Category: Daily Financial Times

In celebration of World Chocolate Day, The Kingsbury, Colombo proudly presents The Chocolate Atelier, a spectacular three-day High Tea Buffet honouring the artistry, depth and decadence of chocolate.

Running from 10 to 12 July, this exclusive culinary event reimagines a classic afternoon high tea through a lens of pure cocoa mastery, offering Colombo’s chocolate connoisseurs an unparalleled sweet and savoury experience.

The buffet features a lavish display curated by the hotel’s celebrated pastry team, highlighting the versatility of chocolate across both traditional and contemporary creations. Guests will immerse themselves in an array of velvety mousses, handcrafted brownies, rich artisanal cakes, and delicate pastries, perfectly paired with a curated selection of premium savoury items designed to balance the palate. Set against the sophisticated, five-star backdrop of The Kingsbury, it provides an exquisite afternoon retreat for families, friends and chocolate lovers alike.

The Chocolate Atelier is priced at Rs. 5,500 nett per person. For reservations, please call +94 112 421 221.

Hundreds of years before the term ‘strategic foresight’ was ever invented, Sri Lankan kings have demonstrated this concept to a level which is not seen in other parts of the world. One major factor is that this strategic foresight that they adopted is relevant even today and is being used by modern Sri Lankans. They were able to develop this complex system of integrated environmental management Commercial Activity and defense, which culminated in the concept ‘Wewai, Dagabai, Gamai, Pansalai’ and lasted centuries, and continue to inspire modern urban designers off Sri Lanka.

Since we were children we have heard the Sinhala saying ‘Wewai, Dagabai, Gamai, Pansalai’ (Tank, Pagoda, Village, and Temple) which in fact describes the ancient strategic blueprint used by our forefathers for survival and community structure in Sri Lanka’s dry zone. This interconnected strategy uses local ecology to harvest rainwater, manage agriculture, and temple networks resolve resource disputes. It is vital to note that this strategy was maintained (especially in the dry zone) by successive kings and kingdoms as a method of expanding settlements. Each king built on the success of the previous kings and we have no known record of a maverick king having a different or tangentially opposite strategy to this tried and tested method. When it came to the wet zone they simply diverted the many 100s of streams and rivers for cultivation replacing the river with the Wewa. The key takeaway is the use of terrain, resources and their availability to your advantage and not to fight against it.

Asymmetric doctrines

Sri Lanka’s historical defence relied on asymmetric doctrines. While early rulers’ neutralised regional threats from South India, the Southeast Asian regions, and Ming China. Even when facing vastly superior firepower from Portuguese, Dutch and British forces Kandyan rulers avoided decisive, symmetric battles. The pinnacle of their powers could be seen during the unconventional warfare which occurred during the Kandyan Kingdom’s resistance against European empires. The Kandyan kings weaponised the rugged central highlands through scorched-earth tactics, disease exposure, and ambush-heavy guerrilla warfare. This disrupted foreign supply lines and neutralised Western technological advantages until 1815.

Sri Lanka’s military history reflects a profound evolution from ancient, land-based guerrilla tactics against colonial empires to groundbreaking, world-first naval innovations during the modern civil war. Over centuries, asymmetric Sri Lankan forces repeatedly adapted to overcome structurally superior, conventional armies. In the final stages of the recent conflict, the military fundamentally shifted its strategic doctrine, adopting a philosophy of ‘out-gruelling the guerrilla’ to secure victory.

Sri Lanka’s culture of asymmetric strategic thinking is such a powerful ethos that it has even influenced global sports such as how Cricket is played to directly shape its business and commerce. This mindset-built on agility, cost-efficiency, and unconventional methods to outperform larger rivals-has deeply influenced how the nation competes on the global stage.

