Category: Daily Financial Times

The Department of Fisheries has warned that 15 of the 17 empty shipping containers that fell into the sea off the Port of Colombo remain missing.

Pakistan eventually went through the bottom-half of West Indies› line-up, but not before the hosts got what they wanted out of it. Half-centuries from Justin Greaves and Roston Chase helped their side add 105 runs to their overnight score, getting up to 344 in an extended session before Pakistan finally wrapped up the lower order. Sajid Khan took the last three to finish atop with four wickets and three bowlers finished with two-fors, but West Indies have notched up the highest total of the series so far.

Mohammad Ali started errantly and Chase punished him with a pair of boundaries in the second over. But when Babar Azam took the new ball and handed it to left arm spinner Ali Usman, he struck with his first ball as Greaves› leading edge found Awais Zafar at short third. Kemar Roach battled as Chase continued to chip away in a continuing trend where every partnership in the innings bar one ended up reaching double figures.

Ubaid Shah, who had been held back with the new ball, struck with his first delivery of the day, a lovely cross-seam ball that flicked the top of Chase›s middle stump off the pad. For once, Shamar Joseph›s adventurism did not amount to much as Sajid cleanup him up, but Pakistan continued to sustain damage on their way to inevitably polishing West Indies off.

Azan Awais was struck hard on the shoulder fielding at short leg and went off, while Roach and Jayden Seales held Pakistan at bay as lunch approached, adding a further 18 before Sajid›s extra bounce did for Seales, and left Pakistan›s batters with plenty to do in the remaining two sessions. Pakistan were 69/1 in reply mid-second session on day two.

The prevailing rainy conditions are expected to ease from today, but several hill country and Sabaragamuwa areas will continue to face rainfall risks due to weather systems influencing the region, the Department of Meteorology said.

As of yesterday, nearly 2,331 people from 581 families were impacted by the inclement weather with four deaths also reported.

Director General of the Department of Meteorology Ajith Wijemanne yesterday said Kandy, Nuwara Eliya, the Sabaragamuwa Province and parts of the Western Province are expected to receive showers today.

He said rainfall could continue in Kandy and Nuwara Eliya districts and the Sabaragamuwa Province even after 6 August due to the influence of a typhoon over the Pacific Ocean south of Japan.

The Department of Meteorology said heavy rainfall exceeding 100 mm is likely at some locations in the Sabaragamuwa Province and the Kandy and Nuwara Eliya districts. Showers or thundershowers are expected at times in the Western, Sabaragamuwa and North-Western provinces, as well as Kandy, Nuwara Eliya, Galle and Matara districts.

Meanwhile, the Irrigation Department has issued a major flood warning for low-lying areas of the Kelani River Valley, warning that a major flood situation could develop due to heavy rainfall in the upper and middle catchment areas.

Residents in low-lying areas of Dehiowita, Ruwanwella and Yatiyanthota Divisional Secretariat Divisions have been advised to remain vigilant as river levels could rise rapidly.

A minor flood warning has also been issued for low-lying floodplain areas of the Kalu River covering Pelmadulla, Nivithigala, Ratnapura, Kuruwita, Ayagama and Elapatha Divisional Secretariat Divisions.

The Sri Lanka Mahaweli Authority yesterday begun opening spill gates and the mud sluice of the Gamini Dissanayake Reservoir in Kotmale from Monday afternoon due to rising inflows from the upper catchment areas.

The Authority said approximately 250 cubic metres of water per second will be released into the Kotmale Oya, with the volume subject to change depending on reservoir inflows.

Residents in low-lying areas along the Kotmale Oya, including Nugawela, Riverside, Mawathura, and areas along the Mahaweli River from Ulapane to Gampola, Weligalla, Gelioya, Peradeniya, Katugastota and Polgolla, have been urged to take precautions.

The Department of Meteorology also warned of strong winds of around 40-50 kmph at times in the North Central, Sabaragamuwa, Southern, Central and North-Western provinces and the Trincomalee District.

Amid the adverse weather conditions, Government schools in Kandy and Nuwara Eliya districts will remain closed today to ensure the safety of students and teachers.

