Category: Daily Financial Times

Creativity is often the defining capital behind profitable ventures. This was most recently seen in the wide global recognition of entrepreneur Nawoda Bandara, taking Sri Lankan fashion international, with the support of AOD.

Building brands that resonate beyond Sri Lanka is one of the most powerful ways to strengthen the nation’s creative economy, drawing investment, expanding export potential, and elevating the country’s profile with global consumers. Nawoda Bandara, a remarkably talented young fashion entrepreneur and graduate of AOD’s Northumbria BA (Hons) Fashion and Textile Design program, is the latest to prove it. Her record of early accolades already speaks volumes: Best International Portfolio in 2023, Top Prize at Dubai Fashion Week × IGFW, Top 5 in Asia at the CDC × Lakmé Fashion Week competition. Showing early signs of this success, her academic years were also filled with international recognition; Top 15 in Asia at the Redress Design Awards, Top 9 Global Finalist in Hong Kong, winner of the TAL × Browzwear 3D Fashion Challenge, Second Place in the SDC International Design Competition, plus titles such as Multidisciplinary Designer of the Year and Outstanding Student of the Year. Her brand NAO’s recent feature in Vogue celebrates her vision of Sri Lankan fashion that honours craft while embracing the future.

Each milestone elevates Sri Lanka’s creative industries, proving local talent can excel globally. Nawoda’s success boosts investor confidence, attracts collaborators, and positions the island as a serious player in design, fashion, and cultural entrepreneurship.

AOD spotted Nawoda’s potential early, pairing her with mentors and opening doors to international competitions and collaborations. Now she’s a designer fluent in global fashion yet rooted in Sri Lanka’s stories: a mix that attracts investors and collaborators worldwide. By blending creativity with entrepreneurship, AOD equips students with tools, confidence, and global networks to build sustainable, industry-ready careers. Its partnerships, collaborations, and ongoing mentorship give graduates like Nawoda the credibility and opportunities to thrive.

Nawoda confirms: ‘AOD has been an important part of my journey, giving me the foundation and platform to grow as a designer. Its supportive environment encouraged me to experiment, refine my craft, and push design boundaries. The mentorship, exposure to industry professionals, and opportunities to showcase my work gave me confidence to pursue fashion. AOD’s strong industry connections opened doors for collaborations, competitions, and international recognition. Most importantly, AOD believed in me, nurtured my passion, and helped me channel it into a career aligned with sustainability, creativity, and cultural pride.’

Nawoda’s success highlights the power of education combined with industry collaboration and cultural innovation. Her journey proves that locally educated talent can become industry leaders and entrepreneurs who not only keep pace with the world but shape it.

Don’t miss the chance to give your young creative expert guidance at AOD’s Design Careers Week from 29 September – 3 October, 9:00 a.m. to 4:00 p.m. at AOD. Get personalised portfolio reviews and career insights that could shape their design future.

YANGWANG, the luxury sub-brand of global new-energy vehicle (NEV) leader BYD, has set a new global production-car top-speed record of 496.22km/h at the ATP Automotive Testing Papenburg test track in Germany.

The feat was achieved with YANGWANG’s latest U9 Xtreme hypercar on 14 September 2025, eclipsing its previous EV benchmark and the 490.484km/h maximum of the quickest petrol-powered model to become the world’s fastest car overall. This modern milestone in engineering sets a new standard in electric mobility, mixing unrivalled power and speed with zero emissions.

Originally known as the U9 Track/Special Edition, and now officially confirmed as the YANGWANG U9 Xtreme in production guise, or U9X for short, the fastest car on the planet takes the existing technical architecture of the U9 currently on sale in China and harnesses the potential of a number of key evolutions.

These include, but are not limited to: an upgraded powertrain with 1200V ultra-high-voltage electrics (compared with 800V), a lithium iron phosphate Blade Battery with a remarkable discharge rate of 30C, four ultra-high-speed motors that that operate at up to 30,000rpm and produce a total of more than 3000PS, track-level semi-slick tyres, and revised DiSus-X suspension with specific tuning to cope with the increased stresses of circuit driving.

BYD Executive Vice President Stella Li said: ‘This is an incredibly proud moment for everyone in the research and development division. YANGWANG is a brand that does not recognise the impossible, and only through this commitment to what’s coming next can you end up with a vehicle like the U9X. I extend my gratitude to the whole team, and my thanks to the driver, Marc Basseng, for his skill and technical input. It’s terrific that the fastest production car in the world is now electric.’

The driver for the U9X’s record-breaking run was Marc Basseng, a German track specialist with a long history in sports-car racing and endurance motorsport. He said: ‘This record was only possible because the U9 Xtreme simply has incredible performance. Technically, something like this is not possible with a combustion engine. Thanks to the electric motor, the car is quiet, there are no load changes, and that allows me to focus even more on the track.’

The U9 Xtreme is now being made available to customers, with a limited series production run of no more than 30 units. Its name is derived from the English word ‘Extreme’, meaning ‘limit’ and ‘ultimate’, with added emphasis on the ‘X’, which represents the unknown. These qualities fit perfectly with YANGWANG’s ethos of taking joy and delight from the act of exploration and the innovations that come through that process.

By setting a new global speed record, YANGWANG redefines the sustainable hypercar. Backed by BYD’s innovation and sustainability commitments, YANGWANG employs cutting-edge tech to deliver unmatched performance, safety, and driving experience.

