Business

Sustainable Development Council of Sri Lanka engages in current global discourses relating to Sustainable Development

Published

2 years ago

2024/11/7

Chamindry Saparamadu

The 2023 Global Sustainable Development Report (GSDR 2023) – prepared by the Independent Group of Scientists (IGS) appointed by the United Nations Secretary General (representing both developed and developing countries) – arrived at the halfway point of the 2030 Agenda. It has reiterated that business-as-usual approaches to the Sustainable Development Goals (SDGs) must be replaced by transformative approaches operating at a systemic level that address multiple SDGs simultaneously.

The Report discusses essential transformations under six entry points to accelerate the progress on the SDGs. These are: 1) human well-being and capabilities, 2) sustainable and just economies, 3) food systems and healthy nutrition, 4) energy de-carbonization with universal access 5) urban and peri-urban development, and 6) the global environmental commons. The Report outlines the transformations required at each entry point at a country and regional level. It also identifies five levers that will drive transformation; 1) governance, 2) economy and finance, 3) science and technology, 4) individual and collective action, and 5) capacity building.

To complement the publication, the United Nations Department of Economic and Social Affairs (UNDESA), New York in partnership with the German Federal Ministry for the Environment, Nature Conservation, Nuclear Safety and Consumer Protection (BMUV) and the GIZ GmbH, convened a Regional Workshop for Asia and the Pacific in New Delhi. Held over 3 days from 22-24 October 2024, the workshop brought together policy makers, senior government officials and civil society to deepen knowledge of vital areas for sustainable development. The workshop was oriented around the 2023 GSDR Framework, its applicability to different contexts and to develop and platform national, local and regional sustainable development strategies.

Speaking during the High Level Closing of the Workshop, the Director General of the Sustainable Development Council (SDC), Chamindry Saparamadu, highlighted that while Sri Lanka has already commenced its transformative journey, the GSDR 2023 Framework is a useful resource to develop a greater capacity within Sri Lanka and strategically plan transformations underpinned by the vision of the SDGs. She noted that the SDC’s analysis of the government’s policy proposals found that 108 of 169 SDG targets are explicitly addressed in the policies outlined in the Policy Document titled “A Thriving Nation – A Beautiful Life”, while there are spillover effects on the other SDG targets. The Director General of SDC emphasized the importance of taking specific actions to breakdown, destabilize and phase out dominant unsustainable practices in parallel to specific actions taken to accelerate sustainable practices for transformative change. She also described the importance of proper assessments to monitor and evaluate the distributional effects of transformative actions on different social groups and communities.

Further, the 2024 Sustainable Development Transformation Forum (2024 SDTF) convened by the United Nations Office for Sustainable Development (UNOSD) from 29-31 October 2024 in Incheon, Korea focused on the application of the 2023 GSDR Framework for specific SDGs prioritized by the UN High Level Political Forum (HLPF) during 2025. These include SDG 3 (Good Health and Well-being), SDG 5 (Gender Equality), SDG 8 (Decent Work and Economic Growth), SDG 14 (Life Below Water), and SDG 17 (Partnerships for the Goals). The 2024 STDF facilitated peer learning through discussions on challenges, solutions, success stories, and lessons learned among a diverse group of participants, including policymakers, government officials, civil society representatives, local communities, youth, academia, and private sector leaders. This broad representation fostered inclusive dialogue and knowledge-sharing across sectors.

During the Roundtable Discussion on “Fuelling Future Green Growth – Competing Crises, the Demographic Dividend, and Decent Jobs,” Assistant Director of the Sustainable Development Council (SDC), Nadeeka Amarasinghe, highlighted key issues influencing Sri Lanka’s SDG progress. She discussed the implications of the demographic dividend, the role of women’s economic inclusion, the importance of creating decent jobs, and the impact of targeted investments on green growth and future well-being. Furthermore, the critical role of science and evidence-based policies in addressing these competing crises and mitigating future challenges was also emphasized.

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Business

Oil prices hit $100 for the first time since May

Published

10 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

17 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

17 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.”