Category: Daily Financial Times

The Parliament Secretariat said yesterday that World Bank representatives have emphasised the importance of maintaining an accurate and up-to-date database for identifying eligible beneficiaries under the Aswesuma Social Security Program. The Bank has also expressed its readiness to provide technical assistance and international expertise to strengthen the system.

These observations were made during a joint meeting held recently at Parliament, attended by members of the Ministerial Consultative Committee on Finance, Planning and Economic Development, the Sectoral Oversight Committee on Economic Development and International Relations, Members of Parliament, representatives of the World Bank, and officials of the Ministry of Finance, Economic Stabilisation and National Policies.

‘During the discussions, the World Bank representatives stated that establishing a comprehensive data system for social security would enable the accurate identification of genuinely poor and vulnerable individuals and families,’ the Parliament Secretariat said in a statement.

‘They noted that the mere inclusion of citizens’ information in the database would not automatically qualify them as Aswesuma beneficiaries.”

Instead, the data must be verified and analysed to correctly identify those eligible for relevant benefits.

‘(The World Bank officials) further emphasised that such a Social Security data system constitutes a productive investment for the country and, therefore, highlighted the need for continuous updating of the data system,’ the statement said.

Members of Parliament who took part in the discussion also expressed their views regarding issues encountered in distributing Aswesuma benefits. They suggested that the beneficiaries of Aswesuma be selected through local committees and that the list of selected beneficiaries be publicly displayed within the respective village to ensure transparency in the process.

Officials involved in implementing the Aswesuma program stated that certain challenges had arisen due to inadequate information provided to the implementing officers, Divisional Secretaries, and Grama Niladhari officers.

However, they noted that measures are currently being taken to properly inform these officers of their respective roles and to obtain their cooperation in ensuring the successful implementation of the program.

Earlier this month, the World Bank said Sri Lanka’s economy is still not back to where it was in 2018, and while poverty is expected to fall this year, it is still twice as high as it was before the crisis in 2019.

It said that about 22% of the population still lives below the poverty line and another 10% remains just above it. Malnutrition remains a serious concern, while the job market is recovering too slowly, with wages and employment rates still at pre-crisis levels.

Sri Lanka Energy Minister Eng. Kumara Jayakody participated in the Russian Energy Week 2025 held in Moscow from 15-17 October.

The visit marks a significant milestone in strengthening bilateral relations between Sri Lanka and the Russian Federation in the field of energy cooperation and sustainable development.

During the event, Minister Jayakody held productive meetings with the Russian Federation Energy Minister and Deputy Minister, as well as leading representatives from the Russian energy industry. Minister Jayakody was also invited to be a speaker at a panel on ‘Sustainable Development: Adopting to the New Reality where he spoke on Sri Lanka’s energy futurism’.

Discussions centred on exploring opportunities for collaboration to support Sri Lanka’s Net Zero 2050 target and the country’s transition toward clean, affordable, and reliable energy.

The two sides exchanged views on cooperation in renewable energy development, energy efficiency and advanced power technologies. Both parties expressed a strong commitment to enhancing mutual engagement through technical collaboration including education opportunities in the field of Energy, joint research, and knowledge exchange.

The Sri Lanka delegation highlighted the country’s ambitious energy transition roadmap, focusing on expanding renewable energy sources, improving energy security, and promoting sustainable growth. Minister Jayakody emphasised the importance of international partnerships in achieving these goals, acknowledging the role of Russia as a global leader in energy innovation.

Russian Energy Week is one of the world’s leading international energy forums, bringing together government leaders, industry experts, investors, and policymakers to discuss global energy challenges and future strategies. The event serves as a vital platform for dialogue on energy security, innovation, and sustainability.

Sri Lanka’s Ambassador to the Russian Federation Shobini Gunasekera, Ceylon Petroleum Corporation Chairman Janaka Rajakaruna and the Embassy officials participated in the discussions.

Hayleys Plantations has entered into a landmark partnership with Solidaridad Network Asia and its Sri Lankan partner Nucleus Foundation to advance regenerative agriculture and carbon insetting programs across its estates.

The Memorandum of Understanding (MoU), signed alongside other plantation sector companies, represents the next phase in the sustainability journey of the member companies of Hayleys Plantations, Kelani Valley Plantations PLC (KVPL), Talawakelle Tea Estates PLC (TTE PLC) and Horana Plantations PLC (HPL).

