Category: Daily Financial Times

The Sri Lanka Association of Inbound Tour Operators (SLAITO) has urged the Government to prioritise a sustained global destination marketing campaign to help the country achieve its target of 5 million tourist arrivals and $ 10 billion in annual revenue by 2030, warning that the opportunity will slip away unless immediate action is taken.

Speaking at the 45th Annual General Meeting (AGM) of the SLAITO, President Nalin Jayasundera emphasised that tourism, though private-sector driven, can only thrive through close collaboration with the Government and key public institutions.

He pledged the SLAITO’s full commitment to supporting national goals but stressed that marketing Sri Lanka effectively to the world remains the missing link in realising its full potential.

‘Tourism can become Sri Lanka’s number one foreign exchange earner, but it will only happen if we launch a long-term global campaign-one that is fair to all stakeholders and prioritised without further delay,’ Jayasundera said.

Calling for greater marketing coordination, he opined Sri Lanka must be transformed into a year-round destination, eliminating the current off-season slump.

‘If we get our marketing right, there will be no off-season. Effective marketing will generate demand and ensure the right price for our products and services. Otherwise, Sri Lanka will remain the best-kept secret in world tourism,’ he warned.

Jayasundera also urged the Government to create a level playing field by ensuring that all tourism-related service providers, including online platforms, are taxed equitably.

He called for State support in co-marketing initiatives with airlines and tour operators, a model successfully adopted by competing destinations to secure loyalty from key market generators.

The SLAITO President also welcomed recent Government decisions, including the establishment of a Presidential Tourism Task Force, the proposal to grant free visas to 40 countries, and the resumption of Bandaranaike International Airport (BIA) expansion and the Colombo-Kandy highway; describing them as ‘steps in the right direction’ that could accelerate growth if implemented swiftly.

In addition, Jayasundera underscored several operational and human resource challenges that must be addressed urgently to improve visitor experience and industry competitiveness. These include simplifying train ticket purchases, managing overcrowding at popular attractions, and resolving the acute shortage of foreign-language-speaking tour guides, which has forced some destination management companies (DMCs) to turn away bookings.

He revealed that the SLAITO, together with the Sri Lanka Tourism Development Authority (SLTDA) and the Sri Lanka Institute of Tourism and Hotel Management (SLITHM), is working to expand the pool of professional guides. To address the immediate gap, the Association has decided to increase guide fees by 55% from 1 December 2025, with official communication to follow.

Highlighting the need for sustained engagement between the public and private sectors, Jayasundera reiterated the SLAITO’s support for the joint proposal made with the Tourist Hotels Association of Sri Lanka (THASL), Association of Small and Medium Enterprises in Tourism (ASMET), and Sri Lanka Association of Professional Conference, Exhibition and Event Organisers (SLAPCEO), should a new Tourism Act be introduced.

On product development and promotion, he commended the success of ‘Sancharaka Udawa,’ the annual tourism exhibition organised by the SLAITO, noting that it achieved record participation this year. ‘Plans are underway to elevate the event into an international travel fair in Colombo in 2026, featuring foreign buyers,’ he disclosed.

The SLAITO President stressed that the tourism industry, though highly sensitive, remains one of Sri Lanka’s strongest engines for economic recovery.

‘If we work together, we will succeed together,’ he said, adding that under the leadership of the Deputy Minister, they look forward to collaborating to achieve shared objectives for the nation.

nternational Distillers Ltd. (IDL) has announced the appointment of Indhu Tissanayagam Selvaratnam as Deputy Chairperson of the Board, with effect from 1 October.

Selvaratnam is an Associate Chartered Management Accountant (ACMA) with international education credentials, having completed her primary education in Colombo, and her secondary education in Hong Kong, she later obtained her BSc in Accounting and Finance from the London School of Economics in the UK.

Selvaratnam has been on the Board of International Distillers Ltd., since 2010, serving as an Executive Director for fifteen years. She currently manages the group’s investments and finances. Prior to joining IDL, Selvaratnam served as Vice President at Amba Research Lanka Ltd., where she managed a team of analysts providing investment research to institutional investors and banks across the company’s offices in Colombo, Bangalore, and Costa Rica.

She also serves as a Director of East India Holdings and associated companies, and SOZO Beverages (Pvt) Limited, and sits on several private sector boards.

The IDL Board comprises of Chairman/Managing Director R.S. Tissanayagam, Deputy Chairperson/Executive Director Indhu Selvaratnam, Executive Director Dr. Kemal De Soysa, and Non-Executive Director J.M.S. Brito.

Amana Bank recently announced the opening of its latest Self-Banking Centre (SBC) in Pulmoddai, a remote city located in the Trincomalee District of Sri Lanka’s Eastern Province. With this launch, Amana Bank becomes the first private bank to establish a presence in Pulmoddai, marking an important milestone in its journey of expanding access to banking across underserved communities.

Renowned for its Ilmenite mineral sand mining as well as its lagoon and freshwater fishing industries, Pulmoddai plays a unique role in the region’s economy. Responding to the growing financial needs of the people of Pulmoddai, Amana Bank’s new SBC located at

No. 1, Main Street, Pulmoddai, will provide customers with 24/7 access to cash withdrawals, cash deposits, and cheque deposits-ensuring unmatched ease and convenience in managing their finances.

