November 30, Colombo (LNW): The Cyclonic Storm “FENGAL” over the Southwest Bay of Bengal was located about 360 km north of Trincomalee and 280km Northeast of Kankasanthurai at 11.30 p.m. yesterdday (29), and it, therefore, is likely to move west-northwestwards and cross north Tamil Nadu-Puducherry coasts as a cyclonic storm around this afternoon (30), the Department of Meteorology said in its daily weather forecast today.
In statement, the Department added that the influence of this system on the island’s weather is gradually reducing, and skies will be cloudy and showers or thundershowers will occur at times in Northern province and in Trincomalee district.
Fairly heavy showers above 75 mm are likely at some places in Northern province, the statement read.
Showers will occur at times in Sabaragamuwa provinces and in Kandy, Nuwara-eliya, Galle and Matara districts. Several spells of showers will occur in Western, North-western and North-central provinces.
Showers or thundershowers may occur at a few places elsewhere of the island in the evening or night.
Strong winds of (50-55) kmph can be expected at times over Northern, North-central, North-western, Eastern, Central and Southern provinces.
The general public is kindly requested to take adequate precautions minimise damages caused by temporary localised strong winds and lightning during thundershowers.
Marine Weather:
Naval and fishing communities are warned not to venture to the deep and shallow seaareas extending from Puttalam to Trincomalee via Kankasanthurai until further notice and be vigilant on this regard in the other sea areas around the island.
Condition of Rain:
Showers or thundershowers will occur at times in the sea areas around the island. Heavy showers are likely in the sea areas extending from Kankasanthurai to Trincomalee.
Winds:
Winds will be North-westerly to South-westerly in to the sea areas around the island. Wind speed will be (40-50) kmphin the sea areas around the island. Wind speed can increase up to (60-70) kmph at times in the sea areas extending from Puttalam to Trincomalee via Kankasanthurai.
State of Sea:
The sea areas extending from Puttalam to Trincomalee via Kankasanthurai will be rough to very rough at times. The other sea areas around the island will be fairly rough at times. The swell waves (about 2.5–3.0 m) height (this is not for land area) may increase in the sea areas off the coast extending from Trincomalee to Kankasanthurai. There is a possibility that near shore sea areas off the coast extending from Trincomalee to Kankasanthurai via may experience surges due to swell waves. Temporarily strong gusty winds and very rough seas can be expected during thundershowers.
A group of unemployed graduates gathered at the Presidential Secretariat yesterday (29), hoping to meet President Anura Kumara Dissanayake: Unable to meet him, they plan to submit a letter outlining their concerns: The Presidential Secretariat assured them of an upcoming appointment: The graduates expressed frustration, noting promises made by the president before his election remain unfulfilled.
Colombo High Court Judge Sujeewa Nissanka acquitted former Health Minister Rajitha Senaratne and State Pharmaceutical Corporation Chairman Mohammad Tasim Mohammad Rumi of charges related to inciting false statements during a 2019 press conference: The allegations, involving claims of abductions and killings linked to Gotabaya Rajapaksa, were deemed unproven, as the prosecution failed to present sufficient evidence.
Minister of Foreign Affairs Vijitha Herath addressed the High-Level Segment of the IOM Council, emphasising the importance of safe, orderly, and rights-based migration: He highlighted Sri Lanka’s commitment to promoting regular migration pathways and protecting migrant rights through national, regional, and international efforts: Sri Lanka also expressed interest in becoming a Global Compact for Migration Champion Country.
Applications are now being accepted to fill vacancies for members in the Office on Missing Persons (OMP), as per the provisions of the Office on Missing Persons Act, No. 14 of 2016: Interested candidates should submit their applications, following the guidelines on the Parliament website, to the Secretary-General of the Constitutional Council by December 9, 2024, via registered post or email.
Agriculture Minister K.D. Lal Kantha announced that farmers affected by adverse weather will receive assistance to revive their crops and restore damaged irrigation facilities: Deputy Minister Namal Karunaratne stated that compensation, up to Rs. 40,000 per acre, will be provided for crops like paddy, maize, and onions: Additionally, free seed paddy for damaged seedlings and relief for vegetable and fruit farmers will be considered.
