Daily FT - April 03, 2025

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In this issue

April 03, 2025

Sri Lanka Customs vies Rs. 2.25 t revenue for 2025

THE Sri Lanka Customs Department is aiming for an unprecedented revenue target of Rs. 2,250 billion for 2025, calling it an 'attainable reality.'

2 mins

Tamil Nadu passes resolution to retrieve Sri Lanka's Katchatheevu Island

The Tamil Nadu Assembly unanimously passed a resolution urging the Union Government to take steps to retrieve Katchatheevu Island from Sri Lanka. Opposition parties of AIADMK and the BJP also supported the motion.

1 min

India-Sri Lanka to seal key bilateral deals including defence: Cabinet Spokesman

CABINET Spokesman and Minister Dr. Nalinda Jayatissa yesterday confirmed the upcoming bilateral deals during Indian Prime Minister Narendra Modi's visit tomorrow, where both countries will ink key agreements in energy, healthcare, the digital economy and defence.

1 min

Mahendra Jayasekera quits tile companies and Swisstek

LONG-STANDING Managing Director Mahendra Jayasekera has resigned from Lanka Walltiles PLC and related companies Lanka Tiles PLC and Swisstek (Ceylon) PLC with effect from 1 April.

1 min

Cabinet approves draft Bill to amend Electricity Act

THE Cabinet of Ministers at their meeting on Tuesday approved the preparation of a draft Bill to amend the Electricity Act No. 36 of 2024, following recommendations from a specialists' committee appointed by the Power Ministry.

1 min

Cargills Bank reassures customers over hacking incident

CARGILLS Bank yesterday reassured customers and stakeholders over the recent cyber security infringement.

1 min

CSE reverts to YTD positive territory but sees Rs. 282 m net foreign selling

THE Colombo stock market yesterday reverted to positive territory year-to-date (YTD) thanks to investors sustaining the buying momentum.

2 mins

Govt. green lights over Rs. 5.5 b healthcare procurements

THE Government this week approved four major healthcare supply procurements with a total of Rs. 5,514 million, ensuring the availability of critical medicines and medical supplies across State hospitals.

1 min

Cargills Bank reassures customers over hacking incident

CARGILLS Bank yesterday reassured customers and stakeholders over the recent cyber security infringement.

1 min

Swisstek Aluminium raises over Rs. 800 m via Rights for expansion, reduces debt

SWISSTEK Aluminium Ltd., a subsidiary of Swisstek (Ceylon) PLC, has so far raised over Rs. 800 million via an ongoing Rights Issue to capacity expansion and to reduce gearing levels.

1 min

Special traffic plan due to Indian PM Modi's visit

Sri Lanka police announced that a special traffic plan will be implemented in Colombo and several other areas due to Indian Prime Minister Narendra Modi's visit to Sri Lanka.

1 min

Sri Lanka reaffirms support for earthquake victims in Myanmar

FOREIGN Affairs, Foreign Employment and Tourism Minister Vijitha Herath held a telephone conversation yesterday with Myanmar Deputy Prime Minister and Foreign Affairs Minister U Than Swe, conveying condolences and reaffirming Sri Lanka's support during this challenging time.

1 min

Ex-Chief Minister, private secretary sentenced to 16 years RI for corruption

THE Colombo High Court yesterday sentenced former North Central Province Chief Minister S.M. Ranjith and his private secretary Shanthi Chandrasena to 16 years of rigorous imprisonment (RI) after they were found guilty of corruption charges.

1 min

Food Policy and Safety Committee recommends import rice amid soaring prices and supply concerns

Officials cite excessive rainfall as key factor affecting this year’s harvest, with crop damage occurring twice leading to lower-than-expected yield Committee approves importation of broken rice for animal feed; emphasises on encouraging alternative feed options to reduce dependence on rice-based livestock nutrition New sub-committee led by Director-General of Agriculture tasked with overseeing rice imports

1 min

Freda Corea Awards tomorrow

THE second awards ceremony of the Freda Corea Awards (FCA) competition initiated by the Gamani Corea Foundation will be held tomorrow, 4 April, at 2 p.m. at the Jasmine Hall, BMICH.

1 min

John Morris Group enters new growth phase by relocating to new office in Colombo 3

JOHN Morris Group (JMG), a leading Australian supplier of research, laboratory, and analysis equipment, has relocated its Colombo office to a prime location in Colombo 3, marking a significant step in its growth in Sri Lanka.

