Asianet Pakistan Private Limited

The inaugural South Asian Bitumen Conference (SABIT 2025) will be held on 13-14 November at the Cinnamon Life at City of Dreams, Colombo, bringing together decision-makers, policymakers, and industry specialists from across the bitumen value chain themed, ‘Bridging Trade, Infrastructure and Supply Chains Across South Asia and Beyond’.

Organised by Conference Connection, together Events and Hospitality Partner, Helanka Vacations Colombo, SABIT 2025 marks the expansion of its Global Bitumen Series into South Asia. The region is witnessing accelerating infrastructure investments, and SABIT aims to provide a dedicated forum for stakeholders to align, innovate, and build partnerships.

The two-day programme will commence with registrations and a networking reception in the evening on 13th November, with a SABIT 2025 Golf Game ice breaker earlier that afternoon. The official opening and Ministerial address by Sri Lanka Transport, Highways, Ports and Civil Aviation Minister Bimal Rathnayaka will take place on 14 November, followed by a keynote address by Sri Lanka Road Development Authority Chairman T. Paskaran.

Over 15 experts will deliver other presentations, case studies, panel sessions and one-on-one meetings covering: Supply, demand, and trade flows in South Asian bitumen markets; Refining, upgrading and blending capacity developments; New technologies for sustainable paving, emulsions, and asphalt solutions; Market access, procurement strategies and logistics and Regulatory, environmental, and policy frameworks.

SABIT 2025 is expected to attract senior representatives from refineries, trading houses, road authorities, contractors, infrastructure developers, logistics providers, technology firms and Bitumen specialists from South Asia, the wider Asia Pacific and Middle East.

Conference Connection General Manager Abby Seah said: ‘For the first time, Conference Connection’s highly successful Global Bitumen Series will be held in Sri Lanka and brings together leading players in key growing South Asian markets notably India, Pakistan, Bangladesh and Sri Lanka. Participants representing the government and various disciplines of refining, trading, shipping and consulting are expected to attend, providing an excellent platform for networking and exchange vital knowledge and market information.’

Helanka Vacations by MendisOne Chairman Rohitha Mendis said: ‘This event is an important milestone, highlighting Sri Lanka as a strategic hub for global industry collaboration and infrastructure development. SABIT 2025 underscores Sri Lanka’s growing role in the global bitumen and infrastructure sector, bringing international expertise, investment and valuable networking opportunities to our shores.’

SABIT 2025 is supported by the Sri Lanka High Commission, Singapore and endorsed by, Federation of Chambers of Commerce and Industry of Sri Lanka (FCCISL), Ceylon Institute of Builders (CIOB), Ceylon Association of Shipping Agents (CASA), Sri Lanka Philippines Business Council (SLPBC), YoungShip Sri Lanka, among others. Sponsorship opportunities are also available.

Media partners for SABIT 2025 include the World Petroleum and Bitumen Journal, Highways Today, Foreign investors on India (FiiNews), and Worldoils.

‘People’s Tower’, the new head office building of People’s Bank, was ceremonially declared open yesterday at No. 374, Dr. Colvin R. de Silva Mawatha, Colombo 2, under the patronage of the Central Bank Governor Dr. P. Nandalal Weerasinghe, and the Treasury and Ministry of Finance, Planning and Economic Development Secretary Dr. Harshana Suriyapperuma.

For over sixty-four years, People’s Bank has been deeply committed to the development of the nation by providing financial facilities to the public and making an unparalleled contribution to the country’s social and economic progress. The unveiling of this new head office marks a significant milestone in the history of banking and finance in Sri Lanka. It symbolises not only the Bank’s growth but also the wider economic advancement of the nation, while serving as a strong foundation for the further expansion of the Bank’s services to the country and its people.

The new head office building comprises 22 floors and three basement levels, constructed entirely in accordance with the Green Building concept, in line with People’s Bank’s environmental sustainability policy. It houses a fully equipped auditorium, documentation unit, modern cafeteria, medical centre, multiple conference rooms, and many other specialised facilities.