Secretary-General of Parliament Kushani Rohanadeera clarified the process for granting official residences to MPs, stating those living more than 40 km from Parliament can request housing at the Madiwela Housing Complex: Currently, 35 MPs have applied, with 25-30 houses undergoing renovations: The complex has 108 residences, divided between ruling party and opposition MPs: Rohanadeera confirmed no significant changes to MPs’ privileges.
The Attorney General’s Department informed the Supreme Court that it will no longer represent former IGP C.D. Wickramaratne and former Defence Secretary Kamal Gunaratne in a fundamental rights petition filed by former CID Director Shani Abeysekera: Abeysekera challenges his suspension following his transfer after the 2019 Presidential Election: The court adjourned the case to February 3, advising the respondents to seek private legal counsel.
The Department of Meteorology announced that the impact of the deep depression over the southwest Bay of Bengal on Sri Lanka’s weather is expected to lessen starting November 29: The adverse weather has claimed 15 lives and affected 463,569 people: Landslide warnings remain, but the “Red evacuation” warnings have been lifted: The depression may intensify into a cyclonic storm heading toward Tamil Nadu, India.
Sri Lanka is experiencing unhealthy air quality levels, with regions such as Jaffna, Colombo, Kandy, and Galle facing significant pollution: People, especially those with respiratory issues, are advised to take precautions like wearing masks and staying indoors: Some areas, including Batticaloa and Moneragala, show moderate pollution, posing minimal risk: Nuwara Eliya and Diyathalawa have acceptable air quality.
Wiaan Mulder will miss the remainder of South Africa’s two-match Test series against Sri Lanka due to a fractured right middle finger sustained while batting: Matthew Breetzke, who made his Test debut last month, replaces Mulder for the second Test, scheduled for 5-9 December: South Africa leads the first Test after Sri Lanka was dismissed for just 42.
Cargills Bank, a relatively new but dynamic player in Sri Lanka’s banking industry since its inception in 2014, continues to prioritize innovation and customer service excellence.
In a strategic move to strengthen its technological infrastructure, the bank has entered into a partnership with Sampath IT Solutions Ltd. (SITS) to optimize the management of its Point-of-Sale (POS) systems across the country.
This collaboration marks a significant leap for Cargills Bank, allowing it to focus on improving customer experiences, while SITS takes charge of the technical management and operational maintenance of the POS systems.
With SITS’ expertise in financial technology, Cargills Bank can now deliver faster, more reliable services to customers throughout Sri Lanka, significantly enhancing its nationwide reach.
Kaushi Fernando, the Head of Card Services at Cargills Bank, expressed enthusiasm about the partnership, stating, “Partnering with SITS enables us to evolve our technology infrastructure while continuing to offer superior service to our clients across the country. We’re excited about the potential innovations that this collaboration will bring to the fintech landscape.”
A key feature of this partnership is the integration of advanced technological solutions. SITS will implement robust security measures, including data encryption and real-time monitoring, along with automated maintenance for the POS systems.
This ensures that customers can securely conduct transactions, whether making payments or checking balances, with peace of mind.
Additionally, this collaboration aims to significantly improve the overall customer experience. The integration of faster transaction times and seamless mobile payment capabilities will reduce waiting times for consumers, making the banking experience more efficient, particularly in retail settings.
For Cargills Bank, this partnership is instrumental in extending its services to more remote areas of Sri Lanka, where access to banking has traditionally been limited.
This will further strengthen the bank’s commitment to providing round-the-clock services across the island. For SITS, it underscores their growing influence in managing large-scale banking operations and solidifies their position as a fintech leader in the region.
Looking forward, both companies have expressed a shared vision of continuing to innovate to meet the demands of modern banking.
Future initiatives may include AI-powered customer support solutions and enhanced operational efficiency, all designed to set new benchmarks for financial services in Sri Lanka.
“We are privileged to collaborate with Cargills Bank, a forward-thinking company that shares our commitment to innovation and ethical practices,” said Sameera Priyadarshana, Assistant Vice President at SITS. “This partnership will empower us to deliver secure, tech-forward solutions that elevate the banking experience for Sri Lankans.”
