Category: Daily Financial Times

The Royal Melbourne Institute of Technology (RMIT) is in high-level talks to establish an innovation hub in Sri Lanka that will connect universities, industry, and Government institutions with international research expertise, the President’s Media Division (PMD) said.

At a meeting held at the Presidential Secretariat on Tuesday, RMIT officials and senior representatives of the Secretariat discussed the initiative, which is being coordinated through the National Initiative for Research and Development Commercialisation (NIRDC).

According to the PMD, the proposed RMIT Sri Lanka Innovation Hub will strengthen joint doctoral programs, align research with national priorities, and expand opportunities for commercialising innovation.

The hub is also expected to provide training and global access for local researchers, students, and professionals, while creating avenues for new funding and investment into Sri Lanka’s R and D sector.

Participants at the discussion included Senior Additional Secretary to the President Russell Aponso, RMIT Deputy Vice-Chancellor (Research and Innovation) Prof. Calum Drummond, STEM College Deputy Vice-Chancellor (Research and Innovation) Prof. Sujeewa Sethunga, NIRDC Director General Dr. Muditha D. Senarath Yapa, and other officials.

England Captain Harry Kane continued his incredible goalscoring run with two goals as Bayern Munich crushed Pafos in the Champions League.

Kane, 32, has now scored 102 goals in 105 games for the German giants following his £ 86.4 million move from Tottenham in August 2023.

He has 17 goals in nine club matches in 2025-26, including 11 in his past five appearances, as well as one goal for England in their 5-0 thrashing of Serbia this month.

Bayern, two points clear at the top of the Bundesliga, have now won all nine of their matches this season, scoring 35 goals in the

process, and have two victories from two in the Champions League.

The Informatics Institute of Technology (IIT) proudly welcomes our newest cohort to the Business Degree programmes. This is the start of an exciting journey where you’ll gain practical knowledge, discover your passions, and build a strong professional network.

At IIT, we’re dedicated to empowering the next generation of business leaders through an environment that inspires innovation, growth, and success. We can’t wait to support you as you embark on this journey and make your mark in the world of business.

The Informatics Institute of Technology (IIT), Sri Lanka’s leading private higher education provider with over 35 years of excellence, offers Foundation, Bachelor’s, and Master’s degree programmes in collaboration with two prestigious UK universities – the University of Westminster and Robert Gordon University.

The Colombo Stock Exchange (CSE) Annual Report 2024, themed ‘Redefining Horizons’, has achieved global recognition by taking home the Gold Award amongst five other awards under the Financials – Capital Markets category, at the League of American Communications Professionals LLC (LACP) 2024 Vision Awards.

The CSE had the distinction of holding the award back-to-back having also won the Gold Award for its annual report in 2023.

The report’s compelling design, in-depth content, and innovative presentation earned its five 2024 vision awards including the Gold Award, the Technical Achievement Award, ranked as the Top Ranked Sri Lankan Report, and ranked amongst the Top 100 Reports in the Asia-Pacific Region and Top 100 Reports Worldwide.

The LACP Vision Awards, widely regarded as one of the most prominent platforms for recognising annual reports worldwide, received submissions from leading organisations across the globe.

The Annual Report 2024 captures the CSE’s strategies, achievements, and vision, illustrating its pivotal role in navigating market dynamics while integrating technological advancements and inspiring trust in stakeholders. The recognition reaffirms the CSE’s position as a leading force in Sri Lanka’s financial sector and a benchmark for reporting standards in the region.

CSE Senior Vice President Finance and Admin Kusal Nissanka said that this year’s theme Redefining Horizons reflects the CSE’s support for a year of transition towards a green Sri Lankan economy in line with its vision to create sustainable wealth and value.

The year 2024 saw the CSE initiate Green Bond trading, an innovative financial instrument to raise capital for environmental benefits, and initiate frameworks for Sustainable Bonds including the unique Blue Bonds, tied to protection of Sri Lanka’s diverse marine life.

