Business

Vintage Vignettes from the Life and Times of Upali Wijewardene

Published

3 months ago

2026/02/26

Sahan Weerasooriya

Extracts from the book titled ‘Vintage Vignettes’ by

Vinodh Wickremeratne, which provides some interesting recollections of the life and times of Philip Upali

Wijewardene, Founder and Chairman of the Upali

Group of Companies, the first multinational business in Sri Lanka.

Continued from yesterday

I suggested what about a Link connecting the Matara-Kamburupitiya motorway at a mid-point with Tangalle.

UW gave the thumbs up.

IF I WERE A RICH MAN

UW said ‘I can personally UPGRADE Kamburupitiya to a MODERN place after but, since I am NOT RICH ENOUGH to build Railways and Motorways, ‘I will get DBS (Development Bank of Singapore), the ADB or EX1M BANK of Japan to fund them.

Because of Trade Unions and Inland Revenue Policies, sometimes LIFE is not worth living’

‘When ready, Vinodh go to Sri Lanka and recommend the trains I should buy’. Also. the structure of OPERATIONS with regard to maintenance, safety, management and revenue’.

‘Remember, NO CONNECTION with the Government railway, otherwise same FR -AR and UNIONS, so I will I give to a Japanese outfit or to KTM’.

.’We need only two Electric train sets and a SPARE. Also, similarly styled Aviation fuel carriers and freight carriers to transport raw material and finished products to and from the Kamburupitiya EPZ’.

Additionally, a few container FLATS.

I envisaged the Japanese gauge of 3′ 6″ or METRE Gauge, as this would ISOLATE from the Government system, for transporting containers a WELL type wagon to lower the Centre of gravity.

SLS FOR A FEW DOLLARS MORE Ennio Morricone

UW said ‘High time we change over the RUPEE and use LANKA DOLLARS if we want to be DEVELOP rather than ‘Developing for ever’. ASEAN is considering us for membership.’

(Malaysia had DOLLARS in their WAKE UP era.)

PILGRIMS’ PROGRESS John Bunyan

KAMBURUPITIYA to have the HIGHEST STANDARD OF LIVING with Air Conditioned schools, a University, State of the art hospitals, Supermarkets, TELEPHONES, electricity and running water in EVERY HOME

UW mentioned ‘to achieve this, we need to ENCOURAGE Tourism and

INVESTORS by way of Attractions: Government licensed BEER and booze ANYTIME and ANYWHERE,’ More FOREIGNERS’ ONLY Casinos.

UW mentioned I don’t like strong Spirits or Beer, but a Glass of GOOD WINE always welcome. UW mentioned ‘I am not a Strong alcohol drinker, but to promote much needed TOURISM and since I am not an IDIOT, I will encourage Government licenced LIQUOR to be FREELY available’ .

‘Also, we must take a SLICE of Singapore’s share of NIGHT LIFE, so that we become a vibrant NIGHT destination.’

UW said ‘No harm in being a RICH country with a Strong economy’

UW was of the idea that GAMBLING needs to be regulated, like ONE BET for a DAY, otherwise a new generation of POOR would emerge.

I mentioned BAR licencees should have a mandatory holding area to keep intoxicated patrons from wandering about causing accidents.

Tao mentioned ‘You might TAKE the SHARE off Singapore prosperity’ .

‘So Upali won Sri Lanka come out from KAMPONG to METROPOLIS.’

MEN ONLY, GOOD COMPANIONS J.B. Priestley

UW mentioned ‘I have thought of a UNIQUE PRESENTATION like no other, may be reality in about five years, I have already spoken with I Keerthi, Aathma and Mangiboy, this will be named MANHUNT’ .

U W said ‘see Singapore clue to a NIGHT ECONOMY came from the Singapore

THIRD WORLD to the FIRST, I want Lanka to be like that.’ Then we Singhalese can have Pakistani drivers and BANGLA servants at home’.

