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LB Finance tops K Seeds Investments’ 1Q Finance Sector Ranking

K Seeds Investments has identified LB Finance PLC as the best performing Finance Company under the 1st category among the 29 listed finance companies in Sri Lanka through a ranking carried out based on financial performance for the first quarter of 2026/27.

The report segregates the finance companies based on the size of their asset base and ranks them in their respective categories among their peers based on ten financial metrics, which are calculated from the quarterly financial statements. LB Finance PLC topped the overall spectrum by belonging to ‘Category 1’ (asset base > Rs. 100 billion).

The categories 2, 3 and 4 represent the companies having an asset base between

Rs. 50 to 100 billion, 20 to 50 billion and less than 20 billion respectively.

During the first quarter of the 2026/27 financial year (1 April 2026 – 30 June 2026), the performance of finance companies in Sri Lanka was shaped by the deepening and prolongation of the external shock that had first emerged towards the close of the preceding quarter.

GDP growth had accelerated to 5.1% in the January-March 2026 quarter, up from 4.8% previously, and the economy carried this momentum into April. However, the 2026 Iran war, which had broken out on 28 February 2026, did not de-escalate as initially hoped.

A ceasefire proved to be, in the words of market commentary, ‘relief, not resolution’: shipping through the Strait of Hormuz remained a fraction of pre-conflict levels, renewed US airstrikes on Iranian targets followed in early May, and a mediated memorandum of understanding aimed at a formal resolution was only announced in mid-June, with the conflict still not formally settled by quarter-end.

The continuation of the conflict kept global oil prices elevated and pushed Sri Lanka, which imports virtually all its fuel, into its most acute energy strain since the 2022 crisis. Domestic fuel prices were revised sharply upward through the quarter – by roughly 47% cumulatively by end-June – while a Government-mandated four-day working week for State institutions, introduced in mid-March to conserve fuel, remained in force through April and May. The sole domestic refinery at Sapugaskanda faced intermittent closure risk in June as crude stocks ran low. The Sri Lankan rupee came under sustained depreciation pressure, tumbling roughly 8.7% from its pre-conflict level and trading near Rs. 334 to the US dollar by late May, compounding the cost of imported fuel.

Faced with accelerating inflation and a weakening currency, the Central Bank of Sri Lanka (CBSL) reversed its earlier accommodative stance, raising the Overnight Policy Rate by a larger-than-expected 100 basis points to 8.75% on 26 May 2026 – its first monetary tightening in three years and the sharpest single hike since the depths of the 2022/23 crisis. Colombo headline inflation (CCPI, year-on-year), which had stood at just 2.2% in March, accelerated markedly through the quarter to reach 6.8% in June – a three-year high and close to the upper bound of the Central Bank’s target band – driven by the pass-through of higher energy costs into both food and non-food prices. Economic growth momentum weakened correspondingly: industrial production activity slowed sharply in April and May, services output contracted in April before partially recovering in May and June, and private-sector forecasters revised down full-year 2026 growth expectations, with some analysts cutting projections toward 3.0% from an earlier 4.2%.

For finance companies, this combination of a sharply higher policy rate, accelerating inflation, a weaker rupee and persistently elevated fuel and living costs represented a materially more demanding operating environment than in the preceding quarter. Higher borrowing costs raised the cost of funding and tested the repayment capacity of leasing, vehicle-financing and personal-loan customers, while margins came under renewed pressure from intensifying competition in the lending market. Nonetheless, having entered the quarter on the back of a strong domestic recovery and improved asset quality built up over the prior year, finance companies as a whole continued to demonstrate resilience through the April-June 2026 period, even as the operating backdrop deteriorated markedly in the closing weeks.

It was against this considerably more challenging backdrop that LB Finance PLC once again stood out.

Despite the prolongation of the Iran war, a 100-basis-point policy rate hike, a three-year-high inflation print and continued rupee depreciation over the quarter, the company delivered the strongest overall performance in Category 1, securing the top rank across the ten equally weighted KPIs. Its ability to outperform its peers under these intensified conditions underscores the resilience of its balance sheet and the strength of its lending franchise, and it is this result that places LB Finance PLC at the top of the latest of the series of ranking reports released by K Seeds Investments on the finance sector of Sri Lanka.

