Category: Daily Financial Times

The Technocity Ltd., the leading authorised IT distributor in Sri Lanka for globally reputed brands such as HP, ASUS, MSI, Lenovo, BenQ, Raidmax, Kaspersky and more, has stepped forward with a remarkable Rs. 50 million relief initiative.

The Company said its goal is to assist impacted children, and schools in the most severely hit areas.

In addition to destroying buildings, landslides and floods also wrecked the digital infrastructure of many schools .Acknowledging this pressing need, The Technocity committed Rs. 50 million which includes Rs. 20 million in cash for rebuilding physical infrastructure and Rs. 30 million for supplying advanced computer devices and ICT facilities such as 50 Techno View 65′ and 86′ Interactive AI smart board display panels, as well as laptops, all-in-one printers, and photocopiers to affected schools in the hardest-hit regions These advanced devices will help restore classrooms, reconnect communities, and remind children that even in the face of disaster, their future remains protected and prioritised.

This initiative, developed in close collaboration with the Office of Prime Minister, and Education, Higher Education, and Vocational Education Minister Dr. Harini Amarasuriya. Subsequently, on 15 December, The Technocity Chairman and Founder Famy Ismail handed over the cheque to the Prime Minister Dr. Harini Amarasuriya in the meeting held at the Temple Trees.

Ismail, who is also Chairman and Founder of Laptop.lk Ltd., emphasised the moral duty behind this mission. ‘Moments like these remind us that humanity must lead the way, especially when infrastructure damage disrupts access to education and critical IT systems that communities rely on. Our commitment is to help families rebuild their lives with dignity and strength.’

The US has begun recalling a group of career diplomats serving as Ambassadors and senior embassy officials, including US Ambassador to Sri Lanka Julie Chung, as part of a broader reorganisation of its overseas diplomatic representation.

Officials familiar with the process said Chiefs of Mission in at least 29 countries were notified last week that their assignments would end in January. Many of those affected were appointed during the previous administration and continued in their roles after the change of Government in Washington. Formal notices of recall were issued from the US capital during the week.

Ambassadors serve at the discretion of the President and typically hold office for fixed terms. Those recalled are expected to retain their Foreign Service status and return to Washington for reassignment rather than leave the service.

The US State Department has not disclosed the exact number or identities of the diplomats involved, describing the move as part of routine administrative changes reflecting the President’s authority over diplomatic appointments.

Africa accounts for the largest share of recalls, with missions in 13 countries affected. Changes are also taking place across the Asia-Pacific region, Europe, the Middle East, South Asia and the Western Hemisphere.

Sri Lanka is among the South Asian countries included in the exercise.

Ideal Motors (Pvt) Ltd is proud to announce that it was honoured with a Merit Award in the Automobile Sector at The Great HR Awards 2025, Sri Lanka’s newest and most prestigious platform recognising excellence in human resource management.

Positioned as the nation’s highest honour in HR, The Great HR Awards celebrate organisations that demonstrate outstanding achievements in people strategy, workplace culture, HR technology, and industrial relations. The awards are backed by Mercer’s globally recognised evidence-based methodology and the Chartered Institute of Personnel Management (CIPM) Sri Lanka, ensuring rigorous benchmarking against international best practices while remaining firmly grounded in the local context.

Winning this Merit Award marks a significant milestone in Ideal Motors’ journey and reaffirms its long-standing belief that people are the true driving force behind sustainable business success. In an increasingly competitive and rapidly evolving automobile industry, this recognition highlights the organisation’s commitment to building a future-ready workforce aligned with changing business demands and customer expectations.

Over the years, Ideal Motors has faced numerous challenges as a fully-fledged automobile company while maintaining its market leadership position in the Light Commercial Vehicle (LCV) segment. The organisation navigated complex macro- and microeconomic conditions, including skill shortages, talent migration, import restrictions, and broader industry disruptions. Despite these challenges, Ideal Motors successfully achieved a strategic turnaround, positioning the company for a profitable and sustainable future in 2025, driven largely by its strong and resilient people practices.

Throughout this transformation, people remained the organisation’s greatest strength and key enablers of business excellence. The HR function played a critical role in workforce planning, talent sourcing, capability building, and organisational restructuring during periods of uncertainty.

