Category: Daily Financial Times

This press conference marks a monumental occasion for the Pioneer Institute of Business and Technology (PIBT) as it celebrates 20 years of academic excellence and announces the continued strengthening of its long-standing partnership with the University of Greenwich, United Kingdom. The event brings together distinguished representatives from both institutions, industry partners, media personnel, and invited guests.

The Pioneer Institute of Business and Technology (PIBT) has hosted a press conference on 18 November 2025 at the Cinnamon Grand Hotel, Colombo, to commemorate its remarkable 20-year journey in higher education and to celebrate the continued strengthening of its long-standing academic partnership with the University of Greenwich, UK. The event brought together distinguished representatives from both institutions, seated from left: PIBT Campus Lecturer cum Academic Development Coordinator Kassala Kamer, Assistant General Manager T. Mathanraj, University of Greenwich Head of Law Academics Prof. Justin Brunskell, PIBT Group Chairman Dr. Kapila Ranasinghe, PIBT Campus Director Sampath Jayasundara, University of Greenwich Deputy Dean of the Faculty of Engineering and Science Prof. Noel Ann Bradshaw, and PIBT Campus Assistant Director – Academics Ruwandi Jayathilake, and Assistant Lecturer cum Academic Development Coordinator Umaya Kalugammulla. Speakers highlighted PIBT’s two decades of academic excellence, student empowerment, and contributions to Sri Lanka’s education landscape, while reaffirming the importance of its collaborative partnership with the University of Greenwich in offering globally recognised academic pathways. In celebration of this milestone, PIBT also announced a Special Bursary Scholarship Scheme designed to support Sri Lankan students through significant tuition bursaries for selected programs, further strengthening opportunities for affordable, internationally accredited education in Sri Lanka.

Chartered Institute of Public Relations (CIPR, UK) President-elect Farzana Baduel highlighted Sri Lanka’s resilience and growing regional relevance in regional communication when she addressed ‘Reputation Under Fire: How Leaders Can Navigate Online Crises’, an exclusive learning and networking event hosted recently by the Public Relations Association of Sri Lanka (PRASL) in collaboration with The Sun (Daily Mirror) of Wijeya Newspapers Ltd., at the Sheraton Colombo Hotel. The event was supported by Sunshine Holdings, Colombo Port City and the Digital Marketing Association of Sri Lanka.

The event brought together senior communication professionals from agencies, corporates, and media organisations to examine reputational risk in an increasingly volatile digital landscape.

The session was led by Curzon PR Founder and CEO and University of Oxford, Saïd Business School Resident Public Relations Expert Farzana Baduel who drew on her global experience in crisis communication, reputation management, and leadership advisory to share practical strategies for navigating continuous reputational threats.

Farzana Baduel said, ‘Sri Lanka’s resilience over the years is remarkable. But we are now operating in a state of permacrisis, where digital, geopolitical, climate, and trust shocks overlap. Reputation risk is no longer episodic – it is continuous. In this environment, leaders must operate from a place of empathy if they are to slow reputational damage and rebuild trust.’

PRASL President Mushthak Ahamed said, ‘In Sri Lanka, silence is rarely viewed as strategy, it is often seen as avoidance. Yet reacting too fast, without facts or alignment, can create a second crisis. Many of us in this room have lived through that tension. That’s why this conversation isn’t academic. It’s practical, it’s local, and it’s already playing out around us.’

Wijeya Newspapers Ltd., The Sun (Daily Mirror) Editor Rishini Weeraratne and the Chartered Institute of Public Relations Ambassador for Sri Lanka said, ‘As news cycles accelerate and digital platforms amplify scrutiny, it is critical that media and communication professionals continue to engage with each other meaningfully. Forums like this strengthen that relationship while equipping leaders with the judgment and responsibility needed to communicate transparently and credibly during moments of crisis. We are pleased to collaborate with PRASL and Farzana Baduel in hosting this timely discussion.’

Sri Lanka Customs recorded its highest-ever revenue in 2025, surpassing the target of Rs. 2,115 billion and generating an additional surplus of about Rs. 300 billion, Director General S.P. Arukgoda announced.