The premises also include the People’s Bank Staff Training College, while the Union Place Branch has also been established within the building to provide customers with advanced digital banking facilities.

A special commemorative cover and stamp issued by the Department of Posts to mark the opening of People’s Bank’s new head office were launched at the event.

The previous head office of People’s Bank, located at Sir Chittampalam A. Gardiner Mawatha, Colombo 2 was inaugurated in 1977. This brand-new head office, opened decades later, reflects the strength, innovation, efficiency, and pride of People’s Bank as a state-owned financial institution and a national asset.

The ceremonial opening was attended by People’s Bank Chairman Prof. Narada Fernando, members of the Board of Directors, Chief Executive Officer/General Manager Clive Fonseka, along with the Corporate and Executive Management team, special invitees, customers, and staff.

The Public Utilities Commission of Sri Lanka (PUCSL) will conduct a public consultation today to review the proposed electricity tariff structure for 2025.

Titled ‘3rd Electricity Tariff Revision 2025,’ the session will be held at the BMICH from 9 a.m., with registration beginning at 8.30 a.m.

Sri Lanka conducted a special business promotion forum at Expo 2025 Osaka, Japan with the support of Japan External Trade Organisation. Sri Lanka Export Development Board, Sri Lanka Embassy in Japan, and Sri Lanka-Japan Business Council organised the event.

Apart from highlighting investment and sourcing opportunities in Sri Lanka, the event included several one-on-one buyer-seller meetings.

Separately, President Anura Kumara Disanayake inaugurated the Sri Lanka Pavilion at the Expo 2025 Osaka in addition to officiating at the Sri Lanka Day at Expo 2025. Japan’s Minister in charge of the World Expo 2025 Ito Yoshitaka accompanied President Disanayake’s visit to the Sri Lanka Pavilion.

The Sri Lanka Pavilion located at Common Hall A showcased culture, tradition, gems, tea, spices, and tourism, among others. It has drawn thousands of visitors daily, mainly Japanese. He inspected the pavilion which was located at a hall featuring several other countries.

Sri Lanka Day at Expo 2025 included performances by Sri Lankan dancers and musicians.

A 20-member delegation organised by the Sri Lanka-Japan Business Council, several Osaka and Tokyo-based Sri Lankan entrepreneurs attended the events.

Bringing wetland professionals, mental health experts and tourism leaders on a single platform, the ‘Wellness in Wetlands 2025 International Conference’ will be held in Colombo from 9-12 October.

The primary objective of the gathering is to explore the vital interconnections between wetland ecosystems, psychological well-being, and sustainable development. The timing of the conference is strategically aligned with World Mental Health Day (10 October), emphasising the global necessity of addressing human wellness alongside climate resilience and environmental conservation.

The conference will feature sessions designed for ambassadors, distinguished delegates, experts, policymakers, academics, scientists, indigenous leaders, and community representatives from Sri Lanka and abroad.

The core focus areas for discussion will include, Wetland ecosystems and biodiversity conservation, climate resilience and environmental psychology, the role of wetlands in sustainable tourism, nature-based approaches to mental health and well-being.

The inauguration ceremony will be held at the Ape Gama Conference Hall in Sri Jayewardenepura Kotte, at 3 p.m. on 9 October.

World’s leading environmental psychologist Prof. Susan Clayton from USA will share insights from her pioneering work on climate anxiety and eco-emotions, Vedda Chief Uruwarige Wannila Aththo will share traditional wisdom concerning human-nature relationships.

Additional keynote speakers include Prof. Piyanjali de Zoysa, Prof. Devaka Weerakoon, Prof. Pathirage Kamal Perera, Prof. D.A.C. Suranga Silva, and Dr. A. Radhakrishnan Nair (India/USA).

The conference is organised by the Emotional Intelligence and Life Skills Training Team (GTE) Ltd. in collaboration with several key national institutions, including the UNDP-GEF Small Grants Programme, the Urban Development Authority, the Divisional Secretariat of Sri Jayewardenepura Kotte, and the Sri Lanka Tourism Promotion Bureau.

