Category: Daily Financial Times

On the Fourth of February each year, Sri Lanka celebrates its independence. This year too, we did so. Flags were raised, and among other events, men and women representing our law-enforcement and defence establishments were showcased, touching cultural performances of song and dance were presented and speeches were delivered against the majestic backdrop of Independence Square-perhaps more aptly called Freedom Square.

A welcome change

We must acknowledge of course, that what distinguished this year’s Independence Day celebrations was not what was displayed, but what was restrained. The commemorations avoided triumphalism, excessive spectacle, leader-centric messaging, and was less militarised. Independence belongs to the nation as a whole, to all races, subscribers to all religions, all communities, whether in Government, Opposition, Public Or Private Sector, equally, – not to any ruler, party, or moment in time.

Not simply a date to celebrate

Yet independence is not merely a date on a calendar. As I have observed in this column many times, evaluating the real and tangible value of independence demands a reflection on what we have done, over five, six, seven-and now nearly eight decades-with the freedom we gained from external rule – in essence the freedom to shape our own future.

Measuring progress

The true measure of independence lies in progress made that was once constrained if indeed it was. Therefore, we need to ask the following questions-What constraints did we identify and remove? What new initiatives did we undertake? How did we build upon the foundations we inherited?

Measuring regression –

A case study of an established western democracy

Today, ‘Progress” must also necessarily be measured not only by advancement achieved, but also by the absence of regression-that is by protecting what is good and working well which a country consciously chooses not to undo.

Over the past year in particular, I have observed events-not in Sri Lanka or the yet developing world, but in what is arguably the most technologically advanced, militarily powerful, and wealthiest part of the Western world-yes, events that are shocking, unsettling, disruptive, mind-boggling and difficult to comprehend.

Turning the search light inwards

Thus, as we commemorate ” Independence ” the shocking events in a land we thought was a role model, compel me, to turn the search light inwards on our nation, and to pose a series of questions:-

What freedoms of expression have been curtailed or withdrawn from us?

What liberties, justice, equity and fairness have our people been deprived of?

What dignity and self-respect has been violated?

What opportunities have been denied of us?

What established, globally recognised practices have been undone or weakened?

What institutions have been dismantled or hollowed out?

What independent functions have been interfered with or ridiculed?

What individuals, professions, or enterprises have been coerced into servility and submission?

…to cite only a few.

Sri Lanka and the USA:

The period since our most recent elections

Let us be even more specific. As we reflect upon the period since our Presidential and General elections of 2019 and 2020 and our subsequent elections in 2024 and the US Presidential elections, of 2020, and 2024, might we ask ourselves whether we in Sri Lanka have experienced anything resembling what I will describe below- using names or descriptions, of comparable or corresponding local events and institutions-

A radical challenge to election results by a losing presidential candidate, accompanied by incitement of public unrest

Provocation of mobs to attack Parliament, damage national symbols, and injure security forces

Influencing a nation-wide collapse of public trust in the electoral system

Pardoning individuals investigated, prosecuted, and convicted through what was a long-established judicial process, systems and institutions

A lone-ranger like leader, bulldozing trade and tariff overhauls, on the premise that other nations are “leeches”

Open conflicts of interest, where public office is leveraged for private gain by the leader and family

Intimidation of private enterprise-including publicly listed companies-coercing their leaders into submission

The deliberate infusion of hatred between communities

Attempts to intimidate or interfere with the judiciary

Contemptuous disregard for court orders

Open attacks on a Central Bank Governor

Appointing a prosecuted and fined market offender to ‘reform’ public institutions, including the very regulator that prosecuted him

Interference with established legal firms through coercive settlements tied to political convenience

Ridiculing and defying global institutions, walking away from them, abruptly withdrawing from long-term humanitarian commitments

Coercing public officials to do what is harmful to the nations people

Provoking conflict between village, province, and centre by aggressively deploying law-enforcement agencies

Interfering with universities and demanding submission to politically driven ‘compacts’

……the list, regrettably, could go on. I will leave it to our readers to develop their own individual and institutional answers, whether we have witnessed any one of these.

America’s Story:

Liberty, Justice, Equality-and Hypocrisy

I have four and a half decades of warm and enduring reminiscences of the USA, its many parts, many people and many institutions during short visits, medium term engagements, and long stays of living and learning. Recalling all that deserves space and time. I will leave that for another day. However, I must say that every interaction I engaged in, as a tourist, with practitioners, in my profession or socially, or among academia, I felt free, welcome, warm, safe, secure and justifiably confident.

Against that background, America today reminds us that even great democracies are fragile. Its Declaration of Independence spoke of liberty and equality, yet many signatories owned slaves, excluded women, and ignored indigenous peoples. Independence was partial and contradictory. And yet, the idea mattered. Those words became a moral promise later generations would invoke-abolitionists, suffragists, civil-rights leaders-to demand fuller justice. America rose to global prominence not only through power and wealth, but through the credibility of its institutions. History, however, does not stand still.

