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NDB Bank has signed a Memorandum of Understanding (MoU) with United Motors Lanka PLC (UML). This strategic partnership enables customers to access flexible, affordable, and innovative leasing solutions across UML’s renowned range of passenger and commercial vehicles.

Through this collaboration, NDB customers will be able to finance Mitsubishi passenger vehicles, supported by UML’s extensive after-sales network and trusted reputation. With tailor-made leasing facilities offering fast approvals, minimal documentation, flexible repayment terms, and no guarantor requirements, customers will enjoy unmatched convenience in owning globally renowned brands under UML’s portfolio.

The partnership also extends to UML’s commercial vehicle range, including Mitsubishi Fuso Trucks and Rosa buses, which are vital to SMEs and larger enterprises alike. NDB’s structured financing packages are designed to empower businesses with reliable transport solutions, driving entrepreneurship and industry growth across the country.

NDB Bank Assistant Vice President – Leasing Dilum Amarasinghe stated, ‘This partnership with United Motors Lanka reflects our shared commitment to empowering Sri Lankans with reliable, world-class vehicles and accessible financial solutions. By combining UML’s legacy of excellence with NDB’s customer-focused leasing facilities, we are proud to support individuals and businesses in achieving their aspirations.’

The annual cost of cybercrime to Sri Lanka could range between $ 450 million and $ 1 billion, Asian Development Bank (ADB) Digital Sector Office Director Antonio Zaballos said yesterday, calling for stronger cybersecurity measures and a shift in national awareness as the country expands its digital economy.

Speaking at the ADB’s Serendipity Knowledge Program (SKOP) on Digital Transformation: Cybersecurity and Data Protection for Digital Economy Development held in Colombo, Zaballos said global losses from cybercrime have reached $ 10.5 trillion, or nearly 9% of the world’s GDP.

‘If we were just doing a rough estimate, and we consider just between 0.5-1% of the total GDP of Sri Lanka, we would be talking around $ 450 million to $ 1 billion a year related to cybercrime,’ he said.

He cautioned that as economies become increasingly connected, they also become more vulnerable. ‘The more connected we are, the more at risk we are,’ Zaballos said, describing cybersecurity as both a development and technical challenge that must be addressed through cooperation between governments, the private sector, and citizens.

Data Protection Authority Chairman Rajeeva Bandaranaike said Sri Lanka’s challenge lies not only in technology but in fostering a culture of data privacy and cybersecurity.

‘We don’t have a culture of data privacy and data protection, and awareness levels are very low,’ he said. ‘It’s about policymakers taking ownership and embedding a sense of responsibility across society.’

Bandaranaike said Sri Lanka’s forthcoming Data Protection Act and cybersecurity legislation would lay the groundwork for better governance, but long-term awareness building was equally important. ‘Like helmets and seatbelts, data protection will eventually become second nature, but it requires consistent enforcement and education,’ he said.

Merchant Bank of Sri Lanka and Finance PLC (MBSL) has appointed Priyantha Herath to its Board as an Independent Non-Executive Director.

Herath is a business leader with over 27 years of experience in driving organisational growth and profitability. He has served in senior leadership capacities, including as Chief Financial Officer and member of top management roles across various industries.

He is the Founder/CEO PNB Holdings Ltd., a multi-award-winning BPO company in Sri Lanka catering to a global clientele. He also serves as a Non-Executive Director of Infinity Gift Card Ltd.

Herath held several key positions in the financial services sector, including Non-Executive Director and Audit Committee Member of MBSL Insurance Company Ltd., Deputy General Manager/Assistant Director of Merchant Bank of Sri Lanka and Finance PLC where he served from September 2007 to September 2016.

Herath is a Fellow Member of the Institute of Chartered Accountants of Sri Lanka and an Associate Member of the Certified Management Accountants of Sri Lanka.

He holds an MBA from the University of Colombo and a BSc (special) degree in Business Administration from the University of Sri Jayewardenepura.

In addition, he holds a Six Sigma Green Belt certification from the National Institute of Business Management. Since 2014, he has been a Lecturer in Financial Statement Analysis for CMA Australia at the Academy of Finance.

