Category: Daily Financial Times

The Ceylon Electricity Board Engineers’ Union (CEBEU) has written to the Sectoral Oversight Committee on Infrastructure and Strategic Development, requesting immediate intervention in what it describes as serious legal and procedural violations in the ongoing electricity sector reform process.

In its letter dated 18 October, the union said the reforms are being carried out in violation of the Sri Lanka Electricity Act No. 36 of 2024 and the Electricity (Amendment) Act No. 14 of 2025, as well as international best practices.

‘While we have consistently supported reforms that are transparent, technically sound, and beneficial to the public, the current process has deviated from the principles of good governance, institutional accountability, and statutory compliance,’ the union stated.

At the centre of the dispute is the Preliminary Transfer Plan (PTP), the document outlining how the assets, liabilities, and operations of the CEB are to be transferred to new successor companies after the utility’s unbundling.

According to the CEBEU, the draft PTP circulated by the Ministry of Energy on 25 September was ‘a mere 10-page document’ shared only among selected management officials, giving employees and trade unions just four working days to provide comments.

The union further alleges that the same draft was sent to the Ministry of Finance for approval on the day it was issued for internal comments and was subsequently approved by the Minister of Finance on 11 October.

‘We were shocked to learn that the same draft was approved without validating its compliance with the provisions of the Act,’ the CEBEU said.

The union raised several legal concerns, claiming that the draft PTP fails to meet key statutory requirements, including the preparation of the plan under formal policy directions from the Minister of Energy as required by Section 18.2 of the Act.

It also pointed out that only four of the six successor companies have been incorporated, with no provisions made for the entities responsible for CEB’s pension and provident funds or the residual company.

The CEBEU said the plan lacks critical financial and operational details, including the allocation of assets and liabilities, valuation of CEB-owned properties, financial plans for successor companies, and mechanisms to ensure continuity of service.

It also warned that no framework has been outlined for employee transfers or inter-company pension fund contributions.

‘There has been no stakeholder consultation with employees or unions on the draft PTP. If implemented in its present form, the entire electricity sector could face collapse, not because of the CEB workforce, but due to the Ministry’s reckless and irresponsible handling of the process,’ the union cautioned.

The letter urges the Oversight Committee to review the reform process, summon relevant officials for clarification, and ensure that implementation is consistent with the law, established procedures, and principles of transparency and accountability.

The CEBEU also requested an opportunity to present its technical observations and proposals directly to the Committee, warning that ‘only through proper dialogue and consultation can we prevent future legal and operational challenges once the new entities take over.’

The Sri Lankan men’s rugby sevens outfit produced a some outstanding running rugby to finish third at the second leg of the Asian Sevens Series, held at the Race Course ground in Colombo last evening.

Under the leadership of Kavindu Perera, the Kandy-flavoured outfit displayed resilience, teamwork, and passion despite having limited preparation ahead of the tournament.

The Kandy-flavoured outfit, featuring several promising young players, started the tournament in style, winning all three of their group matches. They defeated Usbekistan, Singapore, and China in convincing fashion, showing sharp pace and defensive commitment throughout.

Their performance earned them a semi-final clash against tournament giants Japan, one of Asia’s rugby powerhouses. In a fiercely contested encounter, Sri Lanka went down narrowly 12/15, though several questionable refereeing decisions and an early final whistle almost a minute short raised eyebrows among the local fans plus yellow card offence on Gayan Perera. During this two minutes Japanese crossed over two times to edge out the hosts.

Despite the disappointment, the Tuskers regrouped well for the third-place playoff. Facing China once again, they delivered another composed display to secure a 19/14 victory, sealing the bronze position on home soil.

Sri Lanka’s tries came through Soori, Dabare, and Dange, whose attacking flair and coordination thrilled the Colombo crowd against China. Their defensive work in the dying moments of the game also reflected the team’s determination to make a statement despite limited exposure.

The third-place finish marked a notable improvement from the first leg in China, where Sri Lanka finished fourth. The result also highlighted the growing depth and fighting spirit in the squad.

