Category: Daily Financial Times

Tamil Union captained by Navod Paranavithana stamped their authority in the Major Club T20 tournament securing their sixth win out of six to finish on top of Group A and thus qualify for a place in the quarter-finals.

At the receiving end at SSC grounds yesterday was BRC who were beaten by nine wickets. The highlight of the match was the scorching century scored by Thanuka Dabare as Tamil Union chased down BRC’s moderate total of 133-7 to win with 35 balls to spare. Dabare spanked 2 fours and 11 sixes mounting a devastating attack on the hapless BRC bowlers as he raced to his unbeaten century off 50 balls. BRC’s batting was derailed by the right-arm seam of Lahiru Samarakoon who turned up with figures of 4/23. Dulaj Ashen was the only batsman to withstand Samarakoon’s seam movement scoring 48 off 49 balls.

Moors SC and CCC also kept their chances alive of qualifying for a place in the last four with victories. Moors SC thumped Nugegoda SWC by seven wickets at the P Sara Oval with skipper Pasindu Sooriyabandara (59 off 34 balls, 7 fours, 2 sixes) and Sohan de Livera (64 off 42 balls, 7 fours, 1 six) setting the stage for the win with an opening stand of 120 off 69 balls. Wiry right-arm fast bowler Garuka Sanketh (4/31) rattled through the Nugegoda SWC batting restricting them to 157-8 where Pulindu Perera made the only noteworthy contribution with 71 off 44 balls (11 fours, 1 six).

Former Nalandian Chamindu Wijesinghe produced a fine all-round performance (42 off 18 balls, 5 sixes and 3/20) to star in CCC’s 103-run win against Police SC at the NCC grounds. Kamindu Mendis (71 off 43 balls, 5 fours, 5 sixes) top scored in CCC’s total of 197-7. Police SC were shot out for 94 with Test star Sonal Dinusha taking 2/5 off his 4 overs.

SSC also secured a place in the quarter-finals with their fourth win in five matches to consolidate their position at the top of Group B. In a low scoring game played at the NCC grounds, Panadura SC were dismissed for 128 with left-arm seamer Mihiranga Silva taking 3/22 supported by national cricketers Prabath Jayasuriya, Kasun Rajitha and Dunith Wellalage with two wickets apiece. SSC romped home by seven wickets mounting their run chase on the third wicket pair skipper Avishka Fernando (66 off 43 balls, 4 fours, 4 sixes) and Nuwanidu Fernando (48* off 39 balls, 4 fours, 2 sixes) who put on 114 off 13 overs after SSC lost their first two wickets for four runs in the first over.

NCC moved to second place behind SSC with a five-wicket win against Ace Capital CC at the P Sara Oval. Excellent bowling by pacie Chamika Gunasekara (4/21) tied Ace Capital CC down to 117-8. Off-spinner Traveen Mathew (3/32) rattled the NCC top order reducing them to 35-4 before Lahiru Udara (47 off 34 balls, 4 fours, 2 sixes) with the help of Kavin Bandara and Chamika Karunaratne saw NCC home with 21 balls to spare.

Bloomfield beat Colts by four wickets at the SSC grounds with both teams out of contention for a quarter-final place. Colts scored 114-9 and Bloomfield replied with 119-6. Sanuka Galagoda top scored with 56* (off 43 balls, 7 fours, 2 sixes).

The spectacular jellyfish outfit at the Australian Open. A sparkly Eiffel Tower-inspired golden dress at the French Open. The elegant all-white Japanese kimono at Wimbledon.

Naomi Osaka has proved she knows how to make a grand entrance at the Grand Slams – and her arrival at this year’s US Open was always going to turn more heads.

The four-time major champion was draped in a hooded white gown – with cuttings of newspaper headlines about her career highlights sewn in – when she walked out for her first-round match against Russia’s Anastasia Zakharova in New York.

Underneath was an all-black basketball-style kit in which Osaka played as she fought her way to a 7-6 (8-6) 7-6 (7-3) win over world number 101 Zakharova.

Afterwards Osaka said the on-court look was inspired by NBA legend Allen Iverson, who is widely credited for introducing a sharper focus on fashion in his sport during the late 1990s and early 2000s.

Osaka’s performance on the court in Monday’s night session was less stylish, however.

The Japanese 13th seed, who won the Flushing Meadows title in 2018 and 2020, faltered after a strong start and ultimately needed to dig deep to see off Zakharova.

The Cabinet of Ministers at its meeting on Monday approved the completion of two unfinished road links aimed at providing direct access to the Homagama-Pitipana Mahenawatta Tech City, while easing traffic congestion in Homagama and surrounding areas.

The remaining works involve just 50 metres of the Western bypass connecting Homagama Walawwatte to Kotuwana and around 650 metres of an access road linking the Tech City to the Kottawa-Talagala Road.

The Tech City was launched as part of efforts to strengthen the national economy through innovation, knowledge-based industries and technology-driven development.

Construction of the Western bypass began in 2020, primarily to divert traffic away from Homagama town and establish a direct connection to the Tech City. However, around 50 metres of the road remains incomplete, preventing the planned connection with the High Level Road.

Separately, plans are underway to connect the Pitipana-Dampe Road, running through the Tech City, with the Kottawa-Talagala Road via an access road between the University of Sri Lanka and the Sri Lanka Institute of Biotechnology. Around 650 metres of this section remains to be completed.

