Category: Daily Financial Times

Creativity is often the defining capital behind profitable ventures. This was most recently seen in the wide global recognition of entrepreneur Nawoda Bandara, taking Sri Lankan fashion international, with the support of AOD.

Building brands that resonate beyond Sri Lanka is one of the most powerful ways to strengthen the nation’s creative economy, drawing investment, expanding export potential, and elevating the country’s profile with global consumers. Nawoda Bandara, a remarkably talented young fashion entrepreneur and graduate of AOD’s Northumbria BA (Hons) Fashion and Textile Design program, is the latest to prove it. Her record of early accolades already speaks volumes: Best International Portfolio in 2023, Top Prize at Dubai Fashion Week × IGFW, Top 5 in Asia at the CDC × Lakmé Fashion Week competition. Showing early signs of this success, her academic years were also filled with international recognition; Top 15 in Asia at the Redress Design Awards, Top 9 Global Finalist in Hong Kong, winner of the TAL × Browzwear 3D Fashion Challenge, Second Place in the SDC International Design Competition, plus titles such as Multidisciplinary Designer of the Year and Outstanding Student of the Year. Her brand NAO’s recent feature in Vogue celebrates her vision of Sri Lankan fashion that honours craft while embracing the future.

Each milestone elevates Sri Lanka’s creative industries, proving local talent can excel globally. Nawoda’s success boosts investor confidence, attracts collaborators, and positions the island as a serious player in design, fashion, and cultural entrepreneurship.

AOD spotted Nawoda’s potential early, pairing her with mentors and opening doors to international competitions and collaborations. Now she’s a designer fluent in global fashion yet rooted in Sri Lanka’s stories: a mix that attracts investors and collaborators worldwide. By blending creativity with entrepreneurship, AOD equips students with tools, confidence, and global networks to build sustainable, industry-ready careers. Its partnerships, collaborations, and ongoing mentorship give graduates like Nawoda the credibility and opportunities to thrive.

Nawoda confirms: ‘AOD has been an important part of my journey, giving me the foundation and platform to grow as a designer. Its supportive environment encouraged me to experiment, refine my craft, and push design boundaries. The mentorship, exposure to industry professionals, and opportunities to showcase my work gave me confidence to pursue fashion. AOD’s strong industry connections opened doors for collaborations, competitions, and international recognition. Most importantly, AOD believed in me, nurtured my passion, and helped me channel it into a career aligned with sustainability, creativity, and cultural pride.’

Nawoda’s success highlights the power of education combined with industry collaboration and cultural innovation. Her journey proves that locally educated talent can become industry leaders and entrepreneurs who not only keep pace with the world but shape it.

Don’t miss the chance to give your young creative expert guidance at AOD’s Design Careers Week from 29 September – 3 October, 9:00 a.m. to 4:00 p.m. at AOD. Get personalised portfolio reviews and career insights that could shape their design future.

YANGWANG, the luxury sub-brand of global new-energy vehicle (NEV) leader BYD, has set a new global production-car top-speed record of 496.22km/h at the ATP Automotive Testing Papenburg test track in Germany.

The feat was achieved with YANGWANG’s latest U9 Xtreme hypercar on 14 September 2025, eclipsing its previous EV benchmark and the 490.484km/h maximum of the quickest petrol-powered model to become the world’s fastest car overall. This modern milestone in engineering sets a new standard in electric mobility, mixing unrivalled power and speed with zero emissions.

Originally known as the U9 Track/Special Edition, and now officially confirmed as the YANGWANG U9 Xtreme in production guise, or U9X for short, the fastest car on the planet takes the existing technical architecture of the U9 currently on sale in China and harnesses the potential of a number of key evolutions.