This collaboration marks a significant step forward for both organizations in advancing the future of banking technology in Sri Lanka, with an emphasis on security, accessibility, and efficiency.
The Government announced that the ongoing freeze on parate action for Micro, Small, and Medium Enterprises (MSMEs) will be extended beyond the original deadline of 15 December.
This extension was confirmed in a meeting led by Deputy Minister of Finance and Planning, Dr. Harshana Suriyapperuma, with representatives from MSMEs. The Government is set to introduce a Parliamentary Act to prolong the suspension for an additional six months.
This initiative forms part of an ongoing effort to unite various MSME advocacy groups, including the Ceylon Federation of MSMEs and the National Trade Protection Council.
The Ceylon Federation of MSMEs welcomed the move, stating that it would provide much-needed relief to MSMEs.
The Central Bank will gather the necessary information, and further talks are planned for early next week.
Deputy Minister Suriyapperuma expressed optimism that the extension would benefit a wider range of MSMEs. Mahendra Perera, President of the Ceylon Federation of MSMEs, added that the discussion also covered the potential for debt restructuring, including the possibility of lowering interest rates to help businesses manage their loans more effectively.
The meeting also addressed the challenges faced by businesses that have fallen into non-performing loan (NPL) status, particularly due to the impacts of the COVID-19 pandemic and the Easter Sunday attacks. Solutions to these issues were actively discussed.
One suggestion made was to return properties and businesses seized by banks in auctions between 2019 and 2024 to their original owners.
It was proposed that a debt restructuring process be put in place to allow for the repayment of loans, with collaboration between the Central Bank and the Ministry of Finance.
The meeting further focused on creating a conducive environment for sustainable entrepreneurial growth in Sri Lanka. A proposal was made for establishing a data system to better capture and address the challenges faced by both entrepreneurs and MSMEs.
To protect domestic MSMEs, it was recommended that registered trade unions from each sector, along with representatives from the Central Bank, the Ministry of Industry, and relevant banks, form a committee to tackle MSME challenges. The attendees supported this idea and agreed to move forward.
Additionally, officials and MSME representatives discussed tax issues, including tax arrears, and proposed removing penalties while providing opportunities for MSMEs to pay off arrears, including contributions to the Employees’ Provident Fund (EPF) and Employees’ Trust Fund (ETF).
Once trumpeted as the epitome of corporate success in India, Adani Group, owned by billionaire Gautam Adani, has now been embroiled in controversy.
With bribery charges in the United States to deal with, the financial and reputational damage is critical, raising serious questions over its biggest projects abroad, including those in Sri Lanka.
A US case against Gautam Adani and other executives accuses him of orchestrating a $250 million bribery scheme, in exchange for contracts, which would eventually yield $2 billion in profits over 20 years for the renewable power firm Adani Green Energy.
Since the allegations, Adani Group has lost more than $55 billion in market value, with Adani Green Energy alone losing $9.7 billion. The legal troubles add to earlier accusations by Hindenburg Research in 2023, which had pointed to stock manipulation and accounting fraud.
Sri Lanka, where Adani is involved in the Colombo Port terminal and the Mannar wind power project, is now caught in the crossfire.
The Colombo Port project, initially financed by the U.S. International Development Finance Corporation (DFC), is under review due to the bribery allegations.
Meanwhile, Adani’s $442 million investment in the Mannar wind power project has faced persistent criticism.
Opposition parties say that the project was given without open tenders and accuse Indian Prime Minister Narendra Modi of undue influence on then-Sri Lankan President Gotabaya Rajapaksa.
The resignation of a high-ranking official at the Ceylon Electricity Board, after making the same accusation, further fanned public scepticism.
But despite these controversies, the Wickremesinghe administration pushed ahead, confident in the project’s government-to-government nature. Former Foreign Minister Ali Sabry defended the partnership as transparent, citing feasibility studies and support from India.
But corruption watchdogs and critics question the wisdom of collaborating with a company facing serious allegations, warning it could harm Sri Lanka’s international reputation and deter other investors.
With the new administration led by President Anura Kumara Dissanayake, there is greater political pressure to review some large contracts.