Rather than competing on sheer volume against massive economies, Sri Lankan businesses secure unique niches by redefining market rules. For instance, instead of rivaling countries like Bangladesh or China in low-cost, mass-market apparel production, Sri Lanka leverages an asymmetric strategy centered on high-value technology and rigorous ethical standards

The irony is that since independence in 1948 no Sri Lankan leader has looked to the sea as a source of food and nutrition for the population of Sri Lanka. Their vision sadly did not extend beyond the paddy fields, let alone it being a revenue and income generation source. Even today the vast untapped Indian Ocean can be harvested to develop our fishing industry to be a global number one or two

In the strategic footsteps of our forefathers

Some parts of Sri Lanka have been under the control and rule of colonial powers for nearly 445 years, from 1503 to 1948. Post 1948, it has struggled, like many colonial countries, to shed the effects of colonial policies and to rebuild the country for the benefit of all its citizens. Many may wonder about this hypothetical question, ‘what if’ the colonial powers never arrived at our shores or what if we would have been successful in repelling them from our lands. What if the trade winds failed and they never came to Sri Lanka, where would the country be in its development cycle? A more fundamental question is ‘why did we not revert back to the way of our kings which is reliant on the physical attributes of our island nation? In order to do that, let’s do a simple extrapolation of four elements which our ancestors wanted to use to its full potential: Water (Sea, land based water bodies and rain) Wind, sun light.

Being an island the most abundant is the water (sea) around us, other than King Dhatusena and King Parakramabahu I, who built powerful naval ships, the tradition of sea going does not seem to be in our DNA. These kings demonstrated the ability to launch seaborne invasions before they hit the beaches, and even launched successful overseas military attacks on places like Myanmar and Southern India. Our history is filled with the island being a part of seaborne trade routes. Nevertheless, there is no evidence of Sri Lankans being maritime traders who took our products to the world, it was always a non Sri Lankan trader who took our products to the Middle East and the Far East. One of the greatest mysteries will be why our ancestors never looked at the sea as a source of resources other than the fish you can catch close to the shores by using a simple canoe and never left our shores to trade and explore for new products and technologies etc.

According to the Export Development Board Sri Lanka ranks in fish export are, Fish Fillets: Ranks 35th, Live Fish: Ranks 23rd, Ornamental Fish: Ranks 2nd. Given our access to the Indian and southern oceans Sri Lanka should be in the top 3 of fillet and live fish export categories. A fantastic hedge against other export products. The harvest of sea grasses and kelp as fertiliser and animal feed along with mining for rare earth metals and other minerals can raise the GDP significantly as well as broad base our economy.

The maximum use of the free resources we have at our disposal brings the cost of production down and makes products made in Sri Lanka more globally competitive

Harvesting the ocean

The irony is that since independence in 1948 no Sri Lankan leader has looked to the sea as a source of food and nutrition for the population of Sri Lanka. Their vision sadly did not extend beyond the paddy fields, let alone it being a revenue and income generation source. Even today the vast untapped Indian Ocean can be harvested to develop our fishing industry to be a global number one or two.

The second source of water in this island are the many rivers and the monsoons we get annually to wash our land with sweet fresh water. Sri Lanka has of course done very well in fits and bouts. Being able to restore and use almost all the tanks that were left behind by our great kings. Post-Colonial Sri Lankans have been able to add our share of dams and canals to ensure this tradition of taking maximum use of water before it flowed into the sea. Where terrain is conducive the canals ensure that the agricultural farmlands are supplied with the required water. The agricultural issues are two fold, manmade and the changes in the weather patterns which we don’t have any control over. In terms of manmade issues which can of course be reversed, the first being the regular maintenance or the canals and tanks. The second being the reduction of the plot size as a result of policy decisions taken to increase land ownership versus keeping food costs down and ensuring food security. This can be done by having new regulations to allow cultivation land consolidation to increase plot size to make it more viable to cultivate. Having a plan for cultivation variety and yield targets to ensure adequate food supply and keep the prices within affordable ranges.

The generation of hydropower is perhaps another matter, where we have not been able to get maximum benefit from our heritage. Grid connectivity to nearly 500 plus mini hydro stations which eventually fell into disuse in the 1940 to 1950 until in 1990 where there was a revival of mini hydro plants. The opportunity exists to connect these mini hydro power plants with the development of much more efficient generators which require a lot less potential energy. According to studies by the Ministry of Irrigation and Water Resources the overall total mini-hydro potential is estimated at 873 MW. Out of this potential, the country’s current installed capacity sits at approximately 422 MW. The Micro hydro capacity is estimated to have a potential of around 15 MW to 20 MW across Sri Lanka, with approximately 5 MW to 10 MW currently installed. Every day we delay bringing these on line we pay and get diesel fuel to generate this gap in power availability.

