Category: Daily Financial Times

The Colombo stock market yesterday closed marginally down after a volatile session driven by sharp selling pressure in early trading.

The benchmark ASPI closed down 0.09%, losing 21.80 points to 23,029.86 and the active S and P SL20 index ended 0.23% lower, down 14.96 points to 6,361.58.

Turnover was over Rs. 3.8 billion on nearly 125.41 shares traded. Foreign investors remained net sellers with a net outflow of Rs. 4.7 million.

First Capital Research said following the previous session’s trend, the Colombo Bourse opened yesterday on a weaker note, with the ASPI dipping during early trading before partially recovering in the latter half of the session. Despite the rebound, the index closed in negative territory.

Retail and HNW participation remained comparatively muted throughout the day. Notably, investor interest was elevated on JFP during its first day of trading. COMB, DIAL, DOCK, DFCC, and NDB were the major negative contributors to the index.

The Materials sector led market activity, accounting for 26% of total turnover, while the Capital Goods and Banking sectors collectively contributed 38%.

NDB Securities said the market decline was a result of price losses in counters such as Commercial Bank, Dialog Axiata and Colombo Dockyard.

High net worth and institutional investor participation was noted in CIC Holdings, Vallibel One and Hemas Holdings. Mixed interest was observed in John Keells Holdings, Sampath Bank and hSenid Business Solutions whilst retail interest was noted in JF Packaging Limited, Renuka Agri Foods and Browns Investments.

The Materials sector was the top contributor to the market turnover due to JF Packaging Limited and CIC Holdings while the sector index lost 0.44%. The share price of JF Packaging increased by Rs. 3.50 to close at Rs. 15.10 and CIC Holdings lost 40 cents to close at Rs. 33.

Capital Goods sector was the second highest contributor to the market turnover due to John Keells Holdings and Hayleys, with the sector index edging up 0.09%. The share price of John Keells Holdings moved up by 10 cents to Rs. 22.70 and Hayleys closed flat at Rs. 195.

hSenid Business Solutions was also included amongst the top turnover contributors with the share appreciating by Rs. 1.20 to close at Rs. 18.20.

Nippon Paint Lanka was recertified with the Eco-Label Sri Lanka recognition this year, reaffirming its commitment to delivering products that are safe for the environment and humans. The company became the first paint manufacturer in Sri Lanka to obtain the Eco-Label certification back in 2022.

Amid growing discussions on sustainability and environmentally responsible practices, Nippon Paint sought the Eco-label Sri Lanka to stand out from greenwashing. For the company, ecolabelling is not merely a certification but a milestone in its broader mission to achieve carbon neutrality by 2050.

Why Eco-Label Sri Lanka?

Among the various ecolabelling certifications in Sri Lanka, Nippon Paint Lanka chose the Eco-Label Sri Lanka certification administered by the National Cleaner Production Centre (NCPC) for its credibility, reliability, and global alignment. The NCPC is nationally and internationally accredited, recognised by the Sri Lanka Accreditation Board (SLAB) under ISO 17029, ISO 14065, and ISO 17024, and registered with both the Sri Lanka Sustainable Energy Authority (SLSEA) and Central Environmental Authority (CEA).

Launched in 2018 by the United Nations Environment Programme (UNEP) under the 10-Year Framework on Sustainable Consumption and Production, Eco-Label Sri Lanka supports the shift toward sustainable production practices. It gained global recognition in 2021 as a full member of the Global Ecolabelling Network (GEN), and in 2024, it received SLAB accreditation under ISO/IEC 17065:2012, while signing Mutual Recognition Agreements (MRAs) with global schemes such as Japan Eco Mark.

Nippon Paint Lanka valued the certification’s GEN affiliation, as GEN represents the world’s only network of Type I ecolabelling programmes that use rigorous, independent, lifecycle-based assessments, ensuring certified products have reduced environmental and social impact throughout their lifecycle.

By obtaining the Eco-Label Sri Lanka certification, Nippon Paint reinforces its commitment to sustainable manufacturing, responsible stewardship, and environmental accountability. This decision aligns with the company’s long-term sustainability strategy, prioritising the development of eco-friendly, low-emission coating solutions that promote healthier living environments. Through this certification, Nippon Paint ensures greater transparency, third-party validation of environmental performance, and compliance with global best practices in sustainability.

