Category: Daily Financial Times

The North Central Province Badminton Association (NCPBA) together with Ceylon Masters Badminton (CMB) are now accepting entries for the NCPBA All-Island Open Badminton Championships 2026, scheduled to take place from 24 to 30 August concurrently at the Sports Department Indoor Stadium and Mike Cooke Indoor Stadium in Anuradhapura. Organised by the Northern Central Province Badminton Association, in conjunction with Ceylon Masters Badminton the seven-day event is a National Ranking Level 1 competition sanctioned by Sri Lanka Badminton (SLB), where the country’s top ranked shuttlers are expected to compete under different categories.

The championship will feature a wide range of events from Under-11 to Under-19 in the Junior category and Over-30 to Over-70 in the Senior category, including three Combined Age groups of 100+ for Veterans. However, the main attraction of the competition will be the Open events comprising of Men’s and Women’s Singles, Doubles and Mixed Doubles, with the losers of Men’s and Women’s Singles from their first games guaranteed a passage to the Plate Segment.

The opening ceremony is expected to take place on 24 August at 9 a.m., and will be followed by the preliminary rounds, leading up to the quarter-finals and semi-finals by 28 August. The excitement will continue on 29 and 30 August with the highly anticipated semi-finals and final matches, concluding with the Closing Ceremony to mark the culmination of the CMB assisted NCPBA All-Island Open Championship 2026.

The main draw seeding will be determined based on SLB Ranking as of 16 August, followed by the draw on 19 August at the Sri Lanka Badminton Headquarters, No.28, Maitland Place, Colombo 7. Entries will close on 14 August at noon. Entries can be submitted online or by contacting Tournament Director Renu Chandrika de Silva on 0777443949.

A combined prize money of Rs. 1 million for all events based on the number of entries will be on offer, in addition to trophies, medals and certificates guaranteed for winners, runners-up and semi-finalists of each event of the tournament. Junior winners will receive appropriate gifts instead of prize money, according to the decision taken by the tournament organisers.

All details of the NCPBA All-Island Open Badminton Championship 2026 are available in the prospectus published in the SLB website. The tournament solely assisted by Ceylon Masters Badminton, who has come on board with the North Central Province Badminton Association to ensure a top quality and successful competition.

President Anura Kumara Dissanayake expressed his commitment to abolishing the Executive Presidency and called for a broad national consensus before embarking on constitutional reform, telling an alliance of Tamil and Muslim political parties that Sri Lanka should prioritise an inclusive national dialogue over a hastily drafted constitutional amendment.

Representatives of an alliance comprising six Tamil and Muslim political parties met the President at the Presidential Secretariat yesterday, where discussions focused on constitutional reform, Provincial Council elections, land issues and development challenges affecting the Northern, Eastern and Malayagam (Hill Country Tamil) communities, according to the President’s Office.

According to the President’s Office, the alliance urged the Government to introduce a new Constitution, hold Provincial Council elections and address issues affecting Tamil-speaking communities.

The Provincial Council elections featured prominently in the discussions, with President Dissanayake noting that Parliament had appointed a Select Committee to examine matters relating to the conduct of the elections and saying he expected to engage with the Committee on the issues that had arisen.

The Government’s proposal to introduce a new Constitution, as outlined in its election manifesto, was also discussed.

According to the President’s Office, Ilankai Tamil Arasu Kachchi (ITAK) General Secretary M.A. Sumanthiran said drafting a new Constitution should be undertaken through a broad national dialogue rather than by a single political party, arguing that the process should address the concerns of Sri Lanka’s diverse communities.

Responding to the proposal, President Dissanayake reiterated that the Government remained committed to constitutional reform and the abolition of the Executive Presidency but said the immediate priority was to build a new national consensus.

According to the President’s Office, the President said the Government sought to build a country in which people acted together as Sri Lankans rather than along ethnic lines, adding that his vision was for a system of governance accountable to Parliament.

The meeting also discussed the Government’s proposal to grant estate workers and estate staff legal ownership of 10-perch residential land plots.

Tamil Progressive Alliance representative V. Radhakrishnan expressed hope that the current administration would succeed in implementing a measure that previous governments had been unable to introduce because of opposition from plantation companies, according to the President’s Office.

President Dissanayake said plantation lease agreements with the State, which are due for renewal before 2042, would provide an opportunity to incorporate provisions granting the Malayagam community legal ownership of residential land.

