Category: Daily Financial Times

Fox Jaffna by Fox Resorts has been honoured with the Silver Award for ‘Leading Heritage Hotel/Resort’ at the prestigious South Asian Travel Awards (SATA) 2025. This marks the fourth consecutive year that the boutique property has received regional recognition, cementing its position as a premier heritage hospitality destination in Sri Lanka.

Located in the culturally rich city of Jaffna, Fox Jaffna offers guests a unique blend of heritage and contemporary comfort. The hotel is housed in a carefully restored historic compound, where the original architectural features have been preserved to maintain the site’s deep cultural significance. One of the standout features of Fox Jaffna is its innovative reuse of the underground bunkers, which have been thoughtfully transformed into a captivating art gallery and history museum. This initiative reflects Fox Jaffna’s commitment to giving back to the community by preserving and promoting the rich cultural heritage of the region. These spaces offer guests a tangible connection to Jaffna’s complex history, showcasing local artistry and telling the stories that define the cultural tapestry of the Northern Province. Through this thoughtful curation, Fox Jaffna not only educates visitors but also celebrates and supports the vibrant community that shapes the identity and future of Jaffna.

Fox Jaffna’s commitment to heritage preservation goes hand-in-hand with its dedication to sustainable tourism. The property incorporates eco-friendly initiatives such as energy-efficient systems, water conservation practices, and waste reduction measures. Furthermore, local materials and traditional craftsmanship have been prioritised throughout the hotel’s design and operations, supporting the regional economy and preserving artisanal heritage. This holistic approach ensures that Fox Jaffna not only honours the past but also safeguards the future of Jaffna’s community and environment.

Fox Resorts CEO Chris Quyn said, ‘Receiving the South Asian Travel Award for the fourth year running is a tremendous honour. This recognition reflects the hard work and passion of our team, who strive to create authentic and meaningful guest experiences rooted in the rich history of Jaffna. Our goal is to offer more than just accommodation – we aim to share the unique story of this region with travellers from around the world.’

The South Asian Travel Awards is the region’s most respected hospitality and tourism event, celebrating excellence, innovation, and leadership across South Asia. Fox Jaffna’s continued success highlights its role as a leader in heritage hospitality, combining cultural preservation, sustainable practices, and genuine hospitality to inspire travellers worldwide.

People’s Bank has partnered with Toyota Lanka Ltd., to launch an exclusive Auto Loan Facility, providing Sri Lankans with an enhanced opportunity to realise their dream of vehicle ownership.

The Memorandum of Understanding (MoU) for this partnership was signed recently at Toyota Plaza, Wattala. The event was attended by People’s Bank Chief Executive Officer/General Manager Clive Fonseka, Deputy General Manager – SME Development and Micro Finance Wickrama Narayana, Deputy General Manager – Retail Banking and Overseas Customer Services Aruni Liyanagunawardana, along with other officials. Representing Toyota Lanka were Head/Project Manager – Value Chain and Mobility Solutions Naotaka Takeda, Chief Operating Officer Mathisha Samaranayake, Chief Financial Officer Gayan Karunarathne, Chief Human Resource Officer Demetrious Perera, General Manager – Sales Ravi Opatha, General Manager – Auto Value Enhancement Vipul Bandara, and Deputy Manager – Core Marketing Division Suren De Silva.

This initiative introduces a dedicated loan facility for the purchase of brand-new vehicles, representing a significant step forward in both retail banking and automobile financing.

For many Sri Lankans, buying a vehicle is a lifelong aspiration. People’s Bank Auto Loan offers a customer-focused financing solution that extends beyond conventional facilities, providing unmatched flexibility and long-term value. With a range of repayment options available, customers can benefit from a monthly instalment as low as Rs. 1,499 per Rs. 100,000 for a five-year tenure, with up to 30% capital deferment. After five years, the deferred amount can be either settled in full or converted into a new loan, providing greater financial flexibility.

