While many nations struggle with high smoking rates, Sweden has carved a unique and successful path, poised to become Europe’s first “smoke-free” country with just 5.3% of adults smoking. The question at the heart of the recent “Quit Like Sweden” roundtable in Colombo was not whether this success can be replicated, but how South Asia can adapt this model to avert a looming public health crisis.

The Swedish achievement is no accident. It is the result of a pragmatic policy that combines traditional anti-smoking measures while ensuring that safer alternatives to cigarettes are accessible and affordable. This approach, known as Tobacco Harm Reduction (THR), was the central theme at the roundtable.

For Sri Lanka, the stakes are critically high. Professor Rohan Sequeira, a Senior Consultant Cardio-Endocrine Physician, presented a stark reality. “We in South Asia are in the epicenter of tobacco-related oral cancer and heart diseases worldwide,” he stated.

Professor Sequeira then delivered an economic argument that demands policymakers’ attention. In 2023, the government collected approximately USD 500 million in tobacco taxes. In that same year, it spent an estimated USD 490 million treating tobacco-related diseases. “What you get in taxes, you spend back in healthcare. It doesn’t make sense,” he said, noting that this one-to-one ratio highlights a fiscal sinkhole that drains resources from other essential social priorities.

The solution, experts argued, lies in embracing harm reduction. Evidence shows that switching to safer nicotine products can reduce harm by up to 95% compared to combustible cigarettes. A recent “Lives Saved” report for Sri Lanka projects that integrating THR policies could save 85,000 lives by 2060 and potentially save the healthcare system billions of dollars over the coming decades.

However, a significant regulatory barrier exists. Unlike Sweden, where products like snus and nicotine pouches are widely available, Sri Lanka prohibits heated tobacco products and maintains a confusing regulatory landscape for safer alternatives. This leaves heavy smokers with no legal, less harmful options – a policy that Professor Fredrik Nystrom of Linköping University warned can be counterproductive. “Smokers aren’t criminals, and therefore, stigmatising them excessively can actually push the behavior underground,” he noted.

The roundtable concluded that for Sri Lanka, a practical path forward must include risk-proportionate regulation, where safer alternatives are made more accessible than deadly cigarettes, coupled with professional cessation support and public communication to guide consumers, particularly those from lower economic strata who are most affected.

“The Swedish example proves that a smoke-free future is achievable. For Sri Lanka, adopting a similar, pragmatic approach is not just a public health opportunity, but an economic imperative. It’s up to the authorities of the government to engage with these experts as they have submitted a report to the government in July 2024 on THR”, a tobacco control researcher in the audience shared with The Island.

By Sanath Nanayakkare ✍️

Colombo’s skyline has a new jewel — the Sapphire Residences, where apartments start at USD 1.2 million and rise to nearly USD 3 million for the larger units. Unveiled to the media at an exclusive walk-through recently, this ultra-luxury oceanfront development is redefining premium living and signaling growing investor confidence in Sri Lanka’s high-end real estate market.

Developed by WelcomHotels Lanka (Private) Limited, a subsidiary of ITC Hotels Limited India, the project marks ITC’s first mixed-use development outside its home country. For ITC — a century-old conglomerate with a formidable reputation for excellence and sustainability — the Colombo project represents both a milestone and a message: Sri Lanka is ready to host a new class of global luxury.

“This is a landmark development and a statement of confidence in Sri Lanka’s future, said Subi George, Managing Director of WelcomHotels Lanka (Pvt) Ltd. “By merging world-class design with ITC Group’s philosophy of Responsible Luxury, we are proud to introduce a new benchmark for sustainable, ultra-luxury living in South Asia.”

The development comprises 132 residences, aptly called Sky Mansions, each designed to offer panoramic views of the ocean, Beira Lake and the Colombo cityscape. The smallest two-bedroom units span a generous 3,000 square feet, while the largest — the master penthouse — covers a breathtaking 20,000 square feet.