Our ancestors gained international reputation for Serendib steel in the 7th century (Perhaps Sri Lanka’s first Brand) by the use of wind power in smelting high quality steel. Today we can harness the same power to generate wind powered electricity.

This island nation is blessed with so much sunlight. We must try to generate 100% of our day time power needs from solar power. Any excess power stored in batteries or used to charge hydro batteries. The maximum use of the free resources we have at our disposal brings the cost of production down and makes products made in Sri Lanka more globally competitive. During bad weather periods and night time peak power requirements we can always be supplied by other sustainable and non-sustainable sources (Hydro and nuclear as well as thermal). Our aim must be the elimination of thermal power generation from fossil fuels to be sustainable as well as become more globally competitive.

It appears that Sri Lankans over the millennia have relied on strategic foresight and asymmetric strategy to overcome adversity and to continue to extend their civilisation. Let’s hope that going forward our modern leaders have the ability to juggle these two approaches and help guide the nation to the best possible future that we can achieve.

Sri Lankans over the millennia have relied on strategic foresight and asymmetric strategy to overcome adversity and to continue to extend their civilisation. Let’s hope that going forward our modern leaders have the ability to juggle these two approaches and help guide the nation to the best possible future that we can achieve

(The writer is the author of the book ‘How Small Countries Can Compete and Grow – A Case for Sri Lanka’. He is the founder of Think Tank Lanka Ltd., a Strategy think tank and R and R Associates Consulting, a sector-independent strategy consulting practice).

A few days back, a Sri Lankan who has dedicated his whole life to the craft of writing, transcending nationality, race and religion, asked to comment on how he manages financially, appealed to me that the subject be dropped, stating that even to utter a single comment more would cause him indescribable agony. This particular author prefers to spend much of his time away from his birth country, Sri Lanka. The reason is that a different country that is not bound to assist him, nevertheless is more helpful in nurturing his mission than his own.

Asked about what he thinks Sri Lanka needs as a policy to change this situation he appealed to me to stop. It is pointless even discussing the matter, he insisted. Braving the dragons of penury he had managed to get his latest book printed and he preferred to speak of it. We have scheduled an interview with him and the details of this latest book and also his life story would be featured in this page.

A writer is a human being

What we would like to comprehend in this piece of writing is why a nation and the world at large need writers. A writer is a human being who has decided that his or her commitment is to reflect the heartbeat of life in whatever the chosen form – whether it be scholarship, research, poetry, fiction, journalism, narratives or novels – or even integrated artistry. A writer is not a public relations puppet of convenience that measures his words from the point of view of rewards. A writer, functioning to his truest of calling, will write using his own blood if he cannot afford ink and will stick to his mission even if he is thrown into the worst dungeon. Starvation will not stop him. Isolation will not stop him. If he cannot afford paper he will write on earth. This is the type of writer that is fast becoming a species facing extinction. This is the type of writer that we began quoting at the outset of this article.

The soul of a writer cannot be bought for gold or silver. A writer that seeks justice not for himself but for others unites his will with the larger heartbeat of the universe. But is this world offering a home that is conducive to these types of humans? How are writers created? Can they be purchased at societal functions? How can a writer be differentiated from a socialite? And what ultimately is the responsibility of a writer?

Consciousness

While many of these questions the reader could attempt to resolve as per his or her understanding, the answer to the last question could be defined as ‘consciousness.’ The honest striving of every writer who has discarded the fickle, is to raise consciousness of humanity. This is the case whether one has chosen academic or creative writing. It could be argued that the perils of such a cause is that a writer may find himself or herself carrying out a thankless task. He or she would possibly gather more enemies than friends. Yet, this, it could be argued, is a far better way in which to spend one’s life rather than be the acolyte of pampered mediocrity.