The People’s Auto Loan provides greater value than other traditional financing methods, offering highly competitive interest rates, no early settlement fees, and exclusive discounts on Letter of Credit (LC) openings for vehicle imports. Moreover, this facility enables customers to gain full ownership while enjoying a seamless and affordable path to owning either a brand-new or a pre-owned vehicle.

Toyota Lanka, the sole authorised distributor for Toyota vehicles in Sri Lanka, is renowned for its quality, safety, and innovation. Through this collaboration, customers benefit from the combined credibility of two trusted brands-People’s Bank’s financial expertise and Toyota’s global reputation for excellence.

Together, the two organisations are set to transform auto financing in Sri Lanka, making the aspiration of driving a brand-new Toyota a reality for many.

The Sri Lanka Economic and Investment Summit 2025, themed ‘Gateway to Growth: Asia’s Emerging Opportunity’, will be held on 2 and 3 December at the Shangri-La, Colombo. A key sector deep dive on day one will examine how Sri Lanka can broaden its export base and deliver sustained growth through diversification.

The session, ‘The New Age of Diversified Exports – Delivering on Diversified Export Products and Markets’, will highlight the urgency of moving beyond traditional export sectors as global demand patterns shift and resilience becomes a strategic imperative. The discussion will explore untapped opportunities in high-value industries such as cinnamon, seafood, electronics, minerals, and advanced manufacturing. It will also examine how Sri Lanka can strengthen its position in non-traditional markets through branding, standards, logistics, and strategic trade partnerships.

The keynote address will be delivered by Centre for Social and Economic Progress Visiting Senior Fellow Prof. Sanjay Kathuria. Prof. Kathuria holds a Doctorate in Economics from the University of Oxford, and has over 27 years of experience at the World Bank, and a decade at ICRIER in New Delhi. He is also the Co-Founder of the Trade Sentinel, and a Non-Resident Senior Fellow at the Institute of South Asian Studies in Singapore.

In addition to Prof. Kathuria, the panel will feature Hirdaramani Group Managing Director Ranil Pathirana, Joint Agri Products Ceylon Director/COO Chathura Abeyratne, OREL IT CEO Dr. Upendra Peiris, and Sunshine Healthcare CEO Dr. T. Sayandhan, with Verité Research Director Subhashini Abeysinghe moderating the discussion.

The Government continues to improve its fiscal performance with the overall Budget deficit for the first eight months of 2025 falling 54.88% from a year ago to Rs. 411 billion, according to the latest data released by the Central Bank of Sri Lanka (CBSL).

The overall Budget deficit in the eight months to the end of August 2024 was Rs. 911 billion.

Tax revenue for the eight months grew 31% from Rs. 2.35 trillion a year ago to Rs. 3.07 trillion, with non-tax revenue growing 8% from Rs. 209 billion to Rs. 226.2 billion.

Grants fell 17.3% to Rs. 6.7 billion, compared to Rs. 8.1 billion a year ago.

Recurrent expenditure in the eight months to end August 2025 grew at a slower pace than revenue, growing 11% from Rs. 3.04 trillion a year ago to Rs. 3.4 trillion. Capital and lending excluding repayments fell sharply by 24% from Rs. 435 billion a year ago to Rs. 331 billion.

The Government recorded a primary balance surplus of Rs. 1.27 trillion in the eight months, up 97% from Rs. 648.7 billion a year ago, with overall Budget deficit declining 55% from Rs. 911 billion a year ago to Rs. 411 billion.

CBSL data published debt figures for the first six months of 2025.

Total outstanding Government debt was up 3% from Rs. 28.7 trillion a year ago to Rs. 29.6 trillion, with outstanding foreign debt growing 3.8% from Rs. 10.4 trillion to Rs. 10.8 trillion.

Total domestic Government debt in the seven months grew 2.7% from Rs. 18.3 trillion a year ago to Rs. 18.8 trillion.

Outstanding Treasury Bills fell 3.4% from Rs. 4.1 trillion a year ago to Rs. 3.9 trillion with Bonds up 6% from Rs. 14 trillion a year ago to Rs. 14.9 trillion.

