Category: Daily Financial Times

Sri Lanka Purchasing Managers’ Index for Construction (PMI-Construction) increased further in August 2025, as reflected by the total activity index which registered a value of 61.1 indicating a continuous expansion in construction activities.

The Central Bank said most respondents highlighted the ongoing increase in project availability, along with the resumption of some temporarily suspended projects, has strengthened the confidence of the construction sector.

The New Orders Index also increased in August. According to survey respondents, road development and water supply work were the most commonly awarded project types during the month.

In August, both the Employment and Quantity of Purchases indices increased, indicating the optimism for continued growth in the construction work.

Meanwhile, the suppliers’ delivery time further lengthened during the month, driven by the increase in demand for construction material.

The outlook of the construction sector is projected to be positive, underpinned by the expected increase in new project opportunities.

This October, Hilton Colombo Residences sets the stage for a vibrant culinary adventure with ‘A Voyage of Thai Flavours,’ a two-week celebration of Thailand’s rich gastronomy at FLOW from 2 to 16 October 2025. In collaboration with DoubleTree by Hilton Phuket Banthai Resort, the festival will bring to life an authentic Thai buffet designed by the talented chefs Natkon (Moo) and Amonrat (Orr), offering guests an unforgettable journey through Thailand’s most cherished flavours and traditions.

Each evening, FLOW transforms into a showcase of Thailand’s finest flavours, bringing together traditional recipes and regional specialties. Guests will discover a colourful array of dishes prepared with fragrant herbs, fresh produce, and bold spices, with highlights such as tum khao pod, gai yang hat yai, gaeng kiew wan gai, khao pad sapparot goong, and the much-loved khao niew mamuang.

Guests can look forward to more than just the buffet, with live cooking stations bringing the sizzle of Thai kitchens to life, street food favourites served fresh with authentic flair, and an endless pour of house-crafted cocktails and mocktails. Together, these elements create a festive dining experience that captures the vibrancy and charm of Thailand’s culinary spirit.

The buffet will be available nightly from 7:00 p.m. to 10:30 p.m., priced at Rs. 7,800 nett per person. Exclusive 20% savings will be offered for NTB Amex and Mastercard Credit Cardholders.

Hilton Colombo Residences General Manager Karim Schadlou said, ‘We are delighted to host ‘A Voyage of Thai Flavours’ at Hilton Colombo Residences. This event is a celebration of Thailand’s rich culinary traditions, and we are honoured to welcome two exceptionally talented chefs from DoubleTree by Hilton Phuket Banthai Resort. Their creativity and dedication to authentic Thai cuisine will ensure a truly memorable experience for all our guests.’

Bangladesh got their ICC Women’s Cricket World Cup rolling as they thumped Pakistan by seven wickets at the R. Premadasa International Cricket Stadium yesterday, in the first match of the Colombo leg.

It was absolute domination from Bangladesh. The only thing that did not go their way was the toss. Pakistan, who won the toss and chose to bat first, were pushed onto the backfoot straight away thanks to a brilliant opening spell with the new ball by Marufa Akter, who set the tone early with a couple of wickets as the ball swung in the powerplay. Omaima Sohail and Sidra Amin departed without troubling the scorers, as Pakistan were in early trouble. Following that, Pakistan batters chipped in with a few handy contributions, but once the partnership of 42 between Muneeba Ali and Rameen Shamim was broken, Bangladesh bowlers kept taking wickets at regular intervals.

After Marufa’s spell, the Bangladesh spinners took over and had Pakistan in a stranglehold. They ensured the scoreboard got nowhere; while, at the same time, chipped away at the wickets as Pakistan were skittled out for 129. Shorna Akter finished off the tail by picking three wickets, but nothing to take away from Nahida Akter and others, who choked Pakistan in the middle overs. Marufa was the only pace bowler Bangladesh used yesterday, and the five spinners took the rest of the eight wickets between them.

Bangladesh’s start to the chase wasn’t great, but the arrival of Captain Nigar Sultana got the runs flowing. In her presence, debutant Rubya Haider also gained confidence and showed her range of shots as she marked her debut with a lovely half-century (54* off 77 balls, 8 fours), sharing a 62-run stand off 77 balls. With Sobhana Mostary contributing an attractive 24* off 19 balls, Bangladesh got home at a canter in the end. Overall, it was a clinical performance by Bangladesh to outplay Pakistan.

