Category: Daily Financial Times

Hong Kong International Airport (HKIA) embarked on a new era on 27 May, with the successful launch of the expanded Terminal 2 (T2), further boosting the city’s position as global aviation hub.

In 2025, HKIA handled 61 million passenger trips, representing a year-on-year growth of 15%. It has recently garnered several prestigious recognitions for its outstanding performance in areas including security processing, aviation infrastructure, passenger services, and continuous enhancement of passenger facilities.

HKIA was crowned ‘Best Airport in the World’ at the Global Travel Awards 2026, and was voted ‘Best Airport in China’ in the 2026 TTG China Travel Awards for the third year in a row.

Spanning 300,000 square metres, the new T2 is designed and equipped to serve both departing and arriving passengers. The departures hall of T2 features eight check-in aisles, with 68 express self-bag drop counters, 58 smart check-in kiosks and 108 hybrid check-in counters.

The Terminal 2 at Hong Kong International Airport commenced operations on 27 May, boosting the city’s position as global aviation hub.

Large LED displays are installed at different levels of T2, with 3D contents and ocean-themed videos creating a vibrant atmosphere. The food court at the departures hall serves passengers with eight catering outlets, four of which operate around the clock, while 12 shops offer a variety of products, including travel necessities and souvenirs.

Hong Kong Special Administrative Region Government Acting Financial Secretary Michael Wong said: ‘The Government will continue to adopt a multi-pronged approach to strengthen HKIA’s position as an international aviation hub, including accelerating the expansion of the aviation network, enhancing intermodal connectivity with the (Guangdong-Hong Kong-Macao) Greater Bay Area, and advancing the development of the Airport City. In particular, we will proactively align with and work on the National 15th Five-Year Plan, and fully support Hong Kong’s role as an international aviation hub.’

Airport Authority Hong Kong (AAHK) Chairman Fred Lam said the opening of T2 is another milestone of the airport’s development. ‘Positioned as a terminal for leisure travel, T2’s design prioritises efficiency and passenger comfort. We attend to every detail, leveraging technology extensively to enable efficient self-check in, self-bag drop and smooth immigration clearance,’ he said.

AAHK Chief Executive Officer Vivian Cheung said the Authority was delighted to see the smooth relocation of airline partners to T2 and the positive passenger response to the new facilities.

‘We have a lot of LED, animation, and new designs emphasising technology, and we have our in-house design for self-check in system, which only requires 45 seconds to go through the entire process. We want to help the airlines to migrate to a full-automation process, which will actually help passengers have better experiences and also reduce the labour needs,’ she said.

HKIA also topped the ranking as the world’s busiest air cargo airport for the 15th time since 2010, handling 5.07 million tons of cargo last year.

The Government’s fiscal position strengthened significantly during the first quarter of 2026, with the Government recording a sharp increase in revenue and maintaining the Budget in surplus, according to latest data released by the Central Bank of Sri Lanka (CBSL).

The Government recorded a primary surplus of Rs. 709.6 billion during January-March 2026, up 78.5% from Rs. 397.47 billion in the corresponding period of 2025, reflecting continued improvement in revenue collection and fiscal consolidation efforts.

At the same time, the overall Budget balance recorded a surplus of Rs. 116.35 billion, compared to a deficit of Rs. 234.46 billion a year earlier, marking a turnaround of Rs. 350.81 billion year-on-year (YoY).

Total revenue and grants increased by 40.5% YoY to Rs. 1.5 trillion during the first three months of the year from Rs. 1.07 trillion in the corresponding period of 2025.

Revenue increased to Rs. 1.5 trillion from Rs. 1.07 trillion a year earlier, supported by strong growth in both tax and non-tax revenue.

Tax revenue rose 36.4% YoY to Rs. 1.34 trillion from Rs. 985.88 billion, while non-tax revenue increased 91.2% to Rs. 153.88 billion from Rs. 80.46 billion. Grants remained marginal at Rs. 0.47 billion.

Meanwhile, total expenditure and lending minus repayments increased by 6.2% YoY to Rs. 1.38 trillion from Rs. 1.3 trillion.

Recurrent expenditure rose 4.7% to Rs. 1.28 trillion from Rs. 1.22 trillion, while capital expenditure and lending minus repayments increased 29.2% to Rs. 106 billion from Rs. 82.06 billion.

The stronger revenue performance enabled the Government to maintain a surplus position during the quarter, with revenue and grants exceeding total expenditure and lending minus repayments by Rs. 116.35 billion.

