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Softlogic Life, has emerged as finalist in two prestigious awards categories at the 29th Asia Insurance Industry Awards (AIIA) 2025: ‘Digital Insurer of the Year’ and ‘AI Initiative of the Year’.

This recognition marks another significant milestone in the company’s journey of innovation, placing both Softlogic Life and Sri Lanka firmly on the global insurance stage.

Now in its 29th year, the Asia Insurance Industry Awards stand as the region’s most respected benchmark of excellence, celebrating outstanding achievements across insurers, reinsurers, brokers, and service providers. The judging process, overseen by a panel of international industry experts, involves rigorous evaluation and peer-reviewed scrutiny, making the shortlist a testament to innovation, impact, and performance.

Softlogic Life’s nomination for Digital Insurer of the Year reflects its pioneering end-to-end transformation of the insurance value chain. By fully digitalising sales, distribution, claims, and policy servicing, the company has created a seamless customer journey while ensuring strong back-office integration. From instant policy issuance and mobile-first micro-products to the cashless Claim IT system at over 60 hospitals and a digital OPD platform that settles 97% of claims within a day, Softlogic Life’s digital ecosystem has redefined service delivery in Sri Lanka. These innovations, powered by its 100% digital E-Advisor platform that enables over 70% of policies to be auto-underwritten and online policy issuance within minutes, have accelerated exponential growth in customer acquisition, retention, and satisfaction.

Softlogic Life’s nomination for AI Initiative of the Year reflects its leadership in using artificial intelligence to reimagine insurance not just in Sri Lanka, but across Asia.

At the core of this transformation is the groundbreaking Insta Claim model, built on Microsoft Azure, Google Cloud, and custom AI solutions, which has revolutionised claims processing by cutting settlement times from five days to minutes, quadrupling processing capacity per employee, and scaling to manage 180 million OPD claims every month. Today, 35% of all claims are fully automated, while more complex cases are seamlessly managed through human-AI collaboration. Sophisticated algorithms further strengthen trust by ensuring genuine claims are honoured, reducing fraud to 2% and duplicates to 8%. Beyond Insta Claim, innovations such as AI-driven pricing models, the Health Score App for proactive health management, and the Lifey Virtual Assistant for smarter customer interactions have collectively streamlined operations, lowered costs, enhanced engagement and underwriting efficiency. Together, these digital and AI-powered solutions are delivering faster, more transparent service experiences-empowering over 1.3 million customers with greater confidence and trust in Softlogic Life.

Softlogic Life Managing Director Iftikar Ahamed said: ‘Being shortlisted in two major categories at the Asia Insurance Industry Awards 2025 is a proud moment for Softlogic Life and for Sri Lanka. This recognition reflects the relentless effort of our team to harness the power of digital technology and AI to transform the way insurance is delivered. At a time when customer expectations are being reshaped by digital-first experiences, we have proven that Sri Lankan companies can compete and lead on the global stage. We remain committed to pushing the boundaries of innovation to make insurance simpler, faster, and more accessible to every Sri Lankan.’

Being recognised among the top three insurers in Asia is a powerful testament that, for Softlogic Life, technology and AI are far more than buzzwords-they are embedded across the entire value chain to deliver real value for all stakeholders. This approach has been a driving force behind the company’s tenfold GWP growth in just 10 years. In 2024 alone, Softlogic Life achieved a remarkable 71% year-on-year growth in new policies and secured the highest health insurance market share. Even with a substantial increase in claims volume, the company paid the largest and fastest health and protection claims in the industry, without increasing its workforce-demonstrating the full power of tech-enabled efficiency. This relentless focus on customer-centric innovation has led to an industry-leading Net Promoter Score of 68+, alongside 29% GWP growth in 1H2025.

Softlogic Life EVP/Chief Information Officer Amal Dharmapriya said: ‘This recognition validates our commitment to building a truly digital-first insurer by embedding advanced technologies across every process. From cloud-native platforms to AI-enabled analytics, our focus has been on creating resilient, scalable systems that deliver speed, security, and reliability for our customers. Being shortlisted amongst Asia’s top 3 at the Asia Insurance Industry Awards reflects the strength of our technology architecture and its impact in driving measurable value across the business.’