M.A.M. Tahir, Selvam Adaikalanathan, Rauff Hakeem, Jeevan Thondaman

The President also said landslide risks in the Central Highlands required environmentally sustainable solutions and noted that a dedicated authority had already been established to address those issues as part of broader efforts to improve conditions for the Malayagam community. Housing and economic assistance for estate communities also featured in the discussions.

According to the President’s Office, Ceylon Workers’ Congress Leader Jeevan Thondaman said beneficiaries of Indian-assisted housing schemes continued to face difficulties meeting the costs of essential services, including water and electricity, despite receiving ownership of their homes.

In response, President Dissanayake said proposals had already been made to establish a new assistance program jointly through the Thondaman Foundation and the Nevada Foundation to provide economic support to the community. He also said the Government intends to allocate a higher level of funding for the Plantation and Community Infrastructure Ministry in the 2027 Budget than was provided this year.

The President also reaffirmed the Government’s commitment to resolving longstanding land issues in the Northern Province and Central Highlands, stating that land should rightfully belong to the people and noting that several commissions had already been appointed to address those matters.

Representatives of the alliance also raised concerns over the Provincial Council electoral system, the work of the Delimitation Commission and what they described as outdated policies of the Department of Archaeology, the Department of Forest Conservation and the Mahaweli Authority affecting communities in the Northern and Eastern Provinces.

The United Nations Development Program (UNDP) is beginning the design of its next five-year Country Program for Sri Lanka, with employment creation, economic prosperity, and faster implementation of reforms emerging as key priorities to support the country’s transition from economic stabilisation to sustainable growth.

During her two-day mission to Sri Lanka, in an exclusive interview with the Daily FT yesterday, the Sri Lankan-born senior UN Assistant Secretary-General and UNDP Regional Director for Asia and the Pacific Kanni Wignaraja said the new program, which will be developed over the coming year through countrywide consultations before being presented to the UNDP Executive Board for approval next August, will focus on helping the country build long-term resilience while addressing structural challenges that continue to constrain growth.

Noting the country’s recovery had been ‘astounding,’ she stressed that stabilisation alone would not deliver lasting prosperity.

‘The question now is how we expand the economic pie,’ she said, noting that Sri Lanka must sustain inclusive growth while ensuring more people benefit from the recovery.

She said one consistent message emerging from discussions with Government leaders, development partners, and other stakeholders was that reforms now need to move much faster.

‘The key is implementation faster,’ Wignaraja said, calling for fewer bureaucratic layers, shorter approval processes, and quicker delivery of priority reforms and investments. ‘You can’t stay in this spot now. We have to build back faster, not just better.’

She said maintaining macroeconomic stability remained essential for preserving investor confidence, but argued that Sri Lanka’s next phase of development would depend on improving competitiveness, raising productivity, and creating quality employment opportunities.

Jobs will therefore become one of the defining pillars of the UNDP’s next program.

Wignaraja pointed to the growing outflow of young skilled Sri Lankans as one of the country’s biggest long-term development challenges. While overseas employment generates income, skills, and remittances, it also leaves critical gaps within the domestic workforce.

‘The challenge is how you encourage young people to go out, gain skills and income, but also attract them back to contribute to the country that invested in their education,’ she said.

At the same time, Sri Lanka must continue retraining and reskilling its workforce while exploring ways to address shortages in key sectors.

She described migration as a global phenomenon rather than one unique to Sri Lanka, noting that even the most successful countries create a circular flow of talent, where people leave to acquire new experience before returning with skills, technology, finance, and international networks that strengthen the domestic economy.

The urgency is heightened by Sri Lanka’s rapidly ageing population, she noted.

Although the country has regained upper-middle-income status, Wignaraja said many households have yet to experience the benefits associated with that classification.

‘The objective is to become more prosperous before you grow much older,’ she observed, warning that otherwise demographic pressures would place increasing strain on pensions, healthcare, and social protection systems.

Alongside employment, the next UNDP Country Program is expected to prioritise energy security, water security, climate action, governance reforms, and innovative financing, providing an integrated framework to support Sri Lanka’s next stage of development.

During her visit, Wignaraja met Government leaders, development partners, the private sector, and other stakeholders, whilst sharing the UNDP’s latest Sri Lanka policy brief, ‘Redefining Resilience in an Era of Compound Shocks,’ outlining strategies to strengthen resilience against intersecting economic, climate, and geopolitical risks.

