Business

Where were the women?

Published

1 year ago

2025/06/3

It’s been 70 years since the Bandung Conference brought leaders of Asian and African countries together in a collective effort to forefront anti-colonial and anti-imperial struggles. Twenty-nine Asian and African countries attended and the 1955 conference symbolised a ‘new spirit of solidarity of the Third World’ . The conference underscored two principles of Third World politics – decolonisation and development – and led to the establishment of the Non-Aligned Movement (NAM) and an alternative conversation on how the world should be ordered including a proposal for a New International Economic Order (NIEO).

It was a time when Sri Lanka punched significantly above her weight – Mrs Sirimavo Bandaranaike was an acknowledged leader of NAM, Dr Gamani Corea pushed for more favourable trade terms for the global south from his position as the Secretary of UNCTAD, and Ambassador Shirley Amerasinghe pushed against international competition to acquire the resources of the sea bed and was a key player in the International Law of the Sea conferences. It was a time when the themes of the Bandung conference, economic cooperation, respect for fundamental human rights and the principles of the UN Charter, promotion of world peace and recognition of the equality of all races and the equality of all nations large and small, framed the discussions between nations.

Today we live in a world that is experiencing economic, ecological and geo-political crises, and where the above themes of Bandung have been sidelined if not completely obliterated. Many global south countries are deeply entrenched in debt, world peace is wilfully ignored, and genocidal actions and structural violence proliferate from Burma to Palestine. It is also a world in which limiting global warming to 1.5° Celsius is no longer possible and the consequences of climate change presents an existential crisis. It is a time where the revival of the “Bandung spirit” should provide a resonance that can inspire and inform the foreign policies and international relations of small states like Sri Lanka.

A two-day conference in Colombo, organised by IDEAS in collaboration with the BCIS and Yukthi on the 2nd and 3rd of June 2025 at the BCIS in Colombo, will bring together thinkers from Latin America, Africa and Asia to share what the Bandung spirit can portend for the world going forward. BCIS and partners will also organise a series of events leading up to the conference, and following it, to keep the spirit of Bandung at the forefront of our thinking.

In this article I ask the question famously raised by Cynthia Enloe in her writings on international relations –where were the women? It seems like there were NO female delegates at the conference . And even though the 10 points of the Bandung Declaration reiterated the principles of the UN Charter and set a standard for international relations’ and that championed coexistence instead of co-destruction, it did not explicitly refer to women’s rights. Neither this lack of representation nor the omission of women’s rights from the agenda or outcome of the conference meant that women were missing from anti-colonial and anti-imperial struggles that underscored the Bandung spirit – far from it.

In the first half of the 20th century, starting before Bandung, different constellations of national and international women’s organisations planned and implemented three conferences that foreshadowed the rise of women’s international solidarity in Asia and Africa and could have, as some commentators have argued, informed the emerging pan-Asian and Afro-Asian movement for anti-imperialist regional cooperation symbolized by Bandung.

In 1949 the Conference of the Women of Asia was held in Beijing, China, hosted by the Women’s International Democratic Federation (WIDF) together with the All-China Women’s Democratic Federation and Mahila Atma Rakshi Samiti (MARS) or Women’s Self-Defense Committee from West Bengal, India; in 1958 the Asian-African Conference of Women was held in Colombo, Ceylon (Sri Lanka), under the aegis of five national women’s organizations from Indonesia, India, Pakistan, Burma, and Sri Lanka; and in 1961 Afro-Asian Women’s Conference was held in Cairo, Egypt, organized by the Afro-Asian Peoples’ Solidarity Organization (AAPSO) with strong support from the Non-Aligned Movement, including Gamel Abdel Nasser’s government in Egypt.

Not only did the 1949 conference precede Bandung but it took place well before the now familiar United Nations World Conferences on Women, the first of which was held in Mexico City in 1975 ushering in the UN Decade for Women. The early 20th century gatherings of women from Africa and Asia were the outcome of what was a long-standing critique by women from the colonised countries of Western feminism and the development of solidarity along common issues faced by women in the global south

There were several strands to the agenda and demands of global south women at this point in history. A social reform agenda demanded better access for women to education, health care, and social welfare and sought to “modernise” cultural and religious practices. In some ways this agenda mirrored the agitation by nationalist reformers in societies that were demanding decolonisation who saw education and freedom for women, and monogamy, as markers of modernity and development, They strived to create the “enlightened” woman, a partner for the “bourgeois man”, who negated everything that was considered ‘backward’ in the traditions of the colonised societies. The concept of the “new woman” became eagerly adopted, albeit with regional variations, from Egypt to Japan, China to Korea While the ‘new woman’ image at one level reflected characteristics of the emancipated women of Europe and the USA, and the demand for education allowed women from the bourgeois classes to come out of their homes and into various professions and social work, there was also an underlying conservative emphasis on traditional ideals of the woman as wife and mother, reinforcing women’s role as care givers despite the quest for legal equality.

