Category: Daily Financial Times

Prime Minister and Education Minister Dr. Harini Amarasuriya told Parliament yesterday that there are 36,178 teacher vacancies in national and provincial schools across the country.

Responding to a question in Parliament, she said 1,501 positions remain unfilled in national schools, while the balance is spread across the provinces, including 6,613 in the Eastern, 6,318 in the Central, 4,630 in the Western, 3,994 in the Sabaragamuwa, 3,271 in the Northern, 2,990 in the North Western, 2,780 in the Uva, and 1,568 in the North Central Province.

Recruitment began on 28 July 2024 to fill vacancies in Science, Mathematics, Technology, and languages in national schools, as well as Advanced Level subjects in Sinhala, English, and Tamil mediums.

Dr. Amarasuriya said 353 graduate teachers in Grade III (B) 1 of the Sri Lanka Teaching Service will be appointed within the next two months. She added that the Recruitment Review Committee, chaired by the Secretary to the Prime Minister, will take further steps to expedite appointments and fill the remaining vacancies in the education sector.

South Africa secured their fifth win in a row for the first time in a Women’s Cricket World Cup match when they beat Pakistan by a massive 150 runs (DLS method) in a rain hit match played at the R. Premadasa International Cricket Stadium yesterday to go on top of the table with 10 points with one game to play.

In a stop-start match due to rain Pakistan set an improbable target of 234 to chase in 20 overs finished on a disappointing 83-7 to remain at the bottom of the table with 2 points and no win.

South Africa produced a stunning display from their batting order racking up an imposing 312-9 off 40 overs – the highest score on this ground in this tournament surpassing the previous best of 258 scored off 50 overs. Tazmin Brits fell for a duck early after South Africa were invited to bat first, but Laura Wolvaardt (90 off 82 balls, 10 fours, 2 sixes) and Sunne Luus (61 off 59 balls, 8 fours, 2 sixes) after a lengthy rain break added 118 off 93 balls for the second wicket and that set the pace. Wolvaardt and Marizanne Kapp (68* off 43 balls, 6 fours, 3 sixes) added 64 off 53. Then Kapp and Chloe Tryon (21) and a 16-ball 41 (3 fours, 4 sixes) from Nadine de Klerk who added 52 off 20 with Kapp pushed South Africa above the 300-run mark. Pakistan were very sloppy and dropped several catches apart from their poor ground fielding. They were well off the boil in what was a must-win game for them. Only Nashra Sandhu impressed with the ball with the others taken for plenty.

Scores: South Africa Women 312-9 (40) (Laura Wolvaardt 90, Sune Luus 61, Marizanne Kapp 68*, Chloe Tryon 21, Nadine de Klerk 41, Sadia Iqbal 3/63, Nashra Sandhu 3/45)

Pakistan Women 83-7 (20) (Natalia Pervaiz 20, Sidra Nawaz 22*, Marizanne Kapp 3/20, Nondumiso Shangase 2/19) – [ST]

Lanka Rating Agency Ltd. (LRA) has assigned an initial fund stability rating of ‘A+ (f)’ with a Stable Outlook to the Astrue Money Market Fund, managed by Asset Trust Management Ltd.

The ‘A+ (f)’ rating reflects the Fund’s strong capacity to maintain relative stability in returns, underpinned by a prudent investment framework, high credit quality allocation, and disciplined fund management practices.

Launched in 2024, the Astrue Money Market Fund seeks to preserve capital, maintain stable Net Asset Value (NAV) growth, provide high liquidity, and deliver regular income to investors through investments in high-quality, short-term money market instruments with maturities not exceeding 397 days. As of May 2025, over 73% of the Fund’s assets are allocated to AAA-rated securities, with a Weighted Average Maturity (WAM) of 293 days and portfolio duration of 312 days.

The Fund’s asset allocation remains diversified across Treasury Bills (46.6%), reverse repos against Government securities (20.16%), placements in Non-Banking Financial Institutions (13.26%), and smaller exposures to Treasury Bonds, Trust Certificates, and Commercial Papers. Returns over the past year have been broadly in line with peers, with performance supported by disciplined risk management amidst a declining interest rate environment.