With a Sri Lankan capital market primed with attractively competitive Price-Earnings ratio in a strengthened economy the CSE continues to innovate in the Sri Lankan capital market. These successive back-to-back awards demonstrate the organisation’s professionalism and dedication to create a transparent and productive capital market inspiring confidence abroad and domestically.

Sri Lanka Tourism showcased ‘Destination Sri Lanka’ at the International and French Travel Market (IFTM) Top Resa 2025, held at Porte de Versailles in Paris from 23 to 25 September 2025. The spacious, well-designed Sri Lanka Pavilion, organised by Sri Lanka Tourism, was a key attraction at the fair, presenting the many facets of Sri Lanka along with Ceylon tea and traditional Sri Lankan dance and music.

Thirty (30) Sri Lankan travel and tourism companies took part in this year’s IFTM, including leaders in the French market such as Aitken Spence Travels, Jetwing Travels, Connaissance de Ceylan, Oak Ray Holdings, Thema Collection, Walkers Tours Ltd., and LSR Travels, among others. Several new companies, including Orinway Leisure Ltd., also joined the French travel fair for the first time.

The Sri Lanka Pavilion was formally inaugurated by the Ambassador of Sri Lanka to France and Permanent Delegate to UNESCO, Manisha Gunasekera, who graced the occasion as Chief Guest, together with Sri Lanka Tourism Promotion Bureau Director (Marketing) Dushan Wickramasuriya. Also present were Sri Lankan Airlines Regional Manager for Europe and the Americas, Chinthaka Weerasinghe, industry leaders, and representatives including senior members of the Sri Lanka Association of Inbound Tour Operators and the Association of Small and Medium Enterprises. The ceremony was followed by the serving of Sri Lankan delicacies and Ceylon tea.

In her remarks, the Ambassador underlined the pivotal role of the travel and tourism industry in driving Sri Lanka’s economic growth and development. She commended the Sri Lanka Tourism Promotion Bureau for showcasing the country at IFTM with a state-of-the-art pavilion, and congratulated industry leaders for their enduring commitment to promoting Destination Sri Lanka in France.

Sri Lanka Tourism Director (Promotion) warmly welcomed the French travel industry to the Pavilion, emphasising the resilience, dynamism, and upward trajectory of Sri Lanka’s tourism sector and its strong potential. He also referred to several major promotional campaigns in the pipeline aimed at further consolidating France as a top target market for Sri Lanka.

On 23 September, the Embassy of Sri Lanka hosted a networking dinner reception at its premises for Sri Lankan travel and tourism representatives. Distinguished French participants at the reception included MEDEF President of the Sri Lanka-France Business Council Eric Le Corre, and Guayapi Lanka Founder Claudie Ravel.

France is Sri Lanka’s sixth largest source market and the second largest within the European Union. From January to August 2025, 83,011 French tourists visited Sri Lanka, reflecting a 23.3% increase compared with the same period last year. This positive trend is expected to continue.

IFTM Top Resa is the foremost and most prestigious travel and tourism exposition in France, showcasing over 170 destinations and bringing together nearly 30,000 industry professionals from the travel and leisure sector annually in Paris. Sri Lanka’s participation in IFTM 2025 was facilitated by the Sri Lanka Tourism Promotion Bureau in partnership with the Embassy of Sri Lanka in France. The Embassy Commercial Secretary Prasadi Boomawalage, and Sri Lanka Tourism Promotion Bureau Assistant Director, Viranga Bandara were also associated with the event.

World Elders’ Day is a time to recognize the wisdom, sacrifices and lifelong contributions of senior citizens. As life expectancy increases globally, societies must ensure that older people are not marginalized but supported to live with dignity, independence and purpose. Ageing is not a burden-it is a natural stage of life that deserves respect, planning and care. Building an inclusive society for elders involves addressing healthcare needs, social inclusion, financial security and emotional wellbeing.