This event is supported by the Sri Lanka Land Development Authority (Strategic Partner), SriLankan Airlines (Official Airline Partner), IUCN (Environmental Partner), WWT (UK) and Wetland Link International (Global Conservation Partners) and academic and wellness partners such as the Indian Association of Life Skills Education, Life Skills Education Nepal, Maldives Mental Health Association, and Maldives Life Skills Association.

ITX360 Ltd., has successfully achieved certification to ISO/IEC 27001:2022, the latest international standard for Information Security Management Systems (ISMS). This milestone follows the company’s earlier certification to ISO/IEC 27001:2013 in 2023 and reflects a continued commitment to global best practices in information security.

The 2022 version of the standard introduces updated controls, a stronger risk management framework, and a modernised approach to managing information assets. By meeting these more rigorous requirements, including those related to threat detection, remote work, cloud computing, and supplier relationships, ITX360 demonstrates its proactive approach to safeguarding data and ensuring regulatory compliance. For clients, the certification provides assurance that sensitive information is managed with integrity, confidentiality, and availability.

ITX360 Director and CEO Silmy Ahamed said: ‘Achieving ISO/IEC 27001:2022 is a reflection of our commitment to continuous improvement and our responsibility to protect the data entrusted to us. It demonstrates the resilience of our processes and the dedication of our teams to maintaining the highest standards in information security.’

General Manager – Operations Dilhara Ratnayake added: ‘This certification underscores the progress we have made in strengthening our internal controls to align with the latest international standards. It also reflects the collaborative effort across our teams, whose commitment was instrumental throughout the process.’

Acknowledging the contributions behind the achievement, ITX360 extended its appreciation to all team members who supported the implementation efforts. In addition, Nayomi Senadeera and Zainab Saldeen have obtained professional certifications as ISO/IEC 27001:2022 Lead Auditor and Internal Auditor respectively, further enhancing ITX360’s internal expertise and long-term capabilities.

Opposition lawmakers yesterday submitted a motion in Parliament calling for the appointment of a Select Committee to investigate the release of 323 containers from the Colombo Port without mandatory physical inspection, a breach of standard Customs procedures that has raised serious concerns over national security and public safety.

The motion cites findings from a Committee of Inquiry appointed by the Treasury Secretary on the instructions of President Anura Kumara Disanayake, following media reports on the irregularities. The inquiry committee had concluded that the release of the containers was ‘contrary to the law’ and warned that bypassing proper inspection posed ‘serious risks to national security, revenue collection, and public safety.’

The Customs Officers’ Union has publicly distanced itself from responsibility for the contents of the released containers, citing procedural violations.

Lawmakers also highlighted allegations that some of the shipments could have been used to smuggle narcotics, arms, or other prohibited items into the country, concerns intensified by recent detections of large narcotic consignments and illegal firearms.

The proposed Select Committee is tasked with examining the legality of the release, the accountability of government officials and private entities involved, and the adequacy of current laws and procedures. It is also expected to recommend legal and administrative reforms to prevent similar incidents in the future.

Under the resolution, the Speaker or a nominee will chair the Committee, which will comprise up to 30 members representing all recognised political parties. The Committee will have the authority to summon experts, conduct hearings even during prorogation or dissolution of Parliament, and submit periodic interim reports, with a final report due within three months.

Non-Bank Financial Institutions (NBFIs), or popularly known as finance companies, reported a combined Profit After Tax (PAT) of Rs. 18 billion in the second quarter of 2025, up 59.3% from Rs. 11.3 billion a year earlier with net interest incomes rising 28.3% year-on-year from Rs. 44.4 billion to Rs. 57 billion.

This is according to the Central Bank of Sri Lanka (CBSL) Financial Soundness Indicators Report for Q2 2025.

CBSL said that NBFI sector-wise Return on Assets increased to 6.9% in the quarter, compared to 5.1% a year ago, while Return on Equity increased from 10.9% a year ago to 15.2%.

