Business

Council for Business with Britain to strengthen the UK-SL trade corridor

Published

5 years ago

2020/09/5

Roshanie Jayasundera Moraes addressing the membership. Also in the picture are Linda Giebing, VP, Dinithi Dias, Secretary, Ceylon Chamber of Commerce, Ameena Ziaudeen, VP and Tania Polonnowita Wettimuny, Treasurer, CBB

The 20th Annual General Meeting (AGM) of the Council for Business with Britain (CBB) of the Ceylon Chamber of Commerce was conducted on August 27.

During the course of proceedings, Roshanie Moraes, Executive Vice president, John Keells Holdings PLC became the first woman to be elected as the president of the Council for Business with Britain.

“Moving forward our efforts will primarily be focused on enhancing business and trade between the UK and Sri Lanka as part of wider government-led efforts to support post-COVID economic revival. We believe that women will also play a greater role in driving this recovery, and to that end, we will also be launching an initiative to improve female labour force participation and gender parity across Sri Lanka’s business environment,” she stated.

Exports to the UK from SL is around USD 1 b and imports from the UK, around USD 370 m. UK is one of the two largest apparel buyers from SL.

Commenting on developments during his tenure, outgoing president, Mark Prothero, CEO of HSBC, Sri Lanka & Maldives said: “As we all know, it has been an unfortunate and difficult period for Sri Lanka with two “Black Swan” events in a row in 2019 and 2020 which brought with it unprecedented challenges to our economy and particular hardship for our tourism and leisure sector.

“However, it is encouraging to see that despite these unique challenges, there are other sectors of Sri Lanka’s export economy which have rebounded sharply in a strong v-shaped recovery. This serves as one of many indicators as to the resilience of the Sri Lankan people and we can be confident that under a united president and government there is still strong opportunity for Sri Lanka to develop and prosper in the years ahead,” he said.

Having served as president during the 20th anniversary of the CBB, Prothero went on to express his gratitude to fellow Committee members – including some of the largest domestic corporates and multi-nationals – for their support and senior-level engagement in the CBB.

Over the past year, CBB organised multiple discussions and events focused on relevant and timely topics, covering financial and forex markets, responsible marketing, urban development and the significance of architecture and sustainable development. Among the other key highlights in the CBB’s calendar over the past year was the launch of the SL-UK trade and investment report and the hosting of a special event to felicitate former Sri Lankan cricketer and captain, Kumar Sangakkara on his appointment as the Chairman of the MCC.

Additionally, the council has also been actively supporting the training of English Language in partnership with the British Council for over 15 years. During this time, the CBB has funded the training of 2,300 teachers countrywide and positively impacted over 300,000 students.

Reading a statement issued on behalf of High Commissioner to Sri Lanka from the UK, Sarah Hulton, Lisa Whanstall, Deputy High Commissioner for the UK said: “I would like to thank the outgoing President Mark Prothero and the CBB committee for all their hard work and for the time they have spent sharing insights and working together with me in my first year in Sri Lanka. I also wish to congratulate incoming President Roshanie Jayasundera Moraes, together with the new office bearers and other committee members, with whom I look forward to working closely in the year ahead to support UK businesses in this challenging time. I understand that we have a first for the CBB on the gender representation front, which is also very exciting, and I am keen to explore activities and initiatives around this as well.”

The 2020/21 committee comprises of Linda Giebing, General Manager, Hilton Colombo Residences and Ameena Ziauddin – Development Director, Norfolk Foods as Vice Presidents, Tania Polonnowita Wettimuny, MD, Inter Air & Sea Logistics, as the Treasurer and Mark Prothero, CEO, HSBC Sri Lanka & Maldives as the Immediate Past President.

Newly appointed committee members include: Shirendra Lawrence, COO, MAS Holdings, Hajar Alafifi, Chairperson, Unilever Sri Lanka, Sarath Ganegoda, Director, Hayleys PLC, S Renganathan, MD, Commercial Bank, Nikhil Hirdaramani, Director, Hirdaramani Group, Arjuna Nanayakkara, Head of Shared Services, London Stock Exchange Group SL, Irfan Thassim, MD, Oceanpick, Dougie Douglas, Country Manager, Etihad Airways, Indika Abeykoon, GM, Aitken Spence Travels and Gihan Jayasinghe, MD, Finlays Group, SL.

Michael Fernandopulle, Head of Trade & Investment at the DIT, of the British High Commission, the Head of the British Council and Shaameel Mohideen, MD of Spillburg Holdings representing SMEs will be invitees to the Committee. Representatives from the BOI and the EDB to attend the meetings as invitees every quarter.

Further details regarding membership of the Council and its activities could be obtained from the Secretariat of the CBB of the Ceylon Chamber of Commerce, No. 50, Navam Mawatha, Colombo 2. E-mail: dinithi@chamber.lk or Tel.: 011-5588861, 5588800. CBB also could be contacted via www.cbbsl.com https://www.facebook.com/CBBSriLanka/ and on Twitter @CBB_SL.

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Business

Oil prices rise after ships attacked near Strait of Hormuz

Published

17 hours ago

2026/03/2

Priyan

File photo of shipping in the Strait of Hormuz, which has now ground to a halt [BBC]

Global oil prices have risen after at least three ships were attacked near the Strait of Hormuz, as Iran continues to launch strikes across the Middle East in response to ongoing attacks by the US and Israel.

Two vessels have been struck, and an “unknown projectile” was reported to have “exploded in very close proximity” to a third, the UK Maritime Trade Operations Centre (UKMTO) said.

