Category: Daily Financial Times

Vampire horror film Sinners has broken the record for the most Oscar nominations received by a single film, after being nominated for 16 of Hollywood’s most coveted honours.

The film beat the previous record of 14 nominations, and emerged ahead of its nearest rival this year, Leonardo DiCaprio’s thriller One Battle After Another, which is up for 13 awards.

Sinners’ contenders include its star Michael B Jordan and his British co-stars Wunmi Mosaku and Delroy Lindo.

Other big names up for trophies include Timothée Chalamet, who is hoping for third time lucky after two previous nominations, and Irish actress Jessie Buckley, who is the frontrunner to win best actress for Hamnet.

However, there was no space for her co-star Paul Mescal, who starred opposite Buckley as William Shakespeare in Hamnet; while Wicked: For Good and its stars Cynthia Erivo and Ariana Grande missed out completely.

The winners will be announced at a ceremony in Hollywood on 15 March.

Treasury Secretary Dr. Harshana Suriyapperuma yesterday said the Rebuilding Sri Lanka Fund has received over Rs. 8.5 billion in financial donations and aid goods worth Rs. 23 billion from across the world to support its reconstruction and relief efforts, with contributions flowing in from Sri Lanka and 47 countries.

Providing an update on the Government’s rebuilding program via a video, he said the Treasury is maintaining strict accountability, transparency, and regulatory oversight over all funds received.

‘Treasury is keeping accounts of these funds subject to the same level of rigor in terms of accountability, transparency, reporting, and other regulatory requirements,’ he said.

He noted that since the rebuilding process began, Sri Lanka has been ‘overwhelmed’ by the scale of global support extended by Sri Lankans living overseas, foreign citizens, donor agencies, and businesses both locally and internationally.

According to Dr. Suriyapperuma, the total financial assistance received to date has exceeded Rs. 8.5 billion, including foreign currency inflows amounting to around $ 9.49 million.

‘We are truly appreciative and thankful for these generous donations extended to Sri Lanka to recognise the devastation and to support the course of rebuilding,’ he said.

Breaking down the sources of donations, the Treasury Secretary said financial assistance had been received from individuals and organizations in 47 countries. The United States tops the list, with contributions exceeding Rs. 1 billion terms. He also listed out Australia, China, the UK, Germany, Canada, United Arab Emirates, Bhutan, Italy and South Korea as top donor countries.

Dr. Suriyapperuma added that donations have also come from a wide range of other countries, including Nepal, Qatar, Norway, Denmark, Turkey, Kenya, Botswana, Greece, Belgium, and the Netherlands, underscoring the global nature of the support.

‘This shows that Sri Lanka is not left alone. Support has been pouring in from all over the world to encourage and strengthen the rebuilding exercise,’ he said.

In addition to cash contributions, he stated that Sri Lanka has received a substantial volume of in-kind assistance. Based on reports from Sri Lanka Customs, the total value of goods received to date exceeds Rs. 23 billion.

These goods have been cleared free of duties and immediately directed to the Disaster Management Centre (DMC), which has been responsible for distributing them swiftly among affected communities through relevant State institutions.

‘These resources were allocated immediately to assist resettlement programmes and support the rebuilding effort,’ the Treasury Secretary said, adding that a dedicated task force is continuing to facilitate these operations.

Reiterating the Government’s gratitude to donors and well-wishers, particularly Sri Lankans living overseas, Dr. Suriyapperuma said the Treasury would continue to provide regular updates on the rebuilding process.

‘We are deeply appreciative of the generosity extended to Sri Lanka, and we will continue to share similar updates as we move forward,’ he said.

Insurance industry gets Rs. 92 b worth of Ditwah-related claims

Treasury says over 24,000 insurance claims received, settlements monitored by regulator

Claims worth Rs. 47 b already settled, claims amounting to Rs. 45 b being processed

Treasury Secretary Dr. Harshana Suriyapperuma yesterday said that the insurance industry has received Ditwah-related claims worth Rs. 92 billion, of which a little more than 50% have been settled.

