Business confidence eases in 2Q26, but firms see recovery ahead: CBSL

The Central Bank of Sri Lanka’s (CBSL) Business Condition Index eased to 101 in the second quarter of 2026, from 104 in the first quarter, as heightened macroeconomic uncertainty stemming from the conflict in the Middle East weighed on firms’ sentiment.

The Business Condition Index, compiled from the balance of opinion among around 100 surveyed firms selected in line with the composition of Sri Lanka’s GDP, captures firms’ assessments of current and future business conditions. A reading above 100 indicates improving conditions, 100 signals no change, and below 100 signals worsening conditions.

Firms expect a relative improvement in business confidence in the third quarter, with the Index projected to rise to 107, the CBSL said, as global tensions ease. The slowdown in overall sentiment during the second quarter was driven primarily by weaker readings in the Agriculture and Industry sectors, while the Services sector remained resilient.

For the third quarter, demand and sales volumes are projected to expand year-on-year (YoY), led by the Industry and Services sectors, while Agriculture is expected to remain below the neutral threshold. Capacity utilisation is projected to improve in line with these broader demand conditions, while the balance of opinion on investment is also expected to strengthen, mainly driven by Industry and Services, where most firms said they plan to invest for expansion.

Labour availability is expected to remain a constraint. Both skilled and unskilled labour availability are projected to stay below the neutral threshold in the third quarter, the CBSL said, even as the balance of opinion on bank credit demand is expected to rise, largely reflecting firms’ operational funding needs.

Reviewing developments in the second quarter, the CBSL said the Industry and Services sectors buoyed overall sales and demand volumes, driving an improvement in business activities, while Agriculture remained broadly around the neutral threshold. Overall capacity utilisation and the balance of opinion on investment both improved on a year-on-year basis during the quarter.

Firms also reported a notable YoY increase in input and output prices in the second quarter, a trend evident across all three sectors.

The balance of opinion on demand for bank credit increased across all sectors during the quarter, while credit accessibility was reported as broadly normal. Among respondents who described credit conditions as tight, the primary headwinds cited were higher-than-expected market lending rates and prevailing balance sheet constraints.

B350m on table to fight tilapia spread

The government has approved 350 million baht in remaining central funds to combat the spread of blackchin tilapia, following concerns about the species spreading into freshwater sources in the Northeast.

Deputy Agriculture Minister Watcharaphon Khaokham, director of the Centre for Monitoring and Resolving the Spread of Blackchin Tilapia, said the funds came from the 450-million-baht budget allocated in 2024. The money will support efforts to tackle the spread of the invasive species, which has been a problem for at least two years and has recently worsened in the Northeast.

Six Department of Fisheries measures will be reintroduced under the initiative, Mr Watcharaphon said, citing their effectiveness in addressing the spread. The measures are removing blackchin tilapia from waterways, releasing predator fish, finding commercial uses for the species, monitoring high-risk areas, applying DNA analysis and tracking systems, and restoring habitats.

He said the budget would ensure continuity for the measures and maximise their effectiveness.

Mr Watcharaphon said the steps would help contain the spread as quickly as possible, citing a recent Administrative Court ruling ordering agencies to address the issue within 180 days.

He said he would visit Lam Pao Dam in Kalasin this week to investigate reports of blackchin tilapia in the area, where 12 more fish were found on Monday.

Mr Watcharaphon said the ministry had worked with 29 state agencies on an initial species-control plan for the region.

The agencies included the Defence Ministry, Royal Thai Police and Department of Corrections, which would provide personnel support, as well as the Department of Disaster Prevention and Mitigation, which would assist the Department of Fisheries through local administrative mechanisms.

He said he had also discussed possible legal charges with the Department of Fisheries’ legal division against those involved in the spread of the species in Kalasin.

The department was ordered to conduct an investigation while strictly following the court’s directive, with deadlines of 30, 60 and 180 days.

Firm expands credit footprint with new branch, targets SMEs

Irvin Global and Investment Limited, a Nigerian financial services company, has expanded its operations with the opening of a new branch in Enugu, strengthening its drive to provide structured credit solutions to individuals, small and medium-sized enterprises (SMEs) and corporate organisations.

