Category: Daily Financial Times

Sri Lanka Apparel Exporters Association Chairperson Rajitha Jayasuriya has said revised rules of origin under the UK Developing Countries Trading Scheme (UKDCTS) have emerged as a ‘game changer’ for the country’s apparel industry.

She said the move has placed the country on a more competitive footing with least developed country (LDC) exporters, opening a significant opportunity to expand exports to the UK market.

‘The revised rules have effectively levelled the playing field for Sri Lanka, with benefits now comparable to those enjoyed by countries within the LDC bloc. Over 90% of Sri Lankan apparel exports to the UK are now eligible for zero tariffs, a shift that is expected to create room for diversification into new product categories while improving price competitiveness,’ Jayasuriya told the Daily FT.

A key development under the revised framework is the allowance for 100% globally sourced raw materials, which Jayasuriya said places Sri Lanka on equal footing with major competitors such as Bangladesh and Cambodia.

‘This change is expected to deliver sharper pricing, shorter lead times, and greater supply chain flexibility for exporters, strengthening Sri Lanka’s appeal to UK buyers seeking agility and responsiveness,’ she added.

As full tariff-free access came into effect from 1 January 2026, the industry sees a limited but significant window to accelerate growth in the UK market.

Jayasuriya estimated the incremental export potential at between $ 150 million and $ 180 million and long-term potential at far greater, provided manufacturers move quickly to align their strategies with the new trade environment.

‘Sri Lanka exports around $ 600 million per annum to the UK and 50% qualifies. If that doubles due to the DCTS opportunity, then it is an extra $ 300 million, bringing us closer to $ 1 billion. This is the potential that we need to now capitalise on,’ she explained.

Sri Lanka’s recent performance in the UK market underscores this potential. According to the latest trade statistics available up to October 2025, the country’s apparel exports to the UK registered a 29% year-on-year (YoY) growth, outpacing growth rates achieved by both India and Bangladesh. The performance is also comparable to growth recorded by Southeast Asian peers such as Vietnam and Cambodia, signalling a strengthening competitive position despite broader global market volatility.

However, Jayasuriya stressed that policy advantages alone would not be sufficient to secure long-term gains, noting the need for a clear strategic game plan to convert trade preferences into sustained market share.

‘A key to this strategy is strengthening buyer confidence through predictability and compliance, particularly at a time when UK retailers are reassessing sourcing models in response to tighter environmental, social, and governance requirements,’ she pointed out.

She said Sri Lanka must clearly communicate its strengths in quality assurance, ethical manufacturing, and transparent compliance systems, while demonstrating reliability in delivery performance, audit readiness, and traceability. These factors, she noted, would become increasingly decisive as the UK moves to strengthen due diligence and sustainability-related regulations.

The revised UKDCTS framework also presents an opportunity to position Sri Lanka as a preferred partner for near-market fashion replenishment. With tariff-free access and flexible Rules of Origin, Sri Lanka can cater to UK retailers facing shorter trend cycles by offering lower minimum order quantities, faster style reactivation, and support for in-season product drops. This positioning is expected to resonate particularly with fashion and athleisure brands seeking speed and flexibility.

Jayasuriya also highlighted the importance of deepening buyer relationships beyond transactional sourcing.

‘Closer engagement through co-creation initiatives, including shared design capsules, material innovation, collaborative forecasting, and aligned sustainability roadmaps, could anchor longer-term partnerships,’ she said, adding strategic multi-year agreements focused on capacity security, price stability, and joint innovation were likely to offer more resilient volume growth than short-term order wins.

Jayasuriya outlined that material innovation and capability upgrading would be critical as global sourcing becomes permissible. ‘The next phase of competitiveness lies in advanced textiles such as performance knits, recycled synthetics, cellulosic fibres, and technically engineered garments. By combining innovative materials with strong garment engineering capabilities, Sri Lanka could strengthen its position in higher-value segments such as performance wear, athleisure, intimates, and technical apparel,’ she added.

The Chairperson also underscored the need for stronger UK market intelligence and competitive benchmarking. Proactively tracking shifts in consumer demand, retailer performance, and competitor sourcing patterns would enable manufacturers to anticipate changes, align cost structures, and identify emerging category opportunities at an early stage.

To maximise the benefits of the revised UKDCTS regime, Jayasuriya called for a more coordinated industry-wide approach.

She proposed the creation of a unified exporter task force focused on the UK market, bringing together apparel associations and key exporters to streamline advocacy, buyer engagement, market promotion, and compliance support, particularly in relation to DCTS documentation requirements.

