Govt. to draft new amendments to Port City law

Cabinet Spokesman and Minister Dr. Nalinda Jayatissa yesterday said the Cabinet has approved a proposal by President Anura Kumara Disanayake to instruct the Legal Draftsman to prepare amendments to the Colombo Port City Economic Commission Act, No. 11 of 2021.

He said the revisions are aimed at addressing regulatory gaps and investor concerns following the repeal of Port City’s strategic business regulations on 4 August. Those regulations had previously granted key incentives and exemptions to investors.

Colombo Port City, established as a special economic region under the 2021 Act, is intended to position Sri Lanka as a competitive international business hub. The Colombo Port City Economic Commission has identified additional legal changes required to strengthen the region’s competitiveness, attract foreign direct investment, and improve Sri Lanka’s global ease-of-doing-business rankings.

The proposed amendments follow an earlier Cabinet decision in July 2024 to update the existing law. The new measures are expected to provide direct solutions to issues faced by investors and restore confidence by clarifying the incentive framework within Port City’s regulatory environment.

Walpola heads Ananda rugby coaching unit

Ananda College has announced the appointment of Anuranga Walpola as their Head Coach of their 1st XV rugby team for the 2026 season.

Walpola played for Isipathana and later at CR and FC and Kandy SC clubs representing the national youth and senior teams for number of years before taking up coaching. His last assignment was at S. Thomas’ College Mount Lavinia.

Supporting Walpola will be an experienced and well-balanced coaching panel that includes former Kingswoodian kicking sensation, Dev Anand as Assistant Coach (Backs), Dinesh Kumara handling Backs and Strength and Conditioning while Prashanth Hettiarachchi as Assistant Coach (Forwards).

CBSL absorbs $ 1.24 b from domestic market YTD Aug.

The Central Bank of Sri Lanka (CBSL) remained a net purchaser of foreign exchange from the domestic forex market during the first eight months of 2025, continuing the positive trend seen in 2023 and 2024, according to the Financial Stability Review 2025 released last week.

From January to August 2025, the CBSL absorbed $ 1.3 billion from the domestic forex market and injected $ 63.3 million, resulting in a net absorption of $ 1.24 billion. This compares with $ 2 billion recorded during the corresponding period in 2024.

Gross Official Reserves stood at $ 6,164.2 million at the end of August 2025, slightly above the $ 6,122.0 million reported at the end of 2024.

The report noted that this accumulation occurred despite rising import demand and ongoing external debt servicing by the Government and the CBSL.

‘To sustain this positive trend amidst increasing import demand, scheduled repayment of external Government debt, and the CBSL’s foreign currency obligations, consistent foreign currency inflows will be essential,’ the report stated.

The review said liquidity conditions in the domestic forex market improved, reflected by a narrowing bid-ask spread for the USD/LKR rate.

This downward momentum continued from 2024, indicating reduced volatility and lower transaction costs. A temporary widening of the spread in April 2025 was attributed to market uncertainty following the announcement of reciprocal tariffs on Sri Lankan imports by the US and seasonal import-related pressures during the festival period.

The CBSL noted that maintaining improved liquidity through stronger export earnings, tourism receipts, and workers’ remittances will be critical for sustaining confidence and attracting foreign investment.

Interbank foreign exchange transaction volumes also strengthened during the review period. In January 2025, the market recorded the highest monthly volume since October 2020, reaching $ 1,668 million, and later increased to $ 1,722.9 million in August 2025. The surge early in the year was likely due to the anticipated resumption of vehicle imports and hedging activities amid expectations of increased demand for foreign exchange, the CBSL said.

Forward transactions rose 22% compared to the same period in 2024, reaching $ 622 million in August, or 36.1% of total transactions for the month.

Spot transactions increased by 19%, TOM transactions by 39%, and cash transactions by 85%, reflecting stronger liquidity needs at various points during the year.