“All 132 apartments offer scenic water views, and 131 of them look directly over the Indian Ocean, noted Neluka De Alwis, Chief Sales and Marketing Director of Sri Lanka Sotheby’s International Realty, the exclusive sales and marketing partner for Sapphire Residences. “This is ultra-luxury vertical living at its best. In real estate, location is everything — and here, we’re right on the Galle Face oceanfront, Colombo’s gold phase.”

She added that the development’s clientele primarily comprises ultra-high-net-worth individuals (UHNIs) — both Sri Lankans based locally and overseas, as well as expatriates and foreign investors. “Been fortunate to attract discerning buyers who are end-users. These are not speculative investors — they’re people who plan to live here and make Sapphire their home, she said.

The Sapphire Residences is the result of collaboration among some of the world’s most respected names in architecture and design. Gensler (USA) served as the principal architect in partnership with Surath Wickramasinghe Associates, one of Sri Lanka’s leading architectural firms. The interiors were created by YOO Inspired by Philippe Starck (UK), while Thornton Tomasetti (USA) handled structural engineering and Burega Farnell (Singapore) crafted the landscape.

The striking triangular design and north-south orientation maximise light, airflow, and panoramic views, setting a new aesthetic standard for Colombo’s urban skyline. The project also embodies ITC’s sustainability philosophy, having achieved LEED Platinum certification, the globally recognised benchmark for environmentally responsible construction.

“This development is more than just glass and steel — it’s a reflection of optimism and belief in Sri Lanka’s potential, De Alwis added. “Projects like this show that Colombo is ready to compete on the global stage, offering world-class living infused with Sri Lankan warmth and charm.”

By Ifham Nizam ✍️

The Commercial Bank of Ceylon group has reported gross income of Rs. 268.49 Bn. and net interest income of Rs. 103.48 Bn. at the end of the third quarter of 2025, with strong year-on-year growth of 34.60% in the loan book and curtailed interest expenses contributing to an impressive nine-month performance.

Comprising of Sri Lanka’s largest private sector bank, its subsidiaries and an associate, the Group reported in a filing with the Colombo Stock Exchange (CSE) that interest income grew by 6.96% to Rs. 221.53 Bn. for the nine months ending 30th September 2025, while interest expenses for the period remained static at Rs. 118.05 Bn. as a result of the lower cost of funds and continuing improvement in the CASA ratio.

Consequently, net interest income at Rs. 103.48 Bn. for the nine months reviewed, grew by 16.30% in contrast to the 11.08% growth in gross income. In the third quarter, gross income grew by 16.37% to Rs. 91.46 Bn., while interest income for the three months improved by 10.35% to Rs. 74.88 Bn., with the loan book growing by 10.14% at a monthly average of Rs. 58.51 Bn.

“Our commitment to lending remains undiminished, because we believe that our capacity to support national economic growth targets must be fully leveraged within prudential limits” said Sharhan Muhseen, Chairman of Commercial Bank. “The group’s performance reflects the impacts of this approach, and we expect similar strong growth in the final quarter of the year, in line with the trajectory of economic and business recovery.”

Sanath Manatunge, Managing Director/CEO of Commercial Bank said the Bank’s ability to sustain growth in the loan book backed by a focus on yield management and cost optimization helped the Bank to post these strong results for the nine months reviewed. He said that the Bank maintained a strong focus on the CASA ratio, which stood at 39.92% as at 30th September 2025, compared to 38.07% at end December 2024 and 39.60% a year ago, helping the Bank to keep the cost of funds under control.

Total operating income increased by 21.41% to Rs. 140.49 Bn. for the nine months while the Group’s impairment charges and other losses for the period declined by 28.21% to Rs. 14.37 Bn., primarily due to the previous year’s figure including an additional provisioning for the Sri Lanka International Sovereign Bonds (SLISBs) held by the Bank. For the third quarter of 2025, the Group reported a total operating income of Rs. 47.74 Bn., an improvement of 24.13%.

The Group posted a net operating income of Rs. 126.13 Bn. for the nine months, reflecting an impressive growth of 31.79%, while keeping operating expenses at Rs. 39.41 Bn., an increase of only 8.00%, resulting in operating profit before taxes on financial services growing by a noteworthy 46.46% to Rs. 86.71 Bn. (ComBank)