Being carbon-neutral by 2050

Nippon Paint Lanka is working towards achieving genuine sustainability that will benefit future generations. As part of its gradual mission to achieve carbon neutrality by 2050, Nippon Paint Lanka is focusing on several areas related to its carbon footprint and sustainable practices.

By 2026, the company aims to ensure that 30% of its packaging materials are recyclable. This includes shifting certain products to tins made from recycled tin sheets, which can in turn be recycled again.

The procurement team is also in discussion with suppliers of biodegradable plastics. Although these materials are more expensive, Nippon Paint Lanka is exploring ways to offer eco-friendly products of high quality at reasonable prices.

The elimination of chromium and cobalt from all its products is a key 2027 goal. While achieving this is technically straightforward, the company is researching solutions to ensure affordability without compromising quality.

By 2030, Nippon Paint Lanka aims to introduce electric vehicles with sodium batteries or vehicles with hydrogen engines into its fleet, with hopes that hydrogen engines will be available by then.

Is Sri Lanka choosing eco-friendly paints?

Several buildings, which were painted using Nippon Paint Lanka’s water-based range, are considered as green buildings. As the demand for green building certification grows, more projects are beginning to choose Eco-Label Sri Lanka certified products.

Nippon Paint’s auto-refinish water-based range is green-certified and safe for both people and the environment. However, a major concern is that many Sri Lankans continue to prefer Nitrocellulose (NC) type paints, which, although affordable, are harmful to humans. Likewise, in the case of wood paints, most still opt for solvent-based products that are equally damaging.

Globally, the paint industry is steadily shifting towards water-based alternatives, and Sri Lanka will also need to follow suit before long. While all airports are now required to use water-based road marking paints, other road markings are also expected to transition soon. These paints are not only environmentally friendly but also easier to apply and do not require highly skilled labour.

Compared to other brands in the market, Nippon Paint Lanka offers a much wider Eco Label Sri Lanka certified water-based range for consumers to choose from.

Sustainable, safer paints

Nippon Paint Lanka also offers a near-zero volatile organic compound (VOC) range called ‘Odourless.’ This range does not emit formaldehyde, which is known to increase health risks. With ‘Odourless’, a freshly painted room can be safely occupied within just two to three hours. In its commitment to introducing greener products, Nippon Paint also developed an exterior paint with solar-reflective properties. This range can reduce indoor temperatures by around 5 degrees Celsius, helping to lower the need for air conditioning and thereby reducing energy consumption.

Green practices already in effect

Nippon Paint Sri Lanka is already well on its way to achieving its sustainability goals. To reduce energy and water consumption in its factories, the management, along with the Safety and Sustainability team, has implemented several key initiatives.

The wastewater purification plants recycle purified water repeatedly in the production process without releasing it into the environment, while rainwater harvesting systems are used to cool storage buildings. To further reduce fuel consumption, all Nippon Paint delivery vehicles are equipped with tracking devices that direct drivers along the shortest routes, helping to save fuel and minimise time spent in traffic.

Given that Sri Lanka’s economy is closely tied to its environment, Nippon Paint Lanka believes it is essential for the government, businesses and individuals to embrace sustainable practices. As the company continues its steady journey towards carbon neutrality by 2050, it hopes to see a greener Sri Lanka emerge alongside it.

Talawakelle Tea Estates PLC (TTE PLC), a member of the Hayleys Plantations sector, reaffirmed its leadership in sustainable tea manufacturing by winning 10 awards at the National Cleaner Production Awards 2025, held on 6th November at the Cinnamon Lakeside, Colombo.

The company was recognised across multiple categories, securing Gold, Silver, Bronze and Merit awards, continuing its legacy as one of Sri Lanka’s most environmentally responsible and innovation-driven plantation companies.

Tea Sector – Manufacturing – Large

Mattakelle – Gold

Dessford – Bronze

Kiruwanaganga – Bronze

Great Western – Merit

Radella – Merit

Somerset – Merit

Wattegodde – Merit

Tea Sector – Manufacturing – Medium

Holyrood – Gold

Bearwell – Silver

Deniyaya – Merit

Dr. Roshan Rajadurai, Managing Director of Hayleys Plantations, said ‘Our success at the National Cleaner Production Awards reflects the dedication and discipline of our teams across all estates. Through innovation, accountability and shared purpose, we continue to demonstrate that sustainability and excellence can grow together.’