Asset Trust Management Ltd., Chief Executive Officer Indulekha Karunarathne said: ‘We are deeply honoured to receive an A+ Outlook Stable rating from the esteemed Lanka Rating Agency of Sri Lanka. This prestigious recognition underscores the strength, reliability, and performance of the Astrue Money Market Fund, a unit trust fund meticulously designed to cater to every type of investor seeking steady wealth growth.

The Astrue Money Market Fund stands out as one of the best-performing money market funds currently available in the financial market. Our expert fund managers, supported by our dedicated research and analysis department, are fully equipped to navigate through challenging and adverse market conditions. Their expertise ensures that we consistently deliver holistic and optimal returns to our valued investor pool.

This A+ rating is a testament to our unwavering commitment to excellence and our mission to provide secure, growth-oriented investment opportunities for all. We remain dedicated to upholding the trust placed in us by our investors and will continue to strive for excellence in all that we do.’

Lanka Rating Agency Ltd., Chief Executive Officer Dr. Kenneth De Zilwa said: ‘The ‘A+ (f)’ stability rating underscores the Astrue Money Market Fund’s strong governance, prudent investment strategy, and high-quality asset base. This recognition not only reflects the Fund’s consistent risk management and liquidity strength but also enhances investor confidence by affirming its capacity to preserve capital and deliver steady, reliable returns across market cycles.’

The Fund currently manages assets of approximately Rs. 753 million (as of May 2025), holding a modest share of 0.21% within the overall money market fund category. While investor concentration remains a key area of monitoring, the Fund’s proactive management framework and adherence to SEC regulations are expected to sustain its stability going forward.

E.B. Creasy and Company PLC yesterday announced the schedule for its upcoming Rights Issue of shares to raise Rs. 1.52 billion.

The Extraordinary General Meeting (EGM) is set for 11 November 2025, with the ex-rights (XR) date on 12 November and record date/provisional allotment on 13 November. Provisional Letters of Allotment will be dispatched on 20 November, and trading of Rights will commence on 26 November 2025.

The last date for renunciation to the Central Depository System (CDS) is 3 December 2025, while the final date for acceptance and payment for Rights is 9 December 2025. The company noted that no book-closure dates apply to this issue.

The Rights Issue is on the basis of 1 for every 10 held at Rs. 60 each, resulting in the issuance of 25,354,580 shares. The current stated capital stands at Rs. 25,730,205.

Rs. 1 billion from the Rights Issue proceeds will be used to settle short-term interest-bearing borrowings and Rs. 500 million will be invested in subsidiary company Darley Butler and Co. Ltd.

Short-term loans and borrowings at end-June 2025 stood at Rs. 1.39 billion, down from Rs. 1.44 billion at company level, and Rs. 4.58 billion at Group level, down from Rs. 5.16 billion in the previous quarter.

The net asset value per share was Rs. 31.12 at end-June 2025, up from Rs. 24.82 as at end-March 2025

The Colombo Fort Land and Building PLC holds 52.98%, with Senthilverl Holdings PLC owning 15.71%. The public float of E.B. Creasy is 23.86%, held by 1,647 shareholders as at end-June 2025.

The company reported consolidated earnings of Rs. 316.5 million in the June 2025 quarter, up 79% from a year ago.

The company yesterday said that during July 2025, the share traded between a high of Rs. 72 and a low of Rs. 45, closing the month at Rs. 61. In August, the stock maintained the same monthly high of Rs. 72, with the lowest price rising to Rs. 59.90 and the final traded price reaching Rs. 68. By September 2025, the share recorded a higher monthly peak of Rs. 76, a low of Rs. 64.70, and closed at Rs. 69.90.

The share close yesterday at Rs. 69.90.

OneWorld Duty Free (ODF), a Singapore-based travel retail brand headquartered in Singapore, recently announced the launch of its exclusive luxury watch collection featuring world-renowned brands including Hamilton, Mido, Rado, and Tissot. These prestigious timepieces are now available exclusively at the OneWorld Duty Free store located in the Port City Duty Free Mall, marking the first time such distinguished luxury timepieces are available in a duty-free store in Sri Lanka.

This strategic introduction underscores ODF’s commitment to bringing global luxury brands to travellers and local shoppers at attractive duty-free prices. By curating premium watch collections within the travel retail environment, ODF continues to redefine the luxury shopping experience at Port City, Sri Lanka’s emerging downtown travel retail hub.

