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Sri Lanka Corporate Director Summit kicks off today

The Sri Lanka Corporate Director Summit 2026, themed ‘Future-Ready Sri Lankan Directors,’ will be held today at Cinnamon Grand Colombo.

Organised by the Sri Lanka Institute of Directors (SLID) in collaboration with Daily FT, the Summit has attracted overwhelming interest and is fully sold out.

The Summit will bring together distinguished global and local leaders in business, governance, and corporate leadership. The program will commence with a Directors’ Dialogue, followed by four thought-provoking sessions addressing the critical issues shaping the future of corporate boards, before concluding with an engaging fireside chat.

The event will feature a distinguished line-up of speakers, including University of Leicester President and Vice-Chancellor Prof. Sir Nishan Canagarajah, Chaudhary Group Chairman and President Dr. Binod Chaudhary, HSBC India Independent Non-Executive Director and former J.P. Morgan India Chairperson and ICICI Bank Joint Managing Director Kalpana Morparia, Universal Sportsbiz Pvt. Ltd. Founder and CEO Anjana Reddy, and National Savings Bank Chairman and Tokyo Cement Chairman Dr. Harsha Cabral, PC.

Daily FT is the Summit’s print media partner.

President reviews prison reforms, expansion plans amid mounting system challenges

President Anura Kumara Dissanayake this week chaired a high-level meeting to review the challenges confronting the country’s prison system and discuss measures required to strengthen prison administration and infrastructure.

Held at the Presidential Secretariat, the meeting brought together officials from the Justice and National Integration Ministry and the Department of Prisons to deliberate on a range of issues affecting the country’s correctional system.

During the discussion, President Dissanayake reviewed in detail the proposals and recommendations presented by officials on addressing the operational and structural challenges facing the prison system.

The meeting also focused on plans to expand prison facilities and examined alternative measures that could be adopted to ease pressure on existing prisons and improve the overall management of the correctional system.

The discussion comes as the Government has intensified attention on prison administration following recent concerns over conditions, security, and capacity within the prison network.

Among those present were Justice and National Integration Minister Harshana Nanayakkara, Public Security and Parliamentary Affairs Minister Ananda Wijepala, Justice Ministry Secretary Ayesha Jinasena, Commissioner General of Prisons Prasad Hemantha Kumara, and senior officials of the Department of Prisons.

Lat Phrao pub fire death toll rises to 35, 56 venues shut

The death toll from the fire at the Rong Beer Na Ladprao pub has risen to 35 after another victim died in hospital, while Bangkok officials have ordered the temporary closure of 56 nightspots as part of a citywide safety crackdown launched in the wake of the July 12 tragedy.

The Erawan Emergency Medical Centre reported on Wednesday morning that a 23-year-old woman, identified as Thitichaya Krutwichit, died at Siriraj Hospital at 2.20am. It said 21 injured victims remain in hospital, including 12 in intensive care units and nine in general wards.

The announcement came as Bangkok Governor Chadchart Sittipunt outlined intensified inspections of entertainment venues across the capital, saying authorities had already suspended operations at dozens of establishments with safety deficiencies.

217 venues pass checks, 56 shut

Mr Chadchart said the Bangkok Metropolitan Administration (BMA), in cooperation with the Royal Thai Police and other agencies, had reviewed safety regulations following the fatal blaze and introduced a new 17-point safety checklist for entertainment venues.

The city is also using powers under the Public Health Act alongside other relevant laws to strengthen safety standards.

Bangkok has 1,091 establishments under its supervision that are classified as, or operate similarly to, entertainment venues. Over the past three days, officials have inspected 824.

Of those inspected, 217 met safety standards, 551 were ordered to make improvements, and 56 were instructed to temporarily suspend operations due to safety shortcomings.

Mr Chadchart said operators would be allowed to correct minor safety deficiencies before reopening. However, venues found to pose serious safety risks would be ordered to close immediately.

The inspections will continue over the next two months, with authorities conducting follow-up checks to ensure compliance.

Venue operators will also be required to provide certification from engineers or qualified specialists for issues that cannot be verified through visual inspection, such as internal electrical systems and insulation or soundproofing materials, to confirm that they meet safety standards.