The one-month forward premium continued its declining trend from 2024, indicating stable expectations in the forex market.

Secondary Bond market yields remain in consolidation phase

The secondary Bond market yesterday witnessed healthy overall activity, despite being characterised by prolonged periods of inactivity interspersed with sporadic bursts of trading.

This marked a stark departure from the virtual standstill seen the day before. Transaction volumes were at robust levels, with sizeable block trades executed during the active periods.

Yields held broadly steady across most of the curve as the market continued to consolidate, keeping rates anchored around prevailing levels. The exception was the 2028 tenors, which saw yields creep upwards.

In terms of the secondary Bond market trade summary, 01.08.26 maturity was seen trading at the rate of 8.35%-8.30%. The 15.02.28, 01.05.28 and 01.07.28 maturities were seen trading at the rates of 9.10%, 9.20% and 9.25% respectively.

The 15.10.28 and 15.12.28 maturities were both seen trading at the rate of 9.30%. The 15.06.29, 15.10.29 and 15.12.29 maturities were seen trading at the rates of 9.65%, 9.70%-9.68% and 9.70% respectively. The 01.07.30 maturity was seen trading down the range of 9.80% to 9.78%.

The 01.06.33 and the 01.11.33 maturity were seen trading at the rates of 10.70% and 10.72% respectively.

In Secondary market Bills, trades were observed on March

2026 maturities at the rates of 8.00%-7.95%.

Meanwhile, the Treasury Bills auction scheduled to be conducted today will have a total offered amount of Rs. 77.5 billion, an increase of Rs. 44 billion over the previous week. The auction will consist of Rs. 15 billion on the 91-day, Rs. 35 billion on the 182-day and Rs. 27.50 billion on the 364-day maturities.

For context, at the previous weekly Treasury Bill auction (08th October), the weighted average rates held largely steady, with the exception of the 91-day maturity which registered a further drop of 01-basis point.

The 182-day and 364-day tenors remained unchanged at 7.89% and 8.02% respectively.

This marks the 12th week where T-Bill rates have stayed broadly anchored around prevailing levels. Nevertheless, the auction went undersubscribed. Only 57.10% or Rs 19.13 billion out of the Rs 33.50 billion targeted offered amount was raised. This was despite the bids received to offered amount ratio standing at 1.59 times

The total secondary market Treasury Bond/Bill transacted volume for 13 October was Rs. 37 billion.

In money markets, the net liquidity surplus was recorded at Rs. 171.02 billion yesterday. An amount of Rs. 179.46 billion was deposited at Central Banks SDFR (Standing Deposit Facility Rate) of 7.25%, while an amount of Rs. 8.44 billion was withdrawn from the Central Banks SLFR (Standard Lending Facility Rate) of 7.25%.

The weighted average rates on Call money and Repo were registered at 7.87% and 7.89% respectively.

Forex Market

In the Forex market, the USD/LKR rate on spot contracts closed the day depreciating to Rs. 302.80/302.90 as against Rs. 302.59/302.62 the previous day.

The total USD/LKR traded volume for 13th October was US $ 67.31 million.

Hemas Pharmaceuticals partners Oproma Cosmetics to launch ‘Hair Buddy’

Hemas Pharmaceuticals Ltd., a subsidiary under Hemas Holdings PLC, recently announced the arrival of its latest hair care product with the launch of Hair Buddy. Developed in partnership with Oproma Cosmetics Ltd., as a botanical fusion hair masque, Hair Buddy marks a milestone for Hemas Pharmaceuticals as its first-ever direct-to-consumer, digital-first launch.

NMRA approved and dermatologically tested, and 100% BPA free, Hair Buddy works rapidly to deliver visible growth. Designed to be a ‘forever friend’, Hair Buddy works to prevent hair loss, reduce dandruff, and strengthen hair from root to tip. Hair Buddy is uniquely positioned to build long-term scalp health through deep nourishment. Recommended for ages 16 and above, Hair Buddy’s ‘forever friend’ factor stems from its status as a safe, inclusive, and effective hair growth partner developed from time-tested Sri Lankan traditions based on plant powered formulas.