An eight-member team from Ceylinco Life recently attended a five-day training program in Kuala Lumpur, Malaysia, on the theme ‘Lead Forward’. The program focused on Agency Management and provided insights into building stronger, future-ready sales teams.

Training sessions covered a wide spectrum of topics including profitable agency management, dynamic agency building through effective systems, gearing up for affluent markets, creating leaders within agencies, the growing importance of adaptive tech-savvy leadership, and cultivating the Million Dollar Round Table (MDRT) mindset.

The sessions were conducted by eight accomplished Group Sales Managers from Great Eastern Life Insurance in Malaysia and Singapore, led by industry veteran K. Haridas. The program also included office visits to high-performing Group Sales Managers of Great Eastern Life and MCIS Life Insurance Malaysia, where the participants experienced first-hand how successful agencies are run in the region.

This initiative reflects Ceylinco Life’s continuing commitment to enhancing the professional skills and leadership capacity of its team to better serve policyholders, the company said.

The International Chamber of Commerce Sri Lanka (ICCSL) has urged the Government to adopt reforms to strengthen awareness and compliance under the Taxpayer Charter.

In a policy paper handed to the Department of Fiscal Policy, the ICCSL set out proposals to close gaps in taxpayer knowledge and trust identified through a national survey.

Key recommendations include comprehensive education programs using digital platforms, community outreach and workshops, as well as tailored communication frameworks that simplify tax obligations for the public while offering detailed guidance for professionals.

The paper also calls for stronger data privacy protections, including cybersecurity measures, and the establishment of a Charter Monitoring Unit within the Inland Revenue Department to evaluate communication tools, feedback mechanisms and revisions of the Charter.

ICCSL Chairman Shanil Fernando said: ‘This paper reflects the collective voice of taxpayers and the need for greater clarity, balance, and trust in our tax system.’ He added that the chamber remains committed to further research on effective tax practices to support Sri Lanka’s economic growth.

Accepting the paper, Department of Fiscal Policy Director General Dr. Kapila Senanayake said: ‘These are timely, practical, and necessary reforms that deserve immediate attention.’ He added that several recommendations would be seriously considered for inclusion in the upcoming budget.

Justice delayed has not only compounded victims’ suffering but has also damaged institutional credibility

Purpose

To analyse the justice delays and inconsistencies following the 2019 Easter Sunday attacks, and to propose policy measures to strengthen the rule of law, enhance prosecutorial and judicial independence, and restore public trust in Sri Lanka’s criminal justice system.

Background

The Easter Sunday terrorist attacks in April 2019 killed over 260 people and injured hundreds.

Despite extensive investigations, justice for victims remains delayed.

Inconsistencies in prosecutorial decisions by the Attorney General’s Department, coupled with judicial delays, have raised questions about political interference, institutional weakness, and erosion of public trust.

This case has become a litmus test for the credibility of Sri Lanka’s criminal justice system.

1. Rule of law under strain

Justice must be equal, timely, and free from political influence.

Prolonged delays have weakened the principle of equality before the law.

2. Law enforcement challenges

Investigations identified key suspects, but allegations of selective targeting and poor evidence management persist.

Coordination gaps between police and prosecution undermine case strength.

3. Attorney General’s Department

The AG’s independence is questioned due to inconsistent decisions on suspects.

Lack of transparency in prosecutorial choices fuels public suspicion.

4. Judiciary and delayed justice

Courts have been slow to adjudicate, compounding victims’ frustration.

Perception of judicial reluctance in politically sensitive cases undermines independence.

5. Erosion of public trust

Survivors and families perceive justice as politicised and stagnant.

Declining trust risks weakening social cohesion and democratic legitimacy.

Policy recommendations

1. Fast-track mechanisms for high-impact cases

Establish special terrorism and complex crimes courts with statutory timelines.

Ensure judges and prosecutors receive specialised training.

2. Strengthening law enforcement capacity

Develop specialised terrorism case units within police.

Enhance forensic and digital investigation capabilities.

Introduce independent oversight mechanisms for sensitive investigations.

3. Reforming the Attorney General’s Department

Introduce an independent appointments and oversight process for senior AG officials.

