Category: Daily Financial Times

The Rescue, Rehabilitation and Insolvency (Corporate and Personal) Bill has officially become law, with Speaker of Parliament Dr. Jagath Wickramaratne this week endorsing the certificate on the legislation.

The Bill was first read in Parliament on 17 March 2026 and was subsequently passed by Parliament following a debate held on 6 May 2026.

The Act provides for the amendment of the Rescue, Rehabilitation and Insolvency (Corporate and Personal) Act, the Companies Act, No. 7 of 2007, the Inland Revenue Act, No. 24 of 2017, and the Mediation Boards Act, No. 72 of 1988, while repealing the Insolvency Ordinance (Chapter 97).

The Act introduces specific procedures relating to personal insolvency, including provisions for debt protection, moratoria, and debt restructuring, while ensuring the protection of a debtor’s reasonable income and essential assets.

In addition, the legislation addresses matters relating to corporate governance, receivership, and cross-border insolvency, with a view to enhancing predictability and confidence in the credit market.

The Act is also intended to provide a fresh start for honest individual debtors and establish a structured mechanism for the rehabilitation of distressed but fundamentally viable companies.

Accordingly, the Rescue, Rehabilitation and Insolvency (Corporate and Personal) Bill shall come into force as the Rescue, Rehabilitation and Insolvency (Corporate and Personal) Act, No. 12 of 2026.

The Sri Lanka Association of Airline Representatives (SLAAR) held its 33rd Annual General Meeting at The Kingsbury, Colombo on 17 June, bringing together members, past presidents and key industry stakeholders to review the past year’s progress and chart the path forward for the aviation sector.

The meeting was presided over by Chief Guest Civil Aviation Authority of Sri Lanka (CAASL) Director General Captain Daminda Rambukwella who stressed the importance of sustained collaboration between industry players and regulators, calling on stakeholders to accelerate efforts to establish Sri Lanka as a regionally competitive aviation hub.

Newly appointed Chairperson Sudeshinie Jayawardena, in her inaugural address to the membership, urged unity and steadfast commitment to the industry, highlighting the role of collective effort in driving the resilience and continued growth of Sri Lanka’s aviation landscape.

The AGM served as a platform to assess SLAAR’s contributions over the past year, with focus on advancing industry dialogue, strengthening operational coordination and supporting broader sectoral development.

Abans Finance PLC has reported another year of exceptional financial performance for the year ended 31 March 2026, reinforcing its position as one of Sri Lanka’s fastest-growing non-banking financial institutions. The Company delivered strong growth across all key financial indicators, driven by portfolio expansion, operational efficiency, and prudent risk management.

Total income increased to Rs. 4.67 billion, compared to Rs. 3.46 billion in the previous financial year, representing a growth of approximately 35%. Interest income rose to Rs. 4.21 billion from Rs. 3.03 billion, supported by significant growth in lending activities and expansion of the Company’s earning asset base. Net interest income grew by 47% to Rs. 3.07 billion, compared to Rs. 2.09 billion in the previous year, while total operating income increased to Rs. 3.47 billion from Rs. 2.48 billion. Net operating income reached Rs. 3.19 billion, reflecting the Company’s continued focus on maintaining portfolio quality and enhancing operational performance. Operating profit before taxes on financial services increased to Rs. 1.68 billion, a substantial 77% growth from Rs. 951 million recorded in FY2024/25. Profit before taxation from operations rose to Rs. 1.28 billion, compared to Rs. 704 million in the previous year, while profit after tax reached Rs. 857 million, recording a remarkable 101% growth over the previous year’s profit of Rs. 426 million.

The Company’s balance sheet strengthened significantly during the year. Total assets expanded to Rs. 20.81 billion, representing a growth of 54% from Rs. 13.48 billion recorded a year earlier. The lending portfolio continued its strong momentum, with loans and advances increasing to Rs. 14.65 billion. Customer deposits grew to Rs. 11.04 billion, compared to Rs. 8.45 billion in the previous year, demonstrating growing customer confidence in Abans Finance’s financial strength and service excellence. Shareholders’ funds increased to Rs. 4.16 billion from Rs. 3.50 billion, while retained earnings grew to Rs. 2.40 billion, further strengthening the Company’s capital position and supporting future growth initiatives.