The Sri Lanka Logistics and Freight Forwarders Association (SLFFA) yesterday urged the Government to urgently reconsider the recent changes to the Simplified Value Added Tax (SVAT) scheme, warning that the move could have serious implications for the logistics and export sectors.

In a statement, SLFFA highlighted that the withdrawal of SVAT for exporters and related service providers has created additional cash flow burdens on companies already grappling with tight margins, fluctuating global freight rates, and rising operational costs.

The association stressed that logistics plays a pivotal role in supporting Sri Lanka’s export competitiveness, and the SVAT mechanism had long served as a crucial facilitator by eliminating unnecessary delays and administrative bottlenecks in VAT refunds.

Logistics solutions providers relied on SVAT across a wide range of operational expenses, including utilities, fuel for transport solutions, warehouse and office rent, capital purchases, and outsourced haulage costs.

According to the association, forcing these items back into the standard VAT refund cycle risks immobilising significant amounts of working capital and increasing administrative inefficiencies.

‘Exporters depend heavily on efficient supply chains. By removing SVAT, companies will now face blocked working capital and prolonged refund cycles, which in turn weakens the ability of the sector to remain competitive in the international market,’ said SLFFA Chairman Channa Gunawardena.

Echoing similar concerns, Vice Chairman Andre Fernando pointed out: ‘The SVAT system was not merely about tax efficiency; it was about building confidence in our logistics and export industries. Sudden reversals like this create uncertainty and discourage investment at a time when Sri Lanka needs stability to attract global trade flows.’

SLFFA Treasurer Shavindra Dias added that the financial impact is already being felt across the sector: ‘Without SVAT, companies are left to bear unnecessary financial stress. This limits their ability to reinvest in infrastructure, technology, and talent, all of which are vital to driving the country’s export growth.’

SLFFA also cautioned that the added financial strain could discourage investment, reduce foreign exchange inflows, and ultimately undermine the country’s national export strategy. The group has called for constructive dialogue between policymakers, exporters, and service providers to craft a pragmatic framework that ensures fiscal discipline while protecting industries vital to Sri Lanka’s economic recovery.

Industry stakeholders argue that SVAT was not merely a tax simplification tool but a strategic enabler for sectors generating foreign exchange. Removing it without an alternative mechanism risks eroding the hard-earned trust of global trading partners who rely on Sri Lanka for timely and cost-effective logistics solutions.

The association urged authorities to take into account the lessons from past policy reversals, where sudden changes have led to uncertainty and eroded investor confidence.

‘At a time when the country is striving to rebuild its economy, it is imperative that fiscal measures are aligned with the broader goal of strengthening exports and securing foreign revenue,’ the SLFFA said.

The logistics and freight forwarding community now awaits the Government’s response, with many calling for the reinstatement of SVAT or the introduction of a streamlined mechanism that preserves the cash flow efficiency and competitiveness of Sri Lanka’s export sector, it said.

DFCC Bank has launched Sri Lanka’s first-ever Blue Bond, a Rs. 3 billion issuance dedicated to financing projects that protect and sustain the country’s ocean resources.

The Blue Bond, carrying an expected rating of ‘A(EXP)(lka)’ from Fitch Ratings, will support projects in clean drinking water infrastructure, sustainable marine fisheries and aquaculture, marine renewable energy, eco-friendly coastal tourism, wastewater management, climate adaptation for coastal communities, and clean marine transportation.

It adheres to the International Capital Market Association’s (ICMA) Green, Social, and Sustainability Bond Principles and emerging Blue Bond guidelines, with transparency, a clearly defined use of proceeds, and measurable outcomes at its core.

For Sri Lanka, where nearly 30% of the population lives in coastal districts and livelihoods are tied to fisheries, tourism, and trade, the Blue Bond represents more than capital mobilisation.

It is a commitment to aligning financial markets with environmental realities, safeguarding livelihoods, ecosystems, and long-term resilience, the bank said in a statement.

Follows launch of country’s first Green Bond in 2024

Rs. 3 b Blue Bond to finance projects sustaining maritime resources

SL joins select band of capital markets Seychelles, Fiji, Ecuador, and Indonesia

The initiative builds on DFCC Bank’s legacy of sustainable finance and national firsts. Since financing the country’s first grid-connected mini-hydro project in 1996, the Bank has backed renewable energy projects across wind, solar, and waste-to-energy.

In 2024, DFCC Bank issued Sri Lanka’s first Green Bond, listed on the Colombo Stock Exchange, the Luxembourg Green Exchange, and the NSE International Exchange at GIFT City in India.

The Blue Bond extends this trajectory, directing financial innovation towards the seas and reinforcing the Bank’s 70-year history of driving development with sustainability at its core.

DFCC Bank CEO Thimal Perera said: ‘Each step has been about proving that Sri Lanka can meet the highest international standards. The Blue Bond continues that journey, this time by bringing focus to our oceans, waterways, and the communities that depend on them’.

He added: ‘Finance can change the course of a nation. With its first Blue Bond, DFCC Bank is proving that it can also change the course of its oceans.’

With this issuance, Sri Lanka joins a small but growing circle of nations leveraging capital markets to protect marine ecosystems, alongside the Seychelles, Fiji, Ecuador, and Indonesia.

For DFCC Bank, now in its 70th year, the Blue Bond underscores that development and environmental stewardship are not competing goals but complementary imperatives, the bank said.