‘The Government has decided to complete both sections using domestic funds, with the aim of removing the remaining connectivity bottlenecks and enabling more efficient access to the Tech City,’ the Cabinet Spokesman and Minister Dr. Nalinda Jayatissa said at the weekly post-Cabinet meeting media briefing yesterday.

The completion of the two links is also expected to improve regional traffic flows and strengthen road connectivity around Homagama, Pitipana and Kottawa, whilst supporting the broader development objectives of the technology and innovation hub.

The proposal to this effect was submitted by Transport, Highways, and Urban Development Minister Bimal Rathnayake.

The Sri Lanka – Japan Business Council (SLJBC) of the Ceylon Chamber of Commerce recently held its 47th AGM, with the Ambassador of Japan and Patron of the Council Akio Isomata in attendance.

Hirohama Ceylon Ltd., Director Athulla Edirisinghe was re-elected as President of the SLJBC for the year 2026/27. Hayleys Advantis Ltd., Managing Director Ruwan Waidyaratne, Spear International Ltd., Managing Director Shamil Mendis and Prudential Shipping Lines Ltd., Managing Director Rohitha Mendis were elected as Senior Vice President, Vice President and Treasurer of the Council, respectively. Andrew The Travel Company Ltd., Managing Director Mahen Kariyawasan will continue to serve on the committee as the Immediate Past President.

The committee comprises representatives from Amano Lanka Engineering Ltd., BOV Capital Ltd., Brandix Apparel Ltd., Heritage Teas Ltd., Kalhari Enterprises Ltd., Lanka Harness Ltd., Dentsu Grant Ltd., MAC Holdings Ltd., and Vidullanka PLC. By invitation: HVA Foods PLC (subsidiary of George Steuart and Co), Spillburg Holdings Ltd., and Vaughan Chemicals Ltd.

Chief Guest, Ambassador of Japan to Sri Lanka Akio Isomata, outlined three priorities for deepening bilateral economic relations: an effective and forward-looking trade and investment policy, the promotion of domestic industrial policy, and expanded investment in renewable energy.

He noted that Sri Lanka’s ongoing review of its Free Trade Agreement policy would be important in shaping the country’s future negotiating landscape and encouraged Sri Lanka to look eastward toward Southeast Asia and Japan, proposing that the country adopt an export-oriented industrial model similar to the ‘Look East’ and ‘Act East’ policies pursued by Malaysia and India. He welcomed the Government’s National Export Development Plan 2026 and National Mineral Policy 2026 as consistent with Japan’s vision of connecting Sri Lanka’s export-related manufacturing sectors with India’s high-growth manufacturing base.

On energy security, the Ambassador referred to Japan’s newly launched ‘Power Asia’ initiative, a $ 10 billion financing package extended through JICA, JBIC and NEXI to assist Asian countries – including Sri Lanka – in securing crude oil supplies, building storage infrastructure, and developing biofuel and next-generation solar technologies, with the facility open to direct application by private companies as well as governments. He urged the Sri Lankan business community to overcome complacency and take bold, decisive action to seize the opportunities before them, noting that while Sri Lanka has missed earlier waves of Japanese investment, further opportunities continue to emerge, and reaffirmed Japan’s commitment to continue working closely with Sri Lanka.

In his address, President Athulla Edirisinghe paid tribute to the Sasakawa Peace Foundation (The Nippon Foundation) and its Chairman Yohei Sasakawa for his magnanimous support in establishing this elegant permanent home for the Sri Lankan enterprises affiliated with the Embassy of Japan engaged in promoting Japanese culture, education and bilateral relations with Japan.

Edirisinghe reflected on nearly seven decades of humanitarian and development support extended by Japan to Sri Lanka that is too numerous to mention. He made special reference to the support given during the COVID-19 pandemic, the recent economic crisis and Ditwah as exceptional.

However, reviewing the history of Japanese investment in the region from the 1970s onward, he observed that Sri Lanka had missed many occasions to attract Japanese foreign direct investment due to the closed economy of the country, the absence of industrial zones and periods of political instability. However, neighbouring countries in Southeast Asia benefited.

He also referred to how Sri Lanka lost several opportunities thereafter due to the prevailing war in the country and economic crises, whereas neighbouring countries benefited.

Edirisinghe paid tribute to the Ministry of Economy, Trade and Industry, Japan, for its proposal in 2025 for a Sri Lanka-Japan Economic Corridor as a timely opportunity to draw on Japanese knowledge, technology, and partnership rather than investment alone, and called on Sri Lankan businesses, industry associations, and the wider community to come together in dialogue with the Government to ensure the country does not miss this opportunity as well.

The Petroleum Development Authority of Sri Lanka (PDASL) on the 27 August 2026 announced that the country is seeking investors to develop natural gas resources in the Mannar Basin. This presents the country with a question far larger than resource extraction.

If commercially developed, what should success actually look like?

The conventional answer may focus on reserves, production volumes, electricity generation and reduced fuel imports. These outcomes matter. Yet, several other factors weigh in on such developments.

The US Department of State’s International Visitor Leadership Program (IVLP) on Energy as an Economic Driver provided key insights into how the energy industry shapes a country’s entire economy.

Across discussions with US federal agencies, state governments, regulators, utilities, universities and industry, energy was rarely considered in isolation. It was connected to manufacturing, infrastructure, investment, research, employment, regional development and national competitiveness.

The question therefore shifts from, ‘How do we produce more energy?’, to ‘What economic opportunities can energy enable?’

