Category: Daily Financial Times

There’s a number Sri Lanka’s garment exporters bring up often. In December 2018, the industry’s exports crossed $5 billion for the first time, a level that had eluded it for years. Eighteen months earlier, the European Union had restored Sri Lanka’s GSP+ trading privileges, ending a suspension that had lasted six years. Correlation isn’t proof, but few in the industry need convincing. Take the concession away, and growth stalls; bring it back, and it resumes. Apparel remains Sri Lanka’s largest export earner, employing over 350,000 people and making up roughly 40-45% of exports and 6-7% of GDP. GSP+ isn’t a side note in that story. It’s close to the whole of it.

Which makes the coming months rather more important than they might first appear.

On 22 May 2026, the EU Council adopted a revised GSP regulation that tightens the link between trade preferences and compliance on human rights, labour, environment, and governance. From 1 January 2027, beneficiary countries will need to meet an expanded list of obligations, covering disability rights, child protection in conflict, labour inspection, the Paris Agreement, and organised crime, on top of what’s already required. Enforcement is sharper too: a faster ‘urgent withdrawal’ mechanism is being introduced, and the review cycle is stretching from two years to three, meaning fewer chances to course-correct if something slips.

Sri Lanka, like all other beneficiary countries, will need to apply for the new GSP+ scheme in 2027. The concern isn’t just that Sri Lanka may not qualify for the new scheme. It’s that the country isn’t getting full value from what it already has. The EU has framed the scheme as an opportunity rather than a burden, one that rewards genuine reform and real performance. The immediate priorities are clear: repeal and replace the PTA in a manner that meets international standards; address EU concerns on human rights, labour, environment, climate and governance; strengthen controls on illicit drugs and illegal fishing

Here’s the part too easily missed, current preferences hold until the end of 2028, but nothing renews automatically. Sri Lanka must formally re-apply under the new rules and submit an action plan showing exactly how it will meet the higher bar. The GSP+ review mission from Brussels has emphasised that the action plan cannot be a paper exercise; this time, Sri Lanka will have to show credible, demonstrable action, supported by evidence of implementation. Treat this as a formality, and the country risks losing more than it realises.

Beyond the compliance checklist, though, there’s a more solvable problem hiding in plain sight, and it’s one Sri Lanka can fix largely on its own. The country’s GSP+ utilisation rate, the share of eligible exports that actually claim the benefit, has hovered between just 49% and 59% in recent years. That means nearly half the available advantage goes unused, largely because EU rules of origin require garments to be made from the yarn stage domestically, a threshold the local fabric base can’t meet. Manufacturers end up relying on imported, non-qualifying fabric instead. Unlike geopolitical compliance benchmarks, this is a problem industry and government can solve together: through serious investment in domestic fabric capacity, through cumulation agreements with regional partners, and through active negotiation with the EU on rules-of-origin flexibility.

Timing adds urgency, too. In July 2026, the World Bank reclassified Sri Lanka as an upper-middle-income country with a GNI of $ 4,670 just $ 34 over the threshold for UMI classification.

It’s a genuine recovery milestone, but a recovery story, not yet a structural transformation. It also raises a question the industry can’t ignore: GSP+ is built for low- and lower-middle-income economies, and as Sri Lanka’s classification shifts, so does the case for using this window well, now, rather than assuming the door stays open indefinitely. Maintaining UMI status for three consecutive years would result in exclusion from the GSP+ scheme. That is why the timing of the application matters: applying early in 2027 could preserve a pathway to continued benefits and a transition period, while waiting until late 2028 risks pushing Sri Lanka into a decision point where MFN tariffs could apply from around mid-2029 if renewal is not granted.

Timing adds urgency. In July 2026, the World Bank reclassified Sri Lanka as an upper-middle-income country with a GNI of $4,670, just $34 over the threshold for UMI classification.

