Category: Daily Financial Times

Sri Lanka’s long-delayed free visa policy for select countries is set to take effect within the next one to two months, Tourism Minister Vijitha Herath yesterday announced, as the Government moves to finalise and gazette the regulation.

‘We are finalising the process to gazette and submit the new regulation to Parliament for approval. After that, we expect it to be implemented within one to two months,’ he said in response to a query posed at the weekly post-Cabinet meeting media briefing yesterday.

Originally announced in August 2024 by the previous administration, the free visa scheme, covering 35 countries was intended to take effect from 1 October 2024(https://www.ft.lk/top-story/Presidential-boost-for-tourism-with-free-visa-to-35-nationals/26-765842), but was repeatedly delayed due to the Government transition.

In July this year, the Minister confirmed that the list had been expanded to 47 countries, adding that while the Treasury might lose an estimated $ 66 million annually in visa revenue, the policy is expected to yield higher indirect earnings through increased tourist spending (https://www.ft.lk/front-page/Cabinet-nod-to-rollout-free-visa-policy-for-40-more-countries-Vijitha/44-779517).

Tourism industry experts noted that the move was too late to woo tourists for the winter season. ‘They wasted the opportunity to launch a global campaign for almost a year and are now scrambling at the last moment to implement a free-visa initiative. Unlocking growth requires urgent action, consistent policy and real partnership with the private sector. Without this, accolades and potential will continue to be wasted,’ they told the Daily FT.

Herath also said Sri Lanka’s original 2025 target of 3 million tourist arrivals has been revised down to 2.4 million, with efforts now focused on achieving that goal in the remaining two months of the year.

Noting that the country has already surpassed 1.8 million arrivals year-to-date (YTD), he pointed out that they are now intensifying efforts to attract more visitors, particularly from European markets, to boost both tourist numbers and revenue.

‘Sri Lanka aims to reach 2.4 million visitors by year-end. We are trying our best to reach that target. We don’t know whether we will succeed or not,’ he added.

As per the latest data released by the Sri Lanka Tourism Development Authority (SLTDA), the country has so far welcomed 137,876 tourists in the first 26 days of October, reflecting a 22% year-on-year (YoY) growth, whilst propelling the cumulative figure to over 1.86 million visitors, accounting for around 62% of the full-year target. The revised arrivals target, quietly acknowledged by the SLTDA in its Growth Scenarios report (https://www.sltda.gov.lk/storage/common_media/Growth_Scenarios_2025_final_1.pdf) aligns, where its projections outline three potential outcomes- a ‘Lower Scenario’ of 2.415 million arrivals, a ‘Conservative Scenario’ of 2.676 million and an ‘Optimistic Scenario’ of 3 million. Given this trajectory, Sri Lanka appears likely to fall short of the 2.676 million Conservative target and will need a significant surge in November and December to even meet the 2.415 million ‘Lower Scenario’ target.

However, the Minister noted that passenger volumes and flight operations are expected to increase significantly during the next two months, supported by new airline schedules and expanded routes, citing Kuwait Airways, Belarus’s national carrier Belavia Airlines, Russia’s Red Wings Airlines and Edelweiss, a subsidiary of SWISS International Air Lines, commencing operations to BIA and Mattala International Airport.

‘During the winter season, Russian arrivals will increase significantly with the charter flights operating to Mattala,’ he added.

India continues to lead Sri Lanka’s tourist source markets YTD, followed by the United Kingdom and Russia. Herath noted that as a percentage European tourists have visited the most which are also considered the high-end travellers.

He also pointed to several new promotional campaigns underway to draw more European visitors, including targeted efforts in Scandinavian countries and the UK.

The Minister also said tourism revenue reached $ 2.47 billion in the first nine months, less than half of the Government’s $ 5 billion annual revenue goal.

Sri Lanka earned $ 3.17 billion in tourism revenue in 2024, marking a 53.2% increase from $ 2.07 billion in 2023. Tourist arrivals also rose 38.1% year-on-year to 2.05 million, though the country missed its 2.3 million arrivals and $ 4 billion revenue targets for 2024.

Tourism, which once contributed nearly 5% to Sri Lanka’s GDP, has faced severe setbacks since its 2018 peak due to the Easter Sunday attacks in 2019, the COVID-19 pandemic 2020 and the economic crisis 2022. Thus, the year 2018 remains the industry’s benchmark, when the country recorded 2.33 million arrivals and over $ 4.5 billion in rev

The Government has moved to fast-track urgent repairs at the 130-year-old Nuwara Eliya Post Office, with officials directed to prepare immediate renovation plans to safeguard the building’s heritage and improve facilities for visitors.

A special discussion chaired by Health and Mass Media Minister Dr. Nalinda Jayatissa was held recently at the Ministry to review the progress of plans to restore the 130-year-old Nuwara Eliya Post Office and transform it into a key heritage attraction for both local and foreign tourists.

The meeting brought together officials from the Department of Posts, Sri Lanka Tourism Development Authority (SLTDA), Department of Archaeology, Department of Buildings, Sri Lanka Navy, and Health and Mass Media Ministry. The focus was on preserving the architectural and historical significance of the colonial-era landmark, whilst ensuring it continues to function as a fully operational post office.

The Nuwara Eliya Post Office has been at the centre of public debate following reports that the previous Government had intended to transfer the property to a private company. The current administration, however, has ruled out privatisation, affirming that the post office and its premises will remain under the Department of Posts, while being developed as a tourism promotion site.