One salient truth remains that a nation is a living tomb if it does not create a space for the life of the present and future to be chiseled. And the only type of humans who could do this, who could transform bones into form using the flesh of words are a nations’ writers.

The purpose of this above reflection is to get the reader and the nation to think, as we follow up in our upcoming editions with relevant interviews and ideation to create a world that will hone rather than kill its writers. We will try to understand how writers across the world have helped to heal this world and why we need more word healers than ever before in our divided and warring world. (SV)

Sri Lanka’s Under19 cricketers led by Royalist Vimath Dinsara created history when for the first time in 29 years they beat India Under19 in a bilateral Youth ODI series.

Sri Lanka’s gripping one-wicket win off the last ball of the third ODI played at Mahinda Rajapaksa Cricket Stadium, Hambantota on Thursday saw them clinch the three-match series 2-1. They last beat India in 1997 by the same margin (2-1) under the captaincy of Nimesh Perera Snr.

Sri Lanka had players in the calibre of Kumar Sangakkara, Rangana Herath, Chinthaka Jayasinghe and Hemantha Boteju all of whom went onto win national colours. Similarly, India had Shiv Sunder Das, Aakash Chopra, Ajit Agarkar and Balaji Rao. They were led by all-rounder Jyoti Yadav.

‘Full credit should go to the players because what we have been doing over the past year or so has improved overall, that is why they were able to play so well and perform as a team,’ said Sri Lanka’s Under19 head coach Chamara Silva. ‘These boys have been together for about one and half years and their confidence level was good. They had this goal of wanting to win and that made a big difference.’

‘When this tour was confirmed everyone was committed to winning the ODI series. More than winning we had challenges of our own and targets to achieve. These boys perfected them, that’s how we managed to win the series. Today in world cricket, India is the country that is ranked no. 1 in virtually all kinds of formats in both men’s and women’s. To beat them is a great achievement.’

Silva praised the wickets that were prepared for the three ODIs and said, ‘They were really good batting tracks. We spoke that under any kind of situation on these types of wickets, the chances of a batsman getting out is only if he makes a mistake. What we spoke of is that even the last man can win a match for us. They really proved it in the final game.’

In fact it was Sri Lanka’s last pair Chamara Heenatigala and Lathendra Akash who carried them to a nerve-tingling one-wicket last ball victory.

Commenting on Heenatigala’s match-winning knock of 84* off 68 balls, Silva said, ‘Chami has played several innings like this before for us. The position he bats he is capable of finishing the game. The role we have given him is that. He has grasped it very well. He is not overawed by the situation. He has learnt when to hit and when to defend. He has matured very well in this position. He is a great game changer for us.’

Silva said that the batting tracks posed a good challenge to the bowlers. ‘They had to think hard, how to survive on these types of wickets, how they can concede only around 4 runs an over, their lengths and lines. The bowlers got a good experience on how to bowl on flat batting tracks. They were forced to think out of the box and improve their skills.’

Remarking on the opposition, Silva said, ‘India were a strong batting side. They concentrated a lot on trying to win matches with their batting.’

According to the head coach the next phase these Under19 cricketers take is the most important. Apart from one or two players the majority of this squad won’t be there for the next Under19 World Cup in Bangladesh in 2028.

‘These outgoing players have to be carefully monitored and looked after. When these boys get out of school at under 19 level they must get a place to play in club matches, otherwise they will forget and lose all that they have learnt at Under 19 level,’ said Silva.

‘There are at least 7-8 players in this squad who can become our future national cricketers, if they are managed properly from here onwards. They must be given plenty of opportunities to move forward so that they will improve their cricketing skills. This lot of cricketers are right now capable of playing at club level, and should be given the chance.’

Since taking over as head coach of the Under19 national side last year, Silva, a former Sri Lanka cricketer has had little success result wise losing bilateral series to Bangladesh 3-2 at home and 4-3 in the West Indies, semi-final loss to India in the ACC Under19 Asia Cup semi-finals in UAE and failing on net run rate to qualify for the 2026 Men’s Under19 World Cup semi-finals in Zimbabwe. This win against India U19 is his first success as coach.

