Category: Daily Financial Times

Cinnamon Life – City of Dreams came alive as KFL 006 delivered a spectacle that will be remembered as a landmark in South Asian combat sports. Fighters from Sri Lanka, India, Pakistan, and Malaysia stepped into the ring, representing their nations with pride, skill, and heart-in a night that redefined what fight entertainment means in the region.

From the opening fight, the intensity was unmatched. Mohammed Zubair (India) kicked off the night with a statement, earning a commanding TKO victory over Ting Jer Huan (Malaysia), followed by Tharinda Wijerathna’s(Sri Lanka) equally impressive TKO win against Shivam Chaurasiya (India), which drew loud cheers from the Sri Lankan crowd.

History was then made when Thilakshana Deshan (Sri Lanka) stepped into the ring for the first-ever boxing match in KFL history, delivering a sensational knockout victory over Abdul Samad (Sri Lanka) – a moment that marked the beginning of a new era for the league.

Momentum continued to build as Chandan Harish (India) secured a stunning knockout win against Abdul Waris (Pakistan), while Agha Talal Haider (Pakistan) edged out Jian Kai Chee (Malaysia) in a tightly contested split decision, keeping the audience on edge with every exchange.

The night’s most anticipated moments came when India and Pakistan faced off in high-stakes, emotionally charged bouts that had the crowd roaring. These matchups carried all the weight of regional pride-fierce yet respectful-and they delivered on every level. In the co-main event, Fahad Zedan (India) and Naseeb Ullah (Pakistan) battled in a war of attrition, with Zedan emerging victorious by split decision after three gripping rounds. The energy in the arena was electric, with fans from all nations standing united in applause for two warriors who left everything in the ring.

The Xtreme Championship bouts kept the adrenaline surging, with Isuru Dilhara overpowering Prizel ‘The Chaotic’ Fernando by RSC, and Kavindu ‘Phoenix’ Rasanjaya delivering a devastating knockout against Hasith Madushanka that brought the crowd to its feet.

In the women’s division, Bushra Akhtar (Pakistan) of Pakistan secured a hard-fought unanimous decision victory over Nimesha Kumari (Sri Lanka), showcasing technical mastery and composure throughout the contest.

The night culminated in the main event open-weight championship clash between Sylvester Silva (Sri Lanka) and Srimal Rodrigo (Sri Lanka), a bout that had the entire venue on edge. After three rounds of tactical and explosive exchanges, Srimal Rodrigo claimed victory via split decision, sealing the night with a monumental win for Sri Lanka.

Beyond the fight results, KFL 006 stood as a celebration of regional unity and competitive spirit. The India vs. Pakistan bouts captured the essence of healthy rivalry, while the inclusion of the first-ever boxing match expanded KFL’s horizons-positioning it as a multidimensional combat sports league ready for global recognition.

From the roaring crowd to the world-class production and seamless execution, KFL 006 proved that Sri Lanka is ready to host events that rival international fight nights. It was more than just an evening of competition-it was a showcase of pride, perseverance, and the growing power of South Asian combat sports.

Kerner Norland, a subsidiary of ShoreTree Holdings, has acquired a majority stake in 4impact Holdings, the parent company of 4impact and Sida4 – two of Queensland’s most respected digital transformation and software engineering firms.

For Kerner Norland, a subsidiary of ShoreTree Holdings, the transaction reflects a disciplined approach to regional expansion – building capability through alignment rather than scale for its own sake.

The addition of 4impact Holdings forms part of a broader strategy to connect specialist technology firms within ShoreTree’s global ecosystem, linking on-ground delivery teams in Australia with resources across Asia and the Middle East. ‘4impact Holdings brings credibility built on execution. Their combined strength through 4impact and Sida4 strengthens our ability to serve complex clients across sectors, while our international reach gives their teams new markets to grow into.’ ‘Our vision for ShoreTree has always been about creating meaningful regional connections. The addition of 4impact Holdings supports that vision – combining local expertise with global execution capability.’ ‘Our focus has always been on quality and outcomes. This new chapter lets us scale responsibly, supported by the infrastructure and relationships that Kerner Norland and the wider ShoreTree network provide.’