(Sri Lanka ONLY sees the DARK SIDE of the NIGHT… in A WORLD OF ITS OWN)

KAMBURUPITIYA to have Zero unemployment, Zero garbage, zero Trade Unions, then the FACTORS OF SUCCESS are manageable.’

Cleaning the bazaars and the environs of Kamburupitiya to be given to a Singaporean firm.

Tao said’ Can you peoples MAINTAIN and SUSTAIN all these?’

A LITTLE MORE TO THE WEST – Cuthbert Calculus

UW said ‘I will aim for Cultural transformation, then, we can be a WESTERN setup’.

I chuckled, we are AHEAD of the West ONLY with G M T. If dont ape the West; we remain APES.

UW proclaimed ‘Kamburupitiya and the MATARA DISTRICT can TAKE OFF leaving Colombo IN THE DUST.

Kamburupitiya NEWSLETTER (Bilingual), ENGLISH classes, instilling CONFIDENCE to use Western type IN HOUSE bathrooms Kamburupitiya homes to have ATTACHED BATHROOMS in lieu of detached Toilets.

GREAT SCOTLAND YARD Thompson and Thomson Villagers had (if at all) A ATTACHED toilet, 3’x3,’ SQUAT land Yard.

CARRY ON ROUND THE BEND Sidney James AT YOUR CONVENIENCE

UW mentioned that he would be ordering 150 WESTERN type Sanitaryware sets with the required supporting plumbing and fittings.

GONE WITH THE WIND Margaret Mitchel, ClarkGable, Vivien Leigh.

In addition an Exhauster fan for each of the 10′ x 6′ bathrooms,

WHITE tiles for the floors and walls would also be provided. The idea is to make the householders ‘BATHROOM PROUD’.

Selectively DISABLED ASSIST bars would be installed as needed.

‘The pantry and the BATHROOM should be the measuring unit of DIGNITY’

UW mentioned he would incentivise women away from the TKB mentality, (Temple Kitchen Babies) as expressed by TAO.

‘If you return to Sri Lanka, you should be in the Finance & Planning Ministry or the Central Bank, not a GLORIFIED shop keeper in Fort’.

I can arrange that, Dickie aiya has mentioned that Ronnie is getting rusty and cantankerous, so I can REPLACE him.

GREAT EXPECTATIONS Charles Dickens Or at least you be CHAIRMAN of the KDA.

RUNNING IN THE FAMILY Michael Ondaatje

If you are not available, I have two nephews who show GREAT capability as they are GRANDSONS of Kamburupitiya.

LE RODNOC SAPA (with Apologies to PAUL and ART). We exchanged ideas that we enjoy being HAMMERED LIKE A NAIL at the IMF, go there repeatedly with the BEGGING BOWL and other practical observations.

We remained a further hour exchanging CRITICAL OPINION, UW said any overflow of PROSPERITY to be diverted to Kelaniya and Kundasaley,

I mentioned that Unions THRIVE on the POVERTY of the Working class.(Non-working on strike)

UW took out the STRAITS TIMES to have a look. (The Straits Times is read by ‘ordinary’ Singaporeans to consider STOCK OPTIONS in New York and London Exchanges.)

(We, with our ABUNDANCE of SCARCITIES, Koholla stuck Sons of the soil. WORMS can look at STUCK OPTIONS in the Dire is Straits Times)

We discussed with MY opinion that FREE education is misunderstood as Nidhahas Adyapaya when it should be Nomiley Adyapanaya.

We discussed that B.A is BAD Attitude and that the future MBA is Myths Bad Attitude, progressing to a PHD (Permanent Head Damage).

We discussed the MENTALITY of our Mahajanaya, any excuse for a Dhaney when they cannot FEED themselves, the Breadwinner when terminally ill is looked after with borrowed money, at death the funeral is on further LOANS, then a series of LAVISH Dhaneys getting further into DEBT.