Hair Buddy’s launch aligns with Hemas Pharmaceutical’s priority pillars by driving growth through entry into the fast-expanding hair care market. The launch of Hair Buddy represents both Hemas Pharmaceuticals’ diversification into personal care and cements its digital transformation agenda with a dedicated e-commerce platform offering convenient island-wide delivery.

Central to this latest milestone is Hemas Pharmaceuticals’ long-standing distribution partner for over two decades, Chandrasiri and Sons, who will serve as the exclusive distributor for Hair Buddy. With several years of partnership behind them, the collaboration underscores Hemas Pharmaceuticals’ commitment to building on trusted relationships as it explores new markets and consumer segments.

Hemas Pharmaceuticals Managing Director Dr. Mahesha Ranasoma said, ‘As we continue to expand into new markets and healthcare categories, we’re not only pleased to renew and reaffirm longstanding and trusted partnerships, but we’re also eager to bring our customers a product that’s rooted in responsibility and free from harsh chemicals. Furthermore, Hair Buddy reflects Hemas Pharmaceutical’s focus on innovation, purpose, and ethically sustainable responsibility. Through Hair Buddy, Hemas Pharmaceuticals takes a meaningful step beyond healthcare into the realm of personal well-being.’

Oproma Cosmetics Managing Director Pradeep Mapalagama added, ‘With Hair Buddy, we aim to introduce customers to a holistic and carefully curated product that will ensure long-term hair care and profound customer satisfaction. Partnering with Hemas Pharmaceuticals ensures we not only bring this vision to life, but that it upholds and aligns with the same values of responsibility and innovation that we both share.’

Empowering next generation: McLarens Group champions Girls on Track 2025

From left: PCHE Head of Operations and Marketing Charthri Wijenayake, Co-Founder and Director – Academics Yasaara Kaluaratchi, Managing Director and Founder Somesh Perera, McLarens Group Group Managing Director Shehara De Silva, McLarens Lubricants Joint Managing Director Chaminda Gunarathne, and McLarens-3M Chief Executive Officer/Director Dilan SeneviratneIn a powerful celebration of leadership, courage, and empowerment, the Girls on Track inter-school competition, organised by the Student Council of Prospects College of Higher Education (PCHE), was held recently at the Nawam Mawatha public carpark from 7:30 a.m. to 2:30 p.m.

Five schools competed in a thrilling display of talent and teamwork with Visakha Vidyalaya emerging as the Winning Team, demonstrating exceptional coordination and racing skill.

Musaeus College secured the 1st Runner-Up position and Gateway International College – Dehiwala claimed the 2nd Runner-Up spot.

Special recognition was also awarded to the fastest drivers on the track, celebrating individual excellence and fearless performance.

The event was designed to inspire young girls to break barriers, discover their strengths, and lead with confidence through a series of engaging challenges.

At the heart of this initiative is McLarens Group, proudly stepping forward as the main sponsor of the event. With its flagship brands Mobil and 3M, McLarens Group brings not only industry excellence but also a deep commitment to fostering inclusive opportunities for the next generation.

McLarens Group Group Managing Director Shehara De Silva, shared her personal journey in motorsports-a story of resilience, passion, and balance. As a businesswoman and mother, De Silva emphasised the importance of creating platforms where young women can explore unconventional paths and thrive.

‘Motorsports taught me discipline, courage, and the value of pushing boundaries. Supporting Girls on Track is our way of encouraging young girls to embrace challenges and lead fearlessly,’ she said.

Mobil, a global leader in advanced engine oils, and 3M, renowned for its innovation across automotive, construction, industrial and consumer solutions, are both aligned with the event’s mission to promote excellence, performance, and empowerment. Their presence at Girls on Track reflects McLarens Group’s broader vision of driving progress-not just in business, but in society.