He has also served as a Lecturer in Business Analysis and Valuation for the MBA in Finance program at the University of Colombo (2016-2022) and as a Lecturer in Financial Management and Economics at the Institute of Accounting Studies (1999-2006).

Global growth will hold at 3.2% in 2025, but the outlook is fragile as trade tensions and China’s slowing, export-reliant model weigh on demand, the International Monetary Fund (IMF) said at the launch of its World Economic Outlook.

The IMF said the impact of new tariffs has been modest so far due to exemptions, limited retaliation, and supply-chain rerouting.

It warned that an escalation could cut global output by about 0.3 percentage points. Looser financial conditions, helped by a weaker dollar and strong US tech-driven investment, have cushioned the hit.

On China, the Fund flagged persistent property-sector weakness, soft domestic demand, and a risk of debt deflation. It said large subsidies in strategic sectors such as electric vehicles and solar have boosted output but risk misallocation without broad productivity gains, urging a pivot towards consumption-led growth.

The Fund has revised India’s 2025-26 growth projection upward to 6.6%, an increase of 0.2 percentage points, citing continued domestic momentum that is expected to offset the drag from higher US tariffs on Indian exports.

India’s economy expanded by 7.8% in the April-June quarter, driven by resilient private consumption, helping it retain its position as the fastest-growing major economy.

The IMF noted that despite headwinds from the US’ 50% tariff hikes under President Donald Trump, India’s domestic demand strength is cushioning the external shock and sustaining growth.

Sampath Bank PLC entered into a Memorandum of Understanding (MoU) recently with Micro Cars Ltd., at its Head Office, formalising a partnership that brings together exclusive customer benefits and financial solutions designed to make vehicle ownership more accessible and rewarding.

Through this collaboration, customers purchasing vehicles from Micro Cars can enjoy a range of special offers alongside attractive banking facilities from Sampath Bank. The initiative combines financial convenience with tangible value, easing the path to mobility for Sri Lankans across the country.

Under the arrangement, Sampath Bank will extend a 0.5% per annum reduction from its Published Leasing interest rates, offering customers lower borrowing costs on their vehicle lease. In addition, insurance loans will carry a 0% interest rate if settled within two months, creating further financial relief. Sampath Credit Cardholders will also benefit from waived joining fees and a 0% interest plan for 12 months on insurance payments, providing greater flexibility and convenience.

As part of this partnership, Micro Cars will be extending a series of exclusive offers for the popular MG ZS MCE, the CHERY TIGGO4 PRO, TIGGO Cross Hybrid and the TIGGO 9 PHEV SUV. Customers purchasing the luxury HIGER Buses will also be given special offers, adding further value to their investment.

ANKH Trading Ltd., has launched in Sri Lanka with a mandate to curate premium global brands and pioneer new commercial channels across South Asia, aiming to bridge international creators with emerging consumer markets in the region.

The privately held company has identified three primary areas of focus, Luxury Experiential, Sustainable Luxury, and Specialised Experiential. Its portfolio spans jewellery, gemstones, personal wellness, haute perfumery, and early childhood development products.

In its luxury division, ANKH plans to introduce refined global brands to what it describes as an increasingly premium-conscious consumer base in South Asia. The company is positioning its jewellery and gemstone lines around traceability and ethical sourcing, with commitments to conflict-free and fair-trade supply chains. Lab-grown stones, recycled metals, and artisanal craftsmanship are expected to feature prominently in this segment.

Sustainable luxury forms a second stream of the company’s operations. This includes ethically sourced products and eco-conscious packaging, with a stated emphasis on aligning commerce with environmental responsibility. Personal wellness is also part of this portfolio, ranging from curated self-care products to niche fragrances created by master perfumers in Europe and the Middle East.

The third pillar, Specialised Experiential, targets early childhood development. ANKH says it is curating educational, recreational, and sensory development products tailored for toddlers. These include hands-on learning tools, role-play kits, and sensory exploration materials designed to nurture creativity, language, and motor skills.