The Appé Lanka Foundation, led by Shaan Corea, is spearheading a long-term development effort to rebuild the Poonakary region of the Kilinochchi District.

For years, this area has struggled with the lasting effects of the civil war, leaving many villagers without reliable water or electricity. Understanding that these are basic needs, the foundation has focused its efforts on fixing the local infrastructure. By restoring water systems and providing essential services, the foundation is helping the community move past a history of struggle toward a more stable and self-reliant future.

A strategic infrastructure project is now changing the financial landscape of the area. The Appé Lanka Foundation has completed an 18 million rupee project dedicated to the refurbishment of water tanks and the restoration of village wells. This large-scale effort was made possible through the support of the Tokyo Cement Group and business tycoon Nihal Wijesuriya. By installing high-capacity water pumps and storage systems, the project has successfully addressed the region’s long-standing water crisis.

The investment was designed to position water as a reliable tool for large-scale agriculture. This infrastructure now serves as the base for the ‘Plant. Grow. Eat.’ initiative, which gives the community a clear path toward financial independence.

The most visible impact of this work is the rapid expansion of peanut farming. Previously, limited water access meant farmers could only cultivate five acres of land; today, that area has grown to 30 acres. Peanuts are well-suited to the soil of the Northern Province, provided there is consistent irrigation. The foundation’s project has bridged this gap, allowing for a regular harvest cycle even during the dry months. This shift has significantly increased local earnings, with families now generating up to Rs. 7,000 per month from the sale of extra crops. This revenue is essential for covering daily costs like education and healthcare.

Beyond agriculture, the Appé Lanka Foundation has adopted a broader approach to regional development. The organisation provides renewable solar energy for off-grid homes and educational materials for local schools. Furthermore, the foundation organises workshops and youth programs focused on psychosocial support and community building, ensuring that the physical recovery of the region is matched by social stability.

The success of these local water systems is the beginning of a wider regional plan. While the Foundation manages these community-led projects, larger national development works are scheduled to begin repairs on the area’s primary water tanks in 2024. These projects, expected to be finished within 24 months, will further secure the region’s agricultural future. Together, these initiatives represent a coordinated effort to build a stronger local economy in Poonakary. The transition from survival to growth is now well underway, driven by a combination of infrastructure investment and community resilience.

Senkadagala Finance PLC yesterday announced the key dates relating to its proposed 1:20 Rights Issue of ordinary voting shares to raise Rs. 1 billion following in-principle approval from the Colombo Stock Exchange.

The company said the Extraordinary General Meeting to seek shareholder approval for the Rights Issue will be held on 19 January 2026. The shares will trade ex-rights on 20 January 2026, while the record date and the date of provisional allotment have been fixed for 21 January 2026.

Senkadagala Finance said the rights entitlements will be directly credited to shareholders’ CDS accounts on 26 January 2026, with the provisional letters of allotment to be dispatched on 28 January 2026.

Trading of the rights is scheduled to commence on 3 February 2026. The last date for renunciation of rights will be 11 February 2026, while the final date for acceptance and payment for the rights has been set for 16 February 2026.

The company said the circular to shareholders and the notice of the EGM, containing further details of the rights issue, will be dispatched in due course and will also be published on the Colombo Stock Exchange website and the company’s website.

Senkadagala Finance has proposed a 1:20 Rights Issue to increase its stated capital at a price of Rs. 240 per share. The company’s current stated capital stands at Rs. 2.4 billion represented by over 86.2 million ordinary voting shares as at 30 September.

Proceeds from the issue will be used to strengthen the company’s capital base, support projected business growth, maintain prudent capital adequacy levels, and reinforce stakeholder confidence in line with medium-term strategic objectives. The funds will also be deployed to expand the loan book in line with projected growth plans.

The Central Bank has approved the issue.

The public float of Senkadagala Finance is 21.42% held by 262 shareholders. E.W. Balasuriya and Co., owns 52% stake in addition to shareholding by related parties.

The share closed flat at Rs. 1,196.50 yesterday. The company reported net assets per share of Rs. 123.62 as of end September 2025.