SRI Lanka’s workers’ remittances climbed to a record high in May, whilst lifting cumulative earnings in the first five months of 2026 to an all-time high, underscoring the resilience of migrant worker earnings despite geopolitical tensions in the Middle East.

Latest data from the Central Bank of Sri Lanka (CBSL) showed that inflows rose 36.2% year-on-year (YoY) to $ 847 million in May, marking the fifth consecutive month of robust growth and one of the strongest monthly performances on record.

The latest inflow was second only to the historic $ 879 million recorded in December 2025. The performance also surpassed the previous May high of $ 641.7 million recorded in 2025, making it one of the strongest monthly inflows on record.

The remittances in May also increased 10.3% from April’s $ 767.9 million.

The remittances during January-May helped push the cumulative figure to above $ 3.9 billion, up 26% from a year earlier, recording the strongest first-five-month performance in history.

With export earnings and tourism facing external pressures, remittances have once again reinforced their position as Sri Lanka’s single largest source of foreign exchange, providing critical support to external reserves and broader macroeconomic stability.

The strong start to the year follows a historic performance in 2025, when full-year remittances climbed to $ 8.07 billion, a 23% increase from a year earlier and the highest annual inflow ever recorded.

The total exceeded the previous all-time high of $ 7.24 billion in 2016 by about 12%, firmly cementing remittances as Sri Lanka’s largest and most reliable source of foreign exchange during its ongoing post-crisis recovery.

CBSL data show that the rebound has been both sharp and sustained since the collapse in inflows during the 2022 economic crisis, when remittances fell 31% to a 12-year low of $ 3.78 billion amid acute foreign exchange shortages and the proliferation of informal transfer channels.

The turnaround began in 2023, when inflows surged 57% to $ 5.96 billion, marking the strongest post-crisis recovery on record.

Momentum continued in 2024, with remittances rising a further 10.1% YoY to $ 6.57 billion, supported by a wave of outbound labour migration as thousands of Sri Lankans sought overseas employment in the aftermath of the economic collapse.

Although overseas departures eased slightly in 2025, inflows continued to rise, pointing to higher average transfers per worker.

Historically, Sri Lanka’s workers’ remittances averaged around $ 7 billion a year between 2014 and 2018, or roughly $ 600 million a month, reinforcing their longstanding role as a stabilising pillar of the economy.

Senior business leader and Ceylon Biscuits Ltd., Group Chairman Ramya Sanath Amaraweera Wickramasingha passed away on Saturday.

Over the years, his vision built opportunities for millions of people through CBL and placed Sri Lanka on the global map, but it was his humanity that made him truly remarkable.

For the employees of CBL Group, Wickramasingha was not only a leader but a father figure, someone who cared deeply for people, who listened, guided, and inspired with kindness.

Wickramasingha possessed vast and varied experience in the food industry. He qualified in food technology at Borough Polytechnic, now known as London South Bank University, UK.

He drove the CBL Group’s continuous focus on product innovation and quality, overseeing research and development (R and D), quality control, manufacturing, and procurement processes.

Wickramasingha’s remains lie at Suramya Residence, No. 11, Arthur’s Place, Dehiwala. The cortège leaves residence today (8) at 3:30 p.m. for cremation at 5:30 p.m. at the Dehiwala/Mount Lavinia Cemetery.

Air France-KLM has announced the appointment of Rached Arfaoui as Regional Sales Manager for Offline Markets.

In his new role, Rached will be responsible for over 18 offline countries across The Indian Subcontinent and The Middle East. He will play a key role in driving sales and strengthening Air France-KLM’s presence in the offline region, leading the strategic commercial initiatives and advancing the Group’s sustainability ambitions.

Rached holds a Master’s degree in Global Business from the University of Wolverhampton, England and has over two decades of experience in the aviation industry.

He joined Air France-KLM in 2013 and throughout his career, he has demonstrated strong commercial leadership, contributing to major projects including sales excellence initiatives and the development of the NDC channel across The India and Middle East region since 2018.

Prior to joining Air France-KLM, Rached spent over 10 years with Qatar Airways as Sales Manager for The United Arab Emirates, where he further strengthened his expertise in regional market dynamics and commercial sales strategy.

Commenting on his appointment, Rached Arfaoui said: ‘I am excited to take on this new role and contribute to strengthening our presence across the region. The offline markets offer strong potential and business opportunities, and I look forward to working closely with teams across the region to further strengthen our presence.’

Mack Air has represented Air France-KLM as it’s General Sales Agent (GSA) in Sri Lanka since 2014. Mack Air is a fully owned subsidiary of John Keells Holdings PLC (JKH).

Acceding to the requests made by several clubs, the SLC Transformation Committee’s Tournament Committee has decided to postpone the Under23 tournament.