The report ranks the finance companies according to their financial results released through interim reports on the Colombo Stock Exchange across ten key performance indicators (KPIs) – cost to income ratio, net profit margin, impairment to loan book, return on equity, return on assets, net interest margin, credit to deposits, operating leverage, net profit growth and loan growth.

These ten KPIs are weighted equally and an overall ranking is arrived at, based on the aggregate score for each category.

HMOs’ revenue rises 42.3% to ?2.093B in first semester

THE health maintenance organization (HMO) industry remained profitable in the first half of 2026, as total revenues grew by a fifth on higher membership fee collections.

Latest data from the Insurance Commission (IC) showed that the HMO sector’s first-half net income grew by 42.29 percent to P2.093 billion from P1.471 billion in the same period a year ago.

The increase came after revenues rose by 19.99 percent year-on-year to P56.432 billion from P45.561 billion.

Membership fees, which accounted for P54.818 billion of industry revenues, jumped by 19.71 percent from P45.792 billion a year earlier.

Meanwhile, HMOs paid P41.227 billion in benefits and claims during the six-month period, also up by 13.62 percent from P36.285 billion a year earlier.

Total expenses likewise increased by 19.27 percent to P54.338 billion from P45.561 billion in the same period last year.

‘This reflects an increased utilization of health care services and the HMOs’ continued commitment to providing benefits to their members,’ the IC said.

IC data showed that all other key indicators improved in the first half compared to a year ago.

Total assets of the industry grew by 18.75 percent year-on-year to P99.640 billion from P83.910 billion.

HMOs’ invested assets, which comprised 27.26 percent of the industry’s total assets, likewise expanded by 49.02 percent to P27.165 billion in the first half from P18.229 billion a year earlier.

Total liabilities of the industry also climbed by 15.77 percent year-on-year to P83.646 billion from P72.249 billion.

The IC said the industry’s performance demonstrated its financial resilience and capacity to meet its obligations.

‘[The Commission] remains committed to supporting its continued development to better respond to the increasing demand for healthcare services,’ it added.

Israeli opposition blames Netanyahu for growing international isolation over West Bank settlements

Israeli opposition politicians have accused Prime Minister Benjamin Netanyahu’s government of pushing Israel into unprecedented international isolation following the United Kingdom’s decision to impose sanctions related to illegal Israeli settlements in the occupied West Bank.

Former Prime Minister Yair Lapid described the British measures as ‘wrong’ but directed his strongest criticism at Netanyahu’s government, accusing it of leading Israel ‘into unprecedented diplomatic isolation.’

According to Lapid, the government was responding to international pressure with little more than ‘rebukes and threats that no one takes seriously.’

Gilad Kariv, a Knesset member from the left-wing Democrats party, similarly blamed Israel’s far-right coalition for the British sanctions, citing the government’s policies concerning Palestinian land in the occupied West Bank.

Kariv said Netanyahu’s government was steering Israel toward ‘international isolation’ and described the prime minister as politically ‘leprous’ on the international stage.

‘The citizens of Israel must not pay the price for his corrupt alliance with the nationalist fanatics,’ Kariv wrote on X, referring to Netanyahu’s far-right coalition.

Former attorney-general backs UK measures

Michael Ben-Yair, a former Israeli attorney-general, went further by welcoming the British measures, despite saying that he did not support punitive action being taken by one of Israel’s allies.

Writing in the Financial Times, Ben-Yair argued that such measures were necessary to preserve the possibility of a political solution capable of providing ‘peace and security for the seven million Jews and seven million Palestinians living between the Mediterranean Sea and the Jordan River.’

Ben-Yair said the distinction between Israel itself and its occupation of Palestinian territory was crucial. He argued that Israel’s legitimacy as a state should be distinguished from the occupation, which he described as ‘morally, politically and legally unacceptable.’

MMPC recognized as Top 3 Importers by Bureau of Customs Port of Batangas

Mitsubishi Motors Philippines Corporation (MMPC) was recognized as one of the Top 3 Importers for the First Half of 2026 by the Bureau of Customs (BOC) Port of Batangas during its 69th Founding Anniversary and 2026 First Half Performance Review held in August 2026 at the Sotogrande Hotel and Convention Center in Batangas.