In response to the increasing global demand for expertise in AI and Machine Learning, Curtin University Colombo, marking its 25th anniversary, has introduced two new programs: the BSc in Data Science, specialising in AI, and the Master of Artificial Intelligence. These new degrees are a significant addition to the university’s academic portfolio.

Speaking about the expansion of AI and Data Science education in Sri Lanka, Curtin University Colombo Managing Director, Prof. Lalith Gamage, said that as AI continues to grow rapidly, the demand for skilled professionals in the field is accelerating, and IT has changed fundamentally. He reflected on the early 2000s, noting that while the IT industry’s potential was clear, its immense scale was underestimated.

He asserted that IT is now the leading field for income generation and growth, a strong sector that consistently expands by 25% every year.

‘The global market is shifting as the world moves to data-driven intelligence. If we don’t upgrade our students’ skills to include AI and Data Science today, our industry will become outdated,’ he said.

He added that a unified strategy is essential to capture this expanding sector. ‘Our mission as educators is clear: we are committed to training the necessary professionals who will lead the industry. These new AI and Data Science programs are not mere additions to our curriculum; they are the foundation for our national economic growth.’

As Sri Lanka accelerates toward digital transformation, these programs will equip the next generation with cutting-edge skills in AI, machine learning, advanced analytics, and computational science.

Providing an international outlook on regional skills, the Australian High Commission, New Delhi, First Secretary for South Asia (Education and Research), Nathaniel Webb, addressed the growing need for expertise in AI and Data Science across South Asia and commented on Sri Lanka’s position within this dynamic landscape.

Webb noted that diverse parts of the region are heavily involved in AI adoption. He explained that digitalisation is a prioritised goal, leading to a massive transformation across a whole range of sectors, including agriculture, public health, and finance, all of which equally require AI expertise.

Addressing a common concern about this transformation, Webb acknowledged the public anxiety about losing jobs to an AI specialist or facing a downturn in the job market in the near future. He emphasised that this concern itself demonstrates the high demand for AI and Data Science professionals.

Explaining the region’s demographic advantage and its potential, he said, ‘South Asia’s demographic dominance over the next five to 10 years means it will be highly developed. Curtin University Colombo is on the front foot to deliver these programs to Sri Lankan students, which lays a foundation for the future.’

Department of Education Australia, First Assistant Secretary International, Karen Sandercock, commented on the significance of the partnership. ‘We are delighted to see Australian universities partnering with the region to help and support local educational needs, and Curtin University is playing a significant role in this effort.

The Australian Government and the Education Ministry here work together not only to deliver that value but also to build important connections across the region,’ she said.

SLIIT Pro Vice-Chancellor Computing, Prof. Nuwan Kodagoda, also said the programs equip students with the technical skills needed to develop, deliver, and clearly explain the complex methods that power AI tools.

Explaining the relevance of the new programs, Curtin University Colombo Pro Vice-Chancellor Prof. Mahesha Kapurubandara said the BSc in Data Science, specialising in AI, prepares students to thrive at the forefront of the digital revolution. The Master of Artificial Intelligence is a one-year postgraduate degree designed for professionals and graduates pursuing advanced expertise in artificial intelligence, computational intelligence, and cutting-edge AI technologies.

The degree builds strong foundations in statistics, programming, and data engineering, offering advanced expertise in artificial intelligence, machine learning, natural language processing, and deep learning.

She pointed out that the new curriculum is specifically designed to give students practical experience and industry-relevant coursework. Students will learn to design intelligent systems, extract insights from complex datasets, and apply AI responsibly across diverse sectors such as finance, healthcare, cybersecurity, and smart manufacturing, equipping graduates for high-demand careers in Sri Lanka and overseas.

Speaking about specific student benefits, the students enrolled in these programs will benefit from an internationally recognised curriculum, receiving a degree certification identical to that awarded in Australia. This ensures graduates benefit from Curtin University’s established global reputation and credibility. The program accepts new students twice a year, in February and July, with a 25% introductory scholarship for the first year.