These include, but are not limited to: an upgraded powertrain with 1200V ultra-high-voltage electrics (compared with 800V), a lithium iron phosphate Blade Battery with a remarkable discharge rate of 30C, four ultra-high-speed motors that that operate at up to 30,000rpm and produce a total of more than 3000PS, track-level semi-slick tyres, and revised DiSus-X suspension with specific tuning to cope with the increased stresses of circuit driving.

BYD Executive Vice President Stella Li said: ‘This is an incredibly proud moment for everyone in the research and development division. YANGWANG is a brand that does not recognise the impossible, and only through this commitment to what’s coming next can you end up with a vehicle like the U9X. I extend my gratitude to the whole team, and my thanks to the driver, Marc Basseng, for his skill and technical input. It’s terrific that the fastest production car in the world is now electric.’

The driver for the U9X’s record-breaking run was Marc Basseng, a German track specialist with a long history in sports-car racing and endurance motorsport. He said: ‘This record was only possible because the U9 Xtreme simply has incredible performance. Technically, something like this is not possible with a combustion engine. Thanks to the electric motor, the car is quiet, there are no load changes, and that allows me to focus even more on the track.’

The U9 Xtreme is now being made available to customers, with a limited series production run of no more than 30 units. Its name is derived from the English word ‘Extreme’, meaning ‘limit’ and ‘ultimate’, with added emphasis on the ‘X’, which represents the unknown. These qualities fit perfectly with YANGWANG’s ethos of taking joy and delight from the act of exploration and the innovations that come through that process.

By setting a new global speed record, YANGWANG redefines the sustainable hypercar. Backed by BYD’s innovation and sustainability commitments, YANGWANG employs cutting-edge tech to deliver unmatched performance, safety, and driving experience.

The Sri Lanka Logistics and Freight Forwarders Association (SLFFA) yesterday urged the Government to urgently reconsider the recent changes to the Simplified Value Added Tax (SVAT) scheme, warning that the move could have serious implications for the logistics and export sectors.

In a statement, SLFFA highlighted that the withdrawal of SVAT for exporters and related service providers has created additional cash flow burdens on companies already grappling with tight margins, fluctuating global freight rates, and rising operational costs.

The association stressed that logistics plays a pivotal role in supporting Sri Lanka’s export competitiveness, and the SVAT mechanism had long served as a crucial facilitator by eliminating unnecessary delays and administrative bottlenecks in VAT refunds.

Logistics solutions providers relied on SVAT across a wide range of operational expenses, including utilities, fuel for transport solutions, warehouse and office rent, capital purchases, and outsourced haulage costs.

According to the association, forcing these items back into the standard VAT refund cycle risks immobilising significant amounts of working capital and increasing administrative inefficiencies.

‘Exporters depend heavily on efficient supply chains. By removing SVAT, companies will now face blocked working capital and prolonged refund cycles, which in turn weakens the ability of the sector to remain competitive in the international market,’ said SLFFA Chairman Channa Gunawardena.

Echoing similar concerns, Vice Chairman Andre Fernando pointed out: ‘The SVAT system was not merely about tax efficiency; it was about building confidence in our logistics and export industries. Sudden reversals like this create uncertainty and discourage investment at a time when Sri Lanka needs stability to attract global trade flows.’

SLFFA Treasurer Shavindra Dias added that the financial impact is already being felt across the sector: ‘Without SVAT, companies are left to bear unnecessary financial stress. This limits their ability to reinvest in infrastructure, technology, and talent, all of which are vital to driving the country’s export growth.’

SLFFA also cautioned that the added financial strain could discourage investment, reduce foreign exchange inflows, and ultimately undermine the country’s national export strategy. The group has called for constructive dialogue between policymakers, exporters, and service providers to craft a pragmatic framework that ensures fiscal discipline while protecting industries vital to Sri Lanka’s economic recovery.

Industry stakeholders argue that SVAT was not merely a tax simplification tool but a strategic enabler for sectors generating foreign exchange. Removing it without an alternative mechanism risks eroding the hard-earned trust of global trading partners who rely on Sri Lanka for timely and cost-effective logistics solutions.