It’s a genuine recovery milestone, but a recovery story, not yet a structural transformation. It also raises a question the industry can’t ignore: GSP+ is built for low- and lower-middle-income economies, and as Sri Lanka’s classification shifts, so does the case for using this window well, now, rather than assuming the door stays open indefinitely. Maintaining UMI status for three consecutive years would result in exclusion from the GSP+ scheme

Brussels, for its part, has been unusually direct about where things stand. EU Ambassador Carmen Moreno told the Sri Lankan-German Business Forum this year that GSP+ ‘has delivered mixed results in Sri Lanka,’ pointing out that manufacturing still sits at only about a quarter of GDP, well behind more industrialised export peers like Vietnam. She urged Sri Lanka to use the time before reapplication to reform, industrialise, and attract investment, adding that the country hasn’t fully capitalised on the access it already has. Sri Lanka continues to face a credibility deficit with the EU, and the next application will be judged not by commitments alone but by whether the Government has acted on the EU’s core concerns.

Sri Lanka, like all other beneficiary countries, will need to apply for the new GSP+ scheme in 2027. The concern isn’t just that Sri Lanka may not qualify for the new scheme. It’s that the country isn’t getting full value from what it already has. The EU has framed the scheme as an opportunity rather than a burden, one that rewards genuine reform and real performance. The immediate priorities are clear: repeal and replace the PTA in a manner that meets international standards; address EU concerns on human rights, labour, environment, climate and governance; strengthen controls on illicit drugs and illegal fishing. What Sri Lanka does with the next two years, closing the utilisation gap and meeting the new requirements, or simply letting time run out, will decide the apparel industry’s path for the rest of the decade.

The Sri Lanka Association of Manufacturers and Exporters of Rubber Products (SLAMERP) has welcomed the decision by the Office of the US Trade Representative (USTR) to place Sri Lanka among the countries subject to a 10% tariff under the recently concluded Section 301 investigations, describing the outcome as a significant boost to the country’s rubber products export sector.

The decision ensures Sri Lanka remains on par with several key competitor nations, helping preserve the competitiveness of Sri Lankan rubber products in one of the country’s most important export markets. Initial indications suggested Sri Lanka could have faced a higher tariff rate, which would have placed exporters at a disadvantage in an increasingly competitive global marketplace.

The announcement follows a period of evolving US trade measures over the past 18 months. The initial 44% reciprocal tariff announced in April 2025 was subsequently revised to 30% and later to 20%, with Sri Lanka ultimately being subject to a 10% tariff rate. Throughout this period, the Government of Sri Lanka maintained close engagement with US authorities to protect and advance the country’s export interests.

On behalf of the rubber products industry, the SLAMERP extends its sincere appreciation President Anura Kumara Dissanayake, the Government of Sri Lanka, Sri Lanka Ambassador to the US Mahinda Samarasinghe, the Embassy of Sri Lanka in Washington, the Foreign Affairs Ministry, the Department of Commerce, the Export Development Board, and all officials who worked tirelessly through continuous dialogue and high-level engagement to secure this favourable outcome.

SLAMERP Chairman Pushpika Janadheera said: ‘This is a significant achievement for Sri Lanka’s export manufacturing sector and particularly for the rubber products industry. In global markets, buyers compare sourcing destinations based on quality, reliability, and cost. Securing tariff parity ensures Sri Lanka remains a competitive choice for international customers while reinforcing confidence in our manufacturers and the country’s long-term export potential.’

The US remains one of Sri Lanka’s largest export destinations for value-added rubber products, including industrial and medical gloves, tyres, solid tyres, industrial rubber goods, natural rubber mattresses and pillows, and many other specialised rubber products. The sector is among Sri Lanka’s leading export industries, generating valuable foreign exchange, supporting hundreds of thousands of livelihoods across the rubber value chain, and contributing significantly to the country’s manufacturing economy.

The SLAMERP noted that the decision provides greater certainty for exporters at a time of evolving global trade dynamics while strengthening investor confidence and supporting long-term business relationships with international customers.