Commenting on the results, Chief Executive Officer Nirosh Madawala stated: ‘The financial year 2025/26 marks a historic milestone for Abans Finance as we celebrate 20 years of growth and achievement. Delivering our strongest-ever financial performance is a testament to the confidence our customers place in us, the commitment of our employees, and the strategic direction we have pursued over the years. A key pillar of our success is the strength of the Abans Group. As part of one of Sri Lanka’s largest and most diversified business groups, we benefit from a powerful ecosystem built on decades of business leadership, financial stability, market reach, and trusted relationships. The Group’s extensive presence across multiple industries provides us with unique advantages, enabling us to scale confidently, strengthen our capabilities, and create greater value for customers and stakeholders. This strong foundation allows us to pursue growth with confidence while maintaining sound governance, prudent risk management, and a long-term vision for sustainable success.’ He further emphasised that the Company’s success has been built upon a carefully balanced strategy of sustainable growth, prudent risk management, portfolio diversification, digital transformation, and customer-centric innovation.

The Company continued to strengthen its market position during the year by expanding its lending footprint across multiple sectors and regions while maintaining healthy liquidity and strong asset quality. Strategic investments in technology, process improvements, and customer experience initiatives further enhanced operational effectiveness and service delivery. Abans Finance’s investment-grade rating of A-(lka) with a Stable Outlook from Fitch Ratings Lanka Ltd., reflects the Company’s strong financial profile, prudent governance standards, and resilient business model. Looking ahead, Abans Finance is entering a new era of growth with a clear vision of becoming one of Sri Lanka’s most admired and trusted financial institutions. The Company plans to accelerate expansion across retail and business financing, deepen digital capabilities, broaden financial inclusion, and deliver innovative financial solutions that empower individuals, entrepreneurs, and businesses to achieve their aspirations. As Abans Finance commemorates twenty years of excellence, the Company remains firmly committed to creating sustainable value for customers, employees, shareholders, and the wider community while building on a proud legacy of trust, stability, innovation, and financial leadership. With record profitability, a strengthened balance sheet, growing market presence, and the enduring support of the Abans Group, Abans Finance is exceptionally positioned to capture the opportunities of the future and continue its journey of transformative growth.

For many Sri Lankan businesses, India has long represented a market of immense potential. Yet despite its proximity and promise, entering and expanding within India has often seemed complex, with businesses facing challenges in identifying the right opportunities, navigating regulations, finding trusted partners, and understanding the nuances of different regions.

Addressing these challenges head-on, the Indo-Lanka Chamber of Commerce and Industry (ILCCI), in partnership with Global Investment and Trade Advisors (GITA), is launching the India Trade Desk – a dedicated platform designed to help Sri Lankan businesses successfully enter, expand, and establish meaningful commercial relationships in India.

More than a traditional advisory service, the India Trade Desk serves as a practical bridge between opportunity and execution. The initiative provides businesses with access to market intelligence, State-specific opportunity mapping, regulatory guidance, strategic introductions, investment facilitation, and partner identification to help transform business aspirations into tangible outcomes.

Former Invest India Chief Operating Officer and GITA Founding Partner Priya Rawat said: ‘The next chapter should not be limited to trade in goods alone. The real opportunity lies in creating partnerships-joint ventures, investments, technology collaborations, tourism initiatives, and business ecosystems that allow companies from both countries to grow together.’

The India Trade Desk has been established with a clear objective: to simplify market entry and accelerate business growth opportunities between Sri Lanka and India. Whether a company is looking to export products, establish a local presence, attract investment, identify distributors, explore manufacturing partnerships, or engage with India’s innovation ecosystem, the Desk provides a structured pathway to connect businesses with the right stakeholders and opportunities.

Recognising that India is not a single market but a collection of diverse States, industries, and consumer segments, the Desk works closely with businesses to identify the most suitable entry points based on their sector, business objectives, and growth ambitions. Opportunities in Tamil Nadu may differ significantly from those in Maharashtra, Karnataka, Telangana, or Gujarat, making localised knowledge and strategic guidance critical to success.

Former Invest India Vice President and Head of the Asia Pacific Region and GITA Adviser Sai Sudha Chandrasekaran said: ‘Companies often see India’s size as a challenge. But every successful expansion starts with one market, one customer, one partner, or one pilot project. The businesses that succeed are those that focus on the right entry point rather than trying to conquer the entire market at once.’