Students can enjoy exceptional overseas mobility opportunities as part of Curtin University’s worldwide network. Students have the option to transfer to any Curtin global campus, including Perth, Malaysia, Singapore, Dubai, and Mauritius, provided the same degree is offered at those campuses. Students can also transfer for a semester, gaining international exposure and diverse academic perspectives.

Association of SriLankan Airlines Licenced Aircraft Engineers contributed Rs. 1.35 million to The Government’s ‘Rebuilding Sri Lanka’ Fund, established to provide relief and support to communities affected by Cyclone Ditwah.

The donation was handed over to Secretary to the President, Dr. Nandika Sanath Kumanayake by representatives of the Association Deshan Rajapaksa, Samudika Perera and Devshan Rodrigo.

The Cabinet of Ministers at their last meeting for the year 2025 held on Monday approved the implementation of a new ‘Comprehensive Disaster Relief Loan Scheme’ to support entrepreneurs affected by cyclone Ditwah, expanding relief beyond micro, small and medium enterprises to also include large-scale businesses.

Speaking at the weekly post-Cabinet meeting media briefing yesterday, Cabinet Spokesman and Minister Dr. Nalinda Jayatissa said the decision follows Cabinet approval granted on 10 December 2025 to implement the existing ‘RE-MSME-Disaster Relief’ loan scheme aimed at assisting micro, small and medium-scale entrepreneurs (MSMEs) whose businesses were disrupted by calamities.

‘Under that scheme, affected micro entrepreneurs are eligible for working capital loans of up to Rs. 250,000, whilst small and medium-scale entrepreneurs (SMEs) can obtain up to Rs. 1 million. These loans are offered at a concessionary annual interest rate of 3%, repayable within three years, including a six-month grace period, through the Bank of Ceylon, People’s Bank and the Rural Development Bank,’ he explained.

Recognising the need to further extend relief and widen access through private sector participation, he said the Cabinet approved the introduction of the new Comprehensive Disaster Relief Loan Scheme. The new scheme will allow affected entrepreneurs to obtain working capital loans from licenced commercial banks and licensed specialised banks at the same concessionary interest rate of 3% per annum.

Under the expanded scheme, micro entrepreneurs will be eligible for loans of up to Rs. 250,000, SMEs up to Rs. 1 million, and medium and large-scale entrepreneurs up to Rs. 25 million. All loans will be recoverable within three years, with a six-month concessionary period.

‘The Government expects to allocate Rs. 5 billion for the implementation of the program,’ he added.

Dr. Jayatissa also clarified that the loan facility will not require collateral and will come into effect from 1 January 2026.

He noted that the initiative is aimed at restoring business activity, safeguarding livelihoods and accelerating economic recovery in areas impacted by disasters.

The proposal to this effect was submitted by President Anura Kumara Dissanayake in his capacity as the Finance, Planning and Economic Development Minister.

Risk is always a fact of life. Modern society made us think risks had been eliminated. But risks have only changed form. We have to understand risks and mitigate them to the extent possible.

What happened to the telecom networks is educative. Compared to the 1990s when bombs and strikes were commonplace, the electricity supply appears more reliable now. Back then the telcos invested in backup batteries and generators. After the war’s end, they gradually relaxed. But then came the floods and landslides. Different risks and bigger consequences. Now the networks are not just for talking. When they fail, even ATMs are affected. Credit cards and QR-based payments will not work. So, the risks are more, not less.

Too many people were unable to use telecom services during and after Ditwah. According to a recent news report, ‘at the peak of the crisis, over 2,000 telecom sites were impacted, leaving several districts without mobile and data services for two to five days. Network outages were primarily caused by prolonged grid power failures, fibre cut due to floods and landslides, site flooding in low-lying areas, and restricted access that delayed restoration efforts.’

Ditwah was climate change. Predictions were that weather would get extreme: droughts would be longer and floods would be bigger. We had the drought in 2016-2017. Then Ditwah.