EVP/Chief Digital Innovation Officer Saranga Wijayarathne said: ‘At Softlogic Life, digital and AI innovation is about reimagining the way people experience insurance,’ said. ‘Our focus has been on simplifying complex processes, personalising engagement, and delivering instant service in ways that customers-and even the industry-once thought impossible. This global recognition is proof of how our AI and digital platforms are making insurance more intuitive and inclusive, and it reflects our ability to compete with the very best in Asia.’

Sri Lanka showcased the rich diversity of its tea industry at a landmark charity auction of specialty estate teas representing the 7 agro-climatic regions of Sri Lanka. Renowned globally for producing the world’s finest Orthodox black teas, a Charity Tea Sale in celebration of the successful completion of the Sri Lanka Pavilion at EXPO 2025 was held in Osaka, Japan on 26 September.

The charity auction was organised in collaboration with the Sri Lanka Tea Board and the Colombo Tea Traders’ Association, assisted by the Colombo Brokers’ Association, The Planters’ Association of Ceylon and the Sri Lanka Tea Factory Owners Association.

All proceeds from the auction will be dedicated to uplifting the lives of tea estate communities by funding educational programs and health facilities.

This event not only highlights the excellence of Ceylon Tea, but also demonstrates the industry’s deep commitment to social responsibility and sustainable development.

The highest price of JPY 125,000 per kg was achieved by New Vithanakande Tea Factory for a line of FFEXSp from the Sabaragamuwa Region, which was adjudged the overall winner of the Bronze Award.

The second highest price of JYP 65,000 per kg was secured by Telbedde Estate of Balangoda Plantation PLC, a member of MelstaCorp/Stassen Group of Companies, for a line of OP1 from the Uva Region, which was adjudged the overall winner of the Gold Award.

The third highest price of JYP 55,000 per kg was secured for a line of Lovers’ Leap FBOP of Pedro Estate of Kelani Valley Plantations PLC, a member of the Hayleys Group in the Nuwara Eliya Region, which was adjudged the overall winner of the Silver Award.

The opening session of the 11th Annual Daily FT-CICRA Cyber Security Summit set a strong, forward-looking tone with a keynote address by Dibyajyoti Sen, VISA Risk Practice Lead for Visa Consulting and Analytics, Asia Pacific. Speaking under the theme ‘Future-Proof Security: Predicting Cyber Threats Before They Strike’, Sen outlined how artificial intelligence, quantum computing, and sophisticated supply chain attacks are fundamentally reshaping the global cybersecurity landscape.

A complex and fragmented threat environment

Sen began by mapping out the 2025 cyber threat landscape, drawing from Visa’s global intelligence network. Financial institutions, he said, remain prime targets, facing sustained, high-volume attacks from increasingly organised and well-funded threat groups. He pointed to the fragmentation of the ransomware ecosystem, with new collectives like DragonForce and Scattered Spider emerging to replace older groups. ‘We’re seeing the evolution of ransomware-as-a-service cartels where brand loyalty and ideology have given way to a more commercialised, marketplace-driven model of cybercrime.’

Beyond traditional attacks, nation-state actors are escalating operations to infiltrate critical infrastructure, including energy, transport, and telecommunications networks. Sen highlighted how campaigns such as Volt Typhoon and Salt Typhoon compromised routers, internet service providers, and even government surveillance systems through outdated hardware. ‘The lesson is that our weakest link isn’t always the newest technology. It’s often the legacy systems we’ve ignored,’ said Sen.

One of the most alarming shifts, Sen warned, is the weaponisation of generative AI (GenAI) by cybercriminals. The emergence of tools like GhostGPT, an uncensored AI chatbot marketed on Telegram for creating malware, phishing scripts, and exploits has lowered the technical barrier for threat actors.

‘AI has become a force multiplier,’ Sen said. ‘We’re now seeing less-skilled attackers execute highly sophisticated, personalised fraud campaigns that once required deep expertise.’ He cited instances where ransomware groups such as Black Basta and EncryptHub used GenAI to craft credible communications, rewrite malicious code, and even negotiate ransom payments.

