Category: Daily Financial Times

One of the greatest concerns consumers have about choosing an electric vehicle is range anxiety from running out of charge, especially in a deserted area. Carmart provided a solution to this with the Leapmotor C10 REEV (Range Extender EV) – an electric SUV that doesn’t need to be plugged in and charged.

The C10 SUV can be used like a normal EV around town yet has the flexibility of being able to travel up to 1150km, thanks to its built-in generator that recharges the battery while on the move.

Leapmotor is supported in Sri Lanka by Carmart, the exclusive Peugeot importer and authorised repairer for over 75 years, and backed globally by Stellantis, Europe’s second-largest carmaker; and home to 15 brands including Peugeot and Maserati – whose engineers fine-tuned the C10’s suspension to give it a premium feeling drive.

Consumers can experience Leapmotor models alongside their Peugeot counterparts at the newly renovated Stellantis Brand House concept showroom on Union Place, Colombo 2 – the first of its kind in the South Asian region.

The C10 blends sleek design with everyday practicality. A spacious interior offers family-friendly comfort, advanced infotainment, and refined styling. Safety remains paramount, with a 5-star Euro NCAP rating covering adults, children, and pedestrians, supported by cutting-edge driver-assistance systems. Ownership peace of mind comes with an 8-year battery warranty and a 4-year/120,000 km vehicle warranty, with an extended warranty also available.

Carmart CEO Yasendra Amarasinghe gives Managing Director Senaka Amarasinghe an inside look at newly unveiled Leapmotor C10 and its innovations

‘We are at a defining era for EVs in Sri Lanka,’ said Carmart CEO Yasendra Amerasinghe. ‘Trust – of both the brand and the local distributor – is what truly matters. With Stellantis and Carmart behind it, customers can choose Leapmotor with confidence.’ The Leapmotor C10 is now available for viewing and test drives at Carmart, 424 Union Place, Colombo 2, with a limited-time introductory launch offer starting from just Rs. 17.4 million for the full EV, and Rs. 20.95 million for the REEV. Deliveries commence in October for those lucky enough to be on the pre-sales list.

For motorists seeking flexibility, quality, safety, great value, and the assurance of a trusted global-local partnership, the Leapmotor C10 represents the future of premium electric mobility.

Sri Lanka scored a major breakthrough in digital education yesterday with the announcement of a landmark partnership with Google, which will provide free access to advanced Artificial Intelligence (AI) tools for students across the country.

Digital Economy Deputy Minister Eng. Eranga Weeraratne revealed the news at the inaugural National AI Expo and Conference 2025, calling it ‘a monumental achievement for the country and AI capacity building development.’

‘After months of collaboration between our Ministry and Google, I am excited to announce the news that I received just this morning. Google has agreed to provide their student offer with Gemini, with advanced features and other benefits, for Sri Lankan students free-of-cost,’ he told a packed audience of industry leaders, academics, students and policymakers.

He described the partnership as a ‘game changer’ that would democratise access to cutting-edge AI resources. ‘Across our nation, every student will soon have free access to powerful world-class AI tools, platforms and learning resources. This will level the playing field and put our students on par with anyone, anywhere in the world,’ he stressed.

The Deputy Minister insisted that the initiative goes beyond mere adoption of AI, aiming instead to nurture mastery among the next generation. ‘We don’t just need to use AI. We want every single one of you to master it,’ he said.

But he also urged caution, underscoring the ethical responsibility that comes with such access. ‘With access to such powerful tools comes great responsibility. Use them to build, to innovate, and to solve the greatest challenges of our time. But always use them wisely, ethically, and for the benefit of all Sri Lankans and the world,’ he emphasised.

Eng. Weeraratne believes the initiative is expected to accelerate the Government’s broader vision of creating a smarter, more prosperous and inclusive digital economy. ‘We must work together with passion and purpose to build a smarter, more prosperous and a more compassionate Sri Lanka,’ he said.

Every year, the arrival of Sri Lanka’s national Budget brings with it familiar rituals: speeches in Parliament, presentations filled with charts, and days of debate about deficits, spending, and taxation. Economists pore over fiscal strategies, politicians argue about allocations, and ordinary citizens ask the most important question of all: ‘How will this affect my life?’

