Category: Daily Financial Times

Bangladesh’s deposed Prime Minister Sheikh Hasina has been sentenced to death after a domestic war-crimes tribunal found her guilty of directing a violent suppression of last year’s student-driven uprising.

Hasina, who has lived in India since fleeing Dhaka in August 2024 after a 15-year tenure, was tried in absentia. The proceedings followed months of hearings on the crackdown, during which UN estimates suggested that as many as 1,400 people may have been killed. Officials from the interim administration have offered lower figures, saying more than 800 were confirmed dead and around 14,000 injured.

Prosecutors had pushed for the maximum penalty, arguing that Hasina bore responsibility for the lethal response to the unrest. She is the daughter of independence leader Sheikh Mujibur Rahman.

The International Crimes Tribunal in Dhaka announced the verdict under heavy security, with police and paramilitary forces deployed across the capital and other regions. The judgment may still be challenged before the Supreme Court.

Tension has risen nationwide in the lead-up to Monday’s decision. Over recent days, authorities have reported dozens of crude bomb blasts and multiple vehicles set on fire. The Awami League, Hasina’s party, has called for a nationwide shutdown in response to the ruling.

99x recently unveiled Agentri Al, the company’s latest innovation in advancing the future of Agentic Artificial Intelligence (Al), in Colombo

. The event gathered 99x’s global leadership and media to discuss the company’s vision, its strategic expansion across new markets, and its continued commitment to positioning Sri Lanka as a hub for Al-driven innovation.

The launch was attended by key members of the 99x leadership team including 99x Asia Founder and Chairman Mano Sekaram, 99x Group CEO Odd Sverre Østlie, Group CFO Trygve Moe, 99x Product Engineering CEO Hasith Yaggahavita, COO Shehani Seneviratne, and Chief Al Officer Chatura de Silva.

Yaggahavita shared 99x’s vision and aspirations in the global Al landscape. He shared how 99x engineering teams have adopted Al tools and work alongside many customers in driving their product journey, enabling Al features. The focus of the event was the launch of Agentri Al, 99x’s own agentic orchestrator platform. Yaggahavita shared how the Agentri platform has enabled multiple customers to transform their business processes across industries.

Yaggahavita said: ‘Generative Al has been a huge step forward, but the real game-changer is when multiple Al agents can work together to solve complex business challenges. That’s what Agentri is all about-bringing together engineering excellence, creativity, and human insight. We built our own orchestrator because we wanted something truly powerful, and today, it’s delivering real impact for our customers around the world.’

Over the past year, 99x’s Agentic Al framework has powered high-impact implementations across financial services, legal, insurance, transportation, and accounting, delivering measurable value and accelerating business outcomes. These successes have reinforced 99x’s reputation as a trusted global partner for product engineering and digital transformation.

Sharing an update on the 99x Group’s global journey, Østlie spoke about the company’s steady expansion across Europe, the Americas, and Asia. ‘Our growth over the past year has been purposeful, built on innovation and a deep focus on helping our clients succeed through technology. To that end, we have acquired multiple high-performing companies in Europe and are in active discussions with several other Mergers and Acquisitions (M and A) candidates. Some of our recent acquisitions include Solvr and Clave (both in Norway) and a major share in Fabres (Poland). Our ambition is to be a high-value, long-term engineering partner, able to draw on the top tech talent across all the geographies we operate in.’

The discussion also explored the tech talent available and the opportunities emerging for Sri Lankan professionals to contribute to the global Al ecosystem.

Seneviratne said: ‘The demand for Al and product engineering talent is accelerating. Along with that, so is the demand for engineers who have mastered using Al tools to increase their productivity and quality of work. We also see how our customers expect even shorter turnaround times for proof-of-concepts, expectations that can only be met by using Al tools effectively. On the ground, we work collaboratively with universities conducting industry sessions, mentoring students, and hosting hackathons. These create opportunities for students to experience real-world innovation.’