‘From a financial perspective, this acquisition reinforces the strategic coherence of ShoreTree’s portfolio, building long-term value through operational alignment and disciplined growth.’

The transaction was advised by Plus94 Fund and aligns with ShoreTree Holdings’ continuing focus on scalable, sustainable, and globally connected enterprise solutions.

The Commercial Bank of Ceylon was formally presented the Global Finance ‘Best Bank in Sri Lanka’ award recently, at the magazine’s annual awards ceremony held, as customary, during the IMF/World Bank annual meetings in Washington DC. This was the 23rd year that Commercial Bank received this prestigious international accolade from Global Finance.

AIA Insurance Lanka Ltd., has made a powerful impression across Asia, earning prestigious recognition at the Dragons of Asia Awards 2025 for its innovative and purpose-driven campaign, Suwa Walan.

The campaign was honoured with the coveted Blue Dragon Award for ‘Best Campaign in Sri Lanka’ and a Gold Award for ‘Cause, Environment and Sustainability,’ positioning AIA among the region’s most creative and socially impactful brands.

This regional success was built on strong local acclaim, with Suwa Walan sweeping multiple accolades at the Dragons of Sri Lanka Awards 2025, including a Gold Award in the ‘Event or Experiential Category’ and two Black Dragons for ‘Innovative Idea/Concept’ and Cause, Environment and Sustainability’ categories. These achievements showcase how Sri Lankan creativity and cultural insight can resonate powerfully on the global stage.

The award-winning campaign, Suwa Walan, was developed to inspire healthier living and create lasting change in communities across Sri Lanka. Executed together with AIA’s longstanding charity partner the Sri Lanka Cancer Society, it is a culturally rooted awareness campaign aimed at promoting early detection of breast cancer. Drawing inspiration from the traditional Sri Lankan practice of examining clay pots (walan) for imperfections, the campaign cleverly connects this familiar ritual to the importance of breast self-examination. The main tool used in this campaign was handcrafted clay pots embedded with symbolic lumps and visual cues, designed to simulate the experience of identifying irregularities. This artistic and tactile approach encouraged women to engage with the concept of self-checks in a non-intimidating, relatable, and memorable way.

What set Suwa Walan apart was its innovative fusion of cultural storytelling, health education, and visual art. By leveraging a deeply ingrained cultural metaphor, the campaign broke down barriers around breast health conversations and empowered women to take proactive steps in monitoring their well-being. Today, this initiative has garnered multiple accolades for its creative excellence and social impact that resonates with local communities.

AIA’s Chief Marketing Officer Sasith Bambaradeniya said: ‘AIA Suwa Walan initiative has received many accolades since its launch, but this recognition stands out as one of its most significant achievements and a moment of national pride. To be honoured among some of the most creative and impactful brands across Asia is a powerful testament to the strength of Sri Lankan creativity and purpose-driven storytelling. We are truly proud to be recognised at such a prestigious awards ceremony, as it reflects our relentless pursuit of effective creativity, impactful engagement, and empathy-led marketing. Looking ahead, AIA remains dedicated to delivering innovative campaigns that create meaningful change in our communities. A heartfelt thank you to our incredible team at AIA and to Loops Integrated, our creative agency partner, for making this success possible.’

INSEE Cement (Siam City Cement (Lanka) Ltd.,) has become the first cement company in Sri Lanka to achieve the prestigious ‘EcoLabel’ certification from the National Cleaner Production Centre (NCPC), Sri Lanka.

This accomplishment is a historic milestone for the country’s construction industry, highlighting INSEE’s steadfast commitment to sustainability, innovation, and environmental responsibility.