The India Trade Desk is particularly focused on supporting small and medium-sized enterprises (SMEs), many of which possess strong products, services, and ambitions but lack access to the networks, information, and connections required to navigate a new market. Through its extensive ecosystem of Government agencies, investors, industry bodies, and business leaders across India, the Desk helps level the playing field by providing access to relationships that would otherwise take years to establish.

For a food manufacturer, this may involve identifying distribution channels and understanding regulatory requirements. For a tourism operator, it could mean connecting with strategic partners and investors. Technology companies may gain access to innovation ecosystems, investment opportunities, and potential clients, while manufacturers can explore supply chain partnerships, industrial clusters, and market expansion opportunities.

The timing of this initiative is significant. As businesses globally seek more resilient supply chains, diversified markets, and stronger regional partnerships, economic engagement between Sri Lanka and India continues to gather momentum. India, now home to over 1.4 billion people and one of the world’s fastest-growing major economies, offers significant opportunities across manufacturing, technology, services, tourism, logistics, healthcare, and consumer sectors. Coupled with geographical proximity, cultural familiarity, and existing trade frameworks, the market presents a compelling growth opportunity for Sri Lankan enterprises.

However, market potential alone does not guarantee success. Businesses require trusted guidance, local insights, strategic networks, and the ability to engage with the right stakeholders at the right time. The India Trade Desk has been designed to provide exactly that support, helping businesses move from initial conversations to meaningful commercial outcomes.

As Sri Lanka and India continue to strengthen economic ties, initiatives such as the India Trade Desk can play a critical role in fostering deeper business-to-business engagement, encouraging investment flows, and creating long-term partnerships that benefit both economies.

The message to Sri Lankan businesses is clear: do not let the scale of India become a barrier to opportunity. Every successful expansion begins with a first step, and for companies ready to explore one of the world’s most dynamic markets, that step has never been more accessible.

Rawat is among the founding members of Invest India, India’s national investment promotion agency, and played a pivotal role in landmark initiatives including Make in India. Over a career spanning more than 15 years, she has facilitated over $ 100 billion in foreign direct investment (FDI), working with governments and businesses across multiple markets to attract investment, create jobs, and strengthen industries.

Chandrasekaran previously served as Vice President and Head of the Asia Pacific Region at Invest India, where she worked extensively with governments, investors, and corporations to facilitate cross-border investments and strategic partnerships. Her experience spans market expansion, investment promotion, and ecosystem development across diverse sectors and geographies.

GITA will be hosting a limited number of private one-on-one consultation sessions in Colombo on 24 June. Those interested to join can contact [email protected] or +94 77 246 5980.

Global Investment and Trade Advisors (GITA) is a strategic advisory firm that helps governments, investors, and businesses unlock growth opportunities through investment facilitation, trade promotion, market-entry support, and cross-border partnerships. Leveraging extensive experience across India and international markets, GITA works with public and private sector stakeholders to accelerate investments, strengthen business ecosystems, and drive sustainable economic growth.

Colombia, England and Ghana bagged wins on Day 7 of the FIFA World Cup, the same day Congo stunned Portugal to 1-1 draw.

Portugal predictably monopolised possession. They had over 75%. They also led early courtesy of a header by the seldom-anything-but-superb Joao Neves. Congo, however, refused to adhere to the remainder of the script. While the Seleção had lots of time on the adidas TRIONDA, Les Léopards threatened to ripple the net with it more. Ultimately, Yoane Wissa’s header earned them a deserved draw.

England 4-2 Croatia

England’s previous 4-2 victory on the football’s biggest stage seized them a first title in 1966. Will the Three Lions’ latest set them en route to a second crown? The performance, against the 2018 finalists and 2022 bronze medallists, suggests it could.

It was, despite Harry Kane’s double, all square at the break. In the dressing room Thomas Tuchel fearlessly urged his men to dare at the risk of defeat. ‘Credit to the manager,’ said Kane. ‘We went full gas and they couldn’t deal with it.’ Jude Bellingham and Marcus Rashford got the goals that bolted England out of the blocks.

Ghana 1-0 Panama

The Canal Men had the better of the first 45. The Black Stars, with Antoine Semenyo starring, were on top after the restart. As the clock ticked past 90, however, neither had turned their periodical dominance into a goal. Then, on the stroke of shared spoils, Caleb Yirenkyi, an unlikely source, summoned a winner. Ghana had taken a sizeable stride towards the knockout phase.