Healthcare is one of the most critical areas affecting elders. Age-related illnesses such as diabetes, heart disease, arthritis and memory disorders require consistent medical attention. Unfortunately, many senior citizens face limited access to quality healthcare due to high costs, long travel distances or lack of support systems. Creating affordable and accessible healthcare facilities, mobile clinics and home-care services can significantly improve quality of life. Training caregivers and expanding geriatric healthcare programmes can also strengthen support for ageing populations.

Social inclusion is another essential element of elder wellbeing. Many senior citizens feel isolated after children migrate, friends pass away or retirement reduces daily social interactions. Loneliness can lead to depression, cognitive decline and other health issues. Community centres, religious institutions and social organizations can create opportunities for elders to interact, share experiences and participate in recreational or cultural activities. Intergenerational programmes that connect youth with older adults foster mutual understanding and combat age-based stereotypes.

Economic security is vital for elders to live independently. Many retirees rely on pensions, savings or their children for daily expenses. However, inadequate financial planning and rising living costs can place them in vulnerable positions. Governments and financial institutions should promote pension schemes, senior-friendly banking services and financial literacy programmes. Encouraging businesses to offer flexible part-time roles for capable retirees can also help them remain productive and maintain a sense of purpose.

Support for caregivers is equally important. Families often struggle to balance work, finances and elder care responsibilities. Providing caregiver training, respite services and community support networks can ease the burden and improve the standard of care. Policies that protect the rights of elders against neglect, abuse or exploitation are crucial to maintaining their dignity.

Technology can also be used positively to enhance the lives of older people. Telemedicine, emergency alert devices and digital communication platforms can help them stay connected and safe. However, many seniors may feel intimidated by technology. Offering training programmes and user-friendly tools ensures they are not left behind in the digital world.

Respect and compassion are the foundation of an inclusive society. Elders are reservoirs of wisdom, culture and life lessons. Family members, especially younger generations, should spend time listening to their stories, seeking their guidance and appreciating their experiences. Media and public campaigns can promote positive images of ageing and encourage communities to honour their elders.

On this World Elders’ Day, we are reminded that ageing with dignity is not a privilege but a right. A society that values its elders is one that preserves its history and strengthens its future. By investing in healthcare, social inclusion, financial stability and emotional support, we can create a world where senior citizens are not merely cared for, but celebrated. Ageing should be accompanied by respect, independence and happiness-and it is our collective duty to ensure that every elder has the chance to live with purpose and pride.

In the intricate tapestry of philanthropy, the Cyril Dharmawardana Foundation (CDF) emerges as a radiant thread, weaving compassion and care into the lives of terminally ill patients in Sri Lanka. Established in 2013 by Cyril’s son BinaraDharmawardana, this Australian-based Non-Profit charity organization holds a singular focus: providing transportation facilities for every single cancer and terminally ill patient during their treatment. Rooted in a vision of dignity and comfort, CDF operates the only state-of-the-art Non-Emergency Ambulance service dedicated to cancer patients in the Developing World.

A Vision Realized

The genesis of CDF finds its roots in the poignant journey of renowned Sri Lankan actor and public figure, Cyril Dharmawardana. Diagnosed with stage IV lung cancer, Cyril underwent treatment in Australia, where he experienced the stark contrast in medical facilities between his host country and his homeland. Witnessing this disparity, Cyril envisioned a service that would extend a compassionate hand to underprivileged communities grappling with poverty-related hardships. Tragically, Cyril Dharmawardana passed away in November 2013. Within a year of his demise, his vision crystallized into the Cyril Dharmawardana Foundation. BinaraDharmawardana, the founder, committed himself to honoring his father’s legacy by providing a crucial service that addressed the unmet needs of terminally ill patients in Sri Lanka.

