Business

SL to launch first Dedicated Sustainable Tourism Association in South Asia

Published

3 months ago

2026/05/9

Thilina Walpola

Tourism personnel at the press briefing

‘Sri Lanka embarks on a journey towards a more sustainable and prosperous tourism industry.’

The Executive Committee of the Sustainable Tourism Association of Sri Lanka (SusTour) announced the above at its final meeting held on May 6, at Connaisance head office, Colombo. The committee finalised all preparations for the official launch in August of the first private sector led, non-governmental Sustainable Tourism Association in South Asia, as most tourism associations in Asia operate as dedicated Eco Tourism entities while this is probably the first in Asia.

This momentous event will be officiated by Prof. Ruwan Ranasinghe, the Deputy Minister of Tourism, who has agreed to inaugurate the Association in conjunction with a media launch.

Prof. Ranasinghe is not only a qualified academic specializing in sustainable tourism but also a passionate advocate for the development of sustainable tourism practices in Sri Lanka. His involvement is pivotal, as he has expressed his commitment to provide unwavering support to the Sustainable Tourism Association of Sri Lanka.

In addition to Prof. Ranasinghe’s support, Buddhika Hewawasam, chairman, SLTDA and Dheera Hettiarchchi, chairman, Sri Lanka Institute of Tourism and Hospitality Management, have also pledged their cooperation in the implementation of sustainable tourism initiatives through their respective state organisations. Their combined expertise and resources are expected to play a crucial role in shaping the future of tourism in Sri Lanka, ensuring that it aligns with sustainable development goals.

This inauguration marks a significant step towards fostering a sustainable tourism framework in Sri Lanka, one that prioritizes environmental preservation, cultural heritage and economic viability. The Sustainable Tourism Association of Sri Lanka is poised to lead the charge in promoting responsible tourism practices, ensuring that the industry flourishes while respecting the rich natural and cultural resources of the island.

Speaking at an exclusive press interview the Tourism Deputy Minister noted; “I am thrilled to see the private sector actively participating in the promotion of sustainable development, particularly within the tourism industry. This partnership is not just beneficial but essential, as it represents a viable mission that requires the joint engagement of both government and private entities. By working together, we can ensure that our tourism practices not only enhance economic growth but also preserve our natural resources and cultural heritage for future generations. It is through this collaborative approach that we can create lasting change and fulfill our commitment to sustainability.”

Adding to this collaborative effort, Australian High Commissioner Matthew Duckworth said Australia would continue its long-term support for sustainable tourism development in Sri Lanka. Australia has contributed more than 50 million Australian dollars over the past decade to sustainable tourism initiatives in Sri Lanka, including to support more sustainable planning, accreditation and skills development for this crucial sector. The High Commissioner confirmed that this support would continue into the future and highlighted Australia’s partnership with the Market Development Facility (MDF), which had recently launched a new initiative using data analytics to help Sri Lankan policy makers better understand how travelers discover and engage with destinations.

“Our vision is to create a platform where all stakeholders including product manufacturers can collaborate and share best practices in sustainable tourism, said Chandra Wickramasinghe, elected founder president of the Association. “We aim to ensure that tourism in Sri Lanka not only provides economic benefits but also contributes positively to the environment and local communities, he added.

The founders of STASL-SusTour believe that sustainable tourism is the ‘Future of World Tourism’ and is crucial for the long-term viability of Sri Lanka’s tourism sector, which is a significant contributor to the nation’s economy. By fostering responsible travel practices, the association seeks to educate stakeholders, including tourists and businesses along with manufacturers about the importance of sustainability.

‘ The association plans to launch various initiatives, including workshops, awareness campaigns and partnerships with local and international organizations focused on sustainable tourism, said Nalin Malwenna, newly elected secretary. Through these efforts, SusTour hopes to position Sri Lanka as a leading destination for eco-conscious travelers looking for authentic and responsible travel experiences.

“The establishment of the Sustainable Tourism Association of Sri Lanka arrives at a pivotal moment, signaling a commitment to a more sustainable future in the nation’s tourism landscape, said elected treasurer Dr. Samantha Pathirathne.