Mandate annual public reporting of prosecutorial decisions for transparency.

Strengthen constitutional guarantees of prosecutorial independence.

4. Judicial efficiency and independence

Establish dedicated benches for terrorism and organised crime.

Implement case management systems to reduce delays.

Ensure judicial performance monitoring with accountability for excessive delay.

5. Restoring public confidence

Create a Truth and Accountability Commission to complement criminal trials.

Provide regular public updates on case progress.

Strengthen victim-centred justice measures: legal aid, psychological support, and participation rights in proceedings.

Reform is urgent

A fast, fair, and transparent justice process is essential to uphold the rule of law.

Independent institutions are the cornerstone of democratic stability.

Restoring public trust requires visible accountability and victim-centred justice.

Conclusion

The Easter Sunday case demonstrates a critical breakdown in the alignment of law enforcement, prosecution, and judiciary. Justice delayed has not only compounded victims’ suffering but has also damaged institutional credibility. Reform is urgent: a fast, fair, and transparent justice process is essential to uphold the rule of law, restore public trust, and ensure democratic stability. Failure to act decisively will leave the Easter Sunday tragedy remembered not only as an act of terror but as a failure of justice in Sri Lanka

(The writer is a Senior Law Enforcement and Intelligence Specialist, former Head of Counter-Terrorism – State Intelligence Service, First Secretary (Defence), Embassy of Sri Lanka in Thailand, and present member of the Sri Lanka Waqfs Board.)

Pan Asia Bank has partnered with Senok Trade Combine Ltd., a diversified conglomerate with business interests across automobiles, construction, renewable energy, and trading. This collaboration marks a significant milestone in aligning financial services with industry leadership to deliver greater value to Sri Lankan businesses and consumers alike.

Through this partnership, Pan Asia Bank will extend its financial expertise to complement Senok’s extensive operations, creating new opportunities for growth across multiple sectors. Customers of Senok will gain access to specially designed financing packages, including flexible leasing options, trade finance solutions, and tailor-made credit facilities that will make it easier to invest in vehicles, equipment, and other business needs. The partnership is particularly significant for the automobile and construction sectors, where Senok has long held a leadership position, as it allows Pan Asia Bank to provide innovative banking solutions that directly support sectoral growth.

A key highlight of this collaboration is the opportunity for customers to experience some of Senok’s flagship automobiles, including the Haval Jolion, a state-of-the-art SUV; the View CS2, and the Tunland G7. With Pan Asia Bank’s innovative leasing solutions, these vehicles are now more accessible, empowering customers to drive their aspirations forward.

Pan Asia Bank Director/CEO Naleen Edirisinghe emphasised the bank’s vision for meaningful partnerships: ‘At Pan Asia Bank, we believe in forging alliances that go beyond conventional business ties. This partnership with Senok brings together financial innovation and industry expertise in a way that empowers businesses, fuels customer aspirations, and contributes to national economic growth.’

The MoU between Pan Asia Bank and Senok Trade Combine is not just a formal agreement, but a strategic step towards fostering long-term growth, innovation, and sustainability across industries. Together, the two organisations are well-positioned to support business expansion, generate employment opportunities, and create shared value for communities and stakeholders across the country.

Ranil Wickremesinghe (RW), one of the fallen heroes at the 2024 Presidential Election, has been reported to be planning to organise 1,000 rallies across the country and calling all Opposition leaders, their aficionados and apparatchiks to rally behind him in his war against what he described as a ‘constitutional dictatorship’. If one understood the logic behind that concoction, one would have gathered that if there is a dictatorship prevailing currently in the country then that dictatorship has been permitted by the constitution.

But what is strange is the fact that that constitution was introduced by none other than RW’s own uncle and Sri Lanka’s first Executive President, J.R. Jayewardene, who boasted that he could do anything under his constitution except to change the gender of a person, and RW was a minister under JR. It was the same constitution but with additional powers that elevated President Gotabaya Rajapaksa to become a virtual dictator. When the Aragalaya youth forced him to run away from the country and resign, RW stepped into the presidential shoes with the consent of the Parliament, and the first thing he accomplished was to order the security forces to end the Aragalaya by arresting its leaders, demolishing their temporary shelters and chasing out the rest to their homes. Now he is calling AKD Presidency and NPP Government a constitutional dictatorship. Is it?