Scores:

Pakistan 129 (38.3) (Rameen Shamim 23, Fatima Sana 22, Marufa Akter 2/31, Nahida Akter 2/19, Shorna Akter 3/5)

Bangladesh 131-3 (31.1) (Rubya Haider 54*, Nigar Sultana 23, Sobhana Mostary 24*)

Citizens Development Business Finance PLC (CDB) once again teed up an unforgettable weekend of golf as the sponsor of the September Monthly Medal 2025 at the Royal Colombo Golf Club (RCGC), held on 19 and 20 September. The event, one of the most anticipated on the RCGC calendar, brought together top golfers across divisions, reflecting both the competitive spirit of the sport and the camaraderie it inspires.

This year’s tournament carried added significance, coinciding with CDB’s 30th anniversary celebrations.

The competition saw brilliant swings and pressure putts across the lush fairways of RCGC, with players battling it out in numerous categories. Emerging victorious in the Overall Nett category, V.T. Sundaralingam took the Men’s title with a stellar 63 Nett (B/B 9), while H.M.D. Bandaranayake secured the Ladies’ crown, also carding an impressive 63 Nett. In the Junior Division, rising talent Yuvan Kanth clinched the Nett Winner’s title with a 69 Nett, showcasing the bright future of golf in Sri Lanka.

The CDB September Monthly Medal not only highlighted outstanding golfing prowess but also created a unique space for networking, leisure and relationship-building. With every drive down the fairway and every putt sunk on the greens, CDB reaffirmed its role as a brand committed to creating premium experiences that go beyond business.

Over the last three decades in Sri Lanka, at almost every presidential election, the voters have been entertained by the pledge to abolish Executive Presidency by the prominent candidates in the fray only to go back on the promise once gaining power. Judging by the recent statements and insinuations of the prominent NPP political leaders, it appears that voters experienced the same scenario again exactly a year ago by a political force who vociferously pledged to the electorate that they were different from the rest.

Last month, Cabinet Spokesperson and Health and Mass Media Minister Dr. Nalinda Jayatissa at a Cabinet press briefing stated the Government was not prepared to move on abolishing the Executive Presidency at this particular stage as the administration has to focus on reviving the economy and laying the groundwork for equitable growth. Meanwhile, NPP National List MP Dr. Najith Indika had remarked that in the future all executive presidents in Sri Lanka would be elected from the NPP.

The most memorable promise to do away with Executive Presidency was made by Chandrika Bandaranaike Kumaratunga at the 1994 Presidential Election. NPP Hambantota District MP Nihal Galappaththi, who was a candidate at that poll, abandoned his bid in the middle of the race and urged his supporters to back Chandrika after the first female president of the island had given him a written undertaking to bring an end to the presidential system prior to 15 July 1995. The same guarantee was made by Mahinda Rajapaksa at the 2005 Presidential Election, but instead of eliminating, he made the coveted post further dominant via the 18th Amendment, which enabled the master politician to gain full control over the Executive, Legislature, and Judiciary.

The approach of the JVP/NPP, like every other political party, towards Executive Presidency has been driven by political opportunism. None of them would have anticipated a JVP/NPP member to ever attain the powerful position. Despite having stood against the presidency, there were instances when the former Marxists gained benefits from the unprecedented presidential powers. In 2004, the JVP, which was then led by Somawansa Amarasinghe, urged President Chandrika to make use of her powers to dissolve the Wickremesinghe-led UNP administration as it suited its political power agenda at that time.

The preference or opposition towards presidency by a political party depends on whether they are in Government or Opposition. When in power, no political party would advocate for its abolition. On the other hand, while in Opposition, the same individuals perceive Executive Presidency as the biggest bane which affects the progress of the country.

With prominent underworld criminal leaders getting arrested and various Opposition politicians getting jailed, masses could view the NPP Government in positive light. The administration is also doing its utmost to gain foothold into the votes of minorities who have been historically averse to the JVP. The Opposition seems to be in disarray with no unity and cohesion. Ideologues in the NPP may be under the impression that they would not encounter any meaningful political threat to their dominance from the Opposition in the foreseeable future.

The abolition of Executive Presidency has always been used as a platform by politicians in the Opposition to capture power by appealing to NGOs and liberal-minded voters who have long argued for return to the parliamentary-based system like in India and the UK.

