Category: Daily Financial Times

The Football Confederation has said it ‘stands in solidarity’ with regional bodies UEFA and CONCACAF in opposing plans to sell a stake in the World Cup to private investors but stopped short of threatening ?to boycott events run by FIFA, global football’s governing body.

The confederation in a statement on Friday expressed ‘deep concern’ over the proposed establishment of a $20bn commercial ?subsidiary, FIFA Forward Enterprise (FFE), to run the World Cup and FIFA’s other events.

‘The fact that the situation has reached the point where the real possibility of a FIFA World Cup boycott has entered public discourse should concern everyone cares about the future of our game,’ the statement said.

‘Football should never have been placed in such a position.’

UEFA, European football’s governing body, voted unanimously on Thursday to boycott all FIFA events unless the plans were dropped. CONCACAF, the regional federation for North America, Central America and the Caribbean, has also rejected FIFA’s proposal.

On Thursday, AFC President Sheikh Salman bin Ebrahim Al Khalifa had said the way the proposal had been made was ‘totally unacceptable’, in a letter to member associations.

The AFC said ‘the proposed FFE cannot realistically achieve the necessary broad consensus and unity required to move forward.

‘The FIFA World Cup is the pinnacle of global football and derives its strength from the participation of all confederations and the world’s leading football nations.’

The AFC also made a thinly veiled attack on the governing body’s president, Gianni Infantino, saying the plan ‘has exposed fundamental weaknesses in FIFA’s consultation and decision-making processes that must now be addressed’.

Even after FIFA issued ?a new statement on Friday, saying each national association ‘should be allowed to review the proposal and have a say in shaping their own future’, the AFC said ‘central concerns surrounding governance, process and meaningful consultation remain unanswered’.

Port City Colombo is stepping up efforts to attract Indian investors by promoting its Special Economic Zone (SEZ), the ability to transact in Indian rupees and dedicated hospitality developments, as Sri Lanka seeks to position the project as a regional business gateway.

In an interview with The Economic Times’ ET HospitalityWorld, CHEC Port City Colombo Deputy Managing Director Thulci Aluwihare said the 2.7 sq. km reclamation project was designed to serve as a multi-services export zone rather than solely a real estate development, with India identified as its primary regional growth market.

The project comprises 91 hectares of common areas, a two-kilometre beach and a 90-hectare swimmable lagoon, alongside mixed-use developments, a yacht marina and a casino.

Aluwihare said the concept evolved after studies of regional real estate developments and SEZs highlighted Sri Lanka’s proximity to India’s economy.

‘What the study revealed was that we are next to the largest growth market story, India. We should create a vibrant business district, not necessarily focusing on financial services, but offering a multi-services export zone,’ he said.

He said Port City was intended to provide businesses with a platform to access South Asia, including India, adding that Indian rupees are recognised as legal tender within the project’s SEZ framework.

‘For an Indian business, without even having to incorporate a new company in Sri Lanka, you can, with your existing company, seek registration as an offshore company and transact in INR. We are trying to seamlessly integrate into that larger economy,’ Aluwihare said.

The developer is also targeting hospitality investors by earmarking four dedicated hospitality plots within the master plan.

Aluwihare said the 90-hectare swimmable lagoon would accommodate food and beverage outlets, restaurants and lifestyle retail developments, while the remainder of the project would comprise residential, mixed-use, office, recreation and hotel developments.

According to Aluwihare, the project was initially conceived as a waterfront real estate development before being repositioned as a business district and multi-services export zone aimed at supporting internationally traded services and attracting regional investment.

Online trolling is the price that almost all who are in the public eye have to pay in these days of social media. Like in most countries politicians are the ones at the receiving end of most online trolling and rightly so given that public scrutiny comes with the job. Apart from politicians, other public figures too face online scrutiny and criticism, but when trolling happens in an organised manner and crosses over to threats, intimidation and harassment, there is a cause for concern.