The meeting paid particular attention to the urgent need for roof repairs, as the building has fallen into a state of disrepair and currently leaks during rainfall, causing inconvenience to postal employees, customers, and visitors. It was agreed that roof restoration will be the first priority, followed by a series of conservation efforts designed to protect the building’s historic character.

Officials also discussed the selection of suitable designers and conservation experts to undertake the renovation work in accordance with heritage preservation standards.

Minister Dr. Jayatissa instructed the relevant departments to prepare preliminary renovation plans and expedite the restoration process, ensuring that the building’s antiquity is safeguarded while improving facilities for visitors.

Once complete, the restoration is expected to breathe new life into one of Nuwara Eliya’s most recognisable landmarks, blending functional modernisation with heritage conservation to enhance the town’s appeal as a heritage tourism destination.

Health and Mass Media Ministry Additional Secretaries Salinda Bandara and S.D. Padikorala, Senior Assistant Secretary W.D.N.M. Abeysekara, Postmaster General Ruwan Sathkumara, Deputy Postmaster General Thusitha Hulangamuwa, and officials representing the SLTDA, Department of Archaeology, Department of Buildings, and Sri Lanka Navy were also present on this occasion.

The alluring façade of capital accumulation in the global ‘core’ economies conceals a cruel reality. Its sustained prosperity is predicated on the vast systematic appropriation of labour and resources from the Global South’s peripheries and semi-peripheries. In the contemporary world, this colossal appropriation of value is orchestrated primarily through the mechanism of ‘unequal exchange in international trade’.

Power asymmetry and value transfer

Core states and firms leverage their overwhelming geopolitical and commercial dominance to systematically compress wages, prices, and profits in the Global South. This effect is visible both across national economies and, critically, within global commodity chains that drive over 70% of world trade, shown by recent studies of Jason Hickel, Morena Lemos, and Felix Barbour in ‘Nature Communications’. This results in a world economy where Southern prices are systematically lower relative to their Northern counterparts, forcing Southern states and producers to export ever-increasing amounts of labour and resources, embodied in their traded goods, just to afford a comparatively lower intrinsic value of imports at higher monetary costs. This dynamic enables Northern economies to net-appropriate value, year after year, delivering enormous unearned benefits to Northern capital and consumers.

Insight of Marx

The theory of unequal exchange finds its intellectual genesis in the unfinished but profound work of Marx on international trade. Far ahead of his time, Marx conceptually anticipated what is now known as the Penn Effect and the foundational logic of Purchasing Power Parity (PPP). Long before the emergence of systematic work on PPP during World War I, or the tongue-in-cheek creation of the Big Mac index in 1986, Marx observed the inherent global inequality in value expression.

As noted by Andrea Ricci, a foremost theorist in the field, Marx pointed out that ‘different quantities of commodities of the same kind, produced in different countries in the same working time have unequal international values, which are expressed in different prices. The relative value of money will, therefore, be less in the nation with a more developed capitalist mode of production than in the nation with less developed’. This reflects the inequality of prices and expression of value of similar goods under different conditions of national development.

Marx extended this insight into a theory of international value transfer. Contrary to classical trade theory that emphasises mutual benefits through comparative advantage, Marx argued that the international market mechanism would inevitably draw value from the underdeveloped nations towards the capitalist core, through trade between the two regions. This structural drain is driven by the concentration of capital-intensive production in the core and labour-intensive production in the periphery. In his ‘Grundrisse’, Marx explicitly detailed this mechanism of global appropriation. ‘From the possibility that profit may be less than surplus value (this is predicted to happen in labour-intensive sectors), it follows that also nations may continually exchange with one another, without necessarily gaining in equal degrees.

One of the nations may continually appropriate for itself a part of the surplus labour of the other, giving back nothing for it in the exchange’. He explains that while two nations may engage in mutually profitable trade, they do not necessarily gain in equal degrees. When labour-intensive sectors trade with capital-intensive sectors, the functioning of the international price system, driven towards an average rate of profit under competitive conditions, results in an unearned surplus being realised by capital-intensive core economies.

This structural tendency is powerfully reinforced by the market reality. Global North firms, with monopoly access to tremendously vast domestic markets and financial power, wield disproportionate strength in setting and controlling tradable sector prices and wages of the global South. This in turn intensifies and accelerates the systemic transfer of unearned value that exists in competitive conditions.

No debt, no full employment

The consistent outflow of value deprives the periphery of the requisite capital to achieve full employment without an escalating reliance on foreign borrowing. This dynamic is reinforced by the labour-intensive character of most economies in the Global South, where capital inflows to the region predominantly manifest as international payments to labour (wages) rather than profits or direct foreign investments. Therefore, the tremendous disparity in wages for identical work performed between advanced and underdeveloped economies robs them of non-debt inflows to the latter, rendering third-world debt crises and its long-term currency depreciation systemic features of international trade under capitalism.

Dynamics of unequal exchange intensified in the 1980s and 1990s through the imposition of structural adjustment programmes (SAPs) across the global South. SAPs forced Southern governments to devalue currencies, cut public employment, and removed labour and environmental protections, depressing wages and export prices. Political economists emphasise that SAPs also curtailed independent industrial policy and state-led technological progress and compelled Southern governments to prioritise ‘export-oriented’ production in highly competitive sectors and in subordinate positions within global commodity chains.

Simultaneously, lead firms in the core states seized the opportunity to shift industrial production Southward to take direct advantage of cheaper labour, while leveraging their control over global commodity chains to squeeze the wages and profits of Southern producers. These coordinated interventions have boosted the North’s purchasing power over Southern labour and goods.

