Mainly fair weather will prevail over most parts of the island.
There is a possibility of ground frost at some places in Nuwara-Eliya district in the early hours of the morning during next few days from today.
Misty conditions can be expected at some places in Western, Sabaragamuwa, Central and Uva provinces and in Galle and Matara districts during the morning.
By Adolf
On February 3, 2025, Harry Jayawardena passed away in Colombo at the age of 82. His demise marked the end of an era, but his contributions will continue to influence Sri Lanka’s economic landscape.Deshamanya Don Harold Stassen Jayawardena, widely known as Harry Jayawardena, was a towering figure in Sri Lanka’s business landscape. Born on August 17, 1942, in Ja-Ela, British Ceylon, he rose from humble beginnings to become one of the nation’s most influential industrialists. His journey from a tea trader to a business magnate exemplifies determination, strategic vision, and an unwavering commitment to excellence.
Early Life and Career
Harry Jayawardena began his professional journey in the tea industry, joining a British-owned tea export firm as a tea trader. His keen business acumen soon led him to the State Trading Corporation (Consolidated Exports), commonly known as Consolexpo Ltd., where he headed the Tea Department. During the 1970s, under Prime Minister Sirima Bandaranaike’s administration, Consolexpo held a monopoly over Sri Lanka’s tea exports, providing Jayawardena with invaluable experience in international trade.
Entrepreneurial Ventures
In 1977, Jayawardena ventured into the private sector by founding Stassen Exports Limited, focusing on exporting Ceylon Tea. His entrepreneurial spirit didn’t t stop there; in 1988, his companies acquired a significant stake in Hatton National Bank, Sri Lanka’s largest private commercial bank. Later a few more bank’s stakes. This move marked the beginning of a series of strategic investments across various sectors.
In 1992, under his leadership, his business empire secured a controlling interest in the Distilleries Company of Sri Lanka PLC (DCSL), marking the largest transaction in the history of the Colombo Stock Exchange at that time. By 2007, DCSL had become a top company under Jayawardena’s visionary leadership.
Diverse Business Interests
Harry Jayawardena’s business interests were vast and varied. He held significant positions in several leading companies:
Distilleries Company of Sri Lanka: As Chairman, he oversaw the company’s growth into a dominant player in the beverage industry.
Aitken Spence PLC: Appointed to the board in April 2000, he became Chairman in April 2003, steering the conglomerate into new ventures and markets.
Lanka Milk Foods: As Chairman and Founder, he played a pivotal role in promoting dairy products in Sri Lanka.
Lanka Bell: Under his chairmanship, the company emerged as a significant player in the telecommunications sector.
His portfolio also included interests in plantations, hospitality, insurance, banking and telecommunications, reflecting his versatile business strategy.
Public Sector
Harry Jayawardena was a shrewd and ruthless businessman who understood the intersection of politics and business, leveraging the political system to expand his influence and secure strategic advantages. While he was primarily known as a private sector giant, his close connections with successive governments allowed him to hold key positions and influence decision-making in Sri Lanka’s corporate and economic landscape.Jayawardena’s business empire grew significantly during the liberalization of the Sri Lankan economy in the late 1970s under President J.R. Jayewardene. His experience at the State Trading Corporation (Consolexpo) under the socialist policies of Prime Minister Sirimavo Bandaranaike in the 1970s had already given him insights into state-controlled trade, particularly in tea exports. When the economy opened up, he capitalized on the new opportunities. Over the decades, Jayawardena maintained close relationships with key political figures, adapting his strategies to different administrations. It is said his ability to navigate the political landscape ensured that his business interests were protected and often expanded through regulatory and policy decisions that favored his enterprises.
Honors and Recognitions
In recognition of his contributions to Sri Lanka’s industry, and his efforts in turning round Sri Lankan Airlines Jayawardena was awarded the title of Deshamanaya by the President of Sri Lanka in 2005. Further cementing his international reputation, in 2010, he was appointed Knight of the Order of Dannebrog by Queen Margrethe II for his services as the Honorary Consul General for Denmark in Sri Lanka.
Jayawardana was a shrewd businessman who understood the intersection of politics and business,
Legacy of Jayawardana
Harry Jayawardena’s legacy is characterized by his transformative impact on Sri Lanka’s corporate sector. He was instrumental in elevating several Sri Lankan companies to international prominence. His leadership style, marked by strategic foresight and an unyielding drive for success, served as an inspiration for many aspiring entrepreneurs. Harry Jayawardena’s life story is a testament to the power of vision, determination, resilience, and hard action, leading to solid results . From his early days in the tea industry to building a diversified business empire, he remained committed to advancing Sri Lanka’s position in the global market. His legacy as a business legend will endure, inspiring future generations to pursue excellence and innovation.Now, it is left to his 3 children to carry on his legacy without losing their way or becoming vulnerable to competition.
