Category: Daily Financial Times

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.

AirAsia continues to strengthen connectivity between Sri Lanka and Thailand with the introduction of three additional weekly flights (Wednesday, Friday, Sunday) between Colombo (CMB) and Bangkok (Don Mueang – DMK) for the Winter 2025/26 season.

The new services are in operation providing travellers even greater flexibility and choice when planning their trips.

With the addition of these frequencies, AirAsia now operates 10 weekly flights between Colombo and Bangkok. The new flights will operate as FD142/143 with an A320, complementing the existing FD140/141 daily service, which has been upgraded to an A321 to meet growing capacity demand on the route, especially as Sri Lankan passport holders are eligible for tourist visa on arrival in Bangkok.

The enhanced connectivity will further support tourism, trade, and cultural ties between Sri Lanka and Thailand. AirAsia’s convenient connections further support seamless onward connectivity from Bangkok to AirAsia’s extensive route network including Chiang Mai, Phuket, Bali, Da Nang and Narita (Tokyo).

The added flights also provide increased accessibility for Thai visitors to Sri Lanka, encouraging exploration of the island’s diverse cultural, historical, and natural attractions-from ancient heritage sites and wellness retreats to scenic hill country escapes and world-renowned beaches.

JPMorganChase, the US-based banking giant, has swooped to buy a British pensions technology company WealthOS as it tries to augment its retirement planning services to personal investing clients.

WealthOS was founded in 2019. Chaired by former Google Executive John Herlihy, WealthOS is a wealth management software business.

The deal was announced internally by JPMorganChase’s personal investing division – previously called Nutmeg – this week.

The price being paid by the American bank was unclear as of yesterday.

WealthOS has a workforce split between the UK and Sri Lanka, where it has a product and software engineering centre.

JPMorgan has made big strides into the UK personal banking and wealth management sector in recent years, launching a digital savings bank under the Chase brand in 2021.

It acquired Nutmeg, for which it was reported to have paid about £ 700 million, the same year.

Nutmeg, now called J.P. Morgan Personal Investing, has roughly 275,000 customers in the UK, according to an internal memo announcing the deal, which the firm said would give it ‘access to cutting-edge technology and deep sector expertise.’

JPMorgan declined to comment. (Sky News)

Senthilverl Holdings Ltd., has crossed the 10% shareholding threshold in Lee Hedges PLC following share purchases executed on 19 January.

Senthilverl Holdings acquired over 100,000 shares of Lee Hedges PLC on 19 January at prices ranging between Rs. 247.75 and Rs. 255 per share. As at 16 January, which was the last trading day prior to the transaction, Senthilverl Holdings held 2,481,297 shares in Lee Hedges PLC, representing 9.69% of the company’s issued share capital.

Following the transactions, total shareholding as at 19 January increased to 2,584,777 shares, representing 10.10% of the issued share capital of Lee Hedges PLC.

Lee Hedges PLC has a total issued share capital of 25,602,730 shares. Its share price closed Rs. 1.25 on the up at Rs. 235.50 yesterday.

On Tuesday, Lanka Realty Investments PLC made a Mandatory Offer for Lee Hedges to purchase nearly 7.4 million shares representing a 28.9% stake at Rs. 216 per share.

On 8 January, Eighth Wonder, a company incorporated in Mauritius, acquired 5,148,684 shares of Lee Hedges at a price of Rs. 216 per share, representing 20.1% of the issued share capital. Eighth Wonder was acting in concert with Lanka Realty Investments PLC, in which it is the single largest shareholder with a 29.17% stake. It also holds a 49% stake in Lanka Realty Development Ltd.

Following the transaction, the combined shareholding increased to 18,206,279 shares, representing 71.1% of the total issued shares of Lee Hedges.

The Colombo Municipal Council this week hosted a high-energy meeting attended by the Western Province Governor Hanif Yusoof; Colombo Mayoress Vraie Balthazaar; Serendib Multisport Director and IRONMAN 70.3 Colombo Race Director Rajan Thananayagam, Serendib Multisport Director and IRONMAN 70.3 Colombo Bike and Run Course Director Yasas Hewage; along with industry leaders from the hospitality, travel, and media sectors.

