Category: Daily Financial Times

PMF Finance PLC said it has decided to withdraw its proposed Rs. 1 billion debenture issue, citing a decision by the Board of Directors following an internal assessment.

The company said it would not proceed with the proposed issuance of listed, rated, unsecured, senior, redeemable debentures, which was intended to raise up to a maximum of Rs. 1 billion.

PMF Finance did not provide further details on the reasons behind the withdrawal.

Prosoft Research and Insights says the first half of 2026 has been characterised by a noticeable decline in consumer sentiment compared to the stable levels observed previously.

It said consumer sentiment improved to 79 in June 2026, up from 75 in May. However, consumer sentiment has been fluctuating since October 2025, following a 12-month period of relative stability between September 2024 and September 2025.

Despite fluctuating consumer sentiment and rising inflation, consumer purchase behaviour has remained broadly stable compared with the same period last year. It will be important to monitor the coming months to understand whether the continued pressure from inflation and fluctuations in consumer sentiment begin to influence purchasing behaviour during the second half of 2026.

Prosoft Research and Insights conducts the Consumer Sentiment Survey monthly with a sample of 200 respondents.

Veteran Sri Lankan singer Mariazelle Goonetilleke has passed away at the age of 68.

She passed away in the early hours of Friday while receiving treatment for an illness at the Colombo South Teaching Hospital in Kalubowila

Known for her signature Western-style pop and upbeat rhythms, Goonetilleke was a versatile and dynamic force in the local music industry. She made a significant impact on the Sri Lankan music scene by blending fast-paced contemporary beats with local melodies, earning immense popularity across multiple generations.

Throughout her illustrious career, she delivered numerous timeless classics. Among her most celebrated hits are ‘Kandy Lamissi’ ‘Rahasai Sonduru Jeewe’, ‘Sihina Nelum Mal’, ‘Nelum Male Pethi Kadala’, ‘Kumaranane’, ‘Yowun Sihina Loke’, and ‘Pahan Nowana Rayaka’. Her unique style and contribution to Sri Lankan pop and baila music leave behind an enduring musical legacy.

The Permanent Mission of Sri Lanka participated at the ‘WTO Open Day 2026’, held at the World Trade Organisation (WTO) Headquarters in Geneva to mark the 100th anniversary of the Centre William Rappard.

WTO Director General Dr. Ngozi Okonjo-Iweala who visited the Sri Lanka stall was received by Permanent Representative of Sri Lanka to the United Nations in Geneva, Ambassador Sumith Dassanayake and Permanent Representative of Sri Lanka to the WTO, Ambassador Samantha Wijesekara.

The Sri Lanka stall offered visitors an authentic Sri Lankan culinary experience, including the much-loved Sri Lankan Kottu, showcasing the country’s rich food culture, hospitality, and people-to-people connection with the international community in Geneva.

The event opened the WTO’s historic headquarters to the public, offering visitors guided tours, exhibitions, cultural activities, children’s programmes, live music, and an international buffet featuring cuisines from WTO members. The Centre William Rappard, the WTO’s home, is recognised as the first building in Geneva specifically constructed to house an international organisation.

Permanent Representative of Sri Lanka to the WTO, Ambassador Samantha Wijesekara guided Sri Lanka’s unique contribution to the Open Day which highlighted not only the diversity of its culinary traditions but also its continued engagement with the WTO community and its commitment to cultural diplomacy. The event provided a valuable opportunity to share Sri Lanka’s identity, warmth, and traditions with visitors from Geneva and beyond.

The event was supported by the Sri Lankan community in Geneva, specially, the Sri Lanka Association in Geneva (SLAG).

The Asian Development Bank (ADB) has lowered its growth forecast for developing Asia and the Pacific economies to 4.9% for 2026 compared to 5.5% growth in 2025.

This is a reduction of 0.2 percentage points from April projections. Prolonged disruptions to energy markets caused by the Middle East conflict have weighed more heavily on the region’s prospects than anticipated, according to ADB’s latest economic outlook released today. The 2027 growth forecast is maintained at 5.1%, reflecting recovering activity as these pressures ease.

