Category: Daily Financial Times

The Government on Saturday issued an Extraordinary Gazette declaring a State of Public Emergency across the country.

In an Extraordinary Gazette published on 28 November under the Public Security Ordinance (Chapter 40), President Anura Kumara Dissanayake formalised a comprehensive set of emergency regulations titled Emergency (Miscellaneous Provisions and Powers) Regulations, No. 1 of 2025.

These regulations grant the authorities sweeping powers aimed at safeguarding national security, public order, and ensuring the delivery of essential services amid ongoing weather disaster conditions.

Under the new framework, the President may appoint by name or by office individuals or officials as ‘competent authorities’ to carry out various emergency functions, either for the entire country or for specified areas. This delegation can also be extended to Ministers or other authorised persons as needed.

A core feature of the regulations is the power to requisition private sector property, vehicles, and even personal services. If buildings or premises are required for relief work, for example, sheltering displaced persons or staging disaster-response operations, senior officers from the Tri Forces-Army, Navy, or Air Force-are authorised to take possession.

Residents or occupants can be evicted and access restricted to unauthorised persons. The law provides for forfeiture if premises are used in aid of prohibited acts or crimes under the emergency framework. Similarly, the authorities can requisition private vehicles if deemed necessary in the interest of national security, public order, or to maintain supplies and services essential to community life.

The regulations also enable mobilisation of human resources. The President can declare certain services ‘essential services,’ in which case individuals employed in those sectors may be required to work outside regular hours, even on holidays, and refusal without lawful excuse may result in termination of employment and criminal penalties.

To oversee and coordinate these operations, the regulations allow for appointment of a ‘Commissioner-General of Essential Services’ with authority to delegate duties to deputies or assistants. This office is responsible for executing and coordinating all activities related to the maintenance of essential services across the country or in designated parts.

Complementing that, a ‘Commissioner of Civil Security’ may be appointed to oversee civil security matters, supported by Deputy Commissioners and other competent authorities. Local level governance is also factored in and for each Divisional Secretary’s Division, an advisory committee composed of public servants and community-recognised persons must be formed to advise authorities on preserving public order and ensuring continuity of essential supplies and services.

Further, the regulations give broad powers of search, seizure, arrest, and detention without warrant for persons suspected of involvement in various offences under specified sections of the penal code, particularly offences related to violence, damage to property, or threats to public order. Armed forces personnel alongside Police are empowered to carry out such operations.

Legal protections are extended to actions taken in ‘good faith’ under these emergency regulations; no civil or criminal proceedings may be instituted against persons for acts done in good faith under this framework, except with prior special authorisation.

As the Government moves quickly to restore stability and provide essential services amid the severe weather-linked disasters and other risks the country currently faces, political analysts said the practical implementation of these powers will be the crucible for legitimacy, public trust, and accountability.

The Sri Lanka Navy rescued 157 people stranded by severe flooding in the Illuppukadavai and Settikulam areas of Mannar on 30 November.

HNB PLC has announced it as the Platinum sponsor and Official Banking partner for the first -ever IBSL National Banking and Finance Conference 2025 organised by the Institute of Bankers of Sri Lanka (IBSL), in Colombo from 1 and 2 December.

HNB Managing Director/CEO Damith Pallewatte said: ‘The National Banking and Finance Conference provides an essential platform to convene leading figures from Sri Lanka’s banking and finance sector to discuss the impact of digital transformation on banking services and the long-term financial stability of the country. At HNB, we recognise that the future of banking is defined by innovation, technology, and customer-centric solutions. Our role as platinum sponsor reflects our commitment to support the industry by driving digital maturity and financial resilience across Sri Lanka. By collaborating with industry leaders, we aim to shape a banking ecosystem that is progressive, sustainable, and inclusive for all.’