In the men’s final, Hong Kong China edged Japan 12/7 to claim both the leg and the overall series title. Meanwhile, in the women’s competition, Japan beat China 29/0 to win the Colombo leg and the overall championship as well.

Women’s

11th place: Sri Lanka beat Indonesia 38/10

9th place: Malaysia beat Philippines 29/12

7th place: Singapore beat UAE 14/12

5th place: Kazakhstan beat India 38/12

Semi-finals: Japan beat Hong Kong China 31/0, China beat Thailand 19/17

3rd place: Thailand beat Hong Kong China 10/5

Final: Japan beat China 29/0

Men’s

11th position: South Korea beat Taipei 27/5

9th position: Malaysia beat Uzbekistan 31/5

7th position: Singapore beat Philippines 22/12

5th position: Thailand beat UAE 27/5

Semi-finals: Hong Kong China beat China 29/12, Japan beat Sri Lanka 15/12

3rd place: Sri Lanka beat China 19/14

Final: Hong Kong China beat Japan 12/7

Kotagala Plantations PLC has said its Right Issue was oversubscribed, with total subscriptions amounting to Rs. 776.4 million.

The Rights Issue was for over 84.6 million shares at Rs. 9 each to raise Rs. 761.6 million.

The share closed Friday (17) at Rs. 9.80.

The company reported a net asset value per share of Rs. 7.48 as at end-June 2025.

Ambassador of Sri Lanka to the Republic of Trkiye Niluka Kadurugamuwa, presented his Letters of Credence to the President of the Republic, Recep Tayyip Erdogan, at a formal ceremony held at the Presidential Complex in Ankara on 16 October.

President Erdogan, extending a warm welcome to Ambassador Kadurugamuwa, conveyed his best wishes for a successful tenure and expressed confidence that the new Ambassador’s leadership will further strengthen the long-standing friendship between Sri Lanka and Trkiye. The Turkish President also conveyed his warm greetings to President Anura Kumara Disanayaka.

During the meeting that followed the Credentials ceremony, President Erdogan expressed keen interest in exploring ways and means to enhance trade, economic and investment cooperation between the two countries. He also referred to Trkiye’s educational and scholarship programmes that are beneficial to Sri Lanka and highlighted the growing prospects for defence industry collaboration as well.

Ambassador Kadurugamuwa conveyed the warm greetings of President Anura Kumara Disanayaka to President Erdogan, and expressed appreciation for Trkiye’s continued friendship and support extended towards Sri Lanka. The Ambassador reaffirmed Sri Lanka’s commitment to advancing cooperation with Trkiye across political, economic, educational and cultural spheres, and emphasized the importance of strengthening trade and investment cooperation as well as people-to-people connectivity.

The Ambassador was accompanied to the Credentials ceremony by his spouse and senior diplomatic officers of the Embassy of Sri Lanka in Ankara.

On 17 October, as part of diplomatic protocol, Ambassador Kadurugamuwa paid solemn tribute at the Anitkabir, the Mausoleum of the Republic’s founder Gazi Mustafa Kemal Atatrk, and signed the Official Guest Book at the Misak-i Milli Tower, honouring Atatrk’s enduring legacy as a visionary statesman, reformer, and symbol of human progress.

Ambassador Niluka Kadurugamuwa is a career diplomat with over two decades of service in the Sri Lanka Foreign Service. Immediately prior to his appointment as Ambassador to Trkiye, he served as Director General of the South Asia and SAARC Division at the Ministry of Foreign Affairs, Foreign Employment and Tourism, and earlier as the Deputy High Commissioner of Sri Lanka in New Delhi from 2019-2023. His other diplomatic assignments include the Permanent Mission of Sri Lanka to the United Nations in New York, and the Embassies of Sri Lanka in Rome and Bangkok.

Ambassador Kadurugamuwa holds two Master’s degrees from the Universities of Kelaniya and Colombo, having graduated from the former with First Class Honours. He speaks English and Hindi fluently and has an elementary knowledge in Italian.