Through targeted initiatives aligned with employee engagement, diversity, equity, inclusion, and belonging (DEIB), the organisation fosters an environment where employees feel respected, supported, and empowered to perform at their best.

Technology has also been leveraged as a strategic enabler in Ideal Motors’ HR transformation journey. By adopting digital HR solutions and data-driven decision-making, the organisation has enhanced efficiency, strengthened workforce analytics, and enabled HR to function as a strategic business partner rather than taking on a purely administrative role.

Commenting on the achievement, the management of Ideal Motors stated that the award is a testament to the dedication, commitment, and resilience of its employees and HR team.

‘This recognition reinforces our belief that strong people practices are essential to business success. It motivates us to further strengthen our culture, invest in our people, and continuously evolve our HR strategies to meet future challenges,’ the management noted.

The Great HR Awards are open to organisations of all sizes and sectors, making the competition both diverse and highly competitive. Being recognised among leading organisations across industries further underscores Ideal Motors’ position as an employer that sets benchmarks for HR excellence within the automobile sector.

As the world of work continues to evolve, Ideal Motors remains committed to redefining workplace culture, enhancing employee experience, and positioning HR as a strategic driver of business performance. This Merit Award at The Great HR Awards 2025 represents an important milestone in that journey and inspires the organisation to continue striving for higher standards in people excellence.

Jetwing Hotels is joining TiECON Colombo 2026 as the Official Travel and Hospitality Partner.

The event is powered by TiE Colombo, part of The Indus Entrepreneurs (TiE); a worldwide network with 60 chapters across 16 countries, bringing together a rich mix of entrepreneurs, intrapreneurs, policy makers and educators, visionaries and innovators, global leaders, private equity and venture capital leaders, and global brand builders. It will be held on 9 January 2026 in Colombo.

TiECON 2026 theme, ‘Go Global: Runway to the World’, marks a pivotal moment for Sri Lanka’s business landscape, a change from resilience to reinvention, and from local ambition to global aspiration. As the Official Travel and Hospitality Partner, Jetwing Hotels’ role underscores a shared commitment: ensuring that Sri Lanka’s emerging place on the global entrepreneurial map is matched with world-class hospitality and a warm, seamless experience for international delegates.

Jetwing Hotels Director – Marketing and Business Development Hashan Cooray and Jetwing Director Hashan Cooray said: ‘While welcoming international guests to experience the warmth and service excellence that Sri Lanka is famous for, we are equally proud to support TiE Colombo’s mission of building a platform that empowers Sri Lankan entrepreneurs and existing businesses to scale globally, driving the enhancement of Sri Lanka’s economy.’

As Sri Lanka positions itself as a hub for global entrepreneurship, Jetwing Hotels’s partnership ensures that visiting founders, venture capitalists, and thought leaders encounter a standard of hospitality that reflects the country’s readiness to welcome world-class business collaboration.

This collaboration seamlessly blends TiE’s global entrepreneurship ecosystem with Jetwing Hotels’s decades of hospitality leadership, creating an elevated environment for connection, conversation, and global opportunity.

As part of TiE Global, TiE Colombo connects Sri Lankan entrepreneurs to an international network of mentors, investors, and charter members who have built, scaled, and led global enterprises. With Jetwing Hotels supporting the hospitality experience for TiECON 2026, Sri Lanka strengthens its ability to host this global community with distinction.

TiE Colombo President Madu Ratnayake said: TiECON Colombo 2026 is where Sri Lankan ambition meets global opportunity. Partnering with Jetwing Hotels ensures we not only bring the world to Colombo, we welcome them with the best of Sri Lankan hospitality. Their support enhances the experience we want to create for every international participant stepping onto our runway to the world.’

TotalEnergies Marketing India Private Ltd., (TEMIPL) has announced a partnership with Energy Core Lanka Ltd., introducing its latest range of high-performance lubricants to the Sri Lankan market. This milestone marks the beginning of a journey powered by innovation, global engineering expertise, and advanced lubrication technology – built to elevate mobility, industrial growth, and operational excellence across sectors.

