Category: Daily Financial Times

The future stars of Sri Lankan rugby will take centre stage when the Under-16 Elite Rugby Sevens 2025 organised by the Sri Lanka Schools Rugby Football Association (SLSRFA), kicks off on 4 October.

The opening day’s matches will be played across two venues – Ananda College ground in Rajagiriya and St. Peter’s College at Bambalapitiya.

The excitement will build toward the knockout rounds, which will be staged exclusively on 5 October at St. Peter’s College, Bambalapitiya.

A total of 32 teams, divided into eight groups, will compete in this year’s edition. The tournament promises a weekend of thrilling rugby as young athletes showcase their skills, stamina and determination.

Group A features S.Thomas’ Mount Lavinia, Science College, Piliyandala Central, and Richmond College. This pool is expected to produce some fast-paced encounters with balanced competition.

In Group B, D.S. Senanayake College, Vidyartha, Prince of Wales and Lalith Athulathmudali will battle for supremacy. These teams are known for producing gritty performances.

Group C includes Isipathana, St. Anthony’s, Mahanama and Sri Piyarathna, while Group D sees Trinity, Kandy Sumangala, St. Benedict’s and St. Aloysius clash in what looks to be one of the most competitive groups.

Traditional heavyweights St. Peter’s and St. Joseph’s headline Group E, joined by Maliyadeva and Nugawela Central. Meanwhile, Group F brings together Wesley, Dharmaraja, Ananda and Panadura Sumangala.

Rounding off the lineup, Group G features Royal, Thurstan, St. Sylvester’s and Sri Rahula, while Group H will witness Kingswood, Zahira, Lumbini and Carey vie for a place in the knockouts.

Sri Lanka’s stalled privatisation of State-owned enterprises, rigid labour laws and restrictions on foreign participation continue to weigh on investment prospects, the US State Department said in its 2025 Investment Climate Statement.

The report noted that 527 State-owned enterprises, including 55 designated as strategic, remain a major burden on public finances.

‘The previous Government initiated a program aimed at comprehensive SOE reform, including potential privatisation of several major entities. However, the current Administration suspended these privatisation efforts upon taking office,’ the report noted.

‘It has instead announced alternative restructuring approaches focused on improving management practices, reducing operational costs, and enhancing efficiency within the existing state ownership structure,’ it added.

‘The stalled privatisation of deficit-ridden State-owned enterprises, notably the Ceylon Electricity Board, hinders development of cost-effective energy supplies crucial for industrial operations. Foreign investors consistently report high transaction costs, unpredictable policies, and opaque procurement procedures’.

At the same time, the report pointed to continuing strengths. Sri Lanka permits 100% foreign ownership in most sectors, with constitutional guarantees for investment protection and unrestricted repatriation of earnings, fees, and capital.

The Colombo Stock Exchange recorded $ 66.5 million in net foreign inflows in 2024 and mobilised $ 568 million in capital. Worker remittances climbed to a record $ 6.58 billion, pushing reserves to $ 6.1 billion by year end.

Export Processing Zones continue to attract investment, while new initiatives such as the pharmaceutical manufacturing zone in Hambantota and the Colombo Port City are expected to expand opportunities.

The Economic Transformation Act, which was intended to abolish the Board of Investment and replace it with five specialised agencies, has not been implemented, leaving approvals fragmented and slow.

‘Other key impediments include unnecessary regulations, legal uncertainty, and poor bureaucratic responsiveness,’ the report noted.

The Government’s decision to impose new taxes on service export firms while granting exemptions for Port City projects has reinforced perceptions of uneven treatment. Corruption in procurement persists despite legislation passed in 2023.

Labour market conditions were also identified as a critical risk. ‘Rigid dismissal rules make restructuring costly, while emigration has intensified shortages in IT, apparel, tourism and engineering,’ the report said.

It added that ‘the garment industry reports turnover rates of 40%’ and that ‘weak social protections and limited coverage for informal workers contribute further to labour market inflexibility.’

Although GDP growth of 5% in 2024 exceeded expectations and the Administration’s commitment to the IMF’s four-year, $ 3 billion program provided reassurance, foreign direct investment remains limited.

Most deals are in the $3-5 million range, concentrated in tourism, ICT, renewable energy, manufacturing, and real estate.

The report noted the Government’s commitment to finalise Sinopec’s $ 3.7 billion oil refinery in Hambantota, the largest FDI project to date if successful, but confidence was dented when Adani Green Energy exited a $ 400 million wind farm after the Government sought to renegotiate an awarded contract.