An accomplished literary translator, he has translated several major works of world literature into Sinhala, including Orhan Pamuk’s My Name is Red, Isabel Allende’s Island Beneath the Sea, and Amitav Ghosh’s The Glass Palace. He has thrice won the State Literary Award for Best Translation of a Novel.

Ambassador Kadurugamuwa is a past student of the Bandarawela Central College.

Deutsche Bank Sri Lanka recently commemorated 45 years of continuous operations in the country, reaffirming its long-standing commitment to the financial ecosystem and its role as a trusted partner in economic development.

Since establishing its presence in 1980, Deutsche Bank has remained the only European bank operating in Sri Lanka, offering a full suite of commercial banking services and connecting clients to Asian, European, and US markets.

Over the decades, Deutsche Bank has built deep relationships with clients across sectors, supporting trade finance, treasury, foreign exchange, and capital market access. Its consistent presence through economic cycles has positioned the bank as a reliable anchor in times of volatility and a strategic enabler during periods of growth.

In June 2025, Deutsche Bank Sri Lanka was recognised as the Best Fund Administrator – Retail Funds for the 11th consecutive year at The Asset Triple A Sustainable Investing Awards. This continued recognition underscores Deutsche Bank Sri Lanka’s market distinction as the only foreign bank in the country to offer custody, fund administration, and trustee services under a single platform. By delivering fully integrated and scalable solutions, the bank provides clients with enhanced operational efficiency and value.

In addition to this marquee win, Deutsche Bank Sri Lanka was also named Best Domestic Custodian, further cementing its position as a trusted provider with deep-rooted expertise in the local market. The bank’s broad capabilities were also acknowledged at The Asset Treasury, Trade, SSC and Risk Management Awards 2024, where it secured wins in the following categories: Best in Treasury and Working Capital (MNCs) and Best Payments and Collections Solution.

Deutsche Bank India and Emerging Asia CEO Kaushik Shaparia said: ‘We are not just a financial institution-we are a gateway to global expertise, markets, and investment flows. We aim to be more than a provider of finance; we want to be your advisor, your partner in ambition, and a catalyst for solutions that shape a better tomorrow.’

Deutsche Bank AG Colombo Branch Chief Country Officer Niranjan C. Figurado said: ‘We don’t just provide finance and services-we aim to be your advisor. We want to understand your ambitions and challenges and work together to find solutions that will lead your company to a better future. Our 45-year journey in Sri Lanka is a testament to our enduring commitment and partnership.’

German Ambassador to Sri Lanka Dr. Felix Neumann added: ‘Deutsche Bank’s 45-year presence is a testament to the enduring partnership between Germany and Sri Lanka. As the only continental European bank in the market, Deutsche Bank exemplifies trust, innovation, and sustainability. Germany stands as a steady and reliable partner, and I am confident that this relationship will continue to thrive in a reformed Sri Lanka with modern governance and transparency.’

Sri Lankan Boys Kabaddi outfit thrashed hosts, Bahrain 65/21 in their opening encounter totally dominating at the Third Asian Youth Games 2025 on Sunday at the Bahrain National Stadium (ISA Sports City).

Sri Lanka Girls Kabaddi outfit were beaten by Thailand Girls 46/26 in their opening first round encounter. In their second encounter Sri Lankan Girls were beaten by Iran 54/26 at the same venue. National Olympic Committee of Sri Lanka sent a strong 100 members team for the Third Asian Youth Games 2025.

The Government should focus on adopting proven technologies rather than attempting to build its own digital public infrastructure (DPI) from scratch, LIRNEasia Founder and Sarvodaya Chairman Prof. Rohan Samarajiva said, warning that the country risks repeating avoidable mistakes if it tries to ‘reinvent the wheel.’

Speaking at the Asian Development Bank’s (ADB) Serendipity Knowledge Program (SKOP) on Digital Transformation: Cybersecurity and Data Protection for Digital Economy Development held in Colombo recently, he said Sri Lanka can learn from India’s experience with the Aadhaar system, which became a global model for DPI despite being launched before a data protection law was in place.