He said the Insurance Regulatory Commission of Sri Lanka (IRCSL) is closely monitoring claims related to the disaster with over 24,000 insurance claims received so far.

Insurance…

Of these, claims worth Rs. 47 billion have already been settled, while claims amounting to Rs. 45 billion are currently being processed. Some claims have been rejected on valid grounds, in line with regulatory assessments.

‘This shows that a significant amount of money is being released back into the economy to help affected people and businesses restart their livelihoods,’ he said.

He added that the Government has launched several programmes to support small and medium enterprises (SMEs) and livelihoods, ensuring that families and businesses can recover and resume economic activity as early as possible.

A five-wicket haul from Will Byrom helped Australia top Group A of the ICC Men’s Under19 World Cup after they skittled Sri Lanka for 58 in the final group match played at Windhoek yesterday. Australia won the contest by nine wickets.

Byrom and Charles Lachmund ripped through Sri Lanka in the first powerplay, reducing them to 31-6 at the ten-over mark.

In the third over, Lachmund had yorked out Viran Chamuditha right in front of the stumps, while Dimantha Mahavithana edged one to slip. From there, the procession never stopped. The two tall pacers extracted movement and bounce off a pitch that had plenty in it for those who bowled it quick. Most Sri Lanka batters were either caught in the slip cordon or stuck in front of the crease, unable to counter the movement, and often late on their feet.

Hayden Schiller and Kasey Barton slipped into the attack once the powerplay was done, and immediately took over the same lines and lengths. The highlight of Barton’s own spell was his wicket of Sethmika Seneviratne. He dropped it on a full length and fizzed it back into the off stump, trimming Seneviratne’s bails and breaching through Sri Lanka’s last recognised batter.

Sri Lanka’s bowling defence began with Rasith Nimsara extracting similar movement off the pitch. However, both his bowling, and Kugathas Mathulan’s from the other end, were plagued by inconsistent lines that often drifted down leg. Sri Lanka ended up conceding 11 extras, which included nine wides. After Will Malajczuk fell early, Nitesh Samuel was a little circumspect. But Steven Hogan ensured to finish the run chase with little fuss, just as time before rain drifted in towards the ground.

Australia, Sri Lanka and Ireland went through to the Super Six from this group. Sri Lanka will meet Afghanistan in their first Super Six match at Windhoek on Monday.

Scores:

Sri Lanka (U19) 58 (18.5) (Chamika Heenatigala 14, Kavija Gamage 10, Charles Lachmund 2/19, Will Byrom 5/14, Kasey Barton 2/13)

Australia (U19) 62-1 (12) (Steve Hogan 28*, Nitesh Samuel 19*)

Saskia Fernando Gallery’s first exhibition for the year 2026, Legacies, kicked off recently bringing together eight stalwarts of Sri Lankan art in a celebration of their individual contributions and far reaching influence on the visual landscape of Sri Lanka.

The exhibition, open until 15 February at 41 Horton Place, Colombo 07, presents a tightly curated selection of modern and contemporary artworks created between 1930-2020 by Lionel Wendt, George Keyt, Richard Gabriel , H.A. Karunaratne, Tilak Samarawickrema, Senaka Senanayake, Jagath Weerasinghe, Chandraguptha Thenuwara.

A highlight of the exhibition is Three Figures with a Veena and Still Life, paintings by George Keyt (1901 -1993) who is acknowledged as Sri Lanka’s most renowned and celebrated modern painter. Acquired from a private collection, the works display Keyt’s distinctive style featuring enlarged almond-shaped eyes and bold, crisp lines, often portraying nudes, village scenes, and Hindu-Buddhist mythologies. Keyt became a vital member of the ’43 Group, contributing significantly to Sri Lanka’s art movement. Keyt leaves behind a legacy of innovative artistic fusion and a profound impact on Sri Lankan artistry.