The EcoLabel certification is a globally recognised standard focusing on products and organisations meeting the highest benchmarks in environmental performance. As the official Global Ecolabelling Network (GEN) member in Sri Lanka, the NCPC ensures the certification meets ISO 14024 Type I standards, a reliable, multi-criteria, and third-party verified recognition for products and services. Securing the recognition, INSEE Cement has set a new precedent in Sri Lanka’s building materials sector, reinforcing its leadership in driving sustainable construction practices.

INSEE Cement is also the only organisation in the country to hold Environmental Product Declaration (EPD) certification, further strengthening its position as a pioneer in eco-friendly manufacturing.

Together, these certifications showcase INSEE’s holistic approach to reducing environmental impact, delivering high-quality, reliable cement solutions to the market.

INSEE Cement Chief Operating Officer Thusith Gunawarnasuriya said: ‘The achievement is a proud moment for INSEE and for Sri Lanka. Being the first cement company in the country to earn the EcoLabel certification demonstrates INSEE’s leadership in sustainability and responsibility to future generations. We are committed to building stronger structures, and a greener nation.’

NCPC CEO Eng. Samantha Kumarasena said: ‘INSEE Cement’s EcoLabel certification is a landmark for the industry. It shows how Sri Lankan companies can lead by example, adopting sustainable practices aligning with global standards. The milestone will inspire others in the sector to follow suit.’

With this recognition, INSEE Cement continues to pave the way for a more sustainable construction industry in Sri Lanka, proving environmental stewardship and industrial growth go hand in hand.

From left: Bayt Altawabel CEO – New Concepts Rizni Faizer, Founder and Chairman Prince Waleed bin Nasser Al-Saud, Chocoholics Co-Founders and Directors Wazni Wazeer and Fayaz Nizam, following the signing of expansion agreement

Chocoholics, dessert café brand renowned for its Belgian chocolate creations, yesterday announced its first international expansion with plans to open outlets in Saudi Arabia, marking the beginning of a broader global journey.

The announcement follows the visit of Bayt Altawabel Founder and Chairman Prince Waleed bin Nasser Al-Saud, and CEO – New Concepts Rizni Faizer to the Chocoholics’ Colombo outlets.

His recognition of the brand underscores the growing interest in lifestyle and hospitality ventures that align with Saudi Arabia’s Vision 2030.

‘Experiencing Chocoholics in Colombo gave me a strong sense of the brand’s potential to succeed in Saudi Arabia, where café culture continues to evolve in exciting ways,’ said Prince Waleed bin Nasser Al-Saud. ‘Their dedication to quality and innovation reflects the type of international partnerships that complement Vision 2030. This collaboration is about more than business, it is about introducing new experiences that enrich lifestyle, hospitality, and cultural exchange in the Kingdom and beyond.’

‘Our journey has always been about passion, innovation, and delivering unforgettable experiences,’ said Chocoholics Co-Founder and Director Wazni Wazeer. ‘Launching in Saudi Arabia is just the start. This partnership represents the foundation of Chocoholics’ global expansion, taking our culture of chocolate-inspired experiences to audiences worldwide.’

Chocoholics Co-Founder and Director Fayaz Nizam said: ‘Welcoming Prince Waleed was a meaningful milestone for us and a sign that Sri Lankan entrepreneurship can be recognised on a global scale. His support underscores our readiness to contribute to Saudi Arabia’s vibrant café culture while preparing to extend Chocoholics’ footprint across the Middle East and further afield.’ Since opening in Colombo seven years ago, Chocoholics has grown to four outlets across the city, becoming a beloved destination for café-goers who value the blend of authentic Belgian chocolate with innovative creations. With its expansion into Saudi Arabia, Chocoholics is setting the stage for a new wave of Sri Lankan born brands making their mark on the world.

Dutch Trails, a homegrown travel company redefining eco-conscious tourism in Sri Lanka, has been recognised at the Presidential Environment Awards 2025, presented by the Environment Ministry and the Central Environmental Authority (CEA).

