Home Blog Page 444

Textile Giant Teejay Lanka Eyes New Markets amid U.S. Tariff Pressure

MIAP
-
0
Textile Giant Teejay Lanka Eyes New Markets amid U.S. Tariff Pressure

By: Staff Writer

June 08, Colombo (LNW): Sri Lanka’s apparel industry is bracing for a significant downturn following the United States’ imposition of a steep 44% tariff on Sri Lankan garment exports — one of the highest rates applied to any country.

With the U.S. being Sri Lanka’s largest single-country apparel market, this move threatens to severely undermine the sector’s competitiveness and could lead to a projected 20% drop in exports.

In response, Sri Lankan apparel manufacturers and multinational textile companies are urgently exploring alternative markets to diversify their exports and reduce reliance on the U.S. Among them, leading fabric manufacturer Teejay Lanka is proactively adapting its operations to weather the disruption.

Teejay Lanka, a multinational with textile manufacturing facilities in Sri Lanka, India, and East Asia, is taking strategic measures to cushion the impact of the new tariffs. “While the current tariff ruling is being challenged in court, Teejay is closely monitoring the situation and proactively adapting its operations,” Group CEO Pududu de Silva noted in the company’s annual report.

The group’s ability to shift production across multiple locations gives it a crucial advantage in maintaining supply chain stability and cost competitiveness. Teejay is also leveraging its balanced portfolio between U.S. and European Union markets to spread risk.

In a bid to expand its global footprint and reduce exposure to U.S. policy volatility, Teejay recently launched partner operations in Egypt and Indonesia. These new facilities have already begun commercial operations in the 2024/25 financial year. Two dedicated teams have been assigned to ensure operational efficiency at these new sites, reinforcing Teejay’s strategy of sustainable growth and global market expansion.

Beyond geographic diversification, Teejay is also investing in renewable energy — including solar and biomass — to reduce operational costs and enhance long-term sustainability.

Despite the current challenges, Sri Lanka’s apparel sector remains committed to ethical and sustainable manufacturing practices. Industry leaders are urging the government to take swift action to support the sector and help find solutions to counter the adverse effects of the tariffs.

As pressure mounts from shifting U.S. trade policies, Sri Lanka is doubling down on efforts to strengthen trade ties with other regions, aiming to secure new markets and protect one of its most vital export industries.

Dr. Dharmasri Kumaratunge to Lead Next Phase of Fintech Growth as PayMedia Chief

MIAP
-
0
Dr. Dharmasri Kumaratunge to Lead Next Phase of Fintech Growth as PayMedia Chief

By: Staff Writer

June 08, Colombo (LNW): PayMedia Ltd., a leading provider of digital financial solutions in Sri Lanka, has appointed Dr. Dharmasri Kumaratunge as its new Chairman in a strategic leadership reshuffle aimed at accelerating innovation and regional expansion.

Dr. Kumaratunge, a seasoned economist and veteran in financial services, brings over 35 years of experience spanning banking, financial technology, international trade, and digital transformation. He previously served as Assistant Governor at the Central Bank of Sri Lanka (CBSL) and was Director of the CBSL’s Payments and Settlements Department from 2016 to 2022. He also held the position of Secretary of the Ministry of Technology.

His appointment is expected to enhance PayMedia’s alignment with global standards, reinforce governance, and support long-term sustainability. The company said it is honoured to welcome Dr. Kumaratunge, citing his deep industry insight and leadership as critical assets in guiding PayMedia through its next phase of growth.

PayMedia’s board now comprises three senior leaders: Dr. Kumaratunge as Chairman, company Founder Kanishka Weeramunda, and Rohan Muttiah, who joined as a non-Executive/Independent Director in November 2024.

Weeramunda, whose vision founded the company, played a key role in transforming Sri Lanka’s digital payment landscape. Under his guidance, PayMedia introduced innovative solutions in payment automation and financial inclusion, earning recognition both locally and internationally.