These developments, he emphasised, require AI governance and guardrails within organisations to ensure that defensive tools evolve in tandem with offensive innovation. ‘The same AI that protects us can be turned against us if deployed without oversight,’ he added.

Insider and supply chain risks

Sen also drew attention to a new breed of insider threat which is state-sponsored actors, posing as legitimate remote IT workers within global firms. Some of these fraudulent employees, he revealed, have earned over $ 300,000 annually, with proceeds allegedly funding weapons programs. ‘The risk isn’t only data theft but the slow, silent compromise of trust within organisations,’ warned Sen.

He called for rigorous identity verification, including live camera interviews, multi-document checks, and network monitoring for VPN or proxy usage. Similar vigilance, he said, must apply to supply chain security, where a single breach in a third-party vendor can cascade across entire industries.

Transitioning to solutions, Sen also urged organisations to embed AI not only in security operations centres (SOCs) but across the entire software development lifecycle (SSDLC). According to him, this ‘AI-augmented defence’, enables early threat detection, automated incident response, and adaptive monitoring with human oversight always in the loop.

He highlighted Zero Trust architecture and pessimistic design principles as Visa’s core pillars, advocating for a ‘verify, then trust’ mindset where every device, user, and network interaction must be authenticated. ‘Security today is not about building walls; it’s about continuous verification,’ he remarked.

Visa’s cybersecurity strategy, Sen added, has already yielded tangible impact, blocking over 66 million attacks targeting APIs and web applications every month, along with 10 million email-based threats and $ 40 billion in attempted fraudulent payment volume.

Preparing for the quantum era

Sen concluded with a stark warning about quantum computing’s disruptive potential. With the world’s largest quantum systems approaching 1,200 qubits and steady improvements in accuracy, he noted that ‘the encryption we rely on today may not hold beyond the next decade.’ Breaking 2048-bit RSA encryption could soon take seconds, not centuries, he explained, underscoring the urgency for quantum-resistant cryptography.

‘The window to prepare is closing,’ Sen said. ‘We have six to eight years before essential cryptography standards must evolve. Every organisation should be investing now in quantum-safe infrastructure to secure future data.’

Closing his address, Sen urged business leaders to view cybersecurity as a strategic investment, not a technical expense. ‘Future-proofing security is about mindset. As AI, quantum, and cybercrime converge, only those who adapt early will safeguard both trust and growth,’ remarked Sen.

Shift from reactive to predictive security

The guest address was delivered by Brandix Apparel Ltd., Director Oshada Senanayake, who urged Sri Lankan enterprises to shift from reactive to predictive cybersecurity, a mindset he described as the only viable defence in an era defined by AI-accelerated attacks and converging digital risks.

Framing his talk around the theme ‘Future-Proof Security: Predicting Cyber Threats Before They Strike’, Senanayake argued that the ‘threat math’ has flipped. Attackers today use automation and artificial intelligence to launch 36,000 scans per second, while nearly 80% of ransomware strains already employ AI. ‘We’ve reached a point where building higher walls is no longer enough. It’s time to install better radar systems,’ he said, calling for a national and corporate-level move from ‘assume breach’ to ‘anticipate and neutralise’.

Senanayake outlined a layered ‘Predictive Security Stack’ that integrates business governance, threat intelligence, and AI analytics to deliver early warning indicators before attacks materialise. This model, aligned with NIST CSF 2.0 and MITRE ATT and CK, incorporates deception technology, automated exposure validation, and Zero Trust frameworks.

He highlighted three strategic pillars of predictive defence, which are Intelligence, AI, and Community. Intelligence focuses on external and internal telemetry, ranging from dark web monitoring and decoy credentials to adversary emulation, to create actionable risk profiles tied to business priorities. AI analytics leverage User and Entity Behavioural Analytics (UEBA) and graph modelling to detect anomalies early, while the community pillar stresses shared learning through sectoral ISACs (Information Sharing and Analysis Centres) and coordinated incident response networks.

‘The fastest signal-to-action conversion now happens when organisations collaborate,’ Senanayake noted. ‘Cyber resilience is no longer a solo effort; it’s a shared national mission.’