The launch also showcased the future of Agentic AI, 99x’s innovation roadmap, and the continued focus to nurture the next generation of Al talent in Sri Lanka. 99x said its Agentri Al once again reaffirms its position as a global technology leader, building digital products and platforms for European software development companies and enterprises.

Mechanical Engineering Sectional Committee of the Institution of Engineers, Sri Lanka (IESL) held the prestigious Eng. B.D. Rampala Memorial Oration 2025 on 14 November, where policymakers, engineers, academics, and transport-sector stakeholders came together to reflect upon the legacy of one of the greatest engineering pioneers of this nation-and to consider the urgent reforms needed to revive railway system of Sri Lanka.

Delivered by Prof. H.R. Pasindu the oration, titled ‘Framework for Restructuring Railways for an Efficient and Integrated Transport System’, offered a compelling and data-driven roadmap to transform Sri Lanka Railways into a modern, reliable, and economically sustainable national asset.

The event was a tribute to Eng. B.D. Rampala, the first Sri Lankan Chief Mechanical Engineer and visionary General Manager of the then Ceylon Government Railways, widely remembered as the architect of the railway’s golden era. Between 1955 and 1970, his leadership was characterised by innovation, discipline, and relentless pursuit of service excellence.

From dieselising the network and modernising the signalling systems to introducing iconic express services such as Ruhunu Kumari, Yal Devi, Udarata Menike, and Samudra Devi, his contributions revolutionised railway travel and shaped Sri Lankan transport culture for generations.

However, as the oration showed, the once-vaunted system nowadays suffers from deep structural problems that go far beyond technical failures. Based on substantial analyses and sector data, Prof. Pasindu underlined a sobering diagnosis: chronic financial losses, decaying infrastructure, unreliable services, outdated technology, and an institutional model that inhibits growth. Sri Lanka Railways operates today as a vertically integrated government department-a legacy structure that, according to the oration, is fundamentally misaligned with the demands of a competitive, customer-oriented transportation environment.

The numbers are scary on all financial counts: freight, which ought to be a cash cow, makes up less than 1% of the national freight market, while non-fare revenue-despite having more than 14,000 acres of land in its possession-is minimal. The infrastructure failures are equally alarming: frequent derailments, antiquated signalling technology, deteriorating tracks, and locomotives with limited availability. In 2022, over 60% of long-distance trains were more than 30 minutes late, further eroding public confidence.

But the oration made it emphatically clear: the problem is institutional, not technical. Overlapping roles for the State as owner, operator, policymaker, and regulator create unavoidable conflicts of interest and a system unable to respond to market realities. Short-term political interference, lack of professional autonomy, and an absence of commercial mindset have all contributed to the long-term decline of SLR.

To this, Prof. Pasindu presented a comprehensive and transformative restructuring framework based on internationally accepted best practices, adapted to the local context of Sri Lanka. Central to this approach was role separation: a new state-owned Sri Lanka Railways (SLR) to own land, tracks, and infrastructure; an independent Sri Lanka Railways Regulatory Commission (SLRRC) to enforce safety, pricing, standards, and licensing; a dedicated rolling-stock company to manage locomotives and carriages; and multiple train service operators selected through a transparent, competitive bidding process to run passenger and freight services.

This model, while ensuring that the State retains ownership of national assets, replaces direct political management with a commercially disciplined structure. It also allows private sector participation-not outright privatisation-but through concessions and through Public Service Contracts (PSCs). In the latter scheme, the Government pays operators transparently for socially necessary but unprofitable services, thereby eliminating hidden cross-subsidies that have undermined freight competitiveness.

The oration also emphasised integrated transport planning: seamless connections between rail and bus systems, unified payment platforms, real-time information systems, and multimodal passenger hubs-emulating the experience of Singapore. Another highlighted strategy is land value capture, which could unlock billions in long-term revenue through the commercial development of high-value railway lands around the stations.