Today, with much more than a fleeting sadness, I find myself asking whether the “Once Proud to be American’ citizen today feels as safe and secure, free and confident in their democracy as before. Growing tensions between federal authority and state independence, expanding executive power, politicised regulation, and extreme polarisation raise uncomfortable questions. Institutional erosion and political disruption test the foundations of liberty, justice, and fairness articulated in 1776.What would their Founding Fathers think if they walked today, through the streets of the nation they helped build?

The US’s ICE and the question of power

Today, federal agencies such as Immigration and Customs Enforcement increasingly operate in ways that bring the centre into conflict with states. It is troubling to confront today’s reality, where ICE agents and National Guard troops have been sent-or proposed to be sent-into cities such as Minneapolis-St. Paul, Los Angeles, Washington DC, Chicago, and Portland.

Debates over surveillance

Debates over surveillance, enforcement, and executive authority raise a fundamental question: where does power end, and liberty begin? This tension strikes at the heart of independence-not merely freedom from foreign rule, but freedom from unchecked authority.

Sri Lanka’s Story

Beyond economic dynamism or high-tech innovation

By contrast, despite everything Sri Lanka has endured-from the South to the North-I sense a deeper institutional resilience. Those once associated with terror and disruption now operate within the democratic mainstream. They participate in governance rather than seek to dismantle it. Challenges remain, but there is no systematic undoing of the achievements of prior generations.

Sri Lanka may not have immediately achieved America’s scale of innovation or economic dynamism, but it secured something more fundamental: lived sovereignty. Regulatory independence, impartial courts, and institutional restraint are the true guardians of liberty. Independence is not a ceremony-it is a system.

For Sri Lanka, the lesson is clear. Independence is not measured by GDP, rankings, or technological prowess alone. It rests on institutional strength, rule of law, respect for limits on power, and the dignity of the citizen.

A message to young Sri Lankans

To young Sri Lankans- Independence is not inherited, it is renewed daily. Your generation will decide whether the promise of 1948 becomes the lived reality of 2026 and beyond. By demanding accountability, defending institutions, and standing for fairness, you preserve the freedom that history shows can be lost far more easily than it is won.

Judging by what I see happening in many Sri Lankan organisations, I conclude that they are not fully utilising ‘Feedback’ as an employee developmental, motivational, and empowerment tool. Irrespective of the context of its application, ‘Feedback’ is the heartbeat of growth. By weaving proactive, honest reflection into our daily rhythm, we can transform simple words into a catalyst for a more connected, extraordinary life. This is very cleverly posited by Mother Theresa who observed that failure is merely feedback that something is blocking the path of the emergence and expansion of the greatest version of oneself.

In the modern workplace, feedback serves as the vital connective tissue between individual ambition and organisational success. When delivered effectively, it transforms from a mundane administrative action into a strategic facilitator of growth, clarity, and engagement. The true strength of feedback lies in its ability to bridge the perception gap. Without it, employees, employers, managers, and leaders navigate in a vacuum, often unaware of how their efforts align with the broader vision, mission, purpose, goals, and objectives of the organisation.

A living ecosystem

Performance management is no longer a static, once-a-year post-mortem. It is a living ecosystem fueled by the immense power of feedback. High-impact feedback provides a real-time compass, offering the ‘course corrections’ necessary to turn potential into peak performance. It is not just about identifying what went wrong; it is also about reinforcing what went right and illuminating the path toward mastery. Moreover, a culture of robust feedback fosters an environment of psychological safety. When praise is specific, and critique is constructive, trust becomes the default setting. Such an environment encourages risk-taking and innovation, as team members feel supported rather than scrutinised. In an era where talent is mobile and expectations are high, the organisations that thrive are those that treat feedback as a continuous dialogue rather than a monologue. It is the ultimate tool for unlocking human capital, ensuring that every contributor feels seen, heard, and empowered to evolve.

Netflix renowned for its radical candour and ‘sunshining’ (openly sharing failures), Google with its emphasis on peer-to-peer feedback, collaboration and data-driven performance management, Microsoft with its focus on a growth mindset where feedback is central to employee development and high performance and IBM which uses holistic feedback in enhancing employee capability and capacity, are just a few examples of high-performing global organisations that foster a culture of excellence by encouraging employees to take ownership of their performance and share insights openly through feedback.

Affirmation and feedback create a powerful synergy where instruction meets inspiration. While feedback provides the necessary roadmap for improvement, affirmation supplies the fuel to travel the distance. Together, they transform a critique into a catalyst, ensuring that a person feels both competently guided and deeply valued in his/her pursuit of excellence. When a boss, mentor, or peer offers genuine feedback, they are not just reviewing your past performance; they are investing in your future potential. This recognition acts as a psychological ‘green light,’ signaling that your actions are sound and your contributions matter. In the vulnerable early stages of a career, such validation transforms doubt into drive. It provides the emotional stamina required to tackle challenges, turning the workplace into a space where growth is not just a possibility but is an inevitability. In this light, enlightened leaders and managers are increasingly using feedback as a powerful tool of motivation, empowerment, and guidance.