‘Such a collective effort would enhance Sri Lanka’s visibility and credibility at a national level, helping to convert favourable trade policy changes into sustained export growth in one of the country’s most important apparel markets,’ Jayasuriya said.

Galle has been placed fifth among the world’s top 10 honeymoon destinations for 2026 in the latest rankings released by Tripadvisor.

The ranking forms part of Tripadvisor’s Travelers’ Choice Awards Best of the Best 2026 and is based solely on the volume and quality of traveller reviews submitted over a 12-month period.

Tripadvisor said the list reflects destinations that consistently received strong feedback from honeymoon travellers worldwide.

Beach and island destinations dominate the upper end of the 2026 rankings. Bali secured the top position, followed by Mauritius and the Maldives, with St. Lucia ranked fourth. Galle placed fifth, ahead of several established long-haul honeymoon favourites.

Tripadvisor noted that Galle’s appeal lies in its blend of heritage and coastal experiences. Founded by the Portuguese in the 16th century, Galle Fort remains a key attraction, with preserved ramparts, historic buildings, and walkable streets.

The wider southern coastline offers beaches and diving sites, adding to the destination’s appeal for couples seeking a mix of culture and leisure.

The remaining destinations in the top 10 for 2026 are Hue in Vietnam, Napa Valley in California, Positano in Italy, Watamu in Kenya, and Antigua.

Tripadvisor said the latest rankings indicate growing traveller interest in honeymoon destinations that combine distinctive local character with established tourism infrastructure, rather than relying solely on traditional resort-based experiences.

Toyota Motor has sweetened the tender offer price for buying out the carmaker by more than 15% to over $35 billion.

Toyota Motor said it had raised the buyout offer for the group company to 18,800 yen ($118.11) per share, from 16,300 yen apiece announced in June last year, advancing plans to take the company private.

Last year, Toyota Motor had sought to acquire Japan’s largest corporate group for 4.7 trillion yen. The deal included 1 billion yen from chair Akio Toyoda, and Toyota Motor’s investment of about 700 billion yen in non-voting preferred shares.

In December, Toyota Industries said it had asked for a higher price, citing concerns that the deal’s chances of success were limited.

Toyota Industries, which founded Toyota Motor, produces a range of products including forklifts, engines, electronic components, and stamping dies.

In its latest sales and production report, Toyota Motor’s global output slid 5.5% to 821,723 units in November, marking the first year-on-year decline in six months. Global sales also fell 2.2% year-on-year, with the company reporting that sales in China fell after the country scaled back on purchase subsidies in certain regions.

The automaker flagged a substantial hit from U.S. tariffs, projecting a 1.45 trillion yen (over $9 billion) impact for its financial year ending March.

Toyota Motor last November announced it would invest $912 million across U.S. manufacturing facilities in five Southern states, part of a broader plan to spend up to $10 billion in the U.S. by 2030.

Ace Capital CC, led by Roshan Jayatissa, pulled off a shocking 52-run win against Tamil Union at the Rangiri Dambulla Cricket Stadium yesterday to top Group B and qualify for the Super Eight of the Major Club 3-Day League.

The loss, which was Tamil Union’s fourth in six matches, saw them fail to finish in the top four of the group and thereby play in the Plate competition. Tamil Union did well to gain a 106-run first innings lead, but failed to convert it into an outright victory when they were shot out for 122 in their second innings after being set a target of 175. It was the Ace Capital CC spinners who did the damage to the innings, with Wanuja Sahan taking 5/43 (match bag of 9/162), Jayatissa 3/50 (7/153), and Kavindu Amantha 2/18. Ace Capital CC closed their second innings at 280-8, with Amantha stroking 62 off 134 balls (8 fours, 1 six) and Raveen de Silva 50* off 90 balls (2 fours). Spinners Tharindu Rathnayake and Theeshan Vithushan took four wickets apiece.

Joining Ace Capital CC in the Super Eight from the group were Moors SC, NCC, and BRC.

In another shocking reversal, bottom-of-the-Group B-table Badureliya SC beat second-placed Moors SC by an innings and 46 runs at the Colts Grounds.

Off-spinner Keshara Nuwantha took his maiden 10-wicket haul in a match as he single-handedly routed Moors SC for 268 and 172 in reply to Badureliya SC’s 486. Nuwantha took 5/65 in the first innings and followed it up with 7/71 in the second. Experienced campaigner Malinda Pushpakumara accounted for seven wickets in the match. Shehan Fernando top scored for Moors SC in the second innings with 65 (103 balls, 7 fours). The result didn’t affect Moors SC as they had done enough to finish within the top four.

