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Trinity College emerged triumphant in the J.R. Jayawardena Challenge Trophy football encounter against traditional rivals Royal College, recording an impressive four victories from five age-group matches at the Trinity College Rugby Stadium in Pallekele recently.

The highlight of the day was the fiercely contested First XI encounter, where Trinity College produced a determined performance to secure a valuable 1-0 victory over the Royalists. Following a closely fought first half that ended goalless, Trinity found the decisive breakthrough after the break to seal the win and claim the coveted trophy. Trinity College lead the series with four wins from five.

The hosts continued their dominance in the junior categories, registering identical 1-0 victories in the Under-18, Under-14 and Under-12 encounters. These hard-fought wins highlighted Trinity’s consistency, discipline and fighting spirit across the different age groups.

Royal College, however, prevented a complete whitewash by producing a convincing performance in the Under-16 match, recording a 2-0 victory over their Kandy rivals.

Addressing the Regional Forum on Circular Economy – South Asia, jointly organised by SAARC and the Federation of Chambers of Commerce and Industry of Sri Lanka (FCCISL) with support from the Institute for Global Environmental Strategies (IGES), brought back a vivid memory from my childhood in Mumbai.

Echoing down the street outside our apartment, a vendor carrying a large basket on his head would call out: ‘Bhandiwalla, Bhandiwalla!’ Once or twice a year, my mother would call him upstairs. He would unload his basket to reveal sparkling stainless-steel utensils. My mother would bring out a stack of old, worn-out family clothes, and the bargaining would begin. Eventually, they would settle on a fair barter-a gleaming steel plate, bowl, or glass in exchange for a pile of discarded garments.

That street vendor was a key operator in a thriving, decentralised circular economy. He took those old clothes and systematically repurposed them. Usable garments were cleaned, ironed, and resold in smaller towns and villages. Hardware like buttons and zips were salvaged and sold to local tailors. Nothing was wasted; everything was reused, repurposed, or recycled. Landfills simply did not factor into the equation.

A philosophy embedded in cultural DNA

This informal barter system was not merely a survival tactic; it was the practical manifestation of an ancient South Asian worldview. The Indian philosophy of Vasudhaiva Kutumbakam (‘the world is one family’) highlights the intrinsic interdependence of all living beings. Similarly, the concept of Ahimsa-practiced so powerfully by Mahatma Gandhi-demands non-violence not only toward human beings but also implicitly toward the natural environment.

At South Asian dining tables, children are raised with a fundamental command: never waste a single morsel of food. In our culture, squandering resources is viewed almost as a moral failing.

While the modern global economy operates largely on a linear ‘take-make-dispose’ model, the circular economy focuses on ‘use, repurpose, renew, and recycle.’ It ensures materials remain continuously within the economic loop rather than ending up as toxic land contamination.

Entrepreneurial communities: South Asia’s original circular pioneers

While India’s current position as one of the world’s fastest-growing major economies is frequently attributed to its demographic dividend, its bedrock lies in entrenched entrepreneurial communities. Long before modern sustainability frameworks were codified, these merchant networks jumpstarted trade by operationalising zero-waste principles:

The Marwaris (Rajasthan) and operational efficiency: Marwari trade culture was built on eliminating operational leakage (kasar). In early merchant supply chains, packaging materials-dunnage, burlap sacks, wooden crates, and metal bindings-were systematically harvested, graded, and resold across secondary commodity markets. Machinery in Marwari-run mills was continuously repaired, retrofitted, and downgraded through secondary manufacturing tiers before final scrap recovery. Furthermore, through community banking instruments (Hundis), financial capital circulated internally, minimising interest leakage to external institutions.

Nattukottai Chettiars (Tamil Nadu) and cross-border loops: As maritime merchant bankers operating across South and Southeast Asia, the Chettiars optimised cross-border shipping networks. Vessels exporting spices or textiles never returned empty; they brought back timber, stone, and raw materials as structural ballast, which were immediately converted into construction materials upon arrival.

Gujaratis and Jains (Western India) and material valorisation: Guided by Ahimsa, these trading guilds prioritised resource stewardship. Gujarati networks pioneered secondary textile markets by collecting cotton mill waste (ru) and processing short-staple fibers into coarse industrial cloth, paper, or stuffing. This ethos also built major industrial salvage hubs like Alang in Gujarat, where decommissioned ships are systematically stripped down to re-roll structural steel and re-introduce every component back into the industrial supply chain.