This opening marks the Bank’s 38th Self-Banking Centre and its 71st overall customer touchpoint. It is also the 4th SBC in the Trincomalee District, joining the existing centres in Muttur, Trincomalee, and Thoppur, alongside the Bank’s fully fledged branch in Kinniya.

The opening ceremony was graced by the presence of Vice President Retail Banking and Marketing Siddeeque Akbar, Head of Marketing and Corporate Communications Azim Rali, Manager Offsite SBC Operations Imran Mohamed, Kinniya Branch Manager Mohamed Ismathullah, as well as the Officer-in-Charge of Pulmoddai Police, local business representatives, and residents of the area.

Vice President Retail Banking and Marketing, Siddeeque Akbar, said: ‘We are happy to expand our presence in Pulmoddai based on the strong demand from the local community for our unique people-friendly banking model. Our goal is to bring banking services closer to communities, providing them with unmatched ease and convenience in their financial transactions. This new Self-Banking Centre will support the diverse banking needs of the local economy, including sectors such as fisheries, government employees, trading, and factory workers, thereby contributing to the region’s overall growth and prosperity.’

With the launch of the Pulmoddai SBC, Amana Bank continues to strengthen its commitment to enhancing financial inclusion by providing accessible and convenient banking solutions to communities across Sri Lanka.

Public Security Minister Ananda Wijepala told Parliament yesterday that the repeal of the Former Presidents’ Entitlements Act does not affect the Government’s duty to ensure the personal security of former heads of state.

He explained that while some former Presidents have voluntarily returned vehicles previously allocated for their security, such matters are separate from the repealed law.

Wijepala added that providing protection for former presidents remains a State responsibility. He noted that if any requests are made for security vehicles or other assistance, the Government is prepared to supply the required resources.

A Gazette notification amending the Betting and Gambling Levy has been issued, coming into effect from 1 October.

Under the new regulation, the levy on gross collections from gambling operations, including bookmakers and gaming operators, has been raised from 15% to 18%.

The amendment also doubles the casino entry fee for Sri Lankan citizens to $ 100.

Dhammika Perera’s LB Finance PLC has received regulatory approval for two debenture issues to raise a total of Rs. 20 billion.

The first is for 50 million listed, rated, senior, unsecured, redeemable debentures with an option to issue a further 30 million debentures upon oversubscription of the initial issue and with a further option to issue up to a further 20 million in the event of an oversubscription of the initial issue and the second tranche to raise up to a maximum amount of Rs. 10 billion.

The company is also proposing to offer 50 million listed, rated, subordinated, unsecured, redeemable debentures with an option to issue a further 30 million debentures in the event of an oversubscription of the initial issue and with a further option to issue up to a further 20 million in the event of an oversubscription of the initial issue and the second tranche to raise up to a maximum amount of Rs. 10 billion.

The right to exercise the options will be on discretion of the company.

The Department of Supervision of Non-Bank Financial Institutions of the Central Bank of Sri Lanka has approved the debenture issues.

The Company proposes to have these debentures listed on the Colombo Stock Exchange subject to receipt of the requisite approvals from the exchange.

LB Finance reported a Rs. 276 billion asset base as at 30 June with retained earnings amounting to Rs. 41.3 billion. Its deposit base was Rs. 145 billion and its loan book was Rs. 223 billion as at 30 June. Debt instruments and other borrowed funds amounted to Rs. 19.8 billion.

Opening bowler, Ranjith Kumar Newton with a brilliant spell of bowling (04 overs – 28 runs – 06 wickets) and a containing spell of bowling by V. Viyaskanth (04 overs, 23 runs 03 wickets) steered BBK Partnership to a thrilling 07 runs win over David Pieris Group of Companies, in the ongoing 32nd Singer – MCA Super Premier League T20 Tournament 2025, continued on Saturday at the MCA Grounds.

David Pieris Group of Companies chasing a winning total of 169 runs in 20 overs gave a spirited chase with two gallant batting performances by Asitha Wanninayake (50 runs in 38 balls with one six and 06 fours) and Tharinda Nirmal (63 runs in 42 balls with 05 sixes and 02 fours), but fell short by 07 runs, scoring 161 all out in 20 overs.

The morning match between Hayleys Group and Maliban Biscuits was abandoned without a ball being bowled due to heavy rain.

Chief scores of the afternoon match:

BBK Partnership beat David Pieris Group of Companies by 07 runs.

BBK Partnership – 168 for 08 in 20 overs ( Niroshan Dickwella 21, S. Sarangan 45, Santhush Gunatillake 38, A. Kajan 29, Manjula Gannile 2/37, Asitha Wanninayake 2/16)

David Group of Companies – 161 all out in 20 overs. (Asitha Wanninayake 50, R. Sembakutti 23, Tharinda Nirmal 63, Ranjith Kumar Newton 6/28, V. Viyaskanth 3/23)

The tournament will be continued today at the MCA Grounds.