The expansion comes as businesses and households continue to seek accessible financing options to manage working capital, personal financial obligations and investment needs amid evolving economic conditions.

Headquartered in Abuja, Irvin Global and Investment Limited provides credit products designed around the financing needs of salary earners, entrepreneurs, contractors and businesses.

The company said its growth from an initial vision to bridge the gap between financial opportunities and everyday Nigerians has resulted in a billion-naira institution serving thousands of customers across the country.

Its expansion strategy is being led by Nwangwa Uzonna, group managing director and group chief executive officer of Irvin Global and Investment Group.

Under his leadership, the company said it has maintained a focus on governance, credibility, responsible lending and strategic expansion.

According to the company, its operating philosophy is anchored on integrity and servant leadership, with an emphasis on building a financial institution capable of sustaining its impact beyond economic cycles.

The Enugu branch is expected to strengthen Irvin Global’s presence in the South-East while bringing its credit offerings closer to businesses and individuals in the region.

Speaking at the branch opening, Joy Olowokere, general manager, Business Development, reiterated the company’s commitment to deepening customer relationships, improving turnaround time and maintaining compliance standards across its operations.

Irvin Global’s credit portfolio includes payday credit, a short-term financing facility designed to help salary earners meet urgent obligations before their next payday.

Its payroll credit solution enables organisations to provide structured access to loans for employees through payroll-backed arrangements, combining employee financial support with defined repayment structures.

For businesses, the company offers SME credit, targeting working capital requirements, inventory purchases, equipment acquisition and business expansion.

The institution also provides asset financing to enable individuals and businesses to acquire productive assets, including vehicles, machinery and equipment required for operations and growth.

Another key offering is Local Purchase Order (LPO) financing, which provides financing support to contractors and suppliers executing confirmed purchase orders but facing liquidity constraints.

Irvin Global said its credit facilities are structured around clear documentation, defined repayment terms and responsible borrowing principles.

Sparks Foundation Gives Hope To Four Ashanti Schools

The Sparks Foundation has donated educational materials worth thousands of Ghana cedis to four basic schools in the Ashanti Region, giving hundreds of pupils a major boost in their academic work.

The donation, comprising 2,000 exercise books and 1,000 pens, was made to Asibey Nkwanta D/A Primary and JHS in the Ahafo Ano South West District and Wansanbire D/A Primary and JHS in the Atwima Mponua District.

Each of the four beneficiary schools received 500 exercise books and 250 pens.

The foundation said the gesture was intended to support needy pupils and ease the financial burden on parents and guardians who struggle to provide basic educational materials for their children.

Presenting the items to the schools, the Public Relations Officer (PRO) of the Sparks Foundation, Jeslord Fofie Samuel, said the donation was part of the foundation’s commitment to reaching out to individuals and institutions in need.

He said the foundation sought to provide charitable assistance to needy people and schools while putting smiles on the faces of beneficiaries.

Mr. Fofie Samuel, who is also a journalist with Amansie FM at Asante Bekwai, explained that the foundation’s philanthropic activities went beyond education, noting that it also supported orphanages, needy individuals and people struggling to settle medical bills.

According to him, needy students benefited from school bags, exercise books, textbooks, mathematical sets, pencils, pens, sanitary pads and other educational materials under the foundation’s support programmes.

Mr. Fofie Samuel, popularly known in media circles as D-Jay Tugar, commended the Chief Executive Officer (CEO) of the Sparks Foundation, Chief Inspector Isaac Dwumfour, alias Chancellor, of the Ashanti South Police Command, for his generosity and commitment to supporting vulnerable people.

He said the CEO’s dedication to philanthropy had enabled the foundation to extend assistance to several individuals and communities in need.

Appeal

Receiving the items on behalf of Asibey Nkwanta D/A Primary School, a Class Six teacher, Felix Appiah Sarpong, expressed gratitude to the foundation for the timely intervention.

He said the donation would motivate the pupils to take their studies seriously and develop a greater interest in education.

Mr. Appiah Sarpong appealed to old students, community members, philanthropists and other well-meaning individuals in Ghana and abroad to support the school.

He particularly appealed for computers and other teaching and learning materials to enhance the quality of education at the school.