Restrictions on land and ownership were also flagged. Foreign companies with more than 50% equity are generally barred from purchasing land, with only narrow exceptions.

Caps of 40% apply across sectors such as agriculture, natural resources, shipping and education, while retail under $ 5 million, pawn broking and coastal fishing are entirely prohibited.

The report concluded that Sri Lanka’s outlook for investment rests on its ability to convert stability into reforms that reduce state dominance, simplify approvals and enforce transparency.

‘Without progress in governance, trade facilitation and labour flexibility, the Government’s $ 5 billion FDI target for 2025 will remain difficult to achieve,’ it said.

DFCC Bank PLC yesterday said that its Colombo Stock Exchange-listed Green Bond has also been listed on the India International Exchange.

The bank said that this was the third overseas listing with previous listings on the Luxembourg Stock Exchange and National Stock Exchange International Exchange India. DFCC Bank is the first foreign corporate entity to list a Bond on the India International Exchange.

The trading and settlement of the Green Bond will continue to be through the CSE and in LKR and will not be traded on the India International Exchange, the bank said.

The Ministry of Health and Mass Media, with financial support from the Asian Development Bank (ADB) and the Health System Enhancement Project (HSEP), received seven double cabs worth Rs. 22 million.

Trinity College beat Royal College 1/0 at the Under 20 Annual Hockey Big Match played at the Astro Turf Colombo 7 recently. This encounter was played for J C Corea Challenge Shield.

Winning goal was scored by Arkam Rifas of Trinity College. Tevin Liyanage of Trinity College won the Best Player award. The Under 16 match was won by Royal 4/1. This encounter was played for Paul Jeyarajah trophy.

Aitken Spence Travels once again demonstrated its industry leadership by winning South Asia’s Best Inbound Travel Agent and Best Cruise Travel Agent for the third consecutive year at the 9th annual South Asian Travel Awards (SATA), held recently at a glittering gala in Colombo, Sri Lanka.

In addition, SATA honoured the late Chairman, Deshamanya D.H.S. (Harry) Jayawardena, with the prestigious ‘Faces of South Asia’ recognition award for his invaluable contribution to Sri Lanka’s tourism and hospitality industry.

Aitken Spence PLC Chairperson Stasshani Jayawardena added, ‘These awards highlight Aitken Spence Travels’ growing influence not just in Sri Lanka but in the region as well. With our continued support and commitment, Travels is well positioned to set new benchmarks, drive innovation, and expand its global footprint while showcasing Sri Lanka as a world class destination. I look forward to seeing its leadership inspire progress not just locally, but across the region.’ Aitken Spence Travels Managing Director Nalin Jayasundera, said, ‘Securing these top awards of Best Inbound Travel Agent and Best Cruise Operator once again reaffirms Aitken Spence Travels’ unparalleled market leader position and now as South Asia’s best. I dedicate these wins to our devoted and committed teams, who constantly go beyond expectations to craft and deliver unforgettable travel experiences to our valued travellers. We will continue to innovate in brining and showcasing the best possible experiences of destination Sri Lanka and raise industry benchmarks as the market leader.’

This year’s awards were endorsed by more than 18 leading tourism organisations and boards, including the Sri Lanka Tourism Promotion Bureau (SLTPB) and the Travel Agents Association of India (TAAI), underscoring SATA’s industry-wide credibility and relevance.

Looking ahead, Aitken Spence Travels remains steadfast in its commitment to shaping the future of Sri Lanka’s tourism with sustainability at its core. By nurturing partnerships, investing in people, and driving innovation, the company is determined to grow responsibly, preserving the island’s rich natural and cultural heritage while creating meaningful opportunities for future generations. As Sri Lanka strengthens its position on the global tourism map, Aitken Spence Travels is proud to lead the way with purpose, resilience, and a vision for a more sustainable tomorrow.

The Bar Association of Sri Lanka (BASL) has written to the Inspector General of Police to clarify the position on lawyers’ car passes, following recent public debate on the issue.

In its letter, the Association said that attempts to invalidate or remove the passes on the basis of a Gazette Notification would be unlawful, since the order does not extend to the use of BASL-issued vehicle passes.

The Association argued that the passes, displayed on windscreens, do not contravene the Motor Traffic Act.

The BASL expressed confidence that the existing system of issuing passes would continue unchanged, emphasising their role in day-to-day legal practice and security arrangements.

It noted that the passes allow attorneys-at-law to be identified when entering courts, tribunals and other institutions linked to the administration of justice, and are also used by law enforcement as verification that a vehicle belongs to a lawyer.