The Association also highlighted that the successful outcome demonstrates the value of close collaboration between the Government and the private sector in addressing issues that directly impact Sri Lanka’s export competitiveness.

The SLAMERP reaffirmed its commitment to working closely with the Government and industry stakeholders to strengthen market access, enhance the competitiveness of Sri Lanka’s rubber products industry, and contribute to sustainable export-led economic growth.

The quarter-final matches of the Under-23 Inter-Club 2-day tournament which ended yesterday saw major reverses with top clubs like SSC and CCC being eliminated.

Bloomfield, Moors SC, BRC and Kurunegala YCC all advanced to the semi-finals with first innings victories.

Joint defending champions CCC were beaten in the first innings by BRC at Air Force grounds, Katunayake. CCC’s moderate total of 268 did not pose any threat to BRC who replied with 328-8. Outstanding for BRC were former Thomian all-rounder Yasiru Rodrigo who hit an unbeaten century off 209 balls (7 fours) and opener Isuru Fernando whose knock of 86 (137 balls, 7 fours) at the top of the order provided stability to the batting. Off-spinner Venura Vithanage bowled splendidly to take 6/93 off 32 overs, to no avail.

SSC put up a poor display of batting to concede first innings points to Moors SC at Surrey grounds, Maggona. After their bowlers had dismissed Moors SC for a modest 258, the SSC collapsed for 162. They lost their first seven wickets for 92 and if not for Yohan Dewappriya’s half-century (54 off 61 balls, 7 fours) they would have been in a worse plight. Off-spinner Sandaru Malshan spun a web around the SSC batsmen to finish with 5/68. Moors SC in their second innings made 174-1 with their top three batters thumping half-centuries – skipper Ravishan de Silva (63* off 94 balls, 3 fours), Omesh Mendis (56 off 27 balls, 8 fours, 2 sixes) and Hirun Matheesha (55* off 71 balls, 7 fours).

Joint defending champions Bloomfield marched into the semi-finals with authority, beating Negombo CC quite comprehensively in the first innings at the CCC grounds. Continuing from their overnight score of 366-6 Bloomfield went onto 586-9 before declaring. Shanikya Deshapriya (119* off 140 balls, 8 fours, 3 sixes) and Hansamana de Silva (91 off 73 balls, 6 fours, 8 sixes) poured further frustration on the Negombo CC bowlers by featuring in a seventh wicket stand worth 133. Negombo CC’s batting was compressed for 197 by spinners Tharinda Nirmal (5/44) and Kaveesha Piyumal (3/64). Their top scorer was number nine Amitha Sandeepa (49*).

Kurunegala YCC had the better of exchanges against Chilaw Marians CC sneaking through to a first innings win by 27 runs at Welisara. Only Gimhan Rasanjana (70 off 90 balls, 10 fours, 1 six) was able to withstand the off-breaks of former Trinitian Vathila Udara who ended up with figures of 7/61 off 18.2 overs as Chilaw Marians CC were bowled out for 200 in reply to Kurunegala YCC’s 227. Kurunegala YCC in their second innings scored 298-9 with their Captain Lakvin Abeysinghe contributing a robust 171 off 188 balls (18 fours, 3 sixes). Left-arm spinner Thimira Irushika picked up another four wickets for match figures of 9/144.

The semi-final line up for 31 July and 1 August: Bloomfield v Moors SC at Surrey grounds, Maggona; and BRC v Kurunegala YCC at CCC grounds.

Few constitutional debates appear as technical as the retirement age of judges. Yet behind what may seem to be a routine administrative change lies a question that concerns every citizen: who safeguards the independence of the courts when constitutional rules affecting judges themselves are changed?

Sri Lanka is once again confronted with this question through the Government’s proposal to amend the Constitution to increase the retirement age of judges of the Supreme Court and the Court of Appeal. The Government has explained that the proposal forms part of a broader effort to reduce delays in the administration of justice and ensure greater continuity in the higher judiciary. These are legitimate public objectives. Few would dispute that justice delayed is justice denied.

