Category: Daily Financial Times

Cabinet Spokesman and Mass Media Minister Dr. Nalinda Jayatissa has urged those questioning about the legality of the appointment of Ranga Dissanayake as Director General (DG) of the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) to seek redress from the Supreme Court.

Addressing the weekly post-Cabinet meeting media briefing, he said that if the selection made by the Constitutional Council was flawed, irregular, and unconstitutional, former Minister Udaya Gammanpila or any other concerned party could go through a legal process to challenge Dissanayake’s appointment.

‘Criticising is of no use when there is a legal process available. I know former Minister Gammanpila is well conversant with the law in this regard,’ he said, questioning the motive behind raising allegations against the CIABOC DG long after his appointment was made.

Dr. Jayatissa expressed his suspicion over the timing of the allegation when the CIABOC had completed several investigations and begun arrests connected to corruption cases.

‘We have doubts whether some parties, including former Minister Gammanpila, are trying to discredit the CIABOC as they have some other interests,’ he said, adding that Government views such efforts as attempts not by those who are against fraud, corruption, and bribery, but only those who want to shield some involved in corruption and bribery.

He said that those who truly stand against fraud and corruption would not attack the CIABOC at a time when it is performing its duties.

Meanwhile, he reiterated the Government’s commitment to upholding the independence of the CIABOC, stressing that investigations into complaints should be carried out promptly and without interference.

Dr. Jayatissa emphasised that while the Government provided facilities and resources to investigative institutions such as the CIABOC and the Criminal Investigation Department (CID), it would not intervene in their operations.

‘If someone makes allegations against an institution like the CIABOC, the best solution is for the DG or the Commission itself to respond, but not the Government,’ the Minister said.

He also said that the Government had full confidence in the officials of the CIABOC as they were performing their duties responsibly and professionally.

According to Dr. Jayatissa, the attempts to level baseless accusations against the CIABOC appeared to be efforts to undermine its ongoing investigations and the best means to challenge the appointment of the CIABOC DG, who has extensive legal experience as a former Magistrate and High Court Judge, was through a legal process.

Answering a question whether there was a lethargy in taking legal actions against those who have corruption charges in the Government, he said all complaints were going through a due legal process.

‘If any allegations have been made against ministers, the CIABOC will continue to investigate them according to its procedures. The Government remains committed to ensuring the CIABOC functions independently and efficiently to strengthen the anti-corruption framework,’ he stressed.

E.B. Creasy and Co. PLC has made a further Rs. 400 million investment in subsidiary company Lanka Special Steels Ltd.

The investment was made by way of a direct investment of Rs. 300 million in 27.2 ordinary shares at Rs. 11.04 and converting Rs. 100 million worth of debt due from Lanka Special Steels into equity by the allotment of 9 million shares at Rs. 11.04 a share.

On 27 February 2024, E.B. Creasy disclosed that its Board had deferred an earlier decision to dispose 100% of its equity stake in Lanka Special Steels Ltd. to another of its subsidiaries Laxapana PLC in order to re-evaluate the proposed transaction.

On 8 April 2025, E.B. Creasy announced that it would convert Rs. 400 million of debt due from Lanka Special Steels into equity comprising 29.3 million shares at Rs. 13.65 each while negotiated the sale of its stake to Laxapana PLC. Discussions are still ongoing, E.B. Creasy said in stock exchange filing yesterday.

The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) yesterday inaugurated its 46th National Conference of Chartered Accountants, a business summit focused on redefining the nation’s economic trajectory by harnessing global insight for local impact.

Held under the theme ‘UPRISE – Global Insight >> Local Impact’, the three-day conference, taking place from 8 to 10 October 2025 at the Monarch Imperial, was ceremonially inaugurated yesterday in the presence of global thought leaders, diplomats, corporate leaders, entrepreneurs, industry pioneers, and top-tier professionals.

The conference dubbed as the biggest annual business summit in the country was officially inaugurated by global business leader Minor International Group CEO and Minor Hotels CEO Dillip Rajakarier, in the presence of CA Sri Lanka President Heshana Kuruppu, Vice President Tishan Subasinghe, National Conference Committee Chairman Chamara Abeyrathne, Technical Committee Chairman Dr. Wasaba Jayasekera, and CEO Lakmali Priyangika.

In his opening address, Kuruppu said this year’s theme is a powerful, intentional call to action. ‘It demands that we, as a nation, rise above current challenges. We must look beyond our shores not to imitate, but to innovate, and to absorb global knowledge and translate it into local action that rebuilds, revitalises, and redefines Sri Lanka.’