Each of these Swiss heritage brands represents timeless craftsmanship and precision. Tissot is celebrated for its innovative spirit and versatile elegance; Hamilton combines American pioneering heritage with Swiss technology; Rado stands out for its mastery in high-tech materials and contemporary design, while Mido is admired for its architectural inspiration and enduring Swiss quality. Together, they embody the art of watchmaking excellence now available to travellers in Sri Lanka.

OneWorld Duty Free Chief Executive Officer Keira Zhang said: ‘At OneWorld Duty Free, our vision is to offer travellers a truly exceptional retail experience through globally trusted brands and impeccable service. This launch signifies our passion and dedication to delivering exclusive, world-class selections across categories. With the full opening of our store in December 2025, we look forward to expanding our offerings and elevating the customer journey even further.’

Still in its initial phase, ODF’s flagship store at Port City showcases a diverse portfolio of premium international brands across multiple categories, including fragrances, wines and spirits, sunglasses, timepieces, confectionery, and toys.

The fragrance section features global icons such as Calvin Klein, Burberry, Chloe, Davidoff, Hugo Boss, and Marc Jacobs. The sunglass collection includes luxury houses like Balenciaga, Bottega Veneta, Gucci, Montblanc, Ray-Ban, and Saint Laurent. The confectionery range features an indulgent selection of world-renowned brands, including Milka, Toblerone, Lindt, Godiva, Ghirardelli, Nestlé, and Nutella, offering travellers a truly irresistible variety of premium chocolate delights.

The existing watch range features brands such as Casio, Seiko, Roamer of Switzerland, Police, Welder, US Polo, Fossil, Citizen, Timberland, Swiss Military, and Emporio Armani. The addition of this exclusive luxury watch collection further enhances the store’s appeal and brings an added touch of elegance to the growing ODF portfolio.

ODF is set to unveil the second phase of its Port City Duty Free store by December 2025, completing its impressive 12,800 sq. ft. retail space. The expansion will introduce new premium categories and interactive shopping features, offering travellers an immersive and world-class retail environment.

Reflecting ODF’s long-term vision for growth in emerging markets, the launch of the Port City Duty Free store highlights the brand’s dedication to innovation, global retail excellence, and customer-centric experiences. The store is projected to attract over two million visitors annually, cementing its reputation as Sri Lanka’s premier duty-free shopping destination.

Sri Lankan passport holders, including dual citizens and foreign residents with valid visas, are eligible for an annual duty-free allowance of $ 2,000, valid for four days from the date of arrival. Tourists holding foreign passports are not subject to this limit and may purchase freely from the duty-free store upon arrival. Purchases can conveniently be collected from the airport pickup counter at Bandaranaike International Airport (BIA).

Trade Minister Wasantha Samarasinghe called for urgent reforms to address widening inequalities in the global economy, speaking at the opening of the 16th United Nations Conference on Trade and Development (UNCTAD) in Geneva on Monday.

‘From climate impacts and debt burdens to digital and economic divides, the multiple crises we face expose deep inequalities in the global economy,’ Samarasinghe said.

‘Developing nations, especially small and vulnerable countries like Sri Lanka, require urgent reforms and collective solutions to address these challenges,’ he added.

He reaffirmed Sri Lanka’s support for UNCTAD’s central role in shaping trade and development strategies and protecting the policy space needed for national priorities.

‘Strengthening UNCTAD’s analytical and technical capacities is essential,’ he noted.

‘We emphasise the need for enhanced cooperation and technology exchange to ensure all countries can benefit from emerging opportunities and build resilience. Together, through shared purpose and collaboration, we can move toward a more just and sustainable global economic order.’

During the formal dialogue session, Samarasinghe said the world is facing unprecedented disruption and called for renewed global solidarity.

‘We meet at a time when the world is facing many challenges. Developing countries, especially small and vulnerable nations like Sri Lanka, are under pressure.

‘The COVID-19 pandemic, climate disruptions, debt crises, and rising global tensions have made it difficult for us to grow our economies and improve the lives of our people. But we are not here to surrender hope.