The association urged authorities to take into account the lessons from past policy reversals, where sudden changes have led to uncertainty and eroded investor confidence.

‘At a time when the country is striving to rebuild its economy, it is imperative that fiscal measures are aligned with the broader goal of strengthening exports and securing foreign revenue,’ the SLFFA said.

The logistics and freight forwarding community now awaits the Government’s response, with many calling for the reinstatement of SVAT or the introduction of a streamlined mechanism that preserves the cash flow efficiency and competitiveness of Sri Lanka’s export sector, it said.

DFCC Bank has launched Sri Lanka’s first-ever Blue Bond, a Rs. 3 billion issuance dedicated to financing projects that protect and sustain the country’s ocean resources.

The Blue Bond, carrying an expected rating of ‘A(EXP)(lka)’ from Fitch Ratings, will support projects in clean drinking water infrastructure, sustainable marine fisheries and aquaculture, marine renewable energy, eco-friendly coastal tourism, wastewater management, climate adaptation for coastal communities, and clean marine transportation.

It adheres to the International Capital Market Association’s (ICMA) Green, Social, and Sustainability Bond Principles and emerging Blue Bond guidelines, with transparency, a clearly defined use of proceeds, and measurable outcomes at its core.

For Sri Lanka, where nearly 30% of the population lives in coastal districts and livelihoods are tied to fisheries, tourism, and trade, the Blue Bond represents more than capital mobilisation.

It is a commitment to aligning financial markets with environmental realities, safeguarding livelihoods, ecosystems, and long-term resilience, the bank said in a statement.

Follows launch of country’s first Green Bond in 2024

Rs. 3 b Blue Bond to finance projects sustaining maritime resources

SL joins select band of capital markets Seychelles, Fiji, Ecuador, and Indonesia

The initiative builds on DFCC Bank’s legacy of sustainable finance and national firsts. Since financing the country’s first grid-connected mini-hydro project in 1996, the Bank has backed renewable energy projects across wind, solar, and waste-to-energy.

In 2024, DFCC Bank issued Sri Lanka’s first Green Bond, listed on the Colombo Stock Exchange, the Luxembourg Green Exchange, and the NSE International Exchange at GIFT City in India.

The Blue Bond extends this trajectory, directing financial innovation towards the seas and reinforcing the Bank’s 70-year history of driving development with sustainability at its core.

DFCC Bank CEO Thimal Perera said: ‘Each step has been about proving that Sri Lanka can meet the highest international standards. The Blue Bond continues that journey, this time by bringing focus to our oceans, waterways, and the communities that depend on them’.

He added: ‘Finance can change the course of a nation. With its first Blue Bond, DFCC Bank is proving that it can also change the course of its oceans.’

With this issuance, Sri Lanka joins a small but growing circle of nations leveraging capital markets to protect marine ecosystems, alongside the Seychelles, Fiji, Ecuador, and Indonesia.

For DFCC Bank, now in its 70th year, the Blue Bond underscores that development and environmental stewardship are not competing goals but complementary imperatives, the bank said.

The recent sentencing of Niraj Roshan, widely known as Ali Roshan, to 15 years in prison and a fine exceeding Rs. 20 million marks the first time a high-profile wildlife smuggler has been held accountable in our courts. Roshan was convicted of unlawfully keeping five elephants without valid permits.

This verdict deserves to be welcomed. For decades, Sri Lanka has watched helplessly as its majestic elephants were ripped from the wild, trafficked under fraudulent documentation, and paraded as trophies of wealth and influence.

Yet, in celebrating this victory, we must not ignore the metaphorical elephant in the room. Ali Roshan, despite his notoriety, could not have operated such a vast smuggling empire alone. His activities thrived because of the politicians, Government officials, business magnates, members of the clergy, and even elements within the judiciary who aided, abetted, and benefitted from his crimes. Unless these powerful enablers are also brought before the law, the justice delivered recently will remain incomplete. Partial justice that risks becoming little more than symbolic.