That distinction becomes highly relevant as Sri Lanka considers the future of Mannar.

The real opportunity is not simply extracting natural gas from beneath the seabed. It is determining whether that resource can strengthen energy resilience, unlock infrastructure, attract productive investment, develop domestic capability and create lasting economic value.

As such, development of the gas fields in Mannar presents more than an energy opportunity. It presents a forum to rethink how Sri Lanka converts energy resources into national prosperity.

The most valuable aspect of Mannar’s Basin isn’t gas

Discussions following the recent announcement of confirmed natural gas resources in the Mannar Basin should raise questions beyond extraction of the resource. Conversations should also revolve around what it means for Sri Lanka’s economy.

This perspective was repeatedly reinforced through discussions with the U.S. Department of State, the Atlantic Council, and the Wyoming Energy Authority. These institutions demonstrated how energy resources can underpin broader regional development. Reliable and affordable energy can support industrial productivity, attract manufacturing, strengthen supply chains, and create conditions for long-term private investment.

For Sri Lanka, Mannar therefore represents more than another source of energy. Subject to commercial viability, infrastructure requirements and environmental considerations, domestic natural gas could incubate strategic industries across power generation, industrial energy, import substitution and downstream value addition activities. Each of these pathways requires careful evaluation, but collectively they broaden the conversation from resource extraction towards economic value creation.

This distinction is particularly important for an import-dependent economy such as Sri Lanka. The country’s exposure to international fuel prices and geopolitical disruptions has repeatedly demonstrated the economic consequences of energy dependence. A commercially viable domestic resource could potentially strengthen resilience by diversifying energy supply and reducing exposure to imported fuels. However, resilience should not be measured by import substitution alone. The greater opportunity lies in determining whether Mannar can catalyse further productive investment, infrastructure development, employment, and domestic capability.

This thinking is already reflected within Sri Lanka’s National Energy Policy and Strategies (2019), which connects energy security and sustainability with industrial development, investment attraction, competitiveness and environmental stewardship. Mannar now presents an opportunity to translate those principles into an investment strategy.

Ultimately, discovering a resource does not automatically create prosperity. Its economic value will depend on what Sri Lanka chooses to build around it.

If Mannar progresses towards commercial development, success should therefore be measured not only by gas produced or electricity generated, but by the industries, investment, employment and economic resilience that the resource enables.

Infrastructure doesn’t cost economies. It creates them

Finding natural gas does not automatically create economic value. This creates the next question for Mannar: can Sri Lanka plan the infrastructure around Mannar to attract the industries of tomorrow?

Across the United States, infrastructure was not treated simply as an engineering requirement supporting existing economic activity. It was viewed as an economic asset capable of influencing where businesses invest, industries expand, and regional economies develop.

The state of Ohio offered a particularly relevant example. Projects across the state capitalised on established gas, electricity, and rail networks when expanding operations and establishing new facilities. Reliable infrastructure reduced production uncertainty, strengthened supply chains, and provided businesses with greater confidence to commit long-term capital.

In this context, infrastructure did not merely follow investment; it paved the way for investment to occur.

The same principle could shape how Sri Lanka approaches Mannar. Commercial development would require production and processing facilities, gas transportation, storage, and connections to electricity generators or industrial consumers. Associated port, logistics, and transmission infrastructure also become an important topic with this development. These requirements should not be considered independently if Sri Lanka intends to capitalise on its offshore resource.

Instead, Sri Lanka’s infrastructure planning should consider where future industrial demand might emerge and how emerging energy infrastructure could support it. A gas network designed only to move fuel from production to an immediate consumer limits the value generated. Consequently, infrastructure planned alongside industrial zones, ports, power systems, and logistics corridors could potentially create a broader platform for manufacturing, downstream industries, and future regional investment.

Sri Lanka’s National Energy Policy already recognises infrastructure development as a strategic priority, including investment in transmission, natural gas delivery, storage, and modern grid technologies. Now, Mannar provides an opportunity to apply that principle at a larger economic scale.

The strategic question, therefore, is what economic development can Sri Lanka achieve through the infrastructure required for Mannar’s gas fields?

Approached this way, infrastructure planning moves beyond project expenditure and becomes an investment strategy; capable of reducing commercial risk, attracting private capital and shaping where future industries develop.

Innovation does not begin in the laboratory

Developing Mannar should create more than a new domestic energy resource. It should create domestic capability. Sri Lanka’s upstream development will require expertise spanning engineering, geoscience, process technology, environmental management, economics, offshore operations, and other specialised disciplines.

Will these capabilities will simply be imported for individual projects, or will the country deliberately develop this human capital within the country?

The IVLP also demonstrated how universities play broader role in answering this challenge in the U.S. Across the country, universities were active participants in economic development rather than solely centres of academic instruction. Research programs responded to industry challenges, students developed skills for emerging sectors, and partnerships with Government and private industry helped translate academic research into relevant practical applications.

This relationship creates a reinforcing cycle. Industry identifies emerging technical and commercial challenges; universities develop research and talent around those needs; graduates carry new capabilities into industry; while applied research supports innovation and commercialisation.

As industries evolve, their changing requirements flow back into education and research.

The opportunity for Sri Lanka to build a similar connection between resource development and domestic capability has now presented itself. Universities and research institutions should work alongside Government and prospective investors to identify future skills requirements, develop specialised programmes, and align applied research with the technical challenges emerging from offshore gas and upstream development.