LNW
• Surge in card transactions by tourists was driven largely by in-store use of debit cards
• Domestic debit spends grew by 45% while cross-border debit spends grew by almost 30%
• Domestic cardholders in Sri Lanka spent 35%+ more than in 2023 Holiday Season, buoyed by increasing penetration of contactless payments
Colombo, February 05, 2025: Visa (NYSE: V), the global leader in digital payments, today announced that Visa saw a marked uptick in spending by both tourists and domestic consumers in Sri Lanka during the holiday season at the end of 2024. Visa Consulting & Analytics (VCA), Visa’s advisory arm, highlighted key findings of consumer spend patterns during this period that saw an increase in commerce across payment options and channels.
An analysis of end-of-year spends of 2023 and 2024 showcased 40% increase in cross-border card transactions in physical stores, with a clear preference for using debit cards, that witnessed almost 50% increase over last year. The more than 35% surge in domestic card spends over the previous year was anchored by higher debit card spends, both online (~55%) and in-store (more than 40%).
Avanthi Colombage, Country Manager, Sri Lanka and Maldives, Visa said, “We are thrilled to see the remarkable uptick in spending driven by Sri Lankans and our valued international visitors, a testament to the resilience and vibrancy of our country. At Visa, we are proud to play an integral role in facilitating the dynamic payments ecosystem and ensuring that holiday and travel experiences are seamless, convenient, secure, and truly memorable for everyone.”
With an influx of over 2 million tourists in 2024 and expected to reach 3 million in 2025, there was a palpable surge of 40% in cross-border transactions through debit and credit cards over last year. This was due to a 45% increase in debit card usage as well as more than 30% growth in credit usage. More than 50% of this growth was contributed by 9 countries, namely Australia, Canada, France, Germany, UAE, India, Japan, UK and USA.Interestingly, the country also saw tourists from at least 13 new countries like Afghanistan and Barbados that had not previously performed digital transactions in the island nation.
Avanthi points out, “The majority of spends by tourists was witnessed in categories like lodging, airline bookings, restaurants, retail shopping and other travel-related expenses. Meanwhile, domestic consumer spends were concentratedprimarily on everyday categories like food and grocery, apparel, restaurants and fuel.”
She further added, “We remain committed towards accelerating the adoption and acceptance of digital payment methods and are delighted to be a part of Sri Lanka’s growth story. Visa continues partnering with all ecosystem and remains committed to innovation and excellence that empowers both local and global commerce.”
About Visa Inc.
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.
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Uma Balakrishnan
Sri Lanka’s Minister of Foreign Affairs, Foreign Employment, and Tourism, Vijitha Herath, outlined the country’s vision of becoming a key hub in the Indian Ocean during his keynote address at the 26th ARF Heads of Defense Universities, Colleges, and Institutions Meeting (HDUCIM).
Speaking at the event, co-chaired by Sri Lanka and Cambodia at the General Sir John Kotelawala Defense University (KDU), Minister Herath highlighted Sri Lanka’s strategic location and resources as crucial factors in promoting trade, connectivity, economic development, and regional stability.
He also emphasized Sri Lanka’s commitment to upholding international humanitarian law, welcoming the recent ceasefire agreement in Palestine as a step toward sustainable peace. He reiterated Sri Lanka’s support for global efforts to ensure stability through diplomatic dialogue and multilateral cooperation.
Addressing geopolitical challenges, Minister Herath stressed the importance of maintaining neutrality while fostering strategic partnerships within the ASEAN framework. He noted the need for adapting defense strategies to contemporary power rivalries and economic uncertainties.
The HDUCIM gathering brought together defense officials, academics, and experts to enhance cooperation in defense education and strategic studies across the region.
SriLankan Airlines has introduced an artificial intelligence-powered chatbot named ‘Yaana’ to enhance customer support and streamline passenger inquiries.
‘Yaana’ integrates advanced AI and natural language processing technologies to assist with various customer queries efficiently. According to Dimuthu Tennakoon, Head of Worldwide Sales and Distribution at SriLankan Airlines, the chatbot has already managed nearly 12,000 inquiries, resolving 88% of them autonomously.
Developed in collaboration with CodeGen International, ‘Yaana’ is now available on the airline’s corporate website. It is designed to operate in multiple languages, including English, French, and Spanish, ensuring accessibility for a broader customer base.
The Ministry of Health has placed advance orders for 862 essential medicines and over 5,000 surgical items required for 2025, marking the first time such a proactive measure has been taken, Health and Media Minister Dr. Nalinda Jayathissa announced.