Govt. allows rice imports amid local Keeri Samba shortage

The Cabinet of Ministers on Monday approved a proposal to permit rice importers to bring in up to 520 metric tons of Ponni Samba rice per importer, without permits, to address the current shortage of Keeri Samba in the local market.

Cabinet Spokesman and Minister Dr. Nalinda Jayatissa said the decision follows concerns that Keeri Samba is being sold above the Government’s control price due to limited availability.

According to the Department of Census and Statistics’ Household Income and Expenditure Survey, Sri Lanka’s annual rice consumption is estimated at 2.46 million metric tons, of which about 10% or 246,000 metric tons is Keeri Samba.

The imports will be allowed from 15 October to 15 November subject to the maximum limit of 520 metric tons per importer and exemption from the usual permit requirement, Dr. Jayatissa said.

Rakbo and Margo win at Access October Monthly Medal

The Access October Monthly Medal 2025 saw Rakbo Perera accounting the overall Men’s win a scintillating round of 59 Nett, capturing both the Overall title and the Division C Nett and Gross (59 Nett, 83 Gross) crowns at the Royal Colombo Golf Club (RCGC) which attracted more than 280 golfers. His consistent play underlined his growing dominance on the RCGC circuit. Darshana Maralanda ended runner-up in the same division.

Among the Ladies, Margo Sellayah produced a composed and steady round to win the Overall Ladies title with a 65 Nett, while also triumphing in the Ladies Seniors Nett (65) and Gross (96) categories a top class triple for the experienced golfer.

In Division A, Rohan Pieris clinched the Nett title with 66, edging Arvind Fernando by a single stroke, while Husni Uwise claimed the Gross title with a fine 69. The Division B Nett went to Rohith Fonseka (68), with Rohan De Silva one shot behind, as Chulaka Amarasinghe won the Gross (79).

The Seniors Division saw Sunimal Salgadu card a 66 Nett to win ahead of James Mathews (70), while Kumar Boralessa took the Gross (80). In the Masters, Hirantha Gunasekera edged V.T. Sundaralingam on countback with 67 Nett, and Bandung Weerasinghe secured the Gross (74).

Among the junior golfers, Sandul de Silva won the Nett (67), with Shehan Herath close behind on 69, while Thejas Rathiskanth claimed the Gross (77).

Tiru Jesudasan captured the Ladies Silver Nett (73, countback), with Dhanushi Senadhira taking the Gross (81), and young Thiumi Gunasekera swept the Bronze Division Nett (67) and Gross (94) for her maiden double win. Dinoo de Mel was runner up.

Cabinet nod for Rs. 1.3 b Excise Department revenue system

The Cabinet of Ministers on Monday approved the award of a Rs. 1.3 billion contract for the design, development, implementation, and maintenance of a new revenue administration system for the Excise Department, Cabinet Spokesman and Health Minister Dr. Nalinda Jayatissa said yesterday.

He said the contract has been granted, tax-free, to MillenniumIT ESP Ltd. and Metropolitan Technologies Ltd., based on the recommendation of the Procurement Committee.

According to the Minister, the new system is expected to improve efficiency through integrated data exchange, strengthen risk management and revenue reconciliation, and enhance transparency and accountability in excise operations.

Dr. Jayatissa also noted that three appeals had been submitted to the Procurement Appeals Board regarding the tender process, all of which were dismissed.

Dilmah strengthens Sri Lanka’s water and ocean stewardship

Dilmah invited to be Patron of UN Global Compact Network Sri Lanka’s Water And Ocean Stewardship Working Group

For Sri Lankans, Dilmah is more than a tea brand – it is heritage distilled in a cup, a name synonymous with authenticity, integrity, and the familiar aroma of home. Yet behind its global reputation lies something far more profound: a philosophy rooted in purpose, compassion, and stewardship. This ethos is anchored in the words of Dilmah Founder Merrill J. Fernando, who believed that ‘business is a matter of human service.’ It is this guiding principle that continues to shape how Dilmah grows, innovates, and contributes to society – placing purpose above profit.

