Asianet Pakistan Private Limited

In an exclusive pre-publication release to the Daily FT, the publisher of leading business magazine LMD, Media Services, unveiled the top 20 line-up in the forthcoming LMD 100 annual edition.

Hayleys takes the top spot in the 32nd edition of Sri Lanka’s pioneering listed company rankings for financial year 2024/25. With a consolidated revenue exceeding Rs. 492 billion, the leading conglomerate secures top spot in Sri Lanka’s version of the Fortune 500 for the second consecutive year – it also helmed the rankings back in 2020/21.

Occupying second place on the podium with a top line of nearly Rs. 340 billion is LOLC Holdings while Carson Cumberbatch secures third place with a consolidated revenue of over Rs. 323 billion.

Commercial Bank of Ceylon (ComBank) leads the profitability rankings with a profit after tax exceeding Rs. 55 billion. It is followed by Browns Investments with profits surpassing Rs. 53 billion and Hatton National Bank (HNB), which recorded a bottom line of Rs. 44 billion to take the No. 3 spot among the most profitable listed companies in 2024/25.

A spokesperson for Media Services says the 100 strong rankings ‘underscore the continued dominance of Sri Lanka’s top conglomerates and banking sector among listed entities.’

In addition to the listed company rankings, the LMD 100 special edition will cover the national economy and performance of Sri Lanka’s leading listed companies in financial year 2024/25. It will also feature a series of interviews with a collection of the LMD 100’s high achievers.

Media Services says the LMD 100 special edition will be released in December.

The Mastercard 5 Club Premier Challenge 2025 is set to take place on 4 and 5 October at the Royal Colombo Golf Club, promising yet another exciting chapter in this much-anticipated golfing event.

Known for its competitive yet friendly spirit, the tournament continues to draw wide participation from the country’s golfing community.

The opening day will feature a shotgun start at 7:00 a.m. and 1:00 p.m., ensuring that the large field of participants can enjoy smooth play across the historic fairways of RCGC. With more than 270 golfers already registered, the atmosphere is expected to be vibrant and full of energy.

The final day will tee off at 7:00 a.m., where participants will vie for top honours and test their skills under pressure. The layout of the RCGC, with its challenging greens and strategic hazards, will demand both precision and consistency.

As always, the event is more than just competition it is a celebration of camaraderie and golfing excellence. The Mastercard 5 Club Premier Challenge 2025 stands as a highlight in the local golfing calendar, bringing together seasoned players and rising talents for two memorable days on the course.

The upward momentum in secondary Bond markets continued yesterday with rates rising for a third straight session. Activity and transaction volumes were seen at healthy levels during the earlier trading hours but fizzled out to a virtual standstill during the later trading hours.

The 15.09.27 maturity was seen trading at the rate of 8.85%. The 15.10.28 and 15.12.28 maturities were seen changing hands at levels of 9.23%-9.25%. The 15.06.29, 15.09.29 and 15.12.29 maturities were seen trading at highs of 9.60%, 9.65% and 9.68% respectively. The 15.05.30 and 01.07.30 maturities were seen changing hands at the rates of 9.75% and 9.76% respectively while the 15.12.32 maturity at the rate of 10.55%. The 01.11.33 maturity traded within the range of 10.75%-10.74%. The 15.09.34 maturity traded down the range of 10.82%-10.80%.

The total secondary market Treasury Bond/Bill transacted volume for 1 October was Rs. 23.17 billion.

In money market, the weighted average rates on overnight call money and Repo stood at 7.87% and 7.88% respectively.

The net liquidity surplus was recorded at Rs. 172.16 billion yesterday. An amount of Rs. 21.00 billion was withdrawn from the Central Bank’s SLFR (Standing Lending Facility Rate) of 8.25%, while an amount of Rs. 193.16 billion was deposited at Central Bank’s SDFR (Standard Deposit Facility Rate) of 7.25%.

Forex Market

In the Forex market, the USD/LKR rate on spot contracts closed the day steady at Rs. 302.46/302.52 as against Rs. 302.47/302.53 the previous day.

The total USD/LKR traded volume for 1 October was $ 142.00 million.

Union Assurance has once again secured a coveted position in the 100 Most Valuable Brands 2025 ranking published by Brand Finance. The company retains its place within the exclusive Top 50 Valuable Brands, a reflection of its strong brand impact, strength and forecasted brand value creation. This recognition reaffirms Union Assurance’s consistent performance and leadership by remaining relevant and resilient in a dynamic business environment.

