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CSE breathes after CBSL keeps rates steady

The Colombo stock market ended a three-session losing streak to close yesterday in the green buoyed by the Central Bank of Sri Lanka’s monetary policy decision to hold rates steady.

The ASPI ended up 0.02% or 3.83 points at 21,149.56 but the S and P SL20 ended down 0.21% or 12.39 points at 5,932.62.

Turnover was over Rs. 3.5 billion on over 91.1 million shares traded. Foreign investors were net sellers on a net outflow of Rs. 241 million.

First Capital Research said investor sentiment remained positive following the Central Bank of Sri Lanka’s decision to maintain policy interest rates, supporting buying interest despite the mixed performance of the benchmark indices.

Both HNW and retail investor participation remained high during the session, contributing to overall market activity. The main positive contributors to the ASPI were SEYB, LION, PKME, CARG, and SEMB.X.

The real estate management and development sector led the daily turnover with a share of 65%, amid higher number of crossings seen in ONAL, followed by the banking, and diversified financials sectors collectively contributing 15%.

The Commonwealth’s greatest prize lies beyond the Games

Today, Glasgow will once again become the meeting place of the Commonwealth, as athletes and supporters from 56 nations descend on its red-sandstone streets for the Commonwealth Games.

For the next fortnight, sporting triumphs will capture the attention of millions across the Commonwealth. Rumesh Tharanga will have Sri Lankans willing him towards gold. Yet when the closing ceremony draws to an end, another prize will remain before us – one with the power to enrich every Commonwealth citizen: the untapped capacity of our network to increase trade, investment and enterprise between its members.

History has endowed our family of nations with shared language, legal traditions, institutional similarities and diaspora networks that make commerce easier and cheaper. The result is trade between our member states that is 21% cheaper – and, in turn, around 20% greater than between otherwise comparable countries.

The Commonwealth spans 2.7 billion people across every inhabited continent, from India, the world›s most populous country, to some of its smallest states, Nauru. It encompasses many of the fastest-growing nations. More than 60% of its people are under the age of 30. Yet despite its scale and dynamism, it remains one of the world›s most underutilised economic networks.

It need not be this way. In November, Commonwealth leaders will gather in Antigua and Barbuda for the Commonwealth Heads of Government Meeting (CHOGM). If the Games celebrate what binds us together, the summit should ask how we make those bonds work harder for our people.

While past summits have often centred on values, this year›s CHOGM will place trade and investment unashamedly at the heart of its agenda. Some question the Commonwealth›s relevance in today›s world; few could say what it does beyond the Games. Yet if anything, the global moment throws its strengths into sharper relief.

The geopolitical order has changed dramatically in the past few years. Multilateralism is fraying. Trade is giving way to protectionism. Broader international institutions have become hostage to great-power rivalries. Against this backdrop, trust commands a new premium.

While in calmer waters, commerce can afford to roam. In rougher seas, it makes for trusted harbours. Few international networks offer as many of them as the Commonwealth. Our voluntary association is bound not by geography, but by institutional and commercial compatibility. That familiarity, reinforced over decades of interaction, breeds trust.

Conventional wisdom has long favoured regional blocs. In principle, proximity lowers transport costs, shortens delivery times and makes it easier to organise production across borders. Geography, however, does not impart trust. Indeed, the geopolitical shocks of recent years have demonstrated precisely the opposite.

Nevertheless, the Commonwealth need not come at the expense of regional blocs or vice versa. There is much we can do to remove barriers to trade and investment across our network while remaining fully committed to groupings such as the Caribbean Community or the South Asian Association.

Despite our compatibility, unnecessary frictions are still created by policy. We should reduce tariffs where possible, align technical standards and regulatory requirements, streamline customs procedures, and make it easier for entrepreneurs, investors and professionals to move and do business across Commonwealth markets.