What made RW come out of the woods?

To start with, what was the immediate provocation which made RW to come out of the woods at the age of 76 to announce unofficially his readiness to enter the race for presidency again? It was undoubtedly the shame that he had to endure when he was produced before the court by the Police to face allegations of misusing public funds when he was the stop-gap president. After an incredible drama at the court, which raised questions about the honesty and integrity of the medical professionals who vouched for RW’s failing health condition, he had been granted bail until investigations are completed. He has not been acquitted yet.

When an allegation is made against any person or persons under an existing law then the country’s judiciary is constitutionally bound to deal with it independently. This is what is meant by Rule of Law (ROL) in a democracy. ROL is not just a concept but the cornerstone of a society that values equality and fairness for all individuals. Therefore, RW’s resolve to end ‘constitutional dictatorship’ is in other words his agenda to end ROL. But what happened to ROL before RW fell victim to it?

ROL was professed by all political leaders and was inscribed in all constitutions in operation since independence; but politicians and especially those belonged to the ruling party or parties were virtually elevated to become a special species of individuals whom the arms of law were unable to touch. It was this untouchability which almost became an unwritten ‘convention’ if one may call it that allowed corruption to flourish, illicit businesses with underworld connections to prosper and organised crimes to increase during the reign of several governments. (Is it a coincidence that Tangalle in Hambantota District, the political fortress of Rajapaksas has become virtually an epicentre of narcotics)?

When an allegation is made against any person or persons under an existing law then the country’s judiciary is constitutionally bound to deal with it independently. This is what is meant by Rule of Law (ROL) in a democracy. ROL is not just a concept but the cornerstone of a society that values equality and fairness for all individuals. Therefore, RW’s resolve to end ‘constitutional dictatorship’ is in other words his agenda to end ROL. But what happened to ROL before RW fell victim to it?

New political culture in which ROL remains supreme

It was against such corrupt political culture and system operating with legal immunity that a new generation of awakened youth staged the Aragalaya in 2022, a landmark event in Sri Lanka’s post-independence history. The fundamental message of that revolt was a lot broader than just a narrow regime change. It implied a radical change of an entire system built on identity politics and corrupt governance which ultimately led to economic bankruptcy. The rebels demanded a new political culture in which ROL remains supreme without any political interference and with an independent judiciary as enshrined in the constitution. And that was the pivotal promise made by AKD and NPP in their election campaigns respectively, and which they are delivering now. Is that constitutional dictatorship or constitutional governance?

RW is therefore inviting all reactionary elements to rally behind him to stage a showdown against the current Government, which has just completed the first of its mandated five years. Perhaps to support RW, critics have begun to unleash a vicious propaganda with a catalogue of AKD’s and NPP’s promises before and failure to deliver them after the election. Within one year?

Constructive criticism is a necessary element in a healthy democracy which should be encouraged. But criticism driven by a spirit of seeking vengeance is to create chaos and that is what is driving the current propaganda. Without being overtly apologetic towards the new leadership it is fair to say that the country is not at least worse off than what it was when the new leaders took charge. But given the relative inexperience of several of the cabinet ministers and the enormity of challenges facing the nation, pragmatism and not blind commitment to ideology is the need of the time. That appears to be the strength of the current President.

For example, on the economic front the fact that AKD accepted IMF strategy towards economic stabilisation and growth instead of renegotiating for alternative terms and conditions has stopped the economy from heading backwards. Hasn’t the speed of stabilisation and recovery amazed even the IMF and World Bank? Hasn’t the country’s dollar surpluses higher now than when the Government came to power? Hasn’t AKD’s delivery of corruption-free governance been the main reason why IMF is not insisting on privatisation of the SOEs? Yet, there is a long way to go to achieve economic independence as promised. The incoming Budget should give a better picture about the actual state of play. Given these facts, isn’t it reasonable to wait at least till the end of the first half of the Government’s tenure to make an educative judgement about its performance? As they say, Rome was not built in one day.