Instead of politically motivated agendas, a thorough and objective discussion needs to take place among the society and intelligentsia as to whether the almost five-decade-old system needs a complete overhaul or just minor adjustments.

The International Tourism Leaders’ Summit (ITLS) was held yesterday (02) at the BMICH, Colombo, under the patronage of President Anura Kumara Dissanayake.

The Export Development Board (EDB) yesterday said that it was moving to finalising the National Export Development Plan (NEDP) 2025-2029 by November, with the aim of sharpening trade competitiveness, building stronger regional and global linkages, and positioning exports as a driver of sustainable growth even as US President Donald Trump is upending the world trade order.

The EDB, working with the Asian Development Bank (ADB), has begun a series of nationwide consultations to shape the plan.

Eight focus group discussions and a technical committee meeting are scheduled for 2-10 October, covering areas from trade logistics to sectoral priorities. Regional and validation workshops are to follow, before the final framework is submitted later this year.

The urgency is palpable. A recent ADB report has said the impact of US tariffs will impact Sri Lanka’s growth, forecast to slowdown from 5% in 2024 to 3.9% this year and 3.3% in 2026. With Macro-Bonds likely to result additional debt payments up to $ 250 million annually, driving export growth is critical.

According to the Institute of Policy Studies in 2023, Sri Lanka’s goods and services exports made up nearly 20.4% of GDP, with manufacturing exports contributing 14%. However, the country’s merchandise export mix remains highly concentrated, with 77% of export income coming from industrial goods, mainly apparel, and just 22% from agricultural exports.

‘This lack of sufficient diversification leaves Sri Lanka’s export economy vulnerable, heavily dependent on the apparel sector and traditional sectors like tea and rubber,’ the IPS said.

According to the Advocata Institute, Sri Lanka’s lack of trade competitiveness is the result of policies and structural inefficiencies that have rendered the country uncompetitive. It noted that this fundamental issue was often misdiagnosed as a lack of targeting, leading to constant shifts in focus towards different sectors or products every three years without addressing the root causes of poor competitiveness.

According to the EDB, the new National Export Development Plan 2025-2029 builds on lessons from the National Export Strategy of 2018-2022, while addressing shifting global trade conditions and the country’s own post-crisis priorities.

‘This initiative is central to positioning Sri Lanka as a competitive player in international markets,’ Industry and Entrepreneurship Development Deputy Minister Chathuranga Abeysinghe said at the inaugural session in Colombo yesterday.

EDB Chairman Mangala Wijesinghe told stakeholders that aligning national export priorities with industry realities and global market opportunities was critical to the plan’s success. ADB’s Country Director in Sri Lanka Takafumi Kadono, stressed the importance of collaborative engagement to ensure the framework is both inclusive and actionable.

The Government has identified the NEDP as a key priority in the 2025 Budget, mandating the EDB to lead the process under the Policy-Based Lending program of the Industry and Entrepreneurship Development Ministry. Industry Secretary Thilaka Jayasundara said the consultations would help identify priority sectors, strengthen trade linkages, and address bottlenecks in the trade ecosystem.

‘Once completed, the five-year plan will provide the roadmap for Sri Lanka’s export growth strategy, setting policy direction and implementation pathways at a time when the country is seeking to anchor its economic recovery on trade-led expansion,’ the EDB said in a statement yesterday.

LOLC Insurance yesterday announced two key leadership appointments aimed at driving sustainable growth, strengthening governance, and enhancing operational excellence across its companies, LOLC Life Assurance Ltd. and LOLC General Insurance PLC.

It said the appointments mark a new chapter for both companies, bringing a fresh leadership perspective and renewed energy to their strategic direction.

Chandana L. Aluthgama has been appointed Executive Director and Principal Officer of LOLC Life Assurance Ltd. and Director of LOLC General Insurance PLC, while Kithsiri Gunawardena has been appointed Director of LOLC Life Assurance Ltd., further to his role as Chairman of LOLC General Insurance PLC. With this experienced leadership, LOLC Insurance reinforces its strategic vision and readiness to drive continued success in the Sri Lankan insurance industry.