But removing barriers is only half the task. The Commonwealth Advantage we have inherited must also be built upon to create a denser commercial network: connecting investors with projects across the Commonwealth, building pipelines of investment-ready projects, fostering Commonwealth supply chains in the industries of the future, and creating common digital standards for trade.

Much of this is self-evident, though too often overlooked. Indeed, the Commonwealth already has many of the necessary initiatives in place. The challenge is no longer identifying what needs to be done but kindling the political will of member states to do it. That should be the measure of success at CHOGM.

The Commonwealth should not enter our consciousness only when the Games begin. Its greatest contribution should be felt in the years between them – in the jobs created, the businesses built, and the opportunities opened to people across our family of nations.

Transcorp Hotels records N13.7b profit in first half

Transcorp Hotels Plc recorded considerable improvement in profitability in the first half, with pre-tax profit rising to N13.7 billion within the six-month period.

Key extracts of the interim report and accounts of Transcorp Hotels for the first half ended June 30, 2026 released at the Nigerian Exchange (NGX) showed that profit before tax rose from N12.2 billion to N13.7 billion. Net profit after taxes grew by 21 per cent from N8.7 billion to N10.5 billion. Total revenue stood at N44.4 billion in first half 2026 compared with N46.9 billion in comparable period of 2025.

The company’s operating expense margin improved by three percentage points, demonstrating continued operational efficiency and prudent cost management.

Managing Director, Transcorp Hotels Plc, Uzoamaka Oshogwe said the first half 2026 results validated Transcorp Hotels’ resilience and focus on operational excellence, cost efficiency, and customer-centric innovation, reinforcing its leadership in Nigeria’s hospitality sector.

She said: ‘Our second quarter 2026 performance reflects the resilience of our business and the disciplined execution of our strategy in a dynamic operating environment. While market conditions remained challenging, we continued to deliver strong profitability by staying focused on operational excellence, commercial agility, and creating exceptional experiences for our guests.

‘We remain committed to strengthening our market leadership, investing strategically in our business, and delivering sustainable long-term value for our shareholders’.

Chief Finance Officer, Transcorp Hotels Plc, Oluwatobiloba Ojediran, said the company’s disciplined approach to cost management, revenue optimisation, and operational execution was responsible for the double digit growth in pre and post tax profits.

‘These strong financial results reinforce the resilience of our business, provide a solid platform for sustainable growth, and position us to continue investing strategically while delivering long-term value for our shareholders,’ Ojediran said.

He noted that beyond the numbers, Transcorp Hotels continues to strengthen its portfolio of iconic assets with Transcorp Hilton Abuja remaining one of the company’s flagship properties, while Transcorp Centre, one of West Africa’s largest purpose-built event and conference venues, is fast becoming a landmark for business, tourism, and world-class events in Nigeria.Since its launch, Transcorp Centre has hosted several landmark gatherings, further cementing its position as a premier venue for high-profile corporate and social gatherings.

Transcorp Hotels Plc is the hospitality subsidiary of Transnational Corporation Plc, one of Africa’s leading listed companies with strategic investments in the power, hospitality, and energy sectors.

Tinubu assures better electricity, inaugurates 5000-youth metering training

President Bola Tinubu has assured Nigerians that ongoing reforms will deliver a more transparent, accountable and sustainable electricity sector as the Federal Government inaugurated the training for 5,000 youths in smart meter installation.

Tinubu, represented by the Minister of Power, Mr Joseph Tegbe, inaugurated the initiative under the Presidential Metering Initiative (PMI) held at the National Power Training Institute of Nigeria NAPTIN, Abuja.

The president said the programme would

bridge the nation’s metering gap, strengthen the power sector and create skilled jobs.

He said the initiative demonstrates the administration’s commitment to building both critical infrastructure and human capital, adding that the programme would expand progressively to accommodate more young Nigerians.

‘The transformation of Nigeria’s electricity sector will not occur overnight. It requires consistency, partnership, technical excellence, and unwavering commitment to reform.’

Tinubu said the Federal Government would continue expanding the initiative beyond the initial 5,000 beneficiaries.