Among the politicians allegedly entangled in this sordid affair was none other than Gotabaya Rajapaksa. During his tenure as president, the case against Roshan was shamelessly dragged on. Even worse, elephants that had been seized and placed in judicial custody were handed back to their so-called ‘owners,’ an act that amounted to a betrayal of both justice and the voiceless animals whose lives were at stake. At that time, the judiciary seemed paralysed, unwilling to stand up to the Rajapaksa regime. The courage and activism we see from today’s courts were absent then, leaving traffickers free to thrive under the cover of political patronage.

The belated conviction of Roshan is therefore both a triumph and a reminder of how much was lost during those years of cowardice and complicity. How many elephants were torn from their herds? How many were forced into servitude, chained in backyards or temples, while their natural bonds and habitats were destroyed? How many officials lined their pockets? These are questions that demand answers, not merely from Roshan, but from the entire network that sustained him.

If Sri Lanka is serious about turning a corner in the protection of its wildlife, this judgment must be the beginning, not the end. The Attorney General, the Wildlife Department, and the judiciary must act with equal vigour in pursuing those who provided Roshan with cover and legitimacy. Every politician who interfered, every official who falsified permits, every business leader who profited, and every monk who blessed this cruelty and even kept these illegal elephants in their temples must face the same uncompromising standard of justice. Anything less would reduce Roshan’s punishment to a token gesture, harsh enough to shock, but hollow in its effect.

Elephants are more than animals to Sri Lankans. They are living testaments of our rich biodiversity and cultural heritage, symbols of wisdom and strength, and integral to our ecosystems. The subspecies of Asian elephant is endemic to the island and if they were to go extinct that genetic resource will be lost forever. To traffic such an animal is to desecrate not only our biodiversity but also our identity as a nation.

Ali Roshan’s conviction must therefore serve as a warning to all who believe they can hide behind political power, social influence, or religious standing to exploit the voiceless. Sri Lanka has begun to show that justice can reach even those who once seemed untouchable. But until the entire network of abettors is exposed and punished, justice remains unfinished.

KBSL Information Technologies, a member of the Agility Innovation Group and a leading systems integrator in Sri Lanka with a legacy of over 35 years, has announced the appointment of Aruna Dissanayake as its new Chief Operating Officer (COO). Aruna will also serve as Acting CEO until a new leader is onboarded, underscoring the company’s commitment to strengthening its leadership team and delivering greater value to customers.

An accomplished leader with nearly three decades of experience in the global IT industry, Aruna brings a wealth of expertise in enterprise technology, operations, and business transformation. His career spans both local and international leadership roles, with more than five years in the USA and Europe, where he gained significant exposure to diverse technology markets.

Aruna began his career at Virtusa and later contributed to building engineering excellence at Millennium IT (now part of the London Stock Exchange Group). He went on to scale Valista from a team of just 15 to over 150 professionals, guiding the company through its acquisitions by Aepona, Intel, and Persistent Systems.

During this journey, he led the Professional Services Engineering Team at Aepona, working with Tier-1 Global teleco operators, including Verizon, France Telecom (Orange), Telia, TDC, and VimpelCom (VEON). His exposure to global telecom ecosystems gave him deep insight into payment systems, API management, and large-scale go-to-market strategies for next-generation digital services.

‘KBSL has a strong foundation in IT infrastructure services and an unmatched partner ecosystem. As we strategically expand into areas such as enterprise applications, cloud platforms, and AI-driven digital transformation, Aruna’s leadership will enable us to deliver greater value to our customers. His appointment marks not just a change in leadership, but a pivotal step in our journey toward shaping the future of Sri Lanka’s digital economy.’

