Daily FT - April 04, 2025

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In this issue

April 04, 2025

Nalin Welgama says SL must revisit FTA with India after US tariff move

IDEAL Group Founder and Executive Chairman Nalin Welgama yesterday called for a reassessment of Sri Lanka's Free Trade Agreement (FTA) with India, highlighting the $2.75 billion annual trade deficit between the two neighbouring countries.

1 min

National Chamber of Exporters suggests India should offer duty free access for all SL products for next 5 years

THE National Chamber of Exporters of Sri Lanka (NCE) yesterday suggested India should enable duty free access for Sri Lankan products for the next five years.

3 mins

HNB abandons Bangladesh move

HATTON National Bank has decided to not proceed with the acquisition of the Bangladesh operations of Bank Alfalah. The decision was made at a special meeting of the HNB Board on 2 April.

1 min

Apparel industry faces shock as US imposes high tariffs

JAAF Secretary General Yohan Lawrence says tariff level is 'extremely high' relative to regional competitors Asserts impact will be swift and severe

1 min

Browns buys 37.6% stake in Tea Smallholder Factories for Rs. 395 m from JKH

Move triggers SEC Takeovers and Mergers Code at Rs. 35 per share; Akbar Brothers and Central Finance other major shareholders

1 min

Ceylon Chamber expresses deep concern over US Tariffs

Says SL can negotiate down from high tariff band as country is half way through IMF program and navigating tight fiscal space Stresses opportune moment for Govt. to relook at tariff structure; improve trade facilitation and ease of doing business Calls for coordinated and strategic response to mitigate potential economic impact

1 min

President gets cracking to deal with Trump's tariff move

Meets newly appointed committee; does an in-depth review of challenges and discusses course of action

1 min

Trump's tariff terrorises Sri Lanka

S 3 b of exports to Sri Lanka's largest market under threat due to high 44% new reciprocal tariff decided by US President Donald Trump from April 9.

2 mins

ACL Cables announces new Board appointments

ACL Cables PLC, has announced key changes to its Board of Directors reinforcing the commitment to strong governance and strategic growth.

2 mins

EDB hosts meeting with JETRO to strengthen economic cooperation between Sri Lanka, India, Japan

THE Sri Lanka Export Development Board (EDB) recently hosted a productive meeting with Japan's Ministry of Economy, Trade, and Industry (METI) South Asia Regional Representative Toyokazu Nagamine to explore the potential for establishing a regional economic cluster aimed at facilitating the export of manufactured goods to Japan and other regions. This took two weeks to enhance economic cooperation between Sri Lanka, India, and Japan.

1 min

Suspended IGP Deshabandu further remanded till 10 April

MATARA Magistrate’s Court yesterday ordered to further remand suspended Inspector General of Police (IGP) Deshabandu Tennakoon till 10 April in connection with the Weligama shooting incident.

1 min

Govt. seeks urgent talks with US over 44% tariff on exports

Economic Development Deputy Minister Prof. Anil Jayantha Fernando says move is not exclusive to SL, but broader global policy by Trump-administration Assures Govt. already held discussions, preparing to present its case to US authorities emphasising on economic recovery efforts, its ongoing IMF program Plans to explore alternative options like EU GSP+ if renegotiation fails

2 mins

LR unveils 2025 Range Rover: New era of modern luxury and electrification

ACCESS Motors recently launched the 2025 Range Rover at Shangri-La Colombo. True to its legacy, the new Range Rover redefines modern luxury, blending breathtaking modernity, peerless refinement, and unmatched capability, all informed by over 50 years of evolution.

1 min

CMTA and SLAM engage in insightful discussions on automotive industry

The Ceylon Motor Traders’ Association (CMTA), established in 1919 and an affiliate of the Ceylon Chamber of Commerce, recently hosted an evening of insightful discussions with the Society of Indian Automobile Manufacturers (SIAM) a delegation of Government leaders.

1 min

NGK battles against counterfeiters in Sri Lanka

JAPANESE automotive giant Niterra Co., Ltd. recently pursued criminal action against multiple entities involved in selling and possessing counterfeit NGK-branded spark plugs in Sri Lanka.

2 mins

BYD opens Galle showroom

BYD, the world’s leading New Energy Vehicle (NEV) manufacturer, together with its authorised Sri Lankan distributor, John Keells CG Auto (JKCG Auto), has expanded its footprint with the launch of its newest showroom located on the Southern Expressway Entrance Road in Nagagoda, Galle on 26 March.

1 min

SampathCards paves way for innovation and growth with exciting discounts up to 60% this season

Following is an exclusive interview with Sampath Bank Head of Card Centre Chirath Samarasekera

7 mins

Expertise France and CSE collaborate to host stakeholder consultation session

EXPERTISE France, in collaboration with the Colombo Stock Exchange (CSE), hosted a pivotal Stakeholder Consultation Session on “Challenges for Issuing Corporate Green Bonds in Sri Lanka” at the Galle Face Hotel, Colombo, engaging over 75 participants.