New estimates of the extortion

The revival of studies on unequal exchange theory during the last decade has introduced new methods for estimating the staggering scale of this surplus transfer. The mechanism is essentially the appropriation of rent incomes stemming from lower payments to labour and capital in the global South for work equivalent to that performed in the capitalist core. These value transfers emerge through historically established inequality in wage rates and profits between the capitalist core and the rest of the world through colonial conquest and subjugation, the monopolistic position in trade occupied by the metropolitan economies and through the impersonal workings of international markets which tends to depress the prices of both labour intensive and primary products below their intrinsic value, of goods produced in the global South. In his ‘Value and Unequal Exchange in International Trade’, the seminal work published in 2021, Andrea Ricci formalised these different mechanisms of unequal exchange scattered throughout literature and introduced the means of estimating the monetary extent of the loss to the global South in its totality.

His estimations show over 70% of the value appropriated is derived through the wage differential between the two regions, while the rest is extracted through profit differentials. Focusing on the extent of value transfer solely through inequality of wages, the recent work by Jason Hickel et al (2024) reveals the colossal scale of this value transfer. Global North economies net-appropriated 826 billion hours of embodied labour from the global South across all skill levels and sectors. The wage value of this net-appropriated labour was equivalent to a staggering Euro 16.9 trillion in Northern prices (before adjusting for purchasing power parity), accounting for all skill levels.

Hickel et al (2024) show that this appropriation roughly doubles the labour that is available for Northern consumption but drains the South of productive capacity that could be used for local needs and development. They emphasise that unequal exchange is in part driven by systematic wage inequalities, given that Southern wages are 87-95% lower than Northern wages for work of equal skill. While Southern workers contribute 90% of the labour that powers the world economy, they receive only 21% of global income.

Plight of Sri Lanka’s garments and apparel sector

The garments and apparel sector in Sri Lanka provides a stark and concrete illustration of unequal exchange, specifically the transfer of value through wage differentials. The garments trade provides an easy entry point towards estimation and comparison given that it is a manufacturing activity found in both core (although less well-known) and the periphery while maintaining enormously unequal wage rates. For instance, a garment sector worker in the United States earns approximately $ 15.5 per hour (U.S. Bureau of Labour Statistics 2023), whereas a worker in Sri Lanka performing the same task would receive $ 0.73 per hour. Adjusting for PPP exchange rate of 3.34 using World Bank’s PPP data for 2024, the PPP-adjusted hourly wage is $ 2.46 per hour – less than one-sixth of the US equivalent, despite a comparable technological level in production.

This disparity cannot be explained by differences in work intensity, which is often higher in third-world economies. Consider Sri Lanka’s garment factory workers who frequently report being denied adequate toilet breaks and time for drinking water during working hours. This extreme regimen compels workers to operate at a pace that sacrifices their health and well-being, allowing factory owners and ultimately Northern capital and consumers to reap the maximum surplus from every working day. Such oppressive conditions are rarely, if ever, seen in comparable production facilities in the Global North, which strongly suggests a greater intensity of exploitation in the South.

For the sake of conservative estimation, we must assume that the intensity of work is equal, even though it is clearly greater in Sri Lankan factories. Under this premise, if wage parity for equivalent work is universally applied, the foreign exchange inflow to Sri Lanka through garments sector wage payments would increase over sixfold. To put this in perspective, assuming wages constitute 40% of sectoral revenue, the total wage bill would be approximately $ 1.8 billion under current conditions as of 2024. Under a universal parity wage system, this figure would rise to an estimated $ 11 billion, indicating that $ 8.2 billion in value was transferred out of the economy through garments and apparel exports due to unequal exchange or disparity in wage rates. As Arghiri Emmanuel (1972) argued, this immense wage disparity, even in sectors with identical factor productivity, is not a product of free market forces but rather a legacy of centuries of colonial rule and imperial domination, where the highly unequal rates of exchange between the imperialist core and the periphery were enforced through coercion.

A path to collective reclamation

To break this systematic cycle of dependency and value drain, peripheral economies must strategically advise on forming a regional alliance advocating long-run equalisation of the tradable sector productivity-linked wages between the periphery and the core. This equalisation should target industries with comparable labour productivity to those in the capitalist core, adjusted for PPP differentials, with the apparel and textiles sector serving as a key example.

The success story of the Organisation of the Petroleum Exporting Countries (OPEC), based on controlling output prices of a relatively homogenous commodity, provides a relevant precedent. However, instead of attempting to set price floors to improve terms of trade, a strategy that proved unsuccessful for structuralists in the 1980s, a more feasible demand is the gradual equalisation of real wages between the core and the periphery, linked to productivity.

Given the rising economic power of the Global South, the political feasibility of such a process is now greater than in the past. This approach is more practical than attempting to control world market prices of highly differentiated products, particularly considering the downward stickiness of wages relative to prices. Sri Lanka, with a Government placed into power by the masses against the established political and economic order, is uniquely positioned to initiate and lead such a regional collective to advance the course of justice for the Global South.

I enjoyed reading ‘Restored Organization’, a book that describes ways to ‘humanise’ workplace cultures and transform results. I met the two authors during the Great Place to Work (GPW) Regional Conference held in Colombo recently, and enjoyed the session conducted by Nitin Goil on the same theme. Today’s column is a reflection on the contents of it in connecting with Sri Lankan context.

Overview

‘The Restored Organization’ written by Nitin Goil and Sebastian Anthony provides practical advice on how to lead with empathy and vision to build a thriving workplace culture. It highlights the philosophy for transforming a dysfunctional or toxic workplace into one where employees feel valued, supported, and motivated. The authors emphasise the importance of empathy, inclusion, and ongoing adaptation to create a positive culture that drives innovation and engagement.