Uzbekistan 1-3 Colombia

The South Americans drew first blood, threatened the Central Asians incessantly thereafter, but were forced to dig deep to get the W. Abbosbek Fayzullaev’s equaliser, indeed, had Uzbekistan on for a famous World Cup debut draw – temporarily. With the pressure on, up stepped Bayern Munich superstar Luis Diaz to thrill the masses of Colombians in the crowd, before Jaminton Campaz struck the final blow.

Stats

Cristiano Ronaldo became, at 41 years and 132 days, the oldest outfield player to ever start a World Cup game. The record had belonged to Atiba Hutchinson, who was 39 years and 292 days when he represented Canada against Croatia at Qatar 2022.

Ivan Perisic became the second player in history to register an assist in four World Cups. Pele, Grzegorz Lato, Diego Maradona and David Beckham set up goals in three, while Lionel Messi did so in five.

Harry Kane equalled Gary’s Lineker’s record of 10 World Cup goals for England. James Rodriguez, Kane and Kylian Mbappe are vying to become the first player to claim the competition’s adidas Golden Boot twice.

Carlos Queiroz guided Ghana to become the third man to coach in five World Cups. He tied the total of Bora Milutinovic, with Carlos Alberto Parreira having led nations in six editions. (FIFA)

The 2nd Data Privacy and Protection Summit 2026, organised by the Daily FT and CICRA scheduled for 23 July 2026 at the Oak Room, Cinnamon Grand, is set to be the foremost gathering for data protection professionals, legal experts, and technology leaders in the country.

As data breaches grow more sophisticated, AI enablement takes center stage, and the enforcement of Sri Lanka’s Personal Data Protection Act (PDPA) draws nearer, this summit provides a vital platform to understand the evolving landscape of privacy, security, and compliance.

In a major development, Concentric AI, in partnership with local technology leader Orin Corporation, has come on board as the Strategic Partner for this year’s summit. Concentric AI is an advanced, AI-driven data security platform that autonomously discovers, classifies, and protects sensitive business data across cloud and on-premises environments, fast growing to be one of the leaders in AI Data Security and Governance. Orin Corporation, a trusted name in the local tech landscape, was a Strategic Partner during the inaugural Data Privacy and Protection Summit in 2025. Their continued collaboration with CICRA and DFT underscores a long-term commitment to elevating data protection standards in the region.

CICRA Group Director/CEO Boshan Dayaratne said: ‘We thank Orin Corporation for their unwavering trust in CICRA and DFT for the second successful year of partnership,’ said Dayaratne. ‘Today, AI-driven solutions are key factors in defending against cyber attacks. Humans cannot defend against AI-driven attacks without the support of AI. While attackers use AI, defenders must also evolve their AI to fight back. We invite everyone to attend the Summit on 23rd July to understand how organizations and Data Controllers can achieve PDPA compliance, especially as enforcement is soon approaching.’

Orin Corporation Chief Operating Officer Rehan Ariyaratne said: ‘Our contribution to this year’s summit goes beyond technology, it’s about empowering local businesses to stay ahead of the threat curve. By bringing Concentric AI to the forefront, we aim to demonstrate how we will protect our organisations key asset, data, in a world that is enabling and using AI at an ever growing pace. Participants at the summit will gain hands-on insights into deploying AI to defend against AI-powered threats, reduce data security threat surfaces, understand real world use cases of data risk management in an AI driven world, and walk away with actionable strategies to build a resilient, PDPA-ready compliance framework.’

Both Government institutions and private sector organisations have a shared responsibility in protecting citizen and customer data. With PDPA enforcement imminent, public sector data controllers and private enterprises alike must act now to avoid penalties, reputational damage, and security breaches. This summit offers a unique opportunity to learn from global AI-driven solutions like Concentric AI, understand regulatory obligations, and build a proactive defense strategy.

Zahira College Principal Trizviiy Marikkar this week set the record straight on integrity and recruitment policy of rugby players by the school.

Marikkar’s move follows what he described as ‘unfounded misinformation’ circulating on various social media platforms concerning the college. Misinformation also comes after stellar performance by Zahira todate in the on-going Schools Rugby League and ahead of a crucial match against Trinity on Saturday.

Clarifying the Rugby Player Recruitment Policy, the Zahira Principal said as an institution with a storied history in Sri Lanka sports, ‘we believe it is our duty to set the record straight and uphold the transparency that defines our sporting culture. Zahira College maintains a strict policy – We do not recruit or «import» players from other ‘A’ Division rugby-playing schools.’