Off-spinner Murvin Abinash took a career best 7/112 to bowl BRC to a first innings win against NCC at Surrey Village grounds, Maggona and a place in the Super Eight. NCC resuming at 333-7 were all out for 356 in reply to BRC’s first innings of 396. In their second innings BRC lost half their side for 56 before Promod Maduwantha (111 off 163 balls, 16 fours) and Movin Subasingha (90 off 66 balls, 6 fours, 7 sixes) rescued them with a stand of 126 to see them to a final total of 300. NCC scored 16-3 in their second innings. Both NCC and BRC qualified for the Super Eight.

Group A leaders Police SC put up stubborn resistance batting for 110.2 overs for 295 before conceding a first innings loss to CCC at the NCC grounds. Replying to CCC’s tall score of 482-6 declared, Police SC recovered from their overnight score of 106-6 to add 189 for the last four wickets. Dilum Sudeera (81* off 165 balls, 14 fours) and Nipun Premaratne (38 off 113 balls, 6 fours) made career best scores as they put on a last wicket partnership of 97. CCC in their second innings scored 28 without loss.

Despite the loss Police SC retained top position and along with CCC, Colts and Panadura SC went through to the Super Eight.

Bloomfield’s defeat in the first innings at the hands of Chilaw Marians CC at the Galle Cricket Stadium saw the defending champions fail to qualify for the Super Eight. Kasun Vidura was the key component in Chilaw Marians CC’s total of 402 in reply to Bloomfield’s first innings of 312. He scored 110* off 228 balls (10 fours, 2 sixes) to take Chilaw Marians CC past Bloomfield’s total after they resumed at 272-5. Bloomfield made 165-3 in their second innings with Ron Chandraguptha scoring 59 off 65 balls (7 fours).

Colts ensured they finished in the top four from Group A with a first innings win against Panadura SC at the CCC grounds. With a first innings lead of 188 Colts batted a second time to pile up 402-5 declared. The base for their big total was laid by their openers Ravindu Rasantha (126 off 233 balls, 12 fours) and Sangeeth Cooray (69 off 136 balls, 9 fours) who put on 163. Later Dinesh Chandimal (47), Muditha Lakshan (51), Sanoj Darshika (51*) and Kavisha Anjula (42*) contributed towards the total. Panadura SC scored 61-0 in their second innings.

Sri Lanka went to the top of Group A with their second successive win in the ICC Men’s Under-19 World Cup when they defeated Ireland by 106 runs at Windhoek yesterday.

Choosing to bat first, Sri Lanka racked up 267-5 and then dismissed Ireland for 161.

Skipper Vimath Dinsara and right-arm seamer Dulnith Sigera were the stars of the victory.

Sigera scored a superb 95 off 102 balls (6 fours, 1 six) to take the Player of the Match award. He figured in two important partnerships after Sri Lanka had lost their two record-breaking openers in their game against Japan, cheaply.

With Kavija Gamage (49 off 69 balls, 6 fours), Dinsara added 80 for the fourth wicket, and with Chamika Heenatigala (51* off 53 balls, 4 fours), 100 for the fifth wicket.

Ireland could not get any momentum going in their innings as Sri Lanka seamers Rasith Nimsara and Sigera kept getting wickets at regular intervals and they folded up in the 41st over. Nimsara took 3/29 and Sigera 4/19.

With this win, Sri Lanka are through to the next round of the tournament-the Super Six. They have one more group match to play against Australia on 23 January at Windhoek.

Scores:

Sri Lanka (U19) 267-5 (50) (Dulnith Sigera 22, Vimath Dinsara 95, Kavija Gamage 49, Chamika Heenatigala 51*, Oliver Riley 2/51)

Ireland (U19) 161 (40.1) (Callum Armstrong 39, Oliver Riley 31*, Reuben Wilson 32, Rasith Nimsara 3/29, Dulnith Sigera 4/19)

The world’s no. 1 thought leader in organisational culture and no. 10 in leadership for 2021 and 2022 by Global Gurus, Arthur Francisco Carmazzi will be in Sri Lanka in February to empower corporates and employees with his expertise.

He will hold a live behavioural science full-day workshop titled ‘Spectrum of Minds’ on 7 February at the Monarch Imperia, Kotte. The event is organised by Ads Store and the Daily FT.