A Class Six pupil, Yakubu Abena Vida, who spoke on behalf of the beneficiaries, thanked the foundation for the donation and prayed for God’s blessings upon the donors.

She appealed to other stakeholders to support the schools with classroom infrastructure and other essential facilities to create a conducive environment for effective teaching and learning.

The Headmaster of Wansanbire D/A Primary and JHS, David Tawiah, together with the Assembly Member, Joseph Amankwah, also commended the foundation for the gesture and urged other individuals and organisations to emulate its example.

Why Kenyan firms struggle to quantify climate risk

Kenyan firms are making progress in recognising climate change as a business issue but are struggling to translate this concern into measurable financial and operational data, exposing a key gap ahead of mandatory sustainability reporting next year.

A 2026 market readiness study by the Institute of Certified Public Accountants of Kenya (ICPAK), based on self-reported and unaudited data from 385 entities, shows many firms face a race against time to build the systems and data needed to quantify climate-related risks.

The gap between intention and ability to measure responses to climate-related risks piles pressure on firms as the clock ticks towards the January 2027 date, by which large firms must comply with International Financial Reporting Standards (IFRS) rulebooks for reporting on how environmental and sustainability issues affect their business.

The two climate-related global reporting standards are IFRS S1 and S2. While IFRS S1 is the general rulebook for all sustainability and Environmental, Social and Governance financial risks, IFRS S2 is focused only on climate change.

IFRS S1 will force companies to start sharing any sustainability-related risk that could change their financial future, while IFRS S2 will require them to provide exact details about how global warming, extreme weather and the shift to green energy will hurt or help their operations.

Kenyan firms classified as public interest entities (PIEs), which include large and high-impact firms such as those listed at the Nairobi Securities Exchange (NSE), will start mandatory disclosure from January 2027, followed by large non-PIEs (January 2028).

However, ICPAK study shows strategic intent from boards of companies towards sustainability reporting is advancing faster than the firms’ ability to produce the detailed disclosures required under the new standards.

The report describes this as a ‘readiness paradox,’ adding that the gap is widest in the sectors with the least regulatory pressure.

Enactment of anti-dynasty law remains priority, Speaker says

THE House of Representatives on Thursday said the enactment of an anti-political dynasty law remains a legislative priority, following the Supreme Court’s directive requiring Congress to fulfill its constitutional mandate to define and prohibit political dynasties.

House Speaker Faustino G. Dy III said that Congress is working toward passing a ‘reasonable and constitutional’ measure that would give effect to Article II, Section 26 of the 1987 Constitution, which provides for equal access to opportunities for public service and the prohibits political dynasties as ‘defined by law.’

‘A priority of the new Congress is to enact a fair and constitutional Anti-Political Dynasty Law as part of its duty to give effect to the policies and principles set forth by the Constitution and to advance reforms that expand equal opportunity, strengthen democratic participation, and promote good governance,’ Dy said in a statement.

He said the House had already acted on the matter before the Supreme Court issued its ruling, with House Bill 8389, or the proposed Anti-Political Dynasty Act, approved on third and final reading on June 3.

The measure received 267 affirmative votes, 20 negative votes, and seven abstentions. It was transmitted to the Senate on June 8 for further action.

The Supreme Court, in a unanimous decision dated August 26 and announced on Wednesday, ruled that Congress has a constitutional duty to enact an enabling law on political dynasties. The Court noted that the absence of such legislation for 39 years prevented the full implementation of the constitutional provision.

Under the House-approved bill, the prohibition would cover spouses and relatives within the second degree of consanguinity or affinity under specific circumstances involving simultaneous or successive holding of elective positions.

The Senate is also considering its own version of the measure, Senate Bill 1901, which remains pending on second reading.

Dy said the proposed legislation should establish clear and fair guidelines that promote wider participation in public service while recognizing the electorate’s authority to choose their representatives.

‘Thirty-nine years after the ratification of the 1987 Constitution, Congress has a historic opportunity to give fuller legislative effect to a constitutional policy that has long awaited comprehensive implementation,’ he said.

‘The goal is to craft a law that promotes equal opportunity in public service, seeks to prevent the concentration of political power within a few families, and strengthens the accountability and integrity of our democratic institutions,’ he added.