Director General Wijemanne said there is limited likelihood of the ongoing adverse weather affecting the upcoming G.C.E. Advanced Level and Grade Five Scholarship examinations. A discussion with education authorities is scheduled for 5 August to review weather-related concerns.

The Public Utilities Commission of Sri Lanka (PUCSL) has decided to keep electricity tariffs unchanged for the third quarter of 2026, concluding that a marginal increase in supply costs does not warrant a tariff revision.

In a statement, the regulator said the decision followed a review of cost estimates submitted by the National System Operator Company (14500).

According to the PUCSL, estimated supply costs for the quarter increased by just 0.3%, or Rs. 417 million, allowing the tariff structure applied during the second quarter to remain in effect.

The Commission said the 1Q revenue surplus of Rs. 30,118 million, which included additional coal-related generation costs subsequently excluded from tariffs, had been carried forward, leaving a balance of Rs. 26,753 million.

When combined with the estimated 3Q supply cost of Rs. 159,274 million, the total cost for the quarter amounts to Rs. 186,027 million.

Revenue under the existing tariff structure is projected at Rs. 156,244 million. The PUCSL said additional revenue sources, including Rs. 6,943 million in profit from 2025, Rs. 9,650 million in Government subsidies for consumers, and Rs. 17,213 million allocated for the National System Operator’s operations, increase total revenue to Rs. 185,610 million.

With total costs exceeding projected revenue by only Rs. 417 million, the Commission concluded that an electricity tariff increase was not required for the third quarter.

Sanasa Life Insurance Company PLC yesterday said it is planning to undertake an equity capital raising within the next 15 months as part of efforts to restore its investment-grade credit rating and resolve issues that have kept its listed debt securities on the Colombo Stock Exchange (CSE) Watch List.

The insurer said the capital raising forms part of its remedial plan to address a qualified audit opinion and an emphasis of matter relating to the company’s ability to continue as a going concern contained in its audited financial statements for the year ended 31 December 2025.

The company said it would announce the equity capital raising to the market once the exercise is finalised.

Sanasa Life said its debt securities, which were transferred to the Watch List on 9 January 2026 following a downgrade of its credit rating below investment grade, will remain on the Watch List as an additional consequence of the qualified audit opinion and going concern emphasis contained in its 2025 annual report.

The securities will remain on the Watch List until the company resolves the matters giving rise to the qualified audit opinion and emphasis of matter or discloses a fresh investment-grade rating certificate for the relevant financial year, in accordance with the CSE Listing Rules.

The insurer also undertook to notify the market within one trading day of any Board-approved deviation from its proposed remedial plan. Sanasa Life warned that if it fails to obtain a fresh rating certificate or resolve the matters giving rise to the qualified audit opinion and going concern emphasis within 15 months of the transfer of its securities to the Watch List, trading in the debt securities will be suspended under the CSE Listing Rules.

If the suspension continues for more than 12 months, the CSE Board may delist the securities under Section 14 of the Listing Rules, the company said.

The company added that if the matters are resolved and independently verified by its auditor while the securities remain on the Watch List, it will immediately notify the market through the Exchange.

The Colombo Stock Exchange (CSE) extended its losing streak for a third consecutive month in July, pushing both benchmark indices deeper into negative territory for the year, with the All Share Price Index (ASPI) down 6.61% year-to-date (YTD) and the S and P SL20 Index lower by 3.53%.

The ASPI fell 5.09% in July, while the S and P SL20 Index declined 4.27%, marking their sharpest monthly losses since March and extending declines recorded in May and June.

The latest performance means the ASPI has posted losses in five of the seven months so far this year, with gains recorded only in January (+5.25%) and April (+7%). The S and P SL20 has similarly registered gains only in January (+7.86%) and April (+5.1%), while declining in the remaining five months.

July’s decline followed the steep correction in March, when the ASPI fell 11.24% and the S and P SL20 lost 11.03%, making July the second-worst month for both indices in 2026.

After a strong second half of 2025, when the ASPI recorded six consecutive monthly gains between July and December, market momentum has weakened markedly this year, with only two months delivering positive returns for both benchmark indices.

