Business
Lanka IOC stocks contributing to CSE’s bullish trend
By Hiran H.Senewiratne
CSE trading was bullish throughout yesterday, driven mainly by Lanka IOC stocks. This momentum and the macroeconomic conditions are seeing positivity coming into the market in the new month as we get closer towards a possible IMF program, a top market analyst said.
“Yesterday’s price revision is also working well with Lanka IOC being a driver in the market. It recorded a 11.6 per cent or Rs 10.40 gain. Its share price moved to Rs 99.70 from Rs 89.30 yesterday. There is some progress in some economic reforms; meanwhile, we are seeing good earnings in dollar companies, market analysts added.
The bourse extended its bull rally for the third straight session with strengthened investor sentiment over the country’s economic and political environment with possible indications on an all-party government in the making, while President Ranil Wickremesinghe revealed that he expects an IMF staff level agreement by end of August.
Further, with the global oil price decline Lanka- IOC and CPC, under their formula, could sell fuel below the Rs 370 level. This could enable absorption of CPC losses to a break-even level, stock market analysts said.
Amid those developments both indices moved upwards with the All- Share Price Index gaining 138.95 points (1.79 per cent) to end at 7907.52 and S and P SL20 going up by 67.73 points (2.77 per cent )to end the day at 2512.82. Turnover stood at Rs 2.38 billion with two crossings. Those crossings were reported in Melstacorp, which crossed 4.7 million shares to the tune of Rs 195 million, its shares traded at Rs 41 and JKH 275.000 shares crossed to the tune of Rs 32.9 million; its shares traded at Rs 119.75.
In the retail market, top seven companies that contributed to the turnover were; Lanka IOC Rs 583 million (six million shares traded), Expolanka Holdings Rs 185 million (one million shares traded), ACL Cables Rs 158 million (3.9 million shares traded), Browns Investments Rs 92.8 million (13 million shares traded), Hayleys Fabrics Rs 84.1 million (2.2 million shares traded), JKH Rs 83.6 million (699,000 shares traded) and Hayleys Rs 72 million (883,000 shares traded). During the day 93 million share volumes changed hands in 24000 transactions.
It is said that net foreign outflows are still at a low level and in the previous year they recorded Rs 370 million. But there is an increase of net inflows to a stable level. The stock market could cover up all losses to some extent.
The market has lost 36.5 per cent so far this year after being one of the world’s best stock markets with an 80 per cent return last year, when large volumes of money were printed.
Sri Lanka’s sovereign debt default on April 12 has already led the country to be rated with restricted/selective default rating by rating agencies, which has weighed on investor sentiment.
Investors are also concerned over the steep fall of the rupee from Rs 203 to Rs 370 so far in 2022.Yesterday the Central Bank’s US dollar buying rate was Rs 357.30 and selling rate Rs 368.53.
Business
Charting a worker-centered AI future: Colombo hosts landmark ITF conference
By Sanath Nanayakkare
Artificial intelligence and automation present serious challenges for workers – such as job consequences seen in docks and rail systems – and emphasises that workers cannot simply stop technological progress. By gathering young trade unionists in Sri Lanka, the ITF aims to establish key principles for engaging with technology, ensuring workers have a strong voice at the bargaining table, and encouraging constructive social dialogue with corporations and governments.
These compelling words from ITF General Secretary Stephen Cotton underscored the urgent reality facing modern labor as rapid technological advancements sweep across global industries.
Confronting this shifting landscape head-on, the International Transport Workers’ Federation (ITF), in partnership with the National Union of Seafarers of Sri Lanka (NUSS), convened a ground-breaking conference on artificial intelligence in Colombo from September 15–17.
As the ITF’s first-ever AI-focused global conference and the first of its kind hosted in Sri Lanka, the landmark event marked a critical milestone in balancing technological innovation with worker-centered safeguards.
Representing over 16.6 million transport workers worldwide, the ITF designed the gathering to tackle the multifaceted impacts of AI on safety, operations, workforce development, and governance. Rather than resisting progress, the conference focused on proactive engagement, establishing guiding principles to protect workers’ rights and privacy both at sea and on land.
Key discussions centred on sharing best practices for upskilling and reskilling transport personnel, ensuring that human oversight remains central to AI-driven logistics, routing, and maintenance.
Reflecting on the historic nature of the event, Boa Athu, CEO of National Union of Seafarers Asia Pacific, noted that the conference represented a monumental moment as AI emerges as a permanent fixture of contemporary life.
Highlighting NUSS’s pride in hosting the event in Colombo, Athu emphasised that AI offers transformative potential when guided by strong social dialogue, equitable access to training, and robust governance safeguards.
Ultimately, the Colombo conference demonstrated that the future of transport must be shaped by those who keep the world moving. By uniting international labour leaders, affiliates, port operators, and regulators, the event laid a vital foundation for inclusive policy frameworks that champion fair labour standards, securing a powerful voice for workers in an automated tomorrow.
Business
Bridging the digital divide: Sri Lanka’s airport licence challenge
By Sanath Nanayakkare
As Sri Lanka experiences a surge in visitors from its largest tourist market, India, a modern administrative hurdle has emerged at Bandaranaike International Airport (BIA).
While nations like India and Pakistan have successfully transitioned to fully digital driving licences and cashless ecosystems, Sri Lanka’s Department of Motor Traffic counter still requires a physical card to issue temporary local permits, The Island Financial Review learns.
This mismatch creates significant friction for independent travelers who rely entirely on smartphones and cloud-stored credentials. Tourists turned away at the airport – and sometimes redirected to the Werahera office in vain – find themselves unable to legally rent and drive vehicles. Consequently, this policy gap harms local car rental operators, causes tourist frustration, and deprives the government of valuable permit revenue.
The situation highlights a distinct irony: Sri Lankan motorists easily travel abroad using International Driving Permits that are readily accepted in India and Pakistan, yet local infrastructure cannot reciprocate due to outdated verification systems.
Recognizing the problem, Department of Motor Traffic officials have noted that upgrades and new equipment are currently in the works to integrate foreign digital platforms.
For a nation aggressively pursuing a national digitalisation drive, rapidly modernising these transport protocols is essential to keeping pace with global travelers and unlocking the full potential of its tourism economy.
Business
International Afro-Latin Dance Festival in Colombo to grow into a larger regional tourism draw
ALIF-SL, Sri Lanka’s first-ever international Afro-Latin dance festival, returns for its 4th edition from 25 to 27 September 2026 at the Galle Face Hotel, Colombo. The festival will bring together over 30 international and national artists and 175–200 participants from more than 20 countries, reaffirming its place as the region’s leading platform for Salsa, Bachata and Kizomba.
This year’s edition is headlined by Tropical Gem, the world’s No. 1 salsa team, travelling from Italy to perform and teach alongside a stellar international line-up. Attendees can also look forward to the ALIF Cup Sri Lanka Open, a keenly contested competition judged by an international panel, giving local dancers a rare opportunity to compete and connect with world-class talent.
“Every year, ALIF connects Sri Lanka to the world. With this year’s artist line-up and the ALIF Cup competition, we’re not just hosting a festival, we’re putting Sri Lanka on the map as a top destination for dance,” said JD Ruban, Founder and Director of ALIF-SL
Beyond the dance floor, ALIF-SL continues to support Sri Lanka’s tourism sector, drawing dancers, judges and enthusiasts from across the globe to Colombo and positioning the capital as an emerging regional hub for social dance. Organizers plan to grow the festival into a larger regional tourism draw, introduce new competition categories, and bring in even bigger headline acts in future editions.
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