‘We are here to demonstrate that multilateralism and international cooperation still matter and to seek solutions,’ he said.

Expressing confidence in Sri Lanka’s recovery prospects, the Minister added, ‘Despite the difficulties, Sri Lanka remains hopeful. With the support of UNCTAD and our development partners, we can recover strongly, build green economies, and offer a better future to our people.’

The 16th UNCTAD conference, held under the theme ‘Shaping the Future,’ continues in Geneva until tomorrow with leaders from 195 member States participating.

Samarasinghe is also scheduled to hold several bilateral meetings during the event.

The national men’s volleyball team, powered by Dialog Axiata PLC, will face Afghanistan today in their second fixture of the Central Asian Nations Cup Men’s Volleyball Championship, currently taking place in Bangladesh. The match is scheduled to commence at 1 p.m. local time.

The Sri Lankan side, captained by Ayesh Dilshan, will compete against Turkmenistan, Bangladesh, Nepal, Afghanistan, and the Maldives in this tournament.

Two days later, Sri Lanka will play Bangladesh on 24 October 2025, followed by the Maldives on 26. The remaining fixtures for Sri Lanka in this Central Asian Volleyball Tournament are set against Bangladesh on 24, the Maldives on 26, and Nepal on 27 October. Sri Lanka met Turkmenistan in their opening fixture yesterday. The Grand Final of the tournament is scheduled to take place on 28 October.

This marks Sri Lanka’s first appearance in a Nations Cup tournament held within the Central Asian region.

It is also noteworthy that the entire coaching panel, consisting of Head Coach Kalika Wasanthapriya, Assistant Coach and Trainer Shamil Malinda, are serving in their respective national team roles for the very first time.

There is optimism that the coaching staff, drawing on the extensive experience they have accumulated as long-serving national players, will steer the talented Sri Lankan side towards a place in the Grand Final.

Dialog Axiata, a prolific promoter of the national sport for more than two decades, conveys its best wishes to the Sri Lankan team, expressing confidence that they will emerge victorious as champions of the Central Asian Nations Cup.

In addition to its support for volleyball, Dialog is also a committed sponsor of Sri Lanka’s national cricket, para sports, and eSports teams, as well as the principal sponsor of the Sri Lanka Golf Open. The company promotes diversity, equity, and inclusion through its partnership with the Netball Federation of Sri Lanka, enabling athletes to compete in both national and international tournaments. Strengthening its commitment to nurturing future champions, Dialog continues to support the President’s Gold Cup Volleyball Championship, national junior and senior netball tournaments, and schools’ rugby.

Marking a bold new chapter in Sri Lanka’s educational and leadership landscape, the Imperial Group officially launched the Imperial Institute of Leadership and Strategy (IILS), a pioneering institution dedicated to advancing leadership excellence, strategic capability, and transformational impact in Sri Lanka.

Delivering the inaugural address, IILS Co-Founder and Director Seroshi Nandasiri described the launch as both ‘a national responsibility and a call to action.’

‘Sri Lanka is at a critical juncture. Much of our talent has migrated, and those who remain are under immense pressure to deliver on time, to quality, and at competitive cost, while adapting to rapid technological change and navigating geopolitical uncertainty. In this environment, resilience in leadership is not optional; it is essential. Just growth will not work anymore, we need exponential growth, and that begins with leadership,’ she added.

With a legacy of over 40 years in professional education, the Imperial Group, recognised as the nation’s leading provider of CIMA, higher education and business education, has empowered over 75,000 professionals. Building on this foundation, IILS has been established as the Group’s executive education and strategic consulting arm, filling a long-standing national gap by becoming Sri Lanka’s only dedicated institute for leadership and strategy development.

IILS brings to Sri Lanka Ivy League-level knowledge, benchmarked with global leadership research, and delivers it locally, through local talent, blending world-class insight with Sri Lankan context. The institute focuses purely on transformation and exponential growth, for individuals, corporates, and the nation.

To achieve this, IILS has summoned the best minds from academia, industry, and global practice, combining the expertise of Sri Lankan university scholars, corporate leaders, and world-class trainers, coaches, and transformational facilitators. This diverse collective ensures that every program is created by experts and delivered by professionals.