Key institutions, including the National Medicines Regulatory Authority (NMRA), the State Pharmaceutical Corporation (SPC), and the Medical Supplies Division (MSD), are collaborating to streamline the procurement process.
“For the first time in history, the MSD has, by January 31, placed an order for 862 essential medicines and surgical items needed for the next year through the SPC. This was made possible due to the voluntary service of employees in these institutions,” Minister Jayathissa stated.
Additionally, the NMRA has significantly reduced its backlog of 2,100 pending drug registrations to 447, with 330 files processed in January alone.
The Minister acknowledged that delays in medical supply distribution have been a persistent issue, with state pharmaceutical procurement taking up to nine months. To further improve efficiency, the government has already begun placing orders for 2026 medical supplies.
The Lanka Salt Company in Hambantota has announced an increase in salt prices, citing the rising cost of imported salt as the primary reason for the hike.
According to the company, the price of a 400-gram packet of salt powder has risen by Rs. 20, from Rs. 100 to Rs. 120, while the price of a one-kilogram packet of crystal salt has increased by Rs. 60, from Rs. 120 to Rs. 180. However, officials clarified that this price adjustment is a temporary measure.
Sri Lanka’s annual salt demand is approximately 20,000 metric tons, but adverse weather conditions in the last quarter of the previous year caused a decline in local production. In response, the government approved the temporary importation of 12,000 metric tons of salt from India to address the shortfall.
Despite these imports, the State Trading Corporation has assured that relying on foreign salt will not be a long-term solution. Local salt production is expected to resume at the Hambantota Salt Works by March, stabilizing domestic supply.
The Hambantota Salt Company has also assured that prices will be reduced once the new harvest becomes available. Currently, the Hambantota Salt Works accounts for 50% of the country’s salt production, while the Paranthan and Puttalam Salt Works also contribute significantly to the national supply.
A high-level discussion on the progress of Sri Lanka’s Extended Fund Facility (EFF) agreement with the International Monetary Fund (IMF) took place yesterday (06) at the Presidential Secretariat, led by President Anura Kumara Dissanayake and an IMF delegation.
According to the President’s Media Division (PMD), the government has already reached a staff-level agreement with the IMF on the third review of the USD 3 billion extended arrangement. The review details are expected to be presented to the IMF Board of Directors by the end of this month.
The discussions focused on the implementation progress and the government’s commitment to continuing the program. Once the IMF Executive Board grants approval, Sri Lanka is set to receive the fourth tranche of the extended loan, amounting to USD 333 million.
The meeting was attended by IMF Executive Director Dr. Krishnamurthy Subramanian, Alternate Executive Director Dr. P. K. G. Harischandra, Deputy Minister of Economic Development Dr. Anil Jayantha Fernando, Secretary to the President Dr. Nandika Sanath Kumanayake, Secretary to the Ministry of Finance Mahinda Siriwadana, and Central Bank Governor Dr. Nandalal Weerasinghe.
Prime Minister Dr. Harini Amarasuriya informed Parliament yesterday (05) that the ongoing coconut shortage has resulted from the lack of a comprehensive government policy on coconut cultivation.
She stated that the current administration is developing a structured policy to enhance coconut cultivation and has already initiated several short-term programs to address the issue. Additionally, she confirmed that the government has allocated increased funds in this year’s budget to support coconut cultivation.
The Prime Minister highlighted that institutions under the Ministry of Plantations and Community Infrastructure are actively working to boost coconut production. Measures include testing for high-yield coconut varieties, identifying effective agricultural practices, providing technical guidance to control pests and diseases, and proposing policies to strengthen the coconut sector. These efforts aim to prevent future shortages and ensure a stable supply of coconuts.
The Supreme Court has scheduled March 19 for the support hearing of a Fundamental Rights petition filed by former President Mahinda Rajapaksa, contesting the government’s decision to reduce his security detail.
A three-judge bench, comprising Justices Preethi Padman Surasena, Janak de Silva, and Sampath Abayakoon, fixed the date following a request by Additional Solicitor General Varunika Hettige, who appeared on behalf of the Attorney General. She sought additional time to obtain instructions from the respondents and file objections.
The petition names Prime Minister Dr. Harini Amarasuriya, the Cabinet of Ministers, and several others as respondents. Rajapaksa argues that the government arbitrarily reduced his security detail to 60 officers without conducting a proper security assessment. He maintains that, as the leader who ended the three-decade-long war against the LTTE, he continues to face terrorist threats.
Through the petition, Rajapaksa seeks a declaration that his Fundamental Rights were violated by the government’s decision. President’s Counsel Ali Sabry represented the former President in the case.