Yet, the oration emphasised that reforms are not going to be easy: it will take political will, a change in legislation, negotiations with unions, and transitional funding over several years. Nevertheless, Prof. Pasindu insisted that doing nothing costs more: an ever-increasing financial burden for the Government, lost economic opportunities, and an increasingly unsustainable transport sector dominated by congestion on roads.

At the end of the event, IESL President Eng. Kosala Kamburadeniya, reiterated the commitment of the institution to evidence-based reforms and to the ideals upheld by Eng. Rampala: discipline, innovation, and professionalism. ‘If we are to build the railway system Sri Lanka deserves,’ he said, ‘we must embrace the courage and foresight that Eng. Rampala exemplified.’

The 2025 Rampala Memorial Oration was meant not only to pay tribute to the memory of a vision-making engineer but also to invoke an invitation for Sri Lanka to reconsider its railway in modern times as an engine for national development-as once envisioned by Rampala himself.

HNB Finance PLC announced strong financial performance for the first half of the financial year 2025/26 ending 30 September 30, 2025, demonstrating continued resilience and growth amid a challenging economic landscape.

The company achieved a turnaround, recording a 129% year-on-year (YoY) increase in Profit After Tax (PAT) to Rs. 620.43 million, compared to Rs. 270.55 million in the corresponding period of the previous year. Profit Before Tax (PBT) also surged by 160%, rising from Rs. 631.95 million to Rs. 1,645.70 million.

Driven by strong lending growth, gross income expanded by 29% YoY to Rs. 8,089.25 million, up from Rs. 6,294.43 million, supported by a 45% increase in net interest income to Rs. 3,761.52 million from Rs. 2,599.17 million in the previous year.

The company’s asset base expanded by 31% to Rs. 76,645 million, up from Rs. 58,503 million compared to March 2025. The loan portfolio also recorded a robust 36% growth, rising to Rs. 68,689 million from Rs. 50,329 million during the same period. This performance was driven primarily by the leasing segment, which surged by 57% to Rs. 41,359 million from Rs. 26,381 million, while the gold loan portfolio increased by 36% to Rs. 12,165 million compared to Rs. 8,913 million in March 2025.

The company’s deposit base also strengthened significantly, rising by 34% to Rs. 56,658 million from Rs. 42,218 million which was recorded in March 2025.

Reflecting on its improved profitability and operational efficiency, Return on Equity (ROE) improved from 9.99% to 15.7%, and Return on Assets (ROA) rose from 1.11% to 1.8% year-on-year. Earnings per Share (EPS) also strengthened, rising from Rs. 0.16 to Rs. 0.30 during the period under review.

HNB Finance Chairman Rajive Dissanayake said: ‘We are encouraged by the strong improvement in our financial performance during 1H FY2025/26. This turnaround reflects the team’s strategic focus and disciplined execution. We remain committed to driving inclusive financial growth and supporting Sri Lanka’s economic progress through innovative and responsible financial solutions.’

CEO/Managing Director Chaminda Prabhath said: ‘Our emphasis on operational excellence and prudent risk management has delivered measurable results. HNB Finance is now well-positioned to capture emerging opportunities and continue creating long-term value for our stakeholders.’

Following the acquisition by LB Finance PLC, Associated Motor Finance Company PLC (AMF) has appointed a new Board, with G.A.R.D. Prasanna as Chairman/Non-Executive Director and Niroshan Udage as Deputy Chairman/Executive Director.

Other Board members include Piyal Hennayake as Senior Director/Independent Non-Executive Director, B.D.A. Perera as Non-Independent Non-Executive Director, and Ashwini Natesan and Prof. Nandika Kasun De Zoysa as Independent Non-Executive Directors.