Power of feedback

I still remember the power of feedback, both positive and negative, and the joy I felt in receiving it, during my first formal job as a cost clerk at Lever Brothers (Ceylon) Limited. I was twenty-one years old, and there existed in me a streak of brashness in feeling ‘high and mighty’ that I had secured a job at one of Sri Lanka’s top organisations. I was studying to be an accountant, and I was ambitious and eager to climb the corporate ladder. Influenced by the values instilled in me by my father, I was not just after a paycheck. Even though I had little money in my pocket, my goal was exposure, experience, deep knowledge, and personal advancement. I constantly sought signs that I was on the right path and contributing to the organisation. My boss’s feedback was one of those signs, and I looked forward to receiving it regularly. It was a steady compass amid a sea of new responsibilities. Every ‘well done,’ ‘keep at it,’ ‘you could have done better,’ and so forth, felt less like a critique and more like a badge of achievement pinned to my lapel. In those evenings of my early corporate days, I would rush home to share with my wife, mother, siblings, and extended family my boss’s praise or admonishment. It was a thrill to share every detail. Sitting at the dinner table, recounting those small victories arising out of my efforts and summarising the lessons learned from my mistakes became my way of saying, ‘I am getting there.’ Sharing those moments with family became a sacred ritual. Their acknowledgment, recognition, smiles, concern, relief, and pride mirrored my own feelings. A simple act like receiving feedback from my boss turned into a shared family triumph and discussion. That feedback became my fuel. It turned routine tasks into a purpose-driven mission. I learned early that while a salary sustains life, heartfelt feedback, whether affirming or correcting, builds a career. It gave me quiet, unwavering confidence that I was on the right track, proving that even the smallest word of feedback can ignite lifelong ambitions. It is this personal experience that drives me to give regular feedback to my peers, subordinates, and colleagues. Therefore, I am surprised by the inadequate attention given by Sri Lankan companies to formal and informal feedback.

Critical component

Feedback, both structured and unstructured, is a critical component of the Performance Management System at John Keells Holdings PLC (JKH). At JKH, feedback is not a seasonal event. It is the omnipresent, continuous, living pulse of the organisation. JKH realised, very early on, that when feedback is relegated to an annual, or half-year, review, it becomes an autopsy of past failures rather than a roadmap for future wins. Climate surveys reveal that when feedback is regular, transparent, candid, and real, employee motivation and effectiveness are enhanced as a matter of course. Ambiguity was identified as the silent killer of productivity. It was noted that in the absence of regular check-ins and dialogue, employees tended to operate in a vacuum, wasting energy on ‘shadow work’ that does not align with strategic goals. Honest feedback provided the guardrails that kept employees focused and talent guided on the fast track. Honesty and transparency, facilitated by vehicles such as career committee-driven performance reviews, skip-level meetings, 360-degree surveys, grievance mechanisms, and the ‘socialisation of feedback’, were seen by staff as signs of respect, involvement, and belonging. Sugar-coating a performance gap was not considered an act of kindness but as a ‘fast train’ to career sabotage. The JKH thinking was that when the truth is withheld, the affected employee is denied the opportunity to pivot. Candour, being the act of direct challenge while caring personally, was acknowledged as an efficient route to the establishment of psychological safety, a feature so critical for teams to take risks and own their contributions, successes, and failures. JKH believed that employee upliftment happens at the intersection of support and challenge, and that consistency of feedback builds trust, reduces the ‘threat response’ in the brain, and that honesty provides the data points needed for skill acquisition. JKH’s operating mantra was – ‘When employees know exactly where they stand, they stop working out of fear and start working out of purpose.’ All in all, consistent, value-adding feedback was found to transform a manager from a judge into a leader cum coach and subordinates from mere followers to passionate exponents.

Buzzword

I sense that ‘feedback’ has become a hollow buzzword in most Sri Lankan corporates. It has become a checkbox on an annual performance review rather than the lifeblood of growth that it is designed for and meant to be. While our global counterparts have pivoted toward radical transparency, many local boardrooms remain stifled by a culture of silence or, conversely, a bluntness that borders on the destructive. The tragedy lies in the missed potential. In many organisations, feedback is either withheld out of a misplaced sense of ‘politeness’ or delivered as a top-down mandate, devoid of empathy. We suffer from a ‘criticism-as-correction’ mindset. When a leader finally speaks, it is often far too late, landing not as a guiding hand but as a heavy gavel. The sensitivity required to nurture a subordinate’s talent is frequently sacrificed at the altar of hierarchy. We mistake seniority for the right to be tactless, and we mistake silence as a necessity for harmony. The lack of constructive two-way feedback creates a stagnant equilibrium. Employees navigate a fog of uncertainty, never quite sure where they stand until the ground shifts beneath them. True feedback requires a delicate alchemy of candour and care, a ‘tough love’ that respects the individual’s dignity while demanding excellence. Until we bridge the gap between ‘saying something’ and ‘saying something meaningful,’ the Sri Lankan corporate spirit will continue to be dampened by the weight of things left unsaid.