A second strand of feminist agitation In the early 20th century comprised a nationalist and state agenda that sought equal rights for women in independent nations and women’s full participation in public life. As women became more educated their demands also stretched to obtaining voting rights. This agitation was fuelled as the growing feminist literature of the women’s movement (books, journals and magazines) began catering to the educated and literate ‘new’ woman and reported the efforts for women’s emancipation in different parts of the world. So women in Asia and Africa were able to access information about suffragist and feminist struggles in Europe and by the early decades of the 20th century women in China, India, Japan and Sri Lanka were agitating for women’s suffrage in their countries, organising demonstrations and storming the legislature when voting rights were not granted.

What has received the least attention however in the historic accounts has been that strand of feminist organising that sought to restructure the economy as well as social relations and cultural and political practices to enfranchise all women. These feminist movements tended to push their change agenda beyond the nationalist struggles even after formal independence was granted. They recognised that economic pressures from imperial powers and the national propertied classes and business lobbies weakened the political will of governments to institute reforms. Colonial forms of ownership of the means of production continued under the new decolonised systems. They mobilised peasant women and landless migrants in urban areas with the aim of building a movement led by rural, peasant, working class and middle class women. Their activism was based on anti-imperialism, mass-based organising, a membership dominated by rural women and anti-capitalism. It was this strand of feminist analysis and thinking that dominated the first of the international conferences that was held in Beijing in 1949. Some commentators have argued that this ideological stance of the first pan-Asian women’s conference informed the emerging pan-Asian and Afro-Asian movement for anti-imperialist regional cooperation symbolized by Bandung.

(Ms Priyanthi Fernando is the Executive Director of the Bandaranaike Centre for International Studies. The views expressed in this article are her own.)

(To be continued)

by Priyanthi Fernando

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Business

Trust, security and collaboration seen as pillars of growth in digital payments

Published

22 hours ago

2026/07/21

Thilina Walpola

Experts at the Visa-led forum

Visa successfully hosted the Visa Sri Lanka Cybersecurity Conclave 2026 on 25 June 2026, convening leaders from the banking sector, Government, regulators and industry bodies to foster dialogue on evolving cyber threat landscape and the collective action needed to strengthen cyber resilience across Sri Lanka’s digital economy.

As digital payments continue to expand, cybersecurity remains critical to sustaining trust, protecting consumers and businesses, and supporting a more inclusive digital economy. The conclave served as a focused platform for industry dialogue on emerging cyber threats, fraud prevention, regulatory readiness and public-private collaboration in safeguarding consumers, businesses and the wider financial ecosystem.

The event featured expert-led sessions by Visa leaders, covering Cyber Threat landscape, AI-driven Cybersecurity, Visa Cyber Solutions and Advisory, Risk landscape and AI-powered Fraud Prevention introducing Featurespace. Discussions underscored the increasing sophistication of cyberattacks and fraud patterns, particularly as AI-enabled threats create new challenges for financial institutions, regulators, and businesses.

A senior-level panel discussion brought together Sirikumara Kudagama, Deputy Governor of the Central Bank of Sri Lanka; Waruna Dhanapala, Secretary to the Ministry of Digital Economy; Brigadier K.V.P. Dhammika, Director of Cyber Command and Information Warfare Centre; Mr. Kapila Hettihamu, Chief Risk Officer of Commercial Bank of Ceylon; and Avanthi Colombage, Country Manager, Sri Lanka and Maldives, Visa. The panel delved on Sri Lanka’s changing cyber risk environment and the need for stronger preparedness across the financial sector, with emphasis on proactive threat intelligence, real-time response capabilities, stronger information sharing, capacity building, robust regulatory frameworks and the adoption of advanced security solutions to help institutions stay ahead of emerging risks.

Waruna Dhanapala, Secretary to the Ministry of Digital Economy, said, “As Sri Lanka advances its digital transformation, cybersecurity is a national priority and a critical enabler of trust in the digital economy. The expansion of digital payments and technology-enabled commerce presents significant opportunities, but also requires coordinated action, strong safeguards and trusted partnerships. Initiatives such as the Visa Sri Lanka Cybersecurity Conclave 2026 are valuable in bringing together government, regulators, financial institutions and industry leaders to exchange insights, address emerging risks and strengthen collective resilience. We value the role that global payments leaders such as Visa continue to play in supporting Sri Lanka’s digital ecosystem through expertise, innovation and collaboration. This conclave was a timely effort to reinforce the shared responsibility needed to build a secure, resilient and inclusive digital economy for the country.”

Commenting on the success of the conclave, Avanthi Colombage, Country Manager, Sri Lanka and Maldives, Visa, said, “As Sri Lanka’s digital economy continues to grow, cybersecurity is fundamental to building trust in digital payments. At Visa, we are committed to working closely with regulators, financial institutions and ecosystem partners to support safer, more resilient digital commerce for consumers and businesses. Strengthening cyber resilience is not the responsibility of one institution alone. It requires collaboration, preparedness and continued investment across the ecosystem. Through initiatives such as the Visa Sri Lanka Cybersecurity Conclave 2026, Visa continues to support Sri Lanka’s financial ecosystem with global expertise, practical insights and security-led solutions that help protect the future of digital commerce in Sri Lanka.”