Inivos Consulting recently hosted its annual flagship event, Transform 3.0 – Empowering Enterprise Growth, bringing together corporate executives, technology experts, and industry professionals to discuss strategies for sustainable business growth through digital transformation, modern leadership, and enterprise platforms such as IFS.

Inivos CEO Asanga Marasinghe emphasised that the company’s focus has always been on delivering outcomes rather than simply completing projects. He noted that AI is no longer a future concept but a present reality transforming modern enterprise operations. To support this, he stated that Inivos plans to continue investing in AI-led implementation technologies while strengthening its enterprise solution expertise, adding that true transformation is ultimately about people, partnerships, and possibilities rather than technology alone.

“We believe in building deep expertise, not just in technology but also in understanding our customers’ industries, challenges and ambitions,” Marasinghe remarked. Reflecting on the journey since 2019, he explained that this specific approach has enabled expansion across markets and industries through consulting, advisory, and systems implementation services.

Being future-ready was one of the main considerations for us. Technology is always geared toward the future, and investing in it keeps a business future-ready – TVS Sri Lanka CFO Dayani Thulshika

Moving from strategy to practice, the panel discussion titled “Leaders Who Made the Move,” explored the operational and strategic shifts organisations undergo when migrating to advanced enterprise resource planning (ERP) systems. The discussion, moderated by Inivos Consulting COO Ayomi Gunawardena, featured TVS Sri Lanka CFO Dayani Thulshika, Lanka Milk Foods CEO Sasanka Perera, and DSI Senior Deputy General Manager Dr. Aloka Jayawardena.

The decision to invest in IFS Cloud

Speaking on the restrictions that impacted the automotive industry in recent years, Thulshika noted that the decision to invest in IFS Cloud during that difficult period was driven by market limitations. TVS Sri Lanka’s leadership viewed technology “as a primary means to build a future-ready business enterprise,” she explained. By using the downturn to strengthen internal systems, the company ensured it was positioned to capture immediate opportunities once trade resumed, rather than waiting for a market recovery before investing.

Perera said that continuing to operate in the same way would limit an organisation’s ability to grow, noting that this lesson had also held true for Lanka Milk Foods over the past three years. He said meaningful change requires businesses to adopt a different approach, as repeating existing processes would not lead to genuine transformation.

He emphasised that transformation requires differentiation, with companies willing to go beyond their original plans and challenge conventional ways of working. He noted that periods of success can often create a sense of comfort with existing processes, but organisations seeking exceptional transformation cannot rely on incremental improvements alone. Instead, they must be willing to make timely decisions, introduce necessary operational changes and move beyond conventional approaches to achieve sustained growth and competitiveness.

DSS (D. Samson and Sons) is the retail, marketing, and distribution arm of the parent company, DSI has been using IFS for more than 20 years and opted to invest in IFS Cloud in 2020. Dr. Jayawardena said that nearly a year after the system went live, the most visible change had been the shift from managing infrastructure to focusing on the business itself.

‘Moving to the cloud lets us focus on our core business instead of on servers,’ Dr. Jayawardena said, adding that the change has brought greater flexibility, particularly in scalability. He said the difference was especially evident when compared with on-premises systems, which require organisations to manage data centres, ageing servers, capital expenditure and other practical concerns.

Dr. Jayawardena said another major advantage was the ability to keep pace with continuous product development. He noted that leading ERP platforms such as IFS and SAP invest heavily each year to improve their products, but organisations using on-premises systems can fall behind because of financial or operational constraints. ‘With IFS Cloud, all the new versions and features are made available to us automatically,’ he said. ‘We stay on the same path, with the system continuously updated with the latest features and technology.’

If you keep doing the same thing, you will not grow. If you want exceptional transformation, to become the industry’s royalty, dominate the market and be a champion, you need to make changes swiftly – Lanka Milk Foods CEO Sasanka Perera

Turning information into decisions, and leading the change

With IFS Cloud serving as TVS Lanka’s central data backbone, Thulshika highlighted how access to connected and reliable information has strengthened the company’s decision-making process.

She said her priority was to ensure the organisation had the right information available, allowing teams to cross-check data across functions before making decisions. ‘We rely heavily on our stock data for this,’ Thulshika said, adding that the company has worked to make information available seamlessly across all business units.

