Category: Daily Financial Times

Ceylinco Holdings PLC has appointed Heshan Peiris to its Board as an Independent Non-Executive Director.

Peiris is a Fellow of the Chartered Institute of Management Accountants, UK, since 1988 and also possesses a Master’s in Business Administration (MBA) from Heriot-Watt University of Edinburgh, Scotland, since 2000. He has significant experience in Grants Management for USAID-based projects in Malawi, and agri-business assignments for the European Union and the World Bank. During his tenure in Malawi (1987-2018), he spent several years as a Consultant and Commercial Director at National Smallholder Farmers Association of Malawi (NASFAM).

Since the early 1980s he has worked at a Managerial level at both Ernst and Young and Tea Tang in Sri Lanka, a local subsidiary of CGE Alsthom in Lagos, Nigeria, Leisure industry, Agriculture and Educational sectors in Malawi, and Deloitte and Touche as a Business Consultant in Operations and Business Strategy assignments. He worked principally for the private sector during his career, though he also worked at a tobacco parastatal funded by both the Government of Malawi and Commonwealth Development Corporation (CDC), UK, and the Cinnamon industry in Matara on his return to Sri Lanka in May 2018.

Selecting the best and brightest individuals for the prominent positions in the public sector was one of the key pledges made by the Left-leaning National People’s Power (NPP) before taking over the Government. The NPP vowed to unleash a systemic change which is characterised by a culture of meritocracy by which people who possess talent, capacity, and experience are given the opportunity to take over the responsibilities of the influential posts in the public sector disregarding political as well as personal affiliations.

However, in clear contravention of the mandate received, the administration is doing exactly the opposite to what they promised to the public. Surprisingly, the level of politicisation the NPP Government is attempting in terms of filling the vacant leadership positions in critical state departments exceeds the extent to which it was practiced by the past Government, including the Mahinda Rajapaksa regime, which was well known for appointing people who were connected to the leadership of the Government both personally and politically by disregarding credentials in addition to ignoring the requirement to preserve the independence of the institutions that are deemed integral to law and order apart from good governance.

The inordinate delay associated with filling the vacancy of the post of Auditor General is representative of the administration’s willingness to appoint a person who has links with the ruling political party to head the supreme audit institution, which is responsible for independently auditing public sector entities (Government departments, corporations, local authorities) to ensure financial propriety, efficiency, and effectiveness and then reporting findings to the Parliament to aid accountability and good governance. Since last April, the post of Auditor General has remained substantively vacant as the Government is unwilling to appoint Dharmapala Gammanpila, who is the Senior Deputy Auditor General of the National Audit Office (NAO). Following the retirement of W.P.C. Wicramaratne, Gammanpila served as Acting Auditor General until 7 December of last year. The latter commands all the credentials and experience to head the NAO as he is a qualified Chartered Accountant in addition to having served the audit office for more than 30 years. Hence, why the Government is trying to appoint a person outside the audit service is simply beyond logic.

O.R. Rajasinghe – the Internal Audit Director of the Sri Lanka Army – was the President’s latest recommendation to the coveted designation. The audit office must audit all institutions within the public sector, including the armed forces. In such a backdrop, would not concerns of conflicts of interest arise if the audit office is headed by a person who had earlier been attached to the army. Furthermore, various allegations have been levelled against Rajasinghe, raising question marks over his fit and properness to one of the most responsible and sensitive positions within the public administration structure of the country. Few months ago, the President nominated H.T.P. Chandana, an audit officer at the Ceylon Petroleum Corporation, to the highly sensitive position. The nominee was said to be a contemporary of Dissanayake at the University of Kelaniya.

Last July, M.B.N.A. Premaratne – a retired Navy Commodore – was appointed as DG of the Excise Department going against the accepted norm of appointing an experienced in-service official or senior SLAS official. As Premaratne’s wife Professor Wasantha Subasinghe was on the NPP National List at the last Parliamentary election held in November 2024, the decision attracted allegations of rewarding political loyalty and nepotism. Professor Subasinghe too was appointed as Vice Chancellor of the Gampaha Wickramarachchi University of Indigenous Medicine – another move which was portrayed as an instance of displaying favouritism based on political affiliation.

The founder of modern Singapore Lee Kuan Yew was a strong advocate of meritocracy and a firm believer of identifying and recruiting the best and brightest people for the civil service. The city state’s reliance on meritocracy was one of the prime reasons for its rapid and remarkable rise despite being constrained by lack of natural resources. Unfortunately, the leaders of the Government, who promised to practice Singaporean-styled meritocracy, are turning back on their promises.