Driven by a brand vision of empowering progress for all, Union Assurance offers a comprehensive suite of protection solutions tailored to meet the evolving needs of its customers. The company continues to lead the way in digital transformation, introducing multiple industry-first innovations that have redefined the Life Insurance experience in Sri Lanka. In addition, Union Assurance has made forward-looking investments to simplify Life Insurance and enhance accessibility by expanding its presence across omni-platforms that are seamlessly integrated into the everyday lives of Sri Lankans.

Aligned with its brand vision, the company has also launched its flagship CSR program, Suwamaga dedicated to reducing the rising incidence of diabetes in Sri Lanka. Anchored on four strategic pillars-raising awareness, promoting healthy lifestyles, supporting early detection and risk management, and fostering community engagement, the program delivers a holistic approach to diabetes prevention and control nationwide. The program has since positively impacted over 22,000 individuals across Sri Lanka between September 2024 and August 2025 with free testing services provided to the public for completely free of charge across all corners of the island.

Chief Executive Officer Senath Jayatilake stated, ‘We are proud and humbled by this ranking. This recognition highlights the enduring trust and confidence that our customers and stakeholders place in Union Assurance. It is also a demonstration of the hard work and dedication of our entire team in ensuring that we consistently exceed expectations and deliver best-in-class value.’

Chief Marketing Officer Mahen Gunarathna said, ‘This recognition is a powerful endorsement of our brand’s relevance and resonance in the hearts of Sri Lankans. At Union Assurance, we are deeply committed to building a brand that not only delivers protection but also empowers progress of all. Through strategic marketing, customer-centric innovation, and purpose-led initiatives like Suwamaga, we continue to strengthen our connection with communities and drive meaningful impact across the nation.’

Sri Lanka has slipped sharply in global gender equality rankings, according to findings presented by UN Women to the Women Parliamentarians’ Caucus recently. The country, which ranked 18th out of 115 nations in 2006, has fallen to 130th among 148 countries in 2025.

The study assessed women’s economic empowerment, participation in governance and decision-making, roles in peace and security, and efforts to prevent violence against women and girls. While acknowledging that some of the region’s most influential figures are women, the research highlighted persistent disparities between men and women across these areas.

Chairing the session, Women and Child Affairs Minister Saroja Savithri Paulraj called for the final report to be shared with the caucus and proposed that, in addition to allocations for the Women and Child Affairs Ministry, each Ministry should set aside funds in the upcoming Budget to support women’s empowerment.

She also announced plans for a study, with the Westminster Foundation for Democracy, on challenges faced by women in public office from Local Government to the Presidency.

Discussions also included the International Foundation for Electoral Systems, which outlined initiatives to strengthen women’s participation in politics at local, provincial, and national levels. Paulraj invited the Foundation to present its proposals to the Caucus.

Several Parliamentarians, including Deputy Chairperson of Committees Hemali Weerasekara and MPs Kaushalya Ariyaratne, Oshani Umanga, Krishnan Kalaichelvi, and others, attended the meeting.

Vehicle importers yesterday objected to a Treasury proposal requiring a 35% surcharge for the release of vehicles currently detained by Sri Lanka Customs. The matter was taken up before the Court of Appeal, where counsels representing several importers argued against the move.

The vehicles in question had been brought into the country under letters of credit opened at foreign banks, leading to their detention.

Appearing for a group of importers, President’s Counsel Faiszer Musthapha told Court

that imposing such a surcharge would drive the cost of the vehicles above their actual value.

He also argued that releasing them on a bond was unnecessary, suggesting instead that an undertaking to court by the petitioners should suffice.

President’s Counsels Ikram Mohamed and Sanjeeva Jayawardena, representing other importers, also raised objections, claiming the Customs’ decision to hold the vehicles was unlawful.

During an earlier hearing on 30 September the bench asked Additional Solicitor General Sumathi Dharmawardena, representing Customs, to examine alternatives for release, such as corporate or personal bonds or other undertakings to court.

The bench directed him to present a report on possible arrangements at the next hearing scheduled for 10 October.

Hayleys Leisure has announced the appointment of Rajitha Amarasinghe as Director of Operations – Amaya Resorts and Spas.

In his new role, Amarasinghe will oversee the operations of Amaya Resorts and Spas and the Boutique Collection by Amaya, with a focus on driving operational excellence, elevating service standards, enhancing guest experiences and strengthening financial and business performance. His responsibilities will also encompass people development and compliance, ensuring alignment with Amaya’s vision of becoming the most preferred hotel brand in Sri Lanka.