The newly launched range in Sri Lanka includes automotive lubricants, industrial lubricants, and specialised solutions trusted by leading OEMs worldwide. Backed by cutting-edge R and D and global partnerships, TotalEnergies ensures unmatched performance, reliability, and protection for engines and machinery setting new benchmarks for productivity and sustainability.

TEMIPL CEO – Lubricants Automotive Viken Najarian said, ‘The Sri Lankan market is growing rapidly with a strong demand for the latest advancements in lubrication technology.’ TotalEnergies is committed to innovation and performance in all applications. Our partnership with Energy Core Lanka Ltd., enables us to introduce our advanced lubricant solutions to Sri Lanka, supporting greater efficiency and reliability for the industrial customers and vehicle users.’

Energy Core Lanka Ltd., Managing Director Dimitri Sheriff said, ‘We are honoured to partner with TotalEnergies, a global energy company with operations in over 130 countries and a legacy of engineering excellence. Few brands in the world command such a powerful portfolio of OEM-backed lubricants, trusted by leading automotive, industrial, and marine manufacturers. Through this partnership, we aim to bring that same global standard of performance and protection to Sri Lanka’s mobility and industrial sector.’

The Inland Revenue Department (IRD) has achieved the Government’s 2025 revenue target of Rs. 2,203 billion by 19 December, Commissioner General Rukdevi Fernando said.

She noted that the collection marks the highest annual revenue recorded in the Department’s history, adding that further steps would be taken to strengthen revenue mobilisation in the remaining days of the year.

The Commissioner General also thanked taxpayers for their contribution through direct and indirect tax payments and acknowledged the efforts of IRD staff, along with officials from other public and private sector institutions, in reaching the milestone.

DIMO’s recognition at the Great HR Awards 2025, where the organisation emerged as Winner – Diversified Group of Companies Sector and Runner Up – Extra Large Category, reflects the strength, consistency, and maturity of its human resource practices. Organised by the Chartered Institute of Personnel Management (CIPM) Sri Lanka in collaboration with Mercer, the awards assess organisations against globally aligned HR standards, making the recognition a meaningful endorsement of DIMO’s approach to managing people at scale.

For a diversified organisation, effective people management is defined not only by intent, but by governance, consistency, and the ability to manage complexity across varied business contexts. DIMO’s people strategy has evolved with this understanding, positioning HR as a core business function that supports leadership effectiveness, organisational stability, and long-term performance.

From a management perspective, HR at DIMO plays a central role in enabling informed decision-making and ensuring organisational readiness across a Group that has generated over LKR 90 billion in revenue over the last two financial years and employs more than 2,000 people. People practices are designed to align closely with business priorities while maintaining common standards across the Group. This balance allows individual business units the flexibility to respond to sector-specific requirements without compromising governance, consistency, or values.

A key focus has been the use of data and analytics to strengthen workforce planning, performance management, and leadership decisions. Evidence-based insights support leaders in understanding capability requirements, managing risk, and ensuring continuity across critical roles. This disciplined approach reinforces HR’s role as a strategic partner rather than a purely operational function.

Dilrukshi Kurukulasuriya, Executive Director and Chief Human Resources Officer of DIMO, says, ‘DIMO’s grounded, practical reflection on consistent strategy, data-driven insights, and leadership accountability continues to support business performance and organisational sustainability. Through value-driven leadership and resilient people practices, we are committed to a continuous advancement on shaping exceptional employee experiences that drive our collective success.’

The Runner Up recognition in the Extra-Large Category acknowledges DIMO’s commitment to professional HR excellence at scale. It reflects structured governance, continuous capability building within the HR function, and alignment with best practices that strengthen credibility and consistency across the organisation.

While strategy and systems provide structure, the effectiveness of HR is ultimately reflected in the employee experience. At DIMO, this experience is shaped by clarity of expectations, fairness in processes, and access to opportunity. Employees operate within clearly defined performance frameworks, transparent reward structures, and career pathways that support both individual growth and organisational needs.

Employee relations are managed through structured and predictable mechanisms that promote fairness and industrial stability. This institutional approach ensures that issues are addressed consistently and constructively, contributing to trust and continuity across the workforce. Such stability is particularly critical in a diversified organisation, where alignment and collaboration across businesses are essential.

