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In celebration of World Children’s Day 2025, Sri Lanka Insurance Life (SLIC Life) has extended a Rs. 1 million free life insurance cover to the parents of every child born on 1 October, across the island. Now in its fourth consecutive year, the initiative reflects SLIC Life’s mission to provide financial protection to families at crucial moments while reinforcing the value of life insurance as a safety net.

This free life cover provides parents of newborns with vital financial security during uncertain times, helping families lay a stable foundation for the future. On 1 October, SLIC Life implemented the program nationwide, covering every hospital in Sri Lanka to ensure parents across the country benefitted from this unique offering.

Launched in 2022 as part of SLIC Life’s Corporate Social Responsibility (CSR) program, the project was designed to protect the future of the nation’s children by supporting their parents. The positive response and impact on families over the past three years inspired SLIC Life to continue the initiative, which has since grown into one of the company’s most meaningful annual CSR efforts. As the national Life Insurer, SLIC Life is dedicated to uplifting the communities it serves. Its CSR agenda spans child education, community development, and cultural preservation, contributing to the long-term sustainability of Sri Lanka and strengthening the well-being of its people.

To celebrate the initiative, a special event was held at Castle Street Hospital for Women, Colombo, on 1 October, where representatives of SLIC Life joined hospital staff and families in marking this milestone. The gathering emphasised the importance of life insurance in securing brighter futures for children and their families.

SLIC Life’s commitment to children and education is deeply embedded in its CSR strategy. Recently, the company was honoured with the Excellence in CSR Award at the Sri Lanka Leadership Awards, acknowledging its sustained contributions to education and community welfare. A flagship initiative, ‘Pasal Piriyatha Surakimu’ launched in 2007, has benefitted over 3,365 underprivileged schools with classroom refurbishments, water facilities, libraries, and learning resources. In May 2025 alone, SLIC Life revitalised 100 schools simultaneously, showcasing its large-scale commitment to education. Complementing this effort, the ‘Suba Pathum Scholarship Program’ has since 2014, awarded over 2,200 scholarships worth more than Rs. 240 million to children of policyholders excelling in national examinations, including 225 scholarships in 2025.

Beyond CSR, SLIC Life continues to introduce insurance solutions designed to safeguard children’s futures. The ‘Minimuthu’ range offers tailored plans to support education and aspirations, while the ‘School Fee Protector’ plan ensures children’s studies continue uninterrupted even in times of financial difficulty.

SLIC Life recognises that children are the foundation of the nation’s future. By offering a Rs. 1 million free life cover to parents of newborns on World Children’s Day, the company demonstrates how insurance provides essential protection throughout life’s journey. Through this program and other initiatives, SLIC Life has set a benchmark for the industry, highlighting the importance of financial security for families. With children at the heart of its mission, the company remains committed to creating a brighter, more secure future for all Sri Lankans.

In celebration of World Children’s Day on 1 October, SriLankan Airlines facilitated the flight experience for a special program for children selected through a creative competition from every province across Sri Lanka.

Through this unique initiative, 250 youngsters aged 12 to 15 were gifted the opportunity to enjoy a nearly two-hour flight aboard a SriLankan Airlines Airbus A330-300, with breath-taking views of Sri Lanka’s stunning landscapes from the sky. For many, it was their first flying experience.

The children were warmly welcomed at Bandaranaike International Airport and taken on a guided tour by SriLankan Airlines’ Ground Handling team and Airport and Aviation Services (AASL), where they experienced the full international travel process, from check-in to boarding, before taking off to the skies with SriLankan Airlines.

The flight, which departed from Bandaranaike International Airport (BIA), offered a bird’s-eye view of some of Sri Lanka’s most iconic landmarks, including the coastal belt of Colombo, Galle, Adam’s Peak, Pidurutalagala, Sigiriya, Mullaitivu, Delft Island, Anuradhapura, and Negombo, before returning to the airport. The children’s experience was captured and will be broadcast by Derana TV through a one-hour program on 6 October.

