Business
‘Tourism SMEs driven from pillar to post by Yahapalana, Gota and Ranil governments’
By Harischandra Gunaratna
Outgoing president of the Association for Small and Medium Enterprises in Tourism (ASMET), Rohan Abeywickrama, in a scathing attack on the country’s administrations said that the ‘Yahapalanaya’ government and those that came under Gotabaya Rajapaksa and Ranil Wickremesinghe have driven the small and medium sector in tourism from pillar to post.
In a recent interview with The Island Financial Review the tourism industry veteran said the governments that ruled the country from 2015 to date have fully neglected the small and medium sector in tourism though political leaders and bureaucrats have paid lip service to developing tourism.
Abeywickarama added: ‘During the pandemic the government granted a moratorium to the small and medium enterprises in tourism at a very high interest but due to the severe economic downturn the country faced members in the above sector like many others, failed to pay back the loans obtained.
‘To make matters worse, the banks have slapped an interest on those loans and as a result they are forced to pay more than the borrowed capital to the banks. Now the borrowers are likely to lose their assets due to Parate execution by the banks. Due to the shortsighted policies of governments, the death knell of the small and medium enterprises in tourism would sound sooner than later.
‘I strongly urge whoever is elected President at the forthcoming presidential election to come to the rescue of the small and medium enterprises in tourism by waiving the accumulated interest due to the banks by those companies that have obtained loans since 2018.
‘In July parliament approved a loan scheme titled ‘Reenergizer’ for the SME sector through local banks. But when ASMET inquired from the relevant banks, to its utter dismay it was told that all loans had already been disbursed during the weekend and that there was nothing left for tourism SMEs.
‘How could the loans be disbursed when the banks are closed during the weekend?’
Business
Ceylinco Life agent among three global finalists for award
Ceylinco Life’s Ambalantota branch agent AIP Manjula has been named one of three global finalists for the prestigious Insurance Agent of the Year award at the 11th Asia Trusted Life Agents & Advisers Awards (ATLAA) 2026.
The recognition places a Sri Lankan insurance professional among the finalists in a regional field spanning South Asia, Southeast Asia, East Asia and the wider Asia-Pacific region.
Ceylinco Life said the achievement reflected the calibre and customer-focused approach of its agency force, while recognising Manjula’s professionalism and commitment to policyholders.
The award evaluates insurance agents on criteria extending beyond sales performance, including ethical conduct, client service, policy persistency, digital adoption, innovative practices and contributions to the insurance industry and community.
The awards are organised by Asia Advisers Network and Asia Insurance Review, with LIMRA as co-organiser. An independent judging and balloting process is monitored by KPMG as the official scrutineer. The judging panel comprises senior insurance executives, association presidents and industry experts from across the Asia-Pacific region.
Business
CEAT Kelani retains AA+ rating for sixth year
CEAT Kelani Holdings (CKH) has retained its National Long-Term Rating of ‘AA+(lka)’ with a Stable Outlook from Fitch Ratings for the sixth consecutive year, reflecting the company’s financial resilience and leading position in Sri Lanka’s pneumatic tyre market.
The ‘AA+(lka)’ rating, the second-highest on Fitch’s national scale, indicates a very strong capacity to meet financial commitments.
Fitch said CKH’s established market leadership and resilient financial profile remained key strengths, while noting its exposure to price-sensitive, cyclical and highly competitive markets.
The Stable Outlook reflects expectations that the company will maintain its market position despite rising input costs and increasing competition from imported tyres, while preserving adequate credit metrics during periods of weaker earnings and higher investment.
Fitch expects CKH’s established brand, extensive dealer network and adaptive pricing strategies to support its market position. Planned production facility upgrades are also expected to improve product quality, particularly in the radial tyre segment.
The rating agency expects near-term pressure on margins from higher raw material and energy costs but said the company’s low leverage and sound liquidity would provide a cushion.
CKH Chairman Chanaka De Silva said the rating reinforced the company’s focus on disciplined financial management, operational adaptability and long-term investment.
Business
Commercial Bank leads nationwide aquatic clean-up drive
Commercial Bank of Ceylon mobilised employees, customers, volunteers and community members for a nationwide coastal and aquatic clean-up campaign across 20 locations on September 19 to mark International Coastal Cleanup Day 2026.
Conducted under the bank’s sustainability platform, themed ‘Forward Together for a Cleaner Future’, the initiative covered 16 coastal locations and four inland waterways, bringing together stakeholders for a coordinated environmental conservation effort.
The flagship programme was held at Mount Lavinia Beach, with additional activities at Wellawatte and Galle Face beaches. Similar initiatives were conducted by the bank’s regional offices at locations including Kalutara, Negombo, Trincomalee, Batticaloa, Puttalam, Jaffna, Galle, Dondra, Tangalle and along the Mahaweli River.
Employees, management, Future Force volunteers, customers and their families participated alongside the Marine Environment Protection Authority (MEPA), United Nations Global Compact Network Sri Lanka, government and local authorities, environmental organisations and community members.
The bank said the initiative reflected its commitment to water stewardship after adopting Sustainable Development Goal 6 — Clean Water and Sanitation — as a priority goal in 2025.
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