Business
Merril. J. Fernando’s autobiography launched
Merril Joseph Fernando’s incredible decades-long journey through the Ceylon Tea Industry where he unrelentingly sought to maximize the image of “pure Ceylon tea” as opposed to blends containing a small proportion of Ceylon tea, was launched at Dilmah’s Maligawatte facility where the success story began.
Fernando who recently celebrated his 93rd birthday and is just out of a spell of hospitalization could not be personally present at the event hosted by his two son, Malik and Dilhan, who’s names he combined to coin the brand name well known to tea drinkers the world over. But his well known face and image was widely projected in the auditorium where the event was held.
The book is presented on its cover as “The Story of Ceylon Teamaker Merril. J. Fernando, Disruptor. Teamaker. Servant.”
The over 400-page, lavishly produced volume is not quite a coffee table book in terms of dimension but is very similar though much richer in the substance of its content. Over 200 illustrations complement the text. The production locally by Printcare, a printing and packaging company in whose founding Fernando played a big role and has an ownership stake, is of impeccable quality.
The book which would have been very expensive to produce will be available for sale at Rs. 10,000 a copy. Clearly the inputs would have been close to that price or higher if all costs are factored. All proceeds will go to charitable projects of the MJF group. It’s a must read for all corporate leaders and budding entrepreneurs who would benefit from a role model.
The story-line is gripping and few punches are pulled. Fernando who made many friends and enemies along the way to creating the best know and fully Sri Lankan-owned brand is fond of often saying that “business is a matter of human service.” He has lived by this credo, allocating 15 percent of the profits of his company for charitable purposes.
His son, Dilhan, the CEO of the listed Dilmah Ceylon Tea Company PLC, overlooks the social responsibility side of the business with priority given to People, Planet and Profit in that order. The support that Dilmah has extended, particularly to members of the plantation worker community and to the environment is well known and both Fernando as well as his family and companies are proud of it.
Wednesday’s event was attended among others by Printcare Chairman, KR Ravindran, Anura Gunasekera, a tea planter who worked for 10 years with Merril Fernando post-retirement from the plantation sector, Himendra Ranaweera, Deputy Chairman of Dilmah who has long been Fernando’s lieutenant in the business and Malik and Dilhan Fernando all of whom spoke at the event.
Gunasekera’s writing skills are evident throughout the publication. He wrote the book from material provided by Fernando at several long interviews over a period of three years. He said that Fernando’s power of recall was incredible and the necessary documentation had been meticulously preserved over a very long period.
Ravindran who first met Merril Fernando at a Rotary event in Australia – Dilmah first made its name in Australia and New Zealand – and the other speakers drew on a wide range of anecdotes in the principal including one from Malik Fernando who said that the famed masseuse, Don Thomas, who massaged both Merril Fernando and Ranasinghe Premadasa, played a major role in conveying information from each other which enabled clearing the Malgawatte site accommodating much of Dilmah’s warehousing.
(A review of the book will be published next Sunday)
An International Monetary Fund (IMF) team led by Evan Papageorgiou visited Colombo from April 3 to 11, 2025. After constructive discussions in Colombo, Mr. Papageorgiou issued the following statement:
“Sri Lanka’s ambitious reform agenda supported by the IMF Extended Fund Facility (EFF) continues to deliver commendable outcomes. The post-crisis growth rebound of 5 percent in 2024 is impressive. Inflation declined considerably in recent quarters and has fallen to ‑2.6 percent at end-March 2025. Gross official reserves increased to US$6.5 billion at end-March 2025 with sizeable foreign exchange purchases by the central bank. Substantial fiscal reforms have strengthened public finances.
“The recent external shock and evolving developments are creating uncertainty for the Sri Lankan economy, which is still recovering from its own economic crisis. More time is needed to assess the impact of the global shock and how its implications for Sri Lanka can be addressed within the contours of its IMF-supported program.
“The government’s sustained commitment to program objectives is ensuring policy continuity and program implementation remains strong. Going forward, sustaining the reform momentum is critical to safeguard the hard-won gains of the program and put the economy on a path toward lasting macroeconomic stability and higher inclusive growth.
“Against increased global uncertainty, sustained revenue mobilization efforts and prudent budget execution in line with Budget 2025 are critical to preserve the limited fiscal space. Boosting tax compliance, including by reinstating an efficient and timely VAT refund mechanism, will help contribute to revenue gains without resorting to additional tax policy measures. Avoiding new tax exemptions will help reduce fiscal revenue leakages, corruption risks and build much needed fiscal buffers, including for social spending to support Sri Lanka’s most vulnerable. Restoring cost recovery in electricity pricing will help minimize fiscal risks arising from the electricity state-owned enterprise.
