Category: Daily Financial Times

Sirio, Badalgama, emerged as the champions of the 2026 Inter-Apparel Industry Softball Cricket Tournament, establishing itself as the standout team of this year’s tournament with an impressive display of skill, teamwork and determination.

The tournament brought together nearly 250 male and female players representing 23 apparel industry organisations from across the island. The final stage of the tournament was held recently at the Malay Sports Ground in Colombo, where teams competed for top honours in a highly competitive sporting encounter.

Adding to Sirio’s remarkable achievement, Romesh Ruwantha and Lakshika Dilani were recognised as the Best Bowler and Best Female Bowler of the tournament, respectively, in recognition of their outstanding performances throughout the competition.

Meanwhile, Sirio’s Kamal Nadan delivered an exceptional performance in the final and was named the Player of the Match, further contributing to the team’s successful campaign.

Throughout the tournament, Sirio’s male and female players captured the attention of spectators and fellow competitors alike through their commitment, team spirit and consistent performance. Their ability to secure several of the tournament’s major individual accolades further reflected the talent, dedication and collective effort demonstrated by the team.

The cricket tournament was organised with the objective of promoting sportsmanship, teamwork and camaraderie among employees in the apparel industry, while providing them with an opportunity to foster stronger bonds and showcase their sporting talents beyond the workplace.

Cargills Bank’s results for the six months ended 30 June 2026 reported a profit before tax of Rs. 362 million reflecting a 22% drop when compared to the corresponding period in 2025.

This was primarily driven by a significant Rs. 422 million reduction in total other income alongside an 11% increase in total operating expenses impact of which was partially offset by growth in both net interest income and net fee and commission income.

Profit after tax was Rs. 180.65 million, down from Rs. 240.3 million in the 1H of last year.

Net interest income rose to Rs. 2,207 million, a 20% increase over 1H 2025. This growth was primarily driven by loan growth reinforced with a strategic focus on repricing of deposits and advances to reflect the market conditions to manage the NIM in an optimal manner, as reflected by the increase in NIM from 4.38% as at end 2025 to 4.64% in the period under review.

Net fee and commission income recorded an increase of Rs. 76 million compared to corresponding period in 2025. This 17% increase was supported by growth in fee income from deposits, credit cards, and trade-related services.

Conversely, total other income for the period decreased by 89% to Rs. 55 million. This was largely due to higher realized capital gains on the derecognition of financial assets and net gains from financial assets at fair value through profit or loss reported in 1H 2025.

Total operating expenses increased by 11% to Rs. 2,039 million. Personnel expenses rose by 17% due to salary increments and adjustments aimed at reflecting market conditions and retaining talent. Depreciation and amortization grew by 35%, primarily driven by investments in information technology and other infrastructure upgrades. The Bank›s Cost-to-Income Ratio stood at 73.43%, compared to 70.68% as at 31 December 2025.

The Bank significantly narrowed its Other Comprehensive Loss to Rs. 137.4 million, a 69% improvement from the Rs. 440.7 million loss in 1H 2025. This was supported by lower fair value losses on financial assets measured at fair value through OCI. Consequently, Total Comprehensive Income turned positive at Rs. 43.2 million, reflecting a 122% recovery in comparison to the corresponding period in 2025.

The Banking segment of the operating segments was the primary driver of performance, with profit before tax rising to Rs. 306 million from a loss of Rs. 27 million in 1H 2025. This growth was fueled by a 42% increase in segment net interest income, which reached Rs. 2,055 million. The Treasury and Investments segment contributed Rs. 56 million in profit before tax, a decrease from the previous period’s high base of Rs. 491 million. This decrease was primarily due to lower realized capital gains on the derecognition of financial assets and reduced net gains from financial assets at fair value through profit or loss.

The Bank demonstrated improvement in asset quality through rigorous scrutiny and recovery actions. Total impairment charge for the period was Rs. 100 million, representing a decrease of Rs. 80 million from the Rs. 180 million charge in 1H 2025.

