any private company would, and makes sound and operationally good financial decisions,’ he added.

Papageorgiou also noted that stable and predictable electricity tariffs and the appropriate setting of these processes are very important, because they pave the way toward lowering electricity prices for everybody and benefiting the economy as a whole.

As part of the ongoing fifth review of the IMF program, the Fund is evaluating the CEB’s tariff submission to the Public Utilities Commission of Sri Lanka (PUCSL) this month.

‘We will also assess in the next few weeks the end-November structural benchmark we had set at the time of the fourth review, with respect to reviewing the electricity tariff methodology,’ he said.

The IMF Mission Chief reiterated that energy sector reform and cost-recovery pricing are paramount to ensuring fiscal discipline and to preventing future losses that could weigh on the public finances.

Mighty Turkmenistan humbled by Sri Lanka

Jason Thayaparan with his acrobatic defensive play enabled Sri Lanka to notch up a close 1-0 win over mighty Turkmenistan in a key Asian Cup Championship 2027 (Saudi Arabia) group stage game played at Racecourse Stadium yesterday.

Even though the solitary goal was scored by a teammate, Thayaparan became the cynosure of all eyes when he headed away two certain kicks at goal to save his team from defeat and keep their hopes alive in the tournament.

The 138 ranked Turkmenistan had never tasted defeat at the hands of Sri Lanka, but this time around, they were given a torrid time until the last 20 minutes of the game, where they made some teasing moves looking for the equaliser which was foiled by the Lankan defence spearheaded by Thayaparan, who put a swashbuckling performance.

After a barren first half which had some anxious moments of play by both sides, yet no side was able to break the deadlock. After the short whistle it was the hosts who put pressure on the rival camp and took control of the game. In the 68th minute, Manimeldura Leon sneaked through the defence to score a well-executed goal. From there, the game turned out be a ding-dong battle for supremacy as both sides fought hard looking for scoring opportunities, and when referee Tam Ping Wun blew the full time whistle, it was the Lankan camp who walked away with a well-deserved victory.

This is the first instance that Sri Lanka was able to notch up a win over Turkmenistan, who were undefeated until this game. They will travel to Turkmenistan to play the second leg on 14 October.

Widening private sector credit-to-GDP gap points to potential systemic risks

The Central Bank of Sri Lanka (CBSL) releasing its Financial Stability Review 2025 report yesterday said that despite the strong momentum in recent private sector credit growth, a widening private sector credit-to-GDP gap points to potential emerging risks in the financial system.

The gap, which turned positive in mid-2024, has continued to widen through 2025 amid sustained credit growth.

‘This suggests a potential accumulation of systemic risk within the sector,’ the CBSL said. ‘However, higher GDP growth in tandem with credit expansion would support a healthy expansionary phase conducive to financial stability.’

Credit-to-deposit ratios across the banking sector began to recover after remaining weak earlier in the year. The CBSL attributed this to a gradual improvement in bank lending and a stronger appetite for loans among businesses and households.

Survey data showed that banks’ willingness to lend and borrower demand both increased in the second quarter, supported by low interest rates, stable liquidity, and improved confidence in the economic outlook.

The CBSL said continued correction in the allocation of credit away from Government borrowing and toward productive private sector activity would be key to sustaining recovery and ensuring balanced financial intermediation.

The bank said that private sector credit remains below pre-crisis levels despite increasing banking sector loans and a steady slowdown in Government borrowing.

Total credit extended by regulated financial institutions, including banks and finance companies, grew by 14% year-on-year by the end of the second quarter of 2025.

The CBSL said this reflected an improvement in lending conditions and the impact of its accommodative monetary policy stance. Finance companies recorded a sharp 35.1% expansion in lending, while the banking sector grew by 11.4% during the same period.

The CBSL said credit to the private sector continued to expand, supported by lower lending rates and broad-based demand across key economic sectors. Household borrowing also increased, driven by gold- and vehicle-backed loans and stronger consumer activity.

However, private sector credit-to-GDP was still below pre-crisis levels.

‘Private sector Credit-to-GDP, which stood at 28.6% at end H1 of 2025, remained well below pre-crisis levels, indicating room for further expansion,’ the CBSL said.

It observed that the moderation in credit to the Government and public corporations has created space for private sector borrowing, but the recovery remains incomplete.

Exposure to the Government sector declined to 46.5% of total credit by end-June 2025, continuing a correction that began in 2024 when fiscal consolidation gathered pace.

‘The tilt in exposure towards the Government and public corporations continued to decline, though there remains scope for further enhancement of private sector credit,’ the CBSL said. It added that expanding private sector credit could support strengthening production capacity and contribute towards sustained economic growth.