Traditionally, Budgets are viewed as accounting exercises, designed to raise revenue, control expenditure, and maintain economic stability. These objectives are crucial, but they often overlook something fundamental: how people actually experience security, opportunity, and dignity in their everyday lives. A nation’s financial plan is not just about balancing books; it is about shaping lives.

As Sri Lanka prepares its Budget 2025, there is a unique opportunity to reimagine what a Budget can do. What if, beyond revenue and expenditure, the Budget became a tool for happiness? What if government spending were judged not only by efficiency but also by its impact on well-being, empowerment, and social cohesion? Sri Lanka has the chance to lead with a Happy Budget, investing in well-being while building a stronger economy.

Why happiness belongs in the Budget

At first glance, happiness and national budgets may seem unrelated. Budgets speak in rupees and cents, while happiness is often seen as personal or intangible. However, global evidence shows that well-being fuels productivity, sparks innovation, and even boosts tax compliance. Citizens who are happier tend to be more engaged, more entrepreneurial, and more resilient.

Picture a mother running a vegetable stall, a graduate launching a tech start-up, or a farmer facing unpredictable weather. If the Budget ensures their security, dignity, and opportunity, they flourish. And when they flourish, they earn more, spend more, pay taxes, and strengthen the economy. Happiness, then, is not just a moral ideal, it is an economic strategy.

Nations like Bhutan have championed Gross National Happiness, while advanced economies now track ‘well-being indicators’ alongside national output. Sri Lanka, too, could take the lead by shaping a model where citizen satisfaction is not a by-product, but a central engine of economic growth.

Linking happiness to revenue and growth

Some might wonder if happiness can really have an impact on a country’s revenue, but the connection is clear when we look at empowerment. When people are given the right tools and opportunities to improve their lives whether through support for small businesses, training in digital skills, or reducing bureaucratic hurdles they become more productive, earn higher incomes, and contribute more effectively to the economy. A Budget that focuses on well-being goes beyond numbers and policies; it invests in the potential of every citizen. By prioritising happiness and empowerment, the nation not only helps individuals thrive but also builds a stronger, more resilient economy. When people feel supported and capable, their growth naturally feeds into the country’s financial strength, creating a positive cycle that benefits everyone.

From relief to resilience: A three-stage path

A Happiness-Linked Budget can guide the nation through a three-stage journey toward well-being and prosperity. In the short term, immediate relief and opportunity matter most: subsidies for food, healthcare, and education ease financial stress, while micro-grants, digital literacy programs, and skill-building initiatives empower citizens to participate actively in the economy. Over the medium term, the focus shifts to building cohesion and productivity. Expanding digital banking and e-marketplaces promotes financial inclusion, while Community Happiness Hubs; centres for arts, training, sports, and local markets strengthen community bonds.

Green micro-investments simultaneously create jobs and protect the environment. These measures enhance trust, foster collaboration, and expand the formal tax base. In the long term, sustainable prosperity becomes the goal. Supporting climate-smart agriculture, renewable energy, and resilient SMEs, alongside education and entrepreneurship programs, develops a skilled and empowered workforce. Citizens nurtured in this way are not only economically active but socially responsible, resilient, and prepared to contribute to a thriving, equitable society.

At first glance, happiness and national budgets may seem unrelated. Budgets speak in rupees and cents, while happiness is often seen as personal or intangible. However, global evidence shows that well-being fuels productivity, sparks innovation, and even boosts tax compliance. Citizens who are happier tend to be more engaged, more entrepreneurial, and more resilient. Picture a mother running a vegetable stall, a graduate launching a tech start-up, or a farmer facing unpredictable weather. If the Budget ensures their security, dignity, and opportunity, they flourish. And when they flourish, they earn more, spend more, pay taxes, and strengthen the economy. Happiness, then, is not just a moral ideal, it is an economic strategy

Innovative ideas for Budget 2025

Sri Lanka’s 2025 Budget has the potential to break new ground by introducing bold, citizen-centred initiatives that prioritise both well-being and economic growth. One such initiative could be Micro-Entrepreneur Happiness Grants, which would combine financial support with mentoring, access to digital tools, and market opportunities, enabling small business owners to thrive. Time Wealth Programs could reduce commuting and bureaucratic delays, giving citizens more productive hours to focus on work, family, and personal growth. The creation of Community Happiness Hubs would provide spaces for skills development, arts, and entrepreneurship, fostering stronger social bonds while stimulating local economies. Recognition and Reward Schemes could publicly acknowledge contributions in community service, entrepreneurship, and green initiatives, as pride and acknowledgment often motivate greater participation.