MMPC received a Plaque of Appreciation for contributing approximately PhP 9.052 billion in revenues, representing more than 6.3% of the BOC Port of Batangas’ total collections from January to July 2026. The recognition highlights MMPC’s continued patronage of the Port of Batangas and its contribution to trade and economic activity in the CALABARZON region.

With the theme ‘Marangal na Paglilingkod, Makabagong Sistema, Tapat na Aduana,’ the event brought together government officials, industry partners, importers, exporters, port operators, and other stakeholders to recognize their contributions to the region’s trade and economic development.

With the participation of BOC Asec. Charlie Bathan and BOC Batangas District Collector Carmelita Talusan, the event reaffirmed the Bureau’s commitment to its core values and its continuing mission to promote efficient, transparent, and modern customs services.

Representing MMPC in receiving the award were Logistics Vice President Jemabel Boncajes, Logistics Assistant Vice President Jesus Cacapit, and Logistics Staff Jamela Nas.

The recognition reflects MMPC’s commitment to maintaining strong partnerships with government agencies and industry stakeholders while supporting sustainable trade operations in the country and contributing to the growth and advancement of the Philippine automotive industry.

Telecel Steps Up Network Expansion

Telecel Ghana has recorded significant growth in the utilisation of its services, with its subscriber base also continuing to expand.

The telecommunications company is, therefore, undertaking a major nationwide network upgrade and expansion programme to improve internet speeds, reduce congestion and enhance overall service quality.

The Director of External Affairs at Telecel Ghana, Komla Buami, who disclosed this, said the company had significantly increased its investment in the business in response to growing demand for its services.

He was speaking to journalists during a media soiree organised by Telecel for journalists in the Western and Central Regions.

Mr. Buami said the company’s investment in its operations this year was significantly higher than in previous years.

‘The amount of money we have invested in our business this year is much more than what we have done in previous years,’ he said.

He added that the company’s investment in network infrastructure had contributed to an increase in subscriber numbers and supported growth in its operations.

Mr. Buami also said Telecel had retained the jobs of employees of Vodafone Ghana following the transition to the new brand.

‘When Telecel took over from Vodafone, there had not been any job losses. Telecel has kept the jobs of everybody who was in Vodafone,’ he said.

He explained that network expansion and upgrades remained a key priority, particularly in extending quality connectivity to consumers in underserved communities and the hinterland.

Mr. Buami, however, expressed concern over the persistent cutting of fibre-optic cables, which he said continued to adversely affect Telecel’s network and operations.

‘One of the critical things we have noticed is fibre cuts within our network,’ he said.

He commended the government’s efforts to improve the country’s road network but said road expansion projects had also contributed to an increase in damage to fibre-optic infrastructure.

‘We are seeing an increasing number of fibre cuts daily, and this is causing lots of issues,’ he said.

He called for greater care during road and other infrastructure projects to protect critical telecommunications infrastructure and minimise disruptions to customers.

The Executive Head for the Western and Central regions of Telecel, Samuel Gbadago, called for a stronger partnership between the company and the media to promote accurate, balanced and informed reporting on developments in the telecommunications sector.

The Head of Sustainability and Corporate Social Responsibility at Telecel, Rita Rockson, also took the journalists through the company’s history, from its beginnings as PandT and Ghana Telecom, through One Touch and Vodafone, to its current identity as Telecel.

She also highlighted Telecel’s contributions to the growth and development of the country’s telecommunications sector.

SMART/MVPSF Philippine jins to strut stuff at World Poomsae Championships

Two Asian Games-bound taekwondo jins get the chance to further harness their skills and routines when they compete at the 2026 World Poomsae Taekwondo Championships from September 16-20 in Chuncheon, South Korea.

Philippine Taekwondo Association Grandmaster Sung-Chon Hong is confident that the five-day event would give 22-year-old Jeus Gabriel Derick Yape and 18-year-old Juliana Mykhail Candelaria the vital exposure and knowledge before taking part in the continental showpiece.