By Claude Gunasekera

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Business

Oil prices hit $100 for the first time since May

Published

16 hours ago

2026/07/24

Priyan

Oil prices hit $100 a barrel for the first time since May as the escalating conflict in the Middle East reignited fears over global energy supplies.

Brent crude – the global benchmark for oil prices – rose more than 6% on Thursday following several days of increases as the US stepped up military strikes against Iran.

Prices spiked after Houthi militia in Yemen attacked oil tankers in the Red Sea, threatening a key export route that Saudi Arabia has used to bypass the Strait of Hormuz.

Gas prices have also risen steadily over the past month, with the benchmark UK gas price currently at around 150 per therm, up from around 98p at the end of June.

Oil prices had been falling following a temporary ceasefire between the US and Iran.

They dropped back to levels last seen before the US and Israel began military action against Iran on 28 February.

However, the ceasefire has failed and this week US Secretary of State Marco Rubio said the people in charge in Iran were “not ready to make a deal”.

The ongoing conflict risks pushing up inflation for many countries, including UK and the US leading to higher prices for consumers.

Higher oil prices typically lead to petrol and diesel becoming more expensive.

While drivers are affected directly, households could also see prices of other goods, such as food, increase due to businesses passing on higher transportation costs to customers.

Inflation has fallen both in the UK – down to 2.6% in the year to June helped by slowing diesel and petrol prices – and in the US to 3.5%.

But questions remain whether the slow down will prove short lived due to the renewed conflict in the Middle East.

New data released on Thursday showed that UK petrol prices have risen by 5p a litre since the beginning of July, hitting reaching almost £1.56.

Diesel is at £1.72 a litre, on average, according to the RAC.

Average gasoline prices in the US have surpassed $4 a gallon once more, up from $3.92 a month ago, according to motorist advocacy group AAA.

“More expensive fuel and energy can ripple through the wider economy, increasing costs for businesses and ultimately feeding through into the price of food and other goods,” said Jonathan Raymond, investment manager at Quilter Cheviot.

“This creates another headache for central banks as they continue their battle against inflation.

“If energy prices remain elevated, policymakers may come under pressure to keep interest rates higher for longer or even raise them. This would come as a blow to mortgage holders and borrowers already feeling the strain.”

The Bank of England, which sets UK interest rates, has held them at 3.75% in its last four meetings.

Paul Dales, chief UK economist at Capital Economics, said he believed the Bank will “almost certainly” hold them again. But he said analysts still expected that interest rates could be cut next year if energy price rises ease.

Kevin Warsh, the newly-appointed chair of the US Federal Reserve, last week told Congress that the central bank had “no tolerance to persistently elevated inflation”.

US President Donald Trump had pushed Warsh’s predecessor, Jerome Powell, to cut interest rates.

Trump has made it clear he expects Warsh to fulfil his demand for reductions in borrowing costs for Americans.

But the Fed held US interest rates between 3.5% and 3.75% at Warsh’s first meeting last month. He also told Congress that he was committed to “restoring price stability” in the wake of the Middle East conflict impacting prices.

[BBC]

Business

SEC, CSE and CA Sri Lanka sign MOU to advance XBRL-based digital reporting for listed companies

Published

23 hours ago

2026/07/24

Thilina Walpola

The signing ceremony at SEC from Left to right: Ms. Manuri Weerasinghe| Director Corporate Affairs, SEC, Tushara Jayaratne | Acting Director General, SEC, Ms. Nilupa Perera | Chief Regulatory Officer, CSE, Rajeeva Bandaranaike | Chief Executive Officer CSE, Senior Prof. D.B.P.H. Dissabandara,| Chairman, SEC, Tishan Subasinghe | President, CA Sri Lanka, Ms. Anoji de Silva | Vice President, CA Sri Lanka, Neranjith Gamage | Commission Member, SEC, Ms. Lakmali Priyangika | Chief Executive Officer, CA Sri Lanka, Ms. Rishdha Zarook Ishaq | Director Legal and Enforcement, SEC , Ms. Kumuduni Maduwanthi |Senior Manager Legal, CA Sri Lanka.