Spend FREELY, then borrow freely, SPEND what was borrowed in the same FREE fashion. The interest on borrowed money is also met by borrowing further: INTERESTING!

‘PINATA and NAYATA culture must END’, I will personally conduct group discussions, aiming for Southerners to come out of POVERTY’.

UW Mentioned a paradigm change is needed. NO MORE DHANEYS from the Poor of Kamburupitiya.

No more KATINE poojas BY the POOR.

(KATINE POOJA is an EXTRAVAGANT extravaganza by the POOR with Drummers and dancers along with LOUD firecrackers waking sleeping neighbourhoods at 2.00 am)

UW and self discussed that Temple education should include INSTRUCTIONS on the correct side of the road to walk (I have seen parents walking on the LEFT with children hanging RISKED on the path of motor vehicles)

After TEMPLE or church people emerge intoxicated, fuddled and HALLUCINATED.

3K development (Kamburupitiya, Kelaniya and Kundasale) to be RICH places by Year 2000.

Kamburupitiya to be gifted 20 UMC Mazda Car & Fiats for FREE emergency hire with all Drivers given MOTOROLA Dynatacs.

�KUNDASALE area to be ADVANCED like Singapore, in addition with ;111 International CRICKET stadium, GOLF nearby and other modernities.

‘Only that WIJESIRI is a BIG problem.’

KANDY to remain a MUSEUM!

UW and self agreed that South Korea, Japan and Singapore are physically in the EAST but MENTALLY WESTERN.

YELLOW RIVER Christie

We discussed modernities for SEDAWATTA, I suggested that the sea has enough water, and that waters from the KELANI could be used to turn wheels for small industry, soft drinks and Beer, also irrigate Home gardens for Fruit and veg.

(Now in the BIYAGAMA and Ranala areas are bottling plants for LION BEER, Elephant Brand and COCA COLA).

YOU ARE THE SUNSHINE Johnny Cash; THE SUN ALSO RISES Ernest Hemingway

UW said, I am not a Zoroastrian, but the SUN has a lot of potential, that’s why my logo is the SUN. We can harness the sun for cooking, converting its HEAT for refrigeration, all SUMMA.

Tao said ‘Vinowh is vely diffllent thinking, can me also make use of the Vinowh in Colombo’.

I remarked that Colombo city has reached its limits, UW said ‘FILL the SEA’ around Fort.

I reminded that we have no resources to fill POTHOLES on the streets.

ENTER THE DRAGON BruceLee, Jim Kelly, John Saxon LAVINIA

UW was of the view that in the future ECONOMIES of India and China would be a FORCE to reckon with and one of them would step in to FILL the sea and ENLARGE Colombo.

‘China will take a RIGHT TURN (Correct direction) to be a SUPER POWER.

INDIA anyhow has the monopoly in inf1uence in the region with a DOCTRINE.

‘Vietnam and Bangladesh are also KEEN to be AHEAD of us’.

Also that SURPRISING things are ‘due’ in the EASTERN Bloc, in ten years time, there may be no Union of SSR.

GOING MY WAY Bing Crosby

UW mentioned ‘If I can DO IT MY WAY will ENSURE for Lanka to be OUT of the POOR category by YEAR 2000’.

(When you are NOT POOR it is easier to become RICH)

UW mentioned that serious developments are happening in the North, the new group calling itself the Liberation Tigers of Tamil Eelam has ousted other groups and is being nurtured by CONFLICT BENEFICIARIES like Redd Barna, Amnesty, the Red Cross and SCANDOS to keep a CIVIL WAR going.

(Vinodh Wickremeratne could be contacted on 0714947600 or emailed on, vinodhwix71@gmail.com)

Concluded

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Business

SLT’s dollar reserves rise 30% in Q1, but exact figure kept confidential

Published

6 hours ago

2026/05/21

Sahan Weerasooriya

SLT Mobitel senior management gives a press conference on May 19 at SLT Head Office in Colombo

Sri Lanka Telecom PLC said its dollar reserves rose by around 30 percent in the first quarter of 2026, strengthening the group’s foreign currency position at a time when many Sri Lankan companies remain cautious about external payment risks and exchange-rate volatility.