The Speaker said the bill aims to prevent the concentration of political power among a limited number of families while strengthening accountability and democratic institutions.

The measure now awaits further deliberation as Congress works to define the scope and implementation of the constitutional prohibition on political dynasties.

Palace backs SC call

PRESIDENT Marcos has expressed support for the SC’s call for Congress to enact a law prohibiting political dynasties, Malacañang said on Thursday.

Speaking to Palace reporters, Presidential Communications Office Undersecretary Claire Castro said the anti-political dynasty bill remains one of the administration’s priority measures.

Castro stressed that Marcos wants the measure passed into law during his watch.

‘Alam na po natin na ito ang isa sa mga priority bills ng Pangulo. Talagang ito po ay pinapamadali niya at gusto niya hangga’t maaari sa panahon niya ay maipasa ang anti-political dynasty law [We already know that this is one of the President’s priority bills. He is really pushing for its passage, and he wants the anti-political dynasty law to be enacted, if possible, during his term],’ she said.

‘So, tama po na sang-ayon ang Pangulo sa desisyon ng Supreme Court na dapat ng magkaroon ng batas patungkol sa political dynasty [Yes, the President agrees with the Supreme Court’s decision that there should be a law on political dynasties],’ Castro added.

Asked whether the Palace is satisfied with the progress of the measure, particularly in the Senate, Castro said the timeline for its passage is in the hands of Congress.

She said lawmakers could not be blamed for the delay, acknowledging that they have many responsibilities and legislative priorities to attend to.

‘Ang nais lang ipaalam ng Pangulo ay gusto po niya itong maipasa [All that the President wants to make clear is that he wants it to be passed],’ Castro said.

She, however, noted that lawmakers are aware of the SC’s position and also want an anti-political dynasty law to be enacted.

‘Pero still, lumabas naman din po ang desisyon ng Supreme Court, alam din po nila, gusto din naman nila na magkaroon talaga ng anti-political dynasty law [But still, the Supreme Court’s decision has come out, and they are aware of it. They also want an anti-political dynasty law to be enacted],’ Castro said.

The SC has directed Congress to comply with its mandatory constitutional duty to enact a law prohibiting political dynasties ‘at the earliest opportunity.’

In its ruling issued on August 26, the SC emphasized that Article II, Section 26 of the 1987 Constitution, which provides that ‘the State shall guarantee equal access to opportunities for public service, and prohibit political dynasties as may be defined by law,’ is not merely an aspiration but a constitutional command.

The SC stressed that Congress’ prolonged failure to pass such a law for 39 years constitutes grave abuse of discretion.

Hajiyev says Azerbaijan committed to preserving Christian heritage as part of its history

Azerbaijan remains committed to preserving Christian heritage on its territory as part of the country’s history, Presidential Assistant Hikmet Hajiyev said during a Euronews Forum panel in Dubai on Wednesday.

Speaking at the Arab Media Summit, Hajiyev said the peace process with Armenia remained difficult, while arguing that both sides needed to prepare their societies for peace.

‘Probably Armenian government and Armenian leadership should work to prepare their people for the peace as well,’ Hajiyev said.

‘Now we won the war, but we are also winning in peace which is an uphill struggle,’ he added.

Hajiyev, who heads the Foreign Policy Affairs Department of Azerbaijan’s Presidential Administration, said Azerbaijan did not view the destruction of religious and cultural sites during the years of occupation as grounds for revenge.

‘Throughout the years of occupation in Karabakh and Eastern Zangezur, our mosques, our Islamic cultural heritage were a subject of complete destruction by Armenia, even the pigs were put inside of the mosques,’ he said.

‘We are not taking it as a sign of revenge, but it’s our history and our heritage and we cannot forget that,’ Hajiyev added.

He stressed that Azerbaijan’s cultural heritage also encompasses the country’s Christian and Jewish history.

‘Currently, three religions, Islam, Christianity, and Judaism, with mosques, churches, and synagogues, are side by side’ in Azerbaijan, Hajiyev said.

‘Azerbaijan is dedicated to preserving the Christian heritage on the sovereign territory of Azerbaijan, regardless of their belonging, and that is a full stop because it’s our cultural heritage,’ he added.