Inspections expand to assembly buildings

Mr Chadchart said residents had submitted 27 complaints about safety issues at entertainment venues through the Traffy Fondue reporting platform and officials were working to investigate the reports as quickly as possible.

The BMA will also invite all venue operators to attend briefing sessions this weekend on the new safety checklist to ensure a common understanding of the requirements and to reinforce responsibility for customer safety.

Authorities are expanding inspections beyond entertainment venues to include buildings classified under the law as public assembly structures or performance venues, a category that covers about 14,000 sites across Bangkok, including boxing stadiums.

According to the Bangkok governor, the inspections will focus on compliance with building safety regulations, including mandatory annual inspections and comprehensive structural reviews every five years by independent building inspectors.

UNITED STATES-Tribute paid to Trinidadian-American soldier killed in Iranian missile strike

New York Governor Kathy Hochul and New York City Mayor Zohran Mamdani have joined legislators in paying tribute to Trinidadian-American soldier d, who was killed in an Iranian missile strike last week.

Sgt. Rampersad was originally from the Ozone Park neighbourhood of Queens, New York. Her parents, Basdeo and Carol Rampersad, are originally from Trinidad and Tobago.

‘Today, New York mourns the loss of one of our own, Sgt. Angel S. Rampersad of Ozone Park, who is believed to have been killed in action while serving our nation on July 17,’ Hochul said, adding ‘my heart is with her family, loved ones and the soldiers who stood beside her as they grieve this unimaginable loss.

She said Sgt. Rampersad lived a life of ‘courage and selflessness’ and ‘New York and our nation are safer because of brave Americans like her who answer the call to serve.

‘May we honour her memory, remember her sacrifice and keep all who loved her in our prayers,’ she added.

Mamdani said Sgt. Rampersad was killed at a military base in Jordan ‘while serving our country’ and that her ‘courage and sacrifice will be remembered not just in Queens, but across all five boroughs.

‘My deepest condolences are with her family, loved ones, and all those grieving this profound loss. For so many New Yorkers, wars overseas are never distant-they are felt here at home. The sacrifices made by service members and their families are a constant reminder of this,’ Mamdani said, adding ‘we are forever grateful for their service and will work every day to honour it’.

New York City Council Speaker Julie Menin and Council Member Joann Ariola said in a joint statement that ‘our city mourns the presumed loss of Sgt. Angel Sarah Rampersad, an Ozone Park resident who died this past weekend in Jordan serving her country.

‘Our thoughts and prayers are with her family and friends as they grieve the loss of their beloved. As this conflict continues in the Middle East, we pray that all our service members remain safe and return home to their families.’

New York State Assemblywoman Jennifer Rajkumar, representative for the 38th Assembly District, which encompasses Ozone Park, described Sgt. Rampersad as an ‘American hero’.

She told the Caribbean Media Corporation (CMC) that Sgt. Rampersad, 28, was serving at Muwaffaq Salti Air Base in Jordan, when it came under enemy attack.

‘She answered America’s call with courage, selflessness, and an unwavering commitment to defending our nation and the freedoms we hold dear. Sgt. Rampersad embodied the very best of the United States Army and of our country.

‘She served far from home, stood in harm’s way, and carried out her duty with honour. Her service and sacrifice will never be forgotten by Ozone Park, Queens, New York City, or a grateful nation.

‘We have a sacred obligation to honor those who wear our nation’s uniform and the families who serve and sacrifice alongside them,’ Rajkumar said, adding ‘as a member of the New York State Assembly Committee on Veterans’ Affairs, my commitment is to honor the courage and sacrifice of those who serve and stand with the families who bear that sacrifice alongside them.

‘I stand shoulder to shoulder with her family, especially her parents, Basdeo and Carol, and with all who love her during this unimaginable loss,’ she said.

The Pentagon announced on Tuesday that Sgt. Rampersad ‘is believed to have been killed in action on July 17, 2026, during an enemy attack at Muwaffaq Salti Air Base, Jordan.

‘The incident is under investigation. US Central Command previously announced this soldier as missing. The soldier status was updated to a Duty Status-Whereabouts Unknown and is believed to be deceased.’