Expanding Digital Financial Inclusion would ensure that all citizens, whether in rural or urban areas, have access to e-banking and e-commerce platforms, widening opportunities for economic engagement. Finally, Green Growth Investments in renewable energy, climate-smart agriculture, and sustainable tourism could generate jobs while safeguarding the environment, ensuring that economic progress aligns with ecological sustainability. Together, these initiatives would create a more inclusive, productive, and happy society.

Rethinking the Budget’s purpose

Sri Lanka’s 2025 Budget could go beyond numbers and spreadsheets to focus on what really matters: the well-being and resilience of its people. Imagine a country where mothers confidently run businesses, youth pursue careers with certainty, farmers adapt to changing climates, and communities create lasting cultural and economic value. This could be the nation’s first true ‘Happiness + Development’ Budget, where smart financial management and citizen well-being go hand in hand. Such a Budget would do more than balance the books it would build trust, expand opportunities, and inspire pride.

A Budget that motivates

A Budget is not just a policy, it’s a vision for the society we want to create. Budget 2025 could mark the moment Sri Lanka declared that happy citizens are productive citizens, and productive citizens build a strong, resilient nation. Happiness is not a luxury; it is a strategy for growth. By combining fairness, innovation, and foresight, the Budget can keep the economy strong while making people truly thrive. This is the kind of fiscal revolution that deserves attention in Parliament and celebration in every home.

An immediate ceasefire in Palestine, which is being bombed every 8-9 minutes according to the UN spokesperson Stephane Dujarric, was deadlocked at the Security Council last week through a veto by the United States of America. A deadlock which blocked a potential halt to the killing of civilians at a scale and intensity that the world has not seen in living memory outside of World War II.

Thankfully, all is not lost at the United Nations. In this situation of deadlock where there is a threat to global peace and security, the UN General Assembly (UNGA) isn’t entirely helpless. If blocked by a veto-wielding country, the UNGA has the means to bypass the Security Council by invoking a 1950 Resolution known as Uniting for Peace, Resolution 377 A(V), which gives the General Assembly the power to recommend a number of mechanisms including the use of force.

Christian Tomuschat, Professor Emeritus at Humboldt University, Berlin explains: ‘Obviously, the crucial element of Resolution 377 A (V) was the affirmation that the General Assembly may, if deemed appropriate by it, recommend collective action, including the use of force.’

The ‘Uniting for Peace’ Resolution has been invoked over a dozen times thus far. Professor Tomuschat writes that the tenth emergency special session, which dealt with the Israeli occupation of Palestinian territory ‘started in 1997 and has not yet come to its end. (It was adjourned by resolution ES-10/16 of 17 November 2006, para. 13, and can at any time be resumed upon request by Member States.)’

Kushtrim Istrefi, Associate Professor of Public International Law and Human Rights Law at Utrecht University writes that the ‘ICJ in its advisory opinion on Kosovo has affirmed the legal weight of the Uniting for Peace resolution.’ (https://opiniojuris.org/2025/09/17/uniting-for-peace-in-gaza-a-test-for-the-general-assembly/)

Human rights experts urge use

On 5th September, a few weeks ago, in Geneva, 45 United Nations human rights experts called on ‘Member states to act under ‘uniting for peace’ in line with General Assembly Resolution 377 V and recommend a peace operation.’ They warned that ‘Silence and inaction are not an option in the face of mass atrocities’. (https://www.ohchr.org/en/press-releases/2025/09/gaza-un-experts-urge-general-assembly-respond-famine-and-genocide)

The group of experts which included the universally respected Francesca Albanese, Special Rapporteur on the human rights situation in the Palestinian territories, occupied since 1967, said that the ‘situation in Gaza is intolerable and unconscionable.’