Hajiyev also highlighted Azerbaijan’s historical links to different religious traditions, saying he was ‘more than proud that my country is one of the first places of Zoroastrianism.’

‘It’s also one of the first places of Christianity since the fourth century: Christianity was adopted by the (Caucasian) Kingdom of Albania as an official religion,’ he said, adding that Azerbaijan was ‘also one of the first countries that adopted Islam.’

Caucasian Albania was an ancient kingdom located in parts of present-day Azerbaijan and southern Dagestan and is unrelated to the modern Balkan state of Albania.

Armenian church authorities have disputed Azerbaijan’s record regarding religious sites, accusing Baku of demolishing churches in Karabakh. Azerbaijan rejects those allegations.

Hajiyev criticizes European Parliament over South Caucasus policy

Hajiyev also criticized the European Parliament and some Western media outlets over their approach to the South Caucasus, arguing that Azerbaijan continues to face what he described as disinformation despite efforts to establish peace with Armenia.

‘One such institution is the European Parliament which is not part of the solution, it’s part of the problem,’ Hajiyev said.

‘The European Parliament is adopting resolutions and decisions, humiliating and also undermining the agenda of peace of our region,’ he added.

‘We are in the process of building regional peace, but the European Parliament is pursuing some completely different agenda.’

Hajiyev said the European Union’s policy toward the South Caucasus should take a broader regional approach.

‘The EU’s policy towards the South Caucasus shouldn’t be only a one-centric approach, it should embrace the entire region with balanced cooperation with the regional countries,’ he said.

He added that EU policy should focus on ‘building the concept of the new partnership … and not to build into dividing lines.’

Hajiyev also pointed to Azerbaijan’s role in European energy security, saying the country supplies natural gas to 16 EU member states as well as other European countries.

He said the Middle Corridor connectivity project could further strengthen ties between Azerbaijan and the European Union.

NACC targets EC bigwigs for ignoring allegations

The opposition People’s Party (PP) will lodge a complaint with the National Anti-Corruption Commission (NACC) over a decision by election commissioners to dismiss key allegations of collusion in the 2024 Senate election.

PP leader and opposition leader Natthaphong Ruengpanyawut said the party was considering including comments by Election Commissioner Sittichote Intaravises, a minority voice on the commission, in its petition to the NACC.

He said Mr Sittichote’s recent remarks supported the view that the alleged wrongdoing involved an organised operation rather than individual misconduct. Mr Natthaphong said the PP had been preparing a complaint against election commissioners over their performance.

He said the minority commissioner’s position was significant because it was consistent with what a reasonable person might conclude from the evidence: that the Senate election manipulation was carried out by an organised network involving organisers and political figures. The PP leader said the issue was not merely whether individual witnesses had provided credible testimony.

Other evidence could establish links to Bhumjaithai Party (BJT) executives and politicians, he said, adding the EC should refer cases to the court if there was sufficient evidence to believe an organised operation had taken place.

The EC voted on Monday to refer 77 people, including 26 sitting senators, to the Supreme Court over alleged offences linked to the 2024 Senate election. However, it decided not to pursue two allegations concerning political assistance to Senate candidates, clearing 21 people, mainly BJT figures, under the first allegation.

Mr Natthaphong said PP expected progress on its NACC complaint this week. Some individuals affected by the EC’s decision might also have grounds to pursue legal action under the Criminal Code over dereliction of duty.

U20 World Cup: Falconets battle England for quarter-final spot

Nigeria’s U20 women’s team, the Falconets, will face England on Thursday as they seek a place in the quarter-finals of the 2026 FIFA U20 Women’s World Cup at Stadion Miejski in Bielsko-Biala, Poland.

The Round of 16 match gives Nigeria a chance to build on their impressive qualification for the knockout stage and continue their pursuit of a deep run in the tournament.

The Falconets secured their place in the last 16 in style, thrashing New Caledonia 10-1 in their final Group F match.

The victory lifted Nigeria to second place behind Spain after Moses Aduku’s side had earlier lost 2-0 to the European champions and drawn 0-0 with China PR.