With the Major Club 3-day League reaching the halfway mark the battle is on amongst the 14 clubs to try and finish in the top four of each of the two groups to qualify for the Super Eights.

Each club plays a maximum of six matches in their group and already six of them have played four matches each which leaves them with only two to try and qualify. The rest of the clubs have three games in hand.

Police SC who had a free weekend retained the lead in Group A after second placed Colts couldn’t make much headway in their high scoring game against CCC last week which ended in a no-decision. Thereby Police SC will look to increase the gap of 10 points that separates them from Colts when they meet third placed Nugegoda SWC at the Galle Cricket Stadium in one of the six matches commencing today. Nugegoda SWC suffered their second defeat of the season when they lost in the first innings to Bloomfield. Their batting was dismantled by Bloomfield’s three-prong spin attack of Jeffrey Vandersay, Duvindu Tillakaratne and Ravindu Fernando.

With Colts having a free weekend, gives the opportunity to CCC and Bloomfield to advance in the standings. Both teams have easy games from which they should get full points off. CCC play bottom of the table Chilaw Marians CC at Dambulla. Chilaw Marians CC are the only club without a win, and they come up against a formidable CCC lineup that last weekend ran up the highest total of the season.

Defending champions Bloomfield finally recovered from losing their first two matches to beat Nugegoda SWC in the first innings with only time preventing them from taking full points. Bloomfield will play Panadura SC at the Surrey Village grounds, Maggona.

The absence of Moors SC this weekend gives an opening to the next three teams behind them – BRC, NCC and Kurunegala YCC to bridge the 14-point gap and possibly head Group B. Second placed BRC who rather surprisingly went down to Badureliya SC have a chance to make amends when they meet Ace Capital CC at the P Sara Oval. The venue provided a run fest last weekend with CCC and Colts running up 1048 runs for the loss of 14 wickets.

NCC have a great chance of grabbing full points when they take on Badureliya SC at the Mahinda Rajapaksa Cricket Stadium, Sooriyawewa. Badureliya SC picked up their first win when they surprised BRC and NCC should be wary of that fact although they have a stronger unit with several national players in their side.

Two back-to-back setbacks in their last two matches sees Tamil Union at the bottom of Group B and struggling to make an impact in the tournament. They are up against Kurunegala YCC at the NCC grounds and should try and make the most of it if they are to finish in the top four and make it to the next round.

The National Savings Bank ceremonially commenced work for the New Year 2026 on 1 January 2026 at the bank’s Head Office in Colombo, marking the occasion with a series of religious observances aimed at invoking blessings for the institution, its employees, and the nation.

The event began with religious rituals, chanting of Pirith, and blessings, reflecting Sri Lanka’s rich spiritual and cultural traditions. These observances were conducted to seek strength, harmony, and guidance for the year ahead, while reaffirming the bank’s commitment to ethical values, unity, and national development.

The occasion was graced by National Savings Bank Director Jude Nilukshan along with General Manager and Chief Executive Officer Shashi Kandambi, Senior Deputy General Manager K. Raveendran, Deputy General Managers, Assistant General Managers, members of the Corporate Management, representatives of trade unions, and the entire staff of the National Savings Bank.

Addressing the gathering, General Manager and CEO Shashi Kandambi, stated that although 2025 was a year filled with challenges, the National Savings Bank was able to achieve remarkable progress and stability through collective effort, resilience, and strategic direction. She emphasised that the bank’s achievements during the year were the result of dedication, teamwork, and the unwavering commitment of its employees.

She further noted that 2025 stood out as a significantly successful year for NSB, not only because the bank recorded the highest profit in its history, but also due to notable progress achieved across several key areas of operations, service delivery, and institutional development. These accomplishments, she highlighted, were a testament to the bank’s strong customer relationships, sound governance, and focus on long-term sustainability.

Kandambi also stressed the importance of maintaining strong and trustworthy customer relationships in the year ahead, noting that customer confidence and service excellence would play a vital role in achieving even greater success in 2026. She encouraged all employees to work with unity, integrity, and professionalism for the advancement of both the institution and the country.

Expressing optimism about the future, she stated that the positive momentum and constructive trends experienced in 2025 are expected to continue and strengthen further in 2026, enabling NSB to contribute more meaningfully to national economic development and financial inclusion.

During the event, the entire staff of the National Savings Bank collectively pledged the State Oath for the year 2026, reaffirming their commitment to coexistence, modernisation, cultural values, and responsible public service. This pledge symbolised the bank’s dedication to ethical conduct, social responsibility, and nation-building.

