Business
WindForce acquires 51 percent stake in Safe Power International to develop 10 MW wind power project
A top energy company, WindForce, said it has acquired a 51 percent equity stake in Safe Power International (Pvt) Ltd for Rs 535.5 million to develop a 10 MW wind power project in Alankuda, Puttalam.
The estimated total project cost is 4.2 billion, WindForce sources reported to the CSE.
This will be financed through a debt-to-equity ratio of 75:25.
WindForce PLC’s equity contribution amounts to Rs 535.5 million.
Amid those developments the CSE yesterday kicked off on a positive note but at the middle of the session acute profit- takings were noted but later the market recovered, market analysts said.
Both indices showed mixed sentiments. The All Share Price Index went up by 10 points while S and P SL20 declined by 10.92 points. Turnover stood at Rs 5.68 billion with thirteen crossings.
Top seven crossings were; Ceylon Land and Equity 26 million shares crossed to the tune of Rs 338 million; its shares traded at Rs 13, Citizens Developments and Business Finance 466,000 shares crossed for Rs 172 million; its shares traded at Rs 375, Laugfs Gas (Non-Voting) two million shares crossed to the tune of Rs 58 million; its shares traded at Rs 34, HNB 150,000 shares crossed for Rs 46 5 million; its shares fetched Rs 310, Seylan Bank (Non- Voting) 410,000 shares crossed for Rs 30.7 million; its shares traded at Rs 75, LOLC Holdings 50000 shares crossed for Rs 28 million; its shares traded at Rs 563 and Singer (SriLanka) 325,000 shares crossed for Rs 26 million; its shares traded at Rs 80.50.
In the retail market companies that mainly contributed to the turnover were; Gestetner Rs 375 million (1.5 million shares traded), Ceylon Land and Equity Rs 181 million (13.6 million shares traded), HNB Rs 175 million (444,000 shares traded), HNB Finance Rs 149 million (15.8 million shares traded), SMB Leasing Rs 135 million (113 million shares traded), Sampath Bank Rs 122 million (810,000 shares traded) and Carson Cumberbatch Rs 107 million 116,000 shares traded). During the day 507 million share volumes changed hands in 38000 transactions.
It is said that the banking and financial sectors performed well, especially HNB. The manufacturing sector also performed well.
Yesterday, rupee opened at Rs 302.57/63 to the US dollar from Rs 302.60/68 the previous day, while bond yields were broadly steady, dealers said.
An issue of Rs 181,000 million Treasury Bonds was ongoing.
A bond maturing on 15.03.2028 was quoted flat at 9.10/20 percent.
A bond maturing on 15.09.2029 was quoted at 9.75/85 percent, up from 9.67/72 percent.
A bond maturing on 15.12.2029 was quoted at 9.65/75 percent.
A bond maturing on 01.07.2030 was quoted at 9.75/80 percent.
A bond maturing on 15.03.2031 was quoted at 10.05/20 percent, from 10.08/12 percent.
A bond maturing on 15.12.2032 was quoted at 10.50/65 percent, up from 10.50/60 percent.
A bond maturing on 01.11.2033 was quoted at 10.70/80 percent.
The telegraphic transfer rates for the American dollar was 299.2500 buying, 306.2500 selling; the British pound was 398.5770 buying, and 409.9388 selling, and the euro was 345.3922 buying, 356.7554 selling.
By Hiran H Senewiratne
Business
‘With AI around, hardly anyone does any real work,’ says university don
While the corporate world celebrates the merger of efficiency and ecology, a leading academic last week issued a sobering warning: the very technology driving the next “Green Revolution” may leave the human workforce behind.
Speaking at the recently concluded Green Productivity Awards, organised by the Sri Lanka Association for the Advancement of Quality and Productivity (SLAAQP), Professor Hiran Amarasekera of the University of Sri Jayewardenepura characterised Artificial Intelligence (AI) as a “godsend” for environmental sustainability – but one that carries profound social risks.
Professor Amarasekera’s keynote address cut through the celebratory atmosphere, targeting a perceived complacency among top-tier management.
“Managers are already using AI, but many CEOs, directors and managing directors remain sceptical,” he observed. “They think AI will come in another five years. No, it is already here.”