Resected industry veteran and Hayleys Plantations Managing Director Dr. Roshan Rajadurai explained how this latest milestone will serve to further reinforce the Sri Lanka’s position at the international forefront of regenerative, climate-smart, ethical agriculture.

‘Our mission at Hayleys Plantations is to help lead the transformation of the Sri Lankan plantation industry into dynamic, resilient, profitable agri-businesses that can serve as a global beacon for sustainable and ethical production. The mainstreaming of regenerative agriculture practices is central to this long-term vision,’ he said.

‘Our partnership with Solidaridad will further enhance our governance and sustainability frameworks, which in turn will empower our companies to deliver greater tangible value for our employees, smallholder partners, communities and global customers,’ Dr. Rajadurai added.

In 2024, KVPL’s Halgolla Estate became the first tea estate in the world to receive regenagri certification, demonstrating its dedication to embedding regenerative principles, including restoring soil health, enhancing biodiversity, sequestering carbon and advancing holistic farming models.

Under the new partnership, all three companies will expand regenagri protocols across more estates, enhancing traceability, competitiveness and supply chain transparency.

The estates will also deploy regenagri carbon insetting programs, generating verified Carbon Removal Units (CRUs) to access global carbon markets.

Carbon insetting is a strategy for companies to reduce their carbon footprint by investing in emissions-reduction projects within their own supply chains or value chains, rather than buying external credits. This can include initiatives like implementing renewable energy, improving energy efficiency, or funding sustainable agriculture and reforestation projects

Such initiatives are expected to strengthen Sri Lanka’s positioning as a sustainable sourcing destination for tea and other agricultural commodities. Digital agriculture tools such as hyperlocal weather monitoring, soil and leaf testing and biodiversity mapping will support data-led decision-making.

These initiatives will be aligned with global sustainability regulations, including the EU Deforestation Regulation (EUDR) and Corporate Sustainability Due Diligence Directive (CSDDD), positioning Sri Lanka’s tea industry ahead of emerging compliance requirements.

Regenerative agriculture provides a practical pathway between conventional practices and full organic conversion, combining productivity with environmental and social responsibility. For Hayleys Plantations, it contributes to improved soil health, ecosystem health and the continued recognition of Sri Lanka’s sustainably sourced, high-quality teas trusted by discerning global markets.

A program to raise awareness on “Combatting Corruption and the Relevance of Integrity and Ethical Conduct’ was facilitated by the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) Director General Ranga Dissanayake, at the Foreign Affairs, Foreign Employment and Tourism Ministry premises on 23 October.

On the instructions of the Foreign Affairs, Foreign Employment and Tourism Minister Vijitha Herath, this program was organised by the Internal Affairs Unit of the Ministry and the Sri Lanka Foreign Service Association (SLFSA). In addition to the officers of the Sri Lanka Foreign Service, the other officers representing the Foreign Affairs, Foreign Employment and Tourism Ministry, and the respective Internal Affairs Units (IAU) also participated in this program.

The Commission to Investigate Allegations of Bribery or Corruption Director General Ranga Dissanayake took steps to educate officials of the Foreign Affairs, Foreign Employment and Tourism Ministry on the existing legal framework against bribery and corruption, the ways that Government employees should provide maximum service to the public under the existing legal framework, and the responsibility and role of the public employees in building a prosperous Sri Lanka.

St. Anthony’s Solar has been honoured with the ‘Sustainable Adoption of Renewable Energy Award’ at the Sri Lankan Sustainability Awards 2025. Presented by the Chartered Institute of Builders (CIOB), this recognition underscores the company’s pivotal role in promoting sustainable energy and driving Sri Lanka’s transition to a low-carbon economy.

The awards ceremony was held at the 13th World Construction Symposium, jointly organised by the CIOB and the Building Economics and Management Research Unit (BEMRU) of the University of Moratuwa. Attended by policymakers, industry experts, and sustainability advocates, the event celebrated organisations setting benchmarks in innovation and green development.

This milestone reflects over 15 years of commitment by St. Anthony’s Solar in pioneering renewable energy solutions. The company has installed over 500 solar systems islandwide, deployed more than 100,000 solar panels, and generated over 10 megawatts (MW) of clean energy. These achievements establish St. Anthony’s Solar as a leading force in Sri Lanka’s solar power sector, significantly reducing the country’s dependence on fossil fuels while lowering carbon emissions.