In my twenty-five years with Anglo American Corporation (Central Africa) Ltd., ‘Anglo;’ it, with its westernised and aggressive approach to performance, used the SARA (shock, anger, resistance, and acceptance) Framework of Feedback. This framework, often applied in 360-degree feedback or performance coaching, is a model that helps to understand the emotional stages an individual goes through when receiving constructive but unexpected feedback. It is used to help employees process tough feedback and enables them to move from defensive to productive action. The components of SARA are, > Shock/Surprise (S): The initial reaction, especially if the feedback is unexpected or conflicts with the individual’s self-perception. The person may feel stunned or deny the feedback and say, ‘I don’t understand this report’, > Anger/Anxiety (A): The person feels defensive, frustrated, or anxious. He/She may feel the feedback is unfair or personal, blaming the system or the person giving the feedback, > Resistance (R): The individual may try to justify his/her behaviour or reject the feedback outright. He/She might think, ‘I’ll just keep doing it my way,’ > Acceptance (A): The person begins to accept the validity of the feedback and starts to think about how to use it for improvement.

Sri Lanka can shift the ‘feedback’ needle by modifying the SARA model as described above to one that accommodates the hierarchical nuances of its society and culture without compromising modern transparency. We can use a Sri Lanka-suitable SARA Framework which balances the directness required for growth with the cultural quirks and emotional needs of South Asians. The modified SARA can stand for, > Specificity (S); – Ditch vague praise or blame and focus on documented actions and not personality traits. This prevents the feedback from feeling like a personal ‘attack’ on one’s character, > Affirmation (A); – Start by acknowledging the individual’s value to the collective ‘family’ or team. This softens the ego-blow and reaffirms job security before diving into critiques, > Reciprocity; – Feedback must be a two-way street. Ask: ‘How can I help you achieve this?’. This flattens the hierarchy and makes the leader (feedback giver) a partner in the solution, > Actionable; – End with a clear, collaborative roadmap for the next 90 days. This removes the ‘fog of uncertainty’ and replaces it with a tangible goal.

Three pillars of application

In my experience, effective ‘Feedback’ must be founded on three pillars of application if it is to be effective in Sri Lanka. These being, > The ‘Private First’ Rule. In a culture where ‘saving face’ is paramount, I opine that public correction is a bridge-burner. I suggest that all corrective feedback happens behind closed doors, preserving the employee’s dignity among his/her peers, > Show Radical Empathy as opposed to Radical Candour. As a leader and as a coach, I preach that sensitivity is not a ‘weakness.’ It is the strategic use of language to ensure the message is heard rather than blocked by a defensive emotional wall, > Encourage Frequency over Formality. The ‘Annual Review’ is where feedback is destined to die. I propose the ’10-minute Check-in’, where informal, frequent, and low-stakes conversations take place as a part of MBWA (management by wandering about). These would prevent minor issues from becoming terminal grievances.

In Sri Lanka leadership is a ‘parent-child’ dynamic. The goal must be to move toward an ‘adult-adult’ dialogue that respects the individual while driving high performance. We can address this by using more effective language in critiquing. For example, when there is a missed deadline; without saying- ‘You are always late with these reports. It is becoming a real problem for the department.’, say- ‘I value your contributions to the team, but the delay on this report stalled the workflow. What roadblocks are you hitting, and how can we hit the next target together?’ If you are addressing poor quality; without saying- ‘This work is not up to standard. Go back and do it properly,’ say- ‘I noticed the data analysis in this draft lacks the depth we need for the board. Let’s look at the specific sections that need more detail so you can refine it by Tuesday.’ If you are giving feedback on attitude and behaviour; without saying, ‘Your attitude in meetings is very negative lately. You need to change it.’- say ‘I’ve noticed you’ve been quieter in meetings recently. Your insights are usually vital; is there something on your mind we should discuss privately?’

Personally, I am a very direct person. That is the result of the influence of ‘tough,’ loving parents, competitive but caring siblings and the results-oriented, aggressive work ethic of Anglo. Therefore, I am opposed, in principle, to overly sugarcoating communications. As you know, – In life if you overdo something, it loses its efficacy and lustre. In leadership, too, achieving balance between the ‘push’ and ‘pull’ of feedback is an absolute must.

In a culture as nuanced as Sri Lanka’s, feedback must be more than a management tool. It must be an act of respect and concern. If we balance directness with empathy, we will transform critiques into catalysts for growth. We must honour the dignity of the individual while pursuing excellence. We must create a workplace defined by trust. Let us speak with clarity and listen with heart, ensuring our words build bridges rather than walls. In conclusion, follow three golden rules, these being * Frame feedback as a collective step which astutely balances high performance with transparent, honest discussion, guidance and mentoring’, * Praise in public but offer corrective guidance in private, and * Modulate the delivery of feedback to maintain ‘truth’, face’ and dignity.

Sri Lanka Standards Institution (SLSI) has revised SLS 1324:2025 – Requirements for Organic Agriculture Production and Processing. This revision represents the Second Revision of the standard, originally published in 2007 and previously revised in 2018 and provides a comprehensive and up-to-date framework governing organic production, post-harvest handling, storage, processing, packaging, labelling, transportation and marketing of organic produce and products.