‘Beyond strengthening the power sector, the Presidential Metering Initiative programme creates meaningful employment.

‘We are not stopping at 5,000; we will keep ramping up to 10,000, 15,000 and we might even get to 500,000. This programme creates meaningful employment and equips young people with future-ready technical skills.’

He reaffirmed the administration’s commitment to fair electricity billing and improved service delivery.

‘Every Nigerian deserves to pay only for the actual electricity consumed, while every service provider deserves to be paid for the electricity supplied.

‘Better days lie ahead. We are steadily building an electricity sector that is more transparent, more accountable, more sustainable and more responsive to the needs of every citizen.’

Tinubu said the first batch of trainees would become the backbone of Nigeria’s smart metering programme, ensuring millions of households and businesses receive professionally installed meters that meet the highest technical and safety standards.

Special Adviser to the President on Energy and Executive Secretary of the PMI, Mrs Olu Verheijen, said the government would deploy more than seven million smart meters under the largest metering programme in Nigeria’s history.

‘We’re deploying more than seven million meters as the largest metering programme in our nation’s history.

‘But seven million meters require thousands of skilled Nigerians. Capital can be raised and equipment procured, but no nation develops without capable people.’

She said the overwhelming response to the programme reflected the enormous potential of Nigerian youths.

‘Applications have now closed. We had 5,000 places, but we received almost 220,000 applications from young Nigerians across our country. That tells us something profound.

‘Beneath the unemployment statistics lies a generation that is ready to work if given the opportunity.’

Verheijen said every successful participant would receive professional training from NAPTIN, industry certification by the Nigerian Electricity Management Services Agency (NEMSA) and a pathway to employment with electricity distribution companies and meter providers.

Chairman of the PMI Board and Kwara Governor, AbdulRahman AbdulRazaq, represented by Mr Edmund Nnaji, Executive Director, Finance and Administrator, Nigeria Governors Forum (NGF), urged state governments to support the initiative.

He described it as a strategic platform for building a highly skilled workforce for the electricity sector.

NAPTIN Director-General, Mr Ahmed Nagode, said the curriculum combines classroom instruction with intensive practical sessions approved by the Nigerian Electricity Regulatory Commission to produce industry-ready professionals.

Minister of Youth Development, Mr Ayodele Olawande, said the initiative complements the ministry’s One Youth, Two Skills programme by equipping young Nigerians with practical skills that promote employment, entrepreneurship and self-reliance.

Partners supporting the PMI include NEMSA, NAPTIN, the World Bank and other stakeholders committed to accelerating Nigeria’s electricity sector reforms. .

Logico, the ‘barefoot’ general, is new PMA superintendent

The Philippine Military Academy (PMA) received its new superintendent during turnover rites on Wednesday, with the retirement of Navy Vice Adm. Caesar Bernard Valencia.

Valencia, a member of PMA ‘Bigkis Lahi’ Class of 1990, served as superintendent starting June 20, 2024. His military career spans 40 years and three months, said Navy Lt. Cmdr. Jesse Nestor Saludo Jr., PMA spokesperson.

Army Maj. Gen. Michael Logico, the new superintendent of the country’s premier military training school, is known not just for his staunch defense of the West Philippine Sea against China but also for promoting physical fitness and nontraditional barefoot running or natural running that earned him the nickname ‘barefoot colonel,’ according to different news accounts.

Logico is a member of PMA ‘Maalab’ Class of 1993 and has been commander of the Army Training Command.

He was promoted to lieutenant general by Armed Forces chief of staff Gen. Antonio Nafarrete at the ceremonial change of command. Nafarrete, also a member of Bigkis Lahi, had just assumed office following the retirement on Tuesday of Gen. Romeo Brawner Jr., the Baguio-born salutatorian of PMA ‘Makatao’ Class of 1989.

External threats

The military school command tradition began when Logico ordered PMA staff to raise his personal flag after his predecessor, Valencia, lowered his own flag to signify that he had relinquished his post. Valencia was also given a testimonial parade by the Corps of Cadets.