AI governance and secure design

With generative AI advancing faster than regulatory frameworks, Senanayake warned that AI systems themselves are becoming new attack surfaces. He recommended adopting NIST AI RMF 1.0 and ISO/IEC 42001 standards to establish trust boundaries, manage prompt injection risks, and prevent model theft. ‘We must design AI systems like we design aircraft, not just for performance but for fail-safety,’ he said.

He also referenced Sri Lanka’s ongoing policy landscape, citing the Personal Data Protection Act (PDPA), the Online Safety Act, and the forthcoming National Cybersecurity Bill as crucial foundations. Yet he urged stronger regional cooperation and alignment with Singapore’s AI Verify and India’s evolving MeitY governance frameworks to strengthen Asia’s collective posture.

Closing his session, Senanayake unveiled a 90-day Predictive Security Playbook, offering a practical roadmap for Sri Lankan organisations to operationalise cyber resilience. In the first 30 days, he recommended mapping critical attack paths, deploying canary sensors, and piloting UEBA analytics to identify behavioural anomalies. Between days 31 and 60, organisations should integrate threat intelligence with SOAR systems and initiate pre-launch domain monitoring to anticipate external risks. By the final phase, from days 61 to 90, Senanayake urged teams to red-team their generative AI applications, establish AI risk management profiles, and define executive-level KPIs under the CSF ‘Govern’ function, ensuring cybersecurity accountability extends from technical teams to board leadership.

Building collective cyber resilience

The first session concluded with a panel discussion moderated by Daily FT CEO and Editor Nisthar Cassim, featuring Dialog Axiata Group Chief Information Officer Asela Perera, Central Bank of Sri Lanka Chief Information Security Officer Sanjee Balasooriya, and Hashx Ltd., Founder and CEO Avishka Bandara, along with Dibyajyoti Sen and Oshada Senanayake.

The panel explored the growing urgency for cross-sector collaboration and intelligence sharing to strengthen Sri Lanka’s collective cyber defence posture. Asela Perera noted that while Sri Lankan enterprises have accelerated their digital transformation journeys, many still underestimate the operational exposure created by complex vendor ecosystems and legacy integration. He stressed that board-level commitment and continuous testing are now prerequisites for resilience, not afterthoughts.

Adding a regulatory perspective, Sanjee Balasooriya outlined the Central Bank’s efforts to align the financial sector with global cybersecurity benchmarks, including mandatory incident reporting, red-teaming exercises, and upcoming compliance frameworks to reinforce risk management across licensed financial institutions. ‘Trust in the digital economy is built on security assurance. Financial stability now depends on cyber stability,’ he observed.

Offering an entrepreneurial viewpoint, Avishka Bandara emphasised the importance of local innovation and cyber talent development, urging greater support for startups that can deliver indigenous cybersecurity solutions. He noted that emerging technologies such as blockchain, secure APIs, and decentralised identity models could significantly enhance transparency and authentication across digital ecosystems.

Strategic partners of the 11th annual cyber-security summit were Visa and Sysco LABS, Platinum partner was the South Asia Technologies, Community Impact Partner was Meta, Payment network partner was LankaPay. Other partners included platform partner #HashX, podcast partner Techtalk, hospitality partner Cinnamon Grand, Colombo, Creative partner Mullenlow Sri Lanka and electronic media partner Yes101, TV1 and

With the abolition of the Simplified VAT (SVAT) scheme expected to tighten liquidity and trigger short-term cash pressures for exporters and project suppliers, KPMG Sri Lanka is urging firms to begin compliance preparations immediately.

The firm advises businesses to verify their eligibility under the new Risk-Based VAT Refund Scheme, which took effect on 1 October, and ensure operational readiness in the Revenue Administration Management Information System (RAMIS) for electronic refund processing.

The Inland Revenue Department (IRD) has issued a regulation under Section 22(5)(f) of the Value Added Tax Act, No. 14 of 2002 (as amended), introducing ‘The Operation of Risk-Based Refund Scheme,’ effective 1 October.

The new framework and transitional provisions are detailed in IRD Gazette Notification No. 2456/02 dated 29 September 2025, according to KPMG in Sri Lanka’s latest Tax Flash News. Eligible persons will be entitled to VAT refunds within 45 days from the due date to lodge their return, which must be submitted electronically via the RAMIS.