1 min

Legal institution signs MoU with ICC Sri Lanka to advance regional alternative dispute resolution collaboration

THE Sarawak Institute of Arbitration and Dispute Resolution (SiADR) yesterday marked a significant milestone with the formal signing of a Memorandum of Understanding (MoU) with the International Chamber of Commerce Sri Lanka (ICC Sri Lanka) for collaborative resolution.

1 min

Edward and Christie expands into maritime sector with Dolphin Marine acquisition

■Signifies expansion with keel laying for steel ferries

2 mins

Colombo among next 8 cities to receive Emirates’ retrofitted Boeing 777 services

EMIRATES has announced that Colombo will be among the next eight destinations to be served by the airline's B777s with upgraded cabins, as the airline's retrofit program continues to progress at an impressive pace, with an aircraft receiving a nose-to-tail facelift and rolling out into service every three weeks.

1 min

99x bridges cybersecurity gap with hands on workshop led by industry experts

99X, in collaboration with SLASSCOM, recently organised a hands-on security workshop, 'Wanderers Above the Sea of Vulnerabilities,' to address the growing need for professionals to safeguard software systems against evolving cybersecurity threats.

2 mins

SLASSCOM National Ingenuity Award winners dazzle at World Summit Awards 2024

THE winners of the SLASSCOM National Ingenuity Award 2024 (SNIA) achieved remarkable success, with four ground-breaking digital solutions from Sri Lanka standing out in a highly competitive field at the World Summit Awards (WSA) this year.

2 mins

Building future-ready workforce: HNB completes strategic HR transformation

SRI Lanka’s largest private sector retail bank, HNB PLC, announced the successful completion of an ambitious and comprehensive transformation of its Human Resources (HR) framework, as part of a broader mission to ensure a high-performing, future-ready workforce.

2 mins

CSE Education Academy hosts inaugural awards ceremony for Certificate Course in Financial Markets

THE CSE Education Academy recently celebrated the outstanding achievements of students who successfully completed the Certificate Course in Financial Markets (CCFM) at the inaugural CCFM Awards Ceremony, underscoring the CSE Education Academy’s commitment to advancing financial literacy and capital market education.

2 mins

CFA Society Sri Lanka celebrates new charterholders driving future of finance

CFA Society Sri Lanka (CFASSL) hosted its annual Charter Awards Ceremony and Oration on 28 March at the Lotus Hall, Bandaranaike Memorial International Conference Hall (BMICH), Colombo. The event celebrated the achievements of 21 new CFA charterholders and new candidates who completed the CFA Program and would be eligible to receive the charter upon meeting the work experience requirements. It brought together CFA members, graduates, families, leading employers, CFASSL officers, academics, and media representatives.

1 min

Association of Professional Bankers Sri Lanka announces 2025/26 Committee

THE Association of Professional Bankers (APB) Sri Lanka has announced its commitment for the 2025/26 term at its Annual General Meeting held at The Kingsbury Colombo. The event saw the appointment of DFCC Bank PLC Senior Vice President - Offshore Banking, Remittances and Business Development Anton Arumugam as the 36th President of APB.

1 min

SEC leads capital market revival to further boost economy

SECURITIES and Exchange Commission (SEC) Chairman Senior Prof. D.B.P.H. Dissanabandara recently announced its efforts to modernise the financial landscape and strengthen regulatory frameworks, fostering a thriving economic environment conducive to investment.

1 min

BOC Connect: Bridging financial gaps through postal services

IN an era where financial inclusivity plays a pivotal role in economic stability, Bank of Ceylon (BOC), in collaboration with the Sri Lanka Postal Department, has launched BOC Connect—a ground breaking initiative designed to extend banking services to individuals in remote areas. This initiative leverages the extensive postal network to provide financial solutions to those unable to access traditional banking facilities.

3 mins

Sarvodaya Development Finance joins Global Banking Alliance; set to host Annual Board Meeting in Sri Lanka

MARKING a new milestone in its pledged journey towards sustainable financing and inclusive financing, Sarvodaya Development Finance PLC (SDF) has secured the full membership in the Global Alliance for Banking on Values (GABV), an international network of banks working to build a more sustainable and inclusive financial system.