‘The whole DPI concept is being pushed by India, and people are looking at Aadhaar as the exemplar,’ Prof. Samarajiva said. ‘When Aadhaar was rolled out very rapidly, India didn’t have a data protection law, and that was seen as a great vulnerability. But they strengthened the design so that, for example, Government agencies could no longer download large chunks of personal data.They tokenised and improved the architecture so that when regulation came, it was really just the icing on the cake.’

Prof. Samarajiva said Sri Lanka has the advantage of learning from India’s early mistakes. ‘They’ve made the mistakes, they’ve paid the price. My son used to say, don’t ever buy anything on the first iteration because it will have glitches. Let somebody else do that, and then you come in later. We have that advantage,’ he said.

‘But Sri Lankans don’t seem to get it. They have this fixation with, ‘why can’t we develop our own?’ You don’t need to reinvent the wheel. Take someone else’s wheel and do something interesting with it.’

‘They just don’t get it. They have this fixation with, oh, why can’t we develop with other companies? You know, there’s a wheel, there’s something called the wheel somewhere. Why don’t we reinvent it? No, don’t reinvent the wheel. Take somebody else’s wheel and do something interesting with it,’ Prof. Samarajiva said.

He added that Sri Lanka’s approach should prioritise trusted design, interoperability, and proven standards over an inward focus on developing isolated systems. ‘I have greater faith in the tech design and the practices developed around it than in regulation,’ he said.

DPI forms the backbone of the Government’s Digital Sri Lanka 2030 Roadmap, which aims to build a $ 15 billion digital economy.

The plan envisions an inclusive and resilient common DPI that integrates digital identification, payment gateways, and a national data exchange platform to improve efficiency and interoperability across Government agencies. It also includes a cloud-first policy, a Government-wide digital payment system, and a data-sharing platform to eliminate IT silos and improve citizen convenience.

Prof. Samarajiva said public trust would be the foundation for achieving these goals. ‘People must use these capabilities, and that depends on levels of trust and comfort, a sense of safety,’ he said. ‘People want to know their personal data will not be taken out of their control-that it won’t be used to create another persona or cause harm. If we can’t give that assurance, development objectives will fall short.’

He warned that frequent data breaches and operational failures could erode public confidence in digital systems.

‘If you have too many data breaches and ransomware attacks, trust will erode. We’ve seen Government officials lose months of emails because of system failures. When that happens, people stop trusting and stop using,’ he said.

Prof. Samarajiva said the Government must set clear standards to ensure both security and usability.

‘This is where regulation comes in-to give users and companies a clear sense of the rules and expectations, and to reassure Government officials themselves,’ he said. ‘Many still think security means keeping a server locked in a room, which is actually one of the least secure ways to manage data. These are areas where the Government has to lead by establishing proper frameworks.’

He said a credible DPI could only be achieved through a balance of secure design, regulatory clarity, and user confidence.

‘Technology and governance must work hand in hand. Without trust, no digital transformation will deliver the results the country expects.’

Sri Lanka’s Deep South has officially taken centre stage as a premier destination with the launch of the Ruhunu Ring, a visionary concept initiated by Shangri-La to strengthen destination storytelling and tourism marketing. The launch took place at the Sri Lanka Tourism Expo 2025 Grand Finale and International Tourism Leaders’ Summit 2025, in the presence of President Anura Kumara Disanayake.

The Ruhunu Ring – Sri Lanka’s first major destination circuit since the Cultural Triangle of 1978 – stretches from Bentota on the west coast to Arugam Bay on the eastern shores, sweeping inland to Ella. It brings together some of the island’s most captivating yet under-explored destinations, connecting golden beaches, wildlife sanctuaries, forest monasteries, cinnamon gardens, and surf towns into one cohesive tourism story. It unites five thematic journeys that together form a living tapestry of discovery: Wildlife, Culinary, Adventure and Sports, Wellness, and Culture.