Under the new regime, eligibility for refunds will extend to exporters and suppliers engaged in specified projects.

According to the Gazette, ‘Eligible Exporters’ are registered persons whose value of zero-rated supplies during the preceding calendar year was greater than 50% of total supplies, based on the VAT return data for 2024, which will be reviewed annually thereafter.

Eligibility also applies to suppliers to Strategic Development Projects, Specified Projects under VAT schedules, and projects approved under Section 22(7) of the VAT Act.

Refund processing will now depend on a taxpayer’s risk category.

The Risk-Based Refund Scheme introduces a structured mechanism that classifies applicants as low, medium, or high risk, determined by compliance history, accuracy of filing, reliability, and overall behaviour.

Low- and medium-risk taxpayers will have their refunds processed without pre-verification, while high-risk taxpayers will receive refunds only after pre-verification is completed. The IRD will review each taxpayer’s risk rating every six months or whenever deemed necessary.

The introduction of the new refund mechanism coincides with the formal repeal of the existing SVAT framework. The previous SVAT Gazette Notification No. 1986/9 dated 27 September 2016 will be repealed from 1 October 2025.

KPMG highlighted several key deadlines for the phase-out: by 15 October, Registered Identified Suppliers (RIS) must submit schedules for supplies made up to 30 September 2025.

Between 15 and 20 October, RISs are required to finalise any amendments to Schedule 04, while Registered Identified Purchasers (RIP) must approve Schedule 04 and issue credit vouchers through the RAMIS by 20 October. Both RIPs and RISs are to submit the necessary SVAT schedules by 30 October, and RIPs must return any unused credit vouchers to the IRD by 10 November.

The Gazette also specifies procedures for debit and credit notes linked to suspended invoices issued between 1 April and 30 September.

Where such notes are raised after 1 October but within six months of the original invoice, details must be reported in Schedules SVAT 05a (debit notes) and SVAT 05b (credit notes) in Excel format and submitted to the IRD unit, where the taxpayer’s Taxpayer Identification Number (TIN) is registered.

Corresponding VAT returns must be amended and updated with relevant SVAT schedules, although such amendments are only for adjustment purposes and will not affect the original filing date or statutory time limits.

For businesses, the shift marks a decisive move away from suspended VAT mechanisms towards a risk-rated, time-bound refund system. Exporters and project suppliers are entitled to refunds within 45 days once returns are filed, but the actual turnaround will depend on compliance discipline.

Taxpayers with consistent filing, accurate reporting, and clean records are likely to secure a low- or medium-risk classification and faster refunds, while those with weak compliance histories may face delays due to pre-verification.

KPMG recommends that companies start housekeeping early, confirming if they meet the Eligible Exporter threshold based on 2024 VAT data, mapping all Strategic, Specified, and Section 22(7) contracts, updating TIN-level contact information with the IRD for electronic correspondence, and test-running RAMIS workflows ahead of October filings.

The firm notes that strong documentation and a clean return history will be key to maintaining a favourable risk rating and ensuring smooth refund processing under the new regime.

The United Nations Human Rights Council (UNHRC) in Geneva yesterday adopted a new resolution titled A/HRC/60/L.1/Rev.1 – Promoting Reconciliation, Accountability and Human Rights in Sri Lanka, during its 60th session.

The resolution was adopted without a vote, extending the Office of the High Commissioner for Human Rights’ (OHCHR) mandate in Sri Lanka for another two years.

The resolution, revised and tabled on 1 October 2025, was co-sponsored by 22 countries. Its main sponsors are the United Kingdom, Canada, Malawi, Montenegro, and North Macedonia, while most of the additional co-sponsors are European nations. Sri Lanka formally rejected the resolution during the Council’s 41st meeting.

The latest resolution was first introduced on 10 September by the ‘Sri Lanka Core Group,’ comprising Canada, Malawi, Montenegro, North Macedonia, and the United Kingdom. The group urged Sri Lanka to take concrete measures to strengthen reconciliation, accountability, and the protection of human rights.