PMF Finance PLC said it has decided to withdraw its proposed Rs. 1 billion debenture issue, citing a decision by the Board of Directors following an internal assessment.

The company said it would not proceed with the proposed issuance of listed, rated, unsecured, senior, redeemable debentures, which was intended to raise up to a maximum of Rs. 1 billion.

PMF Finance did not provide further details on the reasons behind the withdrawal.

Prosoft Research and Insights says the first half of 2026 has been characterised by a noticeable decline in consumer sentiment compared to the stable levels observed previously.

It said consumer sentiment improved to 79 in June 2026, up from 75 in May. However, consumer sentiment has been fluctuating since October 2025, following a 12-month period of relative stability between September 2024 and September 2025.

Despite fluctuating consumer sentiment and rising inflation, consumer purchase behaviour has remained broadly stable compared with the same period last year. It will be important to monitor the coming months to understand whether the continued pressure from inflation and fluctuations in consumer sentiment begin to influence purchasing behaviour during the second half of 2026.

Prosoft Research and Insights conducts the Consumer Sentiment Survey monthly with a sample of 200 respondents.

Veteran Sri Lankan singer Mariazelle Goonetilleke has passed away at the age of 68.

She passed away in the early hours of Friday while receiving treatment for an illness at the Colombo South Teaching Hospital in Kalubowila

Known for her signature Western-style pop and upbeat rhythms, Goonetilleke was a versatile and dynamic force in the local music industry. She made a significant impact on the Sri Lankan music scene by blending fast-paced contemporary beats with local melodies, earning immense popularity across multiple generations.

Throughout her illustrious career, she delivered numerous timeless classics. Among her most celebrated hits are ‘Kandy Lamissi’ ‘Rahasai Sonduru Jeewe’, ‘Sihina Nelum Mal’, ‘Nelum Male Pethi Kadala’, ‘Kumaranane’, ‘Yowun Sihina Loke’, and ‘Pahan Nowana Rayaka’. Her unique style and contribution to Sri Lankan pop and baila music leave behind an enduring musical legacy.

The Permanent Mission of Sri Lanka participated at the ‘WTO Open Day 2026’, held at the World Trade Organisation (WTO) Headquarters in Geneva to mark the 100th anniversary of the Centre William Rappard.

WTO Director General Dr. Ngozi Okonjo-Iweala who visited the Sri Lanka stall was received by Permanent Representative of Sri Lanka to the United Nations in Geneva, Ambassador Sumith Dassanayake and Permanent Representative of Sri Lanka to the WTO, Ambassador Samantha Wijesekara.

The Sri Lanka stall offered visitors an authentic Sri Lankan culinary experience, including the much-loved Sri Lankan Kottu, showcasing the country’s rich food culture, hospitality, and people-to-people connection with the international community in Geneva.

The event opened the WTO’s historic headquarters to the public, offering visitors guided tours, exhibitions, cultural activities, children’s programmes, live music, and an international buffet featuring cuisines from WTO members. The Centre William Rappard, the WTO’s home, is recognised as the first building in Geneva specifically constructed to house an international organisation.

Permanent Representative of Sri Lanka to the WTO, Ambassador Samantha Wijesekara guided Sri Lanka’s unique contribution to the Open Day which highlighted not only the diversity of its culinary traditions but also its continued engagement with the WTO community and its commitment to cultural diplomacy. The event provided a valuable opportunity to share Sri Lanka’s identity, warmth, and traditions with visitors from Geneva and beyond.

The event was supported by the Sri Lankan community in Geneva, specially, the Sri Lanka Association in Geneva (SLAG).

The Asian Development Bank (ADB) has lowered its growth forecast for developing Asia and the Pacific economies to 4.9% for 2026 compared to 5.5% growth in 2025.

This is a reduction of 0.2 percentage points from April projections. Prolonged disruptions to energy markets caused by the Middle East conflict have weighed more heavily on the region’s prospects than anticipated, according to ADB’s latest economic outlook released today. The 2027 growth forecast is maintained at 5.1%, reflecting recovering activity as these pressures ease.