The 2022 people’s struggle or Aragalaya which began as a genuine camping due to public discontent with the then Government in power was soon hijacked by organised groups with vested interests. Social media was the tool they used to propagate their interests while demonising anyone else they felt were not aligned with their views. Ironically the then President Gotabaya Rajapaksa also came to power through organised social media campaigns which promoted him as the country’s saviour, but the bubble soon burst.

The National People’s Power (NPP) was also largely a creation of social media and the Party recruited a large number of their supporters to carry out their campaigns which contributed heavily to their electoral victories.

While the paid social media creators may have fallen by the wayside now, there are still a large number of supporters of the ruling side, who relentlessly go behind anyone who speaks out against the Government. They see no wrong in anything the Government does and are blind, just like those who once supported the Rajapaksas or other parties blindly.

One of the latest to be targeted by NPP trolls is Bar Association of Sri Lanka (BASL) President Rajeev Amarasuriya, who has come out strongly against the Government decision to extend the retirement age of judges of the Supreme Court and the Court of Appeal. The very same trolls who once thought the BASL was the lifeline for the country during the Aragalaya now think the worst of BASL and its members because they oppose a Government decision that impacts the judiciary.

The Church of Ceylon (Anglican Church of Sri Lanka) on Friday joined the long list that opposes the Government’s move to extend the retirement age of appellate court judges. In a statement, the Church expressed concern and disappointment over the Cabinet’s decision to proceed with the amendment, warning that such a move could undermine the rule of law and public confidence in the independence and impartiality of the judiciary.

Will the Government trolls now go behind those of the Anglican Church because they have taken a stance against a Government decision? Is organised trolling of those seen as opposed to Government moves a tool to deter criticism and intimidate opponents?

A big part of the problem with those blindly supporting the JVP-led NPP is their refusal to admit that no political group is sacrosanct. However much they profess to have the interests of the public at heart, self-interests come first. The NPP has already shown that it is not very different from the other political parties that held power in the past. Promises to abolish the executive presidency have been forgotten and suddenly what has sprung up is a constitutional amendment to increase the retirement age of judges.

In Animal Farm, the celebrated work of George Orwell, the final chapter awakens the reader to the corrupting nature of political power. The NPP too is caught in the same trap as its predecessors and no point of trolling against opponents can hide this fact.

Harischandra Mills PLC, an Ambeon Group company, has reported a strong financial performance for 1QFY27, with Profit After Tax (PAT) growing by 147% year-on-year to Rs. 91.8 million.

Revenue increased by 31% to Rs. 1.9 billion, while gross margins expanded to 18% during the quarter. The strong earnings momentum reflects not only the Company’s ability to navigate a challenging macroeconomic environment but also its success in unlocking value across key business segments.

In a statement, the Company said the robust performance was primarily driven by easing raw material costs, volume growth, operational efficiencies and process improvements. The Food segment, Harischandra’s core operating segment, remained the key driver of topline growth, recording a 22% increase in revenue, supported by both price and volume growth. It also contributed significantly to profitability, with segment operating profit rising by 132% to Rs. 83.2 million, supported by process improvements and enhanced operational efficiencies. Additionally, the company benefited from a decline in agricultural input prices during the quarter.

Chairman Tissa Bandaranayake said: These results were achieved amidst challenging macroeconomic conditions, including inflationary pressures and rising fuel costs linked to global developments. This performance reflects the resilience of our business and the strength of our operating model.’

Executive Director Dr. Sajeeva Narangoda said: ‘We have a clear roadmap for Harischandra, with a strong focus on process improvements, strengthening our sales channels, and to improve the value propositions across the diverse product range. These initiatives are expected to drive sustained growth in the coming quarters.’