Asian Development Outlook (ADO) July 2026 expects disruptions to global energy markets to unwind only gradually, despite a framework agreement signed in June. With impacts extending beyond energy to fertilizers, other commodity prices, and supply chains, inflationary pressures are likely to persist. Regional inflation is now forecast at 4.3% this year compared to 3% in 2025-an upward revision of 0.7 percentage points from April. The inflation forecast for 2027 remains at 3.4%.

ADB Chief Economist Albert Park said: @Durable implementation of the framework agreement would help normalize global energy markets, but the pace of adjustment is highly uncertain with significant downside risks. Economic growth in developing Asia and the Pacific remains resilient, but persistent headwinds caused by the conflict require a careful policy balance between supporting growth and containing inflation.’

ADO July 2026 warns that renewed conflict escalation and prolonged geopolitical uncertainty remain key risks to the region’s outlook. These could further tighten energy markets, raise risk premia, and intensify inflationary and external pressures. Tighter global financial conditions pose additional risks, with sovereign bond yields and borrowing costs rising, and fiscal deficits projected to widen in several economies. Higher tariffs and elevated trade policy uncertainty could also weigh on activity, while rising fertilizer prices continue to threaten agricultural output and food security.

Growth projections for 2026 are lowered for most sub-regions, except developing East Asia. Forecasts for the People’s Republic of China are unchanged at 4.6% for 2026 and 4.5% for 2027, supported by strong exports and infrastructure investment. India’s growth forecast is revised down to 6.6% this year, as higher energy costs weigh on domestic demand, and maintained at 7.3% for next year. Growth projections for Southeast Asia and the Pacific are also trimmed, reflecting weaker domestic demand and tourism, rising inflation, and higher import costs.

Sri Lanka’s ride-hailing landscape has welcomed a new entrant with the launch of TruRout, the country’s first zero-commission ride-hailing platform, introducing a subscription-based model designed to maximise driver earnings while offering passengers transparent and predictable pricing.

Departing from the conventional commission-based structure adopted by most ride-hailing platforms, TruRout allows drivers to retain 100% of their earnings from cash rides by paying a fixed daily subscription based on vehicle category. Drivers operating three-wheelers pay Rs. 250 per day, while daily subscriptions are set at Rs. 350 for cars, Rs. 400 for SUVs, and Rs. 500 for vans and lorries.

Once subscribed, drivers can complete an unlimited number of trips without additional commission deductions, creating a more sustainable earning model.

For passengers, the platform introduces a transparent fare system that eliminates surge pricing during peak hours, public holidays and periods of high demand. Instead, customers are presented with the full fare before confirming a booking, enabling informed travel decisions without unexpected price increases. A standard 10% night surcharge applies only after 10.00 p.m., maintaining consistency in fare calculations.

Strengthening its value proposition, TruRout also incorporates TruMove, Sri Lanka’s first zero-commission cargo transportation platform. Through the same mobile application, registered drivers can seamlessly switch between passenger transport and goods delivery, unlocking additional income opportunities. The cargo service accommodates multiple transport categories under TruMove S, M, XL and TruHaul, catering to both personal and commercial logistics requirements.

To encourage long-term engagement, the platform has introduced referral incentives and loyalty programs for both drivers and passengers. Drivers who refer new users receive rewards, while active partners progress through loyalty tiers that provide subscription discounts, priority trip allocation and other operational benefits. Passengers also benefit through referral discounts, promotional offers and ride credits earned after qualifying journeys. Safety and convenience remain integral to the platform’s offering. TruRout features an in-app emergency hotline, a two-way rating and feedback system, a structured dispute resolution mechanism, and multiple payment options including cash, bank cards, LankaQR and the TruRout Wallet. By combining a zero-commission business model with integrated passenger and cargo services, transparent pricing and digital innovation, TruRout is positioning itself as a home-grown technology platform seeking to redefine Sri Lanka’s mobility ecosystem while delivering greater value to both drivers and passengers.