‘ANKH Trading is structured around a philosophy of commerce with purpose,’ said ANKH Trading Head of Operations Terin Schubert. ‘Across South Asia, discretionary consumer demand is growing rapidly, FMCG alone saw an 8.3% year-on-year increase in Q2 2025 in South and West Asia. At the same time, Southeast Asia’s luxury goods market is already worth over $ 10.7 billion and projected to rise to nearly $ 15.8 billion by 2033. Meanwhile, the health and wellness sector in the region has surged to $ 142.5 billion in 2024, and consumers are increasingly aware about sustainably produced goods. Our goal is to build meaningful pathways for global brands to engage with these evolving markets in a way that is transparent, ethical, and forward-looking, ensuring value not just for creators and consumers, but for communities and the environment too.’

She added, ‘The company’s Specialised Experiential division taps into a fast-growing segment in South Asia’s early childhood growth markets. The region’s kids’ toys industry, valued at $ 6.66 billion in 2020, is projected to reach $ 11 billion by 2030, growing at a CAGR of 5.4%, while Sri Lanka’s own toys market is forecast to expand at an impressive 19.5% annually through 2034. Within this landscape, sensory and developmental toys are gaining strong traction globally, with the sensory products segment expected to rise from $ 2 billion in 2024 to $ 5 billion by 2033. ANKH’s curated range focuses on this intersection of learning and play, introducing tactile, role-play, and sensory exploration tools that nurture creativity, communication, and motor skills in toddlers, designed in alignment with international early learning standards.

The company, headquartered in Colombo, is entering the market at a time when South Asia’s consumer segments are showing signs of shifting toward premium and wellness-driven products. ANKH Trading said it intends to expand its regional partnerships in the coming phases, with a focus on building sustainable trade frameworks alongside brand curation.

The Special Task Force (STF) has arrested five suspects over the seizure of over 830 kg of narcotics including cocaine, crystal methamphetamine (ice), and hashish, which were drifting in southern seas, on 14 October.

The Sri Lanka Navy, following a credible tip off, had conducted a special naval operation in the southern seas on 14 October and recovered 51 large bags containing the haul of drugs, which were abandoned at sea.

According to Police sources, the boat used for smuggling had also been taken into custody by the STF.

The SLN had brought the seized consignment to the Tangalle Fisheries Harbour and the Police Narcotics Bureau had confirmed that the haul of drugs contains 670 kg and 676 g of crystal methamphetamine (Ice), 156 kg and 542 g of heroin and 12 kg and 36 g of hashish.

The SLN said that the operation was carried out as part of the Navy’s intensified surveillance and intelligence-based efforts to prevent the influx of illegal drugs into Sri Lanka with the assistance of intelligence services.

Deputy Defence Minister Maj. Gen. (Retd.) Aruna Jayasekara (Retd.) and SLN Commander Vice Admiral Kanchana Banagoda, inspected the seized narcotics kept for identification at the Tangalle Fisheries Harbour.

Reiterating the Government’s commitment to safeguarding future generations from the drug menace, which is a grave threat to public safety and national security, Maj. Gen. Jayasekara explained the efforts taken under the Government’s initiative ‘Ratama Ekata Jathika Meheuma’, which is the national operation designed to eradicate drug menace from the country.

‘Under this Government we have empowered all intelligence and law enforcement agencies, including the State Intelligence Service, the Tri-Forces, Sri Lanka Police, Police Narcotic Bureau, STF and the Coast Guard, to conduct their operations independently with coordination of those agencies. This has intensified operations and also achieved significant success,’ he told the media.

The Deputy Defence Minister commended the efforts of the SLN, which engaged in guarding the sea routes that are used to smuggle narcotics and illegal substances into the country.

‘The navy is taking all efforts in coordination with all other stakeholders committed to safeguarding national security. The Government is fully committed to make Sri Lanka a drug free country,’ he said, highlighting the importance of public support to make such operations successful.

President Anura Kumara Disanayake has directed public officials to ensure that all financial allocations for 2025 development projects are fully utilised, warning that returning unspent funds to the Treasury undermines progress and leads to wasteful repetition of incomplete projects.