A Lifeline for the Vulnerable

At the heart of CDF’s mission is the provision of free transportation services for patients between hospitals and their homes during their treatment. Currently operating in the Southern and North Central regions of Sri Lanka, as well as the main Cancer hospital in the Western Province of Colombo, this service is a beacon of hope for those grappling with the challenges of post-treatment journeys. In the Developing World, the reality for many terminally ill patients is a daunting journey home after treatment. Dusty, unhygienic roads and long trips on public transport exacerbate both physical and financial burdens. Some patients, constrained by financial difficulties, resort to lying on hospital floors or forgoing meals to save for bus fare. In response to this dire need, CDF has pioneered a Free Non-Emergency Ambulance service, offering a lifeline to patients by ensuring safe transportation from hospitals to their homes. Beyond the physical comfort it provides, this service shields patients from exposure to infectious diseases prevalent in public transport.

Global Contributions to Cancer Research

CDF’s impact extends beyond immediate patient care; the foundation actively supports the Peter MacCallum Cancer Center, a global leader in cancer research based in Australia. Through volunteer activities at Peter Mac’s fundraisers and annual donations, CDF contributes to breakthrough discoveries and effective treatments for various cancers, benefitting patients worldwide.

Proud Insurance Partner: Continental Insurance

Since 2015, Continental Insurance proudly stands as a partner to the Cyril Dharmawardana Foundation. This partnership reflects a shared commitment to assisting terminally ill patients with their transportation requirements between hospitals and homes during treatment. Regardless of the distance a patient needs to travel, this service is provided free of charge. Continental Insurance plays a vital role in ensuring the sustainability and success of CDF’s endeavors, further solidifying the foundation’s dedication to compassionate care.

Binara Dharmawardana: Steward of Compassion

At the helm of CDF stands Binara Dharmawardana, a visionary leader committed to translating compassion into action. Binara’s journey began with a profound personal experience – witnessing his father’s battle with stage IV lung cancer and the challenges he faced. This personal encounter fueled Binara’s commitment to realizing his father’s vision, providing dignity and comfort to the terminally ill. Under Binara’s leadership, CDF has become synonymous with compassion and care, symbolized by its state-of-the-art non-emergency ambulance service dedicated to cancer patients in the Developing World.

Elite Philanthropy Recognition: Royal Flying Doctor Service Gala

Binara Dharmawardana and the CDF team had the privilege of attending the Royal Flying Doctor Service annual Gala event in Australia. This exclusive event, attended by elite philanthropists, board members, and executive committees, recognized outstanding contributors to CDF in 2022. The gala not only highlighted the impactful initiatives of CDF but also showcased its commitment to excellence and innovation in healthcare services.

A Symphony of Compassion: How to Contribute

To sustain and expand its crucial services, CDF invites individuals and organizations to contribute in various impactful ways:

Sponsoring Operational Costs of Ambulances – Marketing and Advertising: Businesses and individuals can feature their signage or logos on ambulances, aligning with long-term projects and events.

Setting Up a Standing Order: Individuals can make regular contributions, dedicating specific days or periods in memory of loved ones.

Sponsoring an Ambulance: This option allows for personalized dedications or business logos on ambulances, creating a lasting tribute.

Instead of Flowers: Families can honor their loved ones by requesting donations to CDF in lieu of flowers at funerals.

Leave a Bequest in Your Will: Writing a will or part will for a benevolent cause ensures continued support for patients with terminal illnesses.

Organize a Birthday/Anniversary Fundraiser using Online Platforms Such as Facebook: Individuals can leverage online platforms like Facebook to create fundraisers, engaging friends and the wider community in contributing to CDF’s mission.

The Impact of Your Contribution

Contributions to CDF go beyond mere financial transactions; they represent a lifeline for those in desperate circumstances. By supporting CDF, donors contribute to the survival of a vital facility that ensures the highest level of quality care for patients with terminal illnesses during their most vulnerable times. Additionally, these contributions provide employment opportunities for dedicated staff, including ambulance drivers and patient careers, helping their families break free from the cycle of poverty. Donations and investments made to CDF are fully protected by the foundation’s insurance partner, Continental Insurance, and backed by DIMO agents for Mercedes Benz and Toyota in Sri Lanka.