Total assets of the NBFI sector grew 25.8% year-on-year to Rs. 2.28 trillion in the second quarter of 2025, up from Rs. 1.8 trillion a year ago. In comparison, banking sector assets had grown 15% year-on-year to Rs. 23.8 trillion (see https://www.ft.lk/front-page/Banking-sector-assets-up-15-to-Rs-23-8-t-in-Q2-2025-PAT-surges-68/44-782659).

Loans and advances of the NBFI sector grew 30.2% year-on-year to Rs. 1.74 trillion in the quarter, up from Rs. 1.2 trillion a year ago.

CBSL said total liabilities excluding equity increased by 29% year-on-year to Rs. 1.77 trillion, up from Rs. 1.37 trillion a year ago mainly due to increased deposits and borrowings from financial institutions to fund lending.

The deposit base of the NBFI sector had grown 16.3% year-on-year to Rs. 1.16 trillion, up from Rs. 1 trillion a year ago, while borrowings surged 76% from a Rs. 268.4 billion a year ago to Rs. 472 billion in the second quarter of 2025.

Equity funding increased 16% year-on-year to Rs. 510 billion, up from Rs. 440 billion a year ago.

CBSL said that total regulatory capital to risk-weighted assets declined slightly to 22% in the second quarter of 2025 compared to 23.8% a year ago with total borrowings to equity increasing 0.9 times from 0.6 times a year ago.

Gross non-performing loans of the NBFI sector improved considerably to 8.3% as end June 2025, compared to 13.6% a year ago. In absolute terms, gross non-performing loans of the sector rose 18% to Rs. 151.7 billion in the second quarter of 2025, up from Rs. 185 billion a year ago.

For many years, customer satisfaction was measured through surveys carried out with a close-ended question: ‘How satisfied were you with your service experience?’ It was a ‘Yes’ or ‘No’ response in which many were comfortable with more ‘Yes’ answers as the scores. But in 2025, relying on satisfaction alone is complacency. It only tells you how a customer felt at that moment in time. It is in no way a guarantee that the customer will remain with you, make repeat purchases, or create favourable word of mouth in the future.

It is important to understand that in reality loyalty is not just a feeling; it is a behaviour. A customer who continuously patronises a brand does so because of a memorable experience. A customer may be satisfied with an offer made at that moment in time and yet prefer a competitor brand at the first sign of a better price or convenience. To win in the modern market, the C-Suite must adopt metrics that measure future value, not just past satisfaction.

Hence, it is recommended to use the following two measurement metrics: Customer Effort Score (CES) and Net Promoter Score (NPS).

Possible usage of Customer Effort Score (CES)

Customer Effort Scores are a tangible measure of customer experience. It is a single metric that measures the amount of effort a customer must use to interact with a company or use its products or services. Using this metric helps companies to understand the health of their customer experience.

A typical question in conducting a CES survey is to ask customers to rate ‘how easy it was to resolve your issue’ on a numerical scale, such as 1 (‘very low effort’) to 5 (‘very high effort’). The CES is calculated by taking the total sum of all responses and dividing it by the total number of respondents to find the average score. A lower effort CES score indicates that the company is providing good customer experiences. It suggests that customers are more loyal to a service that is easier to use. A higher effort CES score is likely a sign of something wrong in an aspect of the user experience that is demanding more effort from the customer. CES is easy to deploy and track over time and is best suited for measuring customer loyalty.

Organisations should pay particular attention when providing services through 24-hour hotlines, launching new products or services, or introducing special offers. They must ensure adequate resources are in place for customers to easily access the service provider. If customers face long queues on phone lines with delayed responses, or if sales staff take a long time to attend to requirements, this creates a higher CES which may damage loyalty. Saying ‘We never expected this many enquiries or footfalls’ is not a valid excuse. The reality is simple: if you delay, someone else will attract the customer.

A landmark study in the Harvard Business Review by Dixon, Freeman and Toman (2010) found the predictive power of CES to be strong. Of the customers who reported low effort, 94% expressed an intention to repurchase, and 88% said they would increase their spending. Conversely, 81% of customers who had a hard time solving their problems reported an intention to spread negative word of mouth.

Ease, it turns out, can be even more powerful than delight.