The Bank’s gross asset quality showed an underlying improvement as the Gross Stage 3 Ratio (Impaired Loans to Total Loans on a Gross basis) dropped to 11.30% from 12.00% as at end 2025. The Stage 3 Loans (Net of Stage 3 Impairment) to Total Loans Ratio stood at 6.53% as of 30 June 2026 compared to 6.52% in December 2025 and 7.85% in June 2025. The Stage 3 Provision Cover was maintained at 42.26% vs 45.65% as at end 2025.

Cargills Bank said it continues to maintain Capital Adequacy and Liquid Assets Ratios well within regulatory requirements. The Total Capital Ratio marginally improved to 17.66% from 17.12% as at end 2025. The Liquidity Coverage Ratio (LCR) – Rupee was at 156.27% while the LCR – All Currency was at 150.95%. The Net Stable Funding Ratio (NSFR) stood at 120.85% as at the reporting date.

Total assets of the Bank as of 30 June 2026 at Rs. 104.7 billion reflected an increase of Rs. 13 billion or 14% since December 2025 (YoY growth of 24% since June 2025). The net loan book posted a steady growth of Rs. 9.2 billion or 15%, from Rs. 63.1 billion to Rs. 72.3 Bn (YoY growth of 28% since June 2025).

Customer deposits grew by 18% to reach Rs. 77.9 billion as at the reporting date (YoY growth of 32% since June 2025), reflecting deepening customer trust, successful deposit mobilization strategies and onboarding new customers.

Earlier in the year, the Bank successfully raised equity capital of Rs. 2.5 billion by way of a Rights issue of ordinary voting shares with the objectives of meeting regulatory requirements, enhancing its capital base and supporting loan growth. In concluding this exercise, the trust and confidence placed by the investors is appreciated and acknowledged.

FT Quick Take

Financial Highlights

Net loan book grows by 15% (Rs. 9.2 b) compared to December 2025 to reach Rs. 72.3 b (YoY growth of 28%)

The stage 3 loans (net of stage 3 impairment) to total loans ratio at 6.53%

Total assets grow by 14% compared to December 2025 to reach Rs. 104.7 b (YoY growth of 24%)

Customer deposits grow by 18% to reach Rs. 77.9 b compared to December 2025 (YoY growth of 32%)

Total Capital Ratio at 17.66%

Capital base strengthened following the equity capital raise of Rs. 2.5 b through a Rights Issue earlier in the year

Sri Lanka’s securities market is most visible through trading in listed shares on the Colombo Stock Exchange. Market capitalisation represents the combined value of these listed companies at a given point in time and is commonly used as a gauge of the market’s size relative to the wider economy. In 2024, market capitalisation stood at 19.7% of nominal GDP, according to the World Bank. This places the stock market as a meaningful, though still modest, component of the national financial system.

Average returns of the stock market between 2023 and 2025 amounted to roughly 39%. Alongside equities, investors also have access to other capital market instruments. These include listed and unlisted debentures, as well as unit trusts. Most unit trusts in Sri Lanka operate outside the listed space. Broadly speaking, unit trusts pool investor funds and allocate them across different asset classes. Investors receive units whose value reflects the underlying assets of the fund. Together, these instruments widen the set of alternatives available to savers beyond conventional bank deposits.

The securities market therefore offers a credible route for portfolio diversification. By spreading risk across asset classes, investors can reduce reliance on a single source of returns and improve the resilience of their savings over time.

Confidence in the securities market

For a securities market to function, confidence is essential. Investors must believe that prices reflect genuine supply and demand, that risks are understood, and that the system is not tilted in favour of a few insiders. Without this confidence, participation shrinks and capital formation suffers.

Building and maintaining this confidence is one of the central responsibilities of the Securities and Exchange Commission of Sri Lanka. The Securities and Exchange Commission of Sri Lanka Act No. 19 of 2021 assigns the regulator the task of ensuring that the market operates in a fair, orderly and efficient manner. Part V of the Act identifies forms of prohibited conduct, including market manipulation, and criminalises behaviour that distorts the price discovery process.

Understanding market manipulation

Market manipulation refers to conduct that interferes with the natural formation of prices or trading volumes in the market. To understand the legal framework governing manipulation in Sri Lanka, it is useful to consider the broader logic behind these rules. Prices in a securities market should move in response to genuine information, investor expectations and economic fundamentals. Manipulation occurs when artificial actions or false information are used to influence prices or trading activity.