With over 33 years of experience in life and general insurance, Aluthgama brings extensive expertise in leadership, corporate governance, and talent development. He has held senior positions at prominent organisations, including Eagle Insurance PLC (Zurich Financial Services Group), HNB Assurance PLC, and HNB General Insurance Ltd.

Prior to joining LOLC Insurance, he served as Group CEO of Sri Lanka Insurance Corporation Life Ltd. and General Ltd., where he successfully led major initiatives including the statutory segregation of life and general insurance operations in 2024, business restructuring, and the establishment of a performance driven culture.

He is also the immediate past President of the Insurance Association of Sri Lanka, reflecting his longstanding contribution to the industry.

A strong advocate for education, Aluthgama has been a senior visiting lecturer at the University of Colombo for over 20 years and mentors students at the University of Moratuwa.

He holds an MBA from the University of Colombo, a Bachelor of Commerce (Special) from the University of Kelaniya, and is a Fellow and Chartered Manager of the Chartered Management Institute, UK, as well as a Fellow of the Australian and New Zealand Institute of Insurance and Finance (ANZIIF).

Aluthgama has shared his insights at local and international conferences and completed executive programs at Generali Insurance AG, Vienna, and NUS Business School, Singapore.

Gunawardena brings over 35 years of legal, public sector, and corporate experience and has been a member of the LOLC Group since 2004.

He has held senior positions in the public sector, including State Counsel at the Attorney General’s Department, Director – Legal and Enforcement of the Securities and Exchange Commission, Director – Legal and Enforcement of the Insurance Regulatory Commission of Sri Lanka (IRCSL), and the first Director General of the Consumer Affairs Authority.

He currently serves as Chairman of LOLC General Insurance PLC and Chief Operating Officer of LOLC Holdings PLC, while also holding board positions across local and international subsidiaries of LOLC in the leisure, financial services, and plantation sectors.

Gunawardena’s extensive expertise in the regulatory sector, particularly at IRCSL, coupled with his leadership across LOLC’s diverse business operations, has enabled him to steer LOLC General Insurance into becoming one of Sri Lanka’s leading insurers, pioneering industry first digital, business, and community initiatives.

Extending his leadership to sustainability and social responsibility, he has also driven LOLC’s engagement in the Sri Lankan Leopard Conservation Project, integrating business with community and environmental impact, and spearheaded the country’s first Livestock Insurance Scheme to reduce human-leopard conflict and safeguard rural livelihoods.

HIRIKETIYA’S beloved Smoke and Bitters has once again put Sri Lanka on the global map, being named No. 67 on the recently announced World’s 50 Best Bars extended list 2025.

Climbing an impressive 19 places from last year, the bar remains the only Sri Lankan-owned bar ever to feature-and one of just two from South Asia-cementing its place among the world’s most influential drinking destinations alongside icons like Attaboy (New York), The SG Club (Tokyo), Wax On (Berlin), A Bar with Shapes for a Name (London) and Eximia (São Paulo).

The story of Smoke and Bitters is one of grit, heart, and perseverance. Co-founders Don Ranasinghe and Lahiru (Lalla) Perera, best friends who began their journeys clearing glasses, waiting tables, and running events, opened the bar just five years ago with one goal: to create a distinctly Sri Lankan cocktail and dining experience. With no shortcuts or gimmicks, their rise is built on a commitment to craft, authentic hospitality, and real relationships.

This announcement follows Smoke and Bitters’ meteoric rise in the region-from debuting at No. 42 on Asia’s 50 Best Bars in 2022 to climbing to No. 14 this year, earning the title of Best Bar in Sri Lanka for four consecutive years. Don and Lalla are also behind the newly launched Raa, an arrack and toddy-focused bar in Hiriketiya, which remarkably debuted on the Asia’s 50 Best Bars extended list at No. 84 in its very first year.

What makes the achievement even more powerful is the team behind it-nearly 50 strong, made up of bartenders and cooks recruited from nearby villages. Affectionately called the ‘village bartenders,’ many of them had never left the district until Don and Lalla mentored, trained, and put them out there.

Today, bartenders like Sameera and Amila represent Sri Lanka on international stages, travelling for guest shifts in Singapore, Hong Kong, Abu Dhabi, India, Kazakhstan and beyond.