Asian Development Outlook (ADO) July 2026 expects disruptions to global energy markets to unwind only gradually, despite a framework agreement signed in June. With impacts extending beyond energy to fertilizers, other commodity prices, and supply chains, inflationary pressures are likely to persist. Regional inflation is now forecast at 4.3% this year compared to 3% in 2025-an upward revision of 0.7 percentage points from April. The inflation forecast for 2027 remains at 3.4%.

ADB Chief Economist Albert Park said: @Durable implementation of the framework agreement would help normalize global energy markets, but the pace of adjustment is highly uncertain with significant downside risks. Economic growth in developing Asia and the Pacific remains resilient, but persistent headwinds caused by the conflict require a careful policy balance between supporting growth and containing inflation.’

ADO July 2026 warns that renewed conflict escalation and prolonged geopolitical uncertainty remain key risks to the region’s outlook. These could further tighten energy markets, raise risk premia, and intensify inflationary and external pressures. Tighter global financial conditions pose additional risks, with sovereign bond yields and borrowing costs rising, and fiscal deficits projected to widen in several economies. Higher tariffs and elevated trade policy uncertainty could also weigh on activity, while rising fertilizer prices continue to threaten agricultural output and food security.

Growth projections for 2026 are lowered for most sub-regions, except developing East Asia. Forecasts for the People’s Republic of China are unchanged at 4.6% for 2026 and 4.5% for 2027, supported by strong exports and infrastructure investment. India’s growth forecast is revised down to 6.6% this year, as higher energy costs weigh on domestic demand, and maintained at 7.3% for next year. Growth projections for Southeast Asia and the Pacific are also trimmed, reflecting weaker domestic demand and tourism, rising inflation, and higher import costs.

Sri Lanka’s ride-hailing landscape has welcomed a new entrant with the launch of TruRout, the country’s first zero-commission ride-hailing platform, introducing a subscription-based model designed to maximise driver earnings while offering passengers transparent and predictable pricing.

Departing from the conventional commission-based structure adopted by most ride-hailing platforms, TruRout allows drivers to retain 100% of their earnings from cash rides by paying a fixed daily subscription based on vehicle category. Drivers operating three-wheelers pay Rs. 250 per day, while daily subscriptions are set at Rs. 350 for cars, Rs. 400 for SUVs, and Rs. 500 for vans and lorries.

Once subscribed, drivers can complete an unlimited number of trips without additional commission deductions, creating a more sustainable earning model.

For passengers, the platform introduces a transparent fare system that eliminates surge pricing during peak hours, public holidays and periods of high demand. Instead, customers are presented with the full fare before confirming a booking, enabling informed travel decisions without unexpected price increases. A standard 10% night surcharge applies only after 10.00 p.m., maintaining consistency in fare calculations.

Strengthening its value proposition, TruRout also incorporates TruMove, Sri Lanka’s first zero-commission cargo transportation platform. Through the same mobile application, registered drivers can seamlessly switch between passenger transport and goods delivery, unlocking additional income opportunities. The cargo service accommodates multiple transport categories under TruMove S, M, XL and TruHaul, catering to both personal and commercial logistics requirements.

To encourage long-term engagement, the platform has introduced referral incentives and loyalty programs for both drivers and passengers. Drivers who refer new users receive rewards, while active partners progress through loyalty tiers that provide subscription discounts, priority trip allocation and other operational benefits. Passengers also benefit through referral discounts, promotional offers and ride credits earned after qualifying journeys. Safety and convenience remain integral to the platform’s offering. TruRout features an in-app emergency hotline, a two-way rating and feedback system, a structured dispute resolution mechanism, and multiple payment options including cash, bank cards, LankaQR and the TruRout Wallet. By combining a zero-commission business model with integrated passenger and cargo services, transparent pricing and digital innovation, TruRout is positioning itself as a home-grown technology platform seeking to redefine Sri Lanka’s mobility ecosystem while delivering greater value to both drivers and passengers.