In general, manipulation takes three forms. Action-based manipulation involves carrying out transactions designed to move prices or volumes. Information-based manipulation relies on spreading false or misleading information. Trade-based manipulation uses excessive or coordinated trading to exert pressure on prices. Sri Lankan law addresses all three under the umbrella of prohibited conduct under market manipulation.

Under the previous legal regime, market manipulation was addressed primarily through rules issued under the repealed statute. The 2021 Act changed this approach by placing manipulation offences directly on a statutory footing.

The structure of offences under the SEC Act

Sections 128 to 132 of the Act set out specific market manipulation offences. These include false trading and market rigging, stock market manipulation, dissemination of false or misleading statements, fraudulently inducing persons to deal in securities, and the use of manipulative or deceptive devices. These provisions apply mainly to the listed market and to offers made in connection with listings like initial public offerings.

The structure of these offences draws heavily on regional precedents. Comparable provisions exist in Malaysia’s Capital Markets Services Act and Singapore’s Securities and Futures Act. While Sri Lanka has yet to develop its own case law under the new Act, courts and regulators can draw on regional jurisprudence when interpreting these provisions.

The purpose of these rules is to protect the integrity of the price formation process. Disclosure obligations and manipulation prohibitions work together. Disclosure ensures that relevant information reaches the market promptly. Manipulation rules prevent the abuse of market power or the deliberate distortion of prices.

Surveillance and enforcement

Regulators rely heavily on market surveillance to detect manipulation. Trading data, corporate disclosures and live monitoring systems are used to identify unusual patterns and anomalies. Regulators through live monitoring can control interferences. Where necessary, preventive action can be taken to limit disruption and protect investors.

Corporate filings ensure transparency and equitable distribution of information and will also limit the dissemination of false information. That is why the Colombo Stock Exchange Listing rules need immediate disclosures of price sensitive information. Annexure 8A lists down events that can be price sensitive. Listed companies must announce mergers or acquisitions, change of directors, a major transaction or similar occurrences.

Part V of the Act makes clear that the objective of these provisions is deterrence and operation of a fair market. Conduct that interferes with the equitable operation of the market may attract enforcement action.

Four short years ago, Sri Lanka suspended debt repayments. The people experienced a dramatic fall in their living standards. Small businesses died. Fuel supplies could not be unloaded from ships in harbor without full payment because we were not seen as credit worthy. Worth a reminder.

Things may look normal on the surface now, but the businesses that went bust have not come back. The effects of malnourishment driven by the crisis will take years to remedy. Sri Lanka is celebrating the restoration of its upper-middle income status, while Vietnam, which also reached upper-middle income status this year, is unhappy the 10% GDP growth target has not yet been achieved. Our debates are about whether we will hit 5% or 3%, as predicted.

The discipline imposed by the IMF program that Sri Lanka entered is coming to an end. Government revenues that were in a parlous state have been restored to a level where the 2.3% of GDP primary surplus, then deemed challenging, has been exceeded. Foreign reserves are lower than projected, but otherwise things do not look bleak. But the people are suffering, businesses are straining, and the young people are leaving. Growth is the missing factor. Without growth, stability is fragile.

Many have said that structural reforms are needed, without fully explaining why. Here, the rationale is provided.

Reducing para-tariffs and quickly negotiating bilateral and plurilateral trade agreements is essential to hedge against policy volatility in our biggest export market. This is the only way to generate Vietnam-like growth. The burden imposed by the excessively high VAT rate must be brought down to 15%. These actions will yield quick results. Land and labour reforms are essential and must be initiated now. But they will not yield quick results.

Rearranging revenue streams

Taxes on domestic trade, primarily VAT, generated 56.7% of total Government revenues in 2025. The Treasury will fight any proposals to reduce the VAT rate. Given the debt overhang, Sri Lanka cannot afford to allow revenues to slide back to pre-2022 levels. The lowering of the VAT rate will have a negative effect on the largest component of Government revenues. Something else must pick up the shortfall.

Eliminating para-tariffs will impact the revenues brought in by taxes on foreign trade, 12.8% of total revenues. Same problem. Unless something else picks up the slack, the overall revenues and our ability to service our debt will be affected. Is it realistic to increase the revenues generated from taxes on income and profits (currently 22%)?