1 min

Commercial Bank of Ceylon clinches top position in K Seeds Investments’ ranking report

K Seeds Investments has named Commercial Bank of Ceylon as the best-performing bank under the 13 banks in Sri Lanka through a ranking carried out based on their financial performance for the year ended 2024, Licensed Banks (excluding NSB) in the report have been categorised based on the Banking Act Directions No. 10 of 2019 issued by the Central Bank of Sri Lanka, which replaces the previous directions where the banks were categorised onto based on the size of the asset base.

2 mins

ADB urges strengthened local sustainable finance framework to boost investment

ADB South Asia Department Director General Takeo Konishi calls for strengthened sustainable financing

2 mins

Dialog sets new record with download speeds exceeding 6Gbps

DIALOG Axiata PLC, Sri Lanka’s #1 connectivity provider, in collaboration with Huawei and Samsung, has achieved a significant milestone in its 5G journey by demonstrating 6.2Gbps speeds on its 5G Standalone (5G SA) Ready network – the fastest ever recorded in Sri Lanka on a commercial smartphone, the Samsung Galaxy S23 Ultra. This demonstra tion highlights the transformative potential of 5G’s Ultra Advanced Technology, setting a new benchmark for mobile connectivity in Sri Lanka. The trial was enabled by industry-leading innovations such as Massive MIMO, 5CC Carrier Aggregation in the sub-6GHz spectrum, and 1024QAM modulation.

2 mins

“Punch above your weight”: Dr. Hans Wijayasuriya urges IT industry to aim high

SRI Lanka’s IT industry must embrace global trends, adopt an open source mindset, and leverage its diaspora to achieve the ambitious goal of a $5 billion digital industry by 2030, said Chief Advisor to President on Digital Economy Dr. Hans Wijayasuriya.

2 mins

Trapezing with defence cooperation

India has come into defence frameworks with several neighbours.

6 mins

Trump tariffs on Sri Lanka base on misguided thinking

THE Trump administration has decided to impose a preliminary 44% tariff on US imports from Sri Lanka, claiming that the US is reciprocating an equivalent 88% tariff that Sri Lanka levies on US imports from the US including so-called currency manipulation and trade barriers.

5 mins

Understanding US reciprocal tariffs – what it means for Sri Lanka: Part 1

IN April 2023, the United States government issued an Executive Order imposing sweeping reciprocal tariffs on imports from dozens of countries, marking a pivotal turn in global trade policy. The move, signed by President Donald J. Trump, declared a national economic emergency to unite the International Emergency Economic Powers Act (IEEPA), citing longstanding trade deficits and what the administration termed “non-reciprocal trade practices” by many of its trading partners.

5 mins

Modi’s visit amidst differences across Palk Strait

PRIME Minister of India Narendra Modi will reach the island for a three-day visit, marking his first official visit to the neighbouring state since the change of political power in Colombo last year. During the Premier’s visit, Sri Lanka and India are set to sign the first-ever bilateral defence cooperation agreement apart from signing an MoU for the Indo-Lanka electricity grid connectivity project.

2 mins

Indo-Lanka relations: Actioning the tryst with opportunity

LAKSHMAN Kadirgamar once described Indo-Sri Lanka relations as one of “irreversible excellence,” unfortunately, under some governments, they have been neither irreversible nor excellent. In particular, past insensitivity to India’s security concerns has strained relations. That lesson, however, has now been well learnt — and is unlikely to be repeated in the foreseeable future, certainly not by the current Government.

3 mins

Politicisation of the military, Rajapaksa politics and Fonseka-Jayasuriya feud

THE United Kingdom (UK) has imposed sanctions on four Sri Lankans allegedly responsible for serious human rights abuses and violations committed during the war between the Sri Lankan armed forces and the Liberation Tigers of Tamil Eelam (LTTE).

7 mins

DoubleTree by Hilton Weerawila Rajawarna Resort presents ‘Rajawarna Soorya Mangalya 2025’

Six days of festive traditions, vibrant flavours, and timeless rituals to welcome Sinhala and Tamil New Year in style

1 min

Paw-Sperity Xtravaganza with 61 stalls – overwhelming success

THE Paw-Sperity Xtravaganza, ushered in Avurudhu Cheer and Easter Joy, with a treat for the entire family, especially shoppers, where tradition and good cheer met a cause close to hearts — animal welfare, held on Saturday, 29 March at the Atrium Lobby of the Cinnamon Grand.

2 mins

Reveal the Collection’s turtle hatchery in Mirissa creates meaningful difference

NESTLED along the golden shores of Mirissa, Reveal the Collection isn’t just a sanctuary of boutique luxury – it’s a champion of marine conservation where its four beachfront escapes, both Lantern Boutique Hotel and Beach House foster something truly extraordinary: the only turtle hatcheries in Mirissa owned and operated by a hotel corporation.