Moreover, such collaboration could also extend beyond the immediate requirements of natural gas. Capabilities developed in offshore engineering, subsea systems, environmental management, geoscience, process engineering, and project economics could induce a spillover effect and strengthen Sri Lanka’s ability to participate in other energy and infrastructure industries over time.

Public acceptance cannot be engineered

Discussions with US Senate Energy Committee

While the development of Mannar’s gas basin revolves a lot around discussions about national energy security and economic advancement, many fail to realise its disruption to the locality of the project. This offshore resource inevitably intersects with the communities closest to it; bringing environmental, coastal, fisheries and economic considerations into the same conversation.

This raises a question just as important as the value of the resource itself: what does this development mean for the people of Mannar?

Discussions at the Federal level with the US Department of State reinforced that public confidence is not simply another approval requirement. Successful energy projects depend on communities understanding how development translates into tangible local value. Employment matters, but so do opportunities for local businesses, workforce training, supporting infrastructure, environmental safeguards and sustained regional investment.

Kemmerer, Wyoming, provided a compelling example. Community support for advanced nuclear development was closely connected to the economic opportunities surrounding the project. Employment, workforce development, and long-term regional investment helped position the development as more than new electricity generation. It represented an investment in the community’s economic future.

Mannar presents a similar principle for Sri Lanka, albeit its development context is different. If commercial development proceeds, local communities should not simply host the activities and infrastructure required to develop a nationally significant resource. The hidden potential lies in how local employment, supplier participation, skills development, and regional infrastructure can become part of the project’s value proposition from the outset.

Similarly, credible environmental safeguards and meaningful engagement with coastal and fisheries stakeholders will be essential to building confidence around development. This requires moving beyond consultation as a ‘procedural exercise’. Communities are more likely to develop lasting confidence in the project when they can participate meaningfully in both the decisions and economic opportunities surrounding major infrastructure in their hometowns.

Therefore, the social licence for Mannar will depend not only on what Sri Lanka extracts from the region, but on what the development leaves behind; making public participation a part of the project’s long-term value rather than simply a condition for its approval.

Coordinated institutions build energy economy

Confirming a resource and attracting investor interest are important milestones for Sri Lanka. They are not, however, the measure of Mannar’s eventual success.

The success of Mannar will depend less on discovering gas than on Sri Lanka’s ability to coordinate the institutions required to commercialise it.

This was perhaps the most important institutional lesson from the IVLP. Across the US, energy development involved an interconnected ecosystem of Government agencies, regulators, universities, utilities, economic development organisations, local authorities and private industry. Each performed a distinct function. Governments provided long-term direction, regulators created market certainty, universities developed research and workforce capability, industry mobilised capital and innovation, while local Governments connected development with communities and regional priorities.

The strength of US governance was not the number of institutions involved. It was their ability to perform complementary roles within a broader economic system. For investors considering capital-intensive energy projects, that coordination matters. Regulatory certainty, infrastructure planning, permitting, financing, workforce capability, and community engagement ultimately converge around the same investment decision.

With Mannar’s gas, Sri Lanka is not starting without an institutional foundation. The Petroleum Resources Act provides the regulatory framework for upstream petroleum development, while broader national energy policies establish direction across energy security, infrastructure, and investment. The challenge is converting these individual frameworks into a coordinated pathway from investor selection through exploration, appraisal, and commercial development.

Previous efforts to attract investment into the Mannar Basin also demonstrate why this matters. An earlier 2019 bid round attracted limited investor interest, while subsequent reforms reconsidered how acreage and investment opportunities were structured. The latest investor process therefore represents more than another attempt to attract capital. It provides an opportunity to address the conditions that determine whether investors can confidently commit capital in Sri Lanka over the long development horizons associated with upstream energy projects.

This means institutional coordination must extend beyond petroleum regulation alone. Decisions around gas infrastructure, power and industrial demand, environmental approvals, fiscal arrangements, workforce development, community engagement, and regional infrastructure will directly influence the commercial attractiveness of Mannar. If these areas advance independently, Sri Lanka risks remaining stagnant with a valuable resource and no viable pathway to market.

The investor announcement should therefore be viewed as the beginning of the process, not its outcome. Sri Lanka’s real test is whether its institutions can convert geological potential into commercial confidence, and commercial confidence into lasting economic value.

The real test of Mannar’s Gas Basin begins with economic strategy

The opportunity presented by Mannar extends far beyond gas resources. If approached strategically, it has the potential to reshape how Sri Lanka connects energy development with investment, infrastructure, and the country’s wider economy.

Through learnings from US institutions, successful energy economies do not simply develop resources and wait for prosperity to follow. They deliberately plan and create the infrastructure, institutions, skills, and investment conditions that convert energy into economic wealth.

Mannar provokes Sri Lanka to apply this thinking. Rather than treating upstream development as an isolated petroleum project, decisions around gas production should connect with industrial demand, power generation, ports, logistics, workforce development, and regional investment. The objective should be determining how the resource can create the country’s greatest economic multiplier.

However, at the end of the day, this opportunity cannot materialise without investment.

Sri Lanka must position Mannar not only as an energy proposition, but as a globally competitive investment proposition. Contrary to the enthusiasm following the news release, geological potential alone will not attract long-term capital. Investors also assess regulatory stability, fiscal terms, infrastructure, market access, permitting, contractual certainty, and political risk.