They candidly share that the book was inspired by their personal experiences with toxic workplace environments and highlights the staggering cost of employee disengagement. Nitin is a global leadership advisor with more than 25 years of experience working with senior leaders in the USA and Asia. His expertise is in the area of culture transformation, talent development and employee engagement. Sebastian has over 30 years of experience working in learning and organisational development in three major industries, healthcare, hospitality and consulting. The collective wisdom of both of them is amply shown in the book.

As stated in the book, according to Gallup’s 2024 State of the Global Workplace, 62% of employees are disengaged from work, costing the global economy $ 8.9 trillion in productivity losses. The engagement referred here is simply the physical, mental and emotional involvement of an employee towards one’s job.

As the authors observe, organisations today are dealing with a polarity challenge of driving business results while being human-centred and keeping employees engaged. They must deal with demanding shareholders who are looking for quick growth and results, while managing employees’ expectations. This constant push and pull leads to employees feeling disengaged and demotivated, creating a culture of distrust and avoidance.

Restoration in high demand

In writing the Foreword, Michael Bush, CEO of Great Place to Work highlights how this book underscores the critical importance of workplace culture in today’s evolving, post-pandemic business landscape. As he observe, the book emphasises that a positive culture is not a one-time initiative but requires ongoing attention, self-reflection, and adaptability.

‘The book offers practical strategies for leaders to build inclusive, high-performing workplace’ states he. ‘It positions culture as a continuous, strategic driver of innovation, engagement, and sustainable success. Ultimately, The Restored Organization serves as both a resource and a call to action, urging leaders to make culture an integral part of their strategy, ensuring organisations empower and support people while achieving strong business results. This makes it an essential guide for anyone shaping the future of work.’

Organisational culture is simply the ‘way we do things here’. In a broader sense, is the shared set of values, beliefs, norms, and behaviours that shape how employees in an organisation interact, make decisions, and approach their work.

The book introduces the term ‘culture restoration’ as a way of re-kindling the human spirit, which might have fragmented by disorder and disharmony. It requires more than just a broad, one-size-fits-all solution. It demands a clear and intentional focus, involving interventions that identify those toxic pockets and tackle them head-on.

As the authors suggest, the goal should be to create an organisation where every action and behaviour, from top leadership to frontline operations, is connected and aligned with the organisation’s core values and strategy. When culture that has been thoughtfully rebuilt with trust, empathy, and inclusion, the organisation flourishes with people and results thriving together.

Trust: The book highlights that the trust is at the core of any restored organisation. It is the invisible thread that holds everything together, the element that gives employees the confidence to speak openly, collaborate freely, and feel safe in their roles. Without trust, the culture of an organisation can quickly become toxic. ‘Reflecting on our experiences, when we encountered a workplace lacking trust, the atmosphere was noticeably tense; People started to hold back, afraid to express their ideas or concerns because of fear- fear of judgment, fear of retribution, or fear of making mistakes’, observe the authors.

Empathy: At the heart of a restored organisation, you find empathy, creating an environment where everyone feels truly valued and understood. According to the book, when empathy is absent, people often feel isolated and unsupported, motivation plummets, and one does not feel safe to speak up. Restoring empathy is essential to healing this kind of damage. When empathy becomes a guiding principle in an organisation, it transforms how people communicate and work together. As authors observe, when empathy starts to take root, the walls created by toxic behaviours begin to crumble, replaced by a supportive, restored environment where people are motivated to contribute.

Inclusion: Inclusion in a restored organisation works hand in hand with empathy. The book highlights that while empathy helps us understand each person better, inclusion ensures that every person, regardless of background, feels seen, heard, and valued. It is about creating an environment where diverse voices can contribute meaningfully, and decisions reflect a broad range of perspectives. When an organisation embraces inclusion and encourages all voices to be heard, it creates a culture of belonging. Employees feel respected and empowered, knowing their perspectives matter.

In connecting trust, empathy and inclusion, the authors introduce a flagship concept effectively, viz. FLOWER culture.

FLOWER culture at a glance

‘Through conversations and in-depth interactions with over 100 leaders globally, we began to understand the complexities of organisational culture and noticing patterns that were similar’, state the authors. They compare restoring an organisation’s culture to the petals of a flower. They copyrighted framework of FLOWER, offers a holistic framework and a path to restoration. It allows organisations to create a roadmap that can help them drive sustainable, long-term change. Let us reflect on six petals showcased by the authors. Figure 1 contains the details.

It is worthwhile reflecting on the six petals, keeping our organisations in mind.

Fulfilling Culture: As the authors describe, a fulfilling culture is what makes employees feel that their work has meaning, that they are valued, and they are contributing to something larger than themselves. Without it, employees often find themselves trapped in a cycle of disengagement. The book highlights three elements essential for building a fulfilling culture, viz. purpose, recognition, and career development. The real case shown as an example is Patagonia, an outdoor apparel brand, with the purpose, ‘We are in business to save our home planet.’

Listening Culture: This is the second petal of the FLOWER framework. It involves creating a space where every voice is heard and valued, and feedback is truly integrated into how the organisation operates. As the authors observe, when a listening culture is missing, it is easy for employees to feel alienated. The book highlights three elements essential for building a listening culture, viz, active listening, open feedback channels, and commitment to inclusion. The real case shown as an example is Netflix, where the organisational culture is deliberately structured to prioritise active listening, with the emphasis on honesty.

Ownership Culture: According to authors, this is the petal that encourages people to take initiative, contribute meaningfully, and invest fully in the organisation’s success. The book highlights three elements essential for building an ownership culture, viz. empowerment, shared goals, and transparent communication. The real case shown as an example is Yara International, a Norwegian chemical organization, where the above three elements are vibrantly visible.