Texworld NYC, Apparel Sourcing NYC, and Home Textiles Sourcing NYC-the East Coast’s premier textile and apparel sourcing events-concluded successfully at the Jacob K. Javits Convention Center in New York City, USA, from 29-31 July 2026. Recognised as the largest textile and apparel sourcing trade show on the East Coast, the exhibitions brought together more than 425 international exhibitors from 20 countries, providing a leading platform for ethical sourcing, sustainability, and global business opportunities.

The Summer 2026 edition marked the 20th anniversary of Texworld NYC, celebrating two decades of connecting the global textile industry and fostering international collaboration.

Omsoha International Ltd., represented Sri Lanka at the exhibition, showcasing its diverse range of textile and apparel products to international buyers while highlighting the country’s manufacturing capabilities and export potential.

The company’s participation highlighted Sri Lanka’s growing presence in the global textile and apparel market while creating opportunities to strengthen business relationships with international buyers and expand its export reach.

The Department of Fisheries has warned that 15 of the 17 empty shipping containers that fell into the sea off the Port of Colombo remain missing.

Pakistan eventually went through the bottom-half of West Indies› line-up, but not before the hosts got what they wanted out of it. Half-centuries from Justin Greaves and Roston Chase helped their side add 105 runs to their overnight score, getting up to 344 in an extended session before Pakistan finally wrapped up the lower order. Sajid Khan took the last three to finish atop with four wickets and three bowlers finished with two-fors, but West Indies have notched up the highest total of the series so far.

Mohammad Ali started errantly and Chase punished him with a pair of boundaries in the second over. But when Babar Azam took the new ball and handed it to left arm spinner Ali Usman, he struck with his first ball as Greaves› leading edge found Awais Zafar at short third. Kemar Roach battled as Chase continued to chip away in a continuing trend where every partnership in the innings bar one ended up reaching double figures.

Ubaid Shah, who had been held back with the new ball, struck with his first delivery of the day, a lovely cross-seam ball that flicked the top of Chase›s middle stump off the pad. For once, Shamar Joseph›s adventurism did not amount to much as Sajid cleanup him up, but Pakistan continued to sustain damage on their way to inevitably polishing West Indies off.

Azan Awais was struck hard on the shoulder fielding at short leg and went off, while Roach and Jayden Seales held Pakistan at bay as lunch approached, adding a further 18 before Sajid›s extra bounce did for Seales, and left Pakistan›s batters with plenty to do in the remaining two sessions. Pakistan were 69/1 in reply mid-second session on day two.

The prevailing rainy conditions are expected to ease from today, but several hill country and Sabaragamuwa areas will continue to face rainfall risks due to weather systems influencing the region, the Department of Meteorology said.

As of yesterday, nearly 2,331 people from 581 families were impacted by the inclement weather with four deaths also reported.

Director General of the Department of Meteorology Ajith Wijemanne yesterday said Kandy, Nuwara Eliya, the Sabaragamuwa Province and parts of the Western Province are expected to receive showers today.

He said rainfall could continue in Kandy and Nuwara Eliya districts and the Sabaragamuwa Province even after 6 August due to the influence of a typhoon over the Pacific Ocean south of Japan.

The Department of Meteorology said heavy rainfall exceeding 100 mm is likely at some locations in the Sabaragamuwa Province and the Kandy and Nuwara Eliya districts. Showers or thundershowers are expected at times in the Western, Sabaragamuwa and North-Western provinces, as well as Kandy, Nuwara Eliya, Galle and Matara districts.

Meanwhile, the Irrigation Department has issued a major flood warning for low-lying areas of the Kelani River Valley, warning that a major flood situation could develop due to heavy rainfall in the upper and middle catchment areas.

Residents in low-lying areas of Dehiowita, Ruwanwella and Yatiyanthota Divisional Secretariat Divisions have been advised to remain vigilant as river levels could rise rapidly.

A minor flood warning has also been issued for low-lying floodplain areas of the Kalu River covering Pelmadulla, Nivithigala, Ratnapura, Kuruwita, Ayagama and Elapatha Divisional Secretariat Divisions.

The Sri Lanka Mahaweli Authority yesterday begun opening spill gates and the mud sluice of the Gamini Dissanayake Reservoir in Kotmale from Monday afternoon due to rising inflows from the upper catchment areas.

The Authority said approximately 250 cubic metres of water per second will be released into the Kotmale Oya, with the volume subject to change depending on reservoir inflows.

Residents in low-lying areas along the Kotmale Oya, including Nugawela, Riverside, Mawathura, and areas along the Mahaweli River from Ulapane to Gampola, Weligalla, Gelioya, Peradeniya, Katugastota and Polgolla, have been urged to take precautions.