The UN Experts (known as UN Special Procedures) had a message for the leaders of governments in their message: ‘At this critical moment, the world needs the General Assembly – the highest body of the United Nations – to take decisive leadership and act to prevent further catastrophe’.

They asked the leaders, who should feel ashamed, the following: ‘Already, half a million people in Gaza are starving. Have State authorities become so numb to these numbers – so de-sensitized, once again, to the systematic breaches of our collective moral and legal obligations?’

They urged the General Assembly ‘to act without delay to stop the machinery of death’.

Sri Lanka’s stand

Around the world, people are gathering in their tens of thousands to protest the horrors visited by Israel on the civilians in Palestine. Some of their governments have responded by recognising Palestinian statehood. This could lead to full membership of the United Nations.

Sri Lanka which had already recognised Palestine as a State, has traditionally been vocal on its support for its people, often endorsing a two-state solution. However, there has been ambivalence at actually voting at UN forums which censure Israel for its manner of conducting its war against Hamas’s terrorism. The fear of the consequences of speaking plainly at such forums, which by no means is limited to Sri Lanka, has guided their work at the UN. Such anxiety is not baseless, as the influence Israel wields with many capitals around the world is considerable. The most recent carnage in the Middle-East appears to have somewhat eroded that hesitancy as moral outrage and empathy for the victims have taken primacy in most countries.

Not so much in Sri Lanka. A mainstream English-language Sunday newspaper noted that President Anura Dissanayake had avoided mentioning the very term Israel in his statement at the UNGA, despite his words of sympathy with Gaza. Earlier, Sri Lanka had condemned the attack on Doha, Qatar, without mentioning the perpetrator, Israel.

The NPP government has continued the practice of the previous administration of including Israel in its list of countries for foreign employment for Sri Lankans and has encouraged tourists from Israel to come to Sri Lanka visa-free, including IDF soldiers on Rest and Recreation. The government’s stance on the skirmishes in the Southern beaches between these tourists and some locals was reportedly circumscribed by the spend-per-tourist at those resorts. Given these trends, Sri Lanka’s stance on a possible emergency session under UN Resolution 377 V is difficult to predict.

Sri Lanka which had already recognised Palestine as a State, has traditionally been vocal on its support for its people, often endorsing a two-state solution. However, there has been ambivalence at actually voting at UN forums which censure Israel for its manner of conducting its war against Hamas’s terrorism. The fear of the consequences of speaking plainly at such forums, which by no means is limited to Sri Lanka, has guided their work at the UN

Calls from leaders, celebrities, academics

A few days ago, at an event in New York, President of Columbia Gustavo Petro announced his plans to invoke Resolution 377 V at the UNGA, seeking a positive vote by all 193 members, to authorise sending an international protection force to Palestine. The head of the Green Party in the US, Jill Stein, Roger Waters, (Ex-Pink Floyd), and Brian Eno (famous avant-garde composer) took to social media to appeal to the general public to support this initiative and to request people to pressure their governments to join forces in this endeavour.

Associate Professor Kushtrim Istref, writing a piece in Opinion Juris titled ‘Uniting for Peace in Gaza: A Test for the General Assembly’ said that ‘Action under Uniting for Peace is no guarantee of immediate practical impact. However, at the very least, it would ensure that the UN continues to uphold international law, including humanitarian law, mobilise states and agencies, and sustain its own constitutional integrity.’

As the Sumud Flotilla carrying aid to Gaza nears its destination, massive protests around the world calling on their governments to use their leverage to stop the violence in Gaza, and growing calls for effective action by the UNGA, perhaps this time, the nobility and resilience of the people of Gaza in the face of unimaginable suffering, may motivate the urgent action needed to save them.

Japan and Sri Lanka agreed to deepen cooperation across economic, investment, security and multilateral fronts, issuing a joint statement yesterday after President Anura Kumara Disanayake’s meeting with Japanese Prime Minister Shigeru Ishiba in Tokyo.

Ishiba commended Sri Lanka’s recovery path under the International Monetary Fund (IMF) program and debt restructuring, pledging continued Japanese support. As co-chair of the Official Creditor Committee, Japan was the first to conclude a bilateral restructuring deal with Colombo earlier this year.

Both sides agreed that steady implementation of reforms and early completion of debt restructuring are critical to restoring investor confidence and underlined the need for foreign loans consistent with debt sustainability.