IFS Vice President – Engineering Rifki Razick, Inivos CEO Asanga Marasinghe, Inivos Technology CTO Lahiru Karunatilake

She explained that having quality and reliable information accessible across the organisation has helped teams make the right decisions at the right time, contributing to the company’s continued growth. Thulshika said the integration of data across functions has also improved reporting capabilities, enabling leadership teams to work with validated information when making strategic decisions.

For Lanka Milk Foods, which is still in the early stages of its IFS transformation journey, Perera said the success of the project would depend largely on how effectively the organisation manages the human side of change.

Acknowledging that shifting long-established practices can be challenging, he said people can naturally be resistant to change. However, he emphasised that successful transformation begins with leadership. ‘Change starts with leadership,’ Perera said, explaining that the direction of an organisation depends on the commitment and alignment of those at the top.

Perera said when leaders actively drive the vision, address challenges and resolve gaps during the transformation process, employees are more likely to adapt to new ways of working. ‘The change isn’t really about the people; it’s about the leader,’ Perera said, adding that once leadership is aligned with the transformation goals, the organisation can move forward and embrace new processes.

For DSS, Dr. Jayawardena said the key challenge in its transformation journey was managing scale, given the company’s extensive retail, distribution and operational networks. He explained that DSS operates across multiple channels, including nearly 300 retail showrooms, e-commerce platforms, overseas markets and a large distribution ecosystem that extends beyond its own outlets. Through its wholesale network, the company distributes products to more than 4,000 independent dealers and partners across the island, adding further complexity to its operations.

‘Ultimately, it gives us one whole system, one whole view of our data,’ Dr. Jayawardena said, describing the role of IFS Cloud in bringing together information from different areas of the business. He said this unified view represented a significant business transformation, enabling the organisation to access information more effectively and support faster decision-making.

Dr. Jayawardena added IFS remained the core system supporting the company’s ability to scale while maintaining accessibility and flexibility.

He also highlighted the continued support from the implementation partner throughout the transformation, noting that the process remains ongoing. ‘It’s a challenge, but it’s also very achievable,’ Dr. Jayawardena said, adding that DSS remains focused on connecting the right resources and capabilities to further strengthen the business.

Future growth and innovation with AI

Looking ahead, Thulshika said IFS Cloud has enabled TVS Lanka to integrate multiple business solutions beyond its core financial operations, creating a connected ecosystem to support sales, customer management and future growth.

She explained that the company has integrated IFS with its original equipment manufacturer (OEM) software, while its sales operations are linked to a cloud based platform covering around 500 authorised dealer locations. Through this integration, TVS Lanka tracks the customer journey across three stages, from lead generation to final sales conversion, while supporting sales and digital administration on the front end. Thulshika said IFS has played a key role in bringing these systems together.

On the operational side, she said TVS Lanka is also integrating its network of over 5,000 service touchpoints through a specialised ‘gate to gate’ dealer management system. The integration enables service information from dealer service centres to flow into a single centralised platform, giving the company greater visibility across its after sales operations.

She also highlighted the company’s newly launched quick commerce application, which connects management teams with nearly 1,500 product groups and automatically matches customer and dealer orders with available inventory.

‘Developing these integrated models has allowed us to introduce new business frameworks that were previously impossible,’ Thulshika said, adding that the new capabilities have expanded the company’s operational potential beyond its initial expectations.

Addressing the challenge of balancing future growth with maintaining current operations, Perera said organisations need adaptable teams capable of managing both priorities simultaneously. He compared the approach to a T20 cricket match, where success depends on having all rounders who can take on multiple responsibilities. ‘The future is changing radically; we don’t know what will happen tomorrow,’ Perera said, stressing that business continuity remains critical amid an unpredictable global environment.

Organisations today need people who are willing to adapt, embrace change and manage multiple priorities while keeping an eye on both present operations and future opportunities. Perera noted that traditional long term planning has become increasingly challenging as market conditions continue to shift rapidly.