Speaking at the Special District Coordination Committee (DCC) meeting in Ratnapura, the President said public officials play a crucial role as intermediaries in ensuring that public spending translates into tangible development outcomes for citizens.

‘The funds allocated for this year’s development projects must be completely utilised. Failing to do so will not only hinder development but also result in wastage of funds,’ the President told State officials.

He added that repeatedly allocating money to unfinished projects prevents the launch of new initiatives and weakens the efficiency of Government spending.

President Disanayake criticised past practices where Government projects were launched without feasibility studies or long-term maintenance plans, noting that such expenditure had become a recurring burden on the State.

He cited the Hambantota SAARC Cultural Centre and the Anuradhapura Auditorium as examples of facilities now difficult to maintain due to the absence of responsible managing institutions.

The President said that many Government-built structures, such as tourist bungalows, inns, and public markets, remain unused or neglected, and suggested that private-sector management would be a more practical approach to ensure their sustainability.

During the meeting, the President also discussed flood and landslide risks in the Ratnapura District and agreed to allocate funds in the upcoming Budget to conduct a new feasibility study for a flood prevention project on the Kalu Ganga tributaries, noting that no such study has been carried out since 2014.

MAS Holdings unveiled its bold and forward-thinking sustainability strategy under the banner ‘Plan for Change 2030: Inspiring change beyond the good’ at a high-impact forum attended by global sustainability leaders, industry pioneers and community stakeholders at the Cinnamon Life Colombo yesterday.

The forum addressed pressing issues around climate change, textile circularity, social equity and supply chain resilience, while emphasising the urgent need for ethical transformation in the apparel sector.

Delivering a powerful keynote, Brooke Roberts-Islam, noted sustainability advocate and industry journalist, underlined the critical intersection of climate change and ethical practices in fashion: ‘The apparel industry is at a tipping point. If we do not embed ethical values at the core of innovation, we risk perpetuating a cycle of harm – to the planet and to people. Global warming isn’t just an environmental crisis, it’s a humanitarian one. MAS Holdings’ Plan for Change signals a necessary shift from ambition to accountable action.’

She praised MAS’s approach, which integrates social resilience with environmental stewardship, calling it a blueprint that other global fashion companies must urgently adopt.

As Roberts-powerfully stated during the keynote: ‘This plan isn’t about doing less harm – it’s about doing more good. We must move from sustainability as a marketing term to sustainability as a moral obligation, with people and the planet at the core.’

The panel discussion brought together high-level voices who reflected on actionable strategies amidst global volatility.

MAS Holdings Director – Group Sustainable Business Nemanthie Kooragamage said: ‘This isn’t just about reducing impact – it’s about regenerating. Our supply chains, our people, our planet – they all need to be empowered, not just protected. Plan for Change is our contract with the future.’

Ambercycle Co-founder and CEO Shay Sethi added: ‘Circularity must move from concept to infrastructure. Technology exists. What we need now is radical collaboration across regions and regulators.’

Asian Development Bank Country Director Takafumi Kadono focused on policy and financing: ‘Scaling sustainable apparel requires both private and public investment. MAS shows what’s possible when business aligns with long-term climate goals.’

He further added, ‘Sri Lanka’s industrial growth over the past two decades has been only around 20%, while Vietnam has surged by over 300%. Despite Sri Lanka’s rich geography, strategic location and natural resources, we have clearly missed the bus. But the time to catch the next one is now-and sustainability must drive that journey.’

Dialog Axiata PLC CEO Supun Weerasinghe shared insights on digital innovation: ‘The integration of data and technology can help transform sustainability from an ambition into an operational system of accountability, despite the challenges of COVID-19 and the economic crisis, Sri Lanka is recovering at a good pace. The momentum is real-we’re moving in a positive direction.’

MAS Holdings envisions a future where every garment created is not only high-performing but also ethically made and environmentally responsible. This focuses on reinventing the design and production of apparel to serve the planet and people.

Product: Creating future-fit apparel

MAS is transforming how garments are made, focusing on innovation and sustainability at every stage.