SriLankan Airlines Manager – Corporate Communications Deepal Perera said: ‘At SriLankan Airlines, we believe that the sky should never be the limit to a child’s dreams. It was a privilege to partner with Derana and Signal on this extraordinary initiative, giving children from every corner of our island the chance to experience the wonder of flight on International Children’s Day. For many, it was their very first time in the air. We are glad to have been part of a journey that may inspire future aviators, explorers, and leaders of tomorrow.’

LOLC Insurance yesterday announced two key leadership appointments aimed at driving sustainable growth, strengthening governance, and enhancing operational excellence across its companies, LOLC Life Assurance Ltd. and LOLC General Insurance PLC.

It said the appointments mark a new chapter for both companies, bringing a fresh leadership perspective and renewed energy to their strategic direction.

Chandana L. Aluthgama has been appointed Executive Director and Principal Officer of LOLC Life Assurance Ltd. and Director of LOLC General Insurance PLC, while Kithsiri Gunawardena has been appointed Director of LOLC Life Assurance Ltd., further to his role as Chairman of LOLC General Insurance PLC. With this experienced leadership, LOLC Insurance reinforces its strategic vision and readiness to drive continued success in the Sri Lankan insurance industry.

With over 33 years of experience in life and general insurance, Aluthgama brings extensive expertise in leadership, corporate governance, and talent development. He has held senior positions at prominent organisations, including Eagle Insurance PLC (Zurich Financial Services Group), HNB Assurance PLC, and HNB General Insurance Ltd.

Prior to joining LOLC Insurance, he served as Group CEO of Sri Lanka Insurance Corporation Life Ltd. and General Ltd., where he successfully led major initiatives including the statutory segregation of life and general insurance operations in 2024, business restructuring, and the establishment of a performance driven culture.

He is also the immediate past President of the Insurance Association of Sri Lanka, reflecting his longstanding contribution to the industry.

A strong advocate for education, Aluthgama has been a senior visiting lecturer at the University of Colombo for over 20 years and mentors students at the University of Moratuwa.

He holds an MBA from the University of Colombo, a Bachelor of Commerce (Special) from the University of Kelaniya, and is a Fellow and Chartered Manager of the Chartered Management Institute, UK, as well as a Fellow of the Australian and New Zealand Institute of Insurance and Finance (ANZIIF).

Aluthgama has shared his insights at local and international conferences and completed executive programs at Generali Insurance AG, Vienna, and NUS Business School, Singapore.

Gunawardena brings over 35 years of legal, public sector, and corporate experience and has been a member of the LOLC Group since 2004.

He has held senior positions in the public sector, including State Counsel at the Attorney General’s Department, Director – Legal and Enforcement of the Securities and Exchange Commission, Director – Legal and Enforcement of the Insurance Regulatory Commission of Sri Lanka (IRCSL), and the first Director General of the Consumer Affairs Authority.

He currently serves as Chairman of LOLC General Insurance PLC and Chief Operating Officer of LOLC Holdings PLC, while also holding board positions across local and international subsidiaries of LOLC in the leisure, financial services, and plantation sectors.

Gunawardena’s extensive expertise in the regulatory sector, particularly at IRCSL, coupled with his leadership across LOLC’s diverse business operations, has enabled him to steer LOLC General Insurance into becoming one of Sri Lanka’s leading insurers, pioneering industry first digital, business, and community initiatives.

Extending his leadership to sustainability and social responsibility, he has also driven LOLC’s engagement in the Sri Lankan Leopard Conservation Project, integrating business with community and environmental impact, and spearheaded the country’s first Livestock Insurance Scheme to reduce human-leopard conflict and safeguard rural livelihoods.

Citizens Development Business Finance PLC (CDB) once again teed up an unforgettable weekend of golf as the sponsor of the September Monthly Medal 2025 at the Royal Colombo Golf Club (RCGC), held on 19 and 20 September. The event, one of the most anticipated on the RCGC calendar, brought together top golfers across divisions, reflecting both the competitive spirit of the sport and the camaraderie it inspires.

This year’s tournament carried added significance, coinciding with CDB’s 30th anniversary celebrations.