Parsis (Mumbai and Gujarat) and extended lifespan design: Industrial pioneers like the Tata and Godrej families rejected planned obsolescence. Heavy consumer products-from steel cabinetry and locks to industrial machinery-were engineered for multi-generational durability, modular repair, and high residual scrap value. Moreover, industrial profits were systematically reinvested into urban green belts, housing trusts, and civic infrastructure.

Bunts (Coastal Karnataka) and integrated agro-hospitality loops: In traditional Bunt-run restaurant networks (such as Udupi eateries), organic kitchen waste was redirected to coastal dairy farms or converted into agricultural compost. In native Canara agricultural estates, every component of coconut and arecanut cultivation was monetised-husks became coir fiber, fronds were woven into roofing, shells were converted into activated carbon, and fallen leaves served as biodegradable serving plates (patravali).

Modern start-ups harnessing waste for wealth

This ancestral ingenuity is currently experiencing a high-tech revival across South Asia’s start-up ecosystem:

Chakr Innovation has developed the ‘Chakr Shield,’ a technology that captures particulate matter emissions from diesel generators and converts it into high-grade industrial ink-now purchased by global tech firms like Dell.

Boson White Water addresses industrial water security by treating sewage effluent from large apartment complexes to potable standards for use in IT parks and industrial facilities. In an era of booming data center expansion, such liquid waste innovations are vital.

The scale of the crisis

Despite these deep-rooted traditions and promising innovations, South Asia faces an unprecedented environmental challenge driven by rapid urbanisation:

1. Surging Solid Waste: India’s urban population is projected to reach 600 million (40%) by 2030 and 800 million by 2050. Consequently, annual municipal solid waste (MSW) generation will surge from roughly 62 million tons today to 165 million tons by 2030, and 436 million tons by 2050.

2. Urban Land Loss: Unmanaged dumping currently locks up over 10,000 hectares of prime urban land across 2,100+ legacy dumpsites (such as Delhi’s Ghazipur and Okhla mounds), posing serious public health hazards.

3. Unused Liquid Waste: India generates 112 billion litres of domestic wastewater daily (the 3rd largest volume globally), but only ~28% undergoes treatment. Monetising treated urban wastewater for industrial and agricultural reuse represents a potential ?3.04 trillion market opportunity by 2047.

4. Resource Dependencies: Urban material consumption is set to more than double-from 40 billion tons in 2010 to 90 billion tons by 2050. Heavily reliant on imported critical minerals for electronics, electric vehicles (EVs), and heavy manufacturing, the region urgently requires urban mining and closed-loop recycling networks to secure strategic supply chain autonomy.

The macroeconomic opportunity

Where there is a resource crisis, there is tremendous macroeconomic potential. Joint research by the Ellen MacArthur Foundation and NITI Aayog reveals that transitioning to a circular economy could unlock ?40 lakh crore ($624 billion) in annual value for India by 2050-equivalent to 30% of its current GDP.

In the near term, adopting circular practices across construction, agriculture, mobility, and manufacturing could yield ?14 lakh crore ($218 billion) in annual material cost savings by 2030, lowering production costs by 11% while creating millions of skilled and semi-skilled green jobs across formal and informal sectors.

Bridging tradition and tomorrow

The path forward for South Asia does not require importing alien economic philosophies. The core tenets of the circular economy are already encoded in our cultural history, our childhood memories of the bhandiwalla, and our traditional business networks.

By combining modern technology and regulatory frameworks with our ancestral values of resource stewardship and non-wastage, South Asia can transform its urban waste challenges into a powerful engine for job creation, sustainable growth, and long-term economic prosperity.

Newly elected for a fourth term, Brazilian President Luiz Inácio Lula da Silva has expressed hope of deepening bilateral trade and technical cooperation with Sri Lanka, as the two countries work towards elevating bilateral trade to $ 1 billion by 2030.

‘I hope we can deepen technical cooperation and bilateral trade between our countries,’ Lula said in a post on X, responding to President Anura Kumara Dissanayake’s message congratulating him on his election victory. Lula also recalled meeting Dissanayake in India in February this year.

The $ 1 billion trade target was agreed at the Second Round of Bilateral Political Consultations, held in Colombo on 20 March, 2026.

At the talks, both sides acknowledged steady growth in economic cooperation and stressed the importance of broadening engagement in response to evolving global economic dynamics.

Under the technical cooperation framework, the Dairy Livestock Project and the Sugarcane Project have been finalised and are expected to be signed in the near future, with support from the Brazilian Cooperation Agency (ABC). The parties also committed to finalising outstanding legal instruments on defence, law enforcement, countering human smuggling and transnational organised crime, traditional and Ayurvedic medicine, and diplomatic training.