In addition to small-scale installations, St. Anthony’s Solar has spearheaded large-scale solar projects exceeding 1 MW capacity, setting new benchmarks in the sector. With advanced solar technologies tailored for homes, businesses, and industries, the company continues to enhance efficiency and reliability, reinforcing its reputation as the most trusted partner in Sri Lanka’s sustainable energy journey.

Backed by the St. Anthony’s Group, an over 80-year-old conglomerate respected for innovation and trust, St. Anthony’s Solar has consistently delivered pioneering energy solutions. This legacy has strengthened its position as a frontrunner in Sri Lanka’s renewable energy landscape, dedicated to driving sustainable growth for the nation.

St. Anthony’s Solar General Manager/Director Sarath Gamage said: ‘We are honoured to receive this award, which recognises our efforts in advancing Sri Lanka’s renewable energy transition. At St. Anthony’s Solar, sustainability is not just a goal; it is our guiding principle. We remain committed to building a low-carbon future for generations to come.’

Winning this award not only celebrates the company’s achievements but also enhances its competitive edge as a trusted partner in the renewable energy sector. Looking ahead, St. Anthony’s Solar plans to scale up large-scale solar power projects and invest in next-generation technologies to redefine Sri Lanka’s energy mix.

‘Our mission goes beyond powering homes and industries,’ added Gamage. ‘We aim to spark a movement where sustainability becomes second nature in Sri Lanka. We envision a future where solar power is the standard, not the exception, and where innovation, responsibility, and trust drive national progress.’

With its proven expertise, legacy of trust, and forward-thinking vision, St. Anthony’s Solar remains a key player in Sri Lanka’s solar power transformation, leading the nation towards a greener, cleaner, and more sustainable future.

The Harvard Club of Sri Lanka has recently announced the return of ‘BIG BOLD BRAVE 2025, (BBB 2025)’ a premier thought leadership conference, bringing together over 15 countries from the Asia-Pacific (APAC) region to advance future-focused dialogue.

The conference, themed ‘Big Opportunities | Bold Moves | Brave People’ will be held 12 to 14 November at Cinnamon Life – City of Dreams, Colombo. The event, attended by key leaders and professionals from across industries, will unite official alumni organisations of Harvard University in a powerful collaboration to explore the defining forces shaping Asia-Pacific’s journey toward 2050.

Discussions will centre on areas like the future of work and human capital development, digital economy and entrepreneurship, modernising agriculture and food security, sustainable energy and infrastructure, and environmental resilience and climate change adaptation.

Harvard Club of Sri Lanka President and BBB Co-Chair Kandeban Balendran said, ‘Sri Lanka is just four and a half hours of a flight from 60% of the world’s population, and over 55% of trade happens in this region. Together we can position Sri Lanka at the human capital hub of the region: a place where ideas are born, partnerships are forged, and leadership is redefined.’

He noted that the Harvard Club of Sri Lanka aimed to be a platform of purpose, going beyond networking to drive tangible national and regional impact. In line with that vision and building on the success of the 2024 conference, this year’s edition would be larger and more globally connected, drawing Harvard alumni and leaders from across the world, he said.

Balendran explained that the event would further position Sri Lanka as a rising hub for leadership and dialogue within the Asia-Pacific, highlighting its strategic location and symbolic resilience.

Over three days, the conference will bring together visionary leaders, distinguished Harvard alumni, and global experts for high-impact discussions, case studies, and workshops designed to inspire collaboration and actionable solutions.

BBB 2025 will feature an outstanding line-up of international speakers and thought leaders, including TIME 100 Climate Leader and nature scientist Dr. M. Sanjayan, author, commentator and public intellectual Gurcharan Das, Synergies Worldwide Executive Chair and WHO Technical Advisory Group Chair Munir (M) Merali, Chief Adviser to the President of Sri Lanka on Digital Economy and former Axiata Group Executive Director Dr. Hans Wijayasuriya, Singapore Sri Lanka Business Association President Lakshanthi Fernando, and Singapore Professional Centre Chairman Leong Sze Hian.

With more than 40 speakers and over 150 delegates expected to attend, the summit aims to spark meaningful discussions, strengthen cross-border partnerships, and drive innovation across sectors vital to Asia’s future.

‘We see an Asia-Pacific region in transition, 4.5 billion people growing richer, living longer, and facing new complex challenges,’ Balendran added, noting that this year’s conference would explore these shifts and the opportunities they create.

Recognising the region’s growing global influence, the Harvard Clubs are committed to creating a transformative platform that addresses pressing challenges and identifies new opportunities for innovation and growth.