Duplicate tech costing govt ?40 billion yearly-DICT

THE government stands to save as much as P40 billion annually by eliminating duplicated technology spending across agencies, a windfall from its e-governance push that will also bankroll a fund to tap local start-ups next year.

In an interview on Wednesday, Undersecretary for E-Government David Almirol of the Department of Information and Communications Technology (DICT) said government agencies requested more than P200 billion for information and communications technology (ICT) projects for 2025 alone, much of it overlapping.

‘When we looked at it, there was so much duplication, so many redundancies, so many repetitions. So, if you put governance to it, we estimate we can save around P30 billion to P40 billion from that,’ he said on the sidelines of the eGov Hackathon event in Taguig.

Almirol cited human resources payroll systems and asset management platforms that individual agencies seek to build separately – each easily costing hundreds of millions of pesos – when a single shared system could serve all of them for free.

Bulk procurement of blockchain and artificial intelligence (AI) subscriptions could also yield bigger discounts, he added.

The DICT has, likewise, decommissioned 60 percent of cloud services in e-government since 2023 after finding that many servers were being paid for but left unused, cutting costs further.

He explained that the savings are being generated under Republic Act 12054, or the E-Governance Act, which mandates the streamlining of government digital processes and bars agencies from duplicating systems.

Almirol said the agency will allocate at least P100 million next year to engage start-ups as systems integrators, developers, or research and development (RandD) partners-not as investment recipients.

‘They’ve already built a lot of things. Why repeat them?’ he said. ‘Instead of engaging foreign entities that are very expensive, Filipinos are more than capable of doing it.’

The engagement will draw from a pool of 137 startups, spanning education technology, financial technology, agriculture technology, health technology, peace and order applications, and automation tools for local government units.

Priority will likely go to start-ups with integration capabilities, Almirol said, as the eGov PH super app now has some 1,300 government systems integrated, with more in the pipeline.

The engagement will also cover cybersecurity, including white-hat hackers who can help secure the platform.

Almirol acknowledged continued pushback from some agencies and local governments hesitant to integrate, which he attributed to vested interests threatened by the cost reductions.

‘Big savings mean smaller business for some,’ he said. ‘The government is not a business; we’re here to help. At the end of the day, it’s taxpayers’ money being used in government.’

Treasury to table payslip tax cuts in September

The National Treasury will table legislation in September to reduce payroll taxes, bowing to growing public pressure over shrinking pay slips following a series of mandatory deductions, including the 1.5 percent Affordable Housing Levy and contributions to the Social Health Insurance Fund (SHIF).

Treasury Cabinet Secretary John Mbadi said the proposed reforms were left out of the Finance Bill, 2026, because public participation generated wider proposals than the government’s initial plan to raise the tax-free income threshold from Sh24,000 to Sh30,000.

Instead, the Treasury will consolidate the proposals into a separate Tax Amendments Bill expected to be introduced in September, less than a year before the August 2027 General Election.

“I know that the concerns have been on pay slips. Next month, I am embarking on public engagement on how to reduce the tax burden on pay slips,” Mr Mbadi said on Wednesday.

“We proposed one option, but we also received proposals including reducing PAYE by five percentage points across the board. By the end of August, we want to consolidate all the suggestions and, with the agreement of President Ruto, introduce legislation in September so that Kenyans get some relief on their pay slips.”

The announcement marks a significant policy shift after the Treasury had repeatedly resisted cutting Pay As You Earn (PAYE) taxes, arguing the move would reduce government revenue by about Sh35 billion annually.

Parliament has also piled pressure on the Treasury to overhaul the PAYE system.

During consideration of the Finance Bill, 2026, the National Assembly’s Finance and National Planning Committee recommended raising monthly personal tax relief from Sh2,400 to Sh3,000 while reviewing all income tax bands to ease the burden on salaried workers.

Committee chairperson Kuria Kimani said deductions for SHIF and the Affordable Housing Levy had significantly increased the tax burden on employees.

“The committee recommends that the National Treasury overhauls all the tax bands. The Treasury has the necessary data and analytical tools to undertake a comprehensive review,” he said.