Well-being Culture: As the authors observe, a culture of well-being goes far beyond offering quick fixes like fitness resources or health incentives. True well-being is where certified international specialist (CIS) highlights three elements essential for building a well-being culture, viz, holistic programs, work-life integration, and supportive environment. The real case shown as an example is Johnson and Johnson, where its Human Performance institute (HPI) has pioneered innovative practices that refine how an organisation should approach its people well-being.

Enterprising Culture: The focus of this petal is on innovation, risk taking, and adaptability. When employees know they have the freedom to try new approaches, it sparks creativity and helps them feel more connected to their work. The book highlights three elements essential for building an enterprising culture, viz, innovation incentives, collaborative spaces, and continuous learning. The real case shown as an example is DHL Express, a global leader in logistics and express delivery, where innovation awards, and Certified International Specialist (CIS) program feature prominently.

Results-based Culture: The final petal of the framework is about creating clarity and accountability around specific, measurable outcomes. As authors observes, in such cultures, employees know what is expected of them, and their efforts are aligned with the organisation’s larger goals. Three elements essential for building a results-based culture are accountability systems, clear performance metrics, and performance reviews. The real case shown as an example is BHP, a leading mining firm based in Australia, with a ‘code of conduct’ providing a strong foundation for ethical behaviour and operational integrity.

The expectation is the collective contribution consisting of all six petals to make the ‘flower to blossom.’

Way forward

Sri Lankan organisations might be having some of the petals firm and some other petals fragile. A deep reflection is needed to balance results with relationships to ensure enterprise achievements and employee aspirations. ‘If everyone is moving forward together, then success takes care of itself,’ so said Henry Ford. I would recommend the ‘Restored Organization’ to read, reflect, and relate towards revived results.

Colombo stock market opened the week in red yesterday, falling for the second consecutive session.

The ASPI fell 0.10%, down 23.73 points to 22,788.79 and the active S and P SL20 closed 0.17% lower, down 10.68 points to 6,255.63.

Turnover was more than Rs. 5.76 billion on over 306.8 million shares traded while foreign investors were net buyers with a net inflow of Rs. 176.5 million.

NDB Securities said the ASPI edged down as a result of price losses in counters such as C T Holdings, Central Finance Company and Richard Pieris and Company with the turnover crossing Rs. 5.7 billion. Meanwhile, the S and P SL20 closed in red.

High net worth and institutional investor participation was noted in Ceylon Hospitals, John Keells Holdings and DFCC Bank.

Mixed interest was observed in Colombo Dockyard, Sierra Cables and Ambeon Capital whilst retail interest was noted in UB Finance Company, Co-Operative Insurance Company and Tess Agro.

Foreign participation in the market activity remained at subdued levels with foreigners closing as net buyers.

The Capital Goods sector was the top contributor to the market turnover (due to Colombo Dockyard and John Keells Holdings) whilst the sector index edged down by 0.01%.

The share price of Colombo Dockyard gained Rs. 53 (24.20%) to close at Rs. 272. The share price of John Keells Holdings moved down by 10 cents to close at Rs. 21.30.

The Banking sector was the second highest contributor to the market turnover (due to DFCC Bank) whilst the sector index edged down by 0.01%.

The share price of DFCC Bank recorded a loss of 50 cents (0.31%) to close at Rs 163.

Ceylon Hospitals and Ambeon Capital were also included amongst the top turnover contributors.

The share price of Ceylon Hospitals increased by Rs. 60.25 (25.64%) to close at Rs. 295.25. The share price of Ambeon Capital appreciated by Rs. 1.60 (3.56%) to close at Rs. 46.50.

Asia Securities Research said the indices commenced the week lower, with the ASPI declining by 24 points (-0.1%) and the S and P SL20 index decreasing by 11 points (-0.2%) due to price losses in LCBF (-2.8%), RICH (-2.3%), WIND (-2.2%), PKME (-1.4%), LFIN (-0.8%), and JKH (-0.5%).

However, investors showed increased interest in healthcare sector stocks such as CHL (+25.6%) and NHL (+10.9%) during the session. Turnover amounted to Rs. 5.8 billion (previous session Rs. 6.2 billion), mainly led by CHL (Rs. 475 million), DOCK (Rs. 468 million), and JKH (Rs. 321 million).

DOCK (+19 points) was the major driver on the ASPI, while CTHR (-13 points), CFIN (-7 points), and RICH (-7 points) ended as the biggest laggards. The market breadth was negative with 102 price gainers and 147 decliners.

On 23 September 2025, Hutch Sri Lanka played host to the ceremony for the 2nd Meeting of the South Asia Telecommunication Regulators’ Council (SATRC) Working Group on Policy, Regulation and Services, partnering with the Telecommunications Regulatory Commission of Sri Lanka (TRCSL) to stage a distinguished evening of regional camaraderie and dialogue.

The event drew nearly 75 delegates, including senior representatives from TRCSL, the Digital Economy Ministry, and leading telecom regulators from across South Asia.

The evening, featuring fine local and international cuisine and vibrant local entertainment, served as more than a social gathering. It laid unofficial groundwork for strengthening regional regulatory cooperation and provided a strategic environment for networking and exchanging ideas. The occasion also enabled dignitaries to forge meaningful relationships across borders. Delegates from India, Pakistan, Bangladesh, the Maldives, Afghanistan, Iran, Bhutan, Nepal, Thailand, and Sri Lanka engaged in a cultural exchange through performances and shared cuisine, setting a warm and collaborative tone before the formal sessions of the SATRC meeting commenced.