Proud Collaborations: DIMO Lanka Mercedes Benz, Continental Insurance, CMA CGM

Since 2015, DIMO Lanka Mercedes Benz has served as the engineering partner for CDF, contributing their expertise and support. Alongside them, Continental Insurance, also a partner since 2015, has played a crucial role as the insurance partner, ensuring the protection and well-being of CDF’s operations. Adding to this collaborative effort, CMA CGM has been the shipping partner of CDF since 2014, facilitating the logistics and transportation aspects of the foundation’s endeavors. The enduring partnerships with these entities showcase the sustained commitment and support that CDF has garnered from key collaborators in different sectors, reinforcing the foundation’s ability to fulfill its mission effectively.

About Cyril Dharmawardana

Veteran actor and former Southern Provincial Council member Cyril Dharmawardana (67) passed away on November 8, 2013, at the Melbourne Peter Mac Hospital in Australia after battling cancer. Cyril JayatissaDharmawardana, who studied at Richmond College, Galle, made his debut as an actor in Henry Jayasena’s play ‘ManaranjanaWedaWarjana’.

He later acted in stage plays like Makara, ApataPutheMagakNethe, DiriyaMawa, Duwili, etc. but his role as Saranapala in KelaniPalama became the turning point in his career. As a film actor, he displayed his prowess in Walampuri, HimaGira, Mother Teresa, AmmaiDuwai, and other creations apart from tele dramas like Giraya, Bodima, NadeeGeethaya, Hiruta Muwawen (IndiappaKathawa), Siwu Diya Dahara, and several others.

Nations Trust Bank PLC (NTB) has facilitated a foreign investment in Sri Lanka’s apparel industry, reinforcing its position as a trusted financial partner for complex cross-border transactions and structured finance solutions.

The transaction, valued at Rs. 2.7 billion, saw Q Collection, a Singapore-headquartered apparel firm with operational roots in Bangladesh, acquire two subsidiaries of a local apparel group. This strategic move not only injects new capital into a vital export sector in Sri Lanka, but also preserves over 2,400 jobs with the potential of creating additional employment, revives manufacturing capacity, and sends a signal of investor confidence in Sri Lanka’s economic trajectory.

NTB’s Corporate Banking team played a pivotal role in structuring and financing the transaction, navigating legal and regulatory frameworks across three jurisdictions, viz., Sri Lanka, Bangladesh, and Singapore, within a compressed timeline. The bank’s ability to deliver seamless financial advisory and facilitate under complex conditions highlights its expertise in supporting both local and international clients with tailored solutions.

Nations Trust Bank’s Executive Vice President – Corporate Banking Senal Seneviratne said, ‘At Nations Trust Bank, we are proud to have enabled a transaction that not only strengthens Sri Lanka’s apparel industry but also contributes to national economic resilience. This deal exemplifies our commitment to facilitating foreign investment, preserving employment and livelihoods of rural communities, and supporting industries that are critical to the country’s growth.’

The transaction also provided relief to the divesting entity, further stabilising the financial ecosystem.

Three private sector chambers filed a writ application before the Court of Appeal on Tuesday challenging the Inland Revenue Department’s (IRD) decision to commence collecting Value Added Tax (VAT) from 1 October without first operationalising the legally mandated automated refund mechanism.

The chambers are the Free Trade Zone Manufacturers’ Association (FTZMA), the National Chamber of Commerce of Sri Lanka (NCCSL) and the Sri Lanka Chamber of Small and Medium Industries (SLCSMI).

The Petitioners, representing exporters, deemed exporters, sub-contractors to exporters, service providers in the export supply chain, SMEs, and the broader business community, state that collecting VAT from export-related businesses without a proper functioning refund system, and without publishing the conditions of the proposed Risk-Based Refund Scheme in the Gazette, is unlawful, unreasonable, and a violation of constitutional rights.