Smoke and Bitters’ reach extends well past its palm-fringed home in Pehembiya. The bar has built an impressive global network through its ‘Sunset Shifts’ guest series, hosting acclaimed names such as Native, Sago House, Cantina OK!, EKAA, Kotuwa, Lair, Jigger and Pony, Masque, Elephant Room, Hideaway Goa, Bombay Canteen, Bees Knees, Soka, House on Sathorn, Nico de Soto and Pankaj Balachandran. In turn, Don, Lalla, and their team have represented Sri Lanka abroad with high-profile bar takeovers at Honky Tonks (Hong Kong), ZLB23 (Bengaluru), Pantja (Jakarta), Hope and Sesame (Guangzhou), Sugarhall (Singapore), Bees Knees (Tokyo), Danico (Paris), and Moebius (Milan). These exchanges have positioned Smoke and Bitters as a true ambassador of Sri Lankan food and drink culture.

At its core, however, the bar remains true to its origins: a low-key beachside venue serving locally inspired, artisanal cocktails and smoked dishes under the glow of Hiriketiya’s sunsets. For Don and Lalla, success has always meant elevating their team and their community. Their recent ‘Smoke and Bitters Loves Local’ series has placed Sri Lankan bartenders on the same platform as international stars, challenging the perception of bartending as a low-prestige profession and championing fair recognition for the craft locally.

The World’s 50 Best Bars, first published in 2009, is the most respected global ranking of drinking destinations, voted on by a gender-balanced Academy of 700 bartenders, consultants, writers and cocktail experts worldwide, and independently adjudicated by Deloitte. This year’s annual awards ceremony takes place in Hong Kong this October, where Don and Lalla will join their peers from around the world.

Gabriel’s Charity Auction in aid of Rescue Animals Sri Lanka (RAS) will take place on 31 October at the Mahogany, Cinnamon Grand, commencing 7.30 p.m.

Presented by the Cinnamon Grand, Hi Magazine, Wijeya Newspapers and Aditi, the evening is guaranteed to have something for everyone. A silent auction featuring an array of valuable items, a fashion show with Sri Lanka’s finest designers namely, Aditi, Brian Kerkoven, Charini, Dhammika Amarasekara, Jai by Aashkii, LIMAK by KAMIL and RADISI, while cocktails, a four course sit down dinner, and entertainment by En Route, all combine to ensure that Friday 31 October, will indeed be a night to remember .

The Auction will comprise of a variety of eclectic items including paintings, pottery, designer clothing, jewellery, etc. with the proceeds from their sale going towards funding the RAS shelter, as well as their manifold activities.

RAS was incorporated as a formal trust by D L and F de Sarams over 25 years ago by Anusha David, who commenced her animal welfare activities at the age of eight when she picked up two flea ridden pups on her way to school and hid them in her class handwork cupboard. Since then Anusha’s care for the voiceless encompasses all creatures great and small and her advocacy extends to farm animals, elephants, monkeys, birds and reptiles. The RAS shelter presently houses 92 dogs and 18 cats with three staff on site to care for the animals.

Lanka IOC, which has partnered with RAS as part of their CSR program, give a strong signal to other corporates to follow their lead, while Aditi emphasised the fact that animal welfare and preserving the environment are the cornerstones of CSR.

Hospitality Partner Cinnamon Grand, has walked their talk with the opening of a Cattery, while Print Media partner Wijeya Newspapers Ltd., Advertising Partner Gravitas, Social Media Partner Zelus, Brian Kerkoven, Chagall Salon, and En Route, have all extended their support to RAS to ensure the event’s success.

Aditi Managing Director Mahika Weerakoon, who was the first Corporate to partner with RAS, said,

‘At Aditi, our philosophy has always been about care for people, for communities, and for the world we live in. Supporting Rescue Animals Sri Lanka is a natural extension of our values. Just as we empower women through fashion, we believe compassion towards animals and protecting the environment are essential to building a truly elegant society.’

Lanka IOC Managing Director Dipak Das said they were pleased to partner with Rescue Animals Sri Lanka as part of their CSR initiative and expressed the hope that other Sri Lankan Corporates would include Animal Welfare into their corporate ethos.’

‘The Cinnamon Grand Colombo is delighted to be a part of yet another initiative spearheaded by Anusha David of Rescue Animals Sri Lanka. We have had a long association with Anusha and look forward to partnering with her on future endeavours too,’ said General Manager Nazoomi Azhar.