Prasanna has extensive experience in various business management strategies and is a business leader with a diverse background in manufacturing, banking and finance, leisure, plantations and hydropower generation. He has many years of experience in managing businesses and has gained substantial governance experience through his leadership of boards of both quoted and unquoted companies. He was the former Chairman of Pan Asia Banking Corporation PLC. His current Directorships include Chairman of LB Finance PLC, Managing Director of Wise Property Solutions Ltd., Non-Executive Director of Royal Ceramics Lanka PLC, Grandmark Ltd., and La Forteressee Ltd., and as a Director of several private companies.

Udage currently serves as the Managing Director of LB Finance PLC. His association with LB Finance began in 2004, when he joined as General Manager, Asset Finance. His dedication and strategic vision led to his appointment to the Board in 2007, and subsequently as Deputy Managing Director in 2021 and finally as its Managing Director in July 2025. With over 34 years of experience in the finance industry, Udage’s career includes a decade at Lanka ORIX Leasing Company PLC and three years at Mercantile Investments Ltd., before joining LB Finance PLC. His expertise spans credit, finance, risk management, and innovation, areas that have significantly contributed to the company’s continued profitability and strength.

Udage holds a Bachelor’s Degree in Science from the University of Colombo. He has further enhanced his leadership capabilities through advanced training in Strategy and Management in Banking conducted by International Development Ireland Ltd., in Dublin and London. In 2012, he successfully completed the High Potentials Leadership Program at Harvard Business School, Boston, USA. Beyond his roles at LB Finance, Udage also serves as a Non-Executive Director of LB Microfinance Myanmar Company Ltd., and is a Council Member of the Finance Houses Association of Sri Lanka (FHA). His previous appointments include serving as a Director of Hayleys Fibre PLC and the Credit Information Bureau of Sri Lanka (CRIB), Chairman of the Finance House Association, and Member of the Financial System Stability Consultative Committee established by the Central Bank of Sri Lanka.

Hennayake is an accomplished professional with over 40 years of experience spanning engineering, portfolio management, credit, project finance, branch network management, administration, real estate and consultancy. Hennayake holds over 26 years of senior level roles, including 20 years as a C-suite/KMP at Hatton National Bank PLC and Seylan Bank PLC, driving organisational growth, operational excellence, and strategic decision-making. Skilful at leading cross-functional teams, optimising portfolios, and steering complex ventures in both financial services and engineering. Hennayake currently serves as an Independent Non-Executive Director of L B Finance PLC.

Natesan is a qualified legal practitioner specialising in Technology, Media and Telecommunications (TMT) Law. She provides consultancy on various TMT law matters, including financial technology (FinTech). She is the TMT Law Consultant at Julius and Creasy. She also engages in research projects related to data protection, data governance, privacy, online safety, the right to information, and AI governance, both independently and collaboratively with other organisations. Additionally, she is a Research Fellow at LIRNEasia, a think tank based in Sri Lanka. She regularly participates in national and international forums, speaking on broader issues of TMT law, platform liability, and financial tech regulation. In India, she previously worked with litigation and corporate law offices.

Natesan holds an LL.M. (Master of Laws) in International Business Law from the Faculty of Law, National University of Singapore, graduating among the top students of the batch. She earned her Bachelor of Arts and Law degree (B.A. LL.B. (Hons.)) with a Distinction from the School of Excellence in Law at Tamil Nadu Dr. Ambedkar Law University, Chennai, India. Additionally, she has diplomas in International Business Management (Loyola Institute of Business Administration, India), Commercial Arbitration (ICLP, Sri Lanka) and AI Policy (Centre for AI and Digital Policy). In 2024, she was selected for the University of Oxford’s Media Policy Institute. She is also a part of the Digital Trust Alliance. Natesan currently serves as an Independent Non-Executive Director of LB Finance PLC.

Perera is an Associate Member of the Chartered Institute of Management Accountants (ACMA), CGMA (UK) and holds a BSc (Business Administration) Special Degree from the University of Sri Jayewardenepura. He successfully completed the High Potentials Leadership Program in 2012 at Harvard Business School in Boston, MA, USA. With over 27 years of experience in the leasing industry, Perera’s career includes positions at Commercial Leasing Company Ltd., Lanka Orix Leasing Company PLC and a Merchant Bank in Bangladesh. Perera currently serves as the Senior Director/Deputy Chairman of Pan Asia Banking Corporation PLC, Executive Director of LB Finance PLC and Non-Executive Director of LB Microfinance Myanmar Company Ltd.