Muttiah, a veteran in banking and IT governance with 45 years of experience, brings critical oversight on areas including cybersecurity, artificial intelligence, fraud management, and digital banking channels. His broad expertise in public and private sector governance is expected to strengthen the company’s compliance and risk management capabilities.

The leadership appointments come at a crucial juncture as PayMedia intensifies its expansion efforts in international markets including the Maldives, Bangladesh, and Nigeria. The company is also enhancing its digital onboarding technologies and card issuance solutions within Sri Lanka’s cooperative and banking sectors.

With nearly 200 professionals on its team, PayMedia is certified with ISO 9001:2015 and complies with PCI DSS standards, reflecting its commitment to quality management and secure payment systems. The new leadership structure is anticipated to drive increased agility, innovation, and growth as the company continues its mission to empower financial institutions and communities through advanced financial technology.

Elephant House Expands into India via Reliance Retail Partnership

MIAP
-
0
Elephant House Expands into India via Reliance Retail Partnership

By: Staff Writer

June 08, Colombo (LNW): Sri Lanka’s renowned beverage brand, Elephant House, has entered the Indian market in a landmark move through a strategic partnership with Mukesh Ambani’s Reliance Group. This collaboration sees the distribution and sale of Elephant House soft drinks in India, marking a significant international expansion for the iconic Sri Lankan brand.

Ceylon Cold Stores, a subsidiary of John Keells Holdings (JKH), confirmed that Elephant House beverages are now being distributed in India. The rollout follows a franchise agreement made in February 2024 with Reliance Consumer Products Limited (RCPL), a wholly owned subsidiary of Reliance Retail Ventures Limited (RRVL). Under this arrangement, RCPL will manufacture, market, distribute, and sell Elephant House beverages across India.

The partnership enables Elephant House to export its carbonated soft drink concentrate to Reliance, which will then handle local production and distribution. According to JKH, the similar flavour preferences between Indian and Sri Lankan consumers, verified through pilot studies, provide a unique advantage for the brand’s success in the Indian market.

While the financial impact of this partnership on Ceylon Cold Stores is currently minimal, JKH expects it to grow as brand recognition and sales volume increase in India. The collaboration also aims to strengthen supply chains and reduce credit risks by working closely with suppliers and distributors.

Reliance, known for its robust retail footprint, operates a vast omni-channel network comprising approximately 18,700 stores and digital platforms, alongside a merchant base exceeding three million. This extensive infrastructure is set to offer Elephant House significant market reach and visibility in India.

RCPL’s growing beverage portfolio, which already includes legacy Indian brands such as Campa, Sosyo, and Raskik, will now be enhanced by the addition of Elephant House products. RCPL’s COO, Ketan Mody, expressed enthusiasm about the deal, describing Elephant House as a beloved brand with deep heritage and strong market credibility. He noted that Indian consumers would benefit from an expanded range of quality beverages and improved value offerings.

JKH Chairperson Krishan Balendra hailed the partnership as a milestone in the legacy of Elephant House, a brand with over 150 years of history. He emphasized the shared commitment between JKH and Reliance to innovation, quality, and expanding access to premium products in new markets.

RCPL reiterated its vision to provide Indian consumers with a broad portfolio of globally respected brands. The company is actively scaling up its distribution channels to serve a wider demographic across the country, ensuring that Elephant House’s expansion into India is both sustainable and impactful.

Cricketing elite to gather in Colombo for prestigious 2024 Awards Ceremony

MIAP
-
0
Cricketing elite to gather in Colombo for prestigious 2024 Awards Ceremony

June 08, Colombo (LNW): Colombo is set to host a grand celebration of cricketing excellence as the 2024 Home Lands Sri Lanka Cricket Awards unfolds tomorrow, promising an evening of recognition, reflection, and festivity.

The ceremony will pay tribute to outstanding achievements across the domestic and international circuits, while also acknowledging long-standing service to the sport.