In his short lived career, Lionel Wendt (1900-1944) exhibited a keen observation of the environment and his attempts to go beyond the photographic medium to conjure surrealistic imagery. Lionel Wendt challenged colonial mentalities, advocating for an authentic embrace of indigenous culture and individual creativity. By the Buddhist Shrine, a photograph presented by the artist at the Seventh Annual Western International Photographic Salon in England in 1935 will be showcased as a part of Legacies.

A 1978 oil painting by Senanaka Senanayake, features in the showcase. Celebrated primarily for his vibrant depictions of flora and fauna, this verdant green and sunlit yellow piece by Senanayake is among the artist’s pursuits of Sri Lanka’s pastoral and idyllic life. Senaka Senanayake achieved early fame as a child prodigy, with his work first exhibited in Colombo in the late 1950s. At the age of ten, he held his first international solo exhibition in New York. He has since established himself as one of the region’s most important living artists

Created during the same period, the exhibition showcases copper plate etchings by Tilak Samarawickrema from 1976, produced while he was a student in Italy. Among the last surviving prints from the artist’s collection, these Artist’s Proofs reimagine Sri Lankan folk culture through the sinuous curves of the Sinhala script.

The signature abstract works by H. A. Karunaratne, shaped by his exposure to works by Abstract Expressionist artists such as Jackson Pollock and Franz Kline, will feature in the showcase. H.A. Karunaratne is widely considered the father of abstract art in Sri Lanka and is a distinguished pedagogue renowned for his profound impact on abstract expressionism within the country’s art institutions. Reverberating with energy, these works exemplify the amalgamation of Japanese Zen philosophy with the bold, gestural visual language of American Abstract Expressionism in the artist’s practice.

Bridging the Modern to the Contemporary, Legacies showcases early works from the 1990s by Jagath Weerasinghe and Chandraguptha Thenuwara, whose critical responses to the political climate of Sri Lanka helped shape the emergence of socially and politically engaged art in the country. Jagath Weerasinghe’s Broken Stupa stands as a powerful symbol of the artist’s interrogation of the erosion of the fundamental principles of ahimsa, created against the backdrop of a civil war that spanned from the 1980s to 2009. Also featured are rare etchings by Chandraguptha Thenuwara from 1999, Dance of Victory and Camouflage, which articulate the artist’s deep concerns regarding the intensification of militarisation in Sri Lanka.

This exhibition is a noteworthy step forward in the showcase of modern and contemporary artworks in the country as DirectorSaskia Fernando notes: ‘This exhibition represents a significant step for the gallery in terms of archiving and showcasing contemporary art. Over the past three years, Saskia Fernando Gallery has begun to establish archives for various contemporary artists and important private collections, marking the start of comprehensive documentation of their work and collecting practices. The historical and cultural importance of this endeavor for Sri Lanka is notable.’

The exhibition is open to the public until 5.02.2026, at 41 Horton Place, Colombo 07.

The Government has issued a new circular providing further relief to businesses disrupted by recent disasters, with the objective of restoring livelihoods, improving living conditions, and accelerating the return to normalcy for affected communities.

The circular builds on the empowerment program introduced under Budget Circular No. 08/2025 dated December 5, 2025, along with its subsequent amendments, and introduces clarifications and revisions to ensure more efficient and effective implementation of business assistance measures. These changes specifically relate to Sub-Item No. 8 of the allowance framework outlined in the original budget circular.

Under the revised provisions, a one-time grant will be provided to help disaster-affected businesses become fit for resumption.

Individual, small and micro businesses registered with the Industry Ministry will be eligible for a grant of Rs. 200,000 per unit, while similar businesses registered with the Divisional Secretariat will also qualify for Rs. 200,000 per unit.

For unregistered domestic permanent commercial businesses operating from buildings, a grant of Rs. 50,000 will be provided. The same amount of Rs. 50,000 per unit will be extended to unregistered manufacturing industries, greenhouses, and similar operations. Meanwhile, businesses engaged in trade through temporary units, including mobile or stationary setups, will be eligible for a grant of Rs. 25,000.

