Business
Dilmah Night of Plantation Veterans
By Anura Gunasekera
The elegant Dutch Burgher Union premises was the venue for the annual Planters’ Christmas Dinner, hosted by Dilmah, following a tradition set in place in 2017 by its patriarch, the late Merrill J Fernando. A man with a life-long passion for Pure Ceylon Tea, which contributed much to the success of Dilmah, the hosting of this gathering was his way of honouring the contribution to the industry made by the men, often conveniently forgotten in the celebration of balance sheets of companies brightened by attractive tea production statistics.
Malik, the late Merrill’s eldest, graciously welcomed the guests. Whilst thanking all planters, past and present, for their contribution to the industry, he also spoke of the enduring association between Ceylon Tea, its plantations, and the hospitality industry, emphasizing that the Dilmah, Tea Trails concept owed its success, in a very large measure, to that cherished link.
Whilst Merrill’s influence on the event was palpable, despite his absence, what was heart-warming was the active participation of Amrith and Tasha, the grand-children, ensuring that the tradition was safe in the hands of the new generation; their presence suggested a comforting sense of continuity and respect for a legacy left behind by grandfather, Merrill Fernando.
Malik & Himendra
Events of this nature, especially at this time of the year, generally conjure images of festive over-consumption but the Dilmah, annual planters’ Christmas Dinner has a meaning which goes beyond. It is another aspect of the Dilmah acknowledgement of the debt it owes to plantations and the planters who manage them, and to a great industry in general, also signified by the Dilmah sponsorship of the History of Ceylon Tea (HOCT) website. As Malik mentioned in his brief address to the gathering, the Dilmah, HOCT, is the largest, and the most comprehensive, single- industry website of its kind, in the world.
Worthy of mention is also the publication, ” Wisdom In The Leaf”, sponsored entirely by Dilmah – referred to by plantation specialist Dyan Seneviratne in his vote-of-thanks later- an all-inclusive and wide-ranging collation of practical planting knowledge, set out by some of the most competent practitioners of the profession. The consensus of opinion amongst the many industry specialists who took time and trouble to read the publication was that, whilst research findings on the subjects covered were available in many scholarly scientific journals, no single publication in recent decades addressed the practical application of scientific theory, at tea-field level, in such precise and useful detail.
The gathering itself was a thought-provoking blend of tradition, recognition and the sharing of experiences across the ages, the meeting of men from different generations, but united by an enduring commonality and an interconnectedness- the service of one great industry. There were nonagenarians like Saliya Atapattu and Vernon Tissera, octogenarians Bathiya Jayaratne, Jayantissa Ratwatte and Chula de Silva, men who entered the industry when the “Raj” ruled the enclave, being felicitated alongside later entrants, now in their seventies and sixties. Amongst men nurtured in a protocol driven professional milieu, the respect accorded to seniority was still a given, though. Space constraints do not permit the enumeration of all present by name, but the invitees were, without exception, men of calibre, who had rightfully earned the respect of both peers and successors in the industry.
Amrith & Tasha Fernando
Dyan Seneviratne, in his very fitting concluding address, paid tribute to the late Merrill Fernando, expressing regret at his demise and calling for remembrance, whilst rightly referring to him as the iconic man of the century. He also thanked Malik and Dilhan, the two sons, for loyalty to a tradition set in place by the father. Dyan echoed the sentiments of all those present and that of the plantation fraternity in general, in publicly acknowledging the continuing engagement of Dilmah with the producer segment of the industry, not simply by playing lip-service but actively demonstrating it in various meaningful ways.
Not forgotten by Dyan were team from Dilmah, for the excellent arrangements, and David Colin-Thome, curator of the Dilmah HOCT project. The night’s fare was a firm endorsement of the traditions and the high standards planters have been reputed for.
Recommends prudent policy choices and regional collaboration
The Asian Development Bank (ADB) has highlighted Sri Lanka’s economic recovery as exceeding initial expectations in its Asian Development Outlook April 2025 report, but cautioned that the rebound remains fragile, with significant risks posed by global trade tensions, fiscal pressures, and unresolved debt vulnerabilities.
The following are some key highlights from the report:
Sri Lanka’s economy is projected to grow at a moderate pace in 2025–2026, driven by broad-based improvements. However, domestic demand is expected to stay sluggish, reflecting lingering challenges from the country’s recent economic crisis. While fiscal consolidation efforts remain on track bolstered by stronger-than-anticipated revenue. With that said, however, the ADB warned that under-execution of capital spending or a loss of reform momentum could derail progress.
Takafumi Kadono, ADB Country Director for Sri Lanka, brings profound expertise in both macro and microeconomic dynamics, steering transformative development support tailored to Sri Lanka’s evolving needs
After a period of deflation, Sri Lanka’s inflation is forecast to rise in 2025 due to higher electricity tariffs, relaxed import restrictions, wage hikes, and exchange rate depreciation. The government’s commitment to fiscal discipline faces pressure from potential expenditure increases, even as external debt interest payments resume, pushing the current account into deficit.
The ADB’s analysis of new US tariffs, identifies Sri Lanka as vulnerable to trade disruptions. Key risks include:
Sri Lankan exporters, particularly in sectors with thin profit margins, face order cancellations and profit losses.
Competitors like India, Malaysia, and Mexico—benefiting from lower US tariffs—could attract investment away from Sri Lanka.