Its origin was the unusually warm ocean that caused the cyclone to take up a heavy amount of moisture. For reasons not fully understood, it was also a slow-moving storm. The result was abnormal rainfall of over 300 mm within 24 hours in most of the Central Province, where annual rainfall is around 5,000 mm. The highest recorded was 540.6 mm in Gammaduwa, Matale. One tenth of annual rainfall in a day simply cannot be absorbed. Flooding is inevitable. As are landslides. Much of the talk of deforestation and construction being the causes of landslides is misinformed. Some of the largest landslides started in hill slopes untouched by humans.

Climate change is increasing the frequency and scale of hazards such as rain dumping storms like Ditwah. There is little that can be done to reduce global warming at this time (not that we should not change behaviours that add to it). What we can do is climate adaptation, including reducing the risks of harm when the hazards become disasters.

Machine learning can help provide accurate predictions of when water will rise to what levels in particular locations. Cell broadcasting can disseminate location-specific warnings effectively in multiple languages. Use of the Common Alerting Protocol (CAP) can reduce ambiguity in the messages and enable automatic translations. We at LIRNEasia had studied each of these elements and communicated them to the relevant decision makers. Sadly, they were not used. We also communicated how digital could help in the relief and recovery phases, with emphasis on the Sahana software suite, developed for disaster management by Sri Lankan volunteers after the tsunami.

Were there any flaws in our recommendations? The big one is the failure of the telecom networks described above. That is the focus of this article.

Early warning/disaster risk reduction

Indian and Bangladeshi authorities have been using an AI-based flood-prediction model developed by Google for some time. We acted as intermediaries when Google offered it to the Department of Irrigation in 2020. Google wanted historical river-level data to train the model. They already had topological and hydrological data for our rivers and food plains. They would also need prompt data from upstream gauges to generate the site-specific water-level predictions that could be used by the Sri Lankan authorities (Irrigation or Disaster Warning Center) to issue warnings either using the capabilities of Android they offered or by other means such as cell broadcasting. The warning in the Hanwella area would not be same as that received by people in Kolonnawa.

Even if the Irrigation Department had accepted the solution, would it have worked? Were there enough automatic river-level gauges? Would their data and the data from the manually operated stations have been communicated in real time to Google given the failures of the telecom networks? Assuming all that worked and the government sent out the warnings using cell broadcasting, how many would have received them in the absence of dysfunctional mobile networks? If the networks failed because of the flooding, the warnings could have been sent before the networks failed downstream.

Coordination/disaster risk management

Once the disaster occurs, the immediate requirements are to rescue people, house them, and provide them with food and other necessities. All these actions require coordination. Telecom is essential for coordination when roads are broken or flooded. During Ditwah, the networks failed in many places.

We had recommended that various State and non-state agencies should deploy Sahana, a software suite with multiple modules, before the disaster. For example, the relevant database module should have been populated with data on the location of earth-moving equipment and boats, and the contact information of the owners/operators. The contact information of the coordinators of the camps that would house the displaced would also be in the relevant module. Once the disaster hit, it would facilitate the quick sourcing of rescue equipment. Once camps started filling up, the coordinators could populate the camp database module with data on the residents and the food and other requirements that they needed. We made no headway with these recommendations.

Even if they had been accepted and acted upon, would Sahana have helped? What use is a database, if it cannot be accessed because the telecom networks have failed?

Resilience/building back better

Sri Lankans are said to be resilient. Resilience is

getting back to where things were before the disaster. But then the same failures would recur with next disaster. Building back better remedies the causes of failure, reducing the likelihood of failure next time. Sri Lankans are not well known for building back better.

Network failures were caused by loss of power for the base transceiver stations (BTS) and fiber cuts. BTS are critical infrastructures. The telecom operators must assure adequate back up power in the event the electricity supply fails: x hours of battery backup; and in selected vulnerable sites, y hours of generator-based power. Or solar plus battery. As the major mobile operator will soon find out, networks that fail when most needed will cause customers to defect or at least get themselves backup connections. Providing adequate backup power makes good business sense, but the regulator can reinforce the requirement.

In an ideal world, the electricity network will not fail as it did. But building back better in electricity is not easy where competitive pressures are absent. Keeping electricity substations away from water will be very costly anyway.