The circular clarifies that businesses qualifying under categories covering registered entities, those registered with either the Industry Ministry or the Divisional Secretariat will be entitled to only one grant per business unit, even if they fall under both categories.

Similarly, if a beneficiary qualifies under more than one of the unregistered business categories, including domestic commercial activities, manufacturing or greenhouse operations, or temporary trading units, they will be entitled to only one allowance under those categories.

Funding for the program will be provided by the Defence Ministry under Head of Expenditure No. 103, with payments to be disbursed through the Divisional Secretariats.

All other provisions contained in Budget Circular No. 08/2025 and Budget Circular No. 08/2025 (1) will remain unchanged, the circular stated, reaffirming the Government’s commitment to supporting disaster-affected businesses and ensuring a coordinated recovery process.

Committee on Public Finance (CoPF) Chairman MP Dr. Harsha de Silva in Parliament this week stressed the need for a fundamental change in the country’s financial management.

He strongly criticised the Government’s current spending patterns for failing to protect the vulnerable and neglecting the technological needs of future generations.

Dr. de Silva strongly criticised the wasteful spending in the Samurdhi Department. Although Rs. 27 billion was allocated for the Department in the 2025 Budget, Rs. 22 billion of it was spent on salaries of administrative officers. As a result, he revealed that only Rs. 5 billion actually reached the poor. ‘This is an inefficient system,’ he said, stressing the need to change the office structure so that Government funds reach the people.

He also referred to the ‘Aswesuma’ scheme. Citing a study by Professor Sirimal Abeyratne and Dr. H.M. Gunathilake, he said that 58% of eligible families are still excluded from the scheme, while many ineligible ones are included. To rectify this, he said that a scientifically based pilot study involving 3,000 families should be immediately conducted and the scheme should be extended until 2027 only after receiving its results.

The CoPF Chairman lamented the current state of affairs in the education sector. ‘The Government is spending a lot of money on construction projects that could be done by the private sector. But no one is paying attention to the fact that the public education monitoring and teaching departments are in a dire state,’ he said. He revealed that currently more than 2,500 schools lack even basic smart boards and digital tools.

He stressed that the Government’s primary goal should be the ‘public good’ and that the focus should be on providing English and artificial intelligence (AI) training to teachers. ‘Poverty today is not just a lack of income; real poverty is lack of access to quality education and health services,’ he noted. He urged all political parties to support the ‘five pillars’ of education transformation and the Government to take bold decisions to modernise curricula and teacher training.

Dr. de Silva warned that Sri Lanka cannot be freed from poverty without a transparent audit process and the appointment of an independent auditor. ‘Wealth programs should not be used as political tools. They should become a true social safety net, operating under data and science-based monitoring,’ he asserted.

Defending League champions Kandy Sports Club face a demanding assignment this weekend when they travel to Panagoda to take on Army Sports Club today, beginning one of four long journeys into the humid Colombo conditions. This is only one of them. They have the daunting task of travelling three more times unless Air Force make it to the Cup Super Round which will earn them a home game. After a narrow loss to CR and FC and controversial draw against CH where a legal try was not given, Kandy will be keen to continue their winning momentum after the much important Havies win.

The up-country outfit, however, is expected to make several changes for this encounter, with a handful of senior players likely to be rested due to injury concerns ahead of next week’s Super Round. Even so, Kandy possess enviable depth and will still be targeting a bonus-point victory to strengthen their standing.

Despite recent setbacks, Kandy continue to boast one of the most dangerous attacking backlines in the competition. Their ability to play at pace, stretch defences and convert turnover ball into points, supported by a reliable and physical forward unit, makes them firm favourites. Consistent go-forward and set-piece stability should allow them to dictate the tempo against an Army side that has shown effort but struggled for consistency.

Army Sports Club will depend heavily on experience and physicality to remain competitive, particularly at the breakdown and in contact. While they are capable of making this a stern contest, Kandy’s superior depth and attacking variety over eighty minutes should prove decisive. Referee Nalin Lasantha will officiate.