The Securities and Exchange Commission of Sri Lanka (SEC), Colombo Stock Exchange (CSE), and the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) signed a Memorandum of Understanding (MoU) to collaborate on the implementation of eXtensible Business Reporting Language (XBRL) based reporting for companies listed on the CSE.

The agreement marks a significant milestone in Sri Lanka’s efforts to modernise corporate reporting and strengthen the digital infrastructure of the capital market. The initiative aims to streamline the submission of both financial and non-financial information by listed entities, enhancing transparency, accessibility and investor confidence.

The MoU formalises the partnership, following the establishment of a joint SEC-CSE committee tasked with driving the initiative. With the in-principle approval of the SEC, the committee has been working closely with CA Sri Lanka to develop the framework required for the successful rollout.

XBRL is the internationally recognised standard for digital business reporting, developed and maintained by XBRL International, a global non-profit consortium. The standard enables financial and business information to be reported in a structured, machine-readable format, facilitating more efficient analysis, comparison and interpretation of corporate disclosures by regulators, investors, analysts and other stakeholders.

The introduction of XBRL reporting is expected to deliver several key benefits for both listed companies and users of financial information. These include reducing reliance on manual data processing, improving the accuracy and consistency of reported information, supporting more advanced data analysis, and lowering long-term reporting costs. The flexibility of the XBRL framework also allows organisations to tailor taxonomies to meet specific reporting requirements. In addition, XBRL adoption will enhance market transparency and efficiency by enabling quicker access to comparable corporate information. It will also align Sri Lanka’s reporting framework with global standards, making the country’s capital market more accessible and attractive to international investors familiar with XBRL-based financial reporting.

Business

LOLC Insurance and Seylan Bank celebrate Bancassurance Excellence through “League of Greatness” 2025

Published

23 hours ago

2026/07/24

Thilina Walpola

The Achievers of the Night

LOLC Insurance recently hosted the “LOLC Insurance – Seylan Bancassurance Felicitation Night 2025” under the theme “League of Greatness,” celebrating the success of its longstanding bancassurance partnership with Seylan Bank. The event marked another milestone in a strategic collaboration that has continued to grow since 2013.

The felicitation ceremony brought together senior management, sales leadership, branch representatives, and top-performing teams from both organisations to recognise excellence, appreciate contributions, and reaffirm the enduring partnership between LOLC Insurance and Seylan Bank. The collaboration currently spans 104 Seylan Bank branches across Sri Lanka, delivering accessible life and general insurance solutions islandwide.

Speaking at the event, Ramesh Jayasekara, Director/Chief Executive Officer, Seylan Bank PLC, stated, “Our partnership with LOLC Insurance continues to create meaningful value for customers while further strengthening the bancassurance proposition within the banking sector. The dedication and collaborative spirit demonstrated by both teams have been instrumental in achieving these milestones and sustaining the growth of this partnership. We look forward to enhancing our collaboration and delivering greater value to customers in the years ahead.”

Sharing insights during the event, Eugene Seneviratne, Deputy General Manager – Retail Banking, Seylan Bank, added, “The professionalism and operational efficiency demonstrated by the bancassurance teams have been instrumental in consolidating this partnership. Our branch teams continue to seamlessly manage day-to-day bancassurance functions with minimal operational escalations, reflecting the strength of a well-structured and highly efficient framework. This has contributed to a smooth and mutually beneficial working relationship, enabling the partnership to enhance coordination, execution, and overall performance.”

Addressing the gathering, Kithsiri Gunawardena, Chairman/Principal Officer of LOLC General Insurance and Director of LOLC Life Assurance, stated, “Successful partnerships are built on trust, shared values, and a common vision. The strength and longevity of this collaboration reflect the commitment of both organisations to delivering meaningful impact to customers while advancing the country’s bancassurance sector. The positive feedback and appreciation consistently received from Seylan Bank regarding the quality of service delivered and the steadfast support extended by the teams stand as a testament to the professionalism and service excellence upheld throughout the partnership.”