In recognition of this enduring commitment, Dilmah Ceylon Tea Company PLC has been invited to be Patron of the Water and Ocean Stewardship Working Group of the UN Global Compact Network Sri Lanka (Network Sri Lanka). This invitation is both an honour and a responsibility: an opportunity to amplify decades of leadership in conservation and inspire others to take action in Sri Lanka’s collective sustainability journey.

‘Being named Patron amplifies the work that we are already doing,’ said Dilmah Head of Sustainability and Conservation Rishan Sampath. ‘But more importantly, it gives us a platform to bring others with us – to build a national conversation, to share tools, and to invite new thinking.’

Legacy in water stewardship

Water has always been at the heart of Dilmah’s philosophy. Reliable access to water sustains the tea industry, just as thriving ecosystems sustain communities. Recognising this, Dilmah Conservation – the company’s environmental arm – has, since 2007, spearheaded over fifty initiatives to conserve, restore, and manage water resources. These include rainwater harvesting systems, community access to safe drinking water, wastewater recycling, and campaigns to reduce plastic pollution that threatens waterways.

In 2024/25, Dilmah took a significant step forward by conducting its first-ever water footprint assessment, aligned with ISO 14046:2014 and validated by a third party. The assessment, based on the methodology of the Water Footprint Network, represents a milestone in the company’s sustainability journey. By adopting internationally recognised standards, Dilmah has enhanced the credibility of its water data and reinforced its commitment to transparent, science-based environmental management.

The results of the assessment provided detailed insights into Dilmah’s water use. At Dilmah Ceylon Tea Company (DCTC), the total direct water footprint was recorded at 19,498 cubic metres per year, while its subsidiary MJF Beverages (MJFB) reported a total of 880 cubic metres per year. The breakdown highlighted direct blue water footprints of 11,851 cubic metres per year at DCTC and 527 cubic metres per year at MJFB, while the direct grey water footprint was 7,647 cubic metres per year and 353 cubic metres per year respectively. These figures provide a critical baseline to guide future water efficiency and conservation strategies.

Importantly, the assessment revealed a clear trend of improvement. In 2024/25, the volume of municipal water withdrawn and consumed fell by 8% year-on-year, decreasing from 39.15 million litres in 2023/24 to 35.93 million litres. Similarly, the volume of water discharged to wastewater treatment plants declined by 44%, falling from 41.11 million litres to 23.01 million litres. These reductions demonstrate Dilmah’s progress in reducing its water footprint and enhancing efficiency across operations.

From waste to resource: Water conservation in practice

Water conservation at Dilmah extends beyond monitoring and reporting. The company has integrated circular practices into its operations, ensuring that water is reused wherever possible. All effluents are routed to on-site wastewater treatment plants (WWTPs), which are designed to meet stringent environmental parameters, including pH levels, Chemical Oxygen Demand (COD), Biological Oxygen Demand (BOD), Total Suspended Solids (TSS), oil and grease, and heavy metals. Once treated, wastewater is repurposed for landscaping and gardening, reducing dependence on fresh water and minimising waste.

Rainwater harvesting is another critical aspect of Dilmah’s conservation model. Systems installed at the company’s Headquarters in Colombo, the One Earth Centre in Moratuwa, and selected estates under Kahawatte Plantations PLC collectively offer a harvesting capacity of 129,799 cubic metres. By capturing and storing rainwater, Dilmah reduces reliance on municipal water supplies and ensures water security for operations and communities.