The proposal received broad support during public participation from organisations including the Institute of Certified Public Accountants of Kenya (ICPAK), the Kenya Bankers Association (KBA), Deloitte, the Law Society of Kenya (LSK) and Grant Thornton.

The stakeholders proposed reducing the entry tax rate to 10 per cent on the first Sh30,000 of monthly income, 15 percent on the next Sh30,000 and capping the highest rate at 30 per cent for monthly earnings above Sh500,000.

Currently, Kenya’s PAYE structure has five tax bands, with the highest rate of 35 per cent applying to monthly incomes exceeding Sh800,000.

ICPAK argued that the existing tax bands are too narrow, exposing relatively low-income earners to higher tax rates sooner than intended.

“The current PAYE bands are narrow, meaning higher tax rates apply at relatively lower income levels. This places an unfair burden on lower-income earners,” the institute said.

The Treasury’s earlier reluctance to reduce PAYE stemmed from concerns over revenue losses at a time when government finances have come under pressure from global economic shocks.

Court stops EFCC from ‘speculative investigation’ of Oyo finances

A Federal High Court sitting in Ibadan, Oyo State, on Wednesday, 22 July 2026, restrained the Economic and Financial Crimes Commission (EFCC) from proceeding with its planned investigation into the finances of the Oyo State Government, describing the exercise as speculative.

Delivering judgment in suit FHC/IB/CS/61/2025, filed by the Oyo State Government, Justice Nkeonye Maha acknowledged the EFCC’s statutory powers to investigate financial infractions and crimes but emphasised that such powers must be exercised strictly in line with the Constitution and the Rule of Law.

According to the judge, the EFCC’s proposed investigation into Oyo State’s finances, particularly the demands contained in its letter of 2 June 2025, was speculative and amounted to a fishing expedition. His Lordship noted that the constitutional rights of the plaintiffs to fair-hearing could not be trampled upon under the guise of investigation.

The Oyo State Government instituted the suit after receiving the EFCC’s letter to the state accountant general on 2 June 2025, demanding, among other things, copies of all contracts involving the state and details of all transactions and payments made to contractors from 2021 to the date of the letter.

The government subsequently wrote to the EFCC, requesting the commission to specify the contractors or companies under investigation so that appropriate documents could be provided. When the EFCC failed to respond, the state filed the suit.

The plaintiffs (Governor of Oyo State, Attorney General of Oyo State and Accountant General of Oyo State) argued through their counsel, led by Abiodun Aikomo, the Attorney General, that the EFCC’s request, covering several years, was oppressive, unduly burdensome, and unreasonable given the volume of contracts entered into during the period.

They further contended that EFCC’s statutory powers are subject to constitutional limits and cannot override constitutional provisions. Investigations, they maintained, must be evidence-driven, and the EFCC cannot embark on roving inquiries without specific allegations.

In defence, EFCC counsel I.G. Ojibor, leading S. Adamu, relied on Section 38 of the EFCC Act (2004), which empowers the Commission to demand and receive information from any person, authority, corporation, or company without hindrance.

He argued that this provision entitled the EFCC to conduct a blanket investigation into the state’s finances.

In conclusion, Justice Maha ruled in favour of the Oyo State Government, set aside the EFCC’s letter dated 2 June 2025, and declared that any request by the Commission must be reasonable and tied to specific allegations.

His Lordship emphasised that Section 38 of the EFCC Act empowers the Commission to demand information only for the investigation of offences under the Act, not for speculative or roving enquiries.

MOU for natural gas sale to Egypt from ‘Aphrodite’ signed, says NewMed Energy

All signatures were obtained on 22 July 2026 for the Memorandum of Understanding (MOU) regarding the sale to the Egyptian Natural Gas Holding Company (EGAS) of the total natural gas quantities recoverable from the Aphrodite Reservoir, located in Block 12 of the Cypriot EEZ, NewMed Energy Management Ltd announced on Wednesday.

In a statement issued via the Tel Aviv Stock Exchange, which is also addressed to the Israeli Securities Authority, NewMed Energy states that the MoU was signed by the field’s partners, the Cyprus Hydrocarbons Company and the Egyptian EGAS.