The five rings of discovery

Wildlife Ring – The Miracle 12

The south is home to some of the world’s most extraordinary biodiversity – including the highest density of leopards in the world at Yala, majestic blue whales off Mirissa, Asian elephants in Udawalawe, the rare sloth bear, endemic bird species in Kumana, and vibrant marine life. Nowhere else in the world can travellers encounter whales, elephants, and leopards within just a few hours of travel.

Culinary Ring – Cinnamon and sea

Southern Sri Lanka’s culinary story is one of spice, heritage, and coastal abundance. From fiery fish curries and king coconut to cinnamon gardens, toddy tastings, beach grills in Tangalle, fusion brunches in Galle Fort, and slow-brew coffee in Ella – the region is a mosaic of authentic flavours. It celebrates not just food, but the traditions and people behind it.

Adventure and Sports Ring – Solo to family

Adventure is the heartbeat of the Ring – from surf breaks in Weligama, Hiriketiya and Arugam Bay, sunrise hikes in Ella, cycling trails through cinnamon backroads, deep-sea fishing, lagoon canoeing, camping, to cricket at Galle International Stadium and golf at Hambantota. It’s a playground for solo travellers, families, and thrill seekers alike.

Wellness Ring – Ayurvedic and holistic

The Ruhunu Ring is also a sanctuary for the soul. With ancient Ayurvedic treatments, beachside yoga, forest meditation, and holistic healing rituals, the south offers transformative wellness experiences. From sunrise yoga sessions on Tangalle’s beaches to rainforest retreats in Ella, wellness here is not a trend – it’s a way of life.

Culture Ring – History, lifestyle and festivals

Culture lives in the south’s temples, festivals, crafts, and daily rhythms. From Galle Fort’s cobblestone streets to Kataragama’s pilgrimages, Mulkirigala’s rock temples, Ambalangoda’s masks and drumming traditions, Ranminithenna Telecinema Village, and cinnamon craft in Habaraduwa – this is living heritage, not a museum. Festivals and rituals unfold year-round, giving travellers a window into the soul of Sri Lanka.

A national call to collaborate

The initiative was endorsed by Sri Lanka Tourism Chairman Buddhika Hewawasam, who emphasised the importance of public-private collaboration in driving destination growth.

‘Sri Lanka’s tourism industry needs bold new product development that goes beyond traditional touchpoints. The Ruhunu Ring represents exactly that – a chance to unlock the full potential of the south, stretching from the western and southern provinces to the east,’ Hewawasam said. ‘This region holds some of the most fascinating and yet under-explored destinations in the country. Its strength lies in authenticity, layered experiences, and living landscapes – not staged tourism.’

He noted that this is the first large-scale destination product initiated by the private sector, ‘And it carries tremendous promise for regional and national growth. We invite hoteliers, operators, and communities to join us in bringing this vision to life, driving engagement with people, and creating new pathways for income generation and inclusive tourism development. For Sri Lanka to thrive as a destination, the private and public sectors must work hand in hand, the Ruhunu Ring provides the framework for that collaboration.’

Shangri-La Hambantota General Manager Refhan Razeen said: ‘This is not simply a project; it is a story of a destination coming together. The Ruhunu Ring gives Sri Lanka’s south its own identity – a powerful, cohesive narrative designed to inspire travellers around the world.’

The Ruhunu Ring was officially launched on 2 October 2025 and aims to unite hoteliers, airlines, DMCs, operators, provincial councils, cultural and wildlife authorities, and communities under a shared vision. By aligning efforts, it seeks to elevate Sri Lanka’s south as a globally recognised destination, mirroring the transformative impact the Cultural Triangle had in 1978.

Digital platform now live

To support this effort, a dedicated website – www.ruhunuring.com – has been launched, providing curated itineraries, maps, storytelling content, imagery, and media resources for partners and travellers alike.

Mintpay has partnered with FitsAir, Sri Lanka’s first privately owned international airline, to offer customers flexible and rewarding payment options when purchasing air tickets.