What AI can really offer, especially around customer experience and operational excellence, is where companies like ours can genuinely create value – DSI Senior Deputy General Manager Dr. Aloka Jayawardena

Dr. Jayawardena said DSS’s AI journey is focused on identifying practical applications that can create value within real business environments, particularly in retail operations and customer experience.

DSS’s internal technology incubator is exploring several AI-driven applications, including initiatives focused on enhancing retail experiences. One such example is being implemented in its premium running footwear segment, where AI-enabled cameras and sensors are used to analyse customers’ movement patterns.

He explained that unlike a conventional footwear purchase, where customers select a product based on comfort and preference, DSS’s approach focuses on understanding how the shoe interacts with an individual’s movement. This allows DSS to offer a more personalised retail experience rather than simply selling a standard product, adding that it has created a unique customer experience within the local market.

Another area being explored is improving ecommerce conversion through virtual fitting solutions. He said customers are often hesitant to purchase clothing and footwear online because they cannot physically try products before buying them. By introducing virtual fitting technologies, DSS aims to improve customer confidence and reduce drop-offs during the purchasing journey.

Turning to fashion retail, Dr. Jayawardena said AI could play an important role in improving demand forecasting, which remains a critical challenge due to the seasonal nature of the industry.

He said AI can provide greater accuracy in predicting demand and improving planning. ‘Stock is money,’ he said, highlighting the impact of unsold inventory on profitability. In fashion retail, products that remain unsold for more than around 180 days often have to be discounted by up to 50%.

He said DSS is currently trialing AI-based use cases focused on prediction, demand planning and forecasting. While these solutions are still being developed and are not yet fully scaled, he said they represent opportunities for the business to improve inventory management.

Dr. Jayawardena added that DSS is also exploring emerging technology platforms through the wider IFS community to identify solutions that can support its digital transformation goals. He said the focus remains on testing applications that strengthen operational efficiency, enhance customer experiences and support future growth.

AI roadmap for enterprise readiness

Following the panel discussion, Inivos Technology CTO Lahiru Karunatilake delivered a session on ‘AI Roadmap for Enterprise Readiness’, focusing on how organisations can prepare for AI adoption and build the capabilities required to integrate AI into their business operations.

Joining him, IFS Vice President Engineering Rifki Razick shared his perspectives on the future of AI within enterprise technology, highlighting emerging innovations, enterprise adoption strategies and the opportunities AI creates to improve business performance and accelerate growth.

Inivos Senior Manager, Growth and Marketing Akmal Afzal said clear leadership commitment and structured decision-making remain key factors in determining the success of any enterprise transformation journey. He said Transform 3.0 highlighted the need for businesses to move beyond understanding new technologies and focus on applying them effectively through the right strategy, leadership and organisational readiness. As AI and digital transformation continue to evolve, Inivos remains focused on supporting conversations that help businesses navigate change and build future-ready capabilities.

Vito Wood Fired Pizza has strengthened its footprint in Sri Lanka’s growing casual dining sector with the opening of its sixth outlet at The Shoppes at City of Dreams Sri Lanka, bringing its signature wood-fired Italian pizzas to one of the country’s most prestigious integrated lifestyle and entertainment destinations.

The latest opening marks another milestone in the brand’s expansion journey, reflecting its steady growth since its establishment in Kandy in 2017. What began as a small pizzeria with just five employees has evolved into a recognised Sri Lankan restaurant chain, renowned for its authentic Italian thin-crust pizzas prepared in traditional wood-fired ovens while incorporating distinctive local flavours.

Located within The Shoppes at City of Dreams Sri Lanka, the new restaurant offers visitors a contemporary dining experience featuring handcrafted pizzas made with hand-stretched dough, premium imported cheeses, fresh locally sourced ingredients and time-honoured Italian cooking techniques. In addition to its signature pizzas, the menu includes lasagnas, calzones, artisan pastas, fresh salads, desserts, milkshakes, mocktails and a range of beverages. The grand opening was attended by customers, business partners, invited guests and well-wishers, celebrating the latest chapter in Vito’s expansion. The management expressed appreciation to its loyal customers, dedicated employees and partners whose continued trust and support have enabled the brand’s sustained growth over the past eight years.

