October 16, Colombo (LNW): Niluka Jayasinghe, Founder and Managing Director of Global Bookkeeping Solutions Ltd. (GBS), has been named the Best Entrepreneur 2025 by CA Sri Lanka at its 46th National Conference of Chartered Accountants, held on October 09 at the Monarch Imperial, Sri Jayewardenepura Kotte.
The award recognises her exceptional leadership in transforming Sri Lanka’s role in the global knowledge economy and her contribution to advancing the business-process management (BPM) industry. Since launching GBS in 2018, Jayasinghe has established the company as a leading provider of cloud-based accounting and financial outsourcing services to clients across Australia, New Zealand, the United Kingdom, the United States, and the Middle East.
Under her direction, GBS has achieved an extraordinary compound annual growth rate of 103 per cent over five years and now employs a team of more than 50 skilled finance professionals.
Accepting the honour, Jayasinghe highlighted the broader significance of her journey: “Sri Lanka’s true potential lies in exporting expertise, professionalism, and trust—not merely physical goods. This recognition is a tribute to all professionals, particularly women, who demonstrate that our capabilities are globally competitive.”
Before founding GBS, Jayasinghe built a strong foundation in global finance and regulatory compliance through her work with Ernst & Young, BPO Connect, and Ganrid Consultants. Beyond her company’s commercial success, she has made notable contributions to workforce development by training over 200 emerging finance professionals and promoting flexible, remote work arrangements—particularly for women seeking to build careers in finance.
Her recognition aligns with CA Sri Lanka’s focus on integrity, innovation, and meaningful impact—qualities highlighted in this year’s conference theme: “UPRISE – Global Insight >> Local Impact.”
Jayasinghe’s achievement not only reflects her personal excellence but also positions her as a trailblazer for Sri Lanka’s transition into a globally connected digital economy.
Niluka Jayasinghe Honoured as CA Sri Lanka’s Best Entrepreneur 2025 for Pioneering Global Finance Solutions
Sri Lanka Urged to Stay the Course as Economic Outlook Brightens Post-Debt Deal
October 16, Colombo (LNW): The International Monetary Fund (IMF) has acknowledged the marked improvement in Sri Lanka’s economic landscape following its recent debt restructuring efforts, noting a gradual return to stability and renewed investor confidence.
However, the institution also cautioned that this momentum must be safeguarded through continued fiscal discipline and structural reform.
Speaking during the launch of the Global Financial Stability Report in Washington D.C., senior IMF officials highlighted Sri Lanka as one of several frontier economies showing signs of recovery after navigating a prolonged period of economic distress.
The country’s return to the path of growth comes as global financial conditions remain relatively favourable, with liquidity levels providing emerging markets with improved access to capital.
Jason Wu, Assistant Director of the IMF’s Monetary and Capital Markets Department, observed that a weakening of the US dollar has helped reduce external pressure on economies such as Sri Lanka. However, he emphasised that this temporary relief should not lead to a false sense of security.
“Frontier economies must use this period to reinforce economic fundamentals—strengthening both their current account positions and fiscal buffers,” Wu noted, reiterating key points from the IMF’s latest World Economic Outlook.
Echoing this sentiment, Tobias Adrian, Director of the IMF’s Monetary and Capital Markets Department, remarked that Sri Lanka is making tangible progress in emerging from its debt crisis. He described the country as being on a “positive trajectory” in terms of economic growth and the restoration of market confidence.
“Market conditions have been relatively accommodative, and many lower-income nations with market access have been able to tap into global liquidity. Sri Lanka is among those now benefiting from that environment,” Adrian said.
Despite the cautiously optimistic tone, the IMF also warned that the current calm across global financial markets may conceal underlying vulnerabilities. Policymakers in recovering economies, including Sri Lanka, are therefore being urged not to lose sight of long-term reforms needed to bolster economic resilience.
As Sri Lanka continues its recovery, international institutions and analysts alike will be closely watching how the government manages this critical phase—balancing macroeconomic stabilisation with the need to address structural weaknesses that contributed to the crisis in the first place.
