Business
‘Cross border co-operation, key to stopping illegal migration’
Joint release between the Australian Border Force, Sri Lanka Navy, and Sri Lanka Police
Australia’s commitment to stopping illegal people smuggling has been reinforced this week in a visit to Colombo by Commander Joint Agency Task Force Operation Sovereign Borders, Rear Admiral Justin Jones, CSC, RAN.
The visit follows an Operation Sovereign Borders interception and return in early May, where 41 Sri Lankan individuals, who left from Valaichchenai, were attempting to migrate illegally by boat to Australia.
Speaking in Colombo, Rear Admiral Jones said the success in supressing the illegal people smuggling trade is an ongoing success of both governments, but there is always more work to be done.
“The partnership between the Sri Lankan and Australian governments to combat the criminal people smuggling trade is gold standard, and the recent interception is proof of that enduring closeness,” Rear Admiral Jones said.
“This interception also demonstrates there is ongoing work to be done to educate people about the dangers and repercussions of these illegal journeys,” Rear Admiral Jones said.
Sri Lanka Navy Commander Vice Admiral Priyantha Perera said, “People are still being lured to part with their hard-earned savings and falsely believe that an illegal maritime journey will work. It will not. That is why educating communities on both the pitfalls as well as the legal pathway is vital to stemming the flow.”
Sri Lanka Police Media Spokesperson, Nihal Thalduwa, commended the effectiveness of the partnership between Sri Lanka and Australia in deterring and disrupting illegal maritime ventures.
“Sri Lanka Police works very closely with Australia to combat the threat of people smuggling and other transnational organised crimes. We are resolute in stopping vulnerable people from falling prey to people smugglers,” Mr Thalduwa said.
The success of the relationship is reflected in the success of the Australian Government’s Zero Chance anti-people smuggling communication campaign across the country, delivered through a range of advertising and community engagement channels. It is designed to raise public awareness of Australia’s strong border protection policies, alert potential illegal immigrants to the dangers of attempting sea journeys, and the criminal disregard people smugglers have for their welfare.
Research conducted during the recent Zero Chance community roadshow pointed to a high degree of awareness among Sri Lankans of Australia’s tough border protection policies, but varying degrees of awareness of the legal consequences of attempts to reach Australia by boat.
“Ninety-seven per cent of those surveyed had a strong awareness of Australia’s policies on illegal maritime migration. This level of awareness speaks to the dedication of our Sri Lankan partners in extending the reach of the Zero Chance message to various socio-economic groups in Sri Lanka.”
“Having said that, our combined work in this area never stops. I cannot stress enough the futility of undertaking such dangerous journeys – there is Zero Chance of success for those considering undertaking illegal maritime migration,” Rear Admiral Jones said.
For more information on Australia’s border protection policies, visit www.australia.gov.au/zerochance
Business
CEB urged to revise Draft Long Term Generation Expansion Plan, in view of renewable energy needs
By Ifham Nizam
The Public Utilities Commission of Sri Lanka (PUCSL) has instructed the Ceylon Electricity Board (CEB) to revise its Draft Long-Term Generation Expansion Plan (LTGEP) 2025-2044, incorporating more robust projections for renewable energy and battery storage, while also reassessing LNG infrastructure and procurement strategies.
The Island Financial Review reliably learns PUCSL Director General Damitha Kumarasinghe emphasized the need for “more robust and realistic cost assumptions for Renewable Technologies and Battery Energy Storage Systems (BESS).”
The Commission stressed that BESS should be valued not just as a renewable integration tool but also for its potential to mitigate power shortages.
The directive also calls for revisions in LNG infrastructure planning, including “a comprehensive analysis covering LNG fuel cost calculation, infrastructure development, procurement contracting options, and risks associated with supply and procurement.” PUCSL has specifically highlighted the importance of evaluating the financial and economic feasibility of a natural gas pipeline from Kerawalapitiya to Kelanitissa.
Kanchana Siriwardena, Deputy Director General – Industry Services, reinforced the Commission’s stance on renewable energy, stating that “further reductions in renewable energy curtailment should be explored by incorporating more BESS.”