Sri Lanka has a long-standing tradition of environmentally harmonious agricultural practices, rooted in indigenous knowledge systems, mixed farming and biodiversity-rich home garden systems. In recent decades, organic agriculture has gained increasing national importance as a sustainable approach to address soil degradation, environmental pollution, food safety concerns and the growing demand for quality agricultural produce.

Need for revision

In this context, the establishment and periodic revision of a national standard for organic agriculture is essential to ensure credibility, consistency and consumer confidence in organically labelled produce and products in Sri Lanka.

Recognising these national priorities and evolving global developments, The revision of SLS 1324 was undertaken in response to significant changes in organic agriculture practices, certification systems, international trade requirements and consumer expectations. Increasing concerns related to misleading organic claims, environmental sustainability, traceability and food safety necessitated a more robust and harmonised standard.

SLS 1324:2025 aligns Sri Lanka’s organic agriculture framework with internationally recognised principles and best practices while ensuring relevance to local agro-ecological, socio-economic and regulatory conditions.

Scope and coverage

The revised standard applies to a wide range of activities including:

Crop production, livestock production, aquaculture, mushroom and apiculture

Wild harvested products

Processing, storage, transport and marketing of organic products

Packaging, labelling and certification claims

Key enhancements introduced

1. Mandatory Organic Management Plan (OMP)

A major enhancement in the revised standard is the introduction of the Organic Management Plan, which requires operators to document and implement systematic procedures covering land use, soil fertility, pest and disease management, record keeping and traceability. This strengthens transparency, inspection efficiency and accountability across the organic value chain.

2. Strengthened Crop Production Requirements

Greater emphasis is placed on soil-based production systems, biodiversity conservation, crop rotation and agro-ecosystem management. The revised standard explicitly prohibits hydroponic and other non-soil-based systems for organic crop production, reinforcing the foundational principles of organic agriculture.

3. Enhanced Livestock, Aquaculture and Apiculture Provisions

Updated requirements ensure improved animal welfare, responsible feed management, biosecurity, environmental protection and ethical husbandry practices. Detailed provisions are included to address conversion periods, parallel production risks and permitted inputs.

4. Improved Processing, Packaging and Labelling Controls

Significant revisions have been made to processing aids, additives, packaging materials and labelling practices to prevent misleading claims and safeguard organic integrity. These measures enhance consumer confidence and support fair trade practices.

5. Clear Prohibitions and Integrity Safeguards

The standard clearly prohibits the use of genetically modified organisms (GMOs), ionising radiation, nanotechnology and synthetic inputs not expressly permitted. Robust requirements are included in preventing contamination, commingling and loss of organic integrity.

6. Inclusion of Social Justice Principles

In line with modern sustainability frameworks, SLS 1324:2025 incorporates social justice considerations, emphasising fair labour practices, worker welfare and ethical business conduct within organic operations.

Benefits to stakeholders

The revised standard provides clear and consistent guidance to farmers, processors, exporters, certification bodies and regulators. It supports:

Sustainable agricultural practices

Consumer protection and informed choice

Improved market access for certified organic produce and products

Alignment with national legislation and international trade requirements

By promoting environmentally sound and socially responsible production systems, the standard contributes to long-term food security, environmental conservation and rural development.

As the national standards body, the SLSI remains committed to developing, reviewing and maintaining standards that support national development objectives and protect public interest. The revision of SLS 1324:2025 reflects SLSI’s ongoing efforts to strengthen Sri Lanka’s organic agriculture sector through credible, transparent and internationally aligned standards. SLSI encourages all stakeholders to adopt and implement this revised standard to ensure the integrity, sustainability and continued growth of organic agriculture in Sri Lanka.

The Asian Development Bank (ADB) has appointed Sona Shrestha as Director General of its South Asia Department (SARD), where she will lead the development and implementation of ADB’s strategy and operations in Bangladesh, Bhutan, India, Maldives, Nepal, and Sri Lanka.

‘I am honoured to be appointed Director General of South Asia,’ said Shrestha. ‘I look forward to working closely with our developing member countries in the region to further deepen ADB’s engagement in support of inclusive and sustainable development.’

Shrestha is a seasoned development leader with over 27 years of professional experience, including 23 years at ADB. Prior to this appointment, she was Deputy Director General for SARD. She has also served as Deputy Director General of ADB’s Independent Evaluations Department, Assistant Secretary, Director in the Financial Sector and Trade Division for Southeast Asia, and Deputy Country Director for Indonesia. In earlier professional roles in ADB, she gathered extensive operations experience across Central and West Asia, South Asia, and Southeast Asia.

A national of Nepal, Shrestha holds doctorate and master’s degrees in economics from University of California in the United States. She also has a bachelor’s degree in economics from Smith College, Massachusetts.

Top diversified blue chip Aitken Spence PLC has recorded revenue of Rs. 67 billion for the nine months ending 31 December 2025, underscoring a robust performance across its portfolio of industries.