‘India, given its large population, experienced the highest absolute number of child displacements linked to weather-related disasters during this period, totalling 6.9 million across all hazards,’ the report said.

‘Bangladesh recorded the highest relative impacts, with child displacements representing an estimated 7.2% of its child population. Sri Lanka followed closely, with an estimated 4.6% of its under-18 population displaced over the past seven years.’

From 2016 to 2022, Sri Lanka recorded an average of 965 child displacements per disaster. Over that seven-year period, approximately 280,000 Sri Lankan children, or 4.6% of the country’s child population, were displaced. ‘Storms caused 54% of the displacement, while floods forced 44% to leave home,’ the report noted.

Tropical Cyclone Roanu, which brought the heaviest rainfall to Sri Lanka in more than 25 years in 2016, displaced around 141,000 children. However, most of these displacements were ‘pre-emptive evacuations,’ which UNICEF said helped prevent fatalities.

‘When analysing the regional data, it is crucial to acknowledge that many displacement figures stem from pre-emptive evacuations, particularly in countries with established evacuation procedures and early-warning policies like Bangladesh, India, and Sri Lanka,’ the report said.

‘While these evacuations constitute a form of displacement and can create vulnerabilities for children, they have proven highly effective at protecting lives, with fatalities from natural hazards, especially cyclones, decreasing dramatically since implementing such preventive measures.’

The report noted that South Asia remains vulnerable to displacement caused by weather-related disasters and the worsening impacts of climate change, intensified by rising sea levels, extreme weather events, and other hazards.

‘Amidst these crises, children face considerable risk, including disruptions to their education and healthcare and increased exposure to protection violations, including violence and exploitation,’ UNICEF said.

The organisation urged Governments, donors, development partners, and the private sector to work together to improve protection, preparedness, and inclusion of children in climate-related policies and actions.

M Power Capital Securities Ltd., (MSEC) said it has facilitated over Rs. 53 billion in structured finance transactions over the past five years, reinforcing its position as a premier debt arranger in the country’s financial sector.

Having commenced operations in 2014, the firm has focused on delivering structured finance solutions that address the funding requirements of financial institutions across both short and long-term horizons. The cumulative volume between 2020 and 2025 reflects growing investor appetite, trust for well-structured credit products and an evolving sophistication in Sri Lanka’s debt capital markets.

A key highlight of M Power Capital’s journey is zero default due to focussed and intelligent due diligence/risk management. This is underscored by meticulous periodic portfolio reviews and performance monitoring with results independently audited by external accounting firms. Additionally, select transactions are subjected to third-party ratings, further validating the risk management rigor that underpins MSEC’s structuring approach.

Over the 5-year period, the company has built a client base of more than 500, with over 50% comprising HNIs across the investor spectrum.

The transactions span a broad credit spectrum. The majority of the transactions fall within the investment-grade category, with a balanced distribution across other risk tiers. Unrated structures were supported by comprehensive internal credit assessments and credit enhancements where appropriate.

Unrated Issuer structures were supported by comprehensive internal credit assessments and credit enhancements where appropriate.

Over the five-year period, MSEC has successfully structured and placed more than 60 securitisation transactions, enabling a diverse mix of non-bank financial institutions and corporates to access funding for a variety of needs, including but not limited to short-term liquidity and longer-term capital requirements. These transactions have contributed significantly to credit intermediation, liquidity management, and financial inclusion.

The firm’s role extends beyond advisory, encompassing transaction structuring, credit evaluation, documentation and placement, ensuring alignment of risk and return for both originators and investors.

Reaching this Rs. 53 billion milestone underscores M Power Capital’s disciplined approach, marked by transparency, robust structuring standards, and investor-centric solutions, which continues to set benchmarks for the industry.

Looking ahead, the firm said it remains committed to deepening partnerships with financial institutions and corporates across the country, helping them unlock new funding channels, diversify capital structures, and drive sustainable economic growth while building a more resilient and inclusive capital market ecosystem.

Bernard Philknit (Ceylon) Ltd., has launched its new collection of vests and T-shirts.

This launch marks a significant step in the company’s rebranding efforts, reaffirming commitment to quality and innovation under the new brand identity ‘Boths By Bernards.’

Under the leadership of Bernards Managing Director Suveksha Botejue, the company has focused on modernising its product range while staying true to the principles of comfort and durability that have made its products a household name.

The new collection, developed at the company’s factory in Colombo, is crafted from the highest quality materials, offering a luxurious feel and exceptional breathability. The designs have been thoughtfully developed to be uniquely comfortable and lengthened for a modern, relaxed fit.

‘We are incredibly excited to bring this new collection to our customers,’ said Suveksha. ‘Our brand, ‘Boths By Bernards’, represents our commitment to enhancing our range and expanding our reach. We have always been a trusted name in corporate apparel, and this new line allows us to cater to both our loyal corporate clients and a wider consumer base looking for premium, comfortable everyday wear.’

The rebranding to ‘Boths By Bernards’ signifies the company’s strategic move to evolve with the changing market demands and cater to a broader range of customers while upholding the legacy of quality established by its Founder, Bernard Botejue.