The Department of Meteorology also warned of strong winds of around 40-50 kmph at times in the North Central, Sabaragamuwa, Southern, Central and North-Western provinces and the Trincomalee District.

Amid the adverse weather conditions, Government schools in Kandy and Nuwara Eliya districts will remain closed today to ensure the safety of students and teachers.

Director General Wijemanne said there is limited likelihood of the ongoing adverse weather affecting the upcoming G.C.E. Advanced Level and Grade Five Scholarship examinations. A discussion with education authorities is scheduled for 5 August to review weather-related concerns.

The Public Utilities Commission of Sri Lanka (PUCSL) has decided to keep electricity tariffs unchanged for the third quarter of 2026, concluding that a marginal increase in supply costs does not warrant a tariff revision.

In a statement, the regulator said the decision followed a review of cost estimates submitted by the National System Operator Company (14500).

According to the PUCSL, estimated supply costs for the quarter increased by just 0.3%, or Rs. 417 million, allowing the tariff structure applied during the second quarter to remain in effect.

The Commission said the 1Q revenue surplus of Rs. 30,118 million, which included additional coal-related generation costs subsequently excluded from tariffs, had been carried forward, leaving a balance of Rs. 26,753 million.

When combined with the estimated 3Q supply cost of Rs. 159,274 million, the total cost for the quarter amounts to Rs. 186,027 million.

Revenue under the existing tariff structure is projected at Rs. 156,244 million. The PUCSL said additional revenue sources, including Rs. 6,943 million in profit from 2025, Rs. 9,650 million in Government subsidies for consumers, and Rs. 17,213 million allocated for the National System Operator’s operations, increase total revenue to Rs. 185,610 million.

With total costs exceeding projected revenue by only Rs. 417 million, the Commission concluded that an electricity tariff increase was not required for the third quarter.

Sanasa Life Insurance Company PLC yesterday said it is planning to undertake an equity capital raising within the next 15 months as part of efforts to restore its investment-grade credit rating and resolve issues that have kept its listed debt securities on the Colombo Stock Exchange (CSE) Watch List.

The insurer said the capital raising forms part of its remedial plan to address a qualified audit opinion and an emphasis of matter relating to the company’s ability to continue as a going concern contained in its audited financial statements for the year ended 31 December 2025.

The company said it would announce the equity capital raising to the market once the exercise is finalised.

Sanasa Life said its debt securities, which were transferred to the Watch List on 9 January 2026 following a downgrade of its credit rating below investment grade, will remain on the Watch List as an additional consequence of the qualified audit opinion and going concern emphasis contained in its 2025 annual report.

The securities will remain on the Watch List until the company resolves the matters giving rise to the qualified audit opinion and emphasis of matter or discloses a fresh investment-grade rating certificate for the relevant financial year, in accordance with the CSE Listing Rules.

The insurer also undertook to notify the market within one trading day of any Board-approved deviation from its proposed remedial plan. Sanasa Life warned that if it fails to obtain a fresh rating certificate or resolve the matters giving rise to the qualified audit opinion and going concern emphasis within 15 months of the transfer of its securities to the Watch List, trading in the debt securities will be suspended under the CSE Listing Rules.

If the suspension continues for more than 12 months, the CSE Board may delist the securities under Section 14 of the Listing Rules, the company said.

The company added that if the matters are resolved and independently verified by its auditor while the securities remain on the Watch List, it will immediately notify the market through the Exchange.

The Colombo Stock Exchange (CSE) extended its losing streak for a third consecutive month in July, pushing both benchmark indices deeper into negative territory for the year, with the All Share Price Index (ASPI) down 6.61% year-to-date (YTD) and the S and P SL20 Index lower by 3.53%.

The ASPI fell 5.09% in July, while the S and P SL20 Index declined 4.27%, marking their sharpest monthly losses since March and extending declines recorded in May and June.

The latest performance means the ASPI has posted losses in five of the seven months so far this year, with gains recorded only in January (+5.25%) and April (+7%). The S and P SL20 has similarly registered gains only in January (+7.86%) and April (+5.1%), while declining in the remaining five months.

July’s decline followed the steep correction in March, when the ASPI fell 11.24% and the S and P SL20 lost 11.03%, making July the second-worst month for both indices in 2026.

After a strong second half of 2025, when the ASPI recorded six consecutive monthly gains between July and December, market momentum has weakened markedly this year, with only two months delivering positive returns for both benchmark indices.