Target: 75% of company revenue from sustainable products by 2030.

1. Textile-to-Textile Circularity to recycle post-consumer waste into new garments.

2. Development of Materials of the Future, including bio-based and regenerative alternatives.

3. Expansion of natural and responsibly sourced fibres like organic cotton and hemp.

Planet: Regenerating our world

Going beyond sustainability, MAS is investing in restorative environmental practices.

MAS target: Reduce our Scope 1 and 2 emissions footprint by 80% (from a 2019 baseline) by 2030, leading to Net Zero by 2048.

1. Transition to renewable energy and low-carbon logistics.

2. Circular waste management to minimise landfill impact.

3. Adoption of responsible chemical use in textile processing.

4. Water stewardship and water-positive goals in high-stress regions.

5. Launch of ecosystem regeneration projects including reforestation and biodiversity restoration.

Lives: Building resilient lives

MAS recognises that environmental progress must go hand-in-hand with social responsibility.

Fair Care Responsibility to advance gender equity and women’s empowerment across the company.

Employee well-being through safe workplaces, mental health support and living wages.

Emphasis on Diversity, Equity and Inclusion (DEI) in recruitment, leadership and culture.

Community engagement to build local resilience against climate-related risks.

The Plan for Change 2030 is more than an internal framework-it’s a call to action for the global apparel industry to prioritise ethics, equity and environmental restoration.

MAS Holdings Co-Founder and Chairman Mahesh Amalean underlined the company’s broader mission: ‘We’re not just reducing our footprint. We’re creating a future where our products, people and planet thrive in balance.’

With clear targets and transparent

strategies, MAS Holdings is positioning itself as a leader in sustainable fashion, driving change not just in what we wear-but we live, produce and protect our shared planet.

Investing in local community infrastructure, education, disaster preparedness and adaptation strategies to help vulnerable populations cope with the impacts of climate change. MAS collaborates with NGOs and local governments to drive meaningful and measurable change.

Each of these is interconnected, forming a comprehensive strategy that acknowledges the complexity of today’s global sustainability challenges. MAS Holdings’ Plan for Change 2030 represents not only an internal transformation but also a call to the entire apparel industry to reimagine its role in building a sustainable just and regenerative future.

The country’s manufacturing and services sectors in September have expanded, as per the Purchasing Managers’ Index (PMI), its compiler the Central Bank of Sri Lanka (CBSL) said.

The Manufacturing PMI registered an index value of 55.4 in September, indicating an expansion in manufacturing activities at a faster rate compared to 55.2 in August 2025.

The CBSL said this expansion has remained above the neutral threshold during the month from all sub-indices.

The growth in New Orders and Production were largely attributed to the manufacture of the textiles and wearing apparel sector.

Stock of Purchases also increased during the month, driven by the planned accumulation of inventory in preparation for upcoming production targeting the festive season.

The Employment sub-index turned below the neutral threshold in September, with many firms highlighting difficulties in retaining and attracting skilled workers.

However, Suppliers’ Delivery Time further lengthened during the month, as many respondents cited persistent delays in international shipping operations.

The CBSL said the outlook for manufacturing activities over the next three months remains positive, reflecting the expectations of strong year-end seasonal demand.

The Services PMI registered an index value of 58.7 in September, showing accelerated expansion in services activity following a similar trend observed in the same period last year, albeit at a slower rate compared to 68.9 in August 2025.

Business activities continued to expand in September 2025, supported by improvements observed across multiple sectors.

The expansion was driven by strong performance in wholesale and retail trade. In addition, business activities related to financial services also continued to improve, underpinned by increased lending activity.

New businesses increased in September 2025, mainly reflecting the expansions observed in wholesale and retail trade, and financial services-related activities.

The CBSL said employment continued to increase in September 2025, as several companies recruited additional staff to meet ongoing operational requirements.

However, Backlogs of Work declined slightly compared to the previous month.

Expectations for business activities over the next three months continue to improve, supported by favourable macroeconomic conditions, increased tourist arrivals, and the anticipated boost from the upcoming festive season.