The recognition at the National Cleaner Production Awards 2025 not only underscores TTE PLC’s consistent performance but also celebrates its commitment to integrating innovation, environmental accountability and social responsibility into every aspect of its operations.

TTE PLC’s achievements reflect its long-standing commitment to sustainability, guided by a comprehensive framework implemented across its 16 estates. The company’s cleaner production model emphasises efficient resource management, renewable energy integration, waste minimisation, responsible chemical use and biodiversity protection ensuring that every stage of production, from field to factory, upholds the highest environmental standards.

Guided by its vision ‘To be the most admired Plantation Company in Sri Lanka’ and mission to uplift people and deliver value responsibly, TTE PLC continues to set new national benchmarks in sustainable tea manufacturing while safeguarding the ecosystems that sustain its operations.

As Sri Lanka’s most certified plantation company, TTE PLC maintains globally recognized standards including Rainforest Alliance, Great Place to Work, ISO 9001:2015, ISO 14001:2015, ISO 22000:2018, ISO 14064-1:2018 and ISO 50001:2018. Strengthening its climate leadership, the company has also verified Science-Based Targets (SBTs) aligned with the 1.5°C pathway, demonstrating measurable commitment to emissions reduction.

TTE PLC also serves as a Patron Member of the Climate Emergency Task Force Working Group of the United Nations Global Compact and remains an active participant in biodiversity conservation and climate action initiatives across the plantation sector.

With a focus on data-driven decision-making, employee empowerment and continuous improvement, the company ensures that every part of its value chain contributes to both environmental performance and product quality. By aligning operational excellence with sustainability principles, TTE PLC continues to create long-term economic, environmental and social value for its communities and customers.

This integrated approach has earned the company recognition on both national and global platforms. TTE PLC was recently named a World Class Winner at the Global Performance Excellence Awards 2024 by the Asia Pacific Quality Organization (APQO), becoming the first plantation company in the world to receive this distinction.

The company also secured five awards including Overall Gold, at the CMA Excellence in Integrated Reporting Awards 2025, highlighting its governance standards, purpose-driven strategy and stakeholder transparency. In addition, TTE PLC received five accolades at the Best Corporate Citizen Sustainability Awards 2024 and Silver and Bronze awards at the Presidential Awards 2025, reflecting its leadership in climate action, responsible production and community development.

Under the shade of the majestic 200-year-old Banyan tree, Nuga Gama at Cinnamon Grand Colombo has officially relaunched on 12 November 2025, celebrating the spirit of Sri Lanka’s village life and its rich cultural heritage.

The evening commenced with a warm welcome address by, Cinnamon Grand Colombo General Manager Nazoomi Azhar, who reflected on Nuga Gama’s legacy as a ‘living tribute to Sri Lanka’s rural roots’ and its evolution into a sustainable, authentic, and soulful dining experience for today’s guests.

The event was attended by John Keells Group President – Property Industry Group and President – Leisure Industry Group Nayana Mawilmada; Cinnamon Hotels and Resorts Chief Executive Officer Hishan Singhawansa; and Cinnamon Hotels and Resorts Chief Operating Officer Kamal Munasinghe, along with other senior management members, who joined guests and well-wishers in celebrating the renewed chapter of this beloved icon.

Redesigned as a ‘village within the city,’ Nuga Gama offers an immersive cultural dining experience that blends rustic charm with modern sophistication. Built with wattle-and-daub structures, clay floors, and open-air kitchens, the space evokes the rhythm and warmth of traditional Sri Lankan village life while offering the comfort and refinement of contemporary dining.

Guests can experience over 45 authentic regional dishes crafted with farm-to-table ingredients, along with three daily cultural performances that bring the island’s traditions to life. The venue features distinct spaces such as Green Room, Salawa, Soldore, and Sithala Walawwa; each designed to capture a unique aspect of the Nuga Gama experience.

The relaunch also unveiled the Nuga Gama Night Bazaar, set to begin on 1 December, and held every Friday and Saturday from 10:30 p.m. to 3:00 a.m. Guests can enjoy late-night Sri Lankan street favourites in a vibrant, village-style ambience.