Accordingly, Sri Lanka’s next step should present a coherent pathway from exploration to commercialisation. Transparent procurement, accessible geological data, predictable regulation, targeted engagement with capable international operators, and clear pathways to market can reduce investor uncertainty.

Learning from previous attempts, consistent execution across political cycles will be equally important. This is Sri Lanka’s chance for rebound. Every successfully delivered milestone strengthens the credibility of the next one.

With this, domestic capability should also develop alongside foreign investment. Universities, businesses, and professionals should gain expertise across engineering, geoscience, offshore services, environmental management, and project development for the country to benefit beyond the resource. Along with this, community inclusion through through employment, local businesses, infrastructure, and meaningful engagement are vital for success.

Success should therefore be measured beyond securing an investor or producing first gas. The deeper question is what Sri Lanka possesses decades afterwards – stronger energy resilience, new industries, improved infrastructure, skilled people, stronger communities, and greater investor confidence.

Finally, successfully commercialising Mannar could give Sri Lanka something equally valuable: a proven track record; demonstrating that the country can deliver a complex, capital-intensive project could strengthen its credibility across global energy and infrastructure markets.

An important takeaway from the IVLP isn’t that Sri Lanka should replicate the American energy model. Different resources, institutions, markets, and development priorities demand a distinctly Sri Lankan approach. The transferable lesson is more fundamental: energy creates its greatest value when policy deliberately connects resources with investment, infrastructure, institutions, human capability, and the wider economy.

Mannar could therefore become more than an energy resource. It could become a blueprint for converting natural resources into national prosperity.

Touli, a civic impact platform built by DWorld and developed with Sri Lankan technology partner SoftSora, has launched in Colombo with founding youth partners AIESEC Sri Lanka and Women in Tech Sri Lanka.

The platform rewards people for doing good in their communities. Across four pillars, Social, Environment, Personal Wellbeing and Education, users complete real world actions such as volunteering, mentoring and environmental clean ups. Each action is verified through Touli’s AI system, creating a transparent record of impact.

Verified points cannot be bought, sold or exchanged for cash. They can only be redeemed for local experiences matched by Touli’s AI to partner businesses across the island, a meal at a family run restaurant, a traditional tea making session, a night at a heritage guesthouse or a handcrafted piece from a local artisan.

Touli’s model echoes the values behind Clean Sri Lanka, the government program built on transparency, participation and ethical conduct. A verifiable, non monetary record of civic action supports the clean data and clean technology the program calls for, while rewards that can only be redeemed as real experiences, never cash, guard against exploitation.

For tourism, the platform lets visitors join the same verified challenges as local citizens, from beach clean ups to community projects, then redeem experiences that place them inside the local economy rather than at arm’s length from it.

AIESEC Sri Lanka is mobilising its national student and graduate network as Touli’s first cohort of verified users, with its opening challenge launching during AIESEC’s World’s Largest Lesson day, when more than 50,000 students are expected to take part. Women in Tech Sri Lanka is directing its community toward mentorship and STEM outreach within the Education and Social pillars, aimed at closing Sri Lanka’s gender gap in technology.

Touli is the new social impact layer developed by DWorld’s founder, who has built metaverse and AI platforms across Monaco, Malta, Italy, the Philippines, Singapore and Saudi Arabia. In a world of constant technological advancement, genuine human connection and shared values must be intentionally nurtured and restored.

Dworld Founder Manila Di Giovanni said ‘Sri Lanka’s own national vision already asks its people and institutions to build on clean partnerships, clean data and clean technology. Touli was built to do exactly that, and to prove it works by putting a verified good deed directly into a local restaurant, a local guesthouse, and a local artisan’s hands. We are honoured to open this chapter in Colombo and welcome any public institution, organisation or company that would like to partner with us.

Toronto-based fashion brand Arvénoir, founded by designer and entrepreneur Anamica Mithila, is expanding its international presence with the launch of its official e-commerce platform, www. Arvénoir.com, in Sri Lanka.

Known for contemporary design, effortless tailoring and conscious craftsmanship, Arvénoir is introducing its premium European linen collections to Sri Lankan consumers. Featuring breathable fabrics, refined silhouettes and versatile pieces suited to warm-weather living, the collection reflects the influence of Sri Lanka’s tropical lifestyle.

Although Arvénoir was founded and developed in Toronto, its design perspective is informed by a range of cultures, environments and lifestyles. For founder Anamica Mithila, the relaxed elegance and tropical character of Sri Lankan life have provided an important source of inspiration for creating collections that balance sophistication with comfort.

Arvénoir brings together fashion design, product development, apparel manufacturing expertise and international retail experience. The brand has established a presence across Canada through recognised retailers including Holt Renfrew, Marshalls and Winners. This experience across premium and commercial retail has enabled Arvénoir to develop a strong understanding of diverse consumer preferences while maintaining a consistent focus on design, quality and craftsmanship.

‘The idea behind Arvénoir has always been to create clothing that feels refined without feeling restrictive,’ said Anamica Mithila, Founder of Arvénoir. ‘Sri Lanka’s tropical lifestyle naturally resonates with that philosophy. The climate, relaxed way of living and effortless elegance found in everyday life here have inspired us to develop pieces that are both sophisticated and comfortable.’

Arvénoir’s philosophy is captured in its signature expression: ‘Effortless tailoring. Statement design. Conscious craftsmanship.’ The brand is designed for people who appreciate individuality and considered design rather than simply following seasonal trends.

