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Top Sri Lankan companies pledge to increase women’s representation in corporate leadership

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Podium Participants (L-R) – CSE CRO Renuka Wijayawardhane,CEO Rajeeva Bandaranaike, MAS Holdings/Board Member UNGC SL Ms. Dinali Peiris,IFC Program Manager Women in Work SL Ms. Sarah Twigg,Australian Deputy High Commissioner Ms. Lalitha Kapur,NSB Chairperson Audit Committee Ms Manohari Abeysekera, JKH President Legal, Secretarial and CSR and SLID Council Member Ms. Nadija Tambiah,CSE Chairman Dilshan Wirasekara,SEC DG Chinthaka Mendis and CSE CIO Chandrakanth Jayasinghe.

International Women’s Day

The Colombo Stock Exchange (CSE) and the International Finance Corporation (IFC) in association with the World Federation of Exchanges, the Sustainable Stock Exchanges (SSE) Initiative, UN Global Compact Network, the Department of Foreign Affairs and Trade (DFAT) of the Australian Government, UN Entity for Gender Equality and the Empowerment of Women (UN Women), and the Sri Lanka Institute of Directors (SLID) rang the market opening bell for gender equality, in line with the International Women’s Day 2023, for the eighth consecutive year, with several top Sri Lankan Companies, pledging to increase women representation in corporate leadership.

At the event 14 companies signed onto a commitment to boost female representation at the board level and in management to a minimum of 20% by 2025.

The annual global initiative highlights how greater participation of women in the economy can spur sustainable and inclusive growth, shaping a more equal future.

“The Colombo Stock Exchange joined this initiative in 2016, as one of the initial stock exchanges, and we believe this is the platform to convene business leaders, investors, and other key parties at the national level to highlight the growing business and economic case for gender equality, said CSE Chairman Mr. Dilshan Wirasekera delivering the opening remarks.”

“If we look at the progress that the Exchanges have made, specifically with regard to listed companies, we relatively had success; if we look at the numbers way back in 2018, we had 8% of women representation in our boards and that has increased to 10 % today. We have global statistics that show, women representing management in organizations even at board level have contributed for better financial results,” he added.

“The event today is used as a ‘call to action’ for businesses to advance women’s empowerment and gender equality. We wanted to invite initially the 20 S&P companies today to pledge their commitment towards increasing female representation at the board level and in management to a minimum of 20% by 2025.”

The Global Gender Gap Report of 2022 indicates the share of women hired into leadership roles has seen a steady increase, from over 33 percent in 2016 to nearly 37 percent in 2022. However, amid multiple global crises, sparked initially by the COVID-19 pandemic, there are concerns that women’s workforce participation has dropped, risking further backsliding on gender parity. IFC’s commitment to the initiative is part of its strong focus on gender equality, which includes leveraging relationships with financial institutions to expand access to finance for female entrepreneurs and increase the number of women in leadership roles.

“Better gender balance in business leadership is inextricably linked with achieving sustainable, inclusive growth. We know that making even small inroads in closing the gender gap can yield clear and positive results for businesses especially in financial performance and better decision-making processes,” said Sarah Twigg, Manager, Women in Work Program, IFC. “The commitment of the 13 top Sri Lankan companies is a significant step towards accelerating the progress we have made so far. This is also the time that Sri Lanka needs more women corporate and business leaders to help ensure an inclusive and resilient recovery in the country.”

Ms. Lalita Kapur, Australian Deputy High Commissioner to Sri Lanka and Maldives sharing her valuable insights on the initiative, stated, “The global ‘Ring the Bell’ event helps raise awareness of the essential contribution women make to our economies – and reinforces the undeniable business case for women’s labour force participation. As Sri Lanka navigates significant economic challenges, it is critical now more than ever, that we find new ways to advance gender equality.”



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SriLankan Airlines Resumes Flights to Riyadh and Dubai

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09 March 2026; Colombo – SriLankan Airlines would like to inform passengers that it is resuming daily services to Riyadh tonight and Dubai tomorrow, while continuing to closely monitor the situation in the Middle East and prioritising the safety and wellbeing of its passengers and crew.

The following flights are scheduled to operate:

For more information please contact: 1979 (within Sri Lanka); +94 11 777 1979 (international); WhatsApp +94 74 444 1979 (chat only); your travel agent; visit www.srilankan.com; or follow us on social media.

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Oil prices jump above $100 for first time in four years

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Oil facilities in Tehran were hit by airstrikes at the weekend

Global oil prices have jumped above $100 (£75.11) a barrel for the first time since 2022 as the escalating US-Israeli war with Iran has fuelled fears of prolonged disruption to shipments through the Strait of Hormuz.

Iran on Sunday named Mojtaba Khamenei to succeed his father Ali Khamenei as Supreme Leader, signalling that a week into the conflict hardliners remain in charge of the country.