The accolade acknowledges Dutch Trails’ exceptional contribution towards sustainable tourism, environmental conservation, and community development.

The awards ceremony yesterday at the Bandaranaike Memorial International Conference Hall (BMICH), was graced by President Anura Kumara Dissanayake, under whose distinguished patronage the event took place. The occasion also saw the participation of Environment Minister Dr. Dhammika P. Disanayake and Deputy Minister Anton Jayakody.

Dutch Trails received the Bronze Award in the Environmentally friendly private institution category, recognising its ongoing commitment to integrating sustainability into every aspect of its operations.

Dutch Trails Chairman Shan Meemanage said: ‘This recognition is a testament to our unwavering dedication to sustainable tourism. From eco-conscious travel planning to empowering local communities, our mission has always been to preserve the natural beauty of Sri Lanka while delivering authentic experiences for our guests. We are honoured that our work has been acknowledged at a national level.’

Dutch Trails has consistently championed introducing novel concepts in harvesting the ample natural resources of Sri Lanka sustainably, aligning with national environmental goals and global sustainability standards. The company continues to invest in sustaining local resources and empowering communities to ensure long-term ecological balance and socio-economic impact.

Organised annually by the Central Environmental Authority, the Presidential Environment Awards honour institutions, individuals, and enterprises that demonstrate outstanding achievements in environmental management and sustainable practices. This year’s ceremony celebrated a diverse range of organisations that have contributed meaningfully to the protection and enhancement of Sri Lanka’s environment.

These awards stand as a testament to Dutch Trails’ enduring commitment to sustainability, and inspire the company to further strengthen its environmental and community-focused initiatives in the years ahead.

South Africa have romped to an eight-wicket win over Pakistan on the fourth day of the second cricket Test in Rawalpindi, claiming victory before lunch to level the two-match series.

The home side were dismissed cheaply in the opening hour, collapsing from 94-4 overnight to be all out for 138 on Thursday.

South Africa then took 12.3 overs to reach the 68-run target with captain Aiden Markram scoring 42 before being trapped leg before wicket by Noman Ali, four runs from victory. Tristan Stubbs was caught in the slips in the same over without scoring, leaving Ryan Rickelton (25 not out) and Tony de Zorzi, who did not face a ball, to complete the job.

It was the 11th win in 12 Tests for South Africa, with the only blemish their 93-run loss to Pakistan in last week’s first match of the series in Lahore. Simon Harmer took 6-50 as Pakistan collapsed with fellow spinner Keshav Maharaj adding two more wickets to the seven, he took in the first innings.

Pakistan lost their last six wickets for 44 runs to continue their trend of lower-order slumps despite starting the day with high hopes.

They needed a major contribution from star batsman Babar Azam, whose appearance at the stumps throughout the series saw a sudden spike in spectators and a noticeable increase in excited noise from the stands.

Babar, however, has not scored a century in his last 15 Tests since 161 against New Zealand in Karachi in December 2022.

He was on 49 overnight, sharing a 34-run partnership with Mohammad Rizwan that held out promise of getting Pakistan back into the contest with six wickets in hand and a 23-run lead. But after going to his 50 with a single off the second ball of the morning, the 31-year-old Babar was trapped leg before wicket by Harmer in the first over.

After that, the home innings came tumbling down like a pack of cards as the 36-year-old Harmer, who has had a long career in county cricket in England but only 12 test appearances, bagged his first five-wicket haul in test cricket.

Central Bank Governor Dr. Nandalal Weerasinghe yesterday gave a strong signal about the Government’s improving fiscal performance with key indicators expected to exceed expectations as never before.

‘The Government’s fiscal performance is exceeding expectations, with stronger revenue and tighter spending producing a lower deficit, marking the first time in decades that fiscal targets have been surpassed,’ Dr. Weerasinghe said. He said the outcome reflects a rare display of discipline that has strengthened debt dynamics.