On the same day at the Race Course grounds, CH and FC will host Sri Lanka Air Force in what promises to be an entertaining clash. Despite being outplayed by Havelock Sports Club and drawing with Kandy, CH look the more settled unit and are favoured to pull through with their structured, possession-based approach. Referee Raveen Alexander will be in charge.

The final match of Round One will be played tomorrow at Welisara, where Sri Lions host Navy Sports Club. With the ninth-placed team exiting the league and Clifford Cup implications at stake, this encounter is expected to be tight. Navy, with greater experience and cohesion, are tipped to edge this contest under referee Kelum Sandaruwan. – (SJ)

Apparel exporters have welcomed early gains from the abolition of the Simplified VAT (SVAT) scheme and the transition to the Risk-Based Refund Scheme (RBRS), describing the timely release of VAT refunds as a positive and confidence-boosting development for the country’s largest export industry, while cautioning that consistency and deeper digital reform will be critical to sustaining momentum.

Sri Lanka Apparel Exporters Association (SLAEA) Chairperson Rajitha Jayasuriya said the removal of the SVAT from 1 October 2025 and its replacement with the RBRS marked a significant policy shift, particularly at a time when exporters remain under pressure from tight margins, global demand volatility, and high working capital costs. Under the new system, VAT refunds were to be processed within 45 days from the date of correct filing.

‘Most qualified apparel exporters had already received VAT refunds for October and November 2025 well ahead of expectations. This is a very positive step and we commend the Inland Revenue Department (IRD) officials for delivering the timely refunds. This momentum must continue consistently and not be treated as a one-off improvement, as predictable cash flows are essential for exporters’ competitiveness,’ she told the Daily FT.

She said a key milestone in the reform process was achieved before the end of 2025, when an apparel company successfully completed both non-live and live pilot testing of an application programing interface (API) linked to the Revenue Administration Management Information System (RAMIS).

The API-enabled data matching system was used to validate information previously submitted through physical filings, demonstrating the feasibility of automated verification and reduced manual intervention.

According to Jayasuriya, the successful pilot reflected strong collaboration between the IRD, the Presidential Task Force, and the apparel industry, with system performance during testing described as robust.

She said such cooperation showed that practical, technology-driven solutions could be implemented when policy intent and execution were aligned.

The SLAEA Chairperson acknowledged that significant work remains, particularly in extending the benefits of faster refunds to small and medium-sized enterprises (SMEs) and indirect exporters, areas which are still a work in progress.

Jayasuriya also expressed appreciation for the IRD’s openness to industry feedback and its efforts to address operational bottlenecks during the transition to the RBRS.

She singled out Treasury Secretary Dr. Harshana Suriyapperuma for his active involvement in accelerating refund processing and resolving system-level constraints, noting that early refunds were released ahead of predicted timelines.

She asserted the importance of maintaining this efficiency throughout the year, at least till a fully fiscalised e-invoicing framework is operational.

To further strengthen the system, she said the apparel industry has proposed fast-tracking the implementation of e-invoicing across the entire sector, including backward-integrated companies, to ensure seamless data capture and verification across the value chain.

Jayasuriya also raised concerns over value-based audits being applied irrespective of risk categorisation, particularly the practice of invoice-level checks for refunds exceeding Rs. 50 million, which she said ran counter to the original risk-based principles agreed under the RBRS.

‘A genuinely risk-based, digitised, and low-intervention refund mechanism would not only improve compliance, but also enhance Sri Lanka’s reputation as a reliable sourcing destination at a time when global buyers are increasingly sensitive to lead times, transparency, and financial stability in supplier markets,’ she added.

The Australian High Commission in Sri Lanka celebrated Australia Day 2026 with a reception yesterday, hosted by Australian High Commissioner Matthew Duckworth.

