Business
Iranian warship saga: Weerawansa points finger at India, raises questions over U.S. role
A fierce political storm erupted in Colombo on Saturday after former minister and National Freedom Front leader Wimal Weerawansa accused India of drawing Sri Lanka into the unfolding crisis involving Iranian naval vessels in the Indian Ocean.
Speaking to the media on March 7, Weerawansa claimed that the attack on the Iranian naval vessel IRIS Dena had taken place with the knowledge of India’s external intelligence agency, the Research and Analysis Wing (RAW), raising questions about how the visiting Iranian ships were allowed to sail into danger after participating in India’s recent fleet review.
“We all know how agile India’s RAW intelligence is,” Weerawansa said. “It warned Sri Lanka about the Easter Sunday attacks two days in advance. So how could it not know that Iranian ships invited by India were going to be attacked?”
The Iranian vessels had travelled to India at New Delhi’s invitation to take part in the international fleet review. However, he alleged that after the event concluded the ships were allowed to depart despite what he suggested may have been prior knowledge of an impending U.S. naval strike.
“Morally speaking, the first fault lies with India,” he said. “It was India that got Sri Lanka embroiled in this Iranian ship issue. India shouldn’t be trusted for five cents”, he said.
The attack on IRIS Dena has since triggered a chain of developments that placed Sri Lanka unexpectedly at the centre of a rapidly widening geopolitical confrontation.
Following the incident at sea, Sri Lanka evacuated more than 200 crew members from a second Iranian naval vessel, IRIS Bushehr, which had sought assistance while anchored near Colombo. The rescued sailors were brought ashore for humanitarian assistance before the vessel was escorted towards Trincomalee.
Iran’s Foreign Minister later thanked Sri Lanka for the rescue operation.
Now, Washington has urged Sri Lankan authorities to limit the possibility of Iran using the rescued sailors for propaganda purposes while urging Sri Lanka to not execute the repatriation of the Iranian crew.
Weerawansa alleged that the episode revealed how Sri Lanka was being pulled into the strategic calculations of larger powers.
“When the second Iranian ship first sought permission to enter Sri Lankan waters, our authorities consulted the U.S. Embassy in Colombo,” he said. “They were told that if the vessel entered Sri Lanka, it could face an air attack.”
According to his account, Sri Lanka initially informed Iranian diplomatic representatives that the ship could not be allowed to dock.
Weerawansa claimed that the decision was later reconsidered following appeals made through political intermediaries and subsequent discussions between Sri Lankan authorities and the U.S. Embassy.
“But now we see a ‘no repatriation’ stance emerging from Washington,” he said. “Why? Because the United States is looking for a way to become a direct stakeholder in this conflict from Sri Lankan territory.”
He further argued that the crisis had exposed the risks associated with Sri Lanka’s undisclosed defence arrangements with India.
Sri Lanka had recently signed a defence cooperation agreement with India, though its contents have not yet been presented to parliament.
“The country does not know what is in that agreement,” Weerawansa said. “The Foreign Minister himself said it cannot be shown without India’s permission.”
He also noted India’s strategic alignment with the United States through defence agreements and its participation in the Quadrilateral Security Dialogue (QUAD), arguing that Sri Lanka could inadvertently become entangled in those broader alliances.
“In such a backdrop Sri Lanka has now landed in a Catch-22 situation,” he said.
The controversy gained further attention on the international stage during the Raisina Dialogue in New Delhi on March 7, where India’s External Affairs Minister Dr. S. Jaishankar was questioned about whether the sinking of a visiting warship during a U.S.-Iran confrontation undermined India’s claim to be a “net security provider” in the region.
Jaishankar dismissed the question as “non-serious,” saying he would respond only to queries that took the “ground situation” into account.
With shipping lanes under threat and military operations intensifying, analysts say smaller states situated along critical maritime routes are increasingly being forced to deal with the competing strategic interests of major powers.
For Sri Lanka, the rescue of the Iranian sailors may have been a humanitarian gesture.
But according to Weerawansa, the episode could be only the beginning of a much larger geopolitical drama.
“Don’t rush to say this was handled in a statesman-like manner,” he warned. “What we are seeing may only be the interlude. The next episode may still be ahead,” Weerawansa warned.
According to a Hiru TV news report yesterday, the channel contacted the US State Department. In response, the State Department’s media office has stated that, under the circumstances, the US respects Sri Lanka’s sovereignty. It also has noted that it expects Sri Lanka to act in accordance with international laws while ensuring security, following its acceptance of the Iranian sailors from the IRIS Bushehr.
By Sanath Nanayakkare
Business
Oil prices jump above $100 for first time in four years
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)
Business
CMTA warns buyers of long-term costs hidden in reconditioned vehicle imports
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
Business
Spa Ceylon launches initiative to support women entrepreneurs
Spa Ceylon has unveiled ‘Her Business Matters’, a nationwide initiative running throughout March 2026 to provide growth support for women-led businesses in Sri Lanka.
The program will select five women entrepreneurs weekly for brand amplification through Spa Ceylon’s marketing reach, influencer partnerships, and community network. Eligible applicants must be female founders manufacturing or producing locally.
Selected participants will attend a development workshop in Colombo featuring business leaders and industry experts covering social media strategy, advertising, compliance, brand positioning, and scaling. Spa Ceylon resource personnel will also host category-specific fringe events.
Co-Founder & Group Director Shalin Balasuriya stated the initiative moves “beyond surface-level marketing” to create lasting community impact, inspired by the brothers’ upbringing with an entrepreneurial mother.
Applications are accepted via Spa Ceylon’s social media platforms throughout this month.
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