The competition saw brilliant swings and pressure putts across the lush fairways of RCGC, with players battling it out in numerous categories. Emerging victorious in the Overall Nett category, V.T. Sundaralingam took the Men’s title with a stellar 63 Nett (B/B 9), while H.M.D. Bandaranayake secured the Ladies’ crown, also carding an impressive 63 Nett. In the Junior Division, rising talent Yuvan Kanth clinched the Nett Winner’s title with a 69 Nett, showcasing the bright future of golf in Sri Lanka.

The CDB September Monthly Medal not only highlighted outstanding golfing prowess but also created a unique space for networking, leisure and relationship-building. With every drive down the fairway and every putt sunk on the greens, CDB reaffirmed its role as a brand committed to creating premium experiences that go beyond business.

Sri Lanka Purchasing Managers’ Index for Construction (PMI-Construction) increased further in August 2025, as reflected by the total activity index which registered a value of 61.1 indicating a continuous expansion in construction activities.

The Central Bank said most respondents highlighted the ongoing increase in project availability, along with the resumption of some temporarily suspended projects, has strengthened the confidence of the construction sector.

The New Orders Index also increased in August. According to survey respondents, road development and water supply work were the most commonly awarded project types during the month.

In August, both the Employment and Quantity of Purchases indices increased, indicating the optimism for continued growth in the construction work.

Meanwhile, the suppliers’ delivery time further lengthened during the month, driven by the increase in demand for construction material.

The outlook of the construction sector is projected to be positive, underpinned by the expected increase in new project opportunities.

The Sri Lanka Hospitality Graduates’ Association (SLHGA), the largest body of professional hoteliers, marked a historic milestone with the appointment of its first-ever woman President Dr. Gitanjali Chakravarthy, a trailblazer who has been shaping Sri Lankan hospitality for decades.

From her beginnings as a Senior Lecturer at the Sri Lanka Institute of Tourism and Hotel Management to leading world-class properties such as Hilton Yala Resort and Uga Ulagalla, Dr. Chakravarthy has seamlessly combined academic rigor, operational excellence, and visionary leadership.

Her global experience with COMO Hotels and Resorts, together with her expertise in procurement and performance management, has set new benchmarks in the industry. Her outstanding contributions have been recognised with numerous accolades, including being named a Global Woman Leader at the World Women Leadership Congress, receiving the Global CEO Top Business Women Award, and being listed among Sri Lanka’s Top 50 Career Women. Properties under her leadership have also earned prestigious honours such as the Connie Award, Tripadvisor Traveler’s Choice Award, and multiple World Luxury Hotel Awards.

Today, as the first woman to lead SLHGA, Dr. Chakravarthy not only breaks barriers but also serves as an inspiration to countless women in Sri Lanka and across the region. Guided by her leadership philosophy-anchored in trust, collaboration, and empowerment-she continues to influence the future of hospitality and nurture the next generation of leaders.

Sri Lanka Shippers’ Council (SLSC) yesterday urged the Government to urgently reconsider the abolition of the Simplified Value Added Tax (SVAT) scheme as it would erode export competitiveness and investor confidence, deepen the mistrust between businesses and the State and threaten supply chains and livelihoods.

‘While we commend the ongoing efforts to reform and modernise our taxation policies, it is imperative to carefully evaluate the unintended consequences that this change will impose on our exporters, the broader investment climate, and the national economy,’ SLSC Chairman Trisherman Frink said.

At a juncture when Sri Lanka is intensifying efforts to attract foreign direct investment (FDI), policy predictability and stability are paramount. International investors assess the ease and reliability of business environments, favouring jurisdictions with efficient, investor-friendly tax frameworks.

A system that immobilises vital working capital through prolonged refund cycles places Sri Lanka at a distinct disadvantage compared to regional peers, many of who maintain supportive export incentives.

‘The removal of SVAT sends a discouraging message of policy volatility, signalling that conducting business in Sri Lanka entails hidden costs and uncertainties. Such signals threaten to divert critical foreign investments to competing economies offering greater certainty,’ the SLSC warned.

The SVAT system has long served as a vital instrument for exporters by removing the burden of upfront VAT payments and preserving essential liquidity.

Exporters operate within narrow margins and extended production cycles, relying heavily on uninterrupted access to cash flow to meet daily operational costs, remunerate suppliers, and sustain employment.