According to the Professor, AI is no longer a futuristic concept but a functional tool currently revolutionising green metrics. He highlighted how the technology is already replacing manual monitoring for energy optimisation, using predictive algorithms to drastically reduce industrial waste, and automating sustainability reporting – turning months of consumption data analysis into a task of mere seconds.
While these advancements provide a massive boost to the “bottom line” and help organisations meet the national Net Zero pledge, Prof. Amarasekera warned of a looming “danger”: the displacement of human workers.
“AI is boosting productivity while cutting back the need for human resources. What will happen to the jobs and the wider society? Not even the USA or other advanced economies have an answer to this,” he noted.
In a moment that elicited both laughter and reflection from the audience, he touched upon the irony of modern higher education: “Students produce their work through AI and we detect plagiarism through AI. So, with AI around, hardly anyone does any real work!”
The technological warning was balanced by the moral urgency of Senior Professor Ajith de Alwis from the University of Moratuwa. Invoking the words of David Attenborough, Prof. de Alwis asked the audience how they would look into the eyes of their grandchildren if they knew of the world’s collapse and did nothing.
The takeaway message of the evening was clear: While AI provides the tools to save the planet, human leadership remains the only force capable of managing the social consequences of that salvation.
Despite the warnings of future challenges, the SLAAQP awards proved that Sri Lankan industries are currently making notable strides. The event recognised 38 organisations – including 28 Gold Award winners – across sectors ranging from plantation, garments and rubber to poultry and textiles.
These winners were evaluated on four critical pillars: Leadership, Environmental Sustainability, Productivity Enhancement and Social Contribution.
By Sanath Nanayakkare
Business
Gemological Report of Ceylon sets new global benchmark for local gemstone certification
Steps into a critical void to earn recognition in international markets
For decades, Sri Lanka has been globally revered as the “Island of Gems,” yet the industry has long grappled with a paradoxical challenge: while the Sri Lankan soil yields the world’s finest stones, the local certification process has often struggled to command the same recognition in international markets.
Stepping into this critical void is the Gemological Report of Ceylon (GRC). Located at No. 97, Galle Road, Colombo 3, this newly launched laboratory is on a mission to redefine the standards of local gem certification, ensuring that the “fatherhood” of Sri Lankan gemstones remains firmly within its home soil.
Founded by Milinda Edirisinghe, a seasoned gemologist with over 20 years of experience in mining, trading, and geological study, GRC is the result of a lifelong observation of the industry’s “trust gap.”
“I saw a critical disparity,” says Edirisinghe, who received specialised training in Thailand, the global hub for gemstone treatments. “Sri Lankan exporters often face unfair skepticism in markets like Thailand, Hong Kong, and the US. International buyers often view local reports with doubt. I launched GRC to provide a local institute that is on par with the highest-caliber laboratories in the world.”
He made these comments while speaking to media at the new laboratory.
According to him, in its first month of operation, GRC has already seen a surge in demand, processing 30 to 40 stones daily – a success driven largely by its word-of-mouth reputation.

Milinda Edirisinghe performs a sensory inspection of a gemstone using a loupe to assess its initial characteristics
“The lab’s rapid growth is built on a foundation of total transparency. Unlike traditional setups, GRC employs a rigorous triple-blind screening process: three independent gemologists evaluate each specimen – from Sapphires, Ruby and Emeralds to semi-precious stones, polycrystals, rare meteorites, and even organic materials like natural Pearls, and rare coral species etc., used in high-end jewelry. By evaluating the stones without consulting one another, the three gemologists’ independent findings are then synthesised into a final, authoritative and error-free assessment,” he explained.
“As gemstone treatments become increasingly sophisticated – ranging from Beryllium diffusion to evolving heat and irradiation treatments – the need for advanced technology is paramount. GRC’s facility is equipped to identify the full spectrum of enhancements, ensuring the end consumer knows the exact “human intervention” history of their asset,” he further said.
However, Edirisinghe maintains that technology is a tool, not a replacement. When asked if AI could eventually handle the certification job alone, he noted:
“AI already assists our workflow to an extent, but a human gemologist remains an indispensable part of the process. Just as a surgeon uses advanced technology to enhance precision, they must still be present to execute the nuances of a complex operation. AI cannot truly ‘see,’ touch, or feel the soul of a stone.”