Carmazzi is the Creator of the Web3 ‘Global Mentor Exchange’ and the ‘Wisdom City’ Learning and Development Metaverse.

Global…

He is the original developer and founder of the accredited Directive Communication Psychology and bestselling author of 13 books in organisational psychology and culture performance, including Amazon no. 1 seller ‘GAME ON – Reinventing Organisational Culture with Gamification.’

The workshop is highly useful for high-potential HR, sales and marketing, as well as transformation teams of diverse organisations. Carmazzi’s programs have transformed global companies and their staff, including Philips, Citi, Apple, Unilever, Nestlé, Dell, Levis, Motorola, Petronas, Microsoft etc.

Organisers said Carmazzi’s workshop will help participants to achieve desired and much-needed transformation amidst highly challenging conditions. For example, it will help transform from judgment to cooperation, from friction to faster execution, and from inconsistent communication to a shared operating system.

Richard Pieris Finance Ltd., has reported a strong performance for the six-month period ended 30 September 2025, reflecting continued upward performance, operational discipline, and a solid return to sustained profitability.

Despite challenging macroeconomic conditions in recent years, including the pandemic, liquidity pressures, and rising interest costs, the Company has demonstrated resilience and a clear upward trajectory.

For the first half of the current financial year, the Company recorded a profit before taxes of Rs. 292 million, driven by improved core lending operations, disciplined cost management, and a well-diversified portfolio. Key performance indicators reflected strengthened financial footing, including profit before taxes over 75% growth compared to the previous year, a 47% profit after taxes growth, and a 20% increase in total assets exceeding Rs. 20 billion, with a vision to expand its asset base to Rs. 50 billion over a medium term. Its lending portfolio remains well-balanced, comprising of vehicle leasing, gold loans, Islamic finance, consumer lending, and the recently introduced Sarumaga mortgage loan product specially focused on the SME sector, which offers faster processing and enhanced customer convenience. The Company’s fundamentals remain solid, supported by stable deposits and prudent risk management, further reinforced by its ‘A(lka)’ credit rating with a Stable Outlook from Fitch Ratings, underscoring its financial strength, institutional stability and market confidence.

The Company’s governance framework continues to evolve under the leadership of Chairman Nalin Wijekoon, supported by a Board with expertise across risk, audit, finance, strategy, HR, digital transformation, and corporate management. This depth of leadership has played a key role in sustaining the Company’s growth over the past two years and guiding its strategic direction.

Commenting on the results, Chairman Nalin Wijekoon said: ‘Our performance reflects disciplined execution and the confidence placed in us by our customers. We remain committed to strengthening our foundations while delivering consistent value.’

CEO Lohika Fonseka said: ‘The first half of the year has been encouraging and aligns with our long-term direction. We will continue widening access, enhancing service delivery, and supporting customers with efficient, reliable financial solutions.’

He further highlighted that the company’s risk-based

credit approach, together with the enhanced procedures

introduced for credit and

operational functions to ensure more vigilant customer selection, had been a key driver over the past few years. This strategy focused not only on growing the portfolio but also on maintaining a high-quality customer base.

Richard Pieris Finance currently operates 18 branches nationwide, with further expansion planned to improve accessibility. It is a member of the Richard Pieris Group, one of Sri Lanka’s largest and most diversified conglomerates, whose business interests span sectors such as retail, manufacturing, plantations, financial services, and insurance. The Group’s financial services arm includes Arpico Insurance PLC and Richard Pieris Finance Limited, reflecting a shared commitment to financial inclusion, customer confidence, and sustainable growth.

In filing a Fundamental Rights petition before the Supreme Court, the Bar Association of Sri Lanka (BASL) has risen to an exceptional moment of national responsibility, taking a decisive stand toward ending the vicious cycle of ragging in universities and other centers of higher learning

BASL, should be commended in invoking the Fundamental Rights jurisdiction of the Supreme Court in relation to the tragic incident involving Charith Dilshan of the Sabaragamuwa University and this bold initiative marks a rare and courageous intervention in a matter that has long been trivialised, normalised, or deliberately ignored.

Ragging, particularly in its violent and degrading forms, is not a ‘student tradition’ but a sustained violation of human dignity, bodily integrity, and the right to education. The fatal and life-altering injuries suffered by students over decades stand as grim testimony to the collective failure of university administrations, academic bodies, and regulatory authorities who have too often treated such violence with disturbing indifference.