Justice Minister Stresses People-Centred Approach in Legal Infrastructure Projects
October 16, Colombo (LNW): Justice Minister Harshana Nanayakkara has emphasised that future initiatives undertaken by his ministry must prioritise public access to justice rather than catering primarily to the convenience of legal professionals.
Speaking at the official opening of the new Puttalam Court Complex yesterday (October 15), the Minister made it clear that infrastructure projects within the justice sector should be designed with ordinary citizens in mind. The new court facility, constructed at a cost of Rs. 202 million, is part of a broader government effort to improve judicial services across the island.
“I say this as a fellow member of the legal profession—our focus cannot be solely on what makes things easier for lawyers,” Nanayakkara said during his address. “The true measure of our justice system lies in whether the people can actually access it.”
He underscored that the Government’s mandate includes upholding the rule of law and delivering a justice system that serves every citizen equally.
He reaffirmed the administration’s commitment to equipping both the public and professionals with the facilities needed to exercise their legal rights and responsibilities effectively.
Police Net Hundreds in Nationwide Crackdown on Crime and Narcotics
October 16, Colombo (LNW): Law enforcement authorities carried out a major island-wide crackdown on crime and narcotics yesterday, resulting in the arrest of over 500 individuals linked to a range of offences.
The coordinated operations were undertaken across all police divisions under the directive of the Inspector General of Police (IGP), with a focus on dismantling criminal networks and curbing drug-related activities.
According to official figures, the intensive operation saw a total of 28,020 individuals subjected to inspection within a single day. Of those, 577 were taken into custody on grounds of suspicion, while 17 individuals were directly connected to active criminal investigations.
A significant number of arrests were made involving individuals who had evaded justice. Police apprehended 269 persons who were the subject of outstanding arrest warrants, and another 144 who were listed under open warrants, suggesting a strong emphasis on reining in repeat offenders and fugitives from the law.
Traffic enforcement also featured prominently in the operation. Fifteen drivers were detained for operating vehicles under the influence of alcohol, while 13 were arrested for reckless driving. In addition, 3,504 citations were issued for a range of other traffic-related violations, reflecting broader concerns over road safety and discipline.
Former State Engineering Official Arrested Over Alleged Misuse of Public Resources
October 16, Colombo (LNW): Nilu Dilhara Wijedasa, the former Director of the State Engineering Corporation of Sri Lanka (SECSL), has been taken into custody by the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) over allegations of abuse of state resources.
The arrest stems from a 2019 incident in which Wijedasa is accused of diverting the corporation’s staff and equipment to carry out renovation work at the headquarters of the United National Party (UNP), located in Sirikotha.
The Commission alleges that this unauthorised use of public assets resulted in a measurable financial loss to the state.
eChannelling Launches ‘eMindCare’ to Champion Mental Wellbeing in Sri Lanka
By: Staff Writer
October 16, Colombo (LNW): eChannelling PLC has unveiled ‘eMindCare,’ Sri Lanka’s first comprehensive digital platform dedicated to promoting mental health and psychosocial wellbeing, marking a major milestone in the nation’s digital healthcare landscape. The initiative aims to make expert mental health support more accessible, inclusive, and stigma-free at a time when stress, anxiety, and depression are becoming increasingly widespread across the country.
The launch comes amid growing concern over mental health challenges in Sri Lanka, particularly among youth and working professionals facing financial pressures, job insecurity, and post-pandemic stress. According to recent surveys by the World Health Organization, one in eight Sri Lankans is estimated to experience a mental health condition, yet only a fraction seek professional help due to stigma and limited access to care. eMindCare seeks to bridge this gap by combining clinical expertise with holistic practices and educational tools designed to foster awareness and resilience.
Through the eMindCare platform—accessible via www.echannelling.com users can connect directly with qualified psychiatrists, counsellors, and wellness practitioners. The service also integrates yoga, meditation, and mindfulness practices, offering a well-rounded approach that supports emotional, psychological, and physical wellbeing. This holistic model allows individuals to manage not only diagnosed conditions but also day-to-day stress and lifestyle-related mental health challenges.