Chairman of the SLT Group, Dr. Mothilal de Silva disclosed the increase during a post-results media briefing on May 19, following the release of the group’s first-quarter financial results, but declined to reveal the exact value of the reserves, describing the information as commercially sensitive.

“We do not disclose the exact figure because it could affect our negotiations with international suppliers and contractors,” he said in response to a question raised by The Island.

The stronger dollar liquidity comes as a strategic advantage for SLT-MOBITEL, whose operations remain heavily dependent on imported telecom infrastructure, including fibre-optic equipment, transmission hardware, mobile network systems and digital technology platforms largely priced in US dollars.

The improved reserve position is likely to provide the telecom group with greater flexibility in funding future network expansion, servicing foreign currency obligations and managing exchange-rate exposure in a sector closely tied to global technology supply chains.

The remarks came as SLT Group reported its strongest-ever quarterly operating profit and net earnings for the first quarter of 2026, supported by rising broadband demand and improved operational performance.

Group revenue rose 10.6 percent year-on-year to Rs. 30.8 billion, while operating profit surged 39.1 percent to Rs. 5.1 billion. Profit after tax increased 53.3 percent to Rs. 3.1 billion.

The company also highlighted continued investment in broadband and next-generation infrastructure, including the wider rollout of 5G services, as Sri Lanka’s telecom sector positions itself for higher data consumption and enterprise digitalisation.

Unlike many earnings announcements that focus primarily on revenue growth and profitability, SLT’s comments on foreign currency reserves may carry broader significance for investors monitoring corporate resilience in Sri Lanka’s still-fragile post-crisis recovery environment.

When The Island asked whether the Group’s profitability was sustainable amid a slow revenue growth environment, the SLT Group said revenue expansion remained challenging, but added that it had a robust strategy in place to sustain growth.

By Sanath Nanayakkare

Business

Rupee pressure squeezes industries as import costs surge

Published

6 hours ago

2026/05/21

Sahan Weerasooriya

Indhra Kaushal Rajapaksa

…exporters gain little as deeper structural weaknesses persist

Sri Lanka’s weakening rupee is placing severe pressure on industries heavily dependent on imported raw materials, fuel, machinery, and spare parts, with small and medium enterprises (SMEs) facing the gravest threat to survival, according to Indhra Kaushal Rajapaksa.

Speaking to The Island Financial Review, Rajapaksa warned that while a depreciating currency may offer exporters temporary exchange gains, the broader economic impact is proving damaging across multiple sectors of the economy.

“Most businesses are struggling because Sri Lanka imports a significant portion of its industrial requirements. As the rupee weakens, costs rise sharply across the board,” he said.

Industries are responding through a combination of price increases, aggressive cost-cutting, delayed investments, and efforts to source cheaper alternatives. However, Rajapaksa stressed that many firms are operating under shrinking profit margins and mounting uncertainty.

“Companies are trying to survive by passing some costs to consumers, reducing operational expenses, and postponing expansion plans. But SMEs are under extreme pressure because they have limited reserves and weaker access to foreign currency,” he noted.

Rajapaksa observed that large corporates are better positioned to withstand currency shocks due to stronger balance sheets, export earnings, and greater financial flexibility. In contrast, smaller enterprises remain highly vulnerable to fluctuations in import costs and financing conditions.

He identified construction, vehicle imports, pharmaceuticals, electronics, logistics, and manufacturing industries reliant on imported inputs among the sectors worst affected by the rupee depreciation.

“These sectors depend heavily on foreign supplies. Every decline in the rupee immediately increases production and operating costs,” he said.

While export-oriented industries may appear to benefit from currency depreciation, Rajapaksa cautioned that the gains are often overstated.