Dissanayake’s administration has promised to root out corruption and ensure transparency. Minister Nalinda Jayatissa last week said the government needed to assess the impact of the U.S. indictment on Adani projects in Sri Lanka – a message of caution without any firm commitments to act.
Public discontent over the lack of transparency in these deals is growing, with activists and experts urging a thorough review of Adani’s investments. Nishan De Mel of Verité Research has called for Sri Lanka to avoid repeating past mistakes and ensure that foreign investments align with national interests and integrity.
As the Adani Group navigates its legal and financial challenges, Sri Lanka is at a very important juncture: to go ahead with these projects or to keep away from a tainted partner.
The government has to balance economic opportunities with the risks of association, ensuring transparency and accountability for the welfare of its people in safeguarding the future of the country.
Nine newly appointed ambassadors and one high commissioner to Sri Lanka have officially presented their credentials to President Anura Kumara Dissanayake this morning (28) at the Presidential Secretariat in Colombo. The new ambassadors represent Burkina Faso, Bosnia and Herzegovina, the Republic of Azerbaijan, Georgia, the Republic of Belarus, the Republic of Armenia, the Kingdom of Spain, the Republic of Congo, and the Republic of Guinea.
The Department of Meteorology says the deep depression over the southwest Bay of Bengal is likely to move slowly, north-northwestwards closer to the east coast of Sri Lanka and there is a possibility for it to further intensify. It can be expected that the influence of this system on the island’s weather will gradually reduce after today (29), the department said issuing an advisory.
Sri Lanka has reiterated its long-standing commitment to the full, effective, and non-discriminatory implementation of the provisions of the Chemical Weapons Convention (CWC). The Sri Lankan Embassy in the Netherlands said the message was conveyed at the 29th session of the Conference of State Parties (CSP-29) to the Chemical Weapons Convention held in The Hague, the Netherlands this week
The Disaster Management Centre (DMC) has reported that as at 4.00 pm today (28), the adverse weather conditions have affected a total of 401,707 individuals across Sri Lanka. Meanwhile, 12 deaths have been confirmed while 01 person is reported missing.
The issuance of vehicle number plates, which was previously delayed, has resumed at the Department of Motor Traffic (DMT). Issuing a statement, the DMT said that individuals who have paid but are yet to collect their number plates are urged to collect them by 15 December 2024.
Payagala Police have arrested Dissanayakage Chaminda, also known as ‘Petti Malli’, a resident of the Koshena area who was allegedly involved in trafficking heroin to Payagala and several other areas. The suspect was arrested while in possession of heroin worth nearly Rs. 300,000 and was taken into police custody.
President’s Counsel and Senior Additional Solicitor General Viraj Dayaratne has been officially appointed as the new Solicitor General. Dayaratne previously served as the Chairman of the Securities and Exchange Commission of Sri Lanka (SEC) from January 2020 to January 2023.
The Colombo Magistrate’s Court today ordered to recall the arrest warrant issued against Jaffna District Independent Member of Parliament Archchuna Ramanathan after he failed to appear before the court in relation with an incident of assaulting an individual after causing a traffic accident. The order was issued after the parliamentarian appeared before the court through an attorney.
SriLankan Airlines has been recognized as the ‘Best Airline Partner’ by Tamil Nadu Tourism, as announced on Thursday. This prestigious award highlights the airline’s pivotal role in enhancing the region’s tourism. An official statement from SriLankan Airlines emphasized their contribution, stating that the airline operates 35 weekly flights connecting Chennai, Tiruchirappalli, and Madurai in Tamil Nadu with Colombo.
Sports & Youth Affairs Minister Sunil Kumara Gamage urged the public to directly report incidents of fraud and corruption within Sports institutions. He made this statement during an inspection of the Sugathadasa National Sports Complex Authority
Two teams, led by Cabinet Ministers, have been appointed under the directives of President Anura Kumara Dissanayake to oversee relief efforts in the flood-affected Northern and Eastern Provinces.
The teams conducted inspections of ongoing relief activities in their respective regions yesterday to ensure the timely delivery of assistance to those impacted by the floods.