At Intel Corporation, Aruna served as Senior Director of Engineering, where he spearheaded several digital transformation initiatives. He led the migration of large enterprise monolithic applications from physical data centres to public cloud platforms, refactoring them into cloud-native microservices architectures. These initiatives significantly improved cost efficiency, enhanced high availability, and optimised both CapEx and OpEx models for global clients. During his tenure at Intel, Aruna also cofounded and spearheaded the Colombo IoT Meetup Group, engaging local developer communities in Internet of Things (IoT) projects, fostering collaboration and innovation in emerging technologies.

Aruna later joined Persistent Systems as Vice President of Engineering and Country Head of the Sri Lanka Delivery Center, overseeing the growth and strategic direction of the centre. Concurrently, he served as Head of Innovation at Accelerite, Persistent’s product arm, where he led research and development initiatives to drive innovation in enterprise solutions. In his dual roles, Aruna played a pivotal part in the launch of Persistent’s advanced GenAI platform, which revolutionised software engineering by integrating generative and deterministic AI. This platform enhanced productivity and efficiency across the software development lifecycle, from ideation to post-deployment operations, empowering businesses to drive innovation and enhance customer experiences.

KBSL Chairman Vasee said: ‘Aruna’s extensive experience and proven track record in technology leadership align perfectly with our vision for KBSL’s future. His expertise in working with global technology leaders and Tier-1 enterprises will be instrumental as we continue to evolve and expand our service offerings.

‘KBSL has a strong foundation in IT infrastructure services and an unmatched partner ecosystem. As we strategically expand into areas such as enterprise applications, cloud platforms, and AI-driven digital transformation, Aruna’s leadership will enable us to deliver greater value to our customers. His appointment marks not just a change in leadership, but a pivotal step in our journey toward shaping the future of Sri Lanka’s digital economy.’

Aruna holds an M.Sc. in Computer Science and a B.Sc. in Computer Science and Engineering with First-Class Honours from the University of Moratuwa. He is also a member of the Forbes Technology Council, has served on the Advisory Board of the Capacity Forum of SLASSCOM, and contributed to the Industry Consultative Boards of the University of Moratuwa and SLIIT, helping to shape the next generation of IT talent in Sri Lanka.

Reflecting on his new role, Aruna said: ‘KBSL has been a cornerstone of Sri Lanka’s IT industry for decades. I see this as an opportunity to build on that foundation and help businesses prepare for a new digital era – one where data, applications, and teams work seamlessly together.

‘Our focus will be on guiding clients to create intelligent, secure, and scalable environments that adapt to their needs. By leveraging the power of global cloud platforms, modern automation, and forward-looking security practices such as Zero Trust, we aim to deliver infrastructure and applications that are not only cutting-edge but also cost-effective and sustainable.

Reflecting on his new role, Aruna said: ‘KBSL has been a cornerstone of Sri Lanka’s IT industry for decades. I see this as an opportunity to build on that foundation and help businesses prepare for a new digital era – one where data, applications, and teams work seamlessly together

‘Looking ahead, I believe the future of enterprise technology lies in combining scalable infrastructure with innovation at the application layer – from AI-powered IT service management to no-code platforms and enterprise marketplaces. Equally important is embedding robust cybersecurity from the start, ensuring resilience through advanced managed security services. At KBSL, we intend to bring these capabilities together to help our clients thrive, innovate, and stay secure in a rapidly changing digital landscape.’

About KBSL

KBSL Information Technologies: Driving Sri Lanka’s Digital Future

KBSL Information Technologies Limited is a leading force in Sri Lanka’s ICT landscape, delivering transformative solutions that power enterprise resilience and national infrastructure advancement. With over three decades of experience, KBSL specializes in integrated technology services spanning cloud architecture, data center modernization, smart building systems, and managed IT operations.

The company’s multidisciplinary expertise supports mission-critical environments across both public and private sectors. Recognized for its strategic approach to digital enablement, institutional alignment, and operational excellence, KBSL continues to strengthen its partner ecosystem with global technology leaders to deliver best-in-class solutions locally.