New avenues for cooperation were identified in agriculture, animal husbandry, agricultural research, ports and shipping, and sports. Both sides agreed to continue close collaboration in bilateral and multilateral forums.

In his post, Lula said Brazilians had shown that democracy could be defended against disinformation and extremism. In an earlier post on X, Dissanayake described Lula’s win as historic, saying it showed that people could not be misled by political dynasties and forces of the past.

‘Today, the people of Brazil did not just win an election; they defeated the forces of corruption, division and political lies,’ Dissanayake said.

The target requires roughly a five-fold increase on current levels. Two-way trade was $ 199.5 million in 2025, according to Export Development Board (EDB) data. Sri Lanka’s exports to Brazil fell 13.2% to $ 73.5 million, while imports from Brazil surged 77.5% to $ 126 million, leaving a deficit of $ 52.5 million. Sri Lanka had run a surplus with Brazil every year from 2018 to 2024, according to Sri Lanka Customs data published by the Sri Lankan Embassy in Brasilia.

Exports peaked at $ 84.6 million in 2024, led by apparel, new pneumatic tyres, fuel oil and retreaded or used rubber tyres. Synthetic rubber, sugar and paper were the main imports. The Embassy says there were no recorded significant Brazilian investments in Sri Lanka as of 2023. It lists light vessels, animal feed preparations, rubber gloves, new pneumatic tyres, desiccated coconut, cinnamon and solid or cushion tyres as having strong export potential in Brazil.

Trade under the Global System of Trade Preferences among Developing Countries (GSTP), to which both countries belong, remains negligible: Sri Lanka’s exports under the scheme were $ 80,000 in 2022.

One of the teething problems that Sri Lanka Cricket (SLC) has failed to address is the influx of national cricketers frequently going and playing franchise cricket around the world at the cost of national interest.

This has resulted in players picked for a certain tour arriving straight from playing franchise cricket instead of being part of the tour squad and undergoing training as one unit. It has also resulted in the question of fitness of such players and subsequently the injuries they suffer, which is detrimental to the national team’s interest.

‘We felt that at one stage playing for Sri Lanka is like getting your foot into different franchises,’ said SLC Transformation Committee member Sidath Wettimuny.

‘We want to change that perception and we are going to bring about a rule where we will say 10 days before a national tour you’ve got to be with the squad back home. Plus, we are going to restrict franchise cricket to a maximum of three which includes the LPL (Lanka Premier League). Depending on the fitness etc. a cricketer can play in two more franchises if SLC gives an NOC (No Objection Certificate) to play.’

‘For example, for the recent England tour, four of our players came from the West Indies, two days before the tour commenced. We are going to stop that. We are going to restrict the players to the 8 main franchises. The players’ contracts end shortly this year in their new contracts. We’ll make sure that regulation is there. We want to rationalize the whole process for the players to make sure that Sri Lanka cricket is the priority. Playing franchise cricket is well and good but their priority must be to represent the country.’

Transformation Committee chairman Eran Wickramaratne addressing the media at their monthly meeting said that there was no issue with the ICC funding of SLC although at present, it is run by a government appointed body.

‘We have the support of the ICC in what we are doing. They can see that we are in the process of putting good governance in place. The ICC has its own regulations and how they administer it. The funds are coming, the methods have changed,’ said Wickramaratne.

‘What we are focusing on as a committee is not only on receiving funds, we are very focused on how the funds are being spent. That’s very critical and important. We are focused on what our priorities are in spending those funds?

‘We are very much focused on waste management and basically saving every single rupee so that it can be put into school cricket, to women’s cricket and cricket in general. We are focused on having pre-evaluation particularly when it comes to capital expenditure. I don’t like saying this, but just to illustrate the point we have floodlights here (at the SSC). These floodlights have cost us more than Rs. 1.7 billion. Since the installation of these floodlights only one match has been played. When we get into capital expenditure we will do very careful evaluation in terms of financial returns. We are there to play cricket, but we are there to play cricket intelligently.’

Wickramaratne also revealed that they have begun a reserve fund for SLC from this month.

On the question of at which stage the new SLC constitution stood at the present moment, Wickramaratne replied, ‘The Supreme Court will most likely provide its verdict and conclusion this week. Then it will be tabled in Parliament the following week. After that, a debate could be called in Parliament for a second reading of the bill and a vote could be taken. We think that process should be concluded approximately a month from now. But certainly this year we will see the new constitution become law on SLC. After that it will take several weeks to implement it because there are elected officials and appointed officials that have to go through a process.’