BASL decision to act-despite institutional inertia and societal silence-has sent a clear message that impunity cannot be allowed to masquerade as culture. The interim orders issued by the Supreme Court have already begun to resonate across campuses, compelling long-overdue introspection among those entrusted with the care and safety of our youth.

I write not merely as a commentator, but also as a survivor of ragging myself in the early 1970s. Many perpetrators of that era have since risen to positions of authority within our universities-an uncomfortable truth that underscores how deeply embedded and institutionally tolerated this violence has become. That history makes your intervention all the more significant.

It is evident that many students and parents remain unaware of the constitutional remedies and legal protections available to them when subjected to ragging. In this context, I intend to initiate an island-wide awareness program aimed at educating the public on their rights and avenues for redress. I sincerely hope that the BASL, under the stewardship of its current President Rajeev Amarasuriya, will lend its voice, expertise, and moral authority to this national endeavor.

ing ragging violence requires more than court orders; it demands an unambiguous stand from institutions that shape minds and values. BASL action has reaffirmed public faith that the law can, and must, intervene when conscience fails.

The BASL has manifestly demonstrated that silence is not neutrality and that justice delayed in such matters is justice denied.

Well done: The entire nation salutes the BASL for its commendable intervention.

CICRA Campus, a trailblazer in cybersecurity and IT education in Sri Lanka for over 15 years, has been officially approved as a centre by Qualification Scotland, the national regulator qualifications in Scotland.

This pivotal accreditation empowers CICRA to deliver two prestigious SQA (Scottish Qualifications Authority) Advanced Diplomas: in Cyber Security and in Computing, Specialised in Networking. These qualifications are formally recognised as equivalent to the first two years (Years 1 and 2) of a university degree pathway, providing students with a robust academic foundation that is respected worldwide.

SQA is a globally recognised leader in education and qualification development, renowned for its rigorous standards and industry relevant curricula. Qualification Scotland ensures the quality and integrity of these qualifications across all approved centres internationally. This partnership signifies that CICRA Campus now delivers education that meets the exacting benchmarks set by a UK national awarding body, bringing unparalleled quality assurance to Sri Lankan students.

This new offering is built on CICRA’s foundational Three Pillars: Affordability, Flexibility, and Accessibility.

CICRA Group Director/CEO Boshan Dayaratne said: ‘This approval is a testament to our 15-year legacy of pioneering cybersecurity education and our unwavering commitment to quality that is also accessible. We are immensely proud of this recognition from SQA and Qualification Scotland. It validates our mission to bring globally benchmarked, regulatorily backed education to Sri Lanka on a foundation of affordability and flexibility. We look forward to empowering more students with qualifications that open doors both locally and internationally.’

The cybersecurity and networking sectors are experiencing unprecedented growth, with a critical global shortage of skilled professionals. Employers increasingly seek candidates with not only academic knowledge but also validated professional skills and practical experience. SQA Advanced Diplomas are designed to meet this demand, equipping graduates with the expertise required for high-value roles in a dynamic industry.

CICRA’s unique model extends beyond academic excellence. The campus is dedicated to creating a future-ready workforce through a powerful blend of education and industry immersion.

The distinctive CICRA advantage includes: Globally Recognised Academic and Professional Pathways: Students progress from the SQA Advanced Diplomas to complete a Bachelor’s Degree from a globally recognised partner university.

Graduates earn a minimum of four globally recognised professional certifications (e.g., from bodies like CompTIA, Cisco, EC-Council), making them instantly competitive in the job market.

Through established partnerships with top-tier companies in Sri Lanka, every student undertakes a minimum one year internship, ensuring vital hands-on experience and professional networking.

‘CICRA doesn’t just award qualifications; we build careers,’ added Dayaratne. ‘Our integrated approach combining an SQA-accredited academic foundation, mandatory global certifications, and guaranteed internship experience, ensures our graduates are not just qualified, but are work ready professionals from day one. All of this is delivered through a model that prioritises affordability, flexibility, and accessibility for every student.’

Prime Minister Dr. Harini Amarasuriya departed Sri Lanka yesterday to participate in the 56th Annual Meeting of the World Economic Forum (WEF), to be held in Davos-Klosters, Switzerland, from 19 to 23 January.

The WEF 2026 will be convened under the theme ‘A Spirit of Dialogue’ and will bring together over 3,000 global leaders, including Heads of State, government leaders, chief executive officers of leading multinational corporations, policymakers, and technology innovators.

During the visit, the Prime Minister is scheduled to hold a series of high-level bilateral meetings with key international leaders, heads of global institutions, and other distinguished dignitaries.