Possible usage of Net Promoter Score (NPS)

Net Promoter Score is the most widely used customer experience metric. NPS is based on a single question asked of the customer: ‘How likely are you to recommend us to another?’ The objective is to measure loyalty by assessing the likelihood of recommendation. An NPS survey uses a scale from 0 to 10. Customers who rate 0 to 6 are unhappy customers, known as detractors. Those who score 7 to 8 are passives. Customers who score 9 to 10 are promoters.

The NPS is calculated by subtracting the percentage of detractors from the percentage of promoters. This produces a score between -100 and +100, which indicates overall perception and brand loyalty. Promoters are loyal customers who are happy to share their positive experiences. Detractors are customers who move away from the service provider, spreading negative word of mouth, sometimes with exaggeration.

NPS is an important measure for assessing loyalty, as it directly correlates to business growth and revenue. Once businesses identify promoters, they can encourage them to act as brand advocates. By analysing feedback from detractors, businesses can also make improvements to retain and attract customers.

Carrying out surveys requires significant investment in terms of time, money and effort. These surveys should not be done for the sake of reporting results. Metrics are of little use if they do not drive action. What is needed is in-depth study to assess the root causes behind customer responses. Insights must be used to remedy situations quickly, ideally within hours rather than weeks, to improve the business. Customers must feel that their feedback is valued and used for the benefit of all stakeholders.

The transition from satisfaction to loyalty metrics is not about abandoning old tools but about upgrading the dashboard. In 2025, the companies that thrive will be those that measure what truly predicts the future.

Sri Lanka’s tourism leaders last week called for a shift from traditional destination promotion to innovative product development, as the industry unveiled the ‘Ruhunu Ring,’ a landmark private-sector-led tourism circuit designed to transform the country’s southern travel experience and raise per-tourist earnings.

Speaking at the International Tourism Leaders’ Summit 2025, Sri Lanka Tourism Development Authority (SLTDA) and Sri Lanka Tourism Promotion Bureau (SLTPB) Chairman Buddhika Hewawasam stressed the need for a new era of ‘productive tourism development’ that enhances engagement, diversification, and income generation across the value chain.

‘If we are thinking about the future of tourism in Sri Lanka, we must focus on three key aspects; connectivity and access, investment diversification, and new product development. The ‘Ruhunu Ring’ represents the first such productive tourism initiative, designed to increase visitor interaction and generate higher spending by linking cultural, heritage, and experiential attractions,’ Hewawasam said.

He noted that heritage destinations such as Sigiriya, Anuradhapura, and Polonnaruwa have historically generated significant revenue through the Cultural Triangle, but Sri Lanka now needs modern experiences that blend nature, heritage, as well as community engagement, to compete globally.

The ‘Ruhunu Ring,’ a 300-kilometre circuit spanning the Deep South, connects a mosaic of attractions from wildlife parks like Yala and Udawalawe to coastal hubs such as Mirissa and Arugam Bay and cultural landmarks like Kataragama. ‘It is the first of several proposed thematic tourism zones under a broader national strategy to position Sri Lanka as a high-value experiential destination,’ Hewawasam added.

Tourism advocate and entrepreneur Yasas Hewage, who helped conceptualise the initiative, urged the industry to ‘reimagine’ the country’s offerings beyond the well-trodden Cultural Triangle.

‘The elephant in the room is that our per-day tourist spend remains around $ 171. To double or quadruple that, we need fresh, curated products that go beyond the traditional,’ Hewage said. ‘The ‘Ruhunu Ring’ connects micro-brands, regional identities, and diverse landscapes from coastal trails to misty highlands, giving travellers a continuous, immersive journey rather than isolated experiences,’ he added.

Hewage described the ‘Ruhunu Ring’ as a ‘curated circuit’ that integrates wildlife, adventure, wellness, sports, and culinary experiences, encouraging visitors to explore lesser-known destinations and stay longer within local communities.

The summit also hosted a high-level discussion on ‘Tourism Innovation and Connectivity for the Future of Sri Lanka’s Tourism,’ where industry experts underscored the urgent need for improved air connectivity, strategic investments, and integrated marketing to support new tourism products.