The platform targets a wide audience including students, young professionals, entrepreneurs, and employees in high-pressure sectors such as healthcare, finance, and IT. It also provides tools for families and communities seeking to enhance collective wellbeing. For those who simply wish to maintain a balanced mental state, eMindCare offers preventive care options and self-help educational resources that build mental health literacy and promote long-term wellbeing.
eChannelling, a subsidiary of John Keells Holdings, said the introduction of eMindCare reflects its continued commitment to social responsibility and its leadership role in digital healthcare innovation. The company emphasized that eMindCare goes beyond treatment it represents a movement toward empowerment, awareness, and inclusivity, creating a culture where mental wellbeing is prioritized in everyday life.
Designed with privacy and convenience in mind, eMindCare allows users to access care anytime and anywhere, through both desktop and mobile applications. The platform ensures confidentiality and professional standards, providing safe spaces for individuals to seek help without fear of judgment.
By combining technology with compassionate care, eChannelling aims to break down the barriers that prevent many Sri Lankans from seeking mental health support. With eMindCare, the company envisions a future where mental wellness is not an afterthought but a fundamental aspect of public health—accessible, accepted, and actively nurtured across society.
Online Gambling Surge Drains Sri Lanka’s Revenue, Hits Youth Hard
By: Staff Writer
October 16, Colombo (LNW): Sri Lanka is losing billions in potential tax revenue as nearly 70% of the country’s gambling activity now takes place online, outside the reach of existing regulations, the Parliament Secretariat revealed yesterday. Findings presented to the Committee on Public Finance (CoPF) show that only 30–40% of casino-related operations occur in licensed physical establishments, while the vast majority of digital betting platforms remain untaxed and unregulated.
At the meeting chaired by opposition MP Dr. Harsha de Silva, the CoPF stressed the urgency of addressing this fast-growing online gambling trend, which has attracted thousands of young Sri Lankans in recent years. According to industry and cybersecurity experts, over 300,000 Sri Lankans, many between 18 and 35 years, are estimated to engage in online betting through foreign-based apps and websites each month. The total volume of wagers placed online is believed to exceed Rs. 50–60 billion annually, most of which flows out of the country through unofficial payment channels.
The committee highlighted that the State earns no tax revenue from these operations, despite the sector’s explosive growth. In contrast, Sri Lanka’s six licensed casinos, which account for less than half of total gambling activity, are subject to annual license fees and taxes under the Betting and Gaming Levy Act. “This is a massive regulatory blind spot,” Dr. de Silva warned, emphasizing that the unregulated digital gambling ecosystem not only undermines fiscal revenue but also exposes the financial system to money laundering and illicit fund transfers.
To address the issue, the CoPF has called for the immediate establishment of the Gambling Regulatory Authority (GRA), a long-delayed initiative aimed at bringing both physical and online gambling under a unified legal framework. Officials from the Finance Ministry and Inland Revenue Department informed the committee that they have agreed to operationalize the Authority by 30 June 2026, with nominations underway for a seven-member board and the appointment of a Chief Executive Officer to lead the process.
Dr. de Silva reiterated that the move is vital for Sri Lanka to meet Financial Action Task Force (FATF) compliance standards on anti–money laundering and counter-terrorism financing. “Without an independent regulatory mechanism, we risk not only losing tax income but also failing to prevent gambling-linked financial crimes,” he cautioned.
The proposed GRA is expected to introduce licensing and tax procedures for online casinos, as well as mandatory age and identity verification systems to curb underage participation. Experts say effective regulation could generate over Rs. 10–15 billion annually in additional tax revenue, while providing greater consumer protection and financial transparency.
With online betting platforms rapidly expanding among tech-savvy youth and digital payment usage soaring, the CoPF’s warning signals a critical turning point: Sri Lanka must either move swiftly to regulate the digital gambling space or continue losing vast sums—and social control—to the unmonitored online betting world.