This glittering occasion will see a wide spectrum of notable figures from the world of cricket and beyond. Among the esteemed attendees will be the Minister of Youth Affairs and Sports, Sunil Kumara Gamage, who has accepted the role of Chief Guest following a personal invitation from Sri Lanka Cricket President, Shammi Silva, representing the governing body’s Executive Committee.

The event will bring together current national team captains, legendary former players, senior officials from Sri Lanka Cricket, foreign diplomats, business leaders, government dignitaries, and sponsors — all uniting to honour the finest talents and contributors to Sri Lankan cricket.

Over the course of the evening, 46 accolades will be conferred upon individuals who have delivered standout performances and demonstrated excellence in their roles. These include 18 awards dedicated to the international arena and 20 recognising stellar displays in the domestic season.

Further distinctions will go to those who have maintained the game’s integrity and discipline, with honours for the top match referee and leading umpire of the year. Additionally, six stalwarts whose lifelong contributions have had a lasting impact on the game’s development in the country will receive Lifetime Achievement Awards.

Arguably the most anticipated moments of the night will be the announcements of the Men’s and Women’s Cricketer of the Year — titles that represent the pinnacle of individual achievement in Sri Lankan cricket.

Controversy deepens over Vesak pardon as authorities probe irregular prisoner release

MIAP
-
0
Controversy deepens over Vesak pardon as authorities probe irregular prisoner release

June 08, Colombo (LNW): Sri Lankan authorities have launched a deeper investigation into the circumstances surrounding the release of several inmates under a Presidential pardon granted during the recent Vesak celebrations, after signs emerged that the process may have been mishandled.

The Police Media Division confirmed that a formal statement has been obtained from the Commissioner General of Prisons, as questions grow over whether the release of certain prisoners adhered to the established legal protocols.

Initial findings suggest that not all individuals released were included in the official list authorised by the Presidential Secretariat. The controversy intensified following the emergence of a specific case involving W. M. Athula Tilakaratne, a former branch manager of a finance firm in Anuradhapura, who had been convicted of misappropriating Rs. 4 million.

His release triggered immediate scrutiny, as records show his name did not appear on the final list of 388 inmates approved for a Presidential pardon.

In a strongly worded statement issued yesterday, the Presidential Secretariat distanced itself from the decision, asserting that Tilakaratne was not amongst those sanctioned by President Anura Kumara Dissanayake for release on May 06, 2025.

Under Article 34(1) of the Constitution, the power to grant pardons lies with the President, but this authority is exercised only after a detailed, multi-step review. The procedure requires that prison officials propose eligible inmates, after which the Ministry of Justice examines the recommendations before passing them on to the Presidential Secretariat for final vetting and approval.

Pharmacy owner penalised for stocking expired medicines in Dehiwala

MIAP
-
0
Pharmacy owner penalised for stocking expired medicines in Dehiwala

June 08, Colombo (LNW): A pharmacy proprietor in the Kawdana area of Dehiwala has been convicted for offering expired medicinal products for sale, following a raid carried out earlier this year.

The Mount Lavinia Magistrate’s Court, upon hearing the case on 30 May, imposed a six-month prison sentence—suspended for a period of 10 years—and ordered the individual to pay a fine of Rs. 10,000.

The matter came to light during an inspection conducted by the Consumer Affairs Authority (CAA) on 7 February 2025, as part of an ongoing national initiative to crack down on unsafe consumer goods, particularly in the health sector.

The discovery of the expired pharmaceuticals triggered a formal investigation, leading to legal action against the businessman.

The accused admitted to the charge in court, prompting swift sentencing. The suspended nature of the custodial sentence indicates that whilst the offence was deemed serious, the court took into account factors such as the plea and possibly the absence of prior convictions.

Authorities have reiterated the dangers associated with the sale of expired medicines, warning that such practices not only compromise public health but also erode trust in essential healthcare services. The CAA has confirmed that inspections will continue across the country, with a particular focus on pharmacies and medical outlets.