The PUCSL’s instructions also mandate incorporating clauses from the Memorandum of Understanding (MoU) with Petronet India, which includes a temporary LNG supply for the Sobadhanavi Plant. The revised LTGEP must also factor in infrastructure costs related to the Floating Storage Regasification Unit (FSRU) and pipeline networks as part of the overall LNG cost calculation.
The CEB is expected to resubmit the revised plan for PUCSL’s approval, ensuring alignment with Sri Lanka’s long-term energy security and sustainability goals.
The PUCSL directive also calls for a comprehensive evaluation of various LNG procurement options and associated risks. These include:
LNG infrastructure development and expansion
Contracting options for LNG procurement
Risks related to LNG supply and procurement stability
Robustness of natural gas demand calculations
Economic feasibility of the proposed natural gas pipeline from Kerawalapitiya to Kelanitissa, given the low plant factors of power stations at Kelanitissa.
Nations Trust Bank PLC reported strong financial results for the twelve months ending 31st December 2024, achieving a Profit After Tax (PAT) of LKR 17 Bn, up 46% YoY.
Nations Trust Bank, Director & Chief Executive Officer, Hemantha Gunetilleke, stated, “The Bank’s performance for the twelve months ending 31st December 2024 showcases our continued growth and expansion across diverse customer segments. Our solid capital position, strong liquidity buffers, effective risk management frameworks, and steadfast commitment to service excellence and digital empowerment remain the key drivers of our success.”
Improvements in the macro-economic environment and successful management of the Bank’s credit portfolio resulted in total impairment charges decreasing by 69% and the Net Stage 3 ratio reducing to 1.6%.
The Bank’s financial performance is supported by its strong capital buffers, with Tier I Capital at 21.47% and a Total Capital Adequacy Ratio of 22.66%, well above the regulatory requirements of 8.5% and 12.5%, respectively.
A strong liquidity buffer was maintained with a Liquidity Coverage Ratio of 320.56% against the regulatory requirement of 100%.
The Bank reported a Return on Equity (ROE) of 24.22%, while its Earnings Per Share for the twelve months ending 31st December 2024 increased to LKR 50.82, against LKR 34.70 recorded during the same period last year.
Nations Trust Bank PLC serves a diverse range of customers across Consumer, Commercial and Corporate segments through multi-channel customer touch points spanning both physical and digital. The Bank is focused on digital empowerment through cutting-edge digital banking technologies, and pioneered FriMi, Sri Lanka’s leading digital banking experience. Nations Trust Bank PLC is an issuer and sole acquirer of American Express Cards in Sri Lanka with market leadership in the premium segments.
Business
Modern Challenges and Opportunities for the Apparel Industry: JAAF drives industry dialogue
The Joint Apparel Association Forum (JAAF), in collaboration with Monash Business School and the Postgraduate Institute of Management (PIM) successfully hosted the International Conference on the Apparel Industry 2025 recently in Colombo. This was the second time the event was held, following its inaugural edition in 2018, as part of JAAF’s commitment to fostering dialogue and collaboration within the global apparel sector.
Themed “Modern Challenges and Opportunities for the Apparel Industry”, the three-day event brought together industry leaders, academics, and sustainability experts to discuss pressing issues such as ESG (Environmental, Social, and Governance) compliance, circular economy strategies, technological advancements, and workforce transformation.
A key highlight of the event was the panel discussion on “Current Actions and Their Impact on ESG-Related Outcomes in the Apparel Industry,” featuring:
Felix A. Fernando – CEO, Omega Line Ltd.
Nemanthie Kooragamage – Director Group Sustainable Business, MAS Holdings
Gayan Ranasinghe – Control Union,
Chamindry Saparamadu – Director General/CEO, Sustainable Development Council
Pyumi Sumanasekara – Principal Partner, KPMG Sri Lanka
Discussions emphasized how Sri Lanka’s apparel industry is adapting to global ESG standards, incorporating sustainable production methods, and aligning with evolving regulatory frameworks.
It is our collective responsibility to build a nation grounded in unity and strength – President
Fairly heavy showers above 75mm can be expected at some places in Eastern and Uva provinces and in Matale, Nuwara-Eliya, Polonnaruwa, Galle, Matara, Kalutara and Rathnapura districts.
USD 900,000 paid monthly for three unused SriLankan aircraft– Dy. Finance Minister
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