Aduku will again look to his attacking options, with SL Benfica forward Janet Akekoromowei among the players who impressed in the record-breaking victory.

Winner Onajite David scored a hat-trick against New Caledonia, while Ramotalahi Kareem also scored as Nigeria produced a dominant second-half performance to secure qualification.

England seek another knockout-stage victory

England reached the Round of 16 after finishing third in Group B behind Brazil.

The Young Lionesses opened their campaign with a 1-1 draw against Canada, followed by a 5-1 victory over Tanzania. They then lost 2-1 to Brazil in their final group match.

England finished above Canada on goals scored after both teams ended the group stage level on points.

Thursday’s meeting will be a test of Nigeria’s attacking momentum against an England side that has also shown its ability to score heavily in the tournament.

Both teams are one victory away from the quarter-finals, where the winner will face either hosts Poland or Colombia.

With the knockout stage now underway, the Falconets will be seeking to turn their record-breaking group-stage victory into another decisive step towards the latter stages of the competition.

Documentary on Azerbaijani female Everest climber premiered in Baku

A documentary film titled “I Made Zero One”, dedicated to Azerbaijani female mountaineer Vafa Musayeva, who climbed Mount Everest, has been presented.

Speaking at the event, Minister of Youth and Sports Farid Gayibov said Vafa Musayeva had demonstrated the strength of Azerbaijani women to the world.

The minister noted that the film was produced with the support of the Ministry of Youth and Sports. He added that several films had already been made about athletes and people who serve as role models for young people.

Farid Gayibov stressed that by reaching the summit of Everest, Vafa Musayeva had become an example for dozens and hundreds of young Azerbaijani women.

“As you will also see in the film, this is by no means an easy task. But through this achievement, Ms. Vafa has become and will continue to be an example for dozens and hundreds of young Azerbaijani women,” the minister said.

He said the Ministry of Youth and Sports has always supported athletes like Musayeva and will continue to do so. He also recalled that Musayeva was awarded the “Progress” Medal last year.

In the film, Musayeva speaks about her childhood memories and the years she spent in Balyand village of Jabrayil district. She said she had been particularly interested in being in high places from an early age.

The mountaineer recalled that while other girls in the village played house, she preferred to sit on rocks and observe the surrounding area and the village.

“When I was a child, while all the children, in fact girls like me, played with their dolls in the part of the village closer to their homes and braided their hair, I remember very well that I would sit on that rock and look at our village located among the mountains and hills. I enjoyed being at that height so much because I could see everything from there,” she said.

She said that during a recent visit to Jabrayil and Balyand village, she climbed the same rock where she had sat as a child.

In the film, Musayeva also speaks about the challenges of being a mountaineer. She said she feels freer and more independent when she is in the mountains and that high places have a special meaning for her.

The film also explores how Musayeva’s character, shaped during her childhood, and her early interest in mountains influenced her later life.

Following the film’s presentation, Chingiz Taghizade, a member of the Board of the Azerbaijan Mountaineering Federation, said Musayeva’s ascent of Everest was not only a personal achievement but also of great significance for Azerbaijani mountaineering and sport.

He noted that climbing Everest requires not only extensive physical preparation but also strong will, patience, courage and responsibility. He wished Musayeva success on her difficult and honorable journey and expressed confidence that the Azerbaijani flag would be flown at the world’s highest peak.

Fuad Hajiyev, rector of the Azerbaijan Sports Academy, said he considered it a moral responsibility to share his thoughts about Musayeva.

Fuad Hajiyev said he first met Musayeva at a year-end sports awards event. He recalled that his first question to the mountaineer at the time was what she could see from the summit of Everest.

The rector said he had also grown up in the mountains, spending his childhood in the Lesser Caucasus. He stressed that growing up in the mountains affects a person’s physical preparation and character.

Fuad Hajiyev described Musayeva as one of the embodiments of the strength of Azerbaijani women. According to him, the film will be screened for all students at the Sports Academy and will serve as a source of motivation for them.

Rustom Babazade, the film’s screenwriter and director, said he was afraid of heights, but overcame this phobia while editing the film.

The director said Musayeva’s journey to Everest and her ascent to the summit had made a particularly strong impression on him.