In addition to hosting dignitaries, Hutch created a valuable platform to reinforce its position as a telecom leader dedicated to industry development and regional collaboration. Addressing the gathering, Hutch CEO Saumitra Gupta remarked, ‘Connectivity is no longer a utility; it is an enabler of national productivity.’ As a member of the globally reputed CK Hutchison Group, spanning over 25 years of service in Sri Lanka, Hutch continues to bring not only deep telecom expertise but also a steadfast commitment to future-focused technological advancements that keep Sri Lankans connected to tomorrow.

By supporting TRCSL in hosting a high-profile regional event, Hutch demonstrated its willingness to go beyond commercial interests and contribute meaningfully to the development of telecommunications governance across South Asia. The event not only elevated the ambiance for the technical discussions but also fostered relationships that could lead to future collaborations, regulatory alignment, and shared learning.

Overall, the ceremony marked a successful beginning to the SATRC Working Group meeting, and Hutch’s role in orchestrating its credentials as a strategic partner in shaping Sri Lanka’s and the region’s digital trajectory.

Amana Bank recently opened the doors to its new Corporate Office, located at No. 353, Galle Road, Colombo 3, adjacent to its Main Branch premises.

The ceremonial opening was attended by the bank’s Chairman Asgi Akbarally, its foreign Directors Khairul Muzamel Perera, Mohammed Ataur Rahman Chowdhury, Asim Raza, and Mohammad Hassan, and local Directors Tishan Subasinghe, Mohamed Adamaly, Delvin Pereira, Azreen Zaheer, and Nandhanan Senthilverl, together with Managing Director/CEO Mohamed Azmeer and the members of the bank’s Management Committee.

Designed to reflect Amana Bank’s values of progress, collaboration, and service excellence, the new state-of-the-art Corporate Office houses the bank’s executive offices along with its key business divisions and support departments, providing a convenient, modern and efficient work environment that encourages innovation, operational excellence and teamwork.

Chairman Asgi Akbarally stated: ‘The opening of our new Corporate Office marks a significant milestone in Amana Bank’s journey of growth and stability. This new space reflects our commitment to fostering an inspiring environment where our people can deliver greater value to our customers and stakeholders, embodying the Bank’s forward-looking spirit.’

Managing Director/Chief Executive Officer Mohamed Azmeer said: ‘With the opening of our new Corporate Office, we are bringing together the heart of our operations under one roof, placing us in a stronger position to enhance collaboration, drive operational excellence, and continue delivering a superior banking experience to our customers.’

Foreign investment in Government securities has risen to its highest level in nearly two years, with overseas investors continuing to increase their exposure to rupee-denominated Bonds, according to latest Central Bank of Sri Lanka data.

Foreign holdings in Treasury Bills and Bonds reached Rs. 130.96 billion as of 23 October, marking the highest level since 16 November 2023.

During the week ending 23 October, foreign investors purchased a net Rs. 606 million in Government securities.

Since 26 December 2024, cumulative inflows into Government Bills and Bonds amounted to Rs. 61.7 billion.

Though smoking presents as the notorious contributor to lung cancer, genetic factors, passive smoking, and air pollution are all contributors as well. Non-smokers, in fact, form a large segment of people who can develop this type of cancer, reveals Parkway Hospitals Singapore Senior Consultant, Medical Oncologist Dr. Wong Siew Wei.

‘The issue with lung cancer, especially in the Asian context, is a proportion of it is not related to cigarette smoking as a risk factor. There is a bit of a genetic component but it’s not well-described. For example, in countries like Singapore, Hong Kong and China, only about 10-15% of women patients would have a history of smoking. The other 80-85% have no issue of smoking, yet they have lung cancer. I believe in Sri Lanka if we have female lung cancer patients, chances are they have not smoked much as well.

‘The usual risk factor is still smoking. But outside of smoking, a lot of us don’t realise, family history, is a big one, and there is also passive smoking, and air pollution – all these increase your risk of lung cancer.’

Speaking at a press meet in Colombo, Dr. Wong further revealed, ‘In fact, there is radiation from the environment. You may say this is a clean island, but there is radiation from the soil. In some communities, they use biofuel for cooking, wood fuel, charcoal fuel – which raise your risk of lung inflammation, chronic lung illness like tuberculosis, and long-term infection of the lungs – all of which cause injury to the lungs and increase your risk of lung cancer as well.’

How do we pick up this cancer at an earlier stage?

The issue comes down to how we pick up this cancer at an earlier stage. Because this is not the typical segment of the population who would actively look out for lung cancer; unlike the smokers who would consider doing scans to check for cancer.

‘If we go back more than 12 years ago, the Europeans and Americans have proven that doing CT scans for high-risk groups, especially those who smoke a lot, will pick up more lung cancer cases at an earlier stage; that improves survival, compared to doing chest x-ray. If we only focus on screening smokers, we’re going to miss out on these people who never smoke. And they all come back with Stage 4 lung cancer before we find it. So the effort has been put into place to identify and catch lung cancer earlier in people who don’t smoke,’ he said.

‘How do we target them? One of the first groups we target is those with family history. Even though we don’t think there is a lot of genetic components in lung cancer, I think it does play a role in people who don’t smoke. People with first- or second-degree family members with lung cancer, we would be thinking about offering them CT scan using low-dose protocol, once a year, to screen for lung cancer.’

Dr. Wong is part of this program in Singapore that is partially funded by pharmaceutical companies and sponsored by him as well.