Pepsi Street Kala returned for its second edition on 4 July 2026 at Excel World, Colombo, turning the venue into a whole-day celebration of Sri Lankan Kala with festivities incorporating Sri Lankan art, music, and food.

Organised by Pepsi, the public art initiative drew thousands of visitors united through creativity, culture, and community. Embracing what young Sri Lankans love most, Pepsi continues to connect with local audiences as more than a global brand, but a partner rooted in local identity.

PepsiCo Franchise Lead and Associate Director Anshuman Mishra said: ‘At Pepsi, we’ve always believed in celebrating the passions that bring people together, and Pepsi Street Kala is a reflection of that spirit. With its second edition, Pepsi Street Kala continues to evolve as a vibrant platform that champions local creativity, foster community connections, and celebrate the bold, vibrant spirit of Sri Lanka.’

At the heart of the festival was an Art Exhibition in collaboration with the Academy of Design (AOD), placing emerging local artists in the spotlight to showcase their own interpretations of Pepsi-themed art. The collaboration offered fresh talent a platform to reach a wider audience, linking a well-known global brand with Sri Lanka’s growing art scene. Along with the exhibition, an interactive wall provided attendees the opportunity to display their own creativity by picking up a brush and adding their personal strokes to a shared canvas which evolved throughout the day.

The stage at the venue came alive with musical performances by some of Sri Lanka’s most popular artists, including the band Knights, along with Wasthi, Nilan Hettiarachchi, Raveen Tharuka, Dinesh and Kaizer, and Hana Shafa. Together, they brought the energy and diversity of Sri Lankan music to the heart of the festival.

Visitors also enjoyed exciting games and sampled local favourites at a range of food stalls, where the flavours tasted even better with an ice-cold Pepsi. A dedicated mocktail bar served up refreshing Pepsi mocktails. All these experiences were designed for everyone to join in and resonate with youth on a deeper level.

Varun Beverages Country Head Amit Joshi said: ‘What began as a city-wide open-air art gallery has grown into a wider celebration of Sri Lankan creativity, bringing together emerging artists, live music, great food, and interactive experiences for everyone to enjoy.’

Post-mortem examinations into the deaths of prison officers killed during the recent violence at Negombo Prison have revealed that several victims were brutally assaulted before they died, with forensic experts concluding that they sustained fatal head injuries caused by repeated blows from blunt objects.

According to the post-mortem findings, prison officers who succumbed to physical assaults suffered severe head trauma consistent with repeated impacts from heavy objects.

A five-member panel of senior Judicial Medical Officers, chaired by Dr. Sujeewa Wickramasinghe, carried out autopsies on 24 of the 28 bodies transferred to the Negombo Hospital. The panel comprised Dr. Prasanna Appuhamy, Dr. Samantha Wijerathne, Dr. Saminda Rajapaksha and Dr. Ramesh Aggiyawanna.

The forensic examinations found that 14 of the 24 deaths were caused by gunshot wounds, while nine victims died from blunt force injuries sustained during physical assaults. An open verdict was returned in one case pending further investigations.

Meanwhile, proceedings relating to the prison casualties continued before the Maligakanda Magistrate’s Court on 9 July, where the court was informed that another prison officer had succumbed to injuries while receiving treatment at the National Hospital of Sri Lanka in Colombo. The recording of evidence relating to that death has now been concluded.

Authorities have released the bodies of the 24 victims whose post-mortem examinations have been completed to their families for final rites.

Post-mortem examinations on the remaining four bodies are continuing, with officials confirming that one of the deceased awaiting examination is an Indian national.

The investigations are being conducted under the direction of Negombo Chief Magistrate Shilani Perera, who has instructed the panel of Judicial Medical Officers to expedite submission of the remaining post-mortem reports.

The Magistrate has also directed police to submit a comprehensive report detailing the circumstances surrounding the prison violence and the sequence of events that led to the fatalities.