Business

First Capital maintains Bond Yield Outlook for 2026, identifies market recovery potential in 2027

Published

23 hours ago

2026/07/21

Thilina Walpola

First Capital Holdings PLC, a subsidiary of JXG (Janashakthi Group) and a key player in Sri Lanka’s capital markets landscape, has maintained its outlook for Sri Lanka’s fixed income and equity markets, forecasting stable bond yields through 2026 while identifying potential opportunities emerging in 2027 as economic conditions improve.

According to the First Capital Mid-Year Outlook 2026, bond yields are expected to remain within current forecast ranges during 2026, with a 50 basis point premium introduced to the longer end of the yield curve in the first half of 2027 due to continued concerns surrounding debt sustainability and the pace of structural reforms.

First Capital expects inflation to average 6% in 2026, with recent monetary policy tightening by the Central Bank of Sri Lanka supporting inflation stability. However, the higher interest rate environment is expected to weigh on economic growth and credit expansion, creating potential room for a rate reduction during the first half of 2027.

Commenting on the outlook, Dimantha Mathew, Chief Research & Strategy Officer of First Capital Holdings PLC, said, “The recent tightening in monetary policy has helped stabilise inflation expectations, although it is expected to moderate economic momentum in the near term. We believe investors should remain positioned within shorter tenures, providing a dual opportunity with potential capital gains as yields are expected to normalise and move down towards our targeted bands, whilst attractive carry opportunities remain available for investors. While progress on reforms remains critical, improving macroeconomic stability could create favourable conditions for market recovery over the medium term.”

First Capital forecasts the Average Weighted Prime Lending Rate (AWPR) to remain between 10.0%–11.0% during the second half of 2026, before easing to 9.5%–10.5% in the first half of 2027, supported by moderating GDP and credit growth and stabilising liquidity conditions.

The Sri Lankan Rupee is expected to remain within a range of LKR 325–335 against the US Dollar during the second half of 2026, with a gradual depreciation to LKR 335–345 anticipated in the first half of 2027 as external pressures and foreign exchange dynamics evolve.

In equities, First Capital maintains its 2026 All Share Price Index (ASPI) base case fair value target of 20,500 and introduces a 2027 target of 24,500, supported by expectations of softer inflation, earnings recovery, improving liquidity and a gradual easing of monetary policy. Given the expected near-term sideways movement in the market, First Capital recommends a higher cash allocation of 50% to enable investors to capitalise on potential entry opportunities ahead of a broader recovery.

The First Capital Mid-Year Outlook 2026 reflects the institution’s continued commitment to providing research-driven market insights and supporting investors in making informed investment decisions amid Sri Lanka’s evolving economic landscape.

Business

Bourse trading plunges in the wake of continuing US-Iran hostilities

Published

23 hours ago

2026/07/21

Thilina Walpola

The CSE was trending down yesterday as external environmental issues, especially the US-Iran hostilities, continued to impact the global economy adversely.

The All Share Price Index went down by 170.60 points, while the S and P SL20 declined by 43.39 points. Turnover stood at Rs 2.63 billion with four crossings.

Turnover stood at Rs 2.63 billion with four crossings. Those crossings were: CT Holdings crossed 1.1 million shares to the tune of Rs 551 million; its shares traded at Rs 510, Cargills Ceylon 856,000 shares crossed for Rs 145 million; its shares sold at Rs 630, LMF 232 million shares crossed for Rs 232 million; its shares sold at Rs 84 and Dialog 457,000 shares crossed to the tune of Rs 20 million; its shares sold at Rs 43.

In the retail market companies that mainly contributed to the turnover were; JKH Rs 109 million (5.5 million shares traded), Haycarb Rs 93 million (535,000 shares traded), CCS Rs 60 million (447,000 shares traded), Bairaha Farm Rs 54 million (626,000 shares traded), Ambeon Capital Rs 48 million (1.6 million shares traded), LMF Rs 47 million (556,000 shares traded) and ACL Cables Rs 44 million (455,000 shares traded). During the day 56 million share volumes changed hands in 17347 transactions.

It is said that manufacturing sector counters, especially JKH, performed well. Further, beverage sector counters, especially Cargills and CCS performed significantly well.

Yesterday the rupee was quoted at Rs 336.20/30 to the US dollar in the spot market, from Rs 336.15/25 Friday, while bond yields edged up, dealers said.

The telegraphic transfer rate for the dollar was 331.80 buying, Rs 340.80 selling; the euro was 376.9467 buying, 390.8637 selling; and the pound was 445.4833 buying, 459.5289 selling.

By Hiran H. Senewiratne