The Tourism sector accounted for 68% of Group revenue, while the Maritime and Freight Logistics sector and Strategic Investments sector contributed 18% and 12%, respectively. Furthermore, the Group’s revenue for the third quarter improved by 3.8%, reflecting steady performance across key sectors.

The Group’s total Profit Before Tax (PBT) stood at Rs. 5.6 billion for the nine months ending 31 December 2025, compared to Rs. 4.3 billion in the corresponding period of the previous year, reflecting a growth of 30%. Correspondingly, the Group’s Profit After Tax (PAT) improved by 42% to reach Rs. 3.4 billion.

The Tourism sector recorded the most notable improvement during the period under review, reporting a PBT of Rs. 2 billion for the nine months ended December 2025.

This performance was primarily attributable to the sustained recovery and growth of the tourism industry in Sri Lanka. In addition, the sector benefited from significant improvements in profitability at the Group’s Maldivian resorts, as well as enhanced operating performance across hotel operations in India and Oman.

The Group’s Maritime and Freight Logistics sector was the largest contributor to PBT for the period under review, reporting a PBT of Rs. 3.3 billion. Sector performance, however, was moderated by lower volumes and margin pressures, particularly impacting overseas freight and airline operations. This was reflected in the reduced contribution from the sector’s equity-accounted investee for the period.

In the Strategic Investments sector, the key contributing segments of Printing and Plantations both recorded stellar performance for the period under review despite the challenging market conditions of these industries, while the Power Generation segment witnessed a steady performance with notable contributions from the Waste-to-Energy and renewable power generation operations. However, the significant losses incurred in the Apparel Manufacturing segment impacted the overall performance of the sector, resulting in a loss of Rs. 652 million at PBT level.

The Services sector recorded strong growth during the period under review, driven primarily by the expansion of operations at Port City BPO, the Group’s most recent investment. This performance was further supported by improvements in performance by the Group’s elevators segment. As a result, the Services sector reported a PBT of Rs. 843 million, compared to Rs. 114 million in the corresponding period of the previous year.

The period was marked by notable achievements:

Bullets

*Aitken Spence PLC became the first and only diversified holdings company in Sri Lanka to have its climate targets validated by the Science Based Targets Initiative (SBTi).

*Aitken Spence partnered with the Sri Lanka Air Force (SLAF) on the ‘Clean Today – Green Tomorrow’ initiative, implemented across SLAF establishments in commemoration of the Air Force’s 75th anniversary and World Environmental Education Day, promoting sustainability in camps and surrounding communities while advancing multiple UN Sustainable Development Goals.

The HSBC Ceylon Literary and Arts Festival 2026, taking place from 13 to 15 February at Cinnamon Lakeside, Colombo, promises to be one of those rare cultural moments that linger long after the last session ends.

It is a gathering not only of writers, artists and thinkers, but of ideas, shared, challenged and celebrated in spaces where curiosity feels welcome.

The HSBC Ceylon Literary and Arts Festival 2026 is supported by several organisations through non-promotional CSR initiatives, including Clouds by SOZO and the Rukmini Tissanayagam Trust. International Distillers Limited contributes in a strictly neutral CSR capacity, providing logistical and resource support for the event without any brand promotion or product visibility.

The Festival celebrates Sri Lanka’s creative voice by showcasing literature, arts, and cultural talent from across the country. All supporting organisations participate solely in a philanthropic and educational role, ensuring that the focus remains on artistic expression and community engagement.

The Rukmini Tissanayagam Trust brings to the Festival a deep and enduring commitment to nurturing literature and the arts as essential pillars of society. Its work is driven by the belief that creative spaces are not optional additions, but vital platforms that shape how communities think, feel and engage with the world around them.

SOZO Beverages Director and The Rukmini Tissanayagam Trust Trustee Indhu Selvaratnam said: ‘The Rukmini Tissanayagam Trust is delighted to partner with the Ceylon Literary Festival for the second time. We are deeply committed to enriching Sri Lanka’s intellectual and cultural landscape and admire the festival’s evolution in embracing literature, art, music, and initiatives that nurture emerging local talent. These efforts align closely with the Trust’s mission to support creative expression, and we look forward to continuing our support as the festival strengthens Sri Lanka’s global cultural presence.’

Adding a complementary dimension to this partnership is Clouds by SOZO, Sri Lanka’s premium mountain spring water brand, whose ethos of purity, sustainability and thoughtful living aligns naturally with the spirit of the Festival. Sourced from a pristine spring in the Knuckles mountain range, Clouds represents a return to authenticity, an idea that resonates strongly within creative and cultural spaces.

SOZO Beverages Founder Dushyantha De Silva said: ‘The arts invite us to slow down, to observe, and to think more deeply, and Clouds comes from that same place of intention. Supporting the HSBC Ceylon Literary and Arts Festival is about being part of a space where ideas flow freely and thoughtfully. It’s a privilege for us to align with a platform that values creativity, dialogue and conscious choices.’

The HSBC Ceylon Literary and Arts Festival 2026 offers something increasingly rare: three uninterrupted days of ideas. Of language and imagination. Of conversations that do not require a screen to feel alive. It is a reminder of the power of gathering, of listening, discovering and engaging with perspectives that challenge and inspire.