United Petroleum Launches Legal Action against Sri Lanka Over Failed Exit Deal
By: Staff Writer
October 16, Colombo (LNW): United Petroleum Lanka Ltd., the Australian-owned fuel retailer, has initiated formal dispute resolution proceedings against the Government of Sri Lanka, alleging failure to honour commitments under an exit agreement signed in April 2025. The company claims the Government’s continued inaction and delays in implementing agreed terms have forced it to terminate the exit arrangement and seek legal remedy.
In a statement issued yesterday, United Petroleum Lanka said the dispute stems from the Government’s inability to fulfil key undertakings, despite repeated extensions and follow-ups. The company described the situation as a breach of good faith, which has further eroded investor confidence at a time when Sri Lanka is attempting to liberalise its energy market and attract foreign capital.
United Petroleum Lanka, a subsidiary of Australia’s United Petroleum Group, entered Sri Lanka’s fuel retail market in August 2024 after a Government-led process to bring in foreign investors to enhance competition and service standards. Backed by Australian technical expertise and operational best practices, the company was granted licences and entered into supply, import, and distribution agreements with the Ceylon Petroleum Corporation (CPC) and the Ceylon Petroleum Storage and Logistics Company (CPSTL).
According to the company, these agreements were critical to establishing investor trust in the country’s fuel market reforms. “United Petroleum Lanka complied with its contractual obligations and operated in good faith,” the statement said. However, the firm encountered “persistent challenges” due to the Government’s inability to uphold essential contractual terms, creating what it described as an “economically unsustainable environment.”
As difficulties mounted, United Petroleum suspended its fuel supply operations in December 2024 and agreed to an orderly exit from the market. The exit agreement, signed in April 2025 and endorsed by the Cabinet, was expected to be concluded by early May. Despite the company’s full compliance, a key undertaking from the Ministry of Energy remains unfulfilled, the statement said.
After several months of extensions and unheeded requests, United Petroleum terminated the exit agreement in October 2025 and commenced formal dispute resolution procedures.
The company expressed “deep disappointment” that the same bureaucratic and policy inconsistencies that hampered its operations have now complicated its exit as well. “Our experience underscores the importance of policy consistency, transparency, and adherence to contractual obligations, particularly for nations seeking to attract and retain foreign investment,” the statement noted.
United Petroleum Lanka reiterated that it maintained “integrity and professionalism” throughout its entry, operation, and exit process, affirming its adherence to international corporate and investor standards.
Breakthrough: Scientists Create ‘Universal’ Kidney To Match Any Blood Type
ScienceAlert : After a decade of work, researchers are closer than ever to a key breakthrough in kidney organ transplants: being able to transfer kidneys from donors with different blood types than the recipients, which could significantly speed up waiting times and save lives.
A team from institutions across Canada and China has managed to create a ‘universal’ kidney, which can, in theory, be accepted by any patient.
Their test organ survived and functioned for several days in the body of a brain-dead recipient, whose family consented to the research.
“This is the first time we’ve seen this play out in a human model,” says biochemist Stephen Withers, from the University of British Columbia in Canada. “It gives us invaluable insight into how to improve long-term outcomes.”
Related: Surgeons Resuscitate ‘Dead’ Heart in Life-Saving Organ Transplant to Baby
As it stands today, people with type O blood who need a kidney usually have to wait for a type O kidney to become available from a donor. That accounts for more than half the people on waitlists, but because type O kidneys can function in people with other blood types, they’re in short supply.
Blood type (or blood group) is determined, in part, by the ABO blood group antigens present on red blood cells. Antibodies in our blood plasma detect when a foreign antigen marker is present (InvictaHOG/Public Domain/Wikimedia Commons)
While it is currently possible to transplant kidneys of different blood types, by training the recipient’s body not to reject the organ, the existing process is far from perfect and not particularly practical.
It’s time-consuming, expensive, and risky, and it also requires living donors to work, as the recipient needs time to be prepped.
Here, the researchers effectively converted a type A kidney into a type O kidney, using special, previously identified enzymes that strip away the sugar molecules (antigens) acting as markers of type A blood.
The researchers compare the enzymes to scissors working on the molecular scale: by snipping off part of the type A antigen chains, they can be turned into the ABO antigen-free status that characterizes type O blood.