He says, hopefully this would pick up more cases, noting that in countries like Taiwan, the incidence of stage 4 lung cancer in women has dropped from 65% to 45% over a 10-year period, when they implemented this nation-wide exercise. Therefore, the more cases picked up at an earlier stage the more chances to cure the cancer.

New drugs

‘For many cancers there are lots of new drugs that we have to keep up with. And we are no longer just relying on chemotherapy. We still use a bit of chemotherapy but we have very good options for targeted therapy. That means we identify a specific target and using that information, we match the target to the correct treatment for each patient. Now we have at least nine targets that we look out for in lung cancer that have specific drugs that we use with high efficacy.’

How do they test for this? Routinely they would use a very sophisticated machine to test for all these mutations in one go. They don’t test for mutation A, followed by mutation B, followed by C, etc. because if they do it that way it will be take up too much time, and it will use up too much material for testing, the doctor explained.

When they get material for lung cancer testing, usually it’s a small sample and they have to use it in a very careful way. That’s where the gap lies in countries that have not developed their health system very well. ‘I’ve been speaking to some of the contacts here in Sri Lanka; I think to do this kind of test in the country itself it’s not so well-established – they are relying on regional countries to help run these tests. This would be problematic because logistically we have to have the specimen shipped around, there’s more waiting time. There’s a chance the specimen gets lost along the way. So the local patients have a huge challenge in this regard.’

‘There are other ways we can overcome this in Singapore – sometimes we test for these mutations using blood drops – we draw a few drops of blood, then from the blood we try to identify DNA that belongs to the cancer; if we can find them, we can run the same algorithm, we can get the same information. The accuracy is very high but the chance of picking up the mutation, because we’re detecting small fragments of DNA in the blood – it’s about 80-85% for stage 4 cancer. So finding targets matching with the best effective drugs helps.’

Then they have other classes of drugs – like immunotherapy; it has been used for more than six years in Singapore. And in recent years they are seeing a newer class of drugs. For example, they have antibodies which will stick to certain targets in the cancer but these antibodies are engineered with strong chemotherapy attached to it. When it is engineered that way doctors can deliver very potent chemotherapy directly to where the cancer cells are sitting, without causing too many side effects to the patients. These are a few types of new therapeutic paths that they have access to in Singapore, which will change how they improve the patient’s outcome.

How you use these drugs

The other thing that is very big in any cancer is how you use these drugs. ‘We may have very good drugs but how we use it is very important. If you use it too late, the patient never benefits from it. So we are getting smarter in how we use this drug, especially in early stage lung cancer. For lung cancer patients who are suitable for operation, a proportion of them will be recommended for treatment using drugs and immunotherapy, prior to surgery. And that’s been proven to improve the outcome as well.

‘For this to happen we have to work very carefully with our lung specialists, our surgeons, we have to capture these cases early so that they have the chance to benefit from the correct type of drugs – because the same drugs we deliver after chemotherapy, paying the same amount of money, the benefit may be less. So timing is very important – just like when you’re cooking, you put a different type of ingredient or at the wrong timing the dish will turn out differently.

The other way we are also learning is how much drugs we have to give to achieve the optimal outcome.’

Sometimes they may only have to give the drugs for one year, sometimes they have to go for two years. So newer generation drugs will tell how much to give this.

‘Obviously, there are pros and cons – if we give too little they won’t get any benefit, but we are getting smarter at doing this.’

Oncologists will head towards a more precise drug delivery with technology advancement. In situations like breast cancer or lung cancer doctors are using specialised tests, a bit like Artificial Intelligence to tell them which patients are at higher risk of relapse after chemotherapy, and which one of them will benefit from using chemotherapy or other drugs. With this kind of information, eventually they will move to a new lung cancer treatment phase and will be able to reduce giving drugs to everyone – the doctors can select who are the higher risk ones and give it to them, and keep the lower risk patients away from it.

Gastrointestinal cancer – what are the organs involved and what’s going on there?

Dr. Wong’s areas of expertise include prostrate, kidney, bladder, upper gastrointestinal, and lung cancers. He was asked about the gastrointestinal tract and the issues therein.

The whole gastrointestinal tract – starts from the mouth, the oesophagus, stomach, small intestine, large intestine, bile duct, gall bladder, liver – all of these are considered gastrointestinal; and all of these can have cancer. And with different risk factors, he explained.

Liver cancer in a lot of Asian countries is related to Hepatitis B infection, while in Western countries it’s Hepatitis C because of drugs and other risk factors. ‘For liver cancer, Asian countries may have more experience in treating it because we see a lot more Hep B patients in our population. We are learning to treat this cancer better, using immunotherapy, and directly injecting treatment into the liver. All these will improve the patient’s outcome.’

Does Hepatitis infection have a long-term effect on the liver, and does it cause cancer?

‘There are quite a few types of Hepatitis virus – we have Hepatitis A, B, C, D, and even E. Hepatitis A, we get it from food. Usually the patient is sick for a few days and then he recovers. Hepatitis B is very different. We have tablets to control this virus but the virus can never be 100% cleared from the liver. It may be hiding in the liver cells, despite you taking the antivirus tablet. While you’re on the anti-virus tablet the virus does not get out into the blood that much, the person is not infectious, unlikely to pass on the Hep B to someone else. But it is still hiding in there.

‘So because it stays in the liver, there is long-term damage to the liver cells DNA and over time this can lead to cancer; especially if there are other problems happening in the background, like alcohol consumption, things that can stress out the liver cells. Those are the usual situations that we encounter in Asian patients. It is common. Typical liver cancer patients in Asian countries are Hep B patients. So Hep B is unique.