Slack to power secure, context-aware AI apps and agents built on conversational data

Slack, a Salesforce company, has unveiled major enhancements to its platform that enable partners and developers to build secure, context-aware AI apps and agents powered by customer-owned conversational data.

The launch introduces a real-time search (RTS) API and a Model Context Protocol (MCP) server, giving flexible, permission-aware access to the latest messages, files, and channels in Slack-so AI can act with the right context while meeting enterprise governance and control requirements.

Thousands of companies are racing to deploy agents, but most stumble on the same hurdle: usefulness in the day-to-day flow of work. Agents run on data, and the most powerful signal is conversation. Slack unlocks this previously unstructured, hard-to-reach corpus so apps and agents can move beyond generic output to deliver user-specific, context-rich assistance that drives productivity.

An ecosystem of leading innovators-including Anthropic, Google, Perplexity, Writer, Dropbox, Notion, Cognition Labs, Vercel, and Cursor-is already building on these capabilities, with new AI Slack apps and agents available in the Slack marketplace. By securely tapping Slack’s conversational data, these partners are bringing intelligence directly into the flow of work, reducing app-switching and turning discussion into action.

Slack CEO Denise Dresser said: ‘The future of work is undeniably agentic, and the success of AI depends on its seamless integration into human workflows. Our latest Slack platform innovations create the secure, data-rich environment necessary for AI agents to become trusted companions. We make it simple for customers and partners to build their AI solutions directly into Slack so that work is more connected, intelligent, and productive than ever before.’

Built for the agentic enterprise, the expanded platform delivers:

Secure data access with context:

1.RTS API surfaces the most current discussions, files, and channels in real time without bulk exporting or duplicate storage, always honouring user and channel permissions.

2.MCP server standardises how LLMs, apps, and agents discover context and execute tasks in Slack, replacing fragmented integrations with a single, consistent protocol.

Tangible productivity gains:

Organisations can unlock unstructured knowledge and save users an average of 97 minutes per week; accelerate decision-making by 37% and customer responses by 36% by connecting app data (e.g., Agentforce Sales, Workday) to conversations; and increase productivity by eliminating context switching.

Distribution where work happens:

With 1.7 million+ apps used weekly in Slack, and 95% of users saying apps are more valuable inside Slack, developers overcome the adoption gap by delivering tools directly in the workspace.

Enterprise-grade trust:

Slack’s security, privacy features, and granular permissions provide a robust foundation for compliant, agentic collaboration.

Slack also introduced Work Objects-standardised, rich previews that connect third-party data (details, images, documents) directly to conversations-and new agentic developer tools, including AI best practices, prebuilt Block Kit Tables, and updated CLI resources for Bolt apps, streamlining the entire build lifecycle.

The RTS API and MCP server are in closed beta with general availability expected early 2026. Third-party AI agents using these capabilities are available now in the Slack Marketplace. Work Objects will reach general availability in late October, and the new developer tools are currently available.

Hameedia re-launches H Sports Pelawatte outlet

Hameedia, celebrated the grand re-launch of its H Sports outlet in Pelawatte, unveiling a fresh new store concept and exclusive activewear collections. The newly revamped store promises to deliver an elevated shopping experience for sports lovers and fitness enthusiasts, showcasing the latest global trends in activewear, athleisure, and performance gear from world-renowned brands including Adidas, Nike, Campus, and H Active.

Located at 724A, Pannipitiya Road, Battaramulla, H Sports is designed as a one-stop destination for those seeking high-quality sportswear that combines style, comfort, and functionality. The store offers a wide range of world-class products in footwear, apparel, and accessories right here in Sri Lanka.

The official ribbon-cutting ceremony was held in the presence of Amjad Hameed – Director of Signature, together with members of the Hameedia management team. The re-launch event presented an exclusive first look at H Sports’ newest collections, offering fashion-forward pieces ideal for gym workouts, professional training sessions, or athleisure wear. Guests enjoyed an immersive evening featuring curated looks, styling inspiration, and engaging activities. On launch day, customers also took part in Time Challenge Games, including Skipping Rope and Dips competitions. Winners received special gifts, while exclusive in-store offers added to the excitement of the celebration.

Hameedia Managing Director Fouzul Hameed said: ‘H Sports has always been about empowering people to move better and live healthier, more active lives. With this re-launch, we are not just reopening a store, We are reintroducing a space designed to inspire both performance and fashion. Our goal is to inspire Sri Lankans to embrace an active and healthy lifestyle with the very best in global sportswear, while enjoying a world-class retail experience.’