With over two decades of experience in the hospitality industry, Amarasinghe brings a wealth of operational and leadership expertise. He began his career with Cinnamon Hotels and Resorts, where he served for 13 years, rising to the position of Manager – Compliance, Health and Safety. He later joined Amaya Resorts and Spas, assuming key leadership roles, including Head of Operations and Head of Health, Safety, and Compliance. Throughout his career, he has demonstrated a strong ability to balance service excellence with people development, shaping operational standards that have enhanced both guest satisfaction and organisational performance.

An alumnus of the International Management Institute (IMI), Switzerland, Amarasinghe holds a Postgraduate Diploma in Hospitality Management, specialising in Hospitality Administration and Management.

Rajitha said: ‘It is a great honour to step into the role of Director of Operations at Amaya Resorts and Spas. I am excited to work with our incredible team to elevate hospitality to the next level by creating memorable guest experiences and fostering sustainable growth. My focus will be on enhancing operational excellence and empowering our people to deliver the highest standards of service.’

Hayleys Leisure Managing Director Rohan Karr said: ‘Rajitha has been an integral part of our team, consistently demonstrating exemplary management skills, operational expertise and a deep commitment to delivering excellence. We are confident that under his guidance, Amaya Resorts and Spas will become the most preferred hospitality brand in Sri Lanka.’

Gabriel’s Charity Auction in aid of Rescue Animals Sri Lanka (RAS) will take place on 31 October at the Mahogany, Cinnamon Grand, commencing 7.30 p.m.

Presented by the Cinnamon Grand, Hi Magazine, Wijeya Newspapers and Aditi, the evening is guaranteed to have something for everyone. A silent auction featuring an array of valuable items, a fashion show with Sri Lanka’s finest designers namely, Aditi, Brian Kerkoven, Charini, Dhammika Amarasekara, Jai by Aashkii, LIMAK by KAMIL and RADISI, while cocktails, a four course sit down dinner, and entertainment by En Route, all combine to ensure that Friday 31 October, will indeed be a night to remember .

The Auction will comprise of a variety of eclectic items including paintings, pottery, designer clothing, jewellery, etc. with the proceeds from their sale going towards funding the RAS shelter, as well as their manifold activities.

RAS was incorporated as a formal trust by D L and F de Sarams over 25 years ago by Anusha David, who commenced her animal welfare activities at the age of eight when she picked up two flea ridden pups on her way to school and hid them in her class handwork cupboard. Since then Anusha’s care for the voiceless encompasses all creatures great and small and her advocacy extends to farm animals, elephants, monkeys, birds and reptiles. The RAS shelter presently houses 92 dogs and 18 cats with three staff on site to care for the animals.

Lanka IOC, which has partnered with RAS as part of their CSR program, give a strong signal to other corporates to follow their lead, while Aditi emphasised the fact that animal welfare and preserving the environment are the cornerstones of CSR.

Hospitality Partner Cinnamon Grand, has walked their talk with the opening of a Cattery, while Print Media partner Wijeya Newspapers Ltd., Advertising Partner Gravitas, Social Media Partner Zelus, Brian Kerkoven, Chagall Salon, and En Route, have all extended their support to RAS to ensure the event’s success.

Aditi Managing Director Mahika Weerakoon, who was the first Corporate to partner with RAS, said,

‘At Aditi, our philosophy has always been about care for people, for communities, and for the world we live in. Supporting Rescue Animals Sri Lanka is a natural extension of our values. Just as we empower women through fashion, we believe compassion towards animals and protecting the environment are essential to building a truly elegant society.’

Lanka IOC Managing Director Dipak Das said they were pleased to partner with Rescue Animals Sri Lanka as part of their CSR initiative and expressed the hope that other Sri Lankan Corporates would include Animal Welfare into their corporate ethos.’

‘The Cinnamon Grand Colombo is delighted to be a part of yet another initiative spearheaded by Anusha David of Rescue Animals Sri Lanka. We have had a long association with Anusha and look forward to partnering with her on future endeavours too,’ said General Manager Nazoomi Azhar.

The Export Development Board (EDB) yesterday said that it was moving to finalising the National Export Development Plan (NEDP) 2025-2029 by November, with the aim of sharpening trade competitiveness, building stronger regional and global linkages, and positioning exports as a driver of sustainable growth even as US President Donald Trump is upending the world trade order.

The EDB, working with the Asian Development Bank (ADB), has begun a series of nationwide consultations to shape the plan.

Eight focus group discussions and a technical committee meeting are scheduled for 2-10 October, covering areas from trade logistics to sectoral priorities. Regional and validation workshops are to follow, before the final framework is submitted later this year.