As Sri Lanka accelerates its digital journey, KBSL remains a trusted partner in shaping a secure, scalable, and future-ready ecosystem that enables organizations to innovate with confidence.

Prime Minister Dr. Harini Amarasuriya yesterday called on newly appointed Sri Lanka Administrative Service (SLAS) officers to contribute to building a dedicated and efficient public service free from political interference and malpractice.

Addressing 1,890 newly appointed Grade III SLAS officers, she said the Government’s goal is to establish an independent public service that properly serves the people.

‘You are not joining a traditional public service. You are not entering the inefficient, politically-influenced public service that has prevailed for years, but rather an independent service that stands on behalf of the people,’ she said at the ceremony held to award appointments to those officers who were selected from the open competitive examination and subsequent interviews for recruitment to Grade III of the SLAS.

Dr. Amarasuriya noted that the examination, originally scheduled for November 2020, had been delayed for four years due to restrictions on open recruitment and with around 5,000 vacancies in the Administrative Service, the Cabinet has approved the filling of 2,223 posts, of which nearly 1,890 officers are now being appointed.

‘Recruitment was conducted strictly according to district quotas based on the 2020 population ratio, and candidates were selected purely on merit and were interviewed by the Ministry of Public Administration, Provincial Councils, and Local Government with complete transparency,’ she explained.

Dr. Amarasuriya also stressed the Government’s commitment to digitising public services to deliver them more swiftly and ensure a people-centred administration while public officers now have greater independence.

But the Prime Minister warned that fraud, corruption and irregularities would not be tolerated saying that if such incidents were reported, the Government would take the maximum possible action.

‘As honest officials and citizens, you have the right to stand against such fraud, corruption, and irregularities,’ she said, inviting the newly appointed officers to commit themselves fully to the country and people.

Public Administration, Provincial Councils and Local Government Minister Chandana Abeyratne, also addressing the event, said the recruitment had been entirely free of political influence or personal connections. ‘After four years, you represent the largest intake of public service. When you retire, may you have the satisfaction that you helped elevate the public service to a higher standard,’ he said.

‘We are striving for an independent and efficient public service and your contribution is highly appreciated. You might have negative experiences from the public service. Ensure that such bitter experiences are not repeated through your service. Instead, work responsibly to deliver services to the public efficiently,’ he noted.

of Mannar. One of the darkest days of this Government has come to pass on the night of 26 September 2025, with the brutal attack by hundreds of police officers of peaceful protestors in Mannar.1 Many protestors have ended up in hospital including women and children.

For years the people of Mannar have been fighting an inspiring battle against sand mining and the wind power project that threatens to destroy their fragile ecosystem. The wind turbines have affected the globally renowned migratory paths of thousands of birds and sandmining is destroying the coastal ecosystem.2The people of Mannar are feeling the social, economic and ecological deterioration caused to the region.3

The Government appears to be carrying through the plans of the previous regime with cosmetic changes. Having stopped the Indian investor, Adani Company from setting up a wind power plant in Mannar, the contract has been handed over to a Sri Lankan company, Hayleys Fenton.4 There are no assurances that the local company will do anything different from the Indian investor in terms of preserving the environment, and not harming the people of Mannar.

November deadline

Similarly, the Mannar wind power project coincides with the Government coming under review by the International Monetary Fund (IMF) of their ‘electricity tariff methodology’ in November 2025. This is a pre-requisite for the Extended Fund Facility. The review is to ensure ‘cost recovery and cost reflectiveness’ and the urgency to deliver a broader and privatised energy sector. The bulldozing through of the Sri Lanka Electricity Act in the past few months,5moving electricity closer to complete privatisation by unbundling the services and forming new entities of Ceylon Electricity Board,6 and the now violent removal of people raising concerns about the Mannar wind power project seem to align with the November deadline.