The store’s redesigned layout offers a modern, spacious, and customer-friendly environment, making it easier for shoppers to explore categories ranging from performance wear and running shoes to athleisure staples and accessories. With Hameedia’s commitment to quality and innovation, the upgraded store also aims to serve as a community hub where sports enthusiasts can stay connected to the latest trends and updates in fitness fashion.

In addition to the Pelawatte outlet, H Sports also operates outlets at Racecourse Promenade, Colombo 7, and Kandy City Centre, L/3 – 17, Kandy, continuing its mission to make world-class sportswear and athleisure accessible across Sri Lanka.

Certified program to empower public sector officers to build globally recognised brands

The National Enterprise Development Authority (NEDA), in collaboration with the Sri Lanka Institute of Marketing (SLIM), has officially launched the Certified Brand Analyst Program 2025.

The program, a joint effort with the Industry and Entrepreneurship Development Ministry, is designed to enhance the skills of Enterprise Development Officers (EDOs), enabling them to guide small and medium-sized enterprises (SMEs) in creating globally recognised brands. The initiative’s goal is to foster a new generation of brand creators within the Government.

Industry and Entrepreneurship Development Ministry Secretary Thilaka Jayasundara introduced the strategic concept of ‘branding the Industry Family.’ She emphasised that all key partners and entities under the ministry’s umbrella must work together, asserting that a unified vision and a collective effort are crucial for success, as no organisation can reach its full potential alone.

Using ‘Clean Sri Lanka’ as a national initiative, Jayasundara stated that its primary objective goes beyond merely cleaning streets; it’s about cleansing the mind-sets of the Sri Lankan people. She detailed the initiative’s three pillars as economic, social, and environmental. She emphasised that a clean environment is a direct result of building a strong economy and social structure.

She explained these pillars, support several key national targets set for 2030, all focused on building a manufacturing-led economy. Jayasundara said the first goal is to boost the manufacturing sector’s contribution to GDP from its current 16.2% to 20% by 2030. She said it is essential for reaching the broader national target of increasing the country’s overall GDP from 26.7% to 28% by 2030, which would pave the way for a ‘rich country and a beautiful life for all’ by 2028.

She shared the second goal as boosting entrepreneurship. Jayasundara noted that only 3.2% of the national labour force are entrepreneurs. To increase this contribution to at least 10% by 2030 is a challenging but necessary task. To ensure stability, she also outlined a series of ambitious financial targets. The ministry is aiming for a foreign income of $ 15 billion and a total import and export income of $ 28 billion by 2028, with a further national target of $ 36 billion by 2030. A failure to meet these goals, she warned could lead to economic instability due to the country’s debt obligations.

Jayasundara also highlighted the remarkable resilience of Sri Lanka’s apparel sector. She noted that despite global trade challenges, total exports for the first seven months of 2025 reached an impressive $ 9,992.53 million, marking a robust 7.79% growth over the previous year. To sustain this drive, she urged the industry to proactively identify and target new global markets, specifically pointing to South Africa and the Gulf countries as untapped and massive opportunities.

She outlined that a key objective of the ministry is to develop high-potential, export-led industries, diversifying the export basket, and increasing the number of export countries. Addressing the motivation behind the new specialised initiative, Jayasundara explained that the ultimate goal is to create a powerful export brand for Sri Lanka. She assured that the new program will enhance the quality of officers and that the ministry plans to introduce a KPI-based incentive system to drive results.

Jayasundara then outlined three crucial elements for this initiative: ‘Brand,’ ‘Certificate,’ and ‘Communication.’ She argued that both entrepreneurs and public officers must build their own personal brands to be effective; the certificate is designed to enhance the quality of participants and provide a formal qualification; and communication is vital for an initiative to succeed.

She also spoke of a long-term vision to unify the industry by merging NEDA, SED, and IDB, a plan first conceived in 2016. She expressed her belief that the SLIM institute would eventually join this collaborative framework, suggesting that these partnerships are essential for creating a national industrial brand.

SLIM President Prof. Dewasiri N. Jayantha then reflected on Sri Lanka’s economic history, noting that the country once had its own global brands, citing the Upali Group and its ventures as prime examples. He argued that a shift from an export-oriented model to import-driven consumption led to the significant depreciation of the Sri Lankan rupee and consistently negative balance of trade, which he identified as the beginning of the nation’s economic challenges.

He asserted that the 2022 national crisis finally ‘opened the eyes’ of the Government and private sector to the failure of this economic model. Despite being a 55-year-old institution, he acknowledge that SLIM couldn’t fully achieve its vision ‘to drive the nation towards economic prosperity.’ To rectify this, the organisation has identified entrepreneurship and the development of SMEs as its core pillars and has decided to invest heavily in a multi-tiered series of programs, with an initial estimate of 300 million Sri Lankan rupees to train 1,800 individuals. He clarified that this is not a profit-based venture for SLIM, but a fulfilment of its social and institutional responsibility.