‘This is where our profession’s most sacred duty resides’, Mr. Kuruppu explained, citing that Chartered Accountants are the guardians of public trust and the independent arbiters of truth in financial reporting. ‘The numbers we certify are not just ink on paper; they are the foundation upon which investors place their bets on our country’s future. When we sign an audit report, we are not just validating a balance sheet, we are underwriting a piece of Sri Lanka’s credibility,’ he said.

Kuruppu added: ‘Every time we uphold an ethical standard, every time we challenge a questionable practice, every time we insist on transparency, we are not just doing our job, we are fortifying the very pillars of our economy.’

Delivering his speech, Abeyrathne, highlighted the historic turnout emphasising that this year the conference had achieved the highest number of physical delegates in the conference’s history. ‘Over 2,100 of you are here in person, which is a powerful testament to the unwavering spirit of our community. To the more than 500 delegates joining us virtually from across the globe, a very warm welcome. Together, we are a gathering of over 2,600 strong, forming the largest and most vibrant assembly this conference has ever seen.’

Abeyrathne said that the National Conference, a flagship event of CA Sri Lanka, has for over four and a half decades, been a catalytic force in Sri Lanka›s professional landscape. ‘But tonight, we are not just continuing a legacy; we are making history.’

Dr. Jayasekera said: ”UPRISE – Global Insight >> Local Impact’ is more than a theme; it is a matter of national importance. At this critical juncture, with Sri Lanka facing immense challenges that demand courage, vision, and decisive action, Chartered Accountants firmly believe that an uprise is both possible and essential.’

‘This conference is built around that very need: to learn, to lead, and to transform. Chartered Accountants must lead this journey with integrity and expertise. Together, let us activate a national movement to build a resilient, thriving economy, to transform challenges into opportunities, and ensure Sri Lanka not only survives but thrives,’ Dr. Jayasekera added.

The conference features six dynamic sessions designed to inspire, challenge, and empower Sri Lanka’s business and professional communities.

The Colombo stock market yesterday dipped largely due to profit taking amidst healthy turnover.

The benchmark ASPI declined by 0.3% and the active S and P SL20 by 0.4%. Turnover was Rs. 7.3 billion.

Foreign investors remained net sellers, recording a net outflow of Rs. 196.2 million.

First Capital said post hitting the 22,000 milestone on ASPI, marked the first day of profit taking, after 15 consecutive days of gains.

While both retail and HNW participation was high, investors have largely realized gains on the Banking sector counters and conglomerates.

BUKI, SUN, DIAL, COMB and CARS were the top contributors to the index.

Banking sector took the lead in terms of sector wise contributions to turnover, with a share of 21%, followed by the Capital Goods sector and Food retailing sector, which produced a combined contribution of 35%. Food retailing sector’s high turnover was underpinned by the increased HNW participation observed in CARG and CTHR.

NDB Securities said high net worth and institutional investor participation was noted in Cargills, C T Holdings and Commercial Bank. Mixed interest was observed in Lanka Credit and Business Finance, John Keells Holdings and Colombo Dockyard whilst retail interest was noted in Kotagala Plantations, Co-Operative Insurance Company and Hela Apparel Holdings.

The Banking sector was the top contributor to the market turnover (due to Commercial Bank) whilst the sector index lost 0.35%. The share price of Commercial Bank increased by 75 cents to Rs. 197.

The Capital Goods sector was the second highest contributor to the market turnover (due to Colombo Dockyard and John Keells Holdings) whilst the sector index decreased by 0.74%. The share price of Colombo Dockyard recorded a gain of Rs. 4.50 to Rs. 134.

The share price of John Keells Holdings declined by 20 cents to Rs. 21.50.

Cargills and C T Holdings were also included amongst the top turnover contributors. The share price of Cargills closed flat at Rs. 750. The share price of C T Holdings moved down by Rs. 1.50 to Rs. 651.

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.

Taj Samudra, Colombo was honoured to host the national women’s cricket teams of Australia, Bangladesh, and South Africa during their recent visit to Sri Lanka. In a heartfelt display of Sri Lankan hospitality, the teams were welcomed with traditional drummers and garlanding ceremonies, symbolising the warmth and cultural richness of the island nation. A warm welcome ceremony led by the Area Director – Taj Maldives

Five State-Owned Enterprises (SOEs) under the Industries and Enterprise Development Ministry have handed over a total of Rs. 757.4 million in dividends to the Treasury, reflecting improved performance under the new Government.