‘Our philosophy is built on mutual respect for our fellow competitors. We believe that every ‘A’ Division school works hard to develop its talent, and we have no intention of disturbing or hindering the growth of these institutions by poaching their players. We stand by the principle that the health of Sri Lankan rugby depends on the stability of all its top-tier programs. Thus, we believe that winning a match with imported players is a sad state of affairs in sports,’ Marikkar said, adding Zahira ‘takes immense pride in its current First XV squad.’

To clarify the scale of Zahira’s internal development, the Principal said 99% of Zahira’s current team consists of home-grown talent. ‘These are students who have risen through our own junior ranks, embodying the Zahira spirit from a young age. Our success on the field is a result of years of internal coaching, dedication, and the loyalty of our own students,’ he said.

When Zahira College does engage in external recruitment, it is done with a clear philanthropic and developmental purpose. We offer scholarships to talented athletes from remote areas or ‘C’ Division schools. These recruitments are conducted with full transparency and the explicit consent of all parties involved. For these players, a Zahira scholarship is more than just a spot on a team; it is a life-changing opportunity to access high-quality education and professional sports training that might otherwise be out of reach.

‘We refuse to win matches at the expense of a student’s future. To us, a trophy is temporary, but an education and a disciplined character last a lifetime,’ Zaid Principal Marikkar.

He urged the general public, Zahira alumni, and the rugby community to disregard the misinformation currently being circulated.

‘Zahira rugby remains committed to the highest standards of sportsmanship, ethical recruitment, and holistic development of the youth of Sri Lanka. We continue to groom sportsmen who will graduate as responsible educated citizens of our nation,’ Marikkar emphasised.

At the request of the Sri Lanka Export Development Board (EDB), the Foreign Affairs, Foreign Employment and Tourism Ministry organised a Diplomatic Briefing on Sri Lanka Expo 2027 on 12 June at the Foreign Affairs Ministry, with the participation of approximately 100 representatives from foreign diplomatic missions based in Colombo and Ambassadors/representatives of foreign missions accredited to Sri Lanka, both physically and virtually.

The briefing was organised to update the diplomatic community on the rescheduled Sri Lanka Expo 2027 and to seek their valuable support in promoting the event among potential buyers, investors, and business communities in their respective countries.

The event commenced with the welcome remarks by Foreign Affairs, Foreign Employment and Tourism Ministry Secretary Aruni Ranaraja, who welcomed the distinguished gathering and highlighted the importance of collective stakeholder engagement in successfully promoting Sri Lanka Expo 2027 internationally.

Addressing the diplomatic representatives, Foreign Affairs, Foreign Employment and Tourism Minister Vijitha Herath emphasised the strategic importance of Sri Lanka Expo 2027 in supporting Sri Lanka’s economic development objectives. The Minister highlighted the role of international partnerships and requested the valuable assistance of foreign missions in attracting suitable buyers, investors, and business delegations to participate in the Expo.

Industry and Entrepreneurship Development Deputy Minister Chaturanga Abeysinghe also emphasised the importance of Sri Lanka Expo 2027 as a platform to strengthen bilateral economic cooperation and explore new trade and investment opportunities between Sri Lanka and participating countries. He invited the diplomatic missions to support identifying and connecting relevant business communities to maximise mutual benefits arising from the event.

Industry and Entrepreneurship Development Ministry Secretary J.M. Thilaka Jayasundara expressed her appreciation to all foreign missions for the continuous support and cooperation extended to Sri Lanka in achieving national development objectives. She highlighted the importance of continued collaboration between Sri Lanka and the international community in promoting trade, investment, and economic partnerships.

A comprehensive presentation on Sri Lanka Expo 2027 was delivered by Sri Lanka Export Development Board (EDB) Chairman and Chief Executive Officer Mangala Wijesinghe. The presentation covered the objectives of the Expo, key focus areas, expected outcomes, participation opportunities, and strategies to attract international buyers, investors, and business partners.

Sri Lanka Expo 2027 is positioned as Sri Lanka’s premier international trade, investment, and business networking platform, bringing together Sri Lankan exporters, global buyers, investors, and industry stakeholders to explore opportunities in trade, investment, and economic cooperation.