Stressing on the significance of this initiative, BBB Co-Chair Asanka de Mel also said, ‘Half the world’s population lives in the Asia-Pacific, a very tight space. We’re richer, bigger, older, and facing massive change. That creates immense challenges and immense opportunities.’

De Mel explained that the conference was not designed to address problems of the next 3-5 years, but was based on a more long-term vision of transformation throughout the next 20-35 years.

‘The purpose of this conference is to tap into the Harvard Alumni Network and through it, the global ecosystem of Cambridge, Oxford, and other leading institutions to bring that knowledge, experience, and capital into the region.’

Championing this initiative, the Harvard Club of Sri Lanka, established in 2021, continues its mission to empower members, serve the nation, and strengthen the global Harvard network. The 2025 conference builds on that vision, promoting connection, collaboration, and shared progress.

The present cricket selection committee’s two-year term comes to an end in December and Sri Lanka Cricket (SLC) is in the process of notifying its stakeholders to nominate names to be included in the next selection panel.

Sri Lanka Cricket CEO Ashley de Silva said that it was the normal process that takes place whenever the term of a selection committee reaches its end.

The present selection committee headed by former Sri Lanka opening batsman Upul Tharanga and comprising former national players Ajantha Mendis, Tharanga Paranavithana, Indika de Saram and Dilruwan Perera was appointed in December 2023, following Sri Lanka’s disastrous showing in the 2023 ICC Men’s Cricket World Cup where they finished second from the bottom of the table with 2 wins and 7 losses and failed to qualify for a place in the ICC Champions Trophy for the first time in their history.

Perera stepped down from the selection committee after serving it for one year to take up the role of Youth Spin Bowling Coach of Sri Lanka Cricket reducing the panel to four members.

De Silva said that a period of two weeks will be granted to the stakeholders to nominate a person of their choice and submit the names to SLC’s Executive Committee. The ExCo would then review the candidates and send 10 suitable names from the list to the Minister of Sports who will then nominate the new selection panel, if not retain the same selectors as the case maybe.

Since Tharanga’s committee took over and the subsequent appointment of his former opening partner Sanath Jayasuriya as the Head Coach of the national team, Sri Lanka’s cricketing stocks have shown a significant improvement in Tests and ODIs. In Tests they are currently ranked 6th and 4th in ODIs. It is only in the T20I format that they lag behind in 8th position. In the ICC World Test Championship (2025-27) Sri Lanka currently holds second position to Australia having been in line for a place in the final in the previous cycle (2023-25) before ending up sixth.

Under the Tharanga-led selection committee Sri Lanka’s has had a decent run so far winning 50 percent of their matches in Tests (P14, W7, L6, D1), 68 percent success in ODIs (P25, W17, L6, NR2) and 45.45 percent in T20Is (P33, W15, L17, NR1).

No matter how good the record of the national selectors and coaches are, the performance of the national team eventually boils down to how they performed in the World Cup or the Asia Cup – two tournaments where Sri Lanka failed to make it to the knockout stage.

At least the Tharanga-Jayasuriya combination brought back the smiles to the faces of the cricket fans who at one time shunned the game due to the poor performance of the national team.

In all probability it will be a new selection panel (perhaps with some members of the present selection panel retained) that will be picking the Sri Lanka squad for the next ICC T20 World Cup which will be hosted by India and Sri Lanka from 7 February to 8 March.

At the end of the T20 World Cup the performance of National Head Coach Sanath Jayasuriya will also come up for review as his contract with SLC expires with the completion of the tournament. He was appointed from 1 October 2024 to 31 March 2026.

Prime Minister Dr. Harini Amarasuriya last week called for greater collaboration between the Government and private sector to strengthen local industries.

She made these remarks while addressing the CNCI Achiever Awards 2025, held at Cinnamon Life, Colombo.

The annual ceremony, organised by the Ceylon National Chamber of Industries (CNCI) in collaboration with the Industry and Entrepreneurship Development Ministry, aims to recognise and encourage outstanding contributions within the industrial sector.

In her address, the Prime Minister underscored that the strength of the country’s industries directly determines its ability to create jobs, reduce imports, and ensure sustainable economic growth.

‘Support should focus on building capacity, encouraging innovation, facilitating expansion, and improving access to new markets. A resilient and competitive industrial base is not only an economic priority, it is a national necessity,’ she noted.

The Prime Minister further emphasised the Government’s responsibility to create an enabling environment for industrial growth by expanding access to finance, technology, and skills development.