Cancellation of perks and privileges

But what really seem to have added to an already angered group of fallen heroes and encouraging them to support RW’s battle cry is the recent cancellation of perks and privileges enjoyed by this self-promoted elite and which had become an unbearable burden to a struggling economy. That cancellation had angered not only RW but more so the Rajapaksas and other previous presidents. Before law catches them, several other politicians and public officials for misusing their powers and privileges, they would prefer a regime change as early as possible. In short, RW’s agenda is a move to restore the ancient regime with its weaknesses.

But these fallen heroes are obviously underestimating the strength and reach of the Aragalaya phenomenon. When RW thought that he had ended the revolt by force, the protestors did not go home to give up their mission but went straight to the voters instead to convince them of the rebels’ radical message. The rest is history. Would RW’s countermove provoke another Aragalaya of different dimensions?

The Colombo stock market yesterday opened the week on the up with plantation stocks driving turnover and the bourse extending its bullish run for more than a week.

The benchmark ASPI closed 0.36% higher on yesterday, up 77.31 points to 21,676.20 while the active S and P SL20 closed 0.13% higher, up 7.64 points to 6,119.21.

Turnover was Rs. 4.2 billion on more than 131.6 million shares traded. Foreigners were net sellers yesterday with a net outflow of Rs. 15.6 million, down from a Rs. 155 million outflow on Friday.

First Capital Research said that the Colombo Bourse kicked off the week on a positive note, marked by a wave of bullish sentiment. The ASPI posted a gain of 77 points and closed at 21,676, strengthened by plantation sector counters and conglomerates.

CARS, MELS, JKH, NAMU and WATA were the top positive contributors to the index. Moderate retail participation was chiefly observed on Plantation sector counters, whereas HNW participation was lower during the session.

Turnover for the day stood at Rs. 4.3 billion, reflecting a decrease of 41% compared to the monthly average that stands at around Rs. 7.2 billion.

The Food, Beverage and Tobacco sector took the lead with a share of 26%, while Diversified Financials sector and Capital Goods sector jointly contributed to 31% of the total turnover.

Additionally, buying sentiment towards the Banking sector has been lowered. Foreign investors remained net sellers, recording a net outflow of Rs. 15.6 million.

NDB Securities said the ASPI closed in green as a result of price gains in counters such as Carson Cumberbatch, Melstacorp and John Keells Holdings with the turnover crossing Rs. 4.2 billion.

A similar behaviour was witnessed in the S and P SL20.

High net worth and institutional investor participation was noted in Commercial Bank, Renuka Foods and Prime Lands Residencies.

Mixed interest was observed in LB Finance, Associated Motor Finance Company and Watawala Plantations whilst retail interest was noted in Kotagala Plantations, SMB Leasing and LVL Energy Fund.

Foreign participation in the market activity remained at subdued levels with foreigners closing as net sellers.

The Food, Beverage and Tobacco sector was the top contributor to the market turnover (due to Kotagala Plantations) whilst the sector index gained 2.35%.

The share price of Kotagala Plantations gained Rs. 0.80 (8.42%) to close at Rs. 10.30.

The Diversified Financials sector was the second highest contributor to the market turnover (due to Associated Motor Finance Company, LB Finance and Galle Face Capital Partners) whilst the sector index decreased by 0.44%.

The share price of Associated Motor Finance Company moved down by Rs. 11.90 (12.98%) to close at Rs. 79.80.

The share price of LB Finance recorded a loss of Rs. 0.25 (0.16%) to close at Rs. 153. The share price of Galle Face Capital Partners appreciated by Rs. 4.80 (5.88%) to close at Rs. 86.50.

Prime Lands Residencies was also included amongst the top turnover contributors. The share price of Prime Lands Residencies increased by Rs. 1.80 (5.52%) to close at Rs. 34.40.