He further added, “AI can support our findings, but it cannot replace the gemologist’s ‘eye-view’ and the tactile senses that go a long way in issuing an accurate certification.”
Furthermore, GRC leverages an international expert network. “If we encounter a complex inclusion, we utilize virtual screen-sharing with leading labs in Thailand for real-time peer review,” Edirisinghe explains. “Our conclusions are science-based facts, not just opinions.”
Beyond technical excellence, GRC serves a vital economic purpose. Historically, local dealers spent thousands of dollars obtaining international certificates. GRC offers these world-class reports at a fraction of the cost, with detailed certificates starting from LKR 15,000 for full reports, a medium report at LKR 6,000, “memo cards” at LKR 1,500, and verbal opinions for LKR 500.
“By providing a credible, globally-recognised home-based laboratory, we are stemming the outflow of foreign currency to international labs,” said Edirisinghe.
With plans to participate in upcoming exhibitions in Dubai, Hong Kong, and the USA, GRC is positioning itself as a global contender. As the industry shifts toward “knowledgeable customers” who view jewellery as a liquid asset, GRC stands ready to provide the clarity and integrity the Sri Lankan gem industry deserves.
“If Sri Lanka produces the best stones in the world, it is only right that we also provide the world-class expertise to certify them. Our mission is to ensure that the ‘fatherhood’ of these precious stones remains in Sri Lanka, backed by a certificate that is respected from the USA to the European Union,” Edirisinghe said in conclusion.
By Sanath Nanayakkare
Business
Ministry of Brands to launch Sri Lanka’s first off-price retail destination
Sri Lanka’s retail landscape will reach a major milestone with the launch of Ministry of Brands (MOB), the country’s first off-price retailer. The flagship store is set to open on 16 February 2026, introducing Sri Lankan consumers to authentic global luxury and premium brands at discounts of up to 90% off original retail prices.
Backed by Akbar Brothers, Ministry of Brands brings the globally established off-price model to South Asia for the first time. The concept allows customers to shop for genuine designer and brand-name products at significantly reduced prices while supporting more sustainable retail practices.
The 10,000 sq. ft. flagship store, located at 28/9, Vajira Road, R.A. De Mel Mawatha, Colombo 4, will feature an extensive range across apparel, footwear, handbags, accessories, homeware, and more. Ministry of Brands will carry over 2,000 international and designer brands spanning womenswear, menswear, childrenswear, home, and accessories, including names such as Gucci, Ferragamo, Valentino, Michael Kors, Ralph Lauren, Burberry, Rag & Bone, Lacoste, Puma, UGG, HOKA, Brooks, Air Jordan, and many more.
Off-price retail is one of the fastest-growing global retail segments, helping fashion houses responsibly manage excess inventory. With the UN Environment Programme estimating 92 million tonnes of textile waste generated annually, sustainable retail models such as off-price are increasingly important.
“Sri Lanka manufactures for many of the world’s leading designer labels, yet these products have often remained out of reach for local consumers,” said Director of Ministry of Brands, Aamir Akbarally. “Through off-price retail, we are proud to make genuine designer brands more accessible to our fellow Sri Lankans, offering premium fashion at affordable prices while delivering a world-class shopping experience built on Akbar Brothers’ longstanding values of integrity, quality, and trust.”
Ministry of Brands Director, Ramzey Hammoud added: “With decades of experience in off-price retail, we see this as an exciting new growth chapter for Sri Lanka’s retail landscape. Our goal is simple: to allow customers to shop global designer brands locally at the best prices, while rediscovering the thrill of the find through a constantly changing, treasure-hunt shopping experience.”
Following the Colombo flagship launch, Ministry of Brands will open a second location at the One Galle Face Mall, with plans to expand across South Asia and Australia.
-
Life style2 days agoMarriot new GM Suranga
-
Midweek Review6 days agoA question of national pride
-
Features2 days agoMonks’ march, in America and Sri Lanka
-
Business6 days agoAutodoc 360 relocates to reinforce commitment to premium auto care
-
Opinion5 days agoWill computers ever be intelligent?
-
Features2 days agoThe Rise of Takaichi
-
Features2 days agoWetlands of Sri Lanka:
-
Business16 hours agoMinistry of Brands to launch Sri Lanka’s first off-price retail destination