On the other hand, the Government reminds people that the electricity tariffs have been reduced. Taken in light of the monumental increases between 2022 and 2024, the reduction is not a significant relief. The reality is that paying electricity bills has become another burden pushing ordinary Sri Lankans into an incessant debt cycle. The systems of forcing payment of bills are causing households to struggle without electricity for many months.

The people protesting in Mannar surely had hopes for change. Instead, the continued dancing to the tune of the IMF, the blindness to the irreversible environmental and social impact of a wind power plant and sand mining, and the complete failure to engage people’s views, in this instance, cries, means there is no system change. The people of Mannar speak from their lived experiences of existing wind turbines and the loss they have already suffered.7The situation in Mannar is particularly horrifying as the destruction to the fragile ecosystem and erasing of the culture and livelihood of people who are tied to this ecology are irreversible.8

Act of suppression

The attack on the protest is also an act of suppression of Tamil speaking people of the North of the island. The attack took place in the context of a history of marginalisation of Tamil and Muslim communities, and the continued experience of Sinhala majoritarianism. A Sinhala majoritarianism that continues to dictate the actions of this Government within its party and beyond. Populations severely disenfranchised for generations because of the war, violence and top-down imposed ‘development projects’ by the Sri Lankan state will, justifiably, see this as yet another oppressive act by a Sinhala state. The majoritarian mindset has fuelled conflict and justified violence. It is a violence that is valuable to corporations also interested in capturing markets such as the energy sector.

Bringing ‘green energy’ without real consideration for the environment or human rights is an exercise in green washing which many governments and companies across the world are engaging in. Dismantling the subsidised public energy sector to make way for profit extraction by private parties in the guise of expanding renewable energy projects is another trend we are witnessing world over. To see the National People’s Power Government joining these ranks is troubling. The move is particularly tragic, as Sri Lanka has been known as a country that had achieved 99% electrification through its public energy sector.

Right to energy as a fundamental right

We require a thorough review of the energy infrastructure, costs and inflow through a consultative process that takes as its foundation the right to energy as a fundamental right. Through this lens, it will be possible to restructure tariffs and undertake other measures to balance cost and income from the energy sector without bringing ecological and social destruction. This is imperative as the existing mode of addressing the issue, especially through privatisation, is unsustainable in the long run and will only increase costs to the Government and to the people.

People must have a right to energy, a basic necessity for life today. This right must co-exist with the right to a safe environment. To pit one against another is a vulgar mode of functioning which has become all too common in the world. To watch a supposedly ‘progressive government’ that rose to power through the energy of people’s protest join the bandwagon of this vulgarity is heartbreaking.

The future stars of Sri Lankan rugby will take centre stage when the Under-16 Elite Rugby Sevens 2025 organised by the Sri Lanka Schools Rugby Football Association (SLSRFA), kicks off on 4 October.

The opening day’s matches will be played across two venues – Ananda College ground in Rajagiriya and St. Peter’s College at Bambalapitiya.

The excitement will build toward the knockout rounds, which will be staged exclusively on 5 October at St. Peter’s College, Bambalapitiya.

A total of 32 teams, divided into eight groups, will compete in this year’s edition. The tournament promises a weekend of thrilling rugby as young athletes showcase their skills, stamina and determination.

Group A features S.Thomas’ Mount Lavinia, Science College, Piliyandala Central, and Richmond College. This pool is expected to produce some fast-paced encounters with balanced competition.

In Group B, D.S. Senanayake College, Vidyartha, Prince of Wales and Lalith Athulathmudali will battle for supremacy. These teams are known for producing gritty performances.

Group C includes Isipathana, St. Anthony’s, Mahanama and Sri Piyarathna, while Group D sees Trinity, Kandy Sumangala, St. Benedict’s and St. Aloysius clash in what looks to be one of the most competitive groups.