The reasons given by the clubs is the availability of players as the original dates will clash with the Sri Lanka Emerging v West Indies Academy series and the two-day Governor’s Trophy tournament which commences today.

Thus, the matches scheduled for the first two weekends 11-12 June and 16-17 June have been rescheduled to the backend of the tournament.

The Sri Lanka-West Indies Academy matches will take place from 8-26 June, while the Governor’s Trophy two-day tournament will run from 8-19 June.

Sri Lanka stands out as a nation that provides free education to its citizens from primary to tertiary levels, depriving no child of education. A vision made possible by the late Dr. C. W. W. Kannangara, former Minister of Education through the landmark Free Education Act of 1945. His introduction of Central Schools across the country helped bridge the divide between elite colleges and rural communities, which was instrumental in bringing key reforms to the country’s educational sector. Today, with a literacy rate of 93%, Sri Lanka remains one of the most literate nations in South Asia.

Sri Lanka’s females represent a significant share of the country’s educated talent pool. Nearly 50% of undergraduates who enrol in degree programs in STEM (Science, Technology, and Engineering and Maths) are females, yet, there is less representation of females in the STEM workforce. As such, the country is not fully capitalising on its human capital, which could be attributed in part to being a patriarchal society.

To reach its full economic potential, Sri Lankan policy makers must address the structural and cultural barriers that prevent women from advancing into leadership roles.

Unconscious bias and its impact on leadership pathways

Unconscious bias operates subtly, shaping decisions and organisational structures without deliberate intent. Over time, these biases become embedded in corporate systems, influencing recruitment, promotions, and succession planning.

One of the most significant outcomes of unconscious bias is the skewed representation in leadership roles. Women are often concentrated in functional areas such as HR, legal, and communications- in supporting roles that, while critical, may not lead to taking over CEO positions. In contrast, operational leadership roles, which are considered stepping stones to top executive positions, remain dominated by men. This imbalance is perpetuated by biases such as:

These biases create systemic barriers, preventing Sri Lanka from fully utilising its educated female workforce.

Social roles and cultural expectations

Cultural norms continue to shape career trajectories. Women are often expected to prioritise family responsibilities, and workplaces do not provide adequate childcare support or flexi work arrangements. These factors contribute to mid-career dropouts among women, shrinking the leadership pipeline despite high educational attainment.

The COVID-19 pandemic exacerbated this issue, leading to widespread job losses. Supporting female entrepreneurship, offering flexible working hours, and ensuring access to micro-SME financing are critical to enhance financial independence and improve gender equity in the workplace. However, post COVID, there was a sharp increase of usage of communication platforms like Zoom, MS Teams – virtual meetings outside the office space, which has made things easier for the female workforce.

Sri Lanka’s female labour force participation rate has stagnated between 31%-35% for two decades, even though women consistently outperform men in secondary and tertiary education.

On decision making roles, Sri Lankan female representation in the Parliament is 22 out 225 seats, accounting for only 9.8%. In Sri Lankan corporate boards, female Board directors’ representation is only 13.5%.

This disconnect between education, higher education and employment represents a significant economic opportunity cost.

Global lessons: How other countries have closed the gap

Several countries have successfully implemented strategies to counter unconscious bias and improve gender representation in leadership:

India: Mandated in 2015 that all listed companies must have at least one female board director, accelerating representation.

Norway: Introduced quotas requiring 40% female representation on boards of public companies, transforming leadership demographics.

France and Germany: Combined quotas with leadership development programs for women, ensuring readiness for executive roles.

Australia: Adopted voluntary targets and public reporting, creating accountability and cultural change.

These examples show that policy interventions, organisational commitment, and cultural shifts can dismantle structural barriers and unlock economic potential.

Advocating for gender quotas on corporate boards can help break the invisible glass ceiling .Studies by McKinsey and Company show that companies with more than 30% women in senior roles tend to outperform those with lower female participation.

The way forward for Sri Lanka

To fully leverage its educated workforce, Sri Lanka must:

Re-examine succession planning to ensure women are considered for operational leadership roles without any gender bias

Implement DEI (Diversity, Equity and Inclusion) frameworks and unconscious bias training across organisations.

Introduce flexible work policies and childcare support to retain women in the workforce and also giving paternal leave for the males to share joint responsibility in raising children

Set measurable targets for board and executive representation, backed by transparent reporting.

Breaking unconscious bias is not just about fairness-it is an economic imperative. Research shows that companies with diverse leadership outperform peers in profitability, innovation, and resilience.