The US and Israel launched fresh waves of airstrikes across Iran over the weekend, hitting multiple targets including oil depots.

Major disruption to energy supplies from the region threatens to push up prices for consumers and businesses around the world.

Early on Monday in Asia, Brent crude was around 15.5% higher at $107.16, while Nymex light sweet was up by more than 17% at $106.77.

Stock markets in the Asia-Pacific region fell sharply in early trading on Monday, with Japan’s Nikkei 225 index down by more than 5% and the ASX 200 in Australia more than 3.5% lower.

Many in the markets predicted that oil would hit the $100 a barrel mark this week.

In the event it took about a minute to jump 10%, and then another 15 minutes to rise a further 10% in early Asian trading.

Last week the markets had been relatively relaxed about the seeming nightmare scenario for millions of barrels of crude and liquefied natural gas trapped in the Gulf, unable or unwilling to transit the Strait of Hormuz.

But the escalations over the weekend, alongside scenes of destruction of energy infrastructure both in Iran and across the Gulf, saw the markets take rapid fright.

The question now is where does this go? Some analysts argue that if the shutdown in the strait lasts until the end of March, we could see record oil prices above $150 a barrel.

The existing rise is likely to further increase petrol prices, and those of important derivative products such as jet fuel and vital precursors for fertilisers.

The physical supplies from the Gulf are mainly consumed in Asia.

Already however there are signs that Asian consumers are bidding up prices for US gas, with some tankers originally heading for Europe turning around in the mid-Atlantic.

US President Donald Trump responded to the jump in prices by saying that short term rises were a “small price to pay” for removing Iran’s nuclear threat.

His energy secretary told US broadcasters on Sunday that Israel, not the US, was targeting Iran’s energy infrastructure, amid some concern about rising domestic pump prices caused by the war.

(BBC)

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CMTA warns buyers of long-term costs hidden in reconditioned vehicle imports

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The Ceylon Motor Traders’ Association (CMTA) has issued a stark cautionary note to prospective vehicle buyers, warning that the initial price advantage of reconditioned imports often masks significant long-term financial risks.

By highlighting a “structural imbalance” in the current duty valuation system – which allows near-identical vehicles to be imported under a 15% automatic depreciation bracket – the CMTA argues that the lack of manufacturer-backed warranties and tropicalised specifications in the grey market could lead to a “reconditioned trap” for unsuspecting consumers. For the savvy buyer, the association suggests that the true cost of ownership is increasingly tilting the scales in favour of brand-new vehicles from authorised agents.

If two identical 2026 models are sitting on different lots, and one is significantly cheaper because it was technically “registered and de-registered” abroad, the frugal buyer’s instinct is to take the discount. But the CMTA argues that this 15% depreciation benefit – intended for genuine used cars – is being leveraged as a loophole for zero-mileage vehicles.

For the savvy buyer, this raises a fundamental question of transparency. If the entry price of a vehicle is built on a “procedural” technicality rather than actual wear and tear, where else is the transparency lacking? Does the lower price reflect a genuine saving passed to the consumer, or does it mask a lack of manufacturer-backed after-sales support?

When a buyer chooses an authorised agent, they are essentially purchasing an insurance policy against the unknown. With a five-year manufacturer warranty, the financial burden of a faulty transmission or a software glitch stays with the global giant that built the car, not the local owner. In an era where vehicles are increasingly “computers on wheels,” the technical specialised tools and genuine parts held by authorised agents are no longer a luxury – they are a necessity for longevity.

The CMTA’s perspective also invites the buyer to look at the “Big Picture.” Every time a vehicle is imported under an under-declared value or an artificial depreciation bracket, it isn’t just a loss for the Treasury; it is a blow to the country’s foreign exchange discipline.

“A savvy buyer today is more informed than ever. They realize that a “cheap” import with no service history and no tropicalised specifications may eventually become a “minus” on the balance sheet. Frequent repairs and lower resale value can quickly evaporate the initial few lakhs saved at the point of purchase. Ultimately, the choice between brand new and used is a choice between certainty and speculation,” the Association says.

The CMTA is advocating for a level playing field where duty is based on true transaction value. Until that day comes, the burden of due diligence rests on the consumer. To be a “savvy buyer” in 2026 means looking past the showroom shine and asking: Who stands behind this car if something goes wrong tomorrow?

In conclusion, CMTA says,” For those seeking long-term peace of mind, the “brand new” path – supported by a transparent duty structure and a solid warranty – remains the gold standard for steering Sri Lanka’s complex automotive landscape.”

Before signing the papers on a reconditioned vehicle, the CMTA suggests buyers evaluate the four “minus” factors against a “brand new” purchase:

By Sanath Nanayakkare

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