However, the proposal has generated unusually broad concern among the legal profession. The Bar Association of Sri Lanka (BASL), the Judicial Service Association (JSA), senior lawyers and constitutional commentators have expressed reservations-not because extending judicial service is inherently objectionable, but because of when, how and to whom such a constitutional amendment would apply.

Beyond partisan politics

The issue therefore deserves to be examined beyond partisan politics. It is fundamentally about constitutional governance, democratic legitimacy and public confidence in the administration of justice. Perhaps the most useful starting point comes not from domestic political debate but from internationally accepted principles.

In November 2024, the European Law Institute adopted the ELI-Mount Scopus European Standards of Judicial Independence, developed by internationally respected scholars including Professors Shimon Shetreet, Sophie Turenne, Leah Wortham and Fryderyk Zoll after extensive consultation with judges, lawyers, academics and international organisations.

Although these standards were drafted primarily for Europe, the principles they articulate reflect long-established international norms shared across democratic jurisdictions.

Their central message is simple: judicial independence exists not for the benefit of judges but for the protection of ordinary citizens.

The Standards recognise that courts must remain free from both actual political interference and the appearance of political influence. They also emphasise that reforms affecting the judiciary should strengthen institutional independence rather than create uncertainty about it. This distinction is important.

In constitutional democracies, public confidence depends not merely on whether judges are in fact independent, but whether reasonable citizens believe they are independent.

Public confidence in the judiciary

The BASL has expressed precisely this concern. Its public position is not that increasing retirement ages is always unconstitutional or inherently improper. Rather, it argues that extending the tenure of serving judges through a constitutional amendment at the present time may reasonably be perceived as Governmental interference with judicial independence.

That concern deserves careful consideration.

Public confidence in the judiciary is exceptionally fragile. Once doubts emerge regarding judicial impartiality, rebuilding institutional trust becomes far more difficult than preserving it in the first place. International experience consistently demonstrates this point.

Across Commonwealth democracies and jurisdictions governed by the rule of law, changes affecting judicial tenure are generally approached with considerable caution. Constitutional commissions, judicial councils or independent review bodies often study such reforms over extended periods before legislation is introduced. Frequently, changes apply prospectively rather than benefiting current office holders. The reason is straightforward.

Constitutional rules governing judges differ from ordinary employment conditions. Judges are not public servants whose tenure may be altered solely according to administrative convenience. They exercise constitutional authority over Governments themselves.

Any alteration to the conditions of judicial office therefore raises questions that extend beyond employment policy into constitutional legitimacy.

ELI-Mount Scopus Standards

The ELI-Mount Scopus Standards identify several risks that threaten judicial independence.

Among them are political interference, structural tampering with judicial institutions and reforms that unintentionally weaken institutional autonomy.

Equally significant is the emphasis placed on transparent appointments, merit-based selection and preserving the separation of powers.

These principles are not directed at any particular Government. They are designed precisely because democratic systems must remain resilient regardless of who occupies political office.

The Government, for its part, has advanced an understandable argument. It maintains that increasing retirement ages will assist efforts to reduce case backlogs and preserve experienced judicial leadership. Officials have also pointed to ongoing initiatives intended to improve court efficiency and judicial discipline. These objectives deserve serious attention.

Sri Lanka undoubtedly requires comprehensive judicial reform. Delays affecting hundreds of thousands of pending cases impose enormous costs on citizens, businesses and victims seeking justice.

Yet an important question remains. Would extending the tenure of existing Supreme Court and Court of Appeal judges significantly reduce systemic delays? Many legal experts remain unconvinced.

The BASL has noted that the Twentieth Amendment substantially increased the approved number of judges in both superior courts. It argues that no compelling operational necessity has yet been demonstrated for extending judicial tenure.

Others have pointed out that vacancies in the superior courts remain unfilled despite constitutional provision for additional judges.

Whether or not one agrees with these assessments, they illustrate why constitutional amendments should follow broad consultation rather than appear to precede it.