The name Arvénoir is a coined expression created to represent elegance, individuality, strength and understated mystery. The ‘noir’ element draws from the French word for black and its associations with timelessness, confidence and sophistication.

‘Arvénoir is about individuality with elegance rather than following trends,’ Anamica said. ‘We want people to feel confident in what they wear and have the freedom to express their own identity through clothing.’

Material selection and product development are central to Arvénoir’s approach. The brand maintains in-house R and D capabilities covering the product-development process from concept and material selection through sampling, fit, construction and final quality assessment. Its collections feature considered materials including European linen, organic cotton, organic silk, vegan leather and other responsibly selected fabrics and materials. European linen plays a particularly important role in the collections because of its natural breathability, texture and versatility. These qualities make it well suited to warm climates while supporting Arvénoir’s preference for timeless, wearable design.

The Sri Lankan launch marks a new chapter in Arvénoir’s growth, creating a direct connection with consumers in a market where climate, lifestyle and contemporary fashion continue to shape evolving style preferences.

For Anamica, the expansion forms part of a broader vision to build a fashion company that connects design, manufacturing and international retail across markets.

‘Fashion has always been a global language for me,’ Anamica said. ‘Arvénoir was built in Toronto, but the inspiration behind the brand comes from a much wider world. Sri Lanka is an exciting market for us because its tropical environment and lifestyle create a natural connection with the breathable, effortless fashion we want to create.’

The new Arvénoir collection is also available at all 7 branches of Uptown Kandy and at Marino Mall.

KUKA HOME, one of the world’s largest integrated home furnishing companies, recently opened its first showroom in Sri Lanka.

Renowned for contemporary furniture designed for modern living at accessible price points, the global brand is represented locally by Finco Homes, the furniture retail arm of Finco Holdings.

KUKA HOME brings more than four decades of award-winning design, patented technologies and global expertise to Sri Lanka. With a presence in over 120 countries and more than 6,000 retail locations worldwide, the brand offers an extensive range of products designed to complement modern lifestyles while remaining accessible to a broad customer base.

Finco Homes CEO Safraz Careem said: ‘Finco Homes identified a clear gap in the market for a furniture brand that successfully combines international design standards with the needs and aspirations of Sri Lankan households. KUKA HOME’s design capabilities, manufacturing excellence, product depth and international reputation made it the ideal partner and an excellent fit for the Sri Lankan market.’

Established in 1982, KUKA HOME operates 14 manufacturing facilities across China, Mexico, the United States and Vietnam, supported by a design centre in Milan, Italy. The company is also known for its collaborations with leading design firms in Europe and North America.

Finco Holdings Director Tarusha Weerasooria said: ‘We are delighted to partner with a global home furnishing brand that places such a strong emphasis on research, design excellence, craftsmanship, technology and sustainable production. KUKA HOME is a significant addition to Sri Lanka’s home décor landscape, offering customers award-winning designs and versatile products that combine comfort, functionality and style.’

Designed as a complete concept store, the showroom offers an immersive retail experience with thoughtfully curated room settings that enable customers to visualise how furniture can enhance their homes and lifestyles. The collection reflects KUKA HOME’s philosophy of innovation and user-centred design, incorporating smart living concepts for modern, technology-driven households.

Sustainability remains central to KUKA HOME’s business philosophy. The company incorporates environmentally responsible materials into its products, continues to reduce its carbon footprint and actively promotes more sustainable and environmentally conscious manufacturing practices.

KUKA HOME is located at 12 Alfred House Gardens, Colombo 03, and is open from 9.30 a.m. to 6.30 p.m. Monday to Saturday.

Sri Lanka’s gross public debt increased by Rs. 744 billion during the second quarter of 2026 to Rs. 32.98 trillion, even as its dollar value declined by $ 4.32 billion to $ 97.95 billion, according to the latest Public Debt Management Office (PDMO) data.

The PDMO’s Statistical Debt Bulletin for the second quarter showed gross public debt rising 2.3% from Rs.32.23 trillion at end-March to Rs. 32.98 trillion at end-June. In dollar terms, however, the stock declined 4.2% from $ 102.27 billion to $ 97.95 billion.

The PDMO converts debt denominated in different currencies using respective quarter-end exchange rates. The indicative exchange rate used for end-June was Rs.336.6623 per dollar, compared with Rs.315.1909 at end-March.

The second-quarter increase followed a marginal Rs. 38 billion rise in gross public debt during the first quarter, from Rs. 32.20 trillion at end-2025 to Rs.32.23 trillion at end-March. In dollar terms, debt had declined from $ 103.86 billion to $ 102.27 billion during 1Q before falling further to $ 97.95 billion in 2Q.

Central Government debt increased by Rs. 806 billion, or 2.6%, during 2Q to Rs. 32 trillion from Rs. 31.19 trillion at end-March. Its dollar value declined by $ 3.92 billion, or 4%, to $ 95.05 billion from $ 98.97 billion.

The two major components moved in opposite directions.

Domestic Government debt declined by Rs. 180 billion, or 0.9%, to Rs. 19.20 trillion from Rs. 19.38 trillion. Its dollar equivalent fell 7.2% to $ 57.04 billion from $ 61.50 billion.

Within domestic debt, rupee-denominated obligations declined by Rs. 227 billion to Rs. 18.46 trillion, while foreign currency-denominated domestic debt increased by Rs. 47 billion to Rs. 741 billion.