Transformation Committee member Roshan Mahanama appearing for the first time at a media conference said, ‘If anyone wants to be an elite athlete you cannot compromise on discipline and fitness.’

Speaking on a few key areas that the committee has started to develop Mahanama named, match officiating from grass root levels, a curator with a good background, appointment of coaches, restructuring of the entire High Performance Centre (HPC), a brain centre where ‘we are about 10 years behind other countries’, bringing in a cricket season which is important for workload management, injury recovery, technical challenges, an accreditation policy for player-managers, a women’s protection policy, a child safe-guarding and a child protection policy ”as we have under 17 boys and under 19 girls (some of them are 15 years)’.

The Ceylon Chamber of Commerce conducted a Business Promotion Mission to Jakarta, Indonesia, from 13 to 17 October 2026, to strengthen Sri Lanka-Indonesia business relations and explore opportunities for trade, investment and private sector collaboration.

Led by CBL Group Chairman and Group Managing Director Sheamalee Wickramasingha, the delegation comprised representatives from CBL Global Foods Ltd., Silvermill Group, Antler Fabric Printers Ltd., Dinamore Ltd., Macksons Holdings Ltd., and the Ceylon Chamber of Commerce.

During the mission, the delegation participated in Trade Expo Indonesia (TEI) 2026, engaging with potential business partners and exploring Indonesia’s export capabilities. The program also included meetings with the Indonesian Ministry of Trade, the Indonesian Employers’ Association (APINDO) and the Indonesian Food and Beverage Association (GAPMMI) to discuss opportunities for closer business engagement and expanded trade.

A key outcome of the visit was the signing of a Memorandum of Understanding (MoU) between The Ceylon Chamber of Commerce and the Indonesian Chamber of Commerce and Industry (KADIN Indonesia). The agreement establishes a framework for closer cooperation between the two chambers, including facilitating business-to-business connections and promoting trade and investment opportunities in both markets.

The delegation also attended Sri Lanka Connect 2026 in Jakarta on 16 October, where discussions included a meeting with Indonesia’s Deputy Minister of Investment Promotion Nurul Ichwan to explore investment opportunities and strengthen economic cooperation.

The mission concluded with a dinner hosted by Ambassador of Sri Lanka to Indonesia and ASEAN Sashikala Premawardhana, providing a further opportunity to discuss bilateral business relations.

Finance and Planning Deputy Minister Dr. Anil Jayantha Fernando yesterday said the Government’s capital market policies would be far more visible in the 2027 Budget, conceding that steps taken over the past two years had not been widely seen, leading some to conclude it had done little for the market.

‘You will see that visibility in a bigger way in this (2027) Budget,’ Dr. Fernando told the Institutional Investor Forum, ‘From Resilience to Sustainable Growth – Industry Forum 2026’, hosted by the Securities and Exchange Commission of Sri Lanka (SEC) and the Colombo Stock Exchange (CSE). The Budget proposals will be presented on 12 November, 2026.

He said most of the 12 capital market development proposals submitted by the SEC had already been discussed and accepted by the Finance Ministry. Some will be included in the Budget proposals, while the remainder will be discussed further and implemented in consultation with the CSE and the SEC.

Dr. Fernando said the Government had achieved most of its macroeconomic stabilisation targets ahead of or within the expected timeframe, earning recognition from local stakeholders, diplomatic missions, international agencies and independent rating agencies. The next task, he said, was to move beyond that phase.

‘Our challenge is not to live only within stabilisation. We need to move forward from stabilisation to real transformation, where investment is much needed, both local and foreign,’ he said.

He identified domestic savings as the immediate opportunity, noting a gap between savings and investment in Sri Lanka, and said the capital market had a critical role in pooling scattered savings and channelling money into the real economy.

To build an environment conducive to investment, the Government will allocate Rs. 2 trillion for capital expenditure, prioritising roads, railways, rural connectivity and networks, logistics, and some social spending. Dr. Fernando, however, conceded that existing bureaucratic systems and resources constrained the State’s ability to spend at speed, and said discussions on accelerating disbursement were already under way.

On fiscal policy, he said revenue mobilisation was well ahead of plan. The original target was to raise Government revenue to 15.4% of Gross Domestic Product (GDP) by 2030, but the country had already exceeded 16% by end-2025. This year’s target, set under ceilings referenced to the Public Financial Management Act, has been kept at around 15%, which he said could easily be reached.

Once that level is secured, Dr. Fernando said, the Government would have space to fund much-needed public investment and could then consider strategies to reset the present tax structure. He acknowledged issues in corporate income tax and individual income tax, but said rates could not be brought down at this stage without delaying revenue mobilisation. Once revenue reaches the required level, there is a possibility of reducing indirect taxation as well, he said, adding that all tax policy changes would be guided by the principles of fairness, simplicity and convenience.