Only one source remains: Non-tax revenues which contribute a paltry 8% now and were 9.3% in 2024. As the efficiency of the Inland Revenue Department improves the tax take, the contribution from non-tax revenues will shrink as a percentage. But if non-tax revenues can be increased, the VAT rates can be lowered and the para-tariffs eliminated without risk to the ability to manage the debt.

Increasing non-tax revenues

All sorts of things are counted as non-tax revenues. Included are earnings from railways (Rs. 16.4 billion in 2024; costs are much higher and reported elsewhere), embarkation levy (Rs. 14.4 billion); fees from passports and related services (Rs. 38 billion, excluding the one-day surcharges shared among the staff); and dividends (Rs. 7.9 billion). In many cases the State is the monopoly provider and can raise fees, as was done across the board in 2022. Despite the existence of around 500 State-Owned Enterprises (SOEs), dividends are dwarfed by revenues from things like passports. There is an entry for divestiture proceeds in the revenue accounts that has been zero since 2022.

Fees collected by the Telecom Regulatory Commission (TRC) are listed, oddly, as profits. That may be because the TRC is a reliable contributor (Rs. 12.7 billion in 2025) to the Treasury. This is also much larger than the dividends generated by the Government stake in Sri Lanka Telecom (Rs. 227 million the same year).

The last time SriLankan Airlines declared dividends was before it was renationalised during the first Mahinda Rajapaksa Government. Since then, it has not been given to the Treasury, only taken. The 2025 Mid-Year Fiscal Position Report states that the Treasury has taken over the servicing of SriLankan debt of $ 210 million (over Rs. 63 billion) and of Rs. 31.5 billion owed to domestic banks. These transfers are described as equity injections to the technically bankrupt airline.

In 2024 total equity contributions by the Treasury amounted to Rs. 69 billion; in 2025, to Rs. 101.9 billion. These dwarfed the total dividend income from SOEs: Rs. 7.9 billion in 2024 and Rs. 12.6 billion in 2025 and the profits from the state banks (Rs. 11 billion projected for 2026).

Unilaterally increasing fees for passports, expressway tolls, etc. can yield only so much. What must be done is to fill the divestiture proceeds line by the outright sale of some SOEs and the listing of others.

Contrary to some claims of ‘courageous NPP executing reforms,’ the promised Public Commercial Business Management Bill that includes the creation of a Temasek-like holding company, appears stalled. There is no holding company. Even the listing of SOEs has not progressed. The only discernible movement is on Canwill Holdings, the SOE that owns the empty tower known as the Hyatt, and the Mattala Airport.

More than the one-off contributions, full and partial divestiture will have positive effects on the expenditure side. Equity injections will no longer be necessary. If expenditures are brought down, the current fixation with increasing tax revenues can be moderated. What matters is the primary balance, not Government revenues per se.

Sri Lanka Telecom was partially privatised in 1997 and Maxxis currently owns 44% of the company. The shareholders’ agreement that gave management control to the private investor was unfortunately not renewed in 2002. Thereafter, the usual dysfunctions of political control crept in. For example, the board was chaired in 2015-2019 by a person whose only qualification was that of being the President’s younger brother. Its return on equity is lower than that of its comparable competitor. Yet, it is one of the few SOEs that produces dividends for the Treasury and does not demand equity injections.

More SOEs can be made like SLT, but better. The expenditures incurred on propping them up can be put to better uses that will actually produce benefits to society in addition to dividends. If the heavy hand of SOE market power can be lifted, key markets will function better, creating employment and better inputs for the economy. Taxes on foreign trade can be lowered, allowing Sri Lankan enterprises to participate in global production networks. Taxes on domestic trade can be lowered, increasing the spending ability of consumers and generating demand for businesses. Growth will accelerate, allowing further reductions of taxes and the management of debt.

Among the expanding collection of synthetic peptides explored within modern molecular science, FOXO4-DRI has attracted increasing attention for its unusual relationship with cellular senescence pathways and intracellular survival signaling. Rather than functioning as a conventional growth-associated peptide, FOXO4-DRI has largely been discussed within research environments focused on aging biology, stress adaptation, genomic maintenance, and senescent cell persistence. Its conceptual importance stems from the possibility that selective disruption of senescence-associated molecular interactions is believed to influence how aging cells remain metabolically active within tissues over time.