Managers across the Group are expected to act as people leaders, ensuring that day-to-day interactions reflect organisational values and standards. This emphasis on leadership accountability helps translate policy into practice and reinforces a culture of respect, professionalism, and responsibility.

The Winner – Diversified Group of Companies Sector award recognises DIMO’s ability to maintain coherence in people practices across diverse operations. Common values, aligned expectations, and a shared organisational identity provide a unifying framework, while allowing sufficient flexibility for businesses to operate effectively within their respective markets.

This consistency supports employee mobility, leadership development, and cultural alignment, strengthening the Group’s overall capability. It also reinforces DIMO’s employer reputation as an organisation that values discipline, fairness, and long-term investment in its people.

DIMO views the recognition at the Great HR Awards 2025 not as an endpoint, but as affirmation of a deliberate and sustained approach to people management. The awards confirm that disciplined governance, data-informed decision-making, and leadership accountability across our businesses – mobility, aftersales, infrastructure engineering, agriculture, healthcare and education remain critical to organisational success.

Staying true to DIMO’s purpose of ‘Fuelling Dreams and Aspirations’ through its Employee Value Proposition of ‘Making Work Enjoyable and Rewarding,’ the organization continues to evolve alongside shifting business and workforce expectations. Through value-driven leadership and a steadfast commitment to shaping exceptional employee experiences, DIMO aims to uphold the standards reflected in this recognition while contributing to the continued advancement of professional HR practices in Sri Lanka.

DFCC Bank yesterday said it has received regulatory approval from the Central Bank of Sri Lanka (CBSL) to proceed with the acquisition of Standard Chartered Bank’s Sri Lankan wealth and retail banking businesses.

With the approval, DFCC said it will proceed with the next phase of the transaction, including the planned migration and integration activities.

The deal worth Rs. 3.7 billion is expected to be completed by the second quarter of 2026, the bank said.

Sri Lanka’s debt restructuring has delivered measurable relief, but debt risks remain elevated and the country’s capacity to repay the International Monetary Fund (IMF) has come under added strain following Cyclone Ditwah, according to the IMF’s December staff assessment.

While public debt dynamics have improved materially since the 2022 crisis, IMF staff cautioned that fiscal discipline will be critical as Sri Lanka balances recovery, reconstruction, and debt sustainability. The Fund said the gains achieved through restructuring could be undermined if emergency and reconstruction spending are not carefully managed within existing fiscal rules.

Between 2022 and 2024, Sri Lanka’s public debt declined from 125.8% of GDP to 105.7%, while gross financing needs fell from 33.9% of GDP to 21.9%. Interest payments relative to Government revenue also eased sharply, declining from 79% to 56%. Despite these improvements, the IMF said post-restructuring debt indicators remain high, requiring a calibrated fiscal strategy to preserve sustainability while supporting economic recovery.

The assessment placed particular emphasis on adherence to the Public Financial Management Act (PFMA) in deploying emergency spending. IMF staff said any supplementary allocations under the 2026 Budget should be used only when funding needs cannot be met through Budget reallocations, the annual Budget reserve, or the Contingencies Fund.

Any breach of the primary expenditure ceiling, the Fund noted, would need to be justified under the Act’s escape clauses and accompanied by a recovery plan and corrective measures in subsequent budgets.

IMF staff said draft PFMA regulations covering Budget execution, fiscal rules, and enforcement procedures are being finalised and will help reinforce fiscal discipline, even during emergencies. The Fund also urged Sri Lanka to strengthen financial preparedness for future disasters through dedicated disaster funds, insurance mechanisms, and other risk-transfer tools.

Governance and transparency were flagged as central to sustaining confidence. The IMF said all emergency and reconstruction-related spending, including allocations through the Rebuilding Sri Lanka Fund and donor-financed projects, must comply with accountability requirements under the PFMA framework.

This includes publishing procurement contracts, disclosing beneficial ownership information, and ensuring that any procurement deviations during disaster response are documented and publicly disclosed. Regular public reporting and independent audits were described as essential safeguards.

On Sri Lanka’s capacity to repay the Fund, IMF staff assessed it as adequate but subject to significant risks, with the assessment contingent on continued implementation of reforms under the Extended Fund Facility (EFF). High debt levels and elevated gross financing needs were cited as ongoing vulnerabilities that underscore the importance of institutional strengthening and durable fiscal frameworks.