Concluding the ceremony, the National Savings Bank extended its heartfelt wishes to all its valued customers, stakeholders, and the people of Sri Lanka, expressing hope that the New Year 2026 will be a year filled with prosperity, peace, and success for all.

The Bank of Ceylon (BOC) yesterday commenced the New Year with a formal observance held at its Head Office, bringing together customers, members of the Board of Directors, corporate and executive management, staff, and well-wishers.

The event was held under the patronage of the Chairman Kavinda de Zoysa, Designated Chief Operating Officer R.M.N. Jeewantha and Deputy General Manager – International, Treasury and Investment G.A. Jayashantha. Proceedings began with multi-religious blessings, seeking goodwill and guidance for the institution, its stakeholders, and the wider community.

As Sri Lanka’s largest state-owned commercial bank, the Bank of Ceylon continues to serve as a trusted financial partner to individuals, businesses, and institutions across the country. The bank’s strategic direction for the year ahead remains focused on strengthening customer access, expanding digital capabilities, and supporting economic activity across key sectors.

In line with this direction, the bank relaunched value added My Sri Lanka Foreign Currency Fixed Deposit which will be utilised to economic growth activities for the country as a State bank.

SPAR Group, South Africa has pledged Rs. 35 million to the Rebuilding Sri Lanka Fund, reinforcing its support for nationwide recovery efforts following Cyclone Ditwah. The contribution was extended by SPAR Group, South Africa and officially handed over by the Chairman of SPAR Sri Lanka, Rob Philipson.

The funds will be utilised to restore critical infrastructure, assist displaced families, and revive livelihoods in regions most affected by the cyclone, including support for small businesses and local retail entrepreneurs whose operations were disrupted by the disaster.

In addition to the financial contribution, SPAR Sri Lanka-a collaboration between Ceylon Biscuits Ltd., (CBL) and The SPAR Group South Africa-mobilised its retail and supply chain network to ensure continued access to essential food and household necessities.

SPAR Supermarkets Sri Lanka CEO Kumar De Silva said: ‘During moments of national hardship, businesses have a responsibility to act with purpose and compassion. This contribution reflects SPAR’s commitment to standing shoulder to shoulder with the people of Sri Lanka as the country rebuilds. We also recognise the vital role played by local retail entrepreneurs in ensuring food security at the community level, and we remain committed to supporting them as they recover from this disaster. We commend the efforts of government institutions and emergency response teams working tirelessly on the ground.’

Through this contribution and its ongoing community-focused initiatives, SPAR Sri Lanka reaffirms its commitment to social responsibility, food security, the resilience of retail entrepreneurs, and long-term community well-being across the island-living its identity as a truly ‘Glocal’ brand, combining global strength with deep local commitment.

Laugfs Gas PLC yesterday announced an upward revision in domestic cooking gas refill prices, effective from 1 January.

Under the revised rates, the price of a 12.5-kilogram LP gas cylinder has been increased by Rs. 150 to Rs. 4,250, while the 5-kilogram cylinder has been raised by Rs. 65 to Rs. 1,710.

The new prices apply to all domestic LP gas refills sold by the company across the country.

Cinnamon Life at City of Dreams is set to host the Island Invitation, an exclusive, invitation-only international lifestyle and golf-led experience taking place in Colombo in February 2026.

The event will be delivered in partnership with Island Golf Ltd., bringing together world-class sport, refined hospitality, and curated lifestyle experiences.

The Island Invitation brings together a carefully curated group of international golfers, entrepreneurs, senior business leaders, and lifestyle influencers – predominantly from India, alongside Sri Lankan participants, for a premium golf and hospitality experience.

The tournament will be hosted at the Royal Colombo Golf Club, with Cinnamon Life serving as the official venue partner and title sponsor, anchoring the event’s social and experiential elements. Two signature evenings will frame the program: an Opening Gala Dinner on 16 February 2026 and a Closing Gala Dinner on 21 February 2026, both hosted at Cinnamon Life’s flagship gala venues. Each evening is expected to welcome approximately 150 invited guests, including players, partners, and distinguished invitees.

Cinnamon Life at City of Dreams CEO and General Manager Sanjiv Hulugalle said: ‘The Island Invitation underscores Colombo’s growing recognition as a city capable of hosting sophisticated, internationally relevant sporting and lifestyle experiences. Through Cinnamon Life, we are proud to welcome global audiences and position Colombo as a destination that seamlessly blends world-class hospitality with premium event infrastructure.’