The Expo, which was originally planned for 2026, has been rescheduled to be held from 14 to 17 January 2027 at the Bandaranaike Memorial International Conference Hall (BMICH), Colombo. The decision to reschedule was taken considering global economic conditions, logistics cost fluctuations, and recommendations from key stakeholders to ensure a more impactful and successful international event.

The EDB continues to work closely with Sri Lanka Missions overseas, foreign diplomatic missions, chambers, industry associations, and other stakeholders to promote Sri Lanka Expo 2027 and attract high-quality buyers, investors, and business visitors from priority markets.

The EDB appreciates the continued support of the international diplomatic community and looks forward to their valuable contribution towards making Sri Lanka Expo 2027 a successful platform for expanding global partnerships and strengthening Sri Lanka’s position as a competitive trade and investment destination.

Eight creative talent representing Sri Lanka will take part in the coveted Young Lions Competition in Cannes, France, on 22 June. Out of this national team, six members are from Ogilvy Group Sri Lanka, recording the largest contingent ever fielded by a single agency in the country for the competition.

The Young Lions Competition in Cannes is globally regarded as a proving ground for creative talent under the age of 30. It brings together national winners from around the world to compete in the PR, Media, Digital, Film, Print and Design categories. Here, the Sri Lankan cohort will go head-to-head with the world’s top young creative minds in one of the most intense and high-pressure competitions in the global creative industry.

A cross-disciplinary mix will represent the country at this year’s Young Lions Competition in France. Ogilvy’s Sachintha Gunawardena and Hasith Dilakshana will compete in the Media category, Azraa Saldin and Nirmala Premachandra will represent the country in the PR category and Afridi Hussain and Maveena Manickam will vie for top honours in the Film category. Their place on the global stage follows wins in the Media, PR and Film categories at the Young Lions Sri Lanka Competition held in April.

At the competition, the teams are given a real-world brief from a non-profit or purpose-led organisation, often centred on a pressing social or environmental challenge. With just 24 hours to respond, they are required to develop a fully-fledged campaign at speed.

Teams competing in the Media category must develop an insight-led strategy that demonstrates effective use of channels to drive engagement. In PR, the focus shifts to crafting a compelling narrative and campaign idea capable of influencing perception and action. In Film, teams are required to produce an original 60-second film that meets the brief.

The teams will work from the dedicated Young Lions Competition Hub at the Cannes Lions School, an immersive space designed to stimulate ideas and creative thinking. Once complete, the campaigns are presented to the Young Lions Jury, comprising senior creatives from leading global agencies and organisations.

Held alongside the Cannes Lions International Festival of Creativity, the world’s foremost gathering for the creative communications industry, the Young Lions Competition immerses participants in a global arena defined by award-winning work, industry-defining ideas and leading creative voices from around the world.

In the lead-up to Cannes, the Sri Lankan contingent has been undergoing intensive preparation, supported by senior mentors across Ogilvy Group Sri Lanka, together with Metal Factor, the local representative of the Young Lions Competition.

The US and Iran have signed an agreement aimed at ending more than three months of hostilities and creating a framework for a broader settlement, marking a potentially significant de-escalation in one of the world’s most closely watched geopolitical confrontations.

The agreement was signed by US President Donald Trump at the Palace of Versailles in France following the conclusion of the G7 Summit. According to US officials, a copy of the signed document was subsequently transmitted to Tehran, where it was signed by Iranian President Masoud Pezeshkian.

The accord commits both sides to negotiating a final agreement within 60 days and includes provisions intended to ease tensions in energy markets and regional security.

Under the agreement, the US is expected to issue waivers enabling Iran to resume oil exports, while both parties have agreed on measures aimed at reopening the Strait of Hormuz, one of the world’s most strategically important maritime trade routes.

The agreement also envisages the establishment of a $ 300 billion reconstruction fund for Iran involving the US and regional partners.

Financial markets are likely to closely monitor developments surrounding the implementation of the agreement, particularly provisions relating to Iranian oil exports and navigation through the Strait of Hormuz, through which a significant share of global energy supplies passes.

The agreement is also intended to bring an end to hostilities across multiple theatres, including Lebanon, where military activity has continued despite broader diplomatic efforts to contain the conflict.

Trump said a copy of the agreement had also been sent to Israel and reiterated criticism of Israel’s military operations against Hezbollah in Lebanon, suggesting that greater restraint was required.

While significant political and security challenges remain, the agreement represents the most substantial diplomatic breakthrough since the conflict began and could ease pressure on global energy markets and regional trade routes if fully implemented.