Members of the public are being encouraged to remain vigilant and report any suspicious activity related to medicine sales to the relevant authorities.

Thousands of officers deployed for Poson Poya as Police urge devotees to respect sacred sites

MIAP
-
0
Thousands of officers deployed for Poson Poya as Police urge devotees to respect sacred sites

June 08, Colombo (LNW): As Sri Lanka prepares to mark the Poson Poya festival, a major religious observance that draws tens of thousands of pilgrims to the ancient city of Anuradhapura, authorities have launched a large-scale security and public safety operation to ensure a smooth and respectful celebration.

Over 3,500 police officers have been dispatched to key pilgrimage zones including Anuradhapura, Mihintale, and the revered Atamasthanaya, where large crowds are expected to gather for religious rituals, almsgiving, and night-long observances starting 9 June.

The police presence has been reinforced not only to provide general security but also to regulate traffic, assist pilgrims, and prevent accidents and theft. Special attention is being given to crowd management at major junctions and sacred sites where congestion typically peaks during the Poson season.

Officers will also be working alongside local authorities and volunteers to guide visitors and respond swiftly to any emergencies that may arise. In addition to physical security, law enforcement is actively promoting environmental consciousness during the festivities.

Devotees have been strongly encouraged to avoid bringing plastic and polythene to the sacred sites, in line with broader efforts to protect the ecological and spiritual atmosphere of the historic surroundings.

The public has also been urged to remain vigilant with their personal belongings and to act with care and consideration, particularly in crowded areas where the risk of petty theft may increase.

A police spokesperson appealed to the public to maintain decorum and reverence throughout the religious sites, reminding attendees that these locations are of immense spiritual importance to Buddhists across the island.

Visitors are being asked to fully cooperate with officers and to follow guidance offered during the festival to ensure a safe and meaningful experience for all.

Amnesty International urges transparent, internationally-compliant probe into Jaffna mass grave

MIAP
-
0
Amnesty International urges transparent, internationally-compliant probe into Jaffna mass grave

June 08, Colombo (LNW): International human rights watchdog Amnesty International has called on Sri Lankan authorities to guarantee that the ongoing excavation of a suspected mass grave in Jaffna adheres to global standards, as investigators have so far uncovered 19 human skeletons at the site.

The excavation, taking place in Siththuppaththi near Chemmani, marks a significant and deeply sensitive development in the country’s attempts to confront its past, particularly allegations of enforced disappearances and extrajudicial killings during the final years of Sri Lanka’s civil war.

Local journalist Kumanan Kanapathippillai reported that the forensic team, led by the Judicial Medical Officer overseeing the investigation, has requested an additional 45 days to continue work.

The court, in response, has instructed the official to present a detailed cost estimate for the upcoming phase of the excavation process.

In parallel to the current dig, other areas of concern in the surrounding terrain — flagged via satellite imagery by Professor Raj Somadeva — have been surveyed using drones. The footage collected has been handed over to Professor Somadeva for further analysis, potentially broadening the scope of the investigation.

The next phase of the excavation is due to commence on June 26, amid growing calls for accountability and clarity in how the process is managed.

Amnesty, in a public statement, emphasised three urgent requirements: first, that authorities allocate the necessary financial and technical resources to ensure a thorough investigation; second, that access be provided to families of the disappeared as well as the media to promote openness; and third, that strict measures be taken to preserve the integrity of the excavation site.

The discovery at Siththuppaththi is reminiscent of earlier controversies surrounding the original Chemmani mass grave, where hundreds of alleged wartime disappearances were said to be linked to military activity.

Human rights advocates have long criticised delays and shortcomings in past investigations, warning that justice is often undermined by a lack of political will or institutional independence.

Concerns raised over accidents at protected railway crossings amid new carriage plans

MIAP
-
0
Concerns raised over accidents at protected railway crossings amid new carriage plans

June 08, Colombo (LNW): A recent review by a parliamentary oversight body has drawn attention to a troubling pattern in railway safety, revealing that a significant number of level crossing accidents are occurring at sites already equipped with protective systems.