Futurity Ltd., Sri Lanka’s first AI-native research studio, has announced its strategic partnership with the Institution of Engineers, Sri Lanka (IESL) as the official AI Enablement Partner for Techno 2025.

The collaboration was formalised at a signing ceremony attended by senior representatives from both organisations, including IESL President Elect and Techno 2025 Chairman Eng. Kosala Kamburadeniya, and IESL CEO Eng. Neil Abeysekera, alongside Futurity’s leadership team.

As part of the agreement, Futurity will introduce a revolutionary AI-powered conversational assistant that is set to transform the way visitors experience Techno 2025. This cutting-edge application will allow visitors to navigate the exhibition seamlessly, access detailed information on exhibitors, and receive real-time guidance on event schedules and highlights. The assistant represents a fundamental shift in how exhibitions are organised and experienced, moving beyond static directories and brochures to deliver dynamic, intelligent, and interactive visitor support.

This collaboration underscores IESL’s commitment to positioning Techno 2025 as more than just an exhibition. But as a living demonstration of future-ready technology in action. By embedding AI into the visitor journey, the exhibition aims to set a new standard in engagement, efficiency, and knowledge-sharing within Sri Lanka’s innovation ecosystem.

Alongside Futurity, Invos Global Ltd., will serve as the official Technology Partner, bringing deep expertise in enterprise-scale technology deployment, while Cyaniq Ltd., joins as the Communications Partner, leveraging its strengths in strategy and storytelling to enhance outreach. Together, the three organisations are aligning their complementary strengths to deliver a holistic and future-facing experience for Techno 2025.

‘Techno 2025 is not only about showcasing engineering excellence but also about creating smarter, more connected experiences,’ said Futurity Co-Founder and Director Supun Kaluarachchi. ‘Through effortless intelligence, our AI assistant will ensure every visitor can unlock the full potential of the exhibition.’

‘This partnership reflects IESL’s vision to embrace innovation and highlight the transformative role of AI in shaping Sri Lanka’s future,’ said IESL President Elect and Techno 2025 Chairman Eng. Kosala Kamburadeniya. ‘By working with Futurity and its partners, we are setting a benchmark for what modern exhibitions can achieve.’

Futurity Head of Business Dimitri Abeyratne emphasised that the initiative will act as a proof point for how Sri Lanka can deploy advanced AI technologies in practical, public-facing contexts: ‘This is about taking AI out of research labs and boardrooms and placing it directly in the hands of people, giving them a smarter, more informed, and more enjoyable event experience.’

Techno 2025 is set to welcome thousands of professionals, innovators, students, and industry leaders. With the integration of AI, the event is poised to deliver not only an exhibition of products and ideas but also an immersive journey powered by intelligence and connectivity.

Talks between the Ceylon Electricity Board (CEB) and the Government over the ongoing restructuring process have broken down, prompting electricity trade unions to intensify their month-long work-to-rule campaign.

Union representatives said they have decided to suspend all cooperation with officials from the Ministry of Power, the CEB Director General, and others involved in the restructuring initiative.

‘We will not take part in discussions or participate in any activity connected to the restructuring process. Despite our continued trade union action for more than a month, the Government has neither resolved the issues nor held meaningful talks with us. Our campaign will continue and be further intensified until the authorities respond,’ a union spokesperson told the media.

Electricity sector unions have been protesting against the restructuring of the CEB, claiming the process is being carried out without transparency or consultation with employees.

In the fast-paced journey towards digitisation, many companies overlook a simple truth: customers are human beings, not data points. Artificial Intelligence (AI), chatbots and self-service portals promise efficiency and accuracy in what they deliver. However, these tools often risk stripping away the emotional connection with customers – the very connection that builds loyalty. Therefore, greater emphasis must be placed on ensuring that digitization does not lead to standardisation or robotisation but instead promotes customisation and personalisation. In this process, think of shifting from ‘Tech to Touch’, using technology to capture customers’ attention and strengthen emotional connection. This is the paradox of modern service: the more digital we become, the more human we must be.

Artificial Intelligence versus Human Intelligence

Of course, technology, commonly referred to today as Artificial Intelligence (AI), can replace humans in specific areas, by excelling at repetitive, routine and mundane tasks thus improving efficiency. AI’s main advantages include enhanced productivity through automation, improved decision-making through data analysis, and round-the-clock operational capability. It is well established that AI-based systems are fast, accurate and consistently rational. Yet they are not intuitive, emotional or culturally sensitive, qualities that make humans truly effective.