Another constitutional issue has also attracted attention.

Former President Ranil Wickremesinghe has questioned whether judges who stand to benefit directly from an amendment extending retirement ages could appropriately determine constitutional challenges relating to that very amendment.

His observations raise broader principles recognised internationally concerning conflicts of interest and the appearance of impartiality.

Again, this is not a personal criticism of individual judges. Rather, it reflects a longstanding legal principle that justice must both be done and be seen to be done.

Democratic constitutions depend upon this principle.

The broader lesson extends beyond the immediate proposal.

Constitutions are designed to outlast Governments.

Amendments introduced to solve immediate institutional or political concerns inevitably establish precedents that future Governments may invoke under very different circumstances.

Today’s amendment may be proposed by one administration with entirely sincere intentions. Tomorrow, another Government with less benign objectives may rely upon exactly the same precedent.

Constitutional design therefore requires Governments to think not only about today’s needs but tomorrow’s possibilities.

Majoritarian power

This explains why mature constitutional democracies increasingly emphasise consultation, consensus and institutional independence rather than numerical parliamentary strength alone.

Possessing a two-thirds parliamentary majority undoubtedly provides constitutional authority.

It does not necessarily eliminate the need for constitutional restraint.

Indeed, constitutional history demonstrates that some of the most enduring democratic reforms have emerged through dialogue rather than simple majoritarian power.

The Government would therefore strengthen-not weaken-its democratic credentials by broadening consultation before proceeding further.

An independent committee involving representatives of the Judiciary, Justice Ministry the Bar Association, constitutional scholars and civil society could examine whether judicial retirement ages genuinely require revision, whether prospective application would better preserve public confidence, and whether broader structural reforms would more effectively address delays in the justice system.

Such an approach would demonstrate confidence in democratic deliberation rather than dependence upon parliamentary arithmetic.

Ultimately, judicial independence should never become the property of either Government or opposition. It belongs to the people.

Every citizen relies upon judges who can decide cases without fear, favour or expectation of personal benefit.

That is why respected international institutions-from the European Law Institute to Commonwealth legal scholars and judicial independence experts-consistently emphasise that constitutional reforms affecting judges must preserve not only actual independence but also public confidence in that independence.

Sri Lanka has repeatedly demonstrated its capacity to engage in vigorous constitutional debate.

This moment should be no different. The real issue is not whether judges should retire at sixty-three, sixty-five or sixty-seven. The real issue is whether constitutional change strengthens public trust in the judiciary or unintentionally weakens it.

In every democracy governed by the rule of law, that question deserves careful reflection before constitutional amendments are enacted.

For judicial independence is ultimately not a privilege enjoyed by judges. It is the strongest constitutional guarantee possessed by every citizen.

References to the ELI-Mount Scopus Standards, the Bangalore Principles of Judicial Conduct, Commonwealth (Latimer House) Principles, Venice Commission guidance, relevant CJEU and ECtHR jurisprudence, and the BASL statement.

In a major push towards unlocking India’s offshore hydrocarbon potential and reducing dependence on imported crude oil and natural gas, Oil and Natural Gas Corporation (ONGC) has begun drilling its first deepwater exploratory well in the Mahanadi offshore basin off the Odisha coast.

The exploratory well, named MN-DW18-1-H-D, is located around 23 nautical miles from ONGC’s Konark discovery, marking the beginning of India’s most ambitious and technically challenging deepwater exploration campaigns. Union Petroleum and Natural Gas Minister Hardeep Singh Puri spudded the deepwater exploratory well from New Delhi on Saturday.

The drilling assumes significance as India intensifies efforts to tap vast untapped deepwater and ultra-deepwater offshore reserves under the ambitious Samudra Manthan Campaign, following the Centre’s decision to open nearly one million square kilometres of previously restricted offshore areas for oil and gas exploration under the Open Acreage Licensing Policy (OALP).