“There is only a short-term conversion advantage when export earnings are brought back into rupees. But many exporters also depend on imported raw materials and machinery, so their own costs increase simultaneously,” he explained.

He added that the burden of currency depreciation ultimately falls on ordinary consumers through rising food prices, higher fuel and transport costs, more expensive imported goods, and accelerating inflationary pressures.

“Consumers are paying the price indirectly every day,” he said.

Rajapaksa acknowledged that some companies are attempting to localise supply chains and increase the use of domestic raw materials. However, he pointed out that Sri Lanka currently lacks the industrial scale and production capacity to fully replace imports competitively.

“There is growing interest in local sourcing, but Sri Lanka cannot produce everything locally at the required scale or cost efficiency,” he said.

The continued volatility of the currency is also affecting investor confidence, with businesses finding it increasingly difficult to plan ahead.

“Investors value stability. Frequent currency fluctuations create uncertainty and discourage both local and foreign investment,” Rajapaksa warned.

He called on the government to focus on stabilising the economy, strengthening foreign reserves, supporting SMEs and export industries, reducing unnecessary imports, encouraging local production, and ensuring consistent economic policies.

“Policy consistency is critical. Businesses need confidence to invest, expand, and create jobs,” he said.

Rajapaksa also cautioned that employment could suffer if economic pressures continue, particularly in import-dependent sectors and smaller businesses struggling to remain operational.

“Some export sectors may create opportunities, but it may not be enough to offset job losses elsewhere,” he observed.

Describing the current crisis as both cyclical and structural, Rajapaksa said Sri Lanka’s economic vulnerabilities extend beyond short-term currency movements.

“There are immediate pressures from both global and domestic financial conditions, but there are also deeper structural issues such as high import dependence, a narrow export base, and low productivity,” he said.

“Unless meaningful structural reforms are implemented, these problems will continue to recur.”

By Ifham Nizam

Business

SLIM ushers in new era of leadership at Annual General Meeting 2026

Published

6 hours ago

2026/05/21

Sahan Weerasooriya

SLIM New President Enoch Perera addressing the gathering

The Sri Lanka Institute of Marketing (SLIM), the country’s national body for marketing, successfully convened its Annual General Meeting (AGM) 2026 on 8th April 2026 at the iconic Galle Face Hotel.

The AGM marked a significant milestone in the Institute’s journey, as a new Council of Management and Executive Committee were formally appointed to steer SLIM into its next phase of growth. Building on the strong foundation laid during a transformative 2025, the AGM reflected both continuity and renewal, with an accomplished group of marketing professionals entrusted with leadership roles for the 2026/27 term. The event brought together SLIM members, industry leaders, and stakeholders, underscoring the Institute’s ongoing commitment to advancing the marketing profession in Sri Lanka.

At the helm of the newly appointed Council of Management is Enoch Perera, who assumes office as President. A seasoned marketing professional with extensive experience in international business, he currently serves as Assistant General Manager Marketing – International Business at PGP Glass Ceylon PLC. Joining him in key leadership roles are Manthika Ranasinghe as Vice President – Education and Research, and Rajiv David as Vice President – Events & Sustainability, both bringing with them strong industry expertise and strategic insight.

The Council is further strengthened by Asanka Perera and Nuwan Thilakawardhana as Joint Honorary Secretaries, Ms. Kaushala Amarasekara as Honorary Treasurer, and Dr. Rasanjalee Abeywickrama as Honorary Assistant Secretary. In addition, SLIM announced its Executive Committee for 2026/27, comprising a dynamic group of professionals representing diverse sectors of the marketing industry. The committee includes Channa Jayasinghe, Vijitha Govinna, Anuk De Silva, Sirimevan Senevirathne, Tharindu Karunarathne, Damith Jayawardana, Charitha Dias, Damith Pathiraja, Ms. Roshani Fernando, and Maduranga Weeratunga.