As the Platinum sponsor and Official Banking partner of this conference, HNB underlines its commitment to leading the industry through innovation and strategic thinking. The bank recognises that digital transformation will shape the future of banking services. HNB’s sponsorship underscores its belief that technology driven change must be matched by robust partnership and sound governance.

The National Banking and Finance Conference agenda includes a CEO Forum featuring chief executives of leading banks who will discuss innovation, customer experience, operational efficiency, and risk management in a rapidly evolving financial landscape. HNB’s platinum sponsorship ensures the bank will contribute to shaping policy and industry standards from the front. The conference offers a unique opportunity for HNB to exchange ideas with other top decision makers and to influence the direction of banking in the digital era.

HNB’s participation highlights its long-term vision of advancing financial inclusion across Sri Lanka while ensuring financial sustainability. The bank remains committed to providing digital services that are accessible, reliable, and secure, supporting a transformation within the financial sector that benefits both institutions and customers. By bringing together the country’s top decision makers, the National Banking and Finance Conference continues to serve as a vital platform for industry collaboration, knowledge sharing, and strategic dialogue. As Sri Lanka’s financial sector enters a new phase of digital maturity, this year’s discussions are poised to provide clarity and direction for the path ahead.

Opposition Leader Sajith Premadasa, together with several Samagi Jana Balawegaya (SJB) MPs, visited Kolonnawa yesterday to assist residents severely affected by flooding, distributing essential food and drinking water to impacted families.

Not for the first time this year have we seen Sri Lanka collapse from a strong position to hand to the opposition a T20I game on a platter.

What happened in the final of the T20 Tri-Series against Pakistan was unpardonable. One moment Sri Lanka were riding high at 81-1 at the halfway mark and looking towards setting Pakistan a challenging total to chase. But in the blink of an eye, they were all back in the dugout, dismissed for 114 without using up their entire quota of overs, losing eight wickets for 16 runs.

As long as Kamil Mishara and Kusal Mendis were in the middle, Sri Lanka’s hopes of getting to a decent total looked a possibility. But when Mendis fell for 14, bringing to an end a partnership of 64, the rest of the batting simply fell apart like a pack of cards. If not for Mishara’s half-century, Sri Lanka’s plight could have been even worse.

Prior to Saturday’s match, Sri Lanka had bounced back from the dead, so to say, by registering wins against Zimbabwe and Pakistan to earn the right to play in the final. A lot was expected from them, but the batting was simply not up to the task. This has been Sri Lanka’s Achilles’ heel for quite a long time and unless it is addressed properly, this type of batting is not going to help them at all during the T20 World Cup in spite of the fact that they will be playing all their group matches at home.

To say the least, the batsmen have been unfair on the bowlers by not putting up competitive totals on the board. There have been days when the batsmen have delivered and, on such occasions, Sri Lanka have more or less won, but the lack of consistency is the worrying factor.

Most of it is down to cricket sense. Not playing according to the situation and not thinking on their feet have been the bane of our T20I batting. After playing so much of cricket, if the batsmen are unable to do that, there is no point having such players in the team.

The pitch no doubt was not one that should have been given for a final. It offered a lot of turn for the spinners, but in the circumstances, Kamil Mishara batted brilliantly. The Pakistani spinners exploited it to the full. But after losing a couple of wickets, our batsmen, who have been reminded several times, should have adjusted the total according to the situation. But instead, they thought they could still get to 180-190 and went for the big shots and played into Pakistan’s hands.

It all boiled down to lack of cricket sense. If Sri Lanka had got to the 135 or 140 mark, they could easily have won because even the Pakistan batsmen struggled on that surface. They knew the wicket was bad and they took singles and twos and did not go for anything big, unless it was a rank bad ball.

The biggest joke is we are playing seven batters and are still unable to get a decent total on the board. Floating batsmen and trying to get a left-hand/right-hand combination going in the middle is not going to work. The batsman must be given a permanent batting slot to be comfortable with.