Speaking at a presentation on the CBSL’s Financial Stability Review 2025 Dr. Weerasinghe said the Government’s fiscal performance this year is more positive than projected, noting that the primary surplus and revenue ratios are expected to surpass budget targets.

‘Revenue targets of 15.3% of GDP will be exceeded and the primary surplus, estimated at 2.3%, will also be higher than expected,’ he said.

Expenditure is broadly in line with projections, leading to a lower-than-anticipated fiscal deficit. ‘This means debt dynamics are now better than what was expected earlier,’ he added, describing it as the first time in decades that actual fiscal results may outperform budget forecasts.

On credit conditions, the Governor said financial intermediation and private sector credit remain below pre-crisis levels but are gradually strengthening in line with the ongoing economic recovery. He said the shift in lending from the public to the private sector was a positive development.

‘The share of public sector credit is coming down, creating more space for private credit growth. Private sector credit is still below pre-pandemic levels, but this is consistent with a recovery that is steady rather than overheated,’ he said.

Dr. Weerasinghe dismissed concerns about systemic risks in the credit market, explaining that the widening credit gap reflected a rebalancing of credit flows rather than instability.

‘Financial intermediation remains below previous levels, but the ongoing shift is part of a sustainable credit recovery,’ he said, adding that the Central Bank continues to monitor sectoral exposure closely.

He said inflation is expected to stabilise at the 5% target by next year and that financial stability indicators have improved considerably. ‘The economy is now growing around 5%, a healthy pace following the contraction in 2022 and 2023, and we project 4% to 5% growth next year,’ he said.

Dr. Weerasinghe also noted that the Government’s strong revenue collection this year was partly due to a temporary surge in vehicle imports following the easing of restrictions (see box story).

Commenting on financial system developments, he said banks’ margin trading exposure remains small, with total margin loans increasing from Rs. 14 billion in January to Rs. 60 billion by end-August. He also said that most finance company lending continues to be concentrated in vehicle leasing, while mortgage-backed lending remains limited.

Dr. Weerasinghe said the Central Bank continues to work with banks to reduce intermediation costs and interest margins through transparency, competition, and improved asset quality. ‘Net interest margins are still above 4% but are expected to narrow as the financial sector stabilises,’ he said.

The Governor concluded that overall macroeconomic and financial conditions are improving steadily. ‘We see stability returning across the fiscal, monetary, and financial fronts. The key task now is to sustain these gains through disciplined fiscal management and continued confidence in the financial system,’ he said.

Union Assurance, has announced its triumph at Dragons of Sri Lanka Awards 2025, securing a Gold Dragon for its transformative brand campaign titled, ‘Exit Insurance. Enter Progress.’ The award was presented under the Brand Building and/or Awareness category, celebrating campaigns that challenge conventional norms and deliver measurable impact through creativity and strategic insight.

The Dragons of Sri Lanka Awards are part of the broader Dragons of Asia network, which for over 25 years has recognised the most effective marketing communications across the Asia-Pacific region. Organised by the Accredited Advertising Agencies Association of Sri Lanka (4A’s SL) in collaboration with Dragons of Asia, the Sri Lankan edition was launched to spotlight local excellence and empower Sri Lankan agencies to compete on a global stage.

Positioned alongside global accolades such as the Cannes Lions, Effies, and IPA Effectiveness Awards, the Dragons celebrate campaigns that combine strategic brilliance with creative execution to drive real-world results.

Union Assurance Chief Marketing Officer Mahen Gunarathna said: ‘Winning Gold at the Dragons of Sri Lanka is a powerful validation of the bold and purposeful direction we’ve taken to inspire progress for all Sri Lankans. This campaign was more than just a creative initiative; it was a strategic shift in how we communicate the value of Life Insurance. Through the power of storytelling, we simplified our proposition and sparked a meaningful change in perception, empowering individuals to embrace life with confidence and optimism. This award is a testament to the passion, creativity, and relentless pursuit of excellence by our team, as we continue to raise the bar in redefining industry standards.’