Prof. De Zoysa is the Deputy Director and Coordinator of the Digital Forensic Centre at the Colombo University School of Computing. He holds a Ph.D. in Computer Science from Stockholm University, Sweden and possesses over twenty-five years of experience spanning academia, industry, and national cybersecurity initiatives. Prof. De Zoysa has provided advisory and consultancy services to leading financial institutions and government agencies in the areas of information security, digital forensics, and technology risk management. He has played a pivotal role in developing cybersecurity frameworks and capacity building programs for the banking and finance sector. A widely published researcher with over 1,400 academic citations, an h-index of 17, and an i10-index of 30, Prof. De Zoysa is recognised for his expertise in cybersecurity and national digital infrastructure resilience.

Sri Lanka yesterday finalised three major loan agreements with the Asian Development Bank (ADB) amounting to $ 300 million, strengthening the country’s financial sector reforms, macroeconomic stabilisation agenda and long-term tourism development plans.

The agreements were signed at the Finance Ministry in Colombo by Treasury Secretary Dr. Harshana Suriyapperuma and ADB Sri Lanka Country Director Takafumi Kadono.

The funding package spans two policy-based loans (PBLs) and an investment loan, each designed to advance critical reform programs across key sectors. Under the Financial Sector Stability and Reforms Program (Subprogram 3), Sri Lanka will receive $ 100 million after completing 11 policy actions aimed at strengthening banking sector stability, improving regulatory capacity at the Central Bank of Sri Lanka and deepening access to sustainable and inclusive finance. This marks the final stage of a multiyear reform effort targeting systemic financial resilience.

Another $ 100 million will flow through the Strengthening Macroeconomic Resilience and Transparency Program (Subprogram 1), which supports the Government’s ongoing stabilisation efforts and reforms in public financial management. The disbursement follows the completion of 11 policy actions focused on improving expenditure management, enhancing domestic revenue mobilisation and creating a more enabling environment for private-sector participation.

The remaining $ 100 million will support the Sustainable Tourism Sector Development Program (Subprogram 1), which includes both a PBL and an investment component. Through the policy-based element, Sri Lanka will receive $ 70 million to advance structural reforms in the tourism sector, implement capacity-building initiatives and revise policies to encourage stronger private-sector involvement and better institutional performance. The $ 30 million investment component will target the development and expansion of tourism capacity in Trincomalee and Dambulla, including the Sigiriya region. This investment aims to address congestion at key sites, increase the average length of stay and boost regional economic contributions through enhanced tourism infrastructure and destination management.

The Ministry of Finance, Planning and Economic Development will serve as the executing agency for the policy-based loans, while the Transport, Highways and Urban Development Ministry will oversee the investment activities linked to tourism development. The Government expects the combined programs to accelerate reforms, strengthen resilience across multiple sectors and unlock new avenues for sustainable economic growth.

The United Nations Development Programme (UNDP) and Hirdaramani Apparel have officially signed a Memorandum of Understanding (MoU) to launch the second phase of the collaborative Integrated Backyard Poultry and Market Development project, under UNDP’s Private Sector Giving Facility.

Initially launched in 2022 during the economic crisis, the initiative was designed to improve nutrition, increase income opportunities and build resilient communities through market-oriented home gardens and integrated backyard poultry.

This renewed partnership, implemented together with the Lacoste Foundation, builds on the success of the first phase, which supported more than 150 families in Vavuniya to enhance food security and economic opportunity. The project enables families to cultivate nutritious produce and engage in small-scale poultry farming, with access to direct markets through weekly community stalls at the Hirdaramani facility and local venues such as the Vanni Market in Vavuniya.