The opening also enhances the culinary offering at City of Dreams Sri Lanka, the country’s largest integrated resort development, which combines luxury hospitality, premium retail, world-class dining and entertainment under one destination. With outlets now operating in Kandy, Colombo, Peradeniya, Negombo, Galle and City of Dreams Sri Lanka, Vito Wood Fired Pizza continues to expand its presence while remaining committed to quality, authenticity and customer satisfaction. The brand’s emphasis on original Italian recipes, premium ingredients and warm hospitality has earned it a loyal following among both local diners and international visitors. Looking ahead, Vito Wood Fired Pizza aims to continue its expansion across Sri Lanka while delivering memorable dining experiences through authentic wood-fired cuisine, innovative flavours and exceptional service.

The Football Confederation has said it ‘stands in solidarity’ with regional bodies UEFA and CONCACAF in opposing plans to sell a stake in the World Cup to private investors but stopped short of threatening ?to boycott events run by FIFA, global football’s governing body.

The confederation in a statement on Friday expressed ‘deep concern’ over the proposed establishment of a $20bn commercial ?subsidiary, FIFA Forward Enterprise (FFE), to run the World Cup and FIFA’s other events.

‘The fact that the situation has reached the point where the real possibility of a FIFA World Cup boycott has entered public discourse should concern everyone cares about the future of our game,’ the statement said.

‘Football should never have been placed in such a position.’

UEFA, European football’s governing body, voted unanimously on Thursday to boycott all FIFA events unless the plans were dropped. CONCACAF, the regional federation for North America, Central America and the Caribbean, has also rejected FIFA’s proposal.

On Thursday, AFC President Sheikh Salman bin Ebrahim Al Khalifa had said the way the proposal had been made was ‘totally unacceptable’, in a letter to member associations.

The AFC said ‘the proposed FFE cannot realistically achieve the necessary broad consensus and unity required to move forward.

‘The FIFA World Cup is the pinnacle of global football and derives its strength from the participation of all confederations and the world’s leading football nations.’

The AFC also made a thinly veiled attack on the governing body’s president, Gianni Infantino, saying the plan ‘has exposed fundamental weaknesses in FIFA’s consultation and decision-making processes that must now be addressed’.

Even after FIFA issued ?a new statement on Friday, saying each national association ‘should be allowed to review the proposal and have a say in shaping their own future’, the AFC said ‘central concerns surrounding governance, process and meaningful consultation remain unanswered’.

Port City Colombo is stepping up efforts to attract Indian investors by promoting its Special Economic Zone (SEZ), the ability to transact in Indian rupees and dedicated hospitality developments, as Sri Lanka seeks to position the project as a regional business gateway.

In an interview with The Economic Times’ ET HospitalityWorld, CHEC Port City Colombo Deputy Managing Director Thulci Aluwihare said the 2.7 sq. km reclamation project was designed to serve as a multi-services export zone rather than solely a real estate development, with India identified as its primary regional growth market.

The project comprises 91 hectares of common areas, a two-kilometre beach and a 90-hectare swimmable lagoon, alongside mixed-use developments, a yacht marina and a casino.

Aluwihare said the concept evolved after studies of regional real estate developments and SEZs highlighted Sri Lanka’s proximity to India’s economy.

‘What the study revealed was that we are next to the largest growth market story, India. We should create a vibrant business district, not necessarily focusing on financial services, but offering a multi-services export zone,’ he said.

He said Port City was intended to provide businesses with a platform to access South Asia, including India, adding that Indian rupees are recognised as legal tender within the project’s SEZ framework.

‘For an Indian business, without even having to incorporate a new company in Sri Lanka, you can, with your existing company, seek registration as an offshore company and transact in INR. We are trying to seamlessly integrate into that larger economy,’ Aluwihare said.

The developer is also targeting hospitality investors by earmarking four dedicated hospitality plots within the master plan.

Aluwihare said the 90-hectare swimmable lagoon would accommodate food and beverage outlets, restaurants and lifestyle retail developments, while the remainder of the project would comprise residential, mixed-use, office, recreation and hotel developments.

According to Aluwihare, the project was initially conceived as a waterfront real estate development before being repositioned as a business district and multi-services export zone aimed at supporting internationally traded services and attracting regional investment.