‘Hep C is more common in Western countries, but the drugs that we have against Hepatitis C work quite effectively. It can completely eradicate Hep C virus from the body. It is Hep B that causes a lot of problems,’ Dr. Wong explained.

Other conditions can cause liver injury. In Western countries they have fatty liver, where the fatty acids in the body create a lot of stress on the liver cells and over time, after many years, through long-term inflammation and scarring, it can lead to cancer as well, he added.

The doctor was asked about the reason behind the presence of jaundice in a patient. He explained that jaundice results from any condition that stresses out the liver significantly; it can be liver injury from paracetamol overdose, to severe Hepatitis A infection, to a lot of cancers inside the liver itself, to even blockages of the bile duct because of stones or cancer pressing on the bile ducts.

Signs of liver cancer

Asked if there are any symptoms of liver or lung cancer that we can look out for, Dr. Wong replied, ‘The issue is you don’t get symptoms at an early stage. If you have a 2 cm spot sitting in your lungs, usually the patient won’t feel anything. That’s where cancer screening is important – for people who don’t feel anything; who feel normal; we need to pick up the cancer when it’s small; if we pick up the cancer when it’s big, usually it’s already Stage 3 or even 4 cancer when it’s too late. By the time someone has pain in the back of the chest or is coughing out blood, usually the cancer is quite big.

‘For the liver, just like for the lungs, we don’t have signs in its early stage. If you have a 2 cm tumour sitting in your liver, you’re not going to feel it. Then by the time you feel it, it’s usually very advanced. With a sick liver, you will feel tired, and there’s a lack of appetite. When it’s very big, your liver will swell, there will be changes in the abdomen, and you may turn yellow – those are very late signs. By the time the pain starts in the liver, it’s usually quite late. The chance of cure is lower.’

Dr. Wong added that they have new treatment but the chance of cure is a lot less than if the cancer was identified earlier, and reiterated that that’s why for certain risk groups, like for Hepatitis B patients, in Asian countries, doctors recommend ultrasound of the liver every six months, as part of screening. They screen people who don’t have symptoms. Once you have symptoms, it’s usually a bit late, he cautioned.

Horana Plantations PLC, part of Hayleys Plantations, has launched the Tea Shade Development and Ecological (T-SHADE) Restoration Project, an initiative to measure, monitor and monetise carbon credits leveraging shade trees in Sri Lanka’s tea estates.

The first such initiative in Sri Lanka’s plantation sector to be registered under the Verified Carbon Standard (Verra Project ID 5571), the pilot phase has already restored 55 hectares across Gouravilla and Mahanilu Estates.

Hayleys Plantations Managing Director, Dr. Roshan Rajadurai said, ‘T-SHADE represents a powerful new model for sustainable value creation in the plantation sector. By integrating shade tree restoration with carbon credit generation, we are demonstrating how Sri Lanka’s tea estates can deliver both commercial and environmental value. Our goal is to create estates that are more resilient, productive, and globally competitive, while re-positioning Sri Lanka as a global leader on impactful, sustainable climate action.’

With 7,094 shade trees having already been planted, the project lays the foundation for a 40-year program that is expected to sequester more than 22 million tonnes of CO2 while at the same time, enhancing tea quality, soil fertility, and community livelihoods.

Shade cover is essential to protect tea leaves from sun scorch, reduce soil erosion, and improve soil health, creating better conditions for higher quality and more resilient crops. The project also opens the door for Sri Lanka’s plantation sector to access international carbon markets.

Through the initiative, every tonne of carbon dioxide captured by the project can be certified and sold as a carbon credit, generating new revenue streams that can be reinvested into estate communities while also contributing to foreign exchange earnings for the country.

The initiative was formally registered under Verra earlier this year, providing international credibility and ensuring that project impacts are transparently measured. Over its 40-year crediting period, T-SHADE is projected to cover up to 100,000 hectares across the tea sector. For the first five years alone, the pilot areas are expected to generate 342 tonnes of carbon offsets, demonstrating early climate gains while the project scales.

Alongside its environmental objectives, T-SHADE brings important social and economic benefits. The project has already created jobs in nurseries, planting, monitoring, and carbon auditing, with women and youth also being trained to take on new roles in ecological monitoring and data-driven decision-making.

By involving workers and smallholders through the Tea Smallholdings Development Authority, the project ensures that benefits are broadly shared across the value chain.

Technology also plays a central role in the model, with barcode-based monitoring and real-time data tracking applied to both planting and plucking. These innovations will enable more efficient resource use, accurate harvest cycles, and long-term improvements in productivity. As the project is currently in its baseline year, yield and tea quality impacts will be tracked and published transparently in the years ahead, ensuring accountability and credibility.

Horana Plantations PLC Director/CEO Johann Rodrigo said, ‘We are proud to be the first Sri Lankan RPC to engage with the T-Shade program. Each shade tree planted through this program is a step toward healthier soils, stronger communities, and more resilient tea. With our sister companies, we are striving to make Pure Ceylon Tea a model for sustainable growth and shared value across the plantation sector.’

T-SHADE has been developed in partnership with Earth Systems, which provided project design, registration, and carbon accounting. The Tea Research Institute is contributing agronomic expertise, while the National Institute of Plantation Management supports training and capacity building. The Tea Smallholdings Development Authority is working to integrate smallholder growers into the initiative.

By linking ecological restoration with carbon finance and global sustainability frameworks, Hayleys Plantations aims to create a model of climate-smart plantation management that can be scaled across Sri Lanka’s estate sector. T-SHADE positions the country’s tea industry as a producer of high-quality Ceylon Tea and a global leader in regenerative agriculture.