Iran has warned ships not to pass through the strait, which carries about 20% of the world’s oil and gas.

International shipping has almost come to a standstill at the strait’s entrance, with analysts warning that a prolonged conflict could push energy prices even higher.

In early trade in Asia on Monday, global oil prices jumped by more than 10% before those gains eased during the morning.

At 02:00 GMT, Brent crude was more than 4% higher at $76.16 (£56.53) a barrel, while US-traded oil was also up by around 4% at $69.67.

“The market isn’t panicking”, Saul Kavonic, head of energy research at MST Research told the BBC.

“There is more clarity that so far, oil transport and production infrastructure hasn’t been a primary target by any side,” he added.

“The market will be watching for signs that traffic through the Strait of Hormuz returns, which would see oil prices subside again.”

But some analysts have warned it could go over $100 in the event of a prolonged conflict.

On Sunday, the Opec+ group of oil producing nations – which includes Saudi Arabia and Russia – agreed to increase their output by 206,000 barrels a day to help cushion any price rises, but some experts doubt this would help much.

Edmund King, president of the AA, warned the disruption could drive up petrol prices around the world.

“The turmoil and bombing across the Middle East will surely be a catalyst to disrupt oil distribution globally, which will inevitably lead to price hikes,” he said.

“The magnitude and duration of pump price increases depends on how long the conflict goes on.”

[BBC]

Business

Iran strikes could add external pressure on Sri Lanka’s fragile recovery: Analyst

Published

22 hours ago

2026/03/2

Sahan Weerasooriya

The U.S. and Israeli strikes on Iran have reignited geopolitical tensions in the Middle East, stoking fears of a broader conflict that could disrupt critical energy supply routes – particularly the Strait of Hormuz, through which roughly one-fifth of the world’s oil supply flows. Brent crude has already edged higher, and global oil markets warn prices could climb toward, or even exceed, US$80–100 a barrel if hostilities escalate.

Against this backdrop, an independent economic analyst told The Island that for Sri Lanka – a small, fuel-importing economy with limited domestic energy resources – the implications could be significant.

“Sri Lanka imports over 90% of its petroleum requirements, and any sustained rise in global crude prices would expand the annual import bill, placing renewed pressure on already tight foreign exchange reserves,” he said.

Even moderate spikes in oil prices, he noted, tend to filter quickly through the domestic economy. “Higher fuel costs translate into increased transport and production expenses, which feed into inflation and erode household purchasing power. Freight charges for essential goods – from food items to industrial inputs – would also rise.”

“The Middle East remains a key source of remittances and export demand,” the analyst explained. “A large share of Sri Lankan migrant workers are employed in Gulf economies, while regional markets absorb tea and other exports. Heightened instability could weaken remittance inflows and soften demand, further straining the balance of payments.”

When asked whether the Central Bank of Sri Lanka (CBSL) might be compelled to shift policy in response, the analyst said the monetary authority faces a delicate balancing act.

“Rising import inflation stemming from higher global energy prices could push the Central Bank to maintain – or even tighten – its monetary policy stance in order to safeguard price stability and support the rupee. A firmer stance may be deemed necessary to anchor inflation expectations and preserve market confidence. The Central Bank is therefore likely to monitor inflation data closely in the coming weeks to assess whether energy-driven price pressures prove temporary or more entrenched,” he said.

Meanwhile, Ceylon Petroleum Corporation (CPC) Chairman S. Rajakaruna said that Sri Lanka’s fuel imports – sourced primarily from Singapore and India – reduce immediate exposure to supply disruptions directly linked to Middle Eastern routes. He also sought to allay public concerns, noting that the country currently maintains sufficient fuel stocks for approximately one month and that there need not be any queueing up by the public to hoard supplies.

However, the analyst cautioned that while physical supply may remain stable, global price pass-through effects are an unavoidable risk.

Meanwhile, Opposition politician Wimal Weerawansa said that official assurances of “one month’s stock” tend to unsettle the public, arguing that such statements evoke memories of past shortages and public distress.

By Sanath Nanayakkare

Business

Ministry of Education recognises LOLC Divi Saviya for restoring 200 schools

Published

22 hours ago

2026/03/2

Sahan Weerasooriya

Kapila Jayawardena, Group Managing Director/CEO of LOLC Holdings PLC presenting the project update of LOLC Divi Saviya to Prime Minister and Education Minister Dr. Harini Amarasuriya

The Ministry of Education officially recognised LOLC Holdings PLC for its flagship humanitarian initiative, Divi Saviya, at a special ceremony held on 27th February 2026 in Battaramulla. The event marked the second time the Ministry has acknowledged the programme’s contribution to the nation’s education sector.

Group Managing Director/CEO Kapila Jayawardena presented a project update to Prime Minister and Education Minister Dr. Harini Amarasuriya, highlighting the rapid restoration of 200 schools under Phase 02 of ‘Obai, Mamai, Ape Ratai’. The schools were repaired and handed over within just 45 days, enabling students displaced by Cyclone Ditwah to safely resume learning.

Phase 02 follows a needs assessment that identified 200 damaged schools and 4,000 displaced families. Implemented with Divisional Secretariats and Disaster Management Centres, the Rs. 500 million programme has delivered Family Super Packs and school renovations across six districts.

Kapila Jayawardena stated, “It was a privilege to share these outcomes with the Prime Minister. This recognition reflects how private sector collaboration can complement government efforts during national challenges.” Plans are underway to fully rebuild select schools destroyed by the cyclone.