The Board of Directors of Harischandra Mills PLC comprises T. K. Bandaranayake (Chairman), S. N. Samarasinghe (Managing Director), Dr. K. S. Narangoda (Executive Director), L. L. S. Wickremasinghe, S. A. S. Jayasundara, D. T. S. H. Mudalige, P. A. De Silva and S. L. Sebastian.

HNB Life PLC marked its 25th anniversary with a Special Market Opening Bell Ringing Ceremony at the Colombo Stock Exchange (CSE).

The ceremony brought together HNB Life’s Board of Directors, Executive Committee, Management and distinguished guests, alongside CSE Chairman Dimuthu Abeyesekera, CEO Rajeeva Bandaranaike and members of the CSE senior management, to celebrate a milestone that reflects not only the company’s longevity, but also its evolution into one of Sri Lanka’s leading life insurers.

Since its inception as HNB Assurance twenty-five years ago, the company has evolved to meet the changing needs of Sri Lankans. Today, as HNB Life, it enters a new chapter with a refreshed identity that reflects both its heritage and future ambitions. More than a change of name, the transformation reinforces HNB Life’s singular focus on life insurance and its commitment to helping every Sri Lankan build a financially secure future with confidence.

HNB Life and HNB General Insurance Chairman Stuart Chapman said: ‘Twenty-five years is far more than a milestone. It represents the confidence that generations of customers, employees, shareholders and business partners have placed in HNB Life. Every chapter of our journey has been shaped by that trust. As we celebrate this occasion and our evolution into HNB Life, we also reaffirm our commitment to building an even stronger, more future-ready organisation that continues to create lasting value for all our stakeholders.’

HNB Life Executive Director/CEO Lasitha Wimalaratne added, ‘As we celebrate twenty-five years, we are also celebrating the people who have made this journey possible. From the families who have entrusted us with their futures to our employees, Life Planners, parent company Hatton National Bank and other partners who bring our purpose to life every day, this milestone belongs to all of them. Our transformation into HNB Life reflects how far we have come and where we are headed next. We have grown consistently by staying true to our purpose and we remain committed to making life insurance more accessible, relevant and meaningful for every Sri Lankan.’

Congratulating HNB Life on the milestone, CSE CEO Rajeeva Bandaranaike said ‘Reaching twenty-five years is a significant achievement for any organisation. We congratulate the Company on this milestone and look forward to its continued contribution to both the insurance industry and Sri Lanka’s capital market.’

Beruwala Resorts PLC has obtained a Rs. 60 million short-term loan from its ultimate parent, The Colombo Fort Land and Building PLC, to meet working capital requirements.

The company said the facility carries an interest rate of the Average Weighted Prime Lending Rate (AWPLR) plus 2%.

Beruwala Resorts said its Related Party Transactions Review Committee had determined that the transaction was conducted on normal commercial terms and was not prejudicial to the interests of the company or its minority shareholders.

President Anura Kumara Dissanayake says sustainable national development must be built on the country’s culture, values and historical heritage, stressing that physical development alone is not enough.

The Colombo stock market yesterday ended in red, ending a two-day recovery.

The ASPI was down 0.38% or 80.43 points at 21,148.71 and active S and P SL20 ended 0.26% lower, down 15.37 points to 5,946.03. With 138 counters closing in red against 58 in green, The ASPI decline was helped by SPEN, CINS, COMB, ACL and RICH.

Market turnover was nearly Rs. 1.1 billion on over 31.4 million shares traded. Foreign investors were net sellers on a net outflow of Rs. 710,860.

NDB Securities said high net worth and institutional investor participation was noted in Hayleys, Hatton National Bank and John Keells Holdings. Mixed interest was observed in Lee Hedges, Commercial Bank and Swisstek, whilst retail interest was noted in Asia Siyaka Commodities, Ceylon Land and Equity and Janashakthi Limited.

The capital goods sector was the top contributor to market turnover due to Hayleys and John Keells Holdings, whilst the sector index lost 0.55%. The share price of Hayleys closed flat at Rs. 225 and John Keells Holdings closed unchanged at Rs. 19.90.