The abolition of SVAT means exporters will now be compelled to pay VAT in advance, then rely on refund processes that, despite governmental assurances, have historically been slow and prone to bureaucratic delays.

‘Even minor delays in VAT refunds risk severe cash-flow disruptions, threatening operational continuity and eroding Sri Lanka’s competitiveness in global markets,’ Frink noted.

The export sector remains the backbone of Sri Lanka’s economy, contributing substantially to foreign exchange earnings, sustaining hundreds of thousands of jobs, and supporting extensive supply chains.

Weakening this sector now risks a far-reaching ripple effect from loss of competitiveness due to higher financing costs, forcing exporters to increase prices, undermining their position in price-sensitive markets to threats to employment as export industries absorb a significant portion of the workforce.

Weakening the sector also causes a disproportionate impact on small and medium-sized exporters who lack access to affordable financing and are therefore more vulnerable to refund delays, deepens mistrust between the business community and the state, as historically delayed refunds foster apprehension and uncertainty and the policy inconsistency compromises long-term investment and operational planning.

The SLSC noted that it was important to highlight that the abolition of SVAT will disproportionately affect exporters in high-value, labour-intensive sectors such as textiles, garments, and food processing, pillars of Sri Lanka’s export portfolio that provide livelihoods to thousands of families and require sustained policy support to remain viable.

Moreover, the transition period following SVAT removal must be managed carefully to avoid sudden shocks. Adequate grace periods, clear communication, and enhanced capacity in tax refund processing are essential to minimise operational disruptions for exporters.

‘The Government should also explore alternative revenue-enhancement measures that do not undermine the export sector, such as improving VAT administration, broadening the tax base, and tackling tax evasion, instead of removing export-support mechanisms,’ Frink suggested.

There is a pressing need to establish a formal platform that facilitates ongoing dialogue between exporters, tax authorities, and policymakers to ensure taxation policies reflect industry realities and are balanced for sustainable growth.

Finally, exporters remain committed to compliance and transparency. Strengthening SVAT through digitalisation and verification can uphold revenue integrity while safeguarding export competitiveness and liquidity.

Globally, successful export economies adopt zero-rating VAT systems at export points, eliminating unnecessary financial barriers and refund complexities. Sri Lanka, in its current economic rebuilding phase, must align with these globally accepted practices rather than diverging.

Rather than dissolving SVAT, the strategic approach should be to reform and modernise it with digital tools, enhancing transparency and efficiency. This balanced path will protect vital cash flows without compromising fiscal responsibility.

‘The SLSC respectfully urges policymakers to reconsider the removal of SVAT in the national interest. Supporting exporters is not a matter of special favours; it is about protecting the lifeblood of our economy. Exports drive growth, sustain employment, and generate critical foreign exchange,’ the council said.

For meaningful and sustainable economic recovery, Sri Lanka must provide a clear, predictable, and investor-friendly policy environment. Weakening the export engine by removing SVAT jeopardises national progress and delays our journey to prosperity.

‘Exports remain Sri Lanka’s strongest engine of growth. Preserving mechanisms like SVAT is essential to fostering a resilient, competitive, and investment-friendly economy,’ Frink said.

Police have arrested the owner of a fishing boat in connection with the recent seizure of more than 700 kilograms of heroin and crystal methamphetamine (ICE) in Seenimodara, Tangalle.

The Police Narcotics Bureau (PNB) said the drugs, discovered in three lorries in the area, had been smuggled into the country by sea. Investigations revealed that the narcotics were brought in aboard a toll boat before being transferred to a smaller fishing vessel for transport.

The arrest was made during a raid linked to the wider probe into the drug trafficking operation.

Authorities confirmed that further investigations are underway into the network responsible for the smuggling.

Colombo stock market continued its rally closing yesterday in green for the 13th consecutive session with ASPI within touching distance of the 22,000 points barrier.

The ASPI closed 0.46% up gaining 100.49 points to 21,951.79. The active S and P SL20 ended 0.15% up, gaining 9.42 points to 6,148.21. Turnover was Rs. 6.5 billion on more than 192 million shares traded. Foreigners were net buyers with a net inflow of Rs. 46.4 million, down from Rs. 90.7 million the previous day.