2 mins

“India has extended financial assistance exceeding $ 7 billion”

Indian High Commissioner to Sri Lanka Santosh Jha is a seasoned diplomat with experience in several key postings. In this interview, he discusses the significance of PM Narendra Modi’s visit to Sri Lanka and the opportunities and challenges in the India-Sri Lanka partnership. He highlights the importance of fostering a business-friendly, stable investment climate to attract Indian investment and notes that the visit is expected to deliver key outcomes that will elevate the partnership to new heights.

2 mins

‘Democracy in debt: Sri Lanka beyond the headlines’

‘Sri Lanka is no longer in crisis but it is in debt. Politicians are in debt to the people. Elections will be held as they are part of the process of democracy. Democracy is a process not an event. As the late Pakistani Prime Minister Benazir Bhutto said: “Democracy is the best revenge”’; this is the ending note of the documentary called ‘Democracy in debt: Sri Lanka beyond the headlines’.

4 mins

Why following IMF policy recommendations will lead to yet another debt crisis: Part 2

In Part 1 we assessed the IMF’s diagnosis of external imbalances in developing countries and its corresponding policy recommendations. We argued that these diagnoses and recommendations lacked theoretical rigour and empirical support. Furthermore, we suggested that the primary reason developing countries accept IMF policy recommendations for resolving balance of payments problems is that they have no viable alternative-particularly when the influence of foreign and domestic elites who lobby for IMF engagement. These elites anticipate that IMF rescue packages will safeguard their borrowing of foreign (and domestic) debts while shifting the burden of economic adjustment onto the ordinary people.

6 mins

Constructing plans to enhance economy and boost tourism

THE tourism industry in Sri Lanka has been a strong contributor of foreign capital and, economically, has triumphed over numerous downturns.

5 mins

AKD-Modi pact: Tectonic shift, national interest negated, China double-crossed

WHO comprised the Sri Lankan team drafting the (reportedly imminent) Defence Pact with India? The Armed Forces chiefs? The Defence Ministry and its Secretary? None of the above? Were its content and text almost wholly imported?

6 mins

“A Minecraft Movie” in 12 Lankan cinemas from tomorrow

AMERICAN fantasy adventure comedy film “A Minecraft Movie” will be screened in 12 Sri Lankan cinemas from tomorrow.

1 min

Cinnamon Bentota Beach – ‘Signature Selection’ introduces filmmaker Deepa Mehta

CINNAMON Bentota Beach – Signature Selection is set to launch the ‘Signature Weekends’, a series of curated events and immersive experiences designed to celebrate art, culture, and heritage. Powered by HSBC Sri Lanka and Maldives as Official Banking Partner, this initiative debuts with a special weekend featuring acclaimed Indo-Canadian filmmaker Deepa Mehta, from 25 to 27 April.

2 mins

Gratiaen Trust announces longlist for 32nd Annual Gratiaen Prize

THE Gratiaen Trust, in partnership with John Keells Foundation, has unveiled the longlist for the 32nd Annual Gratiaen Prize— an esteemed literary accolade that continues to champion excellence in English creative writing in Sri Lanka.

2 mins

Devika Brendon’s novel ‘Aversion’; navigating contemporary Sri Lanka, seeking calm in the storm

Devika Brendon is an academic, teacher, reviewer and editor of English Literature whose first novel ‘Aversion’ was recently published. She is also a creative writer of poetry and prose, and her poems and short stories, and journalistic essays and articles, have been widely published in anthologies and journals in both print and digital media. In this exclusive e-mail interview with the Daily FT, Devika shares a wide array of thoughts, ranging from publishing her novel in multiple formats to her routine as an author.

4 mins

Pace heats up as league phase draws to close

KANDY and Colombo both missed opportunities to topple defending champions Galle from the top of the table when they failed to grab maximum points from their respective matches played last weekend.

2 mins

HNB powers 91st Battle of the Saints as Official Banking Partner

HATTON National Bank (HNB), Sri Lanka's leading private sector bank, has announced its role as the official banking partner of the 91st Battle of the Saints annual cricket encounter between St. Joseph's College and St. Peter's College.

1 min

Sasidu of JKH and Yasasri of IFS clinch main titles at 41st MBA Badminton Novices

SASIDU Ranathunga of John Keells Holdings (JKH) and Yasasri Herath of IFS were crowned as Men's and Women's Open Singles champions at the 41st MBA Novices Badminton Championship 2025 held at the MBA Indoor Courts in Colombo. Organised and conducted by the Mercantile Badminton Association (MBA) for the 41st occasion, the event was held through 22 and 30 March with the participation of nearly 390 shuttlers representing 52 local corporates.