Economic cooperation featured prominently.

Japan resumed 11 previously signed yen-loan projects in 2024, including transmission lines and digital television infrastructure.

Both leaders welcomed the recommencement of bidding for the second phase of the Bandaranaike International Airport expansion and pledged to expedite completion.

They also signed notes on grant aid to boost productivity in the dairy sector and agreed on the importance of transport solutions to ease congestion in Colombo and other major cities.

On trade and investment, the two sides endorsed a roadmap for an export-oriented industrial corridor and agreed to resume the Inter-Governmental Economic Policy Dialogue.

They welcomed the launch of a Japan-Sri Lanka Committee on Business Environment in August, to be held quarterly, aimed at improving transparency, predictability and non-discriminatory treatment for investors.

President Disanayake highlighted a qualitative shift in the investment environment and invited Japanese corporates to explore opportunities in ICT, energy, tourism, manufacturing and other sectors.

Security cooperation was also advanced. Japan confirmed the provision of unmanned aerial vehicles to enhance Sri Lanka’s maritime surveillance and disaster relief capabilities under its Official Security Assistance program, the first extended to Sri Lanka.

Both sides welcomed continued port calls by Japan Maritime Self-Defence Force vessels, joint naval exercises, and the convening of the second Japan-Sri Lanka Defence Dialogue following the defence minister’s visit to Colombo in May.

The statement also included broader governance and development commitments. Japan pledged continued support for Sri Lanka’s anti-corruption drive and for socio-economic development in the Northern and Eastern Provinces.

Both sides welcomed Japan’s assistance to demining programs, contributing toward a ‘Mine-Impact-Free Sri Lanka.’

People-to-people exchanges will be expanded through skilled labour mobility, culture and sports cooperation, and greater promotion of Japanese language education in Sri Lanka.

On foreign policy, both sides reiterated support for a ‘Free and Open Indo-Pacific’, the rules-based international order and multilateralism.

They reaffirmed the importance of the 1982 United Nations Convention on the Law of the Sea (UNCLOS) for maritime stability, backed early reform of the UN Security Council and Sri Lanka’s continued support for Japan’s permanent seat bid.

The sides also committed to cooperation on nuclear non-proliferation, citing the NPT, Sri Lanka’s ratification of the CTBT, and the IAEA Additional Protocol.

Sri Lanka’s participation in Expo 2025 in Osaka and high-level business events in Tokyo and Osaka were noted as opportunities to further strengthen trade and investment links.

President Disanayake expressed gratitude for Japan’s hospitality and for its long-standing role as a partner in Sri Lanka’s economic and social development.

The joint statement concluded with both Governments affirming that steady reforms, infrastructure development, and improved business conditions will be central to attracting Japanese investment and supporting Sri Lanka’s recovery.

LB Finance Al-Salamah, has been recognised for its contributions and commitment to excellence at the 10th IFFSA Awards 2025 – Islamic Finance Forum of South Asia. The financial institution was honoured with a series of accolades, underscoring its leadership, innovation, and sustainable practices within the industry.

The comprehensive recognition received by LB Finance Al-Salamah highlights its multi-faceted strengths and dedication to advancing Alternate Financial Service (AFS) in the region. The awards include:

Gold Award for ESG (Environmental, Social, and Governance): This esteemed award acknowledges LB Finance Al-Salamah’s commitment to integrating responsible environmental, social, and governance practices into its core operations. It reflects the institution’s dedication to sustainable finance and its positive impact on the community and environment.

Silver Award for Digital Product/Fintech Offering: In an era of rapid digital transformation, this award celebrates LB Finance Al-Salamah’s innovative strides in developing cutting-edge digital products and Fintech solutions. It recognises their success in leveraging technology to enhance accessibility, efficiency, and customer experience in Islamic financial services.

Gold Award for Rising Star of the Year (Male) presented to Ahsan Munaf: This individual honour shines a spotlight on the exceptional talent and promising future of Ahsan Munaf, recognising his remarkable achievements and potential within the AFS sector. It underscores LB Finance Al-Salamah’s commitment to nurturing and empowering its human capital.