He detailed the new training program, designed to create a ‘supportive arm’ of skilled professionals. The program starts with the Relationship Officers (RO) Program, training 700 individuals, 500 of whom will become Relationship Specialists. The Brand Analyst Program, a 10-week program, will train 100 individuals. From there, the top 50 will advance to become Certified Brand Strategists, and finally, a Business Consultant Program will train 350 individuals with the goal of creating 100 professional Business Consultants who could potentially earn in ‘millions.’ He also revealed that SLIM is in discussions to link this program to with the Chartered Management Institute located in UK with their Level 7 program, which would provide a globally recognised qualification.

He laid out the Brand Analyst Program curriculum in detail, first to third week: Introduction to branding, differentiating it from products, understanding its importance for SMEs, and focusing on brand elements, identity, and target audience. Fourth to seventh week: Strategic topics like brand positioning, developing a unique selling proposition (USP), and mastering brand storytelling and communication. Eighth to ninth week: Practical lessons on branding tools and techniques for local and export markets, including learning from mistakes and focusing on reputation management. Tenth week: The final ‘brand camp,’ which includes a practical simulation activity: the digital re-launch of a brand.

In addition to the educational content, the program offers a scholarship fund for the top ten performers, a Vietnam tour for the top student, and a compensation or bonus system for participants who achieve their KPIs.

He expressed gratitude for the Australian High Commission’s Sri Lanka Support Division, which will partially fund the program, noting that its outcome-based nature was highly compelling. He reaffirmed that SLIM’s motivation is not profit-driven but rooted in a sense of national responsibility.

He said the ultimate objective is to create 20 to 30 new global brands from Sri Lanka within the next two years, a significant increase from the current ‘less than a handful.’ He thanked all partners for enabling SLIM to be a key participant in this vital national journey.

Monk on hunger strike for Mahinda

A Buddhist monk from Rathupaswala, Ven. Theripahala Siridhamma Thero, began a hunger strike in Tangalle yesterday to protest the Government’s decision to withdraw the security detail of former President Mahinda Rajapaksa.

The protest started around 1 p.m. near the D. S. Senanayake statue, opposite Carlton House in Tangalle, according to local reports.

The monk is demanding the reinstatement of security for Rajapaksa and other former presidents, arguing that removing state protection for a former head of state is unacceptable and poses risks to their safety.

Ven. Siridhamma Thero said he will continue the fast until the government reverses the decision and restores full security arrangements.

Sanken awarded Rs. 3 b contract for Ratmalana Airport complex

Sanken Construction Ltd., has been awarded the contract worth Rs. 3 billion for an airfield facility at Ratmalana Airport.

The decision to this effect by the Cabinet of Ministers this week was disclosed by Cabinet Spokesman and Minister Dr. Nalinda Jayatissa yesterday.

He said the project, initially approved in September 2019, is intended to upgrade airport infrastructure and improve operational efficiency. Nine bids were received under the National Competitive Procurement Procedure, with Sanken selected as the lowest responsive bidder.

The contract, valued at Rs. 3.04 billion excluding Value Added Tax, was approved based on recommendations from both the Procurement Evaluation Committee and the High-Level Standing Procurement Committee.

Supreme Court to hear Shani Abeysekara’s petitions over 2021 arrest

The Supreme Court yesterday granted leave to proceed with three Fundamental Rights petitions filed by former Criminal Investigation Department (CID) Director Shani Abeysekara and two former CID officers, challenging their arrest by the Colombo Crime Division (CCD) in August 2021.

Abeysekara, along with former CID officers Sugath Mendis and Nawarathne Premarathne, was arrested over allegations of fabricating evidence in the case against former Deputy Inspector General (DIG) Vass Gunawardena.

The petitions claim the arrests were politically motivated and followed an allegedly fabricated case connected to a weapons cache uncovered seven years after the 2013 murder of Mohamed Shyam.

The bench comprising Justices Mahinda Samayawardena, Priyantha Fernando, and Sobitha Rajakaruna granted leave to proceed with all three petitions and scheduled the case for argument on 14 May 2026.

Counsel Shantha Jayawardena, Shehan De Silva, and Hafeel Farisz appeared for the Petitioners, while Sanjeewa Wijewickrema represented former Inspector General of Police (IGP) Deshabandu Thennakoon and Neville De Silva. State Counsel Sajith Bandara appeared on behalf of the Attorney General.