It was under Valencia’s watch that the PMA overhauled its road map under the instructions of President Marcos and Defense Secretary Gilberto Teodoro Jr. in order to develop a new curriculum that would equip modern officers with skills that would enable them to combat modern threats like cyberterrorism.

Logico, in his speech, vowed to continue the academic reforms begun by Valencia but said the milestone of his new assignment was the presence there of his father, retired Air Force Maj. Gen. Epineto Logico, a member of PMA Class of 1960.

While internal security remains a military task, its attention has shifted to external threats, he said in his speech, now that ‘the battlefield has broadened to physical and nonphysical threats.’

Like many children of soldiers, Logico said tales of the values, honor and traditions at the PMA shaped his points of view long before he entered the academy.

But given the changing, volatile world of today, the new PMA superintendent said ‘traditions should not be obstacles to change’ so the military school can begin training cadets to face the future ‘and not the past we all remember.’

Nafarrete described the PMA as the ‘cradle of military leadership,’ which is slowly adapting to global changes without abandoning the honor, humility, and integrity it espoused more than a century ago

Insecurity in Benue, source of sleepless nights – IGP Disu

The Inspector General of Police (IGP), Olatunji Disu, on Thursday visited Benue State, where he warned against unauthorised persons bearing arms.

The IGP, who spoke at a security stakeholders meeting held at the old banquet hall of Government House, described insecurity in the state as unacceptable and a source of ‘sleepless nights’ for residents and security agencies.

The police boss, who described Benue as once a peaceful and hospitable state, lamented that the state has presently been overtaken by crisis.

According to him, the crisis had gone beyond farmer-herder clashes, stating that criminal gangs, kidnappers and political interests had worsened the situation.

The IGP condemned in totality the cycle of attacks and reprisals in the state, appealing that such must end.

He reiterated President Bola Ahmed Tinubu’s directive that insecurity in the state would no longer be tolerated.

According to him, ‘We are tired of this issue of attack and retaliation. When you attack then you hear of retaliation.

‘We are the only ones recognised to carry arms around. No other person is entitled to do that. You cannot move around freely carrying arms and think there’s no law and order in this country. This will not be tolerated.’

The IGP said security operatives have been directed to apprehend any unauthorised persons bearing firearms, adding that police officers had been directed to act decisively under Force Order 237 when confronted by armed criminals.

While speaking, Benue State Governor, Hyacinth Alia, described the IGP’s visit as timely and a demonstration of the Nigeria Police Force’s commitment to tackling insecurity through community policing and collaboration with state governments.

Governor Alia regretted that attacks on communities in the state had resulted in the loss of many lives, disruption of farming activities and a threat to national food security.

He, however, said that his administration had strengthened inter-agency collaboration through regular Security Council meetings, intelligence sharing and coordinated operations, and would continue supporting security personnel and the families of fallen heroes.

Army declares soldier wanted over alleged sale of uniforms to terrorists

The Nigerian Army has declared one of its personnel, Private Mohammed Yusuf Amutu, wanted over his alleged involvement in the illegal sale and supply of military uniforms to terrorists and other criminal elements.

In a statement on Thursday, the Assistant Director, Army Public Relations, Headquarters Nigerian Army Ordnance Corps, Maj. Oluwatope Dorcas Aluko, said Private Amutu was serving at the Nigerian Army Ordnance Kits Factory before he absconded.

She said preliminary investigations revealed that the soldier deserted his unit on June 3, 2026.

‘Preliminary investigations indicate that the soldier, who was serving at the Nigerian Army Ordnance Kits Factory, absconded from his unit on 3 June 2026.

‘Consequently, he has been declared wanted by the appropriate military authorities, while intensive efforts are underway to locate and apprehend him to face a full investigation and appropriate disciplinary action in accordance with extant military laws,’ Aluko said.