Real change requires sustained and systematic effort. Policy frameworks must be updated to ensure fair representation. Education systems must promote critical thinking, empathy, and inclusivity from an early age. On a personal level, individuals must be willing to confront their own biases-many of which are passed down through generations of social conditioning-and commit to fostering a more just and inclusive society.

Conclusion

Sri Lanka’s investment in education has created a highly skilled female workforce. Yet, systemic biases and cultural norms prevent the country from harnessing this talent in full. Addressing these barriers is essential-not only for justice and equality but for driving economic growth and competitiveness.

To reach its full economic potential by using most of its educated workforce, Sri Lanka must act now-through policy, organisational reform, and addressing cultural barriers.

As climate-related disclosure requirements, investor expectations and regulatory frameworks continue to evolve, Sri Lankan businesses are facing growing pressure to strengthen their climate governance, compliance and risk management capabilities.

To support this transition, Genesis – the Dilmah Centre for a Sustainable Future will host a specialised post-summit technical workshop titled ‘Climate Action: A Strategic Executive Workshop on Climate Resilience and Business Continuity’ on 12 June 2026 at Genesis, Colombo.

Designed as a practical continuation of the discussions initiated at the Sri Lanka Climate Summit 2026, the workshop will bring together sustainability managers, compliance officers, risk specialists, ESG professionals and corporate decision-makers seeking to translate climate commitments into actionable business strategies.

The program will move beyond awareness and advocacy to focus on implementation, examining the frameworks, financing mechanisms and compliance pathways shaping climate action within Sri Lanka’s evolving corporate and policy landscape.

The keynote address will be delivered by internationally recognised environmental lawyer and governance specialist Dr. Lalanath de Silva, who will provide insights into the rapidly changing legal and compliance environment influencing climate-related business decisions.

Expert-led technical sessions will explore emerging disclosure requirements including IFRS S2 climate-related disclosures, national climate policy integration, climate risk governance, green finance opportunities, internal carbon pricing mechanisms and pathways to access climate-related funding. Participants will also gain insights into nature-based solutions and the growing role of private sector leadership in climate adaptation.

Featured speakers include; Climate Change and Disaster Risk Management Specialist Rohan Cooray, Bio Diversity Sri Lanka Senior Technical Advisor Shiranee Yasaratne, and UNDP National Project Coordinator-Climate Action Suganthi Samarasinghe.

With increasing scrutiny from global markets, investors and regulators, climate readiness is rapidly becoming a business necessity rather than a sustainability aspiration. This workshop provides a timely platform for professionals to strengthen institutional preparedness, understand emerging obligations and identify opportunities arising from the transition to a climate-resilient economy.

Attendance is complimentary; however, advance registration is essential as participation is limited to sustainability, compliance, governance and risk management professionals.

Uncertainty is no longer an occasional disruption in governance; it has become the defining condition within which governments must operate.

Economic volatility, technological disruption, environmental change, and evolving social expectations are increasingly interconnected. These forces interact in complex and often unpredictable ways, creating challenges that cannot be effectively managed through traditional approaches.

In such an environment, governance systems designed primarily for stability and control are being fundamentally tested.

The central challenge for governments today is not merely to respond to crises, but to anticipate, absorb, and adapt to continuous change.

From reactive to anticipatory governance

Traditional governance models are largely reactive. They respond to problems after they arise, relying on established procedures, hierarchical decision-making, and incremental adjustments.

While such systems may function in stable environments, they are increasingly inadequate in a world characterised by rapid and non-linear change.

Reactive governance often results in delayed responses, escalating risks, and higher economic and social costs.

What is required is a transition towards anticipatory governance.

Anticipatory governance enables institutions to detect early signals of change, assess potential risks, and take proactive measures before challenges fully emerge. It shifts the focus from managing events to shaping outcomes.

Understanding resilience in governance

Resilience in governance extends beyond the ability to withstand shocks.

It includes three essential capacities:

1. Absorptive capacity

The ability to endure disruptions

2. Adaptive capacity

The ability to adjust to changing conditions

3. Transformative capacity

The ability to redesign systems when existing models become inadequate

A resilient state does not simply recover from shocks; it evolves and strengthens its ability to respond to future challenges.

Institutional foundations of anticipation

Building anticipatory governance requires deliberate institutional design.

Key components include strategic foresight to explore possible futures, early warning systems to detect emerging risks, scenario planning to test policies under different conditions, and agile policy frameworks that allow for continuous adjustment.

Foresight does not attempt to predict the future with certainty. Rather, it prepares institutions to operate effectively across multiple possible futures.