According to ONGC, India’s eastern and western offshore basins, extending to water depths of up to 3,000 metres, are estimated to hold more than 5,600 million tonnes of oil equivalent (MTOE) of hydrocarbon resources, making deepwater exploration the country’s next major energy frontier.

The Mahanadi offshore basin has emerged as one of the country’s most promising exploration zones following ONGC’s recent Utkal and Konark discoveries, which have significantly enhanced the basin’s hydrocarbon prospectivity. The corporation said the latest drilling campaign could further improve understanding of the basin’s geological potential and pave the way for future commercial production.

‘Every prospect evaluated, well drilled and discovery made will contribute towards enhancing domestic production, reducing import dependence and strengthening India’s energy security and self-reliance,’ ONGC said in a statement.

The corporation earlier this year established its flagship Deepwater Exploration Mission Centre (DeepX) in Mumbai to support such technologically demanding exploration programs. Launched on January 5, DeepX serves as the company’s dedicated hub for deepwater exploration by integrating advanced geoscientific interpretation, specialised technical expertise, data analytics, training and global collaborations under the ‘One Company, One Data’ philosophy.

The corporation said DeepX has been designed to strengthen India’s capability to evaluate complex offshore prospects using state-of-the-art seismic interpretation and integrated subsurface analysis, thereby improving the success rate of deepwater exploration.

The latest drilling campaign is also expected to complement the Government’s broader strategy of increasing domestic oil and gas production at a time when India continues to rely heavily on imports to meet its energy demand. Discoveries in deepwater basins could play a crucial role in diversifying India’s energy sources while reducing exposure to global supply disruptions and price volatility.

Industry experts said deepwater exploration involves substantial technological complexity and investment due to extreme water depths, high-pressure reservoirs and harsh operating conditions. However, successful discoveries can significantly boost long-term domestic hydrocarbon production.

With the commencement of drilling in the Mahanadi offshore basin, Odisha assumes greater strategic importance in India’s offshore energy landscape. The basin, stretching along the state’s coastline, has increasingly attracted exploration interest following encouraging geological findings over the past few years.

‘The next frontier is deep waters. India is ready to explore it,’ ONGC said, underscoring the strategic importance of the mission in the country’s quest for energy independence. (source: https://www.business-standard.com/industry/news/ongc-starts-india-s-first-deepwater-exploration-well-off-odisha-coast-126072600602_1.html)

Colombo Additional Magistrate Oshada Migara Maharachchi yesterday rejected the bail application of the owner of a prominent garment retail store, who is said to have violated the Customs Ordinance by importing goods worth over Rs. 1 million, and ordered that the suspect be further remanded until 6 August.

An objection was also presented here by the defence stating that the complaint against the suspect cannot be maintained and to dismiss this.

There, the Magistrate declared that the objection presented by the defence was baseless and rejected the request made to dismiss the complaint.

The Magistrate also rejected the request made to release the suspect under Section 115 of the Code of Criminal Procedure, as there is a case to inquire into according to the facts presented by the prosecution.

The Magistrate also ordered both parties to present further information regarding the incident to the Court on 6 August and adjourned the case until that day.

McLarens Lubricants Ltd. has announced its partnership as the Official Lubricant Partner of the 92nd Mahagastota Hill Climb, scheduled to take place on 16-17 August 2026 at the Mahagastota racing track in Nuwara Eliya.

The Mahagastota Hill Climb is one of Sri Lanka’s oldest motorsport events, bringing together the country’s leading drivers and riders. Mobil’s association with the event reflects the brand’s continued presence in motorsport and its focus on lubricant technology developed for demanding operating conditions.

First held in 1934, the Mahagastota Hill Climb has become one of the country’s recognised motorsport events.

Held at Pedro Estate on Mahagastota Road, Nuwara Eliya, the 690-metre hill climb features two hairpin bends, testing competitors through a course that combines elevation, technical driving and speed.

The event has attracted generations of competitors, motorsport enthusiasts and spectators.