It is added that the signing of the Host Government Agreement (Host Government Agreement – HGA) concerning the development of a system off the coast of Egypt for the transmission of natural gas from ‘Aphrodite’ to Egypt is expected to be finalised with the Egyptian Government in the coming weeks.

It is further noted that the parties to the MOU are negotiating a binding agreement for the supply of natural gas from the Aphrodite Reservoir to EGAS.

The statement also sets out the shareholdings of each partner in ‘Aphrodite’, with 35% for Chevron Cyprus Limited, 35% for BG Cyprus Limited, and 30% for NewMed Energy.

Marcoleta pleads not guilty to plunder charge

EMBATTLED Sen. Rodante Marcoleta has pleaded not guilty before the Sandiganbayan to the charge of plunder and violation of Presidential Decree 46 which prohibits public officials from receiving gifts.

Marcoleta, through his lawyer Rodolfo Sabulao, pushed for the arraignment of the senator after moving for the withdrawal of his motion to quash the information in order to expedite the proceedings of his case.

Associate Justice Karl Miranda, chairperson of the antigraft court’s Third Division, asked Marcoleta if he consented to the withdrawal of his motion which the latter confirmed and that he arrived at the decision ‘without forced or intimidation.’

The senator also said that his move was thoroughly discussed with the counsels of his co-accused.

Marcoleta was arraigned alongside his co-accused, businessman Joseph Espiritu, who pleaded not guilty for violation of PD 46, which also prohibits private individuals from offering gifts to government officials.

Espiritu and other accused namely former lawmaker Michael Defensor and Aristotle Viray had previously entered not guilty pleas for plunder.

All the accused are currently detained at the Quezon City Jail Male Dormitory in Payatas.

The Sandiganbayan set the pretrial for the charge on August 10, 2026.

The plunder and violation of PD 46 charges stemmed from Marcoleta’s admission that he received campaign contributions from Defensor, Espiritu and Viray in the amount of P30 million, P25 million and P20 million, respectively, on various dates last January 2025.

However, the Ombudsman noted that Marcoleta failed to declare the amount in the statement of Contributions and Expenditures (Soce) that he submitted to the Commission on Elections or in his Statement of Assets, Liabilities and Networth (SALN) that he filed when he assumed office, which is tantamount to ‘unjust enrichment.’

Anambra LG Poll: Councillors sue Soludo, state assembly over two-year tenure

Fifty-six serving ward councillors in Anambra state have sued Governor Chukwuma Soludo’s administration to court over the controversial two-year tenure for elected local government officials.

The councillors, in Suit No. A/261/2026 filed before the Anambra State High Court in Awka, are asking the court to declare the law limiting their tenure to two years unconstitutional and to grant them a full four-year term.

Joined in the suit as defendants are the Attorney General of Anambra State, the Anambra State House of Assembly and the Anambra State Independent Electoral Commission (ANSIEC).

The lawmakers are challenging Section 110(A) of the Anambra State Electoral (Amendment No. 3) Law, 2024, arguing that it violates Section 7(1) of the 1999 Constitution, which guarantees a democratically elected local government system.

According to the plaintiffs, the Constitution envisages a secure and stable tenure for elected local government officials and does not permit state authorities to cut short their mandate arbitrarily.

They are asking the court to strike down the controversial section of the state electoral law, describing it as unconstitutional, null and void.

The councillors also want the court to declare that all democratically elected local government chairmen, vice chairmen and councillors in Anambra state are entitled to a uniform four-year tenure, similar to elected officials at the federal and state levels.

In addition, they are seeking a perpetual injunction restraining the state government from dissolving or interfering with their tenure after two years.

They also want the court to stop ANSIEC from publishing any election timetable or conducting fresh local government elections until their alleged four-year mandate expires.

The legal action comes barely one month before the scheduled local government elections in Anambra, setting the stage for what could become a landmark constitutional battle over the tenure of elected council officials.

The State House of Assembly had, in 2024, amended the state’s electoral law to fix the tenure of local government chairmen, deputy chairmen and councillors at two years, a provision now being fiercely challenged in court by the affected councillors.