Anchored by IRONMAN 70.3 Colombo, taking place from 19 to 22 February 2026, the meeting focused on positioning the event as a city-wide activation platform that showcases Colombo’s streets, parks, and waterfronts to an international audience. It also aimed to strengthen collaboration across the public and private sectors while co-creating creative and authentic experiences.

With 1,000 athletes and supporters from 45 countries expected, 70% of them first-time visitors, the initiative underscores Colombo’s readiness to host world-class events that deliver economic, social, and civic impact.

#ActiveColombo goes beyond the event itself. It supports a long-term vision for a healthier, greener, and more walkable city by promoting outdoor lifestyles, safe and inclusive streets, and permanent urban improvements such as shaded corridors and active public spaces.

Initiatives such as roadside tree planting and corridor greening recognise that ‘shade is infrastructure’ a core element of urban design that improves comfort, reduces heat stress, and enhances air quality, while also delivering measurable economic value to the city. Shaded, walkable streets increase pedestrian footfall, extend dwell time, and strengthen engagement with local businesses, directly supporting SMEs, retail, and tourism activity.

A continuous tree canopy along key corridors enhances the overall city experience for residents and visitors, making Colombo more attractive for longer stays, repeat visits, and future investment.

Public-private collaboration and civic participation are central to delivering this legacy, ensuring that investments made around IRONMAN 70.3 Colombo endure well beyond event week. Through leadership, inter-agency coordination, and community engagement, Colombo is not just hosting an international endurance event; it is building a cooler, healthier city that moves, thrives, and breathes, setting a benchmark for sustainable urban transformation in South Asia.

IRONMAN 70.3 Colombo is presented by Serendib Multisport, with Port City Colombo as the Venue and Presenting Partner, Shangri-La Colombo as the Host Hotel, Walker’s Tours as the Official Travel Partner, Carnage as the Official Active Wear Partner, Asiri Health as the Official Medical Partner, Hatch as the Official Workspace Partner, Wijeya Newspapers as the Official Print Media Partner, Capital Maharaja Group as the Official Electronic Media Partner, Unveid as the Official Hydration and Nutrition Partner, and Spinner Cycling as the Official Mechanical Partner.

Sri Lanka yesterday took a major step towards transforming its agriculture sector with the official launch of the Agriculture Enterprise Architecture Framework, Agriculture Interoperability Framework, Data Sharing Policies, and CROPIX, a national digital platform for crop data and decision-making.

The high-level launch event, co-hosted by the Ministry of Agriculture, Livestock, Land and Irrigation and the Food and Agriculture Organisation of the United Nations (FAO) with funding from the Gates Foundation, marked the formal introduction of a unified digital foundation designed to modernise agricultural governance, improve service delivery, and enable evidence-based decision-making across the sector.

Together, these initiatives form the backbone of Sri Lanka’s emerging Digital Public Infrastructure (DPI) for agriculture, addressing long-standing challenges related to fragmented data systems, institutional silos, and limited data sharing across government entities.

Agriculture, Livestock, Land and Irrigation Minister K. D. Lalkantha emphasised the strategic importance of the launch for the sector’s future.

‘Today marks a decisive shift in how Sri Lanka governs and supports its agriculture sector. By introducing a unified Enterprise Architecture, Interoperability Framework, and clear Data Sharing Policies, we are laying the foundation for a truly data-driven agriculture system that serves farmers, institutions, and decision-makers alike. CROPIX will enable us to move from fragmented information to informed, timely decisions that strengthen food security and farmer livelihoods,’ the Minister said.

Highlighting the importance of interoperability and alignment with the national digital agenda, Digital Economy Deputy Minister Eng. Eranga Weeraratne underscored the role of agriculture in Sri Lanka’s wider digital transformation.