Mobil has a long association with automotive performance and motorsport. Its partnership with the Mahagastota Hill Climb reflects the brand’s focus on engine protection, reliability and performance.

Through its presence at the event, McLarens Lubricants aims to engage motorists, racing enthusiasts and automotive professionals while supporting Sri Lanka’s motorsport sector.

McLarens Lubricants Joint Managing Director Chaminda Gunerathne said: ‘The Mahagastota Hill Climb represents everything that Mobil stands for – performance, endurance, innovation and the pursuit of excellence. We are proud to be the Official Lubricant Partner of the 92nd edition of this historic event and to continue supporting Sri Lanka’s vibrant motorsport community.’

McLarens Lubricants has operations in Sri Lanka’s automotive and industrial lubricant sectors, supported by a distribution network across the country. The company said the partnership reflects its commitment to supporting the development of Sri Lanka’s automotive and motorsport sectors while strengthening Mobil’s presence among local consumers.

Merchants from Galle to Jaffna open their doors to one of the world’s largest card networks

As one of Sri Lanka’s largest state-owned banks completes one of the country’s largest UnionPay acquiring deployments, merchants from Galle to Jaffna open their doors to one of the world’s biggest card networks – and a new chapter in the Bank’s digital banking journey.

People’s Bank has switched on UnionPay acquiring across its full network of more than 14,000 point-of-sale (POS) terminals, the Bank announced recently. With the activation, the Bank’s merchant partners – from leading supermarkets and hotel chains to fuel stations, pharmacies and small neighbourhood retailers – can now accept UnionPay cards issued in over 80 markets worldwide.

The deployment is one of the largest single UnionPay acquiring rollouts in Sri Lanka and a flagship milestone in People’s Bank’s digital transformation program.

People’s Bank Chief Executive Officer/General Manager Clive Fonseka said: “This is a defining moment in People’s Bank’s digital journey. For years, our promise to the nation has been access – to credit, to savings, to the formal economy. Today we extend that promise to the world’s cardholders. Every shop, hotel and restaurant on our network is now ready to welcome UnionPay customers from China, Singapore, Malaysia, the Gulf and beyond, with a single tap, swipe or insert.”

A digital bank in step with a recovering economy

The UnionPay rollout caps a multi-year program that has repositioned People’s Bank as one of Sri Lanka’s most progressive digital banking franchises. Recent milestones include:

nModernised core banking platform enabling real-time processing across branches, ATMs and digital channels

nNext-generation mobile banking app with biometric login, cardless ATM withdrawal and instant fund transfers

nQR-based merchant payments rolled out to thousands of small and mid-sized retailers

nContactless and tap-to-pay upgrades on the Bank’s POS estate

nExpanded card and acquiring infrastructure to support tourism, exports and the remittance economy

UnionPay – issued in 80-plus markets and accepted in 180-plus countries and regions worldwide- sits naturally at the centre of that strategy as Sri Lanka welcomes back a record tourism season and renewed foreign investment.

Zero-friction for merchants, instant access for visitors

For the Bank’s 14,000-plus merchant partners, the upgrade is automatic. Existing People’s Bank POS terminals have been enabled with UnionPay acceptance, requiring no additional hardware, no new merchant agreement and no downtime. Settlement, reconciliation and dispute handling are managed centrally by the Bank.

For inbound travellers and overseas Sri Lankans carrying UnionPay cards, the change removes one of the most common frictions in a foreign trip – being unable to pay. A souvenir boutique in Galle Fort, a restaurant in Pettah, a fuel stop in Nuwara Eliya, a hotel in Trincomalee: wherever a People’s Bank terminal is present, UnionPay now works.

Blackstone, the world’s largest alternative asset manager, has announced plans to open an office in Kuwait through the Kuwait Direct Investment Promotion Authority (KDIPA), further strengthening its presence in the GCC.

The New York-based group, which is eyeing a Q3 launch, said it aims to further expand the regional presence with additional offices to be announced across the GCC over the coming year.