“The government has an important responsibility to protect the poor and vulnerable at this uncertain time. It is important to redouble efforts to improve targeting, adequacy, and coverage of social safety nets. Fiscal support needs to be well-targeted, time-bound, and within the existing budget envelope.
“While inflation remains low, continued monitoring is warranted to ensure sustained price stability and support macroeconomic stability. Against ongoing global uncertainty, it remains important to continue rebuilding external buffers through reserves accumulation.
“Discussions are ongoing, and the authorities are encouraged to continue to make progress on restoring cost-recovery electricity pricing, strengthening the tax exemptions framework, and other important structural reforms.
“The IMF team held meetings with His Excellency President and Finance Minister Anura Kumara Dissanayake, Honorable Prime Minister Dr. Harini Amarasuriya ; Honorable Labor Minister and Deputy Minister of Economic Development Prof. Anil Jayantha Fernando, Honorable Deputy Minister of Finance and Planning Dr. Harshana Suriyapperuma, Central Bank of Sri Lanka Governor Dr. P. Nandalal Weerasinghe, Secretary to the Treasury Mr. K M Mahinda Siriwardana, Senior Economic Advisor to the President Duminda Hulangamuwa, and other senior government and CBSL officials. The team also met with parliamentarians, representatives from the private sector, civil society organizations, and development partners.
“We would like to thank the authorities for the excellent collaboration during the mission. Discussions are continuing with the goal of reaching staff-level agreement in the near term to pave the way for the timely completion of the fourth review. We reaffirm our commitment to support Sri Lanka at this uncertain time.”
The Commercial Bank of Ceylon has transformed its iconic ‘Foreign Branch’ into the ‘Corporate Branch,’ reaffirming its commitment to delivering dedicated, comprehensive financial solutions to corporate and trade customers.
The Bank said this transformation represents a new milestone in its illustrious journey, and resonates with the rich commercial heritage of Colombo, a city that has long served as a vital trading hub in the region.
Strategically located at the Bank’s Head Office at Commercial House, 21, Sir Razeek Fareed Mawatha (Bristol Street), Colombo 1, this rebranded Corporate Branch stands as a first of its kind in Sri Lanka —a premier financial hub tailored exclusively to the needs of corporate customers, the Bank said. The transformation aligns with the Bank’s vision of providing unparalleled service excellence, bespoke financial solutions, and fostering long-term business partnerships.
Commenting on this strategic initiative, Commercial Bank’s Managing Director/CEO Sanath Manatunge stated: “It is our aspiration that just as the historic Delft Gateway, at which our Head Office is located, once opened the path to the Dutch Fort, our Corporate Branch will chart a new era of enduring and prosperous business collaborations, that will extend beyond Sri Lanka’s shores.”
Fits Retail has partnered with retail giant Abans PLC to showcase the iconic DeLonghi coffee machines at two of Colombo’s most prestigious locations: Abans Elite Colombo 3 and Abans Havelock City Mall showrooms.
At these dedicated demonstration zones, visitors can discover the unparalleled precision engineering and user-friendly technology that have made DeLonghi machines the preferred choice for discerning coffee lovers in more than 46 countries worldwide. Renowned for consistently delivering café-quality espresso, cappuccino, and even specialty cold brews, DeLonghi machines exemplify Italian innovation at its finest.
Yasas Kodituwakku, CEO of Fits Retail, expressed excitement about the collaboration: “This partnership represents our unwavering commitment to bringing global coffee excellence to Sri Lankan connoisseurs. With Abans PLC, we’re creating more than just demonstration spaces; we’re curating premium destinations for an authentic coffee experience.”
“As pioneers of premium lifestyle experiences in Sri Lanka, our collaboration with Fits Retail aligns seamlessly with our vision of elevating everyday moments into exceptional experiences,” said Tanaz Pestonjee, Director Business Development at Abans PLC.
Therapuththa National School Amabalanthota reach finals of Under 19 division III Tier B limited over cricket tournament
Mykolas Alekna shatters discus world record with 75.56m in Ramona
Indian billionaire jeweller Mehul Choksi arrested in Belgium
-
News3 days agoSuspect injured in police shooting hospitalised
-
Features4 days agoRobbers and Wreckers
-
Features6 days agoSri Lanka’s Foreign Policy amid Geopolitical Transformations: 1990-2024 – Part III
-
Midweek Review6 days agoInequality is killing the Middle Class
-
Business3 days agoSanjiv Hulugalle appointed CEO and General Manager of Cinnamon Life at City of Dreams Sri Lanka
-
Features7 days agoA brighter future …
-
Business5 days agoNational Anti-Corruption Action Plan launched with focus on economic recovery
-
News6 days agoIChemC signs MoU with KIIT, India