Fiber cuts such as those that deprived customers of one network in Jaffna of service are difficult to excuse. I used to grumble about the two fibers that are visible from the A9 highway saying the two companies should have worked out a sharing arrangement, instead of spending on two separate fiber lines supported by two separate sets of poles. No longer. Two lines are useful for reducing risk. But why was there no emergency sharing until the repair was completed? Why didn’t the regulator mandate that?

Building back better requires analysis of what went wrong in the Ditwah disaster and remedying those faults. Just getting back to where we were will mean digging more people out from the ground and donating cooked food and dry rations for the displaced, again and again. Unless we make our telecom infrastructure more robust, even those tasks will be difficult.

Finance and Planning Deputy Minister Dr. Anil Jayantha Fernando yesterday said the country will record its strongest-ever performance in State revenue and tax collection in 2025, alongside a sharp improvement in foreign reserves and public finance indicators. He described it as a decisive turnaround in fiscal management.

Addressing the year’s economic outcomes, Dr. Fernando said 2025 marked a historic milestone, with State and tax revenue surpassing the highest targets ever achieved. ‘2025 is a year in which State revenue and tax revenue exceeded the highest target in history,’ he said, attributing the performance to tighter fiscal discipline and renewed public confidence in governance.

Foreign exchange reserves have already exceeded $ 7 billion during the first 11 months of the year and are expected to surpass the previous all-time high of $ 7.24 billion by year-end. Export earnings also showed resilience, crossing $ 15.8 billion during the same period, despite what Dr. Fernando described as significant internal and external challenges faced throughout 2025.

He acknowledged that the Government’s decision to increase public sector salaries and recruit new employees has raised recurrent expenditure by about Rs. 220 billion. However, he defended the move as necessary to maintain the delivery of essential public services and strengthen State capacity, arguing that the additional costs were managed within an overall framework of fiscal discipline.

Dr. Fernando said the improvement in public finance management reflects the Government’s commitment to restoring fiscal credibility while ensuring that development activity continues into 2026. ‘Our longer-term objective of raising Government revenue to 20% of GDP remains achievable,’ he said, provided confidence in fiscal governance continues to strengthen.

According to him, the surge in tax revenue was driven largely by the restoration of trust between the State and taxpayers. He noted that compliance improves when citizens see taxes being used responsibly for national development, rather than through coercive enforcement alone.

Economic Development Deputy Minister Nishantha Jayaweera said all three major State revenue-generating institutions exceeded their targets in 2025, delivering total Government revenue of over Rs. 4.5 trillion. ‘This included Rs. 2,195 billion from the Inland Revenue Department (IRD), Rs. 2,115 billion from Sri Lanka Customs, and Rs. 242 billion from the Excise Department,’ he added.

He said the IRD surpassed its 2025 target by Rs. 30 billion, recording the highest revenue performance in its recent history. Sri Lanka Customs exceeded its annual target by a substantial Rs. 394 billion, making it the single largest contributor to State revenue during the year.

Deputy Minister Jayaweera stressed the importance of simplifying the tax system to make compliance more convenient and reasonable, while ensuring that all eligible taxpayers are brought into the net. He reiterated that sustainable revenue growth depends on broadening the tax base rather than placing excessive pressure on a limited group of taxpayers.

Highlighting improvements in cash management, the Government said the Treasury, which in previous years had been operating with bank overdrafts ranging from Rs. 200 billion to Rs. 800 billion, has now been strengthened to a cash surplus of Rs. 2.2 trillion. ‘This improved liquidity position enabled Parliament to approve a Rs. 500 billion Supplementary Estimate without destabilising public finances,’ he added.

He also pointed out that 2025 recorded the lowest budget deficit since 1976, while the primary account balance turned positive at 3.2%. Historically, Sri Lanka has recorded a positive primary balance only six times, and those instances were typically below 1%.

Jayaweera said the improved fiscal position was supported by stronger tourism earnings, export revenue, foreign workers’ remittances and foreign direct investment inflows, reinforcing the Government’s assessment that the economy is on a firmer footing as it moves into 2026.