The second phase will continue to engage climate-vulnerable communities in Vavuniya Town and Vavuniya South DS divisions close to Hirdaramani’s operational footprint, further strengthening sustainable livelihoods and market linkages and livelihood development. Leveraging UNDP’s development expertise alongside Hirdaramani’s commitment to inclusive growth and the Lacoste Foundation’s focus on community empowerment, this collaboration creates a scalable model for sustainable market development across Sri Lanka.

This partnership reaffirms the vital role of private sector engagement in achieving the Sustainable Development Goals (SDGs) and reflects a shared vision among all partners to invest in community dignity and livelihoods, driving long-term, positive change through inclusive and purpose-driven collaboration.

After a stellar victory in Kolkata, South Africa Head Coach Shukri Conrad now has his eyes set on winning the series in Guwahati.

South Africa claimed their first Test win on Indian soil in 15 years after staging a remarkable comeback to script a win in Kolkata.

Elated with the achievement, Conrad is now targeting an even bigger prize, aiming to win the Test series, something South Africa have not accomplished since 2000.

‘This was right up there for us. Coming to India, playing at Eden Gardens, doing something we haven’t done for 15 years, this is right up there. We won a Test match in Pakistan, we’ve now won a Test match here, but the job’s far from done. You don’t come to a country to win a Test match, you obviously want to win the series,’ he said.

‘I’m so proud of the group in terms of the belief that they’ve got and how they pull together as a unit. It will do wonders for our psyche and it will do wonders for us going forward. Whilst we might not have the ability that a lot of teams have, or we haven’t tapped that ability yet, what we lack in that, we certainly make up for in our ability to play as a unit and the resilience we show. We never give up.’ Conrad added.

The second Test of the series is set to begin on Saturday at Guwahati.

The Ceylon Chamber of Commerce and the Gujarat Chamber of Commerce and Industry (GCCI) signed a Memorandum of Understanding (MoU) on 13 November in Ahmedabad, Gujarat, to strengthen bilateral trade, investment, and business cooperation between Sri Lanka and Gujarat.

The MoU was signed by The Ceylon Chamber of Commerce Chairperson Krishan Balendra and GCCI President Sandeep P. Engineer.

The signing took place during the visit of Sri Lankan High Commissioner to India Mahishini Colonne, marking her first official State-level engagement since assuming office.

The initiative and arrangements leading to the signing were facilitated by Sri Lanka’s Honorary Consul in Gujarat Rakesh Shah, whose efforts played a key role in bringing the two Chambers together.

Under the MoU, The Ceylon Chamber and the GCCI will collaborate to promote business opportunities, facilitate joint ventures and partnerships, organise business-to-business (B2B) engagements, and enhance knowledge sharing between the private sectors of both economies. It is hoped that the partnership would also serve to deepen maritime and logistics cooperation and build on the complementarities between Gujarat’s major ports and Sri Lanka’s role as a regional transshipment hub.

Both Chambers expressed confidence that the MoU will open new avenues for trade, investment, and sustainable economic cooperation.

The Colombo stock market opened the week in red, falling sharply yesterday as investors booked profits.

The ASPI ended down a sharp 1.01% to close 236.07 points lower at 23,223.68 while the S and P SL20 closed 0.40% down, 25.93 points lower at 6,410.00.

Turnover was over Rs. 4.4 billion on nearly 138.8 million shares traded. Foreigners were net sellers with a net outflow of Rs. 151.8 million.

First Capital Research said the Colombo Bourse experienced notable volatility during early trading hours before retreating in the latter part of the session amid profit-taking pressure.

Retail participation remained moderate, while HNW activity continued to be relatively subdued.

CINS, SFCL, BUKI, COMB and SAMP emerged as the key negative contributors to the index. The Banking sector dominated activity, accounting for 19% of total turnover, followed by the Capital Goods and Food, Beverage and Tobacco sectors, which together contributed 38%.