Traditional heavyweights St. Peter’s and St. Joseph’s headline Group E, joined by Maliyadeva and Nugawela Central. Meanwhile, Group F brings together Wesley, Dharmaraja, Ananda and Panadura Sumangala.

Rounding off the lineup, Group G features Royal, Thurstan, St. Sylvester’s and Sri Rahula, while Group H will witness Kingswood, Zahira, Lumbini and Carey vie for a place in the knockouts.

Sri Lanka’s stalled privatisation of State-owned enterprises, rigid labour laws and restrictions on foreign participation continue to weigh on investment prospects, the US State Department said in its 2025 Investment Climate Statement.

The report noted that 527 State-owned enterprises, including 55 designated as strategic, remain a major burden on public finances.

‘The previous Government initiated a program aimed at comprehensive SOE reform, including potential privatisation of several major entities. However, the current Administration suspended these privatisation efforts upon taking office,’ the report noted.

‘It has instead announced alternative restructuring approaches focused on improving management practices, reducing operational costs, and enhancing efficiency within the existing state ownership structure,’ it added.

‘The stalled privatisation of deficit-ridden State-owned enterprises, notably the Ceylon Electricity Board, hinders development of cost-effective energy supplies crucial for industrial operations. Foreign investors consistently report high transaction costs, unpredictable policies, and opaque procurement procedures’.

At the same time, the report pointed to continuing strengths. Sri Lanka permits 100% foreign ownership in most sectors, with constitutional guarantees for investment protection and unrestricted repatriation of earnings, fees, and capital.

The Colombo Stock Exchange recorded $ 66.5 million in net foreign inflows in 2024 and mobilised $ 568 million in capital. Worker remittances climbed to a record $ 6.58 billion, pushing reserves to $ 6.1 billion by year end.

Export Processing Zones continue to attract investment, while new initiatives such as the pharmaceutical manufacturing zone in Hambantota and the Colombo Port City are expected to expand opportunities.

The Economic Transformation Act, which was intended to abolish the Board of Investment and replace it with five specialised agencies, has not been implemented, leaving approvals fragmented and slow.

‘Other key impediments include unnecessary regulations, legal uncertainty, and poor bureaucratic responsiveness,’ the report noted.

The Government’s decision to impose new taxes on service export firms while granting exemptions for Port City projects has reinforced perceptions of uneven treatment. Corruption in procurement persists despite legislation passed in 2023.

Labour market conditions were also identified as a critical risk. ‘Rigid dismissal rules make restructuring costly, while emigration has intensified shortages in IT, apparel, tourism and engineering,’ the report said.

It added that ‘the garment industry reports turnover rates of 40%’ and that ‘weak social protections and limited coverage for informal workers contribute further to labour market inflexibility.’

Although GDP growth of 5% in 2024 exceeded expectations and the Administration’s commitment to the IMF’s four-year, $ 3 billion program provided reassurance, foreign direct investment remains limited.

Most deals are in the $3-5 million range, concentrated in tourism, ICT, renewable energy, manufacturing, and real estate.

The report noted the Government’s commitment to finalise Sinopec’s $ 3.7 billion oil refinery in Hambantota, the largest FDI project to date if successful, but confidence was dented when Adani Green Energy exited a $ 400 million wind farm after the Government sought to renegotiate an awarded contract.

Restrictions on land and ownership were also flagged. Foreign companies with more than 50% equity are generally barred from purchasing land, with only narrow exceptions.

Caps of 40% apply across sectors such as agriculture, natural resources, shipping and education, while retail under $ 5 million, pawn broking and coastal fishing are entirely prohibited.

The report concluded that Sri Lanka’s outlook for investment rests on its ability to convert stability into reforms that reduce state dominance, simplify approvals and enforce transparency.

‘Without progress in governance, trade facilitation and labour flexibility, the Government’s $ 5 billion FDI target for 2025 will remain difficult to achieve,’ it said.