Joining them are 40 others (21 males and 21 females) in the event that will bring together top athletes from around 75 countries, including South Korea, China, France, Spain, Iran, Turkiye, Germany, Chinese Taipei and the United States.

Backing the participation of the SMART/MVP Sports Foundation Philippine squad are Philippine Sports Commission, the Philippine Olympic Committee and Milo.

The squad will be competing in the senior, junior and cadet divisions.

Also seeing action in the senior men are Hangzhou Games bronze medal winner Patrick King Perez, Ian Matthew Corton, Joaquin Dominic Tuzon, King Nash Alcairo, Darius Venerable, Justin Kobe Macario, Rodolfo Reyes, Jr., Jay-R Casas, Ernesto Guzman Jr. and June Ninobla.

Apart from Candelaria, also taking part in the senior women are Jocel Lyn Ninobla, Maria Nicole Anne Labayne, Sofia Ysabelle Sarmiento, Juvenile Faye Crisostomo, Janna Dominique Oliva, Zyka Angelica Santiago, Aidaine Krishia Laxa and Julianna Martha Uy.

In the junior male side are Caleb Angelo Calde, Marcus Jared Maquiraya, Alfonzo Gabriel Tormon, Adrian Joseph Gajasan, Jose Javier Mella, Aeden Roffer Cereno, Ashton Martin Losaria and Reijes Mcheil Landicho.

The junior women will be composed of Clarissa Louise Gallego, Austine Zulaika Macaraeg, Angel Lyn Dacanay, Eesha Ysabela Cunanan, Erica Jen Amora, Marielle Elaine Montecillo and Rhianne Jane Macabales, while making the Cadet Men are Xian Gabriel Gamata, Johann Gabriel Ventura and Damien Azlan Marcela.

In cadet women are Joniya Yua Ysabelle Obiacoro, Berenice Yuri Cupit, Jeianna Karrlyn Dela Cruz, and Jamella Jareau Crane Mabanglo.

Heading the delegation is Tem Igot Mella, while designated as coaches are Rani Ann Ortega and Jeordan Dominguez.

Sajith and Harshana clash over Commonwealth Lawyers Association

Opposition Leader Sajith Premadasa and Justice Minister Harshana Nanayakkara yesterday clashed in Parliament over the standing of the Commonwealth Lawyers Association (CLA).

This was after Premadasa cited concerns raised by CLA President Steven Thiru over Supreme Court proceedings on the proposed 22nd Amendment to the Constitution, warning that perceptions of eroding judicial independence could undermine investor confidence and foreign direct investment.

Nanayakkara said the CLA does not enjoy official status like the Commonwealth Secretariat, describing it as a private, membership-based organisation. ‘It is a club for fee-paying members,’ he said. He added that he was not suggesting the CLA was a ‘bad organisation’ and acknowledged it carries out constructive work.

Premadasa said the CLA was a statutory body, or ‘rajathanthrica’ (diplomatic/official body), acknowledged by Commonwealth member nations. The CLA’s own website, however, describes itself as an affiliate professional body with fee-paying members drawn from the Commonwealth’s legal fraternities.

On Thiru’s request for a meeting during his visit to Sri Lanka, Nanayakkara said the CLA’s Sri Lankan representative, Upul Jayasuriya, had sought the meeting and that he had agreed to it, but it could not take place as he was outside Colombo on the proposed date. Premadasa said Thiru had also sought a meeting with the Ministry Secretary and had not been granted one, and challenged the Government to bring a resolution declaring it does not recognise the CLA if that reflected its position.

Premadasa said some petitions filed against the 22nd Amendment had not been heard in open court, and that he had attempted to raise the matter earlier under parliamentary Standing Orders and Article 121 of the Constitution but had not been given the opportunity to fully present his concerns. He argued that all petitioners should be heard before the process is considered complete.

Turning to the economy, Premadasa said the Government requires substantial funding for infrastructure and transport projects and therefore needs stronger growth and higher FDI. ‘While building expressways, the country is also moving at express speed to destroy democracy,’ he said, warning that investors would be reluctant to enter a country lacking confidence in its democracy, judicial independence and rule of law.