A shift was also evident within the Government securities portfolio. Outstanding Treasury Bills declined by Rs. 480 billion to Rs.2.37 trillion at end-June from Rs. 2.85 trillion at end-March, while Treasury Bonds increased by Rs. 254 billion to Rs. 16.07 trillion from Rs. 15.82 trillion.

External Government debt, meanwhile, increased by $ 540 million, or 1.4%, to $ 38.01 billion during 2Q from $ 37.47 billion at end-March. In rupee terms, the stock increased by Rs. 986 billion, or 8.3%, to Rs. 12.80 trillion from Rs. 11.81 trillion. The PDMO specifically reported the $ 540 million nominal quarter-on-quarter increase.

Multilateral debt increased by $ 620 million to $ 14.80 billion from $ 14.18 billion, while bilateral debt rose by $ 312 million to $ 10.80 billion from $ 10.49 billion. Market borrowings declined by $ 392 million to $ 12.41 billion from $ 12.80 billion. Multilateral, commercial and bilateral debt accounted for 38%, 34% and 28%, respectively, of Government external debt at end-June.

The increase in multilateral debt was led by the International Monetary Fund (IMF), with outstanding exposure rising by $ 686.6 million to $ 2.62 billion from $ 1.93 billion at end-March. Asian Development Bank debt declined by $ 68.9 million to $ 6.89 billion, while World Bank exposure was virtually unchanged at $ 4.67 billion.

Among bilateral creditors, Korea recorded one of the largest increases, with outstanding debt rising to $ 514.3 million from $ 264.9 million. Kuwait exposure increased to $ 183.5 million from $ 94.8 million, while China edged up to $ 5.01 billion from $ 4.99 billion.

Debt to Japan declined to $ 2.27 billion from $ 2.31 billion, while India eased to $ 853.9 million from $ 856.1 million.

Commercial external debt declined to $ 12.41 billion from $ 12.80 billion. Outstanding International Sovereign Bonds fell by $ 374.5 million to $ 10.01 billion, while China Development Bank term-loan facilities declined to $ 2.40 billion from $ 2.42 billion.

Government-guaranteed SOE debt also declined during 2Q, falling by $ 394 million, or 12%, to $ 2.89 billion from $ 3.28 billion. In rupee terms, guaranteed SOE debt declined by Rs.62 billion to Rs.971 billion from Rs.1.03 trillion.

The PDMO said regular debt servicing has resumed to creditor partners where restructuring agreements have been concluded. However, restructuring with creditors from 13 countries remained ongoing at end-June, with debt advisers, the Finance Ministry and respective creditors continuing discussions to finalise arrangements.

In 2010, when the gates opened for the inaugural Electric Peacock Festival, the ambition behind it was immense. Bringing four contemporary live music artists from the UK to share local stages with three home-grown acts was a massive gamble: a high-stakes bet on Sri Lanka’s ability to build its own premium cultural platforms. At the time, charging Rs. 4,500 for a general admission ticket drew heavy domestic criticism despite the lineup featuring Grammy Award-winning artists; today, a local DJ event routinely commands entry fees anywhere from Rs. 5,000 to 15,000. It was never about delivering a flawless debut, but rather about setting a new baseline for what a home-grown platform could achieve. For a moment, it proved that Sri Lanka could set global cultural trends rather than just passively consume imported ones.

Over the next 16 years, independent movements across the arts doubled down on this pursuit of original concepts. From the cutting-edge curation of the Pettah Interchange and Colomboscope to pioneering independent theatre, the Ceylon Literary Festival, the Sri Lanka Design Festival, and ComicCon, our creative communities have repeatedly tried to build real cultural value.

Yet, 16 years after that first festival, independent creators remain stuck in a frustrating loop of stagnation. The moment the focus shifts away from rare collective wins, the drive to expand the broader industry is replaced by a defensive, insular mentality. We find ourselves trapped in a domestic market where originality is under-protected, creative labour is systematically undervalued, and territorial gatekeeping chokes the growth we need to survive over the long term.

The coastal friction: Protectionism vs. professional ethics

This tension is most visible on the geographic fringes of our creative economy. Look down the coast during the peak seasons in the South and East, and the competition for the tourist market often takes on an aggressive, unregulated form.

Many independent operators, frequently city-born or international creators who invest significant personal capital to build polished lifestyle spaces, find themselves operating under a shifting, unpredictable set of rules. They face constant pressure from established local operators who, despite running smaller or more traditional venues, demand that their own spaces or events be prioritised.

There is a glaring double standard at play here. These local gatekeepers eagerly welcome the financial rewards of global tourism, yet they frequently reject the professional ethics, fair play, and open competition that make global markets thrive. When challenged, the default defence is a shield of local entitlement: the belief that being locally rooted grants an absolute right to maximise earnings by controlling the neighbourhood and actively restricting surrounding nightlife options. Relying on the idea that historical or structural disadvantages justify total control over the tourist wallet is a short-term survival tactic, and one that simply cannot sustain a modern, long-term hospitality economy.

By treating fair competition as an existential threat, these gatekeepers end up fragmenting a delicate audience base. This friction is precisely why major milestones of industry maturity, like a recent eight-bar regional collaboration in Bangkok and similar initiatives in Singapore, remain such a fragile rarity. We have proven we can coordinate flawlessly to represent our island abroad, but back at home, territorial double standards keep the ecosystem localised and defensive.