With this collaboration, customers can split their ticket cost into three interest-free instalments using Pay Later, or opt for Pay Now and receive 3.65% Instant Cashback on each ticket. The integration is designed to enhance the booking experience with greater affordability and convenience for its growing customer base, while also helping FitsAir drive higher conversion, increase average order value, and strengthen customer loyalty.

Mintpay Chief Operating Officer Urmila Chandrasekaram said: ‘At Mintpay, we are always looking for ways to add value for our customers by expanding the range of experiences and products they can access. Our partnership with FitsAir marks the next step in this journey, unlocking air travel as a new way for customers to use Mintpay and explore foreign destinations.’

FitsAir Executive Director Ammaar Kassim said: ‘At FitsAir, our focus has always been affordable, on-time, hassle-free travel. Partnering with Mintpay extends that promise of giving passengers greater flexibility and ease at checkout whilst making travel more accessible as we continue to redefine air travel in Sri Lanka and beyond.’

Mintpay is revolutionising the payment experience by making every purchase more rewarding for both customers and businesses. With an expansive network spanning across top-tier brands, Mintpay has become the go-to choice for consumers who value smart savings with Pay Now – Instant Cashback, appreciate the adaptability of Pay Later, and enjoy the flexibility of Mintpay Vouchers, making gifting better and more personalised.

Sri Lankan shuttler Dumindu Abeywickrama completed his Latin American campaign with five medals, after securing a bronze medal at the XIV Santo Domingo Open 2025 Badminton Championship at Santo Domingo in the Dominican Republic on Saturday.

Dumindu, competing in the Men’s Singles semi-final at the BWF sanctioned international event, ended his run with a straight loss to Mark Shelly of USA, who won the crucial decider by 21/16 and 21/19 after a 54-minute gruelling battle. With this, Dumindu’s medal-tally from the Latin American campaign completed with a gold and two each of silver and bronze medals. Following the epic journey of Sri Lanka’s rising Men’s Singles shuttler, Dumindu’s ranking in BWF sits at 118.

Earlier Dumindu claimed the Men’s Singles gold medal at the Guatemala International Challenge 2025 held from 30 September to 5 October in Guatemala, with an impressive record of five straight wins from the start to finish. There, he recorded a straight win against Mark Shelley, presently BWF ranked 89 in BWF, before the American turned tables on Dumindu on Saturday in Santo Domingo.

Dumindu’s impressive run in Guatemala justifies his commitment and effort to better his standard among Men’s Singles shuttlers in the world with a few straight wins on his way to win the gold medal against higher ranked players. Among those who were defeated by Dumindu were Aria Dinata of Croatia (BWF 68) in the semi-final, and Adriano Viale of Peru (BWF 105) in the quarter-final.

He had already reached two finals in Men’s Singles in Colombia and Costa Rica after kicking off his Latin American campaign in Guatemala with a bronze medal early in September. At the I La Perla Del Otun Future Series 2025, held from 24 to 28 September in Pereira, Colombia, Dumindu steamrolled undefeated with straight wins to reach the final, before suffering a 2-1 loss after a close battle against USA’s Enrico Asuncion to secure his second silver medal.

This was after his silver medal at the Il Costa Rica Future Series 2025 held from 9 to 13 September in San Jose, Costa Rica, where he began to accelerate his playing style. He recorded three back-to-back straight wins before starving off Arthur Wakhevitsch of France by 2-1 and book the berth in the final against Guatemala’s Kevin Cordon, BWF ranked 77, before going down 2-1 and earn the silver. Incidentally, Cordon pushed Dumindu out in the semi-final at the VLL Guatemala Future Series 2025, held from 7 to 9 September in Guatemala, giving the Sri Lankan his first medal of the tour, a bronze.

A former student of Royal College, Colombo, Dumindu is presently based in Seattle, USA under renown badminton coach Rohith Halase Gowda, who guides him during the Latin American competitions, which will be helpful to improve his playing standards competing against top BWF ranked shuttlers and gain international exposure. Dumindu’s schedule was coordinated by Sri Lanka national coach Yukthi Perera under the Development Program by Sri Lanka Badminton.