The role of data and intelligence

Data is a critical enabler of anticipatory governance. However, its value lies not in accumulation, but in its transformation into actionable intelligence.

Governments must strengthen their capacity for analytics, predictive modelling, and real-time decision-making. Integrated data systems can provide a comprehensive understanding of risks and opportunities across sectors.

At the same time, data must be complemented by institutional experience, judgment, and ethical considerations.

Leadership in an age of uncertainty

The demands of uncertainty require a new model of leadership.

Leaders must be able to make decisions under conditions of incomplete information, encourage learning and experimentation, and facilitate collaboration across institutional boundaries.

Leadership becomes less about control and more about enabling systems that can adapt and respond effectively.

Towards integrated governance

Many contemporary challenges span multiple sectors. However, governance structures often remain fragmented.

Integrated governance requires coordination across institutions, shared data platforms, and collaborative approaches to problem-solving. Breaking institutional silos is essential for addressing complex, interconnected issues.

A strategic opportunity for Sri Lanka

For Sri Lanka, strengthening anticipatory and resilient governance is a strategic imperative.

The country faces a range of interconnected challenges, while also possessing important strengths, including a strong administrative tradition, experienced public sector leadership, and increasing digital capability.

By leveraging these strengths, Sri Lanka can develop governance systems that are both responsive and forward-looking.

This requires institutionalising foresight, strengthening analytical capacity, promoting coordination, and investing in leadership development.

Conclusion

Uncertainty cannot be eliminated, but it can be understood and managed.

The future of governance will depend not on the ability to control events, but on the ability to anticipate and adapt to them.

Resilient and anticipatory states are built through sustained effort, strategic vision, and institutional commitment.

The challenge is clear: to move from reactive governance to systems that are prepared for an uncertain future.

The time to begin that transformation is now.

In what is being hailed as one of the most significant administrative reforms in the history of Sri Lankan football, Football Federation of Sri Lanka (FFSL) President Jaswar Umar has announced a groundbreaking initiative to establish a permanent office premises for every football league across the country, while taking steps to provide them a grant of Rs. 50,000 per month and allocating Rs. 1 million to each football league this year for the organisation of grassroots football competitions.

This was announced at the FFSL’s Annual Congress held in Nuwara Eliya on Saturday, where an initial payment of Rs. 500,000 was distributed among 60 football leagues. This event brought together representatives from all 61 member leagues, more than 250 delegates, invited guests, and members of the media. Widely regarded as one of the most vibrant, well-attended, and unified gatherings in recent football history, the Congress concluded with all resolutions being adopted unanimously.

The initiative forms a key component of ‘The Next Chapter,’ the new strategic development program unveiled by Umar to guide the future growth and modernisation of football in Sri Lanka.

Addressing the Congress, Umar emphasised the vital role played by regional leagues in developing the sport and stressed the need to provide them with facilities that reflect their importance and responsibilities.

‘Every football league should have a permanent office from which it can serve its clubs, players, coaches, referees, and stakeholders. These leagues are the guardians of football in their respective regions. Providing them with a dedicated office premise will ensure dignity, professionalism, accountability, and accessibility,’ he said.

At present, many regional leagues operate from temporary locations or the private residences of office-bearers, creating administrative challenges and limiting public access to football-related services. The lack of permanent facilities has often made it difficult for players, clubs, and stakeholders to engage with league officials and obtain essential information.

The proposed office premises will provide each league with a recognised administrative centre, strengthening governance structures and enhancing the professional image of football administration at the grassroots level. The initiative is also expected to improve record-keeping, communication, financial accountability, and service delivery throughout the football ecosystem.

Football observers and stakeholders have welcomed the announcement as a transformational step that will modernise regional football administration and leave a lasting legacy for future generations.

The program aligns with FFSL’s broader vision of decentralising football development and empowering regional institutions to play a greater role in the growth of the game. By strengthening leagues at the district level, FFSL aims to create a more robust and sustainable football structure capable of supporting players from grassroots participation to elite competition.

The initiative reflects Umar’s long-term vision of building a modern football administration that meets international standards while addressing the practical needs of local football communities. It is also expected to enhance the visibility and credibility of football leagues within their respective districts while strengthening relationships with local authorities, sponsors, schools, and communities.

As Sri Lankan football continues its journey of revival and progress, the establishment of permanent offices for every member league is being viewed as a historic milestone-one that marks the beginning of a new chapter of professionalism, accountability, and growth for the nation’s most popular sport.

With ‘The Next Chapter’ now underway, FFSL has signalled its commitment not only to improving performances on the field but also to building stronger institutions off the field, ensuring that football remains accessible, accountable, and sustainable for generations to come.