Minister of Rural Development, Social Security, and Community Empowerment, Professor Upali Pannilage, who heads the team assigned to the Eastern Province, stated that measures are being taken to restore normalcy in the affected districts as swiftly as possible.
November 29, Colombo (LNW): The Disaster Management Centre (DMC) reported that as of 4:00 pm today (28), a total of 401,707 individuals across Sri Lanka have been affected by the prevailing adverse weather conditions.
The DMC confirmed 12 fatalities, with one person reported missing. Authorities continue to monitor the situation closely, providing relief and assistance to those impacted by the severe weather.
The Local Consortium of Sri Lanka (LCSL), comprised of domestic commercial banks and financial institutions, has committed its full support for the Exchange Offer and Consent Solicitation launched today by the Government of Sri Lanka to restructure the US$12.55bn in outstanding International Sovereign Bonds (ISBs) including terms tailored for local holders.
This follows the agreement-in-principle reached in September 2024 with the Government on key financial terms.
“All members of the LCSL intend to participate in the ISB restructuring, which will provide the Government with substantial debt relief. This will be in addition to the support provided to the Government and wider economy since the foreign currency default in April 2022,” the LCSL statement said.
The restructuring of the ISBs will also cure the sovereign debt default, support the restoration of macroeconomic stability and ensure debt sustainability in the context of the Sri Lanka IMF programme, it said.
The Steering Committees of the LCSL and the Ad Hoc Group of Sri Lanka Bondholders (representing international holders of Sri Lanka’s ISBs) cooperated in order to find a comprehensive solution for Sri Lanka.
Members of the LCSL and Ad Hoc Group collectively represent more than 50% of Sri Lanka’s total outstanding ISBs. The Local Option gives ISB holders the ability to exchange existing claims into new instruments denominated in both Sri Lanka Rupee and US Dollars.
The statement further said: “Members of the LCSL would like to extend their gratitude to the authorities and all those involved for their efforts in reaching this significant milestone.
Curing the default on Sri Lanka’s ISBs will both facilitate the restoration of external market access and is a crucial step forward not only for the Government but also for LCSL members in maintaining their ability to finance the country’s economic recovery.”
Sanath Manatunge, Chairman of the LCSL and CEO of Commercial Bank of Ceylon PLC, said: “We are pleased to have reached this critical turning point following more than two years of discussions.
This restructuring will help restore macroeconomic stability and encourage investment in the local economy to the benefit of the people of Sri Lanka. Members of the LCSL fully appreciate and recognise their responsibility to finance the economic recovery and look forward to fulfilling this role.”
The LCSL is being advised by Newstate Partners LLP and Baker & McKenzie Wong & Leow.
The LCSL is comprised of eleven local banks and financial institutions and holds approximately 12% of the outstanding ISBs.
Members include Commercial Bank of Ceylon PLC, DFCC Bank PLC, Hatton National Bank PLC, National Development Bank PLC, Nations Trust Bank PLC, Pan Asia Banking Corporation PLC, Seylan Bank PLC, LOLC Finance PLC, LOLC Financial Sector Holdings (Private) Limited, Softlogic Life Insurance PLC.
At seminars and forums, one of the most frequent questions I
encounter is:
What traits set business leaders like Elon Musk, Steve Jobs, Jack Welch, Ratan Tata, and Richard Branson apart from the rest?
While I haven’t had the privilege of working directly with these global icons, I’ve engaged with several global gurus who have collaborated with these entrepreneurs. Their valuable insights have provided clarity into this question. Additionally, I’ve had the opportunity to closely associate with some of Sri Lanka’s most successful entrepreneurs, including working with them at the board level.
Through these experiences, I’ve observed shared traits among Sri Lanka’s top business leaders—visionaries such as Harry Jayawardena, Aban Pestonjee, Sumal Perera, the late Merril J. Fernando, Sohil Captain and Chandra Schaffter. A few of these legends candidly shared their experiences during the famous FT-ICCSL-CIMA Fireside Chat in 2018, offering profound lessons on business leadership and perseverance.
These leaders exhibit qualities that not only set them apart from regular entrepreneurs but also empower them to leave a lasting legacy—transforming their enterprises while positively impacting the communities they serve.