The event was attended by Housing, Construction and Water Supply Minister Dr. Susil Ranasinghe who served as the Chief Guest, along with distinguished representatives from Government, civil society, the Sri Lankan and Australian business communities, and the diplomatic corps.

High Commissioner Duckworth highlighted the significance of Australia Day, stating, ‘Australia Day is a moment for reflection as well as celebration. It reminds us of the diversity of our own nation and of the values we share with partners like Sri Lanka: respect, resilience, and a commitment to a peaceful and inclusive future. Our countries are connected not only by history and geography, but by people, families, and communities who strengthen our relationship every day. In 2026, we look forward to expanding our cooperation and building an Indo-Pacific region where all can thrive.’

The celebrations showcased Australia’s journey from the world’s oldest continuous culture to a modern global nation, reflecting on the 65,000-year heritage of its land. The event also highlighted Australia’s enduring friendship with Sri Lanka as Indian Ocean neighbours, highlighting connections in education, trade, development partnerships, and shared regional security goals.

Guests enjoyed top-quality products of Australia distributed by Sri Lankan vendors, while cultural displays and discussions underscored innovation, collaboration, and the deep ties between the two countries.

England got a taste of the type of the pitches they are likely to encounter in the upcoming T20 World Cup when their batsmen were stumped playing spin on a slow R Premadasa International Cricket Stadium surface against Sri Lanka on Thursday.

‘Tough conditions for us in the second half when we were batting. The pitch got a little bit more extreme,’ said Harry Brook, England’s captain at the post-match press conference.

England were 129-1 in pursuit of 272 in the 27th over when things began to happen. They lost five wickets for 36 off 74 balls and by then the chase was as good as over despite a late cameo from Jamie Overton (34 off 17 balls) that took the game into the final over.

‘The turn and the lack of bounce became more pronounced. It was proving very difficult to start as a batter out there,’ said Brook.

It looked like plain sailing for England as long as Ben Duckett and Joe Root were at the crease as they stitched together a partnership of 117 which was the highest in the match.

‘Obviously, Ducky and Rooty made it look fairly easy when they were set and going, but they both came off and said it was hard to start on there. Just getting used to the bounce and the turn was difficult, and sometimes there was a lack of spin when it just skidded through,’ said Brook.

Dunith Wellalage who took the Player of the Match award also agreed that the pitch gradually changed midway through England’s innings.

‘When the spinners came on to bowl, what Charith aiya kept saying was to make sure your lines and lengths are good. We wanted to get through the overs as cheaply as possible and build pressure on them that way. We did exactly that and were able to pull the game our way towards the end. The pitch was quite slow, and as the game went on it became slower. So we tried to vary our pace and bowl line and length,’ said Wellalage, who, given his chance, showed his prowess as a useful all-rounder.

He scored a rapid 25* off 12 balls with 20 of those runs coming in the final over bowled by Overton and then on the field held onto two catches, one of which was an outstanding effort on the boundary line to send back Rehan Ahmed, and bowled 10 tight overs for 41 runs capturing two wickets.

‘Credit in the batting should go to Kusal (Mendis) because of his knock we were able to come up with a good total. My plan was to support him. In the final over I tried to score as many runs as possible. The coach told us to get a target of around 260-270. We were able to achieve that,’ said Wellalage.

Leg-spinner Jeffrey Vandersay who replaced Wanindu Hasaranga in the first ODI is likely to retain his place for today’s game. With the left-arm spin of Wellalage, Vandersay bowled a tight length to take 2/39.

Meanwhile, Hasaranga has recovered from his mild hamstring and is available for selection. But it is most unlikely the selectors will take a chance with him in the present series as the main focus is for him to be fully fit for next month’s T20 World Cup.

Sri Lanka is likely to go with an unchanged side unless there is interruption to weather. The forecast for today is for rain and in the event of that happening there could be a few changes depending on the number of overs available.

Sri Lanka has not won a bilateral ODI series against England since 2014 when they won 5-2 at home. They lead the present three-match series 1-0 after Thursday’s 19-run victory.