A revised version presented on 1 October by a coalition of 30 countries including Albania, Austria, Canada, Germany, Ireland, Italy, the Netherlands, New Zealand, Norway, Spain, Switzerland, and the United Kingdom.

It calls on Sri Lanka to fulfil its pledges to devolve political power in accordance with the 13th Amendment to the Constitution. It highlights that genuine devolution is vital for national reconciliation and the protection of human rights for all citizens.

The resolution also urges the Government to hold long-delayed provincial council elections and ensure these bodies, particularly in the Northern and Eastern Provinces, function effectively.

It further calls for credible, independent, and timely investigations into alleged human rights violations and breaches of international humanitarian law, with full participation of victims and their representatives.

It emphasises the need to prosecute perpetrators where sufficient evidence exists and stresses the importance of safeguarding civil society actors, human rights defenders, journalists, victims, survivors, and their families, especially women, from intimidation and reprisals.

The resolution calls for the release of lands still under military control and the fair resolution of disputes related to archaeological, religious, and conservation issues.

In addition, the UNHRC has requested the OHCHR to continue monitoring and reporting on Sri Lanka, with a written update due at the Council’s 63rd session and a comprehensive progress report at its 66th session, to be followed by an interactive dialogue.

The resolution also acknowledges the Sri Lankan Government’s pledge to repeal the Prevention of Terrorism Act (PTA) but expresses concern that detentions under the Act continue, disproportionately affecting Tamil and Muslim communities.

It calls for an immediate moratorium on the PTA’s use, rapid repeal, and the introduction of new counter-terrorism legislation consistent with international human rights obligations.

The document welcomes the Government’s stated commitment to amend the Online Safety Act but raises concern over its broad provisions and lack of judicial oversight. It encourages swift amendments to ensure that freedom of opinion and expression are protected in line with international standards.

President Anura Kumara Disanayake yesterday declared open the newly constructed two-storey building housing the Archaeological Museum and the International Archaeological Research Institute at the historic Somawathi sacred area in Polonnaruwa.

This two-storey building was constructed under the plans and supervision of the Department of Archaeology, following the guidance of the Chief Incumbent of the historic Somawathi Raja Maha Vihara and Registrar of the Mahavihara Vansika Syamopali Maha Nikaya of the Malwatta Chapter, the Most Venerable Dr. Pahamune Sri Sumangala Nayaka Thero.

The project was fully funded through the generous financial contribution of Rathna Group Chairman Mithrapala Lankeshwara to facilitate the convenience of devotees from around the world who visit the historic Somawathi Chaityarajaya in Polonnaruwa where the Sacred Right Tooth Relic of Lord Buddha is enshrined, as well as those engaged in educational and research activities.

President Disanayake, who visited the sacred site yesterday morning engaged in religious observances before the Somawathi Chaityarajaya and received blessings.

The President then unveiled the commemorative plaque and declared open the newly constructed two-storey building housing the Archaeological Museum and the International Archaeological Research Institute. The President also made the first floral offering to the Buddha statue and the sacred relic casket enshrined within the premises.

Sri Lanka’s banking sector assets grew 14.9% year-on-year (YoY) to Rs. 23.8 trillion in the second quarter of 2025, up from Rs. 20.7 trillion a year earlier, according to the Central Bank of Sri Lanka’s (CBSL) Financial Soundness Indicators (FSI) Report for Q2 2025. The report said the growth was primarily driven by increased investments, loans, and advances.

Gross loans and receivables rose 11.4% YoY to Rs. 12.3 trillion compared to Rs. 11 trillion a year ago, while banking sector investments increased 26.2% YoY to Rs. 9.9 trillion from Rs. 7.8 trillion.

Total liabilities of the banking sector expanded 14.4% YoY to Rs. 21.6 trillion in Q2 2025 compared to Rs. 18.9 trillion in the corresponding period last year. Total deposits grew 12.9% from Rs. 17 trillion in Q2 2024 to Rs. 19.2 trillion this year.

Banking sector borrowings rose 16.6% YoY to Rs. 1.48 trillion, while equity capital and reserves increased 20.4% YoY to Rs. 2.2 trillion during the quarter.