First Capital Research said that backed by the strong kick start for the month from previous day, Colombo Stock Exchange continued its positive momentum and ended up on the green territory.

ASPI was up by 100 points and ended the day at 21,952, marking the 13th consecutive day of gains. Although the retail participation was moderate, HNW participation was high, with more positivity observed largely towards Banking sector and the blue-chip companies.

Additionally, there was positive investor participation towards the Construction sector counters. This could have possibly been driven by the rise of PMI index to 61.1 in August, from 60.0 in July.

MELS, AEL, UBC, RCL and NDB were the top positive contributors to the index. Turnover for the day stood at Rs. 6.5 billion, reflecting a decrease of 8% compared to the monthly average that stands at around Rs. 7.1 billion.

Banking sector took the lead in terms of sector wise contributions to turnover, with a share of 24%, followed by the Capital Goods sector and Food, Beverage and Tobacco sector which produced a combined contribution of 36%. Foreign investors remained net buyers, recording a net inflow of Rs. 46.4 million.

NDB Securities said The ASPI closed in green as a result of price gains in counters such as Melstacorp, Access Engineering and Union Bank with the turnover crossing Rs. 6.5 billion. A similar behaviour was witnessed in the S and P SL20.

Crossings were witnessed in Commercial Bank, Melstacorp, and DFCC Bank, accounting for 43.6% of the turnover. Mixed interest was observed in Access Engineering, Lanka Aluminium Industries and Sierra Cables whilst retail interest was noted in LVL Energy Fund, Cable Solutions and UB Finance Company.

Foreign participation in the market activity remained at subdued levels with foreigners closing as net buyers.

The Banking sector was the top contributor to the market turnover (due to Commercial Bank) whilst the sector index gained 0.25%. The share price of Commercial Bank decreased by Rs. 0.50 (0.26%) to close at Rs. 193.25.

Capital Goods sector was the second-highest contributor to the market turnover (due to Access Engineering) whilst the sector index increased by 0.37%. The share price of Access Engineering moved up by Rs. 3.60 (5.82%) to close at Rs. 65.50.

Melstacorp, Lanka Milk Foods and Lanka Aluminium Industries were also included amongst the top turnover contributors. The share price of Melstacorp gained Rs. 6.75 (3.89%) to close at Rs. 180.25. The share price of Lanka Milk Foods recorded a gain of Rs. 1.50 (2.27%) to close at Rs. 67.60. The share price of Lanka Aluminium Industries appreciated by Rs. 4.20 (8.30%) to close at Rs 54.80.

The Commission to Investigate Allegations of Bribery or Corruption (CIABOC) yesterday expressed deep concern over what it described as baseless and misleading statements made by certain individuals and organisations, warning that legal action would be taken against attempts to discredit its work.

Speaking at a media briefing, CIABOC Director-General Ranga Dissanayake said the Commission has observed that some parties, acting with hidden agendas, are spreading false narratives through electronic, print and social media.

‘Such actions damage the reputation of the Commission, divert public attention away from ongoing major investigations, and create a distorted perception regarding the lawful and independent operations of the Commission,’ he noted.

Dissanayake emphasised that CIABOC has undergone significant reform and now enjoys growing public trust. He disclosed that in the first eight months of this year alone, 4,626 complaints related to bribery and corruption were lodged.

Under the Anti-Corruption Act No. 9 of 2023, CIABOC is empowered to act independently, fearlessly, and without bias. While reiterating that freedom of expression is a fundamental right, the Director-General stressed that this right ‘cannot be misused to spread false claims that hinder justice or undermine public confidence in the fight against corruption.’

He said it will not hesitate to pursue legal action against individuals or organisations that attempt to spread misinformation, insult, or discredit its operations.

Reaffirming its commitment to impartial investigations, the Director-General urged the public to remain vigilant against deliberate efforts to mislead them.

Dissanayake also advised critics to raise grievances through the Judicial Service Commission rather than holding media briefings to air unfounded accusations.