She stressed that the Nigerian Army Ordnance Corps has zero tolerance for misconduct, indiscipline or any act capable of compromising the operational effectiveness, integrity and reputation of the Nigerian Army or threatening national security.

‘Any personnel found to have aided terrorists, criminals or other non-state actors through the unauthorised sale, diversion or distribution of military uniforms, accoutrements or other controlled items will be subjected to the full weight of military and civil laws,’ she said.

Aluko appealed to members of the public to provide credible information that could assist in the arrest of the wanted soldier, urging them to report such information to the nearest military formation or any security agency.

She also assured Nigerians of the unwavering commitment of the Nigerian Army Ordnance Corps to accountability, professionalism and the protection of military assets.

‘The Corps will continue to strengthen internal control measures and ensure that every allegation of misconduct is thoroughly investigated, while those found culpable are held fully accountable,’ she said.

Senate ‘cannot afford’ Sara Duterte’s request for catering – Gatchalian

The Senate ‘cannot afford’ to shoulder the catering for Vice President Sara Duterte’s staff and the defense team during the impeachment trial, Senate President Sherwin Gatchalian asserted on Thursday.

Duterte earlier requested that her personnel and legal counsel be provided with food and beverages of their choosing at the expense of the Senate.

‘We can not afford it,’ Gatchalian told the media, adding that the Senate impeachment court is still studying the request.

He continued: ‘It’s a basic issue of budget. The budget can’t [be granted] because we have expenses. We have to prioritize, of course, the budget hearings and committee hearings.)

Gatchalian earlier said that after the impeachment had taken up several session rooms, so the Senate might need to rent a space at the Philippine International Convention Center (PICC), specifically for the budget hearings.

Still, the Senate leader said he has yet to reply to the vice president’s letter.

In an earlier interview, Sen. Erwin Tulfo said he and his colleagues in the Senate majority are opposed to Duterte’s request, citing the same reason given by Gatchalian

No presidency for me, Fashola declares

Former Lagos State Governor and former Minister of Works, Babatunde Fashola, has ruled out contesting for the presidency, saying he has no such ambition.

Speaking on TVC on Wednesday, Fashola gave a blunt response when asked if he would run for president.

‘No,’ he said.

When pressed further, he replied with a smile, ‘President of what? I’m president at home.’

Reflecting on his years in public service, Fashola described the experience as a privilege.

‘My journey has been an unimaginable privilege, and I hope that it, in some way, inspires another generation about the possibilities of this country,’ he said.

He added that Nigeria remains a land of opportunity, with many stories of ‘rags to riches and grass to grace.’

On how he hopes to be remembered, Fashola said: ‘Let history write whatever history wants to write. It is not in my place.’

The former governor also confirmed he remains a member of the Lagos State Governance Advisory Council but stressed, ‘There is a thin line between intervention and interference.’

Fashola urged Nigerians to protect the judiciary, backed a vibrant opposition, expressed support for state police, and said tackling Lagos flooding requires both government action and public cooperation. He also said President Bola Tinubu is pursuing important fiscal and monetary reforms while carrying greater national responsibilities.

BSP grants digital bank license to MariBank

Mobile digital-bank MariBank is now officially a digital bank, the Bangko Sentral ng Pilipinas (BSP) said.

In its circular dated July 22, the BSP’s Monetary Board said that it approved the request of MariBank to upgrade its banking license from a rural bank to a digital bank.

The BSP announced that the Securities and Exchange Commission approved its amended articles of incorporation and bylaws for a digital banking license on June 16.

This was followed by the Bangko Sentral governor issuing the official certificate of authority to operate on July 8, 2026, according to the BSP.

With its launch, MariBank became the seventh institution to receive a digital banking license in the Philippines.

This positions the bank alongside six other licensed entities: UNO Digital Bank, UnionDigital Bank, GoTyme Bank, Tonik Digital Bank, Maya Bank and Overseas Filipino Bank, which serves as the digital subsidiary of the state-owned Land Bank of the Philippines.