‘At IILS, we believe in collaboration,’ Seroshi added. ‘We’ve created a space for Sri Lankans; academics, professionals, and institutions to come together, co-create, and generate new, innovative knowledge that will help our nation advance. Our mission is clear, to build leaders who can transform challenges into opportunities and drive Sri Lanka forward.’

With a comprehensive portfolio spanning Corporate Leadership Development, Youth Leadership, Women in Leadership, Public Sector Leadership, and Entrepreneurship Tracks, IILS delivers executive education programs benchmarked with global best practices and tailored to Sri Lanka’s evolving business and social landscape.

Beyond education, IILS functions as a Leadership and Strategy Think Tank, offering research, advisory, and consultancy services designed to help organisations sustain performance under pressure and lead transformation in complex environments.

‘We strive to be Sri Lanka’s Leadership Centre of Excellence, driving national progress while expanding regionally and globally to share and spread the knowledge created here,’ said Seroshi in conclusion.

Located at No. 20, 1/1, Shurabery Gardens, Colombo 4, IILS represents not just a new institute, but a national movement to build resilient, visionary, and value-driven leadership for Sri Lanka and beyond.

The milestone event recognises two years of creating a vibrant community hub for shopping, dining, and entertainment while also honouring the partners who have made this journey remarkable.

Over the past two years, Havelock City Mall has set new benchmarks in Sri Lanka’s retail landscape. From introducing leading international and local brands to curating experiences that bring people together, the mall has redefined what a modern lifestyle destination can be living up to its brand promise, ‘My Happy Place.’

As part of the celebrations, the mall hosted the Havelock City Mall ‘Tenant Partner Excellence Awards 2025’ on 18 October, a morning dedicated to recognising excellence among its 135 tenant partners. The awards celebrated achievements across 19 categories, including Sales Performance, Customer Service etc.

The event brought together management of the tenants, the Havelock City Mall management team, and senior executives of Overseas Realty (Ceylon) PLC, highlighting the spirit of partnership that continues to drive HCM’s success.

Overseas Realty (Ceylon) PLC Chief Executive Officer Pravir Samarasinghe, said: ‘As we celebrate this milestone, I extend my heartfelt gratitude to our shoppers, retail partners, and other vendors for their continuous, unwavering trust and support. I also take this opportunity to congratulate all our deserving winners who have exemplified excellence and partnership throughout this journey. Together, we have made Havelock City Mall Colombo’s most cherished and joyful destination, my happy place.’

To mark the 2nd anniversary, Havelock City Mall hosted a two-day celebration on 18 and 19 October, featuring exclusive discounts of up to 30%, hourly lucky draws and select 200 winners, an international food fiesta, and live entertainment acts that will transform the mall into a festival of joy. Adding to the excitement, HCM is introducing an exclusive loyalty card for Havelock City Apartment residents, offering a host of special privileges and benefits.

The secondary Bond market commenced the week on a steady note yesterday as yields remained steady. Limited trades were seen on the maturities of 15.01.27, 15.09.27 and 01.10.32 at levels of 8.39%, 8.83% and 10.55% respectively.

Today’s auction, will have on offer a total amount of Rs. 70 billion, consisting of Rs. 10 billion on the 91 day, Rs. 40 billion on the 182-day, further Rs. 20 billion of the 364-day maturity. At last week’s auction, weighted average rates remained unchanged at 7.52%, 7.89% and 8.02% respectively on the 91-day, 182 day and 364-day maturities. An amount of Rs. 27.21 billion was accepted at the 1st phase of the auction against its offered amount of Rs. 77.5 billion while a further amount of Rs. 600 million was raised at its phase II.

The total secondary market Treasury Bond/Bill transacted volume for 17 October of 2025 was Rs. 4.55 billion.

In the money market, overnight net surplus liquidity stood at Rs. 120.11 billion yesterday while weighted average rates on call money and repo was registered at 7.89% and 7.92% respectively.

USD/LKR

Forex market

In the Forex market, the USD/LKR rate on spot contracts closed at Rs. 303.15/303.25 yesterday against its previous day’s closing level of Rs. 302.90/303.00 subsequent to trading at Rs. 302.95 to Rs. 303.25.

The total USD/LKR traded volume for 17 October 2025 was $ 135.70 million.