The Sri Lankan delegation, led by Environment Deputy Minister Anton Jayakody actively participated in the Ninth Session of the Committee on Environment and Development (CED-9) of the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), held in Bangkok from 1 to 3 July 2026.

Throughout the three-day session, the Sri Lankan delegation made substantive contributions to the Committee’s deliberations, participated in high-level bilateral and regional engagements, and highlighted the Government’s commitment to strengthening environmental governance, climate resilience and sustainable development through enhanced regional cooperation. Sri Lanka’s active participation was widely appreciated by delegates and development partners, reaffirming the country’s constructive role in advancing the regional environmental agenda.

Under Agenda Item 4 on the Report on the Work of the Technical Expert Group on Environment and Development, Sri Lanka Ambassador and Permanent Representative to ESCAP Wijayanthi Edirisinghe delivered Sri Lanka’s statement, reaffirming the country’s commitment to addressing the triple planetary crisis of climate change, biodiversity loss and pollution. The Ambassador highlighted the importance of localising climate action through stronger engagement of subnational governments in implementing Nationally Determined Contributions (NDCs) and welcomed ESCAP’s continued technical support and regional cooperation to strengthen urban resilience, climate financing and sustainable development.

On the sidelines of the session, Deputy Minister Anton Jayakody held a bilateral meeting with ESCAP Executive Secretary Armida Salsiah Alisjahbana. During the meeting, the Deputy Minister briefed the Executive Secretary on the Government of Sri Lanka’s renewed commitment to environmental protection and sustainable development under its national policy framework. He highlighted the implementation of the Clean Sri Lanka initiative, efforts to strengthen environmental governance through recently enacted environmental legislation, measures to promote renewable energy and energy transition, improved management of plastic and solid waste through circular economy approaches, ecosystem restoration, biodiversity conservation and the integration of climate resilience into national development planning. The Executive Secretary appreciated Sri Lanka’s continued engagement with ESCAP and reaffirmed the Commission’s readiness to support the country’s sustainable development priorities.

Further, Ambassador and Permanent Representative of Sri Lanka participated in the Expert Group Meeting on ‘Strengthening Resilient and Sustainable Urban Development in Asia and the Pacific,’ an Associated event of the session, where she delivered the closing remarks, highlighting the importance of integrated urban planning, climate resilience and regional cooperation in building sustainable and inclusive cities. During the thematic session on ‘Aligning Sustainable Development, Climate Resilience and National Planning to Accelerate SDG Implementation,’ Sustainable Development Council of Sri Lanka Director General Jeevanthie Senanayake, shared Sri Lanka’s experience in integrating climate resilience into national and local development planning, drawing on the examples of Colombo and Ratnapura to demonstrate innovative approaches towards achieving the Sustainable Development Goals.

On the margins of the Committee, Deputy Minister Jayakody held discussions with representatives of the United Nations Environment Programme on the early implementation of the GEF-7 Sustainable and Efficient Electric Mobility System in Sri Lanka project and the GEF-8 Climate Smart Sustainable Cities project, in collaboration with the Ministry of Transport of Sri Lanka. The discussions focused on expediting project implementation to promote sustainable transport, climate-resilient urban development and environmental sustainability, while further strengthening cooperation between Sri Lanka and UNEP.

Deputy Minister Jayakody also met with youth representatives attending the Committee session and reaffirmed the Government’s commitment to strengthening youth participation in environmental governance and enhancing environmental literacy from schools to universities. He encouraged young people to contribute innovative solutions to environmental challenges. The youth representatives commended Sri Lanka for sponsoring the draft resolution on enhancing the meaningful participation of youth in environmental processes and environmental education, which was adopted by the Seventh United Nations Environment Assembly.

On the last day of the session, Deputy Minister Jayakody delivered the keynote address at the associated event on ‘Accelerating Integrated Climate Action in Asia and the Pacific – Regional Cooperation for Blue Carbon Finance.’ Highlighting Sri Lanka’s commitment to conserving and restoring blue carbon ecosystems as part of its climate action agenda, he emphasised the need for enhanced regional cooperation, greater access to climate finance, innovative financing mechanisms and stronger partnerships to advance nature-based solutions, climate resilience and the sustainable blue economy.