Island Golf Ltd., Director Mahela Jayawardene said: ‘Bringing Indian and Sri Lankan teams together in a league format adds a unique dimension to the Island Invitational and speaks to where regional golf is heading. Hosting the tournament at Royal Colombo Golf Club, with Cinnamon Life as the title partner, creates a seamless experience for the players, combining high-quality competition with outstanding hospitality. It’s a strong example of how Sri Lanka can deliver world-class golf alongside a premium lifestyle offering, and how partnerships like this can help shape the future of golf tourism in the region.’

The Island Invitation positions Colombo as a destination for premium sporting experiences, while establishing the role of strategic partnerships in elevating Sri Lanka’s profile within regional and international golf tourism.

ITC Ratnadipa has been awarded the coveted 5-Star Classification Certificate by the Sri Lanka Tourism Development Authority (SLTDA), reaffirming its commitment to delivering world-class hospitality and sustainable luxury.

The certificate was formally presented by SLTDA and Sri Lanka Tourism Promotion Bureau Chairman Buddhika Hewawasam and accepted by ITC Ratnadipa Area Manager – Sri Lanka and General Manager Keenan McKenzie.

The ceremony was attended by several distinguished officials and industry leaders, including, SLTDA Director – Standards and Quality Assurance Malkanthi Rajapaksha and Hotels’ Classification Committee Chairman Trevine Gomas. Their presence underscored the significance of this milestone for Sri Lanka’s hospitality sector.

ITC Ratnadipa, a Luxury Collection Hotel, opened its doors in Colombo, Sri Lanka, on 25 April 2024, introducing a new benchmark in responsible luxury and sustainability-driven hospitality. Since its inception, the hotel has been committed to offering exceptional experiences that blend opulence with environmental stewardship.

Keenan McKenzie said: ‘We are grateful to the Sri Lanka Tourism Development Authority and the Hotels’ Classification Committee for their guidance and trust, and to our partners and stakeholders for their continued support. This milestone strengthens our resolve to elevate Sri Lanka’s hospitality landscape while delivering responsible luxury rooted in sustainability.’

This recognition underscores ITC Ratnadipa’s dedication to excellence, sustainability, and its vision to redefine luxury hospitality in Sri Lanka.

Zohran Mamdani has been sworn in as Mayor of New York City, becoming the first Muslim and the youngest person in generations to take the oath of office in the US’ biggest city.

Mamdani, a Democrat, was sworn in at a historic, decommissioned subway station in Manhattan just after midnight yesterday, placing his hand on a Quran as he took his oath. ‘This is truly the honour and the privilege of a lifetime,’ Mamdani said.

The ceremony, administered by New York Attorney General Letitia James, a political ally, took place at the old City Hall station, one of the city’s original subway stops known for its stunning arched ceilings.

He will be sworn in again, in grander style, at a public ceremony at City Hall at 1 p.m. (18:00 GMT) by US Senator Bernie Sanders, one of the Mayor’s political heroes. That will be followed by what the new administration is billing as a public block party on a stretch of Broadway known as the ‘Canyon of Heroes,’ famous for its ticker-tape parades.

Mamdani now begins one of the most unrelenting jobs in US politics as one of the country’s most-watched politicians.

In addition to being the city’s first Muslim Mayor, Mamdani is also its first of South Asian descent and the first to be born in Africa. At 34, Mamdani is the city’s youngest Mayor in generations.

In a campaign that helped make ‘affordability’ a buzzword across the political spectrum, the democratic socialist promised to bring transformative change with policies intended to lower the cost of living in one of the world’s most expensive cities. His platform included free childcare, free buses, a rent freeze for approximately 1 million households, and a pilot program of city-run grocery stores.

But he will also have to face other responsibilities: Handling rubbish, snow and rats, while getting blamed for subway delays and potholes.

Mamdani will also have to deal with US Republican President Donald Trump.

During the mayoral race, Trump threatened to withhold federal funding from the city if Mamdani won, mused about sending National Guard troops to New York City, and suggested that Mamdani should be deported. He also called Mamdani a ‘100% Communist Lunatic’ in a social media post.

But Trump surprised supporters and foes alike by inviting the Democrat to the White House for what ended up being a cordial meeting in November.

‘I want him to do a great job and will help him do a great job,’ Trump said in the meeting, and the US President even came to Mamdani’s rescue as the two addressed reporters.

Mamdani was born in Kampala, Uganda, the son of filmmaker Mira Nair and Mahmood Mamdani, an academic and author. His family moved to New York City when he was 7, with Mamdani growing up in a post-9/11 city where Muslims did not always feel welcome. He became a US citizen in 2018.