With this relaunch, Nuga Gama continues to stand as a living heritage space, celebrating Sri Lankan hospitality, sustainability, and community spirit. It remains a place where guests can reconnect with the warmth and authenticity of village life, right in the heart of Colombo.

Rohit Sharma’s time as the No. 1-ranked ODI batter is over as New Zealander Daryl Mitchell rose to the top of the ICC Men’s ODI Batting Rankings on the back of an excellent century against the West Indies.

Mitchell scored his seventh ODI century during the opening game in the series against the Caribbean side, and that proved enough for the in-form right-hander to overtake Sharma at the top of the batter rankings and claim the premier position for the first time in his career. It means Mitchell is now just the second player from New Zealand to hold the top ranking for ODI batters, joining Kiwi great Glenn Turner who previously held the spot back in 1979.

Fellow New Zealanders Martin Crowe, Andrew Jones, Roger Twose, Nathan Astle, Kane Williamson, Martin Guptill, and Ross Taylor all spent time inside the top five of the ODI batter rankings during their illustrious careers, but only Turner and now Mitchell have ever held the No. 1 spot.

There were also big gains for a host of Pakistan players following their ODI series against Sri Lanka, with Mohammad Rizwan (up five places to equal 22nd) and Fakhar Zaman (up five rungs to equal 26th) making eye-catching improvements on the list for ODI batters.

Pakistan registered an impressive 3-0 series sweep during the three-match series against their Asian rival, with spinner Abrar Ahmed (up 11 places to ninth) and pacer Haris Rauf (up five spots to 23rd) the big winners on the latest rankings for ODI bowlers that are still led by Afghanistan tweaker Rashid Khan.

The completion of the opening Test between India and South Africa in Kolkata sees a host of players from both sides climb the latest Test rankings, with Proteas skipper Temba Bavuma climbing among the top five in the list for Test batters for the first time in his career following his excellent hand of 55* in the second innings of the match.

India counterpart Shubman Gill rises two spots to 11th on the rankings for Test batters despite picking up an injury during the same match, while Bangladesh skipper Najmul Hossain Shanto rises four places to equal 34th following his century in the first Test against Ireland in Sylhet.

Meanwhile, Mahmudul Hasan Joy also benefitted from his second Test ton, making a jump up by 19 places to 74th spot.

India pacer Jasprit Bumrah holds on to his spot as the No. 1 Test bowler after six wickets during the first Test at Eden Gardens, with teammates Kuldeep Yadav (up two spots to a career-best 13th) and Ravindra Jadeja (up four places to 15th) among the players to make some inroads.

South Africa duo Marco Jansen (up one spot to 11th) and Simon Harmer (up 20 places to 24th) also rise the list for Test bowlers following decent hauls against India, while Jansen gains one place to move to fifth on the latest rankings for Test all-rounders.

There is further joy for New Zealand on the latest T20I rankings, with Tim Robinson (up eight rungs to 15th) and Devon Conway (up seven spots to equal 48th) making gains on the updated list for T20I batters and left-armer Jacob Duffy improving one place to second on the latest rankings for T20I bowlers.

Pakistan players also make some gains on the latest T20I rankings following the start of their home tri-series with Zimbabwe and Sri Lanka, with Mohammad Nawaz rewarded following his Player of the Match heroics in the opening match against Zimbabwe.

Nawaz improves four places to 27th for T20I bowlers and gains two places to move to eighth overall on the list for T20I all-rounders after contributing an unbeaten 21 and a pair of wickets in a first-up victory over Zimbabwe in Rawalpindi.

The Cabinet of Ministers at their meeting on Monday approved the termination of the previously initiated procurement process and gave the green light for a new, comprehensive project to modernise the petroleum pipeline network linking the Colombo Port and the Kolonnawa refinery.

The decision follows repeated failures to identify a suitable investor under earlier proposals, despite the critical need to upgrade the ageing pipeline system.

‘Currently, five decades-old pipelines transport imported petroleum products from the Colombo Port to the Kolonnawa refinery, but frequent leaks and structural weaknesses have raised serious concerns over safety, efficiency, and reliability,’ Cabinet Spokesman and Minister Dr. Nalinda Jayatissa said at the weekly post-Cabinet meeting media briefing yesterday.