Full implementation of tariffs could slash GDP growth by depressing exports, manufacturing, and investor confidence, while raising unemployment and fiscal strains.
To mitigate risks, the ADB urges Sri Lanka to diversify export markets and products. Opportunities include expanding into niche EU markets and Asian regional partners, as well as boosting high-value sectors like electronics. Strengthening regional cooperation and accelerating structural reforms could enhance resilience.
Despite progress under its IMF program, Sri Lanka’s debt burden remains “high,” requiring sustained reforms to stabilise public finances. The ADB emphasised that fiscal reversals or delays in restructuring could undermine macroeconomic stability.
While South Asia remains the fastest growing subregion fueled by India’s robust domestic demand, Sri Lanka’s trajectory is distinct, marked by post-crisis recovery challenges. Developing Asia’s overall growth is moderating due to US-China trade tensions and China’s property sector woes, further complicating Sri Lanka’s external environment.
“Sri Lanka’s recovery is commendable but incomplete,” the report states. “Accelerating reforms, safeguarding fiscal discipline, and diversifying trade partnerships are critical to navigating global headwinds and ensuring long-term stability.”
As Sri Lanka balances optimism with fragility, the ADB’s outlook underscores the urgency of maintaining reform momentum while preparing for escalating external risks. The path to sustained recovery, concludes, hinges on prudent policy choices and regional collaboration.
By Sanath Nanayakkare
Business
HOPPR Unveiled: PayMaster’s latest innovation that transforms ride-hailing and digital credit access
PayMaster, the leading, award-winning digital payments app in Sri Lanka, has announced its launch of HOPPR, a cutting-edge ride-hailing feature that will transform the market by providing all stakeholders from drivers and customers with financial independence through digital payments and credit access. More than just a ride-hailing service, HOPPR is a tool for financial empowerment that works in unison with PayMaster to allow users to schedule rides without using cash and to open up long-term revenue streams.
A sustainable revenue strategy is established by its unique referral system, which allows drivers to receive lifetime earnings for each user referred, emphasizing that both passengers and drivers are not just participants but valued stakeholders of the platform. Additionally, CREDDY, an AI-powered credit system that acknowledges informal income streams, is connected with HOPPR where drivers can obtain revolving credit of up to Rs.50,000 at 0% interest through CREDDY for everyday expenses, fuel, and vehicle repairs, assisting in closing gaps in their finances and fostering financial stability.
Ransika De Silva, Director/CEO of PayMaster, stated, “With HOPPR, we have built a driver-centric system where each ride is an opportunity to earn, save, and grow financially rather than just a journey. We are changing the financial landscape for gig workers and informal earners, starting with ride-hailing, digital payments, credit access and future expansion into areas for informal income.”
PayMaster is a one-stop app for payments that makes transactions in Sri Lanka easy. From local money transfers, receiving money from around the globe to a local account within two seconds, paying bills, and topping up mobile accounts, users can now also use ride-hailing services thanks to HOPPR. PayMaster, a fully owned subsidiary of Singapore-based FinTech FirstPay (Pte) Ltd, guarantees the highest international security standards by following the criteria for mobile apps from the Central Bank of Sri Lanka (CBSL) and submitting to frequent security assessments conducted by a globally reputed auditing firm.
The CSE opened yesterday in a bullish manner after US President Donald Trump announced a 90-day pause on enforcing increased tariffs on exports.
President Trump said he is ordering a pause on ‘reciprocal’ tariffs slammed on Sri Lanka and other countries after 75 countries offered to negotiate, amid a collapse of stock markets, but a 10 percent tax would remain. Many stock markets around the world were back in the green.
The All Share Price Index was trading up on 693 points within the first half hour of opening and the more liquid S&P SL20 was up 6.42%, or 286 points, at 4,632.00.
Turnover was Rs 6.1 billion with ten crossings. Those crossings were reported in JKH which crossed 30.7 million shares to the tune of Rs 607 million and its shares traded at Rs 20.10, Sampath Bank 3.7 million shares crossed for Rs 419 million; its shares traded at Rs 150, Commercial Bank 2.2 million shares crossed for Rs 151 million; its shares traded at Rs 125.
Singer (Sri Lanka) 1.5 million shares crossed for Rs 52.5 million; its shares traded at Rs 35, Vidul Lanka 3.7 million shares crossed for Rs 49.4 million; its shares traded at Rs 13.50, People’ Leasing 2 million shares crossed to the tune of Rs 35 million; its shares sold at Rs 2.70, HNB 100,000 shares crossed to the tune of Rs 30.5 million, Hemas Holdings 210,000 shares crossed for Rs 23.4 million; its shares traded at Rs 117, LMF 500,000 shares crossed to the tune of Rs 21.4 million; its shares fetched Rs 42.70 and DFCC 200,000 shares crossed to the tune of Rs 20 million; its shares traded at Rs 100.
In the retail market top six companies that have mainly contributed to the turnover were; Sampath Bank Rs 709 million (6.2 million shares traded), Commercial Bank Rs 626 million (4.4 million shares traded), HNB Rs 619 million (two million shares traded), JKH Rs 346 million (three million shares traded), RIL Properties Rs 164 million (10.3 million shares traded) and Brown’s Investments Rs 161 million (22.1 million shares traded).During the day 212 million shares volumes changed hands in 23287 transactions.
Yesterday, US dollar buying rate was Rs 297.50, while the selling rate was Rs 298.60.
By Hiran H Senewiratne
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