Premadasa also criticised the Government’s proposed changes to public healthcare, referring to recent proposals to direct patients through a primary care or family doctor system rather than allowing them to visit major hospitals at their own discretion. He said President Anura Kumara Dissanayake had previously advocated strengthening healthcare as a fundamental right while in Opposition and argued the Government should instead address shortages of medicines, medical equipment and surgeries.

He further criticised the Government over welfare benefits, paddy prices and the rising cost of living, accusing it of failing to implement its election manifesto commitments.

Edo rejects plea to extend sale of alcohol in sachet

The Edo State Government has declined appeals by the United Beverages Dealers Association and Edo State Sachet Alcohol Beverages Distributors Association to extend the deadline for the sale of sachet gin to December 30, 2026.

It said the sachet alcohol dealers made the request following the expiration of the seven-day ultimatum given to them to remove the products from the market by September 7, 2026.

Chairman of the Management Committee of the Edo State Consumer Protection Committee, Osaro Iyamu, said he rejected the dealers’ request after an extensive meeting.

Iyamu said the committee instead opted to grant a two-week extension for dealers to return all sachet gin products in their custody to their manufacturers on or before September 20, 2026.

Iyamu, who spoke to journalists after meeting with the dealers, said full-scale enforcement and compliance operations would commence on September 21, 2026, across the 18 local government areas of Edo State.

According to him, ‘Representatives jointly requested an extension from September 7 to December 30, 2026, to enable them to sell off existing stock of sachet gin in their custody, citing various factors.’

‘After extensive deliberation and consultations, the Management Committee ruled that the committee remains committed to protecting the rights of consumers and promoting product standards in line with NAFDAC directives.’

‘Within this grace period, no dealer or individual is permitted to resell sachet gin products in their custody. Products must only be returned to producers. No person or group is permitted to harass dealers of sachet gin within the approved extension period.

‘Consumer safety remains our priority: protecting consumers, building trust and promoting standards.’

Omo-Agege condemns blockade of Obi’s visit to Yelwata

Former Deputy President of the Senate, Senator Ovie Omo-Agege, has described the reported obstruction of Nigeria Democratic Congress (NDC) Presidential Candidate Peter Obi’s visit to Yelwata in Benue State as ‘deeply troubling.’

In a statement, Omo-Agege said the incident represents a disturbing escalation in the politicisation of grief and public compassion.

Recall Obi had travelled to Yelwata to mourn with residents whose lives have been devastated by violence.

‘Peter Obi visited Yelwata to meet residents whose lives have been devastated by violence… He went to mourn with them, offer comfort and stand in solidarity with fellow Nigerians during an exceptionally difficult time,’ Omo-Agege stated.

‘Reports that his visit was met with organised hostility that prevented him from reaching the grieving community are unacceptable.’

The former lawmaker questioned the state of Nigeria’s politics, asking: ‘What kind of politics has Nigeria descended into when even mourning the dead requires political permission?’

He argued that preventing grieving families from receiving visitors has nothing to do with politics and everything to do with basic humanity.

‘There is nothing democratic about deploying individuals to confront a peaceful visit. And there is nothing consistent with our shared values about turning a community’s mourning into an occasion for intimidation,’ he said.

Omo-Agege stressed that Yelwata ‘has suffered enough’ and should not be subjected to political control over who can offer condolences.

He noted that even if the visit had been for campaign purposes, the Constitution guarantees freedom of movement and association.

‘This incident should concern every Nigerian, regardless of political affiliation,’ he warned.

‘Today, it is Peter Obi being prevented from visiting grieving Nigerians. Tomorrow, it could be another political leader, another community or another group of victims. Once intimidation becomes normalised as a tool of political control, no one is safe.’

The NDC 2027 Delta Central Senatorial candidate called on authorities to launch a ‘thorough and transparent investigation’ into the obstruction. He demanded answers on who organised, mobilised, financed and issued instructions for the act, and what role security agencies played.

‘There must be no cover-up, political protection or convenient silence,’ Omo-Agege said.

‘The Nigerian people deserve to know who considered it acceptable to place intimidation between a grieving community and someone who came to mourn with them.’