Looking ahead, Dilmah is scaling up its rainwater harvesting efforts even further. In December 2024, preliminary feasibility studies were conducted in collaboration with the Lanka Rainwater Harvesting Forum (LRWHF) at the Endane and Houpe estates. These studies lay the foundation for an expanded rainwater harvesting infrastructure across the Kahawatte Plantations footprint, demonstrating Dilmah’s proactive approach to long-term water stewardship.

‘Without reliable sources, there is no tea. Without healthy ecosystems, there are no resilient communities. Water is everything,’ Rishan emphasised.

Strengthening through Network Sri Lanka

Dilmah’s progress has also been accelerated by its collaboration with Network Sri Lanka. Through the Network, Dilmah has been able to align its water stewardship practices with global frameworks, access international expertise, and share its learnings with peers across industries. The Working Group has provided a platform not only to showcase Dilmah’s pioneering efforts in water footprint assessment and conservation, but also to engage other businesses in advancing shared solutions. By convening companies from diverse sectors, Network Sri Lanka ensures that individual initiatives like Dilmah’s contribute to system-wide change and strengthen Sri Lanka’s collective response to water and ocean challenges.

‘Our collaboration with the Network Sri Lanka has helped us go forward, faster,’ added Rishan. ‘Through the Network, we have been able to benchmark our progress against international best practices, access expertise on emerging issues, and, most importantly, work alongside other Sri Lankan businesses who share our commitment to water and ocean stewardship. That collective approach makes our efforts stronger and more impactful.’

Expanding to ocean conservation

Dilmah has more recently extended its stewardship to Sri Lanka’s oceans and coastal ecosystems. On World Oceans Day, 8 June 2024, Dilmah partnered with the University of Colombo and Uva Wellassa University to launch Phase I of a coral conservation project at Colombo Port City. This initiative builds on Dilmah’s earlier efforts to protect the Kayankerni Marine Reef and focuses on studying coral diversity in an urban setting. Using baseline surveys, mapping, data collection, and impact assessments supported by innovative technologies, the project aims to generate critical insights into the resilience of corals in rapidly developing coastal environments.

At the same time, Dilmah Conservation has embarked on one of Sri Lanka’s most ambitious mangrove restoration programs. In Kalpitiya’s Kappal Adi Lagoon, Dilmah is restoring twenty-five acres of degraded mangrove forest. This project is underpinned by a dedicated mangrove nursery cultivating seven species of saplings. Since its launch in October 2022, the initiative has reported an above-average planting success rate, owing to the use of science-based planting techniques. A comprehensive baseline survey of the site documented 144 wildlife species and 62 native plant species, creating a robust scientific foundation to guide ongoing restoration work.

Collaboration remains a cornerstone of Dilmah’s approach. Through Biodiversity Sri Lanka (BSL), the company is jointly restoring mangrove patches in the Anawilundawa Wetland Sanctuary, a Ramsar-recognised site of international importance. These projects complement ongoing coral reef conservation under the initiative Life to our Coral Reefs.

‘Our responsibility extends from the cloud forests of our estates to the coral reefs on our coasts,’ Rishan noted, highlighting the interconnectedness of land and marine ecosystems.

Road ahead

As Dilmah looks to the future, its ambitions in water and ocean stewardship are growing. Plans are underway for the accurate mapping of Sri Lanka’s fringing coral reefs using high-resolution drone imagery and for the evaluation of ecological and benthic characteristics to guide national policy. The company is also exploring the potential of blue carbon ecosystems – mangroves, seagrasses, and salt marshes – to act as carbon sinks while supporting eco-tourism and enhancing climate resilience. At the same time, expanding rainwater harvesting infrastructure across its plantation footprint remains a priority to safeguard freshwater resources in the face of climate variability.

By marrying decades of water stewardship with bold new commitments to marine conservation, and through Dilmah’s longstanding participation with Network Sri Lanka to translate global principles into local impact, the company is helping build a future where people, ecosystems, and businesses can thrive together. In doing so, Dilmah continues to advance the Ten Principles of the UN Global Compact – safeguarding human and environmental well-being