Dr. Amarasuriya also highlighted the importance of women’s participation in the industrial sector, stressing that gender inclusivity is both a matter of fairness and an economic strategy.

‘The success of local entrepreneurs ultimately strengthens the foundation of our national economy. Women play a significant role in production, management, innovation, and design, yet their contributions often remain under-recognised. Increasing women’s participation – whether as workers, managers, or entrepreneurs – strengthens the entire industrial ecosystem through higher productivity and innovation,’ she further stated.

The Prime Minister reaffirmed that under the National People’s Power (NPP) Government, measures are being implemented to advance women’s economic participation through policy reforms and institutional support. She outlined ongoing initiatives, including improved access to credit and financial services, vocational and technical training, equal pay for equal work, and support for women-led enterprises.

‘We are committed to addressing barriers such as unpaid care responsibilities that limit women’s participation in the workforce and to strengthening gender-responsive industrial policies that promote inclusive growth,’ she added.

The Prime Minister also acknowledged the role of entrepreneurs in national development, noting that their creativity and determination are essential drivers of progress.

UK-listed Capital Metals PLC recently issued 638,029 ordinary shares to its financial adviser Hannam and Partners as payment for commission and advisory services related to its operations, notably in Sri Lanka.

Capital Metals, listed on the London Stock Exchange AIM Board under the ticker CMET, is developing the Taprobane Minerals Project in Sri Lanka, located about 220 kilometres east of Colombo.

The project contains deposits of industrial minerals such as ilmenite, rutile, zircon, and garnet, which are used in manufacturing and engineering industries. In May 2025, Ambeon Capital PLC said it was investing Rs. 600 million for an initial 14% stake in the project located in the Eastern Province.

According to earlier assessments, the project ranks among the higher-grade mineral sands deposits globally, with an estimated net present value of between $ 155-235 million.

The company has said it expects to generate over $ 150 million in royalties and taxes for Sri Lanka and create around 300 direct jobs once production begins.

The shares were issued at 2.8610 pence per share, amounting to £ 18,254, and are based on the 30-day volume-weighted average price of the company’s stock.

The company also granted 150,000 warrants to Hannam and Partners, exercisable at 2.75 pence per share after 12 months and valid for five years. The shares began trading on London’s Alternative Investment Market (AIM) around 20 October, bringing Capital Metals’ total issued share capital to 491.8 million ordinary shares.

Sri Lanka ensured they finished fifth in the final league standings of the ICC Women’s Cricket World Cup when England beat New Zealand by eight wickets in their match played at Visakhapatnam yesterday.

The top four teams in the league standings qualified for the semi-finals.

England’s win saw them leapfrogging their last opponents South Africa in second place to finish second behind Australia. South Africa ended third and India fourth.

Linsey Smith took three wickets as New Zealand were dismissed for 168. Georgia Plimmer top-scored with 43 off 57 balls (7 fours), and Sophie Devine contributed 23 in her final ODI. Plimmer and Amelia Kerr (35 off 43) added 68 off 81 balls for the second wicket before both were dismissed in successive deliveries.

Devine was key to a competitive score, but she nicked Nat Sciver-Brunt behind – a review picking up a thin inside edge – precipitating a collapse which saw the White Ferns lose their last five wickets for just 13 as the innings was brought to a close in the 39th over.

England reached their target with 20.4 overs to spare, with Amy Jones leading the way with an unbeaten 86 off 92 balls (11 fours, 1 six) while Tammy Beaumont contributed 40 off 38 (7 fours) in an opening stand of 75. Heather Knight joined Jones in another partnership that produced 83 off 75 balls to take England close to their target.

There was still time for Devine to have an impact in her swansong, the veteran trapping Knight in front on 33, but fittingly, it was Player of the Match Jones who wrapped it up with a boundary as England got home in comfortable style. Devine, off whom the winning runs were hit, left the field through a guard of honour to mark the end of one of the great ODI careers.

The semi-final

line-up is:

First semi-final: England v South Africa at Guwahati on 29 October

Second semi-final: Australia v India at Navi Mumbai on 30 October

Final: 2 November at Navi Mumbai

Scores:

New Zealand Women 168 (38.2) (Georgia Plimmer 43, Amelia Kerr 35, Sophie Devine 23, Linsey Smith 3/30, Nat Sciver-Brunt 2/31, Alice Capsey 2/34)

England Women 172-2 (29.2) (Amy Jones 86*, Tammy Beaumont 40, Heather Knight 33