15th Year Celebration in the Industry presented to LB Al-Salamah: This special recognition marks a significant milestone for LB Al-Salamah, commemorating 15 years of dedicated service and impactful contributions to the AFS industry. It is a testament to their enduring legacy, stability, and continuous growth since their inception.

The 10th IFFSA Awards serve as a vital platform for recognising excellence and fostering innovation within the AFS landscape of South Asia. The accolades received by LB Finance Al-Salamah not only celebrate their past achievements but also reaffirm their position as a trailblazer in ethical and sustainable financial solutions.

LB Al-Salamah Area Manager Channel Development Ahsan Munaf said, ‘We are incredibly proud and humbled to receive such significant recognition at the 10th IFFSA Awards.’

AFS Head Fawaz Fazal said, ‘These awards are a testament to the hard work and dedication of our entire team, our commitment to innovation, and our unwavering focus on providing value-driven AFS. We extend our sincere gratitude to our customers and stakeholders for their trust and continued support, which inspires us to reach new heights.’

The International Chamber of Commerce of Sri Lanka (ICC) inaugurated the Arbitration and Mediation Hearing Centre in South Asia on 10 September in Colombo 3. The Centre was officially declared open by ICC Dispute Resolution Services Singapore Director – Arbitration and ADR, South Asia Tejus Chauhan on the invitation of ICC Sri Lanka and ICC Sri Lanka Arbitration and Mediation Hearing Centre Chairman and Attorney-at-Law Shanil Fernando, marking a historic milestone for the region.

The ICC Sri Lanka Arbitration and Mediation Hearing Centre was established through the ICC Sri Lanka Chapter. The Centre will serve as a hub for commercial arbitration and mediation proceedings under ICC rules, offering businesses a reliable platform to resolve disputes efficiently. Speaking at the opening, Fernando noted that the Centre will also function as an educational platform to promote learning in arbitration and mediation practices.

Chauhan also met officials at the Colombo Stock Exchange, Board of Investment of Sri Lanka, Colombo Port City Economic Commission, CHEC Port City Colombo Ltd., and developers of Port City Colombo. Further high-level executive meetings were convened with officials from topmost banking, finance, insurance sectors and law firms to emphasise the importance of alternative dispute resolution mechanism, Arbitration and Mediation based on ICC rules.

Coinciding with the inauguration, the International ICC Arbitration and Mediation Conference was held on 11 September at Shangri-La Colombo in a hybrid form.

With over 250 participants and attended by corporate leaders and the Board of Directors of ICC Sri Lanka the opening remarks were delivered by Shanil Fernando. The Conference brought together a distinguished lineup of local and international speakers. The keynote speech was delivered by Justice Yasantha Kodagoda, while Justice Dilip Nawaz attended as a panellist. Both are Judges of the Supreme Court of Sri Lanka.

The President’s Counsels included Dr. Harsha Cabral, Harsha Fernando, Geoffrey Alagarathnam, Niel Unamboowe, Uditha Egalahewa, Shanaka Ranasinghe, Dr. Shivaji Felix, Sumathi Dharmawardhane and Susantha Balapatabendi from the Attorney Generals Department, Sri Lanka Law College Principal Prashanthalal De Alwis and Chamantha Unamboowe.

The international speakers included Tejus Chauhan, International Arbitrator Dato Jude Benny, Drew and Napier Director Abhinav Bhushan (all from Singapore), PSL Advocates and Solicitors, India Managing Partner Sameer Jain, Steven Thiru Advocates and Solicitors, Malaysia Partner Jeremiah Rais.

Eminent speakers and panellists who joined virtually are International Mediator and Arbitrator Anil Changaroth, Rajah and Tann Arbitrator and Partner Lau Kok Keng (both from Singapore), Advocate India Anand Majmudar, Professor Huala Adolf from Indonesia, S.K. Ling and Tan Advocates, Sarawak Malaysia Managing Partner and Arbitrator Tan Kee Heng, and Dr. Djamel El Akra of Cambodia who contributed to the discussions that are set to shape the future of arbitration and mediation in Sri Lanka and the SAARC region.

The full-day event featured panel discussions and expert sessions on key topics such as the effectiveness of arbitration, commercial mediation, drafting dispute resolution clauses, and the role of mediation in construction disputes.