The urgency is palpable. A recent ADB report has said the impact of US tariffs will impact Sri Lanka’s growth, forecast to slowdown from 5% in 2024 to 3.9% this year and 3.3% in 2026. With Macro-Bonds likely to result additional debt payments up to $ 250 million annually, driving export growth is critical.

According to the Institute of Policy Studies in 2023, Sri Lanka’s goods and services exports made up nearly 20.4% of GDP, with manufacturing exports contributing 14%. However, the country’s merchandise export mix remains highly concentrated, with 77% of export income coming from industrial goods, mainly apparel, and just 22% from agricultural exports.

‘This lack of sufficient diversification leaves Sri Lanka’s export economy vulnerable, heavily dependent on the apparel sector and traditional sectors like tea and rubber,’ the IPS said.

According to the Advocata Institute, Sri Lanka’s lack of trade competitiveness is the result of policies and structural inefficiencies that have rendered the country uncompetitive. It noted that this fundamental issue was often misdiagnosed as a lack of targeting, leading to constant shifts in focus towards different sectors or products every three years without addressing the root causes of poor competitiveness.

According to the EDB, the new National Export Development Plan 2025-2029 builds on lessons from the National Export Strategy of 2018-2022, while addressing shifting global trade conditions and the country’s own post-crisis priorities.

‘This initiative is central to positioning Sri Lanka as a competitive player in international markets,’ Industry and Entrepreneurship Development Deputy Minister Chathuranga Abeysinghe said at the inaugural session in Colombo yesterday.

EDB Chairman Mangala Wijesinghe told stakeholders that aligning national export priorities with industry realities and global market opportunities was critical to the plan’s success. ADB’s Country Director in Sri Lanka Takafumi Kadono, stressed the importance of collaborative engagement to ensure the framework is both inclusive and actionable.

The Government has identified the NEDP as a key priority in the 2025 Budget, mandating the EDB to lead the process under the Policy-Based Lending program of the Industry and Entrepreneurship Development Ministry. Industry Secretary Thilaka Jayasundara said the consultations would help identify priority sectors, strengthen trade linkages, and address bottlenecks in the trade ecosystem.

‘Once completed, the five-year plan will provide the roadmap for Sri Lanka’s export growth strategy, setting policy direction and implementation pathways at a time when the country is seeking to anchor its economic recovery on trade-led expansion,’ the EDB said in a statement yesterday.

Bangladesh got their ICC Women’s Cricket World Cup rolling as they thumped Pakistan by seven wickets at the R. Premadasa International Cricket Stadium yesterday, in the first match of the Colombo leg.

It was absolute domination from Bangladesh. The only thing that did not go their way was the toss. Pakistan, who won the toss and chose to bat first, were pushed onto the backfoot straight away thanks to a brilliant opening spell with the new ball by Marufa Akter, who set the tone early with a couple of wickets as the ball swung in the powerplay. Omaima Sohail and Sidra Amin departed without troubling the scorers, as Pakistan were in early trouble. Following that, Pakistan batters chipped in with a few handy contributions, but once the partnership of 42 between Muneeba Ali and Rameen Shamim was broken, Bangladesh bowlers kept taking wickets at regular intervals.

After Marufa’s spell, the Bangladesh spinners took over and had Pakistan in a stranglehold. They ensured the scoreboard got nowhere; while, at the same time, chipped away at the wickets as Pakistan were skittled out for 129. Shorna Akter finished off the tail by picking three wickets, but nothing to take away from Nahida Akter and others, who choked Pakistan in the middle overs. Marufa was the only pace bowler Bangladesh used yesterday, and the five spinners took the rest of the eight wickets between them.

Bangladesh’s start to the chase wasn’t great, but the arrival of Captain Nigar Sultana got the runs flowing. In her presence, debutant Rubya Haider also gained confidence and showed her range of shots as she marked her debut with a lovely half-century (54* off 77 balls, 8 fours), sharing a 62-run stand off 77 balls. With Sobhana Mostary contributing an attractive 24* off 19 balls, Bangladesh got home at a canter in the end. Overall, it was a clinical performance by Bangladesh to outplay Pakistan.

Scores:

Pakistan 129 (38.3) (Rameen Shamim 23, Fatima Sana 22, Marufa Akter 2/31, Nahida Akter 2/19, Shorna Akter 3/5)

Bangladesh 131-3 (31.1) (Rubya Haider 54*, Nigar Sultana 23, Sobhana Mostary 24*)