He further stated that Yelwata’s tragedy ‘is not the property of the APC, PDP, Labour Party or NDC,’ adding that ‘the dead belong to Nigeria, and their families belong to all of us.’

Omo-Agege condemned any attempt to use thuggery and political influence to obstruct acts of condolence, saying ‘Nigeria must not become a country where compassion is treated as a political crime.’

‘Politics will come and go. Elections will come and go. Politicians will come and go. But the dead will remain dead, and the families left behind will continue to live with their pain,’ he said.

‘At moments such as this, leadership demands humanity. Life comes first. Human dignity comes first. Compassion comes first. Always.’

He concluded with prayers for the souls of the departed and for God to ‘save Nigeria from the politics of hatred, intimidation and impunity.’

Lagos records 53 suspected Diphtheria cases, six confirmed

Lagos State has recorded 53 suspected cases of diphtheria in 2026, including six laboratory-confirmed cases.

The state government, however, assured residents yesterday that there is no widespread outbreak of the disease in Lagos.

Commissioner for Health, Prof. Akin Abayomi, disclosed this yesterday at a press briefing on the state’s diphtheria preparedness and response held at the Conference Room, Folarin Coker Staff Clinic, Alausa, Ikeja.

Abayomi said all six confirmed cases were appropriately managed, and their contacts were traced and placed under observation during the incubation period.

He, however, urged Lagos residents not to panic, saying the state was strengthening surveillance and preparedness because of an ongoing diphtheria outbreak in several parts of the country and the continuous movement of people between Lagos and affected areas.

‘We are appealing to all Lagosians to remain calm. There is currently no diphtheria outbreak in Lagos. We are taking precautionary measures,’ he said.

The Commissioner said Lagos, because of its large population and high level of human movement, remained particularly vulnerable to the importation and spread of infectious diseases.

He said the state had intensified active disease surveillance, laboratory testing, contact tracing and follow-up of cases, while designated health facilities had been prepared to manage suspected infections and possible complications.

Diphtheria, he explained, is a bacterial respiratory infection caused by Corynebacterium diphtheriae, which can produce a toxin that damages vital organs, particularly the heart.

According to him, the disease can also cause swelling and formation of a thick white or greyish membrane in the throat, which may obstruct breathing.

He urged residents with a severe sore throat, fever, weakness, difficulty swallowing or breathing, neck swelling, or a white or greyish membrane at the back of the throat to seek medical attention promptly.

Abayomi particularly advised people who develop such symptoms after travelling to states affected by the outbreak or having contact with confirmed cases to report to a health facility rather than resorting to self-medication.

He identified immunisation as the most effective way to prevent diphtheria, urging parents and guardians to ensure children receive the complete three-dose pentavalent vaccination schedule at six, 10 and 14 weeks.

The Commissioner disclosed that Lagos currently has about 64 per cent full vaccination coverage, leaving some children partially vaccinated or completely unvaccinated.

He urged parents to check their children’s immunisation records and ensure they receive any outstanding doses.

Abayomi said more than 1,000 healthcare facilities across the public and private sectors provide routine immunisation services in Lagos, adding that vaccines are available free at government health facilities.

He listed Mainland Hospital, formerly Infectious Disease Hospital, Yaba; Massey Street Children’s Hospital, Lagos Island; Lagos University Teaching Hospital (LUTH); and Lagos State University Teaching Hospital (LASUTH) as designated facilities for managing suspected diphtheria cases.

The Commissioner also advised residents to observe basic respiratory hygiene by covering their mouths and noses when coughing or sneezing, washing their hands regularly and avoiding close contact with others when experiencing respiratory symptoms.

With schools expected to reopen soon, he said the Ministry was collaborating with the education sector to strengthen disease awareness and vaccination among schoolchildren.

He added that suspected cases identified in schools would trigger appropriate contact tracing and infection-control measures.

More importantly, we have to make sure that all our children are vaccinated.’

Permanent Secretary, Lagos State Ministry of Health, Dr. Dayo Lajide, also urged parents to ensure that their children are fully vaccinated, stressing that the media has an important role in communicating accurate information to the public. ‘More importantly, we have to make sure that all our children are vaccinated,’ she said.