PALLEKELE: Sri Lanka’s misfiring middle order, which has been causing a big headache, eventually came good to notch up the highest total in the ongoing T20 World Cup – 225-5 – enabling them to secure their second straight win beating Oman by a thumping margin of 105 runs at the Pallekele International Cricket Stadium yesterday.

It was Sri Lanka’s second highest total in T20Is after 260-6 against Kenya scored at Johannesburg in 2007.

Sri Lanka started poorly with both openers being dismissed inside the powerplay. That is when their middle order decided to come to the party. Contrasting fifties from Kusal Mendis (61 off 45 balls, 7 fours) and Pavan Rathnayake (60 off 28 balls, 8 fours, 1 six) – his first half-century in T20I cricket – who came together in a stand of 94 off 52 balls, settled the nerves. It was Sri Lanka’s highest for the third wicket in T20 World Cups, breaking the 87 by Sanath Jayasuriya and Mahela Jayawardene.

Then, skipper Dasun Shanaka’s 19-ball half-century (50 off 20 balls, 2 fours, 5 sixes) – the fastest for Sri Lanka in T20Is beating his own previous record of a 20-ball salvo against India at Pune in 2023 – and his partnership of 63 off 28 balls with Kusal Mendis left Oman rattled. Kamindu Mendis chipped in with a couple of sixes and a four in his seven-ball 19* to bat Oman out of the contest. Sri Lanka scored 65 runs in the last four overs, thanks to Shanaka and Kamindu Mendis.

Faisal Shah was very impressive in the midst of the carnage, bowling his four overs conceding just 28 runs, while Jiten Ramanandi grabbed a couple of wickets for 41.

Oman had a mountain to climb and Dushmantha Chameera made it look even harder for them when he took a wicket in the very first over. Maheesh Theekshana did so in the second over and the rest of the innings was a mere formality.

Mohammad Nadeem put up some resistance and brought up a maiden World Cup fifty (53* off 56 balls, 3 fours, 1 six). At 43 years and 161 days, he became the oldest to score a fifty in any ICC tournament. The previous oldest was Netherlands’ Flavian Aponso (43y 121d), who scored 58 against Pakistan in the 1996 Men’s ODI World Cup game. The previous oldest in a T20 World Cup match was by Sanath Jayasuriya (39y 345d) against West Indies in the 2009 edition.

Wasim Ali threatened briefly during his 20-ball 27 (3 sixes), but Oman were simply second best as they were outclassed by the host country. Seven bowlers were used by Sri Lanka and Maheesh Theekshana was the pick with 2/11. Dushan Hemantha, who came in for the injured Wanindu Hasaranga, took some stick, conceding 45 runs in his four overs for one wicket.

Rathnayake was named Player of the Match.

The prestigious Presidents Cup Golf will tee off from today and will continue till Sunday at the Royal Colombo Golf Club (RCGC), promising three days of top-class golfing action.

Over 240 golfers are set to compete in this much-anticipated club event which will have the tee off at 7 a.m. Day 2 and 3 will tee off at 6 a.m.

With a strong field and competitive spirit expected throughout, the event will conclude with the grand prize giving ceremony on 15 February at 1 p.m. at their Club House.

This March, Sri Lanka’s business and creative community is set to experience an intensive two weeks of learning and exchange as The Faculty of Brands launches Elevate Sri Lanka, a curated program of high-impact workshop sessions and forward-thinking conversations. At the centre of this initiative is a special guest: Teodora Migdalovici, international brand strategist and founder of The Alternative School’s Creative MBA.

An award-winning brand consultant, educational practitioner, lobbyist, and private diplomat, Teodora Migdalovici has played a pivotal role in positioning Romania within the world’s most demanding creative ecosystems, including its first awarded presence at Cannes Lions. With more than two decades of international exposure, her work consistently translates creative excellence into applied brand and business strategy.

She is the founder of The Alternative School, the pioneering force behind the Creative MBA concept, launched in the global market since 2015 and one of Eastern Europe’s most respected fast-paced programs for professionals in branding, marketing, communication, and design who seek to expand their strategic capacity and perform at international level. Alumni of the program, alongside her private clients, have gone on to win Gold, Silver, and Bronze Lions at Cannes and Effie, among other relevant international competitions.

Since 2005, Theodora has worked closely with creative and marketing ecosystems worldwide, advising leaders and teams on brand building, meaningful effectiveness, and strategic positioning through creativity. She has delivered executive workshops and keynote sessions for teams or organisations such as Asahi Beer (Ursus), Coca-Cola, Google, PandG Europe, Unilever, and Vodafone, and has spoken at major industry gatherings ranging from Eurobest and Central Asia’s Jolbors to the Customer Experience Forum in Paris and Creativity and Business events in Cascais, London, Mumbai, Mauritius, and Vienna. In March, she will bring this global perspective to Sri Lanka through a curated series of workshops and learning sessions in collaboration with The Faculty of Brands.