FOXO4-DRI was developed from investigations surrounding Forkhead box O4, commonly referred to as FOXO4, a transcription factor associated with stress resistance, oxidative balance, apoptosis regulation, and cellular longevity signaling. FOXO proteins have long occupied a central position in longevity-related research because of their connection to DNA repair systems, metabolic adaptation pathways, and stress-response transcription networks. FOXO4 in particular became increasingly relevant after research indicated that it may interact closely with p53 inside senescent cells, potentially contributing to the persistence and survival of these aged cellular populations.

The peptide itself was engineered as a modified D-retro-inverso structure, a design approach often used to improve peptide stability and preserve biologically relevant spatial orientation. Investigations into FOXO4-DRI have suggested that the peptide may interfere with FOXO4-p53 binding dynamics, thereby altering survival signaling within senescent cells. This proposed mechanism has generated considerable interest across multiple research domains, particularly those examining longevity-associated tissue remodeling, inflammatory signaling environments, and long-term cellular deterioration.

One of the reasons FOXO4-DRI continues to generate discussion within biochemical literature is that senescence itself represents a highly paradoxical biological state. Senescent cells are not entirely inactive. Instead, they often remain metabolically engaged while losing their potential to divide normally. These cells may accumulate after DNA damage, oxidative stress, telomere shortening, oncogenic signaling, or mitochondrial dysfunction. Research indicates that such cells may gradually influence surrounding tissues through the release of inflammatory cytokines, proteases, extracellular matrix components, and signaling molecules collectively associated with the senescence-associated secretory phenotype.

Because of this, some investigations theorize that persistent senescent cell populations may contribute to broader tissue-level deterioration over time. FOXO4-DRI entered scientific discussion largely because it appeared to represent a targeted molecular strategy aimed at disrupting pathways uniquely active in senescent cellular states rather than broadly affecting all proliferative systems equally.

Research literature surrounding FOXO4-DRI frequently centers on apoptosis-associated signaling. Within senescent cells, FOXO4 has been theorized to retain p53 within the nucleus in a manner that may limit apoptotic initiation. By interfering with this interaction, FOXO4-DRI has been hypothesized to alter downstream transcriptional balance and cellular survival regulation. Some investigations purport that this disruption may encourage selective removal of senescent cells from experimental systems, though the precise molecular consequences remain an ongoing subject of debate.

Importantly, the peptide is not generally discussed as a simple destruction-inducing compound. Instead, it is increasingly framed within broader conversations regarding cellular quality control, tissue equilibrium, and systemic aging architecture. Modern aging research no longer views aging exclusively as passive deterioration. Increasingly, longevity is explored as a dynamic interaction between stress adaptation, cellular communication, metabolic regulation, epigenetic drift, and immune-associated signaling. FOXO4-DRI is thought to occupy an interesting position within this framework because it intersects with several of these pathways simultaneously.

Another area where FOXO4-DRI has generated scientific curiosity involves inflammatory regulation. Senescent cells are often associated with persistent low-grade inflammatory signaling environments. Research indicates that these inflammatory conditions may influence extracellular matrix organization, neighboring cellular function, and regenerative signaling networks. Because FOXO4-DRI has been associated with the modulation of senescent cell persistence, some theorists speculate that the peptide may indirectly influence inflammatory communication systems within aging tissues.

The relationship between FOXO4-DRI and mitochondrial biology has also become increasingly relevant. Mitochondria are deeply intertwined with cellular longevity processes due to their potential involvement in reactive oxygen species generation, metabolic signaling, ATP production, and apoptotic regulation. Senescent cells frequently exhibit altered mitochondrial morphology and dysregulated metabolic activity. Certain investigations suggest that senescence-targeting compounds such as FOXO4-DRI might influence mitochondrial signaling indirectly through changes in cellular stress pathways and apoptosis-related regulation.