‘For years, Sri Lanka’s agriculture sector lacked a complete, reliable registry of farmers, lands, and crops-fragmented across systems with duplication and gaps. The solutions launched today change that, introducing a unified, API-driven platform for trusted data-sharing. This will enable smarter policies, targeted services, and innovations like agritech, precision farming, and digital marketplaces-delivering real digital value to those who feed the nation and driving our digital economy forward,’ he said.

Chief Adviser to the President on Digital Economy Dr. Hans Wijayasuriya highlighted the significance of the initiative within the country’s broader digital transformation agenda.

‘What we are witnessing today is the extension of Sri Lanka’s Digital Public Infrastructure into one of our most critical sectors. By applying enterprise architecture, interoperability, and trusted data-sharing principles to agriculture, we are ensuring that digital transformation delivers real value on the ground. This approach enables scalable, secure systems that connect farmers to institutions, data to decisions, and policy to impact,’ he said.

The Agriculture Enterprise Architecture Framework provides a strategic blueprint to align people, processes, data, and technology across agricultural institutions, ensuring that digital investments are interoperable, scalable, and future-ready. Complementing this, the Agriculture Interoperability Framework and newly introduced Data Sharing Policies enable secure, standardised, and trusted exchange of agricultural data across ministries, departments, and digital platforms. At the centre of this digital ecosystem is CROPIX – Crop Resources, Optimising operations, through Precise Information eXchange System. CROPIX operationalises the architecture and interoperability frameworks by integrating national crop registry, cultivation and production data, forecasting tools, extension services, near real-time field reporting, APIs and Open Data. Through its web platform and mobile applications, CROPIX connects farmers, extension officers, planners, and policymakers around a single, trusted source of agricultural data.

FAO Representative for Sri Lanka and the Maldives Vimlendra Sharan highlighted the broader significance of the initiative and FAO’s continued partnership with the Government of Sri Lanka.

‘This launch represents more than the introduction of digital systems; it marks a transformation in how data are governed, shared, and used across the agriculture sector. By establishing strong digital public infrastructure for agriculture, Sri Lanka is positioning itself to respond more effectively to climate risks, improve service delivery, cater to dynamic market demands and make evidence-based decisions that leave no farmer behind. FAO is proud to support this journey towards a resilient, inclusive, and future-ready agriculture sector,’ he said.

The launch is expected to accelerate institutional adoption of digital tools within the Department of Agriculture, promote responsible data sharing across government, and foster a culture where near real-time data informs planning, policy formulation, and investment decisions – ultimately ensuring that farmers are the primary beneficiaries through improved services, timely information, and more responsive, evidence-based support.

This milestone marks not just the introduction of new systems, but the beginning of a collaborative national journey towards a resilient, inclusive, and data-driven future for Sri Lanka’s agriculture sector.

Former Fiji national sevens and XVs player, Saimoni Rokini will arrive in the Island today (23 Jan) and will be the Consultant for Isipathana Rugby outfit for 2026. He will be sponsored by one of ghe Old Boys of Isipathana, UUDS, Chief Execu Officer, Manoj Bogoda from UAE.

Rokini, an impressive rugby career through a blend of natural flair, power, represented Fiji with distinction in both the 15-a-side and sevens formats. A dynamic centre and wing, Rokini wore the national jersey in fifteens rugby from 2000 to 2003, where his explosive pace, physical strength, and ability to break defensive lines made him a constant threat in the backline. His transition to rugby sevens further elevated his reputation, as he adapted seamlessly to the faster, more demanding version of the game.in 2004 he captained Fiji Sevens at the Hong Kong Sevens, underlining his leadership qualities on one of world rugby’s biggest stages.

Following his retirement from top-level play, Rokini smoothly transitioned into coaching and consultancy roles. With deep expertise in backline structure for both sevens and fifteens rugby, he places strong emphasis on mentoring young elite players. Rokini’s international experience and leadership continue to shape the next generation, making him a valuable asset in modern rugby development. With his leadership and veteran Sanath Martis coming in as the Head Coach, Greens will be all out to defend the knock out and win the league this year under their new Rugby Chaiman, Kelum Rodrigo.