Just as political leaders rise and fall in Sri Lanka, businesses and their founders face similar challenges. The companies that endure owe their longevity to strong, visionary leadership. These business leaders combine foresight, motivation, and key abilities to achieve results. They not only secure their companies’ success but also reshape industries, set benchmarks, and make a meaningful societal impact.
Here are my five key traits that I believe are common to Sri Lanka’s most successful entrepreneurs:
1. Vision and delivery
Strong entrepreneurs possess the ability to foresee opportunities and craft a compelling vision. Many of them have transformed their enterprises into global brands/businesses by focusing on sustainable, long-term growth rather than short-term gains.
Business leaders like Mrs. Aban Pestonjee and Merril J. Fernando have built their brands around the unwavering values they believed in, which they’ve seamlessly integrated into their business models. Their success demonstrates how a clear vision, aligned with strong principles, can redefine industries and set new standards.
2. Change before you have to
Resilience in the face of challenges is a defining trait of exceptional entrepreneurs. They adapt, pivot, and persevere through setbacks, turning obstacles into opportunities. For instance, Access Engineering, led by Sumal Perera, has repeatedly navigated significant hurdles in the construction and property sectors through innovative strategies and unyielding determination.
Harry Jayawardena, known for his pragmatic outlook, often reminded me of the importance of action over complaint, famously saying, “It is better to light a candle than curse the darkness, so get on with it.” This mindset exemplifies the resilience and proactive approach that characterise successful leadership, inspiring teams to forge ahead regardless of adversity.
3. Innovation and adaptability
Remaining relevant requires continuous evolution. Sri Lankan entrepreneurs like Mrs. Aban Pestonjee have embraced change, adopted new technologies, and introduced locally manufactured products tailored to the specific needs of local consumers. This adaptability has been instrumental in transforming industries such as retail, setting benchmarks for others to follow.
Similarly, bold risk-taking is another defining characteristic of successful leaders. Visionaries like Harry Jayawardena have taken calculated risks, blending courage with informed decision-making to drive their ventures forward. Additionally, Chandra Schaffter played a pioneering role in establishing Janashakthi Insurance, Sri Lanka’s first major life insurance company. His efforts ensured not only the company’s survival through challenging times but also its enduring presence within his family’s stewardship, cementing a legacy in Sri Lanka’s insurance sector.
4. Focus on quality and consistency
Consistently delivering quality builds trust and fosters long-term brand loyalty. Merril J. Fernando transformed the global tea industry with his commitment to single-origin, high-quality tea and ethical sourcing practices, setting new benchmarks for authenticity and sustainability. Similarly, entrepreneurs like Sumal Perera have focused on customer-centric strategies, customising their offerings to address real market needs while fostering innovation.
Beyond profitability, these leaders emphasise creating positive social impact. Initiatives like the MJF Foundation showcase a deep commitment to community development, while the socially responsible practices of MAS Holdings and Brandix highlight the role of sustainable and responsible business operations.
Sohli Captain, in particular, embodied this spirit through his visionary leadership and dedication to philanthropy. His countless acts of service reflect an unwavering commitment to uplifting communities, contributing to national progress, and leaving a lasting legacy of compassion and generosity.
5. Building strong teams that are community focused
Progressive entrepreneurs recognise the immense value of empowering and nurturing their teams. They create environments where talent is encouraged to thrive, fostering a culture of collaboration, excellence, and tangible results; organisations like MAS and Brandix exemplify this approach. They have built enterprises that not only excel in cultivating strong talent pools but also actively uplift the lives of their employees and the communities they serve.
The takeaway
The defining feature of these individuals isn’t just financial success—it’s their ability to inspire, change, innovate, and create lasting value. Their journeys are a testament to the fact that entrepreneurship is about more than building businesses; it’s about shaping a better future for their enterprises, for their employees, communities, and society as a whole.
In a country where mediocrity often seems like the safest choice, the key to standing out lies in taking the road less travelled. By venturing into uncharted territories, these entrepreneurs saw what others haven’t and achieved what others cannot. This is the defining difference between an average businessman and a visionary entrepreneur who has built globally recognised brands and transformed their industries.