Capacity-to-repay indicators have weakened temporarily compared with the Fourth Review. Under the Rapid Financing Instrument (RFI) and the EFF, IMF credit outstanding is projected to peak at 3.1% of GDP in 2027, unchanged from earlier projections.

However, exposure relative to exports of goods and services has risen to 15.6% from 14.1%, while exposure relative to gross reserves has increased to 25.6% from 24.2%. Repurchases and charges are expected to peak in 2032 and remain broadly in line with earlier projections at 2.3% of exports and 3.6% of gross reserves.

The IMF said sustaining the gains from debt restructuring while meeting post-Ditwah reconstruction needs will depend on strict adherence to fiscal rules, strong governance, and continued commitment to the reform agenda underpinning the IMF-supported program.

It noted that adequate safeguards are in place. The Central Bank of Sri Lanka (CBSL) has implemented most recommendations from the 2023 Safeguards Assessment. The CBSL’s balance sheet continues to strengthen with equity reaching 1% of GDP at end-2024, reducing risks highlighted in the Safeguards Assessment.

The CBSL continues to monitor its financial position and strengthen its balance sheet stress testing approach, including through an upcoming IMF TA. The CBSL has also strengthened its internal audit and risk management practices. The RFI requires an update to the Safeguards Assessment, which will be completed in due course, the IMF report noted.

The IMF holds that at just 0.2% of GDP, the RFI is an appropriate instrument to help Sri Lanka safeguard its recent fiscal gains:

‘The RFI will provide crucial Budget support to finance disaster response, including restoration of essential services, macro-critical infrastructure repairs, and emergency assistance to those affected. The urgent balance of paymemts need triggered by Cyclone Ditwah is expected to be resolved within 12 months, without major changes to the authorities’ policy plans. Authorities’ track record of reform implementation, current policies under the EFF-particularly safeguards under the PFMA-and the limited size of the RFI mitigate risks to fiscal and debt sustainability. Authorities remain committed to the policy objectives of the IMF-supported program, which has underpinned a robust economic recovery, price stability, revenue-based fiscal consolidation, and the rebuilding of international reserves,’ the IMF said.

Acorn Group has been named the winner in the Hospitality, Tourism and Leisure category at the Great HR Awards, organized by the Chartered Institute of Personnel Management (CIPM) Sri Lanka in partnership with Mercer. The recognition highlights the Group’s strong focus on progressive, people-centred human resource practices and its continued investment in building a modern, inclusive workplace culture.

The awards ceremony took place on 25 November 2025 at Cinnamon Life, bringing together leading organization from across Sri Lanka. The event was attended by Dr. Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka, as Chief Guest, and Ms. Nadeeka Wataliyadda, Director General of Labour, as Guest of Honour. Over 100 organizations competed across multiple award categories, including Excellence Awards, Commendations, and Sector Awards, making the recognition a significant achievement.

All participating organizations were assessed through a comprehensive evaluation process aligned with international HR best practices. Submissions were reviewed by an expert panel, with emphasis placed on areas such as workplace culture, employee engagement, learning and development, digital adoption, and long-term people strategy.

Speaking at the ceremony, CIPM President Priyantha Ranasinghe highlighted the broader purpose of the awards, noting that they recognize organizations that actively enhance employee experience, adapt to evolving workforce needs, and contribute positively to industry standards.

For Acorn Group, the award reflects a sustained commitment to nurturing a work environment where people are supported, empowered, and encouraged to grow. The Group’s HR approach places strong emphasis on inclusivity, continuous development, and recognizing individual contribution, ensuring that employees remain at the centre of organizational progress.

Commenting on the achievement, Acorn Group stated that the recognition reinforces its focus on aligning HR practices with global benchmarks while continuing to innovate across the sectors it operates in. The Group also acknowledged the role of CIPM Sri Lanka in advancing HR excellence through initiatives that promote best practice and professional standards across industries.

As Acorn Group marks this milestone, it remains focused on strengthening its people strategies and building future-ready workplaces that support both organizational performance and employee well being. The recognition serves as further motivation for the Group to continue setting high standards in human resource management within the hospitality, tourism and leisure sector.