The Association highlighted that it has issued these annual passes since 1997, making it a 28-year practice. In the aftermath of the Easter Sunday attacks in 2019, an additional identification mechanism was introduced for vehicles at the request of security authorities, underscoring the importance of the system as a safeguard.

‘We are surprised to see such reports. You would no doubt appreciate the requirement for a lawyers’ car pass, and we are confident that no steps will be taken to alter the present status quo,’ the Association said in the letter, signed by BASL President Rajeev Amarasuriya and Secretary Chathura Galhena.

One of Sri Lanka’s top amateur golfers, Chanaka Perera won the Gents segment at the 134th Sri Lanka Amateur Golf Championship 2025 when he got the better of Saad Habib Malik of Pakistan after 36 holes at the Roya Colombo Golf Club last weekend.

In the 119th Ladies event 17 years old, Kaya Daluwatte was in supreme class beating Asara Sawhney of 8ndia in the final.

The F.B. de Mel Cup saw Viv Fowler Watt beat Elsie. This event was sponsored by CEAT Europe.

The Ceylon Chamber of Commerce yesterday said that while it commends the Government’s effort to introduce a legislative framework for PPPs through the Draft Public-Private Partnership (PPP) Bill, it noted several concerns that warrant further attention.

These include ensuring the independence of the proposed National Agency for PPPs, strengthening competitive safeguards around unsolicited proposals, enhancing fiscal transparency through clearer reporting requirements, and providing more robust mechanisms for dispute resolution.

‘Addressing these issues will be vital to build investor confidence and safeguard the public interest,’ the chamber said in a statement.

It noted that if the Bill is to operate as a clear and comprehensive framework, it is important to clarify its legal standing to avoid overlaps with existing laws, improve disclosure requirements to build public trust, align project evaluation processes with international best practices, and embed environmental, social, and governance (ESG) standards to ensure projects contribute to sustainable development.

The importance of safeguarding the independence of the proposed National PPP Agency, ensuring qualified appointments with Parliamentary oversight, and introducing stronger conflict-of-interest provisions is also critical.

‘We welcomed the opportunity to share private sector inputs during the consultation process with the National Agency for Public-Private Partnership and the Asian Development Bank, as private sector perspectives are essential to shaping a transparent, credible, and investment-friendly PPP framework,’ the chamber said.

The Ceylon Chamber said it hoped that the draft legislation will progress through the approval process and lead to the establishment of a strong and independent National Agency for PPPs, and stands ready to work closely with the Government and relevant agencies to support the implementation of a credible and internationally aligned PPP framework, which will be essential if Sri Lanka is to mobilise private capital on a large scale and close its infrastructure investment gap.

It said that a legislative framework for PPPs was a requisite precursor to enhancing Sri Lanka’s ability to attract private investment in infrastructure and service delivery. Amidst a tight fiscal environment for the Government, PPPs will be conducive for driving projects that will enhance growth, create jobs and bring in private capital.

‘The Ceylon Chamber notes several positive aspects of the Bill, including the mandated value-for-money and feasibility assessments, enhanced transparency through stakeholder consultation and public disclosure, clear risk allocation to the private sector, and the establishment of a dedicated National PPP Agency with a clear mandate. These provisions are in line with international best practices and can significantly improve the environment for private sector participation,’ the chamber said.

Siyapatha Finance PLC yesterday said that it has appointed its Chief Strategy Officer Mathisha Hewavitharana as CEO-designate with effect from 1 October.

Hewavitharana possesses over 20 years of experience in the financial services industry, having commenced his professional journey in 2005 at Siyapatha Finance PLC.

His career has encompassed a wide array of functional areas, including Marketing, Credit, Branch Operations, Branding and Marketing Communications, Product and Business Development, and Strategic Planning and Execution.

Over the course of his tenure at Siyapatha Finance PLC, Hewavitharana has progressively advanced through several senior leadership roles.

In his current capacity as Chief Strategy Officer, he has been entrusted with critical responsibilities aligned with the company’s succession planning framework.

Hewavitharana is a graduate of the University of Colombo, where he earned a Master of Business Administration in General Management and a Bachelor of Business Administration with a specialisation in Marketing Management

He holds a Professional post-Graduate Diploma in Marketing (UK) with MCIM and Chartered Marketer status, a Certified Chartered Management Accountant (UK) with CGMA, ACMA status, an Advance Diploma in Banking and Financing from Banking Institute of Sri Lanka with AIB membership status, and an Associate Membership at Sri Lanka Institute of Marketing with a Practicing Marketer status.