The revelation came during a session of the Committee on Public Accounts (CoPA), where senior officials from the Railway Department were called to provide updates and respond to queries about ongoing safety issues and operational developments.

During the proceedings, Member of Parliament Chandana Sooriyaarachchi raised specific concerns about recurring accidents at railway crossings. In response, the General Manager of Railways, Dhammika Jayasundara, acknowledged that Sri Lanka still has around 1,200 railway crossings lacking adequate safety measures.

Despite many sites being fitted with warning systems or barriers, he admitted that the majority of incidents continue to take place at these supposedly safeguarded locations — a matter that raises questions about either public adherence to rules or the effectiveness of the safety infrastructure itself.

The discussion also turned to upgrades within the national rail service. K.K. Hewavithana, the Additional General Manager of the Mechanical Division, shared that approval had been secured for the acquisition of five new train sets. These will consist entirely of air-conditioned third-class carriages, marking a shift towards improving comfort and consistency in basic-tier rail travel.

He added that the move is part of a broader effort to modernise the railway’s ageing fleet and improve the experience for everyday commuters, particularly those who rely on long-distance services in often challenging travel conditions.

However, even as improvements in rolling stock are on the horizon, safety remains a pressing concern. Members of the committee urged the Railway Department to adopt more robust strategies to address the persistent dangers at level crossings, especially given that many incidents seem to occur despite existing preventive systems.

Sri Lanka Strengthens R&D and Innovation Framework in 2025

MIAP
-
0
Sri Lanka Strengthens R&D and Innovation Framework in 2025

By: Staff Writer

June 08, Colombo (LNW): In 2025, Sri Lanka’s research and development (R&D) landscape is increasingly focused on addressing economic challenges, advancing sustainable development, and driving innovation-led growth. While the nation’s economy is on the path to recovery, persistent global uncertainties and internal vulnerabilities underscore the need for stronger resilience and targeted investment.

A central figure in this transformation is the National Science Foundation (NSF), which has introduced a range of initiatives and grant schemes to stimulate research, innovation, and entrepreneurship. These include technology development grants, start-up funding, and research scholarships. The NSF’s efforts aim to enhance investor confidence and encourage private sector participation, thereby accelerating economic progress.

Key R&D priorities include: Technology development and innovation, promoted through targeted grants supporting entrepreneurs and research-led start-ups.

Sustainable development and environmental protection,is crucial for balancing economic growth with ecological responsibility.Agricultural innovation, seen as a key driver of food security and rural development and education and skills development, vital for creating a knowledgeable, future-ready workforce.

To support these priorities, the National Initiative for the Commercialisation of Research and Development (NIRDC) has launched a significant new effort to improve the evaluation of R&D proposals. Under a Cabinet-approved framework, NIRDC has begun forming technical review committees to assess the viability of submitted projects. In the first quarter of 2025 alone, proposals valued at over Rs. 2 billion were received.

In a marked departure from previous inefficient systems, the NIRDC is implementing an evaluation process based on global best practices, emphasizing transparency, impartiality, and accountability. This new model aligns with systems used in technologically advanced countries and is designed to restore trust in the country’s R&D assessment mechanisms.

To prepare reviewers, several training sessions were conducted between 2–4 June, under the leadership of NIRDC Founder and Senior Presidential Adviser on Science and Technology, Prof. Gomika Udugamasuriya. These sessions educated both local and international experts on the technological review process and the legal frameworks involved.

The NIRDC’s Director General, Dr. Muditha D. Senarath Yapa, and the NIRDC team provided full support to ensure the success of these sessions, reinforcing the government’s commitment to revamping Sri Lanka’s innovation infrastructure.

Overall, Sri Lanka’s 2025 R&D agenda marks a turning point, with stronger institutional frameworks and increased funding aimed at transforming research into tangible economic and social benefits.

1...443444445...2,560Page 444 of 2,560