The Faculty of Brands is dedicated to uplifting Sri Lankan brand creativity and effectiveness through accessible, actionable education. Its mission is to level the playing field so Sri Lankan brand leaders, creatives, and business owners can compete confidently against global standards. By connecting local talent with international perspectives from renowned speakers and the expertise of a strong faculty of Sri Lankan industry leaders through carefully curated learning experiences, TFOB provides practical perspectives and insights that teams can apply immediately. This approach helps build stronger, more sustainable brands while raising the overall competence of the brand building ecosystem.

The Faculty of Brands CEO Gayendra Rajapaksha said: ‘Elevate Sri Lanka’ is set to attract strong interest from brand leaders and agency custodians seeking practical global perspectives that can be applied to local market realities. A limited number of brand, marketing, and creative effectiveness workshops will be available during the March visit.’

The world moves on different wavelengths. Some are high-frequency shocks – wars, emerging technologies, market panics – that spike quickly and dominate our attention. Others are low-frequency forces that move slowly but relentlessly: demographics, globalisation, water and food scarcity.

The high-frequency waves feel urgent. The low-frequency waves reshape the system.

That is not to say crises don’t matter. But we cannot become casualties of the slow burn simply because the immediate crisis burns hotter or dominates more headlines. Ignore the slow burn long enough, and it becomes an inferno.

One of those forces is already in motion. Over the next 10 to 15 years, 1.2 billion young people in developing countries will come of working age – a scale the world has never seen. On current trajectories, these economies are expected to generate only about 400 million jobs over that same period – leaving a gap of staggering proportions.

This is often framed as a development challenge, and it is. It is also an economic challenge. And it is increasingly a national security challenge.

What was striking at the Davos conference last month was how easily this issue was brushed aside – overshadowed by the urgency of the issue du jour. It must not be ignored at coming forums like the Munich Security Conference, the G-7 and G-20.

If we invest early in people and connect them to productive work, this vast new generation can build lives of dignity and become a foundation for growth and stability. If we do not, the consequences are predictable: pressure on institutions, irregular migration, conflict, and rising insecurity as young people reach for any path available to them.

The World Bank Group is pursuing the first path with urgency, bringing together public finance, knowledge, private capital, and risk-management tools around a jobs strategy built on three pillars.

First, creating infrastructure – both human and physical. Without reliable power, transportation, education and healthcare, private investment and jobs never materialise. While the role of physical infrastructure is well understood, investment in people is equally critical. For example, a skills centre in Bhubaneswar, India – supported in partnership with the government and private sector — trains nearly 38,000 people each year. Because the preparation is aligned with real market demand, nearly all graduates secure employment – or go on to create jobs themselves, supported by engineering, manufacturing and intellectual property training.

Second, creating a business-friendly environment. Clear rules and predictable regulation reduce uncertainty and improve the ease of doing business. Jobs are generated when entrepreneurs and firms have the confidence to invest and expand. Public resources can help unlock that process, but job creation at scale depends on the private sector – especially micro-, small- and medium-sized enterprises that generate most employment.

This leads to the third pillar: helping businesses scale. Through our private-sector arms, we provide equity, financing, guarantees and political risk insurance. One recent model is a trade-finance guarantee supporting Banco do Brasil, which is unlocking roughly $700 million in affordable funding for Brazilian small businesses, particularly in agriculture – channeling capital to the firms that drive local growth.

We focus where job potential is greatest, across the five sectors that consistently generate employment at scale: infrastructure and energy, agribusiness, primary healthcare, tourism and value-added manufacturing.

This is not an abstract theory. It is grounded in evidence, country experience and hard choices about where limited resources deliver the greatest impact.

It is also not a

zero-sum proposition.

By 2050, more than 85% of the world’s population will live in developing countries. That represents not only the largest expansion of the global labor force in history, but the largest growth in future consumers, producers and markets. Whether the motivations are development, altruism, returns or security, there is a role and reward for putting energy and resources into this effort.

Developing countries benefit because jobs create income, stability and dignity. They strengthen domestic demand and give young people a reason to invest in their future at home rather than look elsewhere.

Developed countries gain as well. As developing economies grow, they become stronger trading partners, more resilient supply-chain anchors and more stable neighbors. Growth in those markets expands global demand and reduces the pressures that drive irregular migration and insecurity – outcomes that carry real economic and political costs far beyond borders.

And for the private sector – both financial institutions and operators – this represents one of the largest opportunities of the coming decades. Rapid population growth means sustained demand for energy, food systems, healthcare, infrastructure, housing and manufacturing.

The constraint has never been a lack of opportunity. It has been risk, real and perceived. That is where development institutions can play a catalysing role: financing infrastructure, supporting regulatory reform and reducing risk.

If we get this right, the low-frequency forces shaping the world – in this case demographics – become engines of growth and stability rather than sources of volatility and risk. If we get it wrong, we will continue to chase crises – reacting to outcomes that were visible years, even decades, in advance.

The choice is not whether these forces will shape the future. They will. The choice is whether we act early and bend them toward opportunity – or wait until they arrive as instability.