He said under the newly approved plan, the Government will implement ‘The Project to Lay Pipelines from Kolonnawa to Port’ as an Engineering, Procurement, Construction and Carry On (EPCC) project.

The initiative includes construction of two new pipelines-18-inch and 14-inch in diameter from the Dolphin Oil Tanker Jetty at Colombo Port to the Kolonnawa refinery, equipped to support in-line machinery inspections; laying of a 12-inch undersea pipeline from the Dolphin Jetty to the Seram Gate and necessary upgrades and adjustments to both the Colombo Port terminal and the Kolonnawa refinery terminal to accommodate the new infrastructure.

Dr. Jayatissa said the project is expected to significantly enhance the reliability, safety and capacity of petroleum transportation within the Western Province, reducing operational risks while strengthening the country’s fuel supply chain.

The proposal to this effect was submitted by Power Minister Eng. Kumara Jayakody.

Yaala Labs, the global market infrastructure provider, has announced the successful implementation of its P8 platform at Climate Impact X (CIX), powering its Exchange and Auction services for a growing portfolio of environmental products.

Headquartered in Singapore with offices in London, CIX is backed by DBS Bank, GenZero, Japan’s Mizuho Financial Group, Singapore Exchange (SGX Group), and Standard Chartered.

Powered by Yaala Labs’ cloud-native P8 technology, CIX has unified its Exchange, Marketplace, Clear and Auction services onto a single, seamless platform. This next-generation integration delivers simpler access, faster trade execution and settlement, and enhanced portfolio and custody capabilities-empowering clients to efficiently manage a broad spectrum of environmental products and standardised contracts.

Designed for corporates, project developers, intermediaries and traders alike, the new CIX Exchange platform delivers end-to-end transaction support-reinforcing market integrity and driving capital toward high-impact climate solutions.

Yaala Labs’ P8 is next-generation market infrastructure that supports issuance, secondary trading, clearing, settlement and custody across multiple asset classes and market structures.

Yaala Labs CEO Lalin Dias said: ‘We are delighted to support Climate Impact X as they continue to build best-in-class solutions for corporates, project developers and intermediaries on our collective road to net zero. We are proud that our twenty-five years of market technology experience continues to be useful in the carbon markets.’

Climate Impact X Chief Operating Officer Mark Glossoti said: ‘Partnering with the Yaala Labs team enabled us to consolidate all our trading venues into a single, integrated cloud platform-while preserving the unique features of each market. Time to market was critical, and Yaala Labs successfully delivered the solution, demonstrating both the versatility of their technology and their ability to launch new markets at speed.’

Sri Lanka are grouped with reigning champions Australia for the 16th edition of the ICC Men’s Under-19 World Cup, which will be held from 15 January to 6 February 2026 in Zimbabwe and Namibia.

The 16 teams divided into four groups of four teams each sees Sri Lanka in Group C with Australia, Ireland, and Japan. Group A includes India, Bangladesh, the USA, and New Zealand; Group B comprises Zimbabwe, Pakistan, England, and Scotland; and Group D has Tanzania, West Indies, Afghanistan, and South Africa.

Each team plays the three other sides in its group during the first round of the tournament, with the top three ranked teams from each group then progressing to the Super Six. The top four teams then qualify for the semi-finals on 3 and 4 February 2026, which will be held in Bulawayo and Harare, respectively. The final will take place at the Harare Sports Club in Harare.

Apart from that venue, the four other grounds that will be hosting the tournament are the Takashinga Sports Club in Harare, the Queens Sports Club in Bulawayo, the recently inaugurated Namibia Cricket Ground in Windhoek, and the HP Oval also in Windhoek.

All teams are due to arrive on 8 January 2026 and play warm-up matches from 9-14 January 2026 ahead of the tournament proper starting a day later. Australia beat India in the final of the last edition of the Men’s Under-19 World Cup held in 2024.

MAS Holdings clinched their 10th consecutive Championship Trophy win at the Mercantile Tennis Tournament 2025 which concluded recently at the Sri Lanka Tennis Association (SLTA) courts in Green Path Colombo. MAS bagged five championships and five runner-up titles in the tourney.

42 players represented the MAS contingent with Mark Seneviratne leading the victorious outfit as captain. Anjalika Kurera (women’s) and Yasitha De Silva (men’s) bagged major honours in the tourney with their exceptional performances winning multiple events. The champion duo clinched the Mixed Double’s just like they did last year. Yasitha pairing up with skipper Mark also secured the Men’s Double title for MAS.