The report said the regulatory capital to risk-weighted assets ratio of the banking sector improved to 19.4% at the end of Q2 2025 compared to 18% a year ago, mainly due to higher growth in retained earnings.

The non-performing loans to total loans ratio of the banking sector declined to 12% from 12.8% a year earlier, indicating a gradual reduction in default risk. In absolute terms, gross non-performing loans increased 4.4% YoY to Rs. 1.46 trillion in Q2 2025 from Rs. 1.4 trillion a year ago.

The sector reported a Profit After Tax (PAT) of Rs. 187.8 billion in Q2 2025, recording a 68% YoY increase, mainly due to higher net interest income, which grew 26.8% YoY to Rs. 501.1 billion, the CBSL said.

Mercedes driver George Russell says he ‘feels ready to fight for a championship’ after taking a dominant victory in the Singapore Grand Prix.

Russell’s second win of the season, following success in Canada in June, came on the same track on which he had crashed out of third place on the final lap while chasing a victory in 2023.

He finished ahead of Red Bull’s Max Verstappen with McLaren’s Lando Norris third and championship leader Oscar Piastri fourth.

‘I’m a very different driver today to the one I was a couple of years ago, and I feel more complete, more confident,’ Russell said.

‘I know exactly what I need to do in given circumstances.

‘Of course, I was nervous before the race, as you’d expect, but I didn’t feel any additional nerves or any additional pressure. It just felt like another race, and I knew I had a chance to win, and I felt comfortable with that.

‘So I’ve said it for a while – I feel ready to fight for a championship. I feel ready to take it to my next step.’

Russell put his improvement this year down to ‘experience, just knowing how to maximise every situation.’

He added: ‘Probably a couple of years ago I was driving a bit more tense and probably over-pushing in circumstances when I shouldn’t have been.

‘Now I just feel much more relaxed. Going into today, I was relaxed. When it was raining an hour before the race, I just said: ‘You know, it is what it is. It’s the same for everybody. There’s nothing I can do, so there’s no point stressing about it.’ Myself a few years ago would have been slightly different.’

Russell said he believed Singapore had been ‘probably my most dominant weekend’ but hesitated to categorise it as his best win, saying last year’s victory in Las Vegas was ‘pretty cool’.

He also said that winning in Singapore had been ‘so unexpected’ – Mercedes have had a difficult run of races and their second place in the constructors’ championship was coming under threat.

Economists at the Asian Development Bank (ADB) have welcomed Sri Lanka’s strong and resilient recovery so far this year amidst persistent global uncertainty.

They said that domestic demand supported growth, thus far completing eight quarters of upturn in the economy. It was pointed out that the economic recovery is projected to continue on a strong footing, but growth is expected to slow next year due to global headwinds.

ADB Senior Country Economist Lilia Aleksanyan in an interview with the Daily FT said economic momentum is supported by recovering consumption, strong remittances, and rising private credit.

On the other hand, US tariffs have settled at historically high levels and trade uncertainty remains elevated for Sri Lanka.

Aleksanyan said new US tariffs on Sri Lankan exports (mainly garments and rubber) will have a limited impact in 2025, but are expected to weigh more heavily on growth and jobs in 2026.

Risks to the outlook include stronger-than-expected effects from US tariffs, global economic uncertainty, energy price volatility, and domestic weather-related disruptions.

The ADB in its September release of Asian Development Outlook (ADO) retained its forecast for 2025 at 3.9%, whilst marginally reducing it to 3.3% for 2026 from 3.4% estimated previously. The Sri Lankan economy gained by 5% in 2024 after two years of negative growth.

The September ADO Update was based on Sri Lanka’s performance up to the first quarter. Mid-last month, the Department of Census and Statistics said the economy in Q2 grew by 4.9% as against 4.8% in the previous quarter.

Aleksanyan noted that the economy in Q2 significantly outperformed earlier forecasts. ‘We were very positively surprised by the strong Q2 growth. What is particularly important to note is that this recovery is now broad-based, with main sectors industry, agriculture, and services showing resilience,’ she said.

Pursuing structural reforms to make the economy more efficient was also stressed.