The criterion in T20I cricket is if you really want to win a World Cup, you’ve got to be a world-class fielding side. If a player cannot field – he can be the best bowler or the best batsman – but he has no place in the team. We have bowlers and batsmen who cannot field at all. Players like Nuwan Thushara, Kusal Perera, and Bhanuka Rajapaksa are liabilities on the field.

Perera and Rajapaksa, who are both in their mid-thirties, have been tried and tested and are still being persisted with despite the fact that their presence in the team is not winning matches. For too long, the selectors have been retaining these senior players on the assumption that the team needs experience. If that is the case, Sri Lanka should be winning matches with them, not losing.

It is high time the selectors took some bold decisions and discarded them for fresh legs like Kamil Mishara, Pavan Rathnayake, and Janith Liyanage and give these players a decent run in T20Is.

For the rest of 2025, Sri Lanka’s international matches are done and dusted. They have only a three-match T20I series against Pakistan and a similar series plus a three-match ODI series against England starting in January before they go into the T20 World Cup.

Sri Lanka should have started playing youngsters and grooming them for the T20 World Cup a year ago. By now, the players would have got the experience. Yet, it’s better to go into the T20 World Cup with a young team than losing with an experienced lot that has not served any purpose at all.

Prima Group Sri Lanka has pledged assistance valued at over Rs. 300 million, providing essential Prima food products to support communities affected by the recent floods across the island. This relief initiative is being coordinated through the Ministry of Defence to ensure the timely and effective distribution of aid to impacted families.

As part of this commitment, Prima Group Sri Lanka donated a significant stock of Prima dry rations to the Government of Sri Lanka on 30 November. The consignment will be distributed across multiple severely impacted districts. These supplies will support families facing disruptions to daily life, ensuring they receive assistance as recovery efforts continue.

The handover took place at the Ministry, where the donation was received by the Secretary of Defence, Air Vice Marshal Sampath Thuyacontha (Retired). Representing Prima Group Sri Lanka, Mr Sajith Gunaratne – General Manager of Ceylon Agro Industries Limited, and Mr Sanjeeva Perera – General Manager of Ceylon Grain Elevators PLC, officially presented the donation.

Prima Group has been standing with the people of Sri Lanka for over 40 years, and this donation reflects its broader commitment to the nation during challenging times. As relief operations continue across the island, the company remains focused on helping families rebuild their lives and supporting the ongoing recovery process in collaboration with the Government Authorities.

World champions South Africa humiliated woeful Wales by inflicting a record home defeat on their hosts with 73 points versus zero.

Fly-half Sacha Feinberg-Mngomezulu scored 28 points as the Springboks demolished Steve Tandy’s side with a dominant 11-try display. There were further tries from props Gerhard Steenekamp and Wilco Louw, wings Ethan Hooker and Canan Moodie, number eight Jasper Wiese, scrum-half Morne van den Berg, centre Andre Esterhuizen, and lock Ruan Nortje.

Replacement Eben Etzebeth also crossed before the lock was shown a 79th-minute red card for gouging Wales flanker Alex Mann.

Welsh rugby plumbed new depths at their own ground, eclipsing the 68-14 Six Nations defeat by England in March. It was the second worst defeat in Wales’ history behind the 96-13 hammering handed out by the Springboks in Pretoria in 1998.

It was the first time Wales have not scored a point in a home match since they lost 51-0 to France at a temporary Wembley base, also in 1998, while previously in 1967, Wales finished pointless in Cardiff when they lost to Ireland.

A group of foreign tourists who were stranded in the Nuwara Eliya area due to severe weather conditions were airlifted to safety on Saturday and brought to Colombo.

The rescue operation was carried out using Sri Lanka Air Force helicopters, which transported the group to the Colombo Port premises in the afternoon.

The rescued tourists included two German nationals, four South Africans, two British nationals, 11 Indians, and two Slovenians.