The Men’s Doubles final was tipped to be a cliff-hanger and as predicted it went down to the wire. In a classic clash that has been witnessed for many years, defending champ Yasitha De Silva overcame a spirited Sanka Athukorala (LMC) in a 2-1 nail biter. De Silva had early advantage 6/3 but Athukorala fought back to tie the game and they went into a super tiebreak where De Silva came out victorious 10/8.

In a twist of tales Anjalika Kurera beat Tarah Greig in an all MAS final to win the women’s singles crown and they teamed up together to beat Thilini Leeniyagolla and Natasha Jayesinghe also from MAS in the Women’s Doubles final to showcase a splendid decade of legacy and dominance in the island’s corporate tennis arena. The Mercantile Tennis Tournament was battled out from 1 to 13 November.

Championship points standing (top 5):

MAS Holdings – 62,244

Lanka Minerals and Chemicals – 37,638

Standard Chartered – 28,544

Acuity Knowledge Partners – 27,182

Sysco Labs – 13,988

Trophies:

Championship Trophy – MAS Holdings

Most Outstanding Team Trophy – MAS Holdings

Here are some of the top performances from MAS:

A delegation from the Embassy of Viet Nam in Sri Lanka led by Ambassador Trinh Thi Tam concluded a three-day official visit to Sri Lanka’s Northern Province from 17-19 November 2025. The visit aimed to explore opportunities for collaboration between Viet Nam and the Northern Province, with a focus on strengthening economic, trade, investment and tourism linkages.

On 17 November, Ambassador Trinh Thi Tam paid a courtesy call on the Northern Province Governor Nagalingam Vethanayahan. She also held discussions with Chief Secretary Thanuja Murugeson and senior local government representatives in key sectors including Agriculture, Education, Health and Tourism.

Ambassador Tam commended the province for its continued progress in economic recovery, social development, security, and efforts to uplift living standards despite long-standing challenges. She reiterated Viet Nam’s interest in expanding cooperation in agriculture, fisheries, livestock, tourism, trade, and investment. Strengthening provincial-level partnerships, the Ambassador noted, would enable both sides to build on their comparative advantages as bilateral relations continue to grow positively after 55 years of establishment (1970-2025).

Governor Vethanayahan emphasized the strategic importance of the Northern Province as Sri Lanka’s closest gateway to Southeast Asia. Highlighting the region’s fertile land, long coastline, and abundant natural resources, he noted strong potential for agribusiness, aquaculture, livestock development, tourism, logistics and renewable energy.

He further outlined the province’s priorities, including industrial zones, special economic zones, and logistics infrastructure, and welcomed Vietnamese investors to explore opportunities in export-oriented agro-processing, infrastructure development, education, healthcare, and renewable energy.

Local authorities also briefed the delegation on challenges faced by the province, such as gaps in infrastructure, lack of processing facilities, and industrial capacity, especially value-added industries. They expressed hope for enhanced cooperation, technical support and skill training from Viet Nam in these areas.

On 18 November, the Embassy of Viet Nam, in collaboration with the Jaffna Chamber of Commerce, hosted a roundtable discussion with representatives of the Northern Province business community.

The session introduced Viet Nam’s business and investment environment and explored opportunities for cooperation in high-tech agriculture, food processing, construction, logistics, energy, and tourism.

Ambassador Tam highlighted Viet Nam’s stable investment climate, skilled workforce, modern infrastructure, and extensive network of free trade agreements, which together offer a conducive environment for Sri Lankan investors. She recalled the commitment made during President Dissanayake’s State Visit to Viet Nam in May 2025, where both countries agreed to raise bilateral trade to $ 1 billion-an ambition that requires strengthened engagement between government agencies and the private sector.

The Ambassador affirmed the Embassy’s readiness to support enterprises from both countries by facilitating connections and promoting practical cooperation.

Business leaders from the Northern Province expressed hope that Vietnamese companies would play a proactive role in exploring and investing in the region, particularly as Sri Lanka continues to navigate economic challenges. They proposed practical cooperation in high-tech agriculture, aquaculture, agro-aquatic processing, and requested assistance in technology transfer, capacity building, and skills training.