AI lacks the Emotional Intelligence (EI) and creativity that are inherently human. While AI can recognise and analyse emotions to some extent, it may not have the capability to truly understand the implications or to respond in a meaningful way. AI abilities depend largely on the data it processes. Humans, by contrast, are more capable of imagining, anticipating, feeling and exercising judgment in changing situations – abilities that AI still struggles to emulate.

Human intelligence includes a deep understanding of emotions and behaviour. This allows humans to shift focus from short-term to long-term perspectives. People have the ability to understand and relate to the feelings of others, strengthening relationships and social interactions. In this context it is evident that humans remain superior to AI in areas requiring emotional depth and adaptability. A complete replacement of humans by AI is unlikely in the foreseeable future. The more realistic future involves collaboration between humans and AI, where technology enhances human capability allowing us to work more effectively and harmoniously in serving human interests. This synergy could ultimately drive economic growth and create more job opportunities.

Tech to Touch – Empathy

Empathy is the ability to understand and share another person’s feelings. In customer service, it means recognising the emotional context behind a request. Organisations that consistently train their staff in empathy earn customer trust more quickly. According to PwC research 82% of customers want more human interaction in the future, not less.

Empathy in Action – Personal Experiences

Case Study 1

Recently I visited a bank for my regular banking requirements. I was greeted by a Banking Assistant (BA) near the counter where deposit slips were usually kept. To my surprise there were no slips available. The Banking Assistant explained: ‘As part of our ‘go green’ initiative, the bank has presently eliminated paper slips. You can now scan the displayed QR code to complete your transaction.’

Seeing that I needed help with this new tech-based process, she kindly offered to assist me. She registered my account details on my mobile phone and patiently explained how I could perform future transactions conveniently using the bank’s mobile app.

This young Banking Assistant, perhaps from Gen Z, demonstrated positivity, friendliness, kindness, patience and the ability to get things right the first time. Her proactive help in guiding me through the new QR code left a lasting impression on me and enhanced my perception of the bank. It was a small gesture but created a meaningful and memorable customer experience.

Case Study 2

On another occasion, I ordered a specialised microphone from an authorised seller overseas. The item was to be delivered directly to my nephew who lives in that country, who planned to hand-carry it to Sri Lanka during his holiday. The seller assured delivery within ten working days, and I placed the order 13 days before my nephew’s departure, leaving a few extra days for any unexpected delays.

I received a tracking link from one of the world’s largest courier companies. However, toward the end of the delivery period, the tracking status stopped updating. It showed that the package had arrived in my nephew’s city but was held up due to an extended holiday period. Our only option for contact was a 24-hour ‘Customer Service’ hotline. Unfortunately, every attempt to reach a representative went to voicemail, and no one returned our calls.

As a result, my nephew left the country without the microphone-an item I had planned to use for a keynote speech just days later.

This experience left me questioning: what is the value of advanced technology if it fails to meet a specific customer need? A simple human intervention could have resolved the issue.

The role of the ‘Empathy Agent’

Tech-based solutions should be designed to anticipate customer needs proactively, not just respond to them. Even automated messages can sound warm, specific and human. When a bot cannot resolve an issue, it should seamlessly transfer the customer to a human agent with full context, sparing them from having to repeat information. In emotionally charged situations, empathic human agents – sometimes referred to as ‘Empathy Agents’ – cannot only solve problems but also provide reassurance to customers during difficult moments.

A competitive necessity

In a world where competitors can easily replicate tangible elements-product, price, place, promotion, processes and physical evidence-true and lasting differentiation comes from the human factor. Empathy remains one of the last authentic competitive advantages. Those who master it at scale will make their brands not only efficient but also irreplaceable.

It is a fact that technology, no matter how advanced, can never replicate everything humans create. Art forms such as painting, music, video games, architecture, and fashion-products of human imagination and craftsmanship-will always hold special value. In an AI-saturated world, the worth of human-made creations will only rise. As the saying goes, ‘What is made of glass still has class.’

Similarly, in a rapidly evolving technological market place, people will continue to play a vital role in delivering services with a human touch – something customers deeply appreciate. The fact remains: ‘technology can deliver efficiency, but only humans can over-deliver with empathy.’