“It’s like removing the red paint from a car and uncovering the neutral primer,” says Withers. “Once that’s done, the immune system no longer sees the organ as foreign.”
Related: Your Blood Type Affects Your Risk of an Early Stroke, Study Reveals
There remain plenty of challenges ahead before trials in living humans can be considered.
The transplanted kidney did start to show signs of type A blood again by the third day, which led to an immune response – but the response was less severe than would usually be expected, and there were signs that the body was trying to tolerate the kidney.
The statistics surrounding this issue are pretty stark: at the moment, 11 people die waiting for a kidney transplant each day, in the US alone, and the majority of those are waiting for type O kidneys.
It’s a problem that scientists are tackling from multiple angles, including making use of pig kidneys and developing new antibodies. Broadening the number of compatible kidneys these people can have promises to make a significant difference.
“This is what it looks like when years of basic science finally connect to patient care,” says Withers. “Seeing our discoveries edge closer to real-world impact is what keeps us pushing forward.”
The research has been published in Nature Biomedical Engineering.
Government Revives Dollar Bond Sales Locally Amid Fiscal Strain
By: Staff Writer
October 16, Colombo (LNW): In a move that revives a controversial strategy initiated by the previous administration, Sri Lanka’s new government led by the National People’s Power (NPP) has approved the sale of foreign currency denominated bonds to the domestic market. Cabinet Spokesman Dr. Nalinda Jayatissa confirmed that the Treasury plans to issue dollar bonds worth around USD 100 million, targeting maturities between one to three years.
The decision comes as the government struggles to manage a tight external financing position, with limited access to global capital markets following the 2022 sovereign default. According to Treasury sources, the move aims to tap into idle foreign currency deposits held in the local banking system estimated at over USD 8 billion—as a means to settle part of the upcoming foreign debt maturities while easing pressure on the exchange rate.
A Revival of a Past Policy
The initiative echoes the previous regime’s Sri Lanka Development Bonds (SLDB) program, which attracted local dollar holdings to finance external debt. That program, however, saw diminishing investor appetite due to rising risk premiums and poor secondary market liquidity. Analysts note that the new NPP government is effectively rebranding the concept while promising better structuring, transparency, and investor protections.
“The idea itself is not new,” said a senior financial analyst. “But if properly structured—perhaps through syndicated arrangements with reputed lead managers—it could offer the state short-term relief without excessive reliance on money printing or dollar borrowings abroad.”
Potential Benefits
Economists view the domestic dollar bond initiative as a pragmatic, if limited, solution to the country’s financing bottlenecks. By sourcing foreign exchange internally, the government could reduce pressure on reserves and the rupee, while avoiding the higher costs associated with borrowing from external markets.
Latest Central Bank data shows that as of August 2025, Sri Lanka’s gross official reserves stood at USD 5.2 billion covering about 3.2 months of imports while the government faces foreign debt service obligations of over USD 4 billion in 2026. Mobilizing local dollar liquidity could therefore help bridge near-term funding gaps.
Risks and Concerns
However, the move is not without risk. Financial experts warn that dollar-denominated borrowings, even from domestic sources, could increase the state’s exposure to currency risk. If the rupee depreciates further, the cost of servicing such debt could surge, deepening fiscal vulnerabilities.
Moreover, the domestic banking sector’s exposure to government securities—already exceeding 40 percent of total assets—could expand further, tightening liquidity and heightening systemic risk. Some also argue that attracting dollar deposits into government paper might drain foreign exchange from trade finance and private investment, potentially dampening economic recovery.
Balancing Act Ahead
The NPP government’s decision reflects a delicate balancing act: stabilizing the fiscal position without derailing macroeconomic progress achieved under the IMF program. The IMF’s Fourth Review (September 2025) cautioned Sri Lanka against expanding foreign currency liabilities unless backed by credible debt management and reserve-building strategies.
Ultimately, success will depend on investor confidence and market perception. If well-managed, the revived dollar bond issuance could serve as a temporary financing tool. But if poorly executed, it risks repeating past mistakes trading short-term relief for long-term fragility in Sri Lanka’s debt-laden economy.