The Ninth Session concluded with the adoption of the Ministerial Declaration on Environment and Development in Asia and the Pacific, 2026, the Regional Program of Action on Advancing Synergies for Sustainable Development in Asia and the Pacific, 2026-2030, and the Report of the Committee on Environment and Development on its Ninth Session. Sri Lanka’s active and substantive engagement throughout the session reaffirmed its commitment to strengthening regional and multilateral cooperation in addressing the triple planetary crisis and advancing sustainable development across the Asia-Pacific region.

Across Asia and the Pacific, demographic change is becoming one of the defining policy challenges of our time.

Some countries are grappling with declining fertility rates and rapidly ageing populations. Others are seeking to harness the potential of large youth populations. Across the region, governments are asking how demographic shifts will affect economic growth, labour markets, healthcare systems and social protection.

These are important questions. But they often begin in the wrong place.

The future of Asia and the Pacific will not be determined simply by fertility rates, population projections or age structures. It will be shaped by something more fundamental: whether young people have reason to hope.

Too often, public discussions about demographic change focus on numbers rather than people. Yet behind every statistic is a deeply personal decision: whether to pursue further education, whether to enter a relationship, whether to have children, whether to remain in a community or seek opportunities elsewhere. These decisions are shaped not only by individual preferences, but by the opportunities and constraints that young people encounter in their daily lives.

New evidence from UNFPA’s Demographic Futures Survey, one of the largest studies of its kind, challenges some of the assumptions that frequently dominate public debates. Far from turning away from partnership, parenthood or family life, most young people continue to value and aspire to them. Many still see marriage and children as part of the future they hope to build. What they increasingly question is whether that future is within reach.

Young people consistently identify financial security, stable employment and a sense of readiness as among the most important conditions for starting a family. Yet across much of Asia and the Pacific, these foundations are becoming harder to secure. Rising living costs, housing insecurity, economic uncertainty and widening inequalities are making it increasingly difficult for many young people to build the futures they aspire to.

For many, the challenge is not choosing between career and family, but having a genuine opportunity to pursue both. And young people’s realities are far from uniform. While some struggle to balance work and family aspirations, others are denied meaningful choice altogether, constrained by poverty, discrimination and harmful social norms or practices. Young women continue to shoulder a disproportionate share of unpaid care responsibilities, while unequal access to safe, decent work leaves many more vulnerable to exploitation, violence and economic insecurity.

Expanding choice therefore requires more than encouraging individual decisions. It requires policies and investments that enable every young person to determine their own future with dignity, safety and equal opportunity.

Climate change adds another layer of uncertainty. Across Asia and the Pacific, young people are coming of age in a region increasingly affected by extreme weather events, environmental degradation and climate-related displacement. Their concerns about the future extend beyond economics. They are also asking what kind of world they will inherit and what opportunities it will offer.

These concerns matter because hope is not simply an emotion but the very foundation of resilient societies. People are more likely to invest in their futures when they believe those futures are attainable. Communities are stronger when young people can see opportunities to learn, work, contribute and thrive. Societies are more resilient when young people feel confident that progress is possible.

Hope does not emerge by chance but is built through policies and investments that expand opportunity and strengthen security. It is built through quality education, decent work, affordable housing, accessible healthcare, robust social protection and meaningful action on gender equality. It is reinforced when young people can exercise their rights, participate in decisions that affect their lives and trust that institutions are working in their interests.

This is why healthy populations cannot be achieved through attempts to engineer outcomes. They cannot be built by limiting rights or pressuring people to make deeply personal choices. Sustainable responses to demographic change begin by understanding the realities young people face and creating the conditions that enable them to flourish.

On this World Population Day, we should remember that demographic futures are not predetermined. They are shaped by the choices societies make today. If we want resilient economies, thriving communities and sustainable development tomorrow, we must ensure that young people have more than aspirations. We must ensure they have reason to hope.