2 mins

Plantation Rugby Sevens Tournament in Dickoya tomorrow

THE rugby fever is set to hit the lush tea country as the much-anticipated Dickoya Maskeliya Cricket Club (DMCC) Inter Plantations Rugby Sevens 2025 unfolds on 5 April at the picturesque DMCC ground.

1 min

RCGC Monthly Medal tees off today

THE Royal Colombo Golf Club (RCGC) is set to host its much anticipated Monthly Medal tournament today April 5 at their club course in Borella.

1 min

NZ Under 85 kg to tour SL for two matches

SRI Lanka Rugby (SLR), with the support of Dialog Axiata PLC, is set to host a landmark rugby tour featuring the New Zealand Under 85kg national team.

1 min

Nigel Ratwatte retires from club rugby after 15 glorious years

NIGEL Ratwatte, one of Sri Lanka's most versatile, accomplished, knowledgeable and artful rugby players in the recent past has announced his retirement from club rugby after an illustrious 15-year career. He will play the last encounter on 6 April at the Clifford Cup final Against CR in front of his home crowd at Nittawela Rugby Stadium.

2 mins

Nissanka strikes form to put Kandy in strong position

Sudeera takes five to bowl Jaffna out for 305

2 mins

Modi's Sri Lanka Visit: A Milestone in Strengthening Bilateral Ties

The following are excerpts from Indian High Commissioner in Colombo Santosh Jha's Interview on Prime Minister Narendra Modi's State Visit to Sri Lanka (April 4-6, 2025)

9 mins

Modi’s Sri Lanka Visit: A Milestone...

Our relations are growing and diversifying into new and wider range of areas; first is infrastructure and connectivity; second, deeper economic engagement and energy security; third, upgrading trade investment ties; fourth, cultural and educational cooperation; and finally, the fifth, tourism and people-to-people contacts.

7 mins

India-Sri Lanka: Modi visit cementing everlasting friendship

India-Sri Lanka ties are sanctified in blood by the sacrifice of 1171 Indian martyrs of Indian Peace Keeping Force (IPKF) to honour whom the Sri Lankan government built a memorial in Colombo. Though politically controversial, IPKF helped to maintain territorial integrity and sovereignty of Sri Lanka when it faced twin threats from LTTE and JVP in 1987.

3 mins

Narendra Modi: Reshaping India's Destiny

On my way to McLeod Ganj, near Dharamshala in Himachal Pradesh, a few weeks ago, I witnessed massive development works underway, with highways nearing completion, turning what was once an ambitious dream into a tangible reality.

5 mins

What was predicted during Prime Minister Modi's swearing in ceremony is coming true

The Indian Prime Minister Narendra Modi was elected for his third term in 2024. His election and swearing in last year was seen as events which will decide South Asia's destiny by the Indian media.

2 mins

Civilizational twins: India and Sri Lanka seek to forge a future based on trust

When Sri Lankan President Anura Kumara Dissanayake visited New Delhi in December 2024, it was his first foreign trip after taking office. And when Indian Prime Minister Narendra Modi visits Sri Lanka from April 4 to 6, it will be his fourth since assuming office in 2014.

3 mins

Bridges of Power: PM Modi's Vision Transforms South Asian Diplomacy

As Prime Minister of India Shree Narendra Modi is on a high-level state visit to Sri Lanka, a multifaceted array of diplomatic, economic, and cultural initiatives is set to transform bilateral relations by 2025.

4 mins

PM Modi's Sri Lanka Visit; Weaving a new chapter India-Sri Lanka relations

India’s Prime Minister Narendra Modi’s visit to Sri Lanka from this week, marks a crucial moment in the evolving relationship between the two nations.

5 mins

Modi's visit: A momentous occasion for Sri Lanka

Sri Lanka is ready to welcome Indian Prime Minister Narendra Modi, the first state visit by a foreign leader after the phenomenal political change in Sri Lanka. President Anura Kumara Dissanayake, who is from Janatha Vimukthi Peramuna (JVP), which was once notorious for bashing India, now helms the affairs of Sri Lanka as the President. His JVP-led movement, National People's Power (NPP), occupies more than two-thirds of Parliament.

3 mins

Sampur project a major milestone in bilateral relations-Indian Foreign Secretary

India Foreign Secretary Vikram Misri said that the Sampur solar energy project in Sri Lanka would be a major milestone in the bilateral relations.

1 min

PM Narendra Modi to visit sacred Sri Maha Bodhi in Anuradhapura

In a significant highlight of his upcoming state visit, Indian Prime Minister Narendra Modi will pay homage at the Sacred Sri Maha Bodhi in Anuradhapura, one of Buddhism's most revered sites, during his three-day official tour of Sri Lanka from April 4-6, Sri Lanka Foreign Affairs Ministry said.

1 min

Will review the multifaceted India–Sri Lanka friendship: PM Modi

Indian Prime Minister Narendra Modi has stated that during his official visit to Sri Lanka, the two countries would review the multifaceted India-Sri Lanka friendship.