According to the Petitioners, the Government abolished the Simplified Value Added Tax (SVAT) scheme earlier this year, after it had been postponed by the previous administration at the request of the export community.

That abolition was accompanied by a statutory requirement that a new automated, risk-based VAT refund scheme be in place from 1 October 2025. To date, no such system has been implemented, nor have the selection criteria for the refund scheme’s Green, Amber, and Red channels been published.

The Chambers question the feasibility of IRD assurances that refunds will be paid within 45 days, noting that long-outstanding VAT refunds due to exporters dating back to 2010 remain unsettled.

They further express concern that, contrary to international good practice where refund-risk channels are selected automatically by transparent algorithms, the IRD now proposes appointing a committee to select channels, creating opportunities for discretion, delay, and potential abuse.

They cite similar risks observed when committees, rather than automated systems, are involved in operational decisions such as the release of containers by Customs.

The Chambers emphasised that the SVAT system, implemented nearly two decades ago by the IRD for registered exporters, deemed exporters, and export supply-chain service providers, functioned smoothly and transparently because it avoided cash transactions.

Instead, it relied on IRD-issued vouchers exchanged within the IRD’s online system between buyers and sellers. While the IRD has indicated to the IMF that there were ‘leakages’ under SVAT, the Petitioners note that, despite being administered and monitored through the IRD’s own online system, no violators have been identified or named.

On industry estimates, any leakage would have been negligible (well under 0.01%), underscoring that SVAT was an effective and low-risk mechanism.

The Chambers also clarify that the IMF’s revenue objective for Sri Lanka is to raise government revenue to 15% of GDP; the method of achieving this is a policy choice for the Government. The IMF has not required the abolition of SVAT.

Multiple Chambers, including the International Chamber of Commerce, engaged with the IMF and urged against abolishing SVAT without a proven, automated refund system ready to replace it.

The Petitioners contend that the IRD’s advice to abolish SVAT has effectively reinstated a cash-refund regime that was historically vulnerable to delays and corruption.

The Chambers warn that immediate VAT collection in the absence of an automated refund system will create severe cash-flow stress across the export ecosystem, pushing many firms, particularly SMEs and indirect/deemed exporters, towards insolvency.

This, they argue, threatens employment, curtails domestic value addition, and undermines export competitiveness as the main exporters shift to importing raw materials and packaging materials rather than sourcing them locally.

The Petitioners caution that an export-supply-chain liquidity crunch could trigger a foreign exchange shortfall and jeopardise Sri Lanka’s capacity to meet international obligations by 2028.

Comparing the policy risk to the previous administration’s fertiliser restriction, implemented without adequate impact assessment, the Chambers argue that dismantling SVAT without a ready, automated refund alternative could inflict even greater economic damage.

SLIM Brand Excellence has received the highest number of entries in its history as the judging process formally gets underway.

SLIM said the record-breaking response underscores rising industry confidence and participation. This year’s competition includes an international judging component, bringing global expertise and elevated benchmarks to the evaluation process. The jury brief took place on 22 September, initiating a rigorous, multi-stage assessment designed to reward strategic clarity, creative strength, and measurable market impact. With enhanced oversight and transparent criteria, SLIM Brand Excellence continues to raise the bar for credibility and standards across the marketing and business community.

The momentum around this year’s cycle affirms SLIM Brand Excellence’s role as a catalyst for professional development and industry progress. Entrants represent a broad cross-section of sectors and disciplines, reinforcing the program’s relevance to brands at different stages of growth. As judging commences, participants can expect a clear, timely process overseen by an experienced jury panel with deep regional and international exposure.

Building on this success, SLIM Brand Excellence will continue to strengthen its framework and partnerships to align with international best practice, ensuring the platform remains contemporary, inclusive, and forward-looking. Details on category evaluations, shortlists, and subsequent milestones will be shared in due course through official SLIM channels.