In a significant step towards sustainable plastic waste management, Island Climate Initiative (ICI) officially launched GP Certified, Sri Lanka’s first certification mechanism for high-quality recycled plastics. The launch event, held in Colombo, brought together key stakeholders—including FMCG brands, recyclers, policymakers, and environmental advocates—to introduce the future of sustainable packaging in Sri Lanka.

Sri Lanka generates thousands of tonnes of plastic waste annually, yet only 4% is recycled. Most plastic waste is either burned or dumped into landfills, polluting our oceans and waterways. GP Certified aims to change this by promoting better recycling practices and encouraging FMCG companies to use recycled plastics in their packaging. This will reduce reliance on imported virgin plastics and less plastic waste will enter the environment.

The GP certification provides recyclers with clear industry guidelines to ensure plastics are recycled to higher standards under safe, ethical and environmentally responsible conditions. This means FMCG companies can confidently and safely use recycled plastics in their packaging, supporting a more sustainable circular economy.

Speaking at the launch event, Chaminda Rajapakse, Managing Director of Island Climate Initiative, stated: “With GP Certified, plastic waste becomes something useful—empowering our communities, strengthening local businesses, saving foreign exchange and protecting our island’s natural beauty.”

A key feature of GP Certified is its certification label, which will be displayed on FMCG packaging made with verified recycled plastic. This label guarantees that the packaging meets strict standards across three key areas: safety, ensuring that recycled materials comply with health and hygiene requirements; quality, verifying durability and usability in packaging applications; and sustainability, promoting ethical sourcing and responsible waste management.

Stock market activities kicked off on a negative note at the outset due to the ex- dividend date faling yesterday. But later the market turned positive and picked up owing to the signing of bargain hunters during the day.

Amid those developments both indices moved upwards. The All Share Price Index went up by 123 points while S and P SL20 rose by 29.14 points.

Turnover stood at Rs 1.9 billion with one crossing. That crossing was reported in VallibelOne which crossed 629,000 shares to the tune of Rs 37.7 million and its shares traded at Rs 60.

In the retail market, companies that mainly contributed to the turnover were; Commercial Bank Rs 193 million (1.35 million shares traded),Sampath Bank Rs 177 million (1.5 million shares traded),Haylays Rs 123 million (872,000 shares traded), Commercial Credit Rs74.5 million (1.2 million shares traded), JKH Rs 68.3 million (3.3 million shares traded) and Hemas Rs 66.3 million (552,000 shares traded). During the day 63.1 million share volumes changed hands in 15000 transactions.

It is said that banking sector was the main contributor for the turnover especially with Commercial Bank and Sampath Bank while manufacturing sector was the second largest contributor especially with Haylays.

Sri Lanka’s LOLC Finance Plc said it has disposed of its 40 percent stake in Commercial Insurance Brokers (Pvt) Limited.

“The Company disposed of the entire stake held in Commercial Insurance Brokers (Pvt) Limited (CIB) (40 percent ) for a consideration of Rs.332,880,000.00 on 31st March 2025,” LOLC Finance said in a CSE filing.

The transaction is subject to compliance with regulatory requirements.

Yesterday the rupee was quoted at Rs 296.15/17 to the US dollar in the spot market, stronger from Rs 296.25/35 last Friday, dealers said, while bond yields were somewhat steady.

A bond maturing on 01.07.2028 was quoted at 10.00/05 percent.A bond maturing on 15.10.2028 was quoted at 10.05/15 percent.A bond maturing on 15.09.2029 was quoted at 10.35/40 percent, down from 10.40/45 percent.

The Central Bank was quoting a rate of Rs 291.9591 for buying and RS 300.4758 for selling for US dollar telegraphic transfers; a rate of Rs 314.2329 for buying and Rs 326.9738 for selling for Euro; Rs 375.9897 buying and Rs 390.1010 for British pound; and Rs 1.9395 buying and Rs 2.0163 selling for Japanese yen.

By Hiran H Senewiratne

A new welfare centre named “The Palace,” established by the International Transport Employees’ Federation (ITF) in collaboration with Sri Lanka’s National Union of Seafarers (NUSS), was recently inaugurated in Colombo. The facility aims to address the physical, mental, and legal needs of seafarers, with a focus on both local and international maritime workers transiting through Colombo’s port and airport.

NUSS President Boa Athu stated that the centre anticipates serving 800–1,000 seafarers in its first year, with plans to expand services as demand grows. While priority access is given to NUSS members and ITF-affiliated seafarers, the facility will also welcome foreign crew. Athu emphasized that non-members are encouraged to join NUSS for full benefits, calling it a “win-win” for affordability and accessibility.

The centre is funded entirely by NUSS and the ITF Seafarers Trust, with no direct government or private-sector partnerships. Athu expressed confidence in long-term sustainability, citing plans to enhance service quality and membership growth as key strategies to navigate economic challenges.

“The Palace” will provide family-friendly accommodations, mental health workshops, a gym, recreational spaces, and medical services. A dedicated ITF inspectorate, led by veteran official Ranjan Perera, will handle crisis support such as abandonment cases, wage theft recovery, and emergency repatriation. Perera’s team has already repatriated a seriously injured seafarer and reclaimed over $3 million in stolen wages.

Colombo was selected due to its status as a major transit hub for seafarers in South Asia. While the centre addresses gaps in regional welfare infrastructure, Athu revealed plans to launch similar facilities outside Colombo in the future.

English will serve as the primary language, though staff training and peer support among seafarers aim to bridge cultural and linguistic gaps. The centre also offers a mental health hotline (1331) and a mobile app, which will be upgraded to integrate “The Palace’s” services.

Key performance indicators include annual occupancy rates, the number of members served, and reductions in issues like abandonment. ITF and NUSS will jointly monitor outcomes to ensure effectiveness.

The centre pledges support for seafarers caught in conflicts or disasters, such as those navigating the Red Sea crisis. “Our doors will always be open in emergencies,” Athu affirmed.

The initiative aligns with ITF and NUSS goals to elevate seafarer welfare standards globally and support Sri Lanka’s ambition to add 50,000 new seafarers to its workforce. “We’re all singing from the same songbook,” said Athu, calling the project a “challenging but exciting” step forward for the industry.

The launch underscores Colombo’s growing role in maritime welfare, combining local expertise with international partnerships to safeguard seafarers in an increasingly complex global trade landscape.

By Sanath Nanayakkare