On the strategic move, Blackstone President and COO Jon Gray said Kuwait has the resources, vision and leadership to be a key commercial and financial hub in the region.

‘Private capital can play an important role to support the country’s long-term economic diversification efforts and we look forward to deepening a partnership that spans nearly four decades,’ he stated.

Welcoming the move, KDIPA Director General Sheikh Dr Meshaal Jaber Al Ahmad Al Sabah said: ‘Leading global companies’ presence in Kuwait reflects growing confidence in its long-term outlook.’

‘It further reinforces Kuwait’s position as a destination for investment and sustainable growth,’ he added.

The draft of a new constitution for Sri Lanka Cricket (SLC) has been handed over to the Minister of Youth Affairs and Sports Sunil Kumara Gamage, SLC Transformation Committee chairman Eran Wickramaratne told the media at the monthly press conference held at the SLC headquarters yesterday.

‘We have finished our work (drafting of the constitution) and handed it over to the subject minister. This is not an easy task, drawing up the constitution, because it involves talking to several people of different diversity. There are a lot of views expressed. We have to look at them and take what is best for cricket to have a clean constitution,’ said Wickramaratne.

‘There is the ICC constitution to be considered and on the other hand, the laws of the respective countries have also to be adhered to. Till the constitution is gazetted suggestions can be incorporated. We have been in constant discussions with the ICC who want this done in the least possible time and elections held as early as possible. With the constitution coming virtually to a closure now our focus will turn more into management and finance.’

‘We have briefed the ICC from the start of what we plan to do, that we are going to bring the constitution through a legislative Government (which is the Parliament). The constitution has to be acceptable to them as well as us,’ Wickramaratne said.

‘When we bring it, the window is open for a couple of weeks by law for any citizen to go to court and challenge it. After that, there will be a debate in parliament and the adoption. After that we want to leave it in the hands of the stakeholders to take it forward. If you are bringing a piece of legislation into Parliament there are only two routes, one is you can give it to the Government and they can bring it and the other is, it has to be a private members bill. We are giving it to the Government.’

‘Our main focus was on governance, but we certainly need to focus on financial issues as well. Our whole objective is putting the systems right. To save every single rupee for the schoolboys and schoolgirls of this country to develop their cricket.’

Sidath Wettimuny, member of the Transformation Committee described the present constitution as a far better one than that prepared when he was chairman of the interim committee in 2015.

‘Unfortunately due to the change of Government at that time it was never passed in Parliament. But I am glad it happened because the constitution we have prepared now, if it comes through, can help our cricket to reach dizzy heights. We have prepared it after studying the constitutions of other top cricket playing nations. The talent is there in the country. What we need is a stable system free of politics.’

Giving a few insights to some of the changes the constitution has undergone Wettimuny said that the voting system has changed with two votes being given to clubs playing cricket in Tier A, and one vote to clubs playing in Tier B. He also stated that there will be transparency and accountability and that there will be a committee of people who are elected as well as appointed.

Amidst the conference Wickramaratne also revealed that the Transformation Committee had received the auditor general’s report of the last financial year.

Giving a retrospection of the report Wickramaratne said: ‘The AG’s report has raised a lot of issues. On differ taxation a fair sum of money Rs. 1.3 billion, other payables, financial liabilities, transaction related entities, conflicts of interests in board or in management, a detailed account of grants that have been made to associations and clubs, list of debtors etc. The finance committee will first go into it and try to furnish the answers.’

Giving insight to the Transformation Committee’s meeting with President Anura Kumara Dissanayake, Wickramaratne stated: ‘There is nothing that is secretive, we made it absolutely clear that the Transformation Committee is independent of any political interference which is being upheld by us as well as the Government. It’s not only the President, we have been meeting all the stakeholders, some of them who have held office at SLC previously and others who are political leaders of the country. We gave the President an update of what our thinking was on the cricket side and on the governing side. We said that we have drafted the new constitution and we are going to hand it to them.’