According to the Tourism Ministry, arrangements have been made to provide the rescued visitors with medical assistance, accommodation, and transport facilities as needed.

The Ministry also expressed deep appreciation for the swift support extended by the Defence Ministry, the Sri Lanka Air Force, and the health authorities in ensuring the safe evacuation of the tourists.

Asia Asset Finance PLC (AAF) has reported a remarkable performance for the six months ended 30 September 2025, with Profit Before Tax (PBT) increasing by 150% year-on-year (YoY) to Rs. 983.06 million, compared to Rs. 392.56 million a year earlier. This growth reflects stronger portfolio quality, efficient credit underwriting, and operational excellence.

Return on Equity (ROE) rose to 20.12%, outperforming the industry average of 15.2%,

Interest income rose by Rs. 1.2 billion, a 45% year-on-year increase, driven by strategic product diversification and tight cost control. The Net Interest Margin (NIM) improved to 11.01%, up from 9.16% in 2024, placing AAF near the industry average of 11.5% as of June 2025.

The company’s lending portfolio expanded to Rs. 36.7 billion from Rs. 24.4 billion, led primarily by the growth of its gold loan segment. Asset quality continued to strengthen, with the Non-Performing Loan (NPL) ratio improving to 9.39% from 16.13%, and the provision coverage ratio rising to 50.25% from 37.11%. These gains reflect AAF’s robust risk management and credit governance framework.

Maintaining one of the strongest and healthiest balance sheets, AAF reported a Core Capital Adequacy Ratio above 25%, exceeding the industry average of 20%, alongside a capital-to-deposit ratio of 19%. The Net Asset Value per share rose to Rs. 33.62 from Rs. 29.52 in 2024, reflecting improved profitability and shareholder returns. These figures underscore prudent capital management, financial resilience, and consistent regulatory compliance.

Reinforcing its island-wide presence, AAF expanded its branch network to 107 locations, up from 91 in September 2024. This expansion supports the company’s mission to enhance accessibility, strengthen regional service, and reach underbanked communities across Sri Lanka.

Asia Asset Finance CEO Rajiv Gunawardena said: ‘These results go beyond numbers; they reflect discipline, innovation, and the trust our customers place in us. At Asia Asset Finance, growth is not just financial; it’s about empowering people and delivering real impact. This achievement belongs to every team member who continues to drive excellence with purpose.’

Asia Asset Finance’s success is also rooted in its commitment to digital transformation. Through Lean-driven process improvements and advanced digital integrations, the company has enhanced efficiency, transparency, and turnaround times. Its LuckEwallet platform continues to expand access to digital payments and financial services, reflecting AAF’s evolution into a customer-first, future-ready institution.

Sri Lanka Cricket (SLC), under the direction of its President Shammi Silva and the Executive Committee, has taken the following measures to support the Government’s ongoing relief efforts in response to the extreme weather conditions that have caused immense hardship across the country.

RPICS, Colombo

The R. Premadasa International Cricket Stadium (RPICS) in Colombo was opened last Friday to accommodate members of the public who were displaced after their homes were submerged by floodwaters.

SLC has instructed the administrative staff of the RPICS to work closely with Government officials to ensure the smooth and efficient functioning of the relief centre.

Food distribution

SLC has also begun providing daily meal packets to support the relief efforts. The program, which commenced on Saturday, ensures that meal packs are handed over each day to the Government’s official relief distribution centres to assist affected communities.

Required support

In addition, the SLC President and Treasurer Sujeeva Godaliyadda met with Sports and Youth Affairs Minister Sunil Kumara Gamage and other Government officials involved in the relief operations to extend SLC’s full support to the ongoing relief program.

Sri Lanka National Team

The Sri Lanka National Team observed one minute’s silence on Saturday to honour the victims who lost their lives during the extreme weather conditions. The tribute took place prior to the final of the Tri-Series T20I final in Rawalpindi, with the Pakistan players also joining the observance.