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The Sri Lankan Report

GABV’s Asia-Pacific meeting in Colombo focuses AI, Climate change in value-based banking

ECONOMYNEXT – The Asia Pacific Chapter meeting of Global Alliance for Banking on Values (GABV) held in Colombo will focus on Artificial Intelligence (AI) and Climate change and their impacts on value-based banking which is mostly targeting small and medium enterprises. Top CEOs and senior leaders of GABV members in 20 countries will gather from October 15-16 to discuss on the topic centered on ‘Value-Based Banking’ and it will explore how ethical, inclusive, and sustainable financial practices can drive long-term impact across communities and economies. Sarvodaya Development Finance Plc (SDF), one of the two GABV members, will host the meeting…

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Google to invest $15 billion in India AI center

Google on Tuesday announced that it will invest $15 billion to build a giant data center and artificial intelligence base in India. “This investment of approximately $15 billion (USD) over five years (2026-2030) is Google’s largest investment in India to date,” the Google statement said. “It is the largest AI hub that we are investing in anywhere outside of the US,” Google Cloud CEO Thomas Kurian said at a ceremony in New Delhi. “It is a part of a global network of AI centers in 12 different countries.” The data center and AI hub will be built in the port…

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QR Code System Launched for Tea Fertilizer Subsidy Distribution

A new QR code system to distribute fertilizer subsidies to small- and medium-scale tea estate owners was launched Tuesday in Pitabeddara, Matara. The initiative, spearheaded by the Sri Lanka Tea Board, aims to support national efforts to increase annual tea production to 400 million kilograms by 2030. A budget allocation of Rs. 2 billion has been set for 2025 to facilitate fertilizer distribution through this digital method. More than 150 tea growers participated in the inaugural event. Approved fertilizer companies also took part in the distribution, which uses QR codes to ensure access to the subsidized supplies. Under the program,…

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President warns against returning unused development funds

President Anura Kumara Dissanayake called on state officials to fulfill their role as the intermediary mechanism responsible for ensuring that the benefits of government development projects effectively reach the people. The President made these remarks while chairing the Special District Coordination Committee (DCC) meeting held at the Ratnapura District Secretariat. The session reviewed the 2025 progress of development programmes across the district and addressed challenges in their implementation. Emphasizing efficient use of allocated funds, President Dissanayake warned that returning unutilized budgets to the Treasury not only stalls development but also leads to resource wastage. He stressed that funds repeatedly earmarked…

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People’s Struggle Alliance demands equal airtime from Rupavahini

The People’s Struggle Alliance has written to the Sri Lanka Rupavahini Corporation (SLRC), demanding fair access to political discussion broadcasts of the state-run channel. In a letter addressed to the SLRC Chairperson, the Alliance’s National Executive Committee stated that it had not been invited to participate in any recent political programmes aired by the state broadcaster. “We find that we are being unfairly targeted as this exclusion appears to be politically motivated,” the letter read, adding that prior to the election of the National People’s Power government the party had been extended invitations to such discussions. The Alliance reminded SLRC…

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Man arrested for sending elderly women to Dubai on tourist visas for domestic work

A 58-year-old man has been arrested by the Special Investigation Unit of the Sri Lanka Bureau of Foreign Employment (SLBFE) for allegedly sending elderly women to Dubai on tourist visas under the guise of providing foreign employment. The suspect, who operated an agency called Methsara Housemaid Services on Baddagana Road in Kotte, is accused of collecting money from women aged between 58 and 60 by promising them domestic helper jobs in Dubai. Two complaints had been lodged with the SLBFE, including one from a woman who was sent to Dubai on a tourist visa but returned after failing to secure…

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Sri Lanka to sell dollar bonds to local market again

ECONOMYNEXT – Sri Lanka’s cabinet has approved the sale of foreign currency denominated bonds to local market, spokesman Nalinda Jayatissa said. A survey had found that there was an appetite for around 100 million US dollars of bonds of less than 1 year to 3 years, he said. Sri Lanka should structure longer term syndicated loans after appointing lead managers who will negotiate with other to structure a long term instrument to help settle some of the maturing debt, and make use to dollar savings in banks, analysts have said. The appointment of a mandated lead manager in other markets,…

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SC upholds Rs. 500 Mn defamation ruling against Lake House

The Supreme Court has upheld the Colombo District Court’s ruling ordering the Associated Newspapers of Ceylon Limited (ANCL), commonly known as Lake House, to pay Rs. 500 million in damages to former minister Wijeyadasa Rajapakshe for defamation. The case stemmed from a November 2007 publication in Silumina, which carried two full pages of allegedly defamatory statements against Rajapakshe, then a Member of Parliament representing the United People’s Freedom Alliance (UPFA). The article followed his decision to cross over from the Government to the Opposition. In 2009, Rajapakshe filed a defamation suit in the Colombo District Court against ANCL and then-editor…

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