The banking sector was the second highest contributor to market turnover due to Hatton National Bank and Commercial Bank, whilst the sector index decreased by 0.26%. Hatton National Bank recorded a loss of Re. 1 to end at Rs. 385.25 and Commercial Bank declined by Re. 1 to Rs. 201.50.

Lee Hedges was also included amongst the top turnover contributors. The share price of Lee Hedges moved down 75 cents to close at Rs. 291.75.

Bogala Graphite Lanka PLC has announced an indirect change of control following the transfer of ownership of its majority shareholder, Graphit Kropfmhl GmbH, to a subsidiary of Asbury Advanced Materials Group.

The company yesterday said it had been informed by Graphit Kropfmhl GmbH that AMG Critical Materials N.V. had transferred all of its shares in the German company to a wholly owned subsidiary of Asbury Advanced Materials Group, formerly known as Asbury Carbons Inc.

AMG Critical Materials announced the conclusion of the $ 65 million deal on 28 July after the initial announcement was made last October.

The transaction results in an indirect change of control of Bogala Graphite Lanka, as Graphit Kropfmhl GmbH remains the company’s controlling shareholder.

As of 31 March 2026, Graphit Kropfmhl GmbH held more than 81.8 million shares, representing an 86.46% stake in Bogala Graphite Lanka. The Government of Sri Lanka was the second-largest shareholder with 509,000 shares, equivalent to a 0.54% stake, while the public held 13.54% of the company, comprising more than 12.8 million shares.

The company did not disclose the value of the transaction or indicate any changes to the company’s operations, management or business strategy arising from the ownership change.

Bogala Graphite shares closed Rs. 2.75 lower yesterday at Rs. 134.

Sampath Bank PLC recently brought together SME entrepreneurs, business leaders, strategic partners and members of its management team at The Thinnai Hotel, Jaffna, for its fifth SME Business Circle in the Northern Region, creating a platform for discussions centred on growth, resilience and long-term business success.

The gathering formed part of the bank’s continued commitment to strengthening Sri Lanka’s SME sector through knowledge sharing, customer engagement, and access to innovative banking solutions, inspiring businesses to make their next business move with confidence. The event provided a platform for direct dialogue between SME customers and the bank’s leadership, enabling discussions around evolving business needs, emerging opportunities and strategies that can help enterprises navigate an evolving economic landscape.

Addressing the gathering, Deputy General Manager – Consumer and SME Banking Asanka Liyanage highlighted the important role SMEs play in national economic development and reaffirmed the bank’s commitment to empowering entrepreneurs through innovative financial solutions, advisory services and digital capabilities. He also noted that Sampath Bank is the first Sri Lankan bank to implement a comprehensive end-to-end AI capability, designed specifically to enhance SME banking services and customer experience.

A key highlight of the event was a session conducted by Manager – Environmental and Social Impact Aeshan Buddhakorala who explored the importance of integrating sustainability into business operations. The session covered practical approaches to measuring resource consumption, managing operational impacts and adopting sustainable practices that can strengthen competitiveness, improve market readiness and support long-term growth. The discussion also highlighted climate-related business risks, evolving sustainability expectations and the growing importance of sustainable financing solutions, advisory support and capacity-building initiatives for businesses.

Strategic Planning Department Senior Economist Sanjaya Ariyawansa provided participants with insights into current economic conditions, market developments, challenges facing businesses and emerging opportunities that SMEs can leverage to strengthen future growth and competitiveness.

The event also featured demonstrations and networking opportunities with Sampath Bank’s strategic partners, including SULECO Ltd., Markspen Holdings Ltd. and Link Agro Ltd. The showcase introduced SMEs to innovative solutions across areas such as automation, industrial technology, geospatial services, drone applications and sustainable agricultural practices, highlighting opportunities to improve productivity, efficiency and business performance.