The monoculture of ‘Playing it safe’

This reluctance to diversify has locked our urban entertainment landscape into a predictable loop. Step into the mainstream club scene in Colombo, and you are often subjected to a repetitive soundtrack of commercial pop, R and B, and standard chart hits playing on an infinite loop. The majority of commercial clubs rely on the same low-risk tracks, leaning heavily on outdated 80s and 90s nostalgia. Introducing a new DJ, a fresh sound, or an alternative music genre requires immense persuasion. My own experience trying to convince established venues and promoters to feature original acts who don’t rely on covers underscores a broader market reality: the system is designed to reward predictability over original creative equity, forcing independent promoters to absorb all the friction of pushing the culture forward.

Crucially, the country’s repetitive progressive house events exist almost entirely apart from these established, permanent venues, a telling symptom of a deeper structural void. Colombo severely lacks inventive, permanent nightclubs dedicated to alternative music experiences.

The proof of an entertainment-starved audience lies in the success of independent, pop-up venues for hire. By offering spaces where independent crews can freely curate alternative genres, these platforms have revealed a massive, diverse demographic of patrons who show up purely for the curation. The hunger for progression is undeniable; the permanent infrastructure to house it is what is missing.

The ‘Grateful’ economy: Corporate control and idea skimming

This structural stagnation is heavily reinforced by how Sri Lankan private capital across the board, from independent businesses to major conglomerates, distributes its marketing and promotional budgets. To the creative community, the issue is rarely a complete lack of funding, but rather the risk-averse and patronising nature of that capital.

When an independent creator presents a pioneering lifestyle concept, festival framework, or cultural initiative to major commercial sponsors, they enter what can be called the ‘Grateful Economy.’ They are rarely met with true institutional investment. Instead, they are handed a fraction of the necessary budget, tied to an exhausting, work-heavy mountain of deliverables. The implicit corporate assumption is that the creators should simply be grateful to be noticed.

We see this exact dynamic play out with independent music artists. Many venue owners across the country offer minimal payouts, treating the artist as fortunate to have a stage at all, while expecting them to bring their own equipment, design the promotional artwork, market the event, and guarantee a crowd. The artist absorbs the entire financial risk, while the venue reaps the hospitality revenue.

When corporate entities do find an independent concept that works, the relationship frequently shifts from patron to predator. It is an all-too-familiar pattern for a legacy company to sponsor an original platform, only to cut ties with the creator the following year, hire a cheaper third-party executioner, and attempt to claim ownership over the intellectual property. Paradoxically, these same decision-makers will willingly open their vaults for cookie-cutter foreign franchises, paying premium rates for imported concepts while holding home-grown innovators to a standard of absolute, low-cost compliance. Corporate capital is too often weaponised as a tool of control, forcing projects into rigid corporate frameworks that neutralise their original creative integrity.

The Diaspora dilemma: Cynicism vs. cultural capital

This hesitation to trust home-grown innovation extends into a complicated relationship with our global diaspora. Across international creative capitals, diaspora Sri Lankans are breaking through highly competitive, merit-based systems. Whether operating as entrepreneurs, culinary and beverage pioneers, musicians, or multi-disciplinary creatives, they have succeeded in global landscapes where success cannot be bartered through local connections or territorial monopolies.

They often return to the island with world-class training, rigorous industry ethics, and an immense enthusiasm for their heritage. They treat their Sri Lankan roots as something to be celebrated and woven into their global identities. Thankfully, they are increasingly embraced by our local creative communities and counterparts. Yet, when it comes to the actual capital needed to realise their visions, a deeper frustration emerges. In my own work supporting returning individuals who are driven purely by a connection to their roots, I have seen highly impactful, altruistic projects designed to uplift rural or disadvantaged communities fall through because they cannot secure local financial backing. Instead of being treated as a strategic asset, these creators are frequently met by entrenched domestic gatekeepers with a protective cynicism, a ‘you’re not one of us’ undercurrent fuelled by professional insecurity. Because they had the structural advantage of an overseas environment, their international credentials and goodwill are too often viewed with jealousy rather than institutional value.

While progressive pockets of our media, arts, and business communities actively work to integrate these groups, the broader ecosystem remains insular. This is a major misstep. The global diaspora represents a massive, untapped pipeline of capital and intellectual equity. Unlike traditional local firms entrenched in legacy priorities, diaspora investors naturally understand the assignment. They grasp the economic value of cultural property, independent venues, and boundary-pushing subcultures because they have watched these exact ecosystems drive the economies of global cities. If we build an accessible, inclusive, and friction-free runway for them to reconnect, we unlock the alternative funding model our creative economy desperately needs.

Redefining the terms of capital

We know the state cannot save us. Bound to IMF recovery realities and an ongoing debt crisis, the government cannot afford to subsidise creative risk. But cultural capital cannot be treated as a luxury or a trivial afterthought while we wait for the national balance sheet to clear. It is a critical driver of our international soft power and premium tourism. The problem has never been a lack of vision; it is the terms of our capital.

If we want Sri Lanka to be recognised as a progressive, premium global destination, our affluent local investors and wealthy diaspora must redefine what it means to support the arts. Funding independent venues, experimental subcultures, and original intellectual property is an investment in the country’s foundational cultural infrastructure. This capital must come with fewer commercial strings and a greater respect for creative autonomy.

Until we stop letting territorial local politics dictate our creative boundaries and start investing in the long-term expansion of our entire industry, we will remain a culture that is fully capable of commanding the global stage, yet inexplicably restrained at home.