The ADB also expects the Central Bank of Sri Lanka’s (CBSL) monetary policy stance will also help inflation to gradually improve.

ADB Senior Economics Assistant Dinuk de Silva said Sri Lanka’s inflation projection for 2025 has been revised down significantly due to longer-than-expected deflation, whilst the forecast for 2026 is maintained at 4.5%, anticipating a gradual rise as deflation pressures fade.

In terms of medium-term challenges, ADB Principal Economics Officer Lakshini Fernando was of the view that attracting high investments especially will be key, along with greater diversification of exports, for which the National Export Strategy will be a great fillip.

She also said policies are required to bring in non-debt Foreign Direct Investment (FDI), whilst the Government needs to persist with the restructuring of State-Owned Enterprises (SOEs). In that context, she welcomed upcoming new legislations, such as the SOE law and the Public Private Partnership law.

‘It is important to create the environment for higher capital to flow into the country, because there will be opportunity due to global capital volatility,’ Fernando emphasised.

The ADB is also satisfied with the progress with regard to fiscal management, but was of the view that the revenue momentum must be sustainable and critical capital expenditure must be expedited.

de Silva also said Sri Lanka needs to further strengthen external buffers with higher inflows from exports, tourism, and remittances so as to be ready when debt repayment kicks in from 2028.

ADB Associate Economics Analyst Nirukthi Kariyawasam said whilst macro-economic fundamentals have improved considerably, Sri Lanka needs to make social spending and support to the poor and vulnerable more effective against future shocks, along with a proper graduation program. Climate risks and disaster resilience are also issues that need continuous focus, she added.

The ADB team of economists is also looking forward to the Budget 2026 to be presented next month by President and Finance Minister Anura Kumara Disanayake for greater clarity and long-term policies, especially those aimed at attracting higher investments and strengthening of institutions.

South Africa bounced back in style after the hammering they got from England in their opening game to beat New Zealand by 6 wickets with 55 balls to spare at Indore yesterday to pick up their first points in the ICC Women’s Cricket World Cup.

It was a commanding victory for South Africa who chased down the target of 232 well inside 41 overs. What a turnaround this was after their batting collapsed against England, where they were bowled out for 69. Yesterday, they looked completely different. New Zealand seemed in control at 195-4, but the South African bowlers turned the game on its head from there, tightening the screws and triggering a collapse that saw the White Ferns fold up for 231. Left-arm spinner Nonkululeko Mlaba was the star with the ball, delivering a brilliant spell of 4/40 to suffocate the opposition towards the later stages.

Marizanne Kapp struck with the very first ball of the game, sending Suzie Bates back for her second consecutive duck. The ball moved around early, and South Africa maintained relentless pressure, which soon brought the wicket of Amelia Kerr. New Zealand’s innings was drifting when Sophie Devine walked in and launched a counterattack, adding 86 quick runs off 75 balls with Brooke Halliday to steady things. Devine scored 85 off 98 balls (9 fours) and Halliday (45 off 37 balls, 6 fours). But once that partnership was broken, the collapse was swift – the last 7 wickets fell for just 44 runs. The pitch wasn’t exactly a batting paradise as Mlaba proved in her second spell, taking 4/18 in 5 overs. New Zealand knew they had fallen well short of a competitive total.

In reply, South Africa’s openers came out firing, setting the tone with a flurry of boundaries. Laura Wolvaardt was trapped lbw by Jess Kerr, but the partnership of 159 off 170 balls between Tazmin Brits and Sune Luus sealed the deal. Brits played with intent, finding the fence regularly to score 101 off 89 balls (15 fours, 1 six), while Luus held the fort with a calm and composed innings of 83* off 114 balls (10 fours, 1 six). South Africa lost a few wickets towards the end, but they always had the situation under control. Player of the Match Brits’ brilliant century capped off a perfect day for South Africa.

Scores:

New Zealand Women 231 (47.5) (Georgia Plimmer 31, Amelia Kerr 23, Sophie Devine 85, Brooke Halliday 45, Nonkululeku Mlaba 4/40)

South Africa Women 234-4 (40.5) (Tazmin Brits 101, Sune Luus 83*, Amelia Kerr 2/62)