Turning to State-Owned Enterprises (SOEs), he said only selected entities among the 527 classified as SOEs were engaged in commercial enterprise, with many carrying the label due to legal or other requirements.

‘The Government is not interested in engaging in ordinary economic activities such as trading or running a hotel. Our main task is to facilitate,’ he said.

Some SOEs will be diversified and others merged, while certain entities, including utilities such as energy, may be retained, either with private sector collaboration or solely with State investment, to prevent market manipulation. A new SOE Act would allow these entities to be reorganised under one umbrella and incorporated as companies with the autonomy to take decisions based on market conditions and risk. Dr. Fernando cautioned that the process would take time.

He also said required legal amendments would be introduced, with new Acts in the pipeline for presentation to Parliament, and that the single window project for investment facilitation through technology was nearing completion.

On monetary conditions, Dr. Fernando said interest rates were relatively high but not volatile, following decisions by the Central Bank to address external sector issues. In the long run, he said, inflation and interest rates must come down.

He flagged the Middle East crisis as an unquantifiable risk, noting that even global experts could not predict its duration or intensity, alongside the escalating global trade war, natural disasters, El Niño and climate change.

Citing the Government’s handling of recent currency pressure as evidence of its commitment to market fundamentals, Dr. Fernando said rumours of bans on motor vehicle and non-essential imports following the Middle East war had fuelled speculation, pushing the import bill up by around $ 2.5 billion a month over three to four months and putting enormous pressure on the currency. The rate prevailing at the time could not be explained by interest rate differentials, he said.

‘We did not take unnecessary decisions such as pegging the currency or artificially controlling the market. We let the market run, because we had confidence in our foreign exchange inflows,’ he said.

Applying the same principle to equities, he said market distortions arose when prices deviated from fundamentals, often driven by manipulation and information asymmetry, a situation where some participants hold information, including inside information, that others do not. Such practices had fostered a negative public perception of the market and made savers reluctant to invest. Regulators and stakeholders were now working to uphold fundamentals and a level playing field, he said, adding that the Government would not allow private interests to conflict with the public interest.

‘We hope that next year, in addition to what we have achieved so far, there will be new developments in the capital market and more foreign investment in the capital market,’ Dr. Fernando said.

Central Bank Governor Dr. P. Nandalal Weerasinghe, SEC Chairman Senior Prof. D.B.P.H. Dissabandara and CSE Chairman Dimuthu Abeyesekera also addressed the forum and took part in a panel discussion.

The Colombo stock market yesterday ended a six-session losing streak to end on the up.

The ASPI ended up 0.27% or 52.11 points at 19,692.67 and the S and P SL20 gained 0.19% or 10.44 points to 5,612.31. Market turnover was nearly Rs. 549.4 million on over 34 million shares traded and Foreign investors were net buyers on a net inflow of Rs. 35.12 million.

With 125 counters ending on the up against 75 that declined, the top contributors to the ASPI gain were DIAL, CARS, CCS, SEMB and LGL.

NDB Securities said high net worth and institutional investor participation was noted in Softlogic Life Insurance, CIC Holdings and John Keells Holdings. Mixed interest was observed in Panasian Power, Haycarb and Prime Lands Residencies whilst retail interest was noted in Browns Investments, LOLC Finance and Ceylon Land and Equity.

The materials sector was the top contributor to the market turnover due to CIC Holdings and Haycarb whilst the sector index gained 0.25%. The share price of CIC Holdings fell 10 cents to close at Rs. 24.90 and Haycarb gained Rs. 1.25 to Rs. 199.75.

The capital goods sector was the second highest contributor to the market turnover due to John Keells Holdings whilst the sector index increased by 0.69%. John Keells Holdings ended up 20 cents at Rs. 17.90.

Panasian Power and Softlogic Life Insurance were also included amongst the top turnover contributors. Panasian Power gained 40 cents to Rs. 10.40 and Softlogic Life Insurance ended up Re. 1 to close at Rs. 72.80.

First Capital Research said the bourse maintained a mildly positive sentiment throughout the session, supported by cautious buying as investors opted to accumulate stocks in relatively small quantities. Market activity remained measured, reflecting continued investor caution despite the positive momentum observed from the morning onwards. Both retail and HNW investors contributed to market activity, with notable trading in CIC across retail transactions and crossings.

The materials sector led the daily turnover with a share of 27%, followed by the capital goods, and banking sectors collectively contributing 24%.