Epigenetic research has likewise contributed to growing interest in this peptide. Longevity is now widely associated with chromatin remodeling, transcriptional instability, and altered gene expression patterns. FOXO transcription factors themselves participate in several epigenetic and transcriptional control systems. Because FOXO4-DRI interacts with components of these signaling networks, some researchers theorize that its molecular relevance may extend beyond senescence alone and into broader regulatory systems associated with genomic stability.

As longevity science continues evolving toward increasingly systems-oriented models, FOXO4-DRI may remain relevant as both a research instrument and a conceptual bridge connecting cellular senescence, stress adaptation, and molecular maintenance networks. The peptide’s significance ultimately lies not merely in a single pathway, but in the expanding realization that aging itself may emerge from deeply interconnected biological processes operating across multiple scales of cellular organization. Researchers interested in peptides for sale online are encouraged check online vendors.

References

[i] Baar, M. P., Brandt, R. M. C., Putavet, D. A., Klein, J. D. D., Derks, K. W. J., Bourgeois, B. R. M., Stryeck, S., Rijksen, Y., van Willigenburg, H., Feijtel, D. A., van der Pluijm, I., Essers, J., van Cappellen, W. A., van Ijcken, W. F., Houtsmuller, A. B., Pothof, J., de Bruin, R. W. F., Madl, T., Hoeijmakers, J. H. J., Campisi, J., and de Keizer, P. L. J. (2017). Targeted apoptosis of senescent cells restores tissue homeostasis in response to chemotoxicity and aging. Cell, 169(1), 132-147.e16. https://doi.org/10.1016/j.cell.2017.02.031

The Association of Clearing and Forwarding Agents (ACFA) recently held its 35th Annual General Meeting at Ramada Colombo where incumbent President Uvaiz Samsudeen was re-elected for another term.

Chief Guest at the post-AGM ceremony was Sri Lanka Customs Director General Wimal S.K. Liyanagama.

ACFA Chief Samsudeen said the presence of Sri Lanka Customs Director General was a testament to the strong partnership that exists between Sri Lanka Customs, the Government, and the private sector in working together to facilitate legitimate trade and strengthen the nation’s economy.

‘Customs house brokers are an indispensable link in the shipping logistics and international trade supply chain. Our profession plays a pivotal role, facilitating legitimate trade through our expertise and commitment. We facilitate the smooth movements of goods, ensure compliance with Customs laws and regulations, and contribute significantly to the efficiency of cross-border border trade,’ Samsudeen said.

Despite the vital role, ACFA Chief noted that the knowledge, professionalism, and expertise of Customs house brokers are not consistently recognised across all Government agencies.

Therefore he called for greater recognition and engagement with ACFA members would enhance collaboration, improve regulatory compliance, and contribute to more efficient trade facilitation.

‘We therefore respectfully urge all relevant Government institutions to acknowledge the important role of customs house brokers as trusted partners in the country’s trade and logistics ecosystem, and to involve us more closely in policy discussions and operational initiatives that impact the industry,’ he said.

It was assured that ACFA fully supports these efforts and remains committed to working in close partnership with Sri Lanka Customs, and to promote ethical trade practices, strengthen compliance, and safeguard the integrity of the country’s import and export sector.

Samsudeen observed that the industry operates in an increasingly challenging environment, as licenced customs house brokers, and ACFA members are required to meet the ever-growing compliance obligations while investing in technology, skilled professional, skilled personnel, and staff welfare, all amidst rising operational costs and an increasingly competitive marketplace.

Despite these challenges, ACFA members remain committed to delivering professional, compliant, and efficient services to the trading community.

The event was told that President Anura Kumara Dissanayake invited ACFA and Chambers to represent the industry, along with Customs, to the committee reviewing the Customs Ordinance.

‘We proposed amendments to the Section 115 concerning Customs house brokers to foster increased professionalism within our community. As Customs house brokers (CHBs) operate directly under the supervision of the Sri Lanka Customs, we respectfully urge the authorities to exercise greater vigilance in dealing with unprofessional CHBs who engage in illicit trade and unethical practices, the action of a few unscrupulous operators tarnished the reputation of our profession and undermined the interests of the honest and law-abiding business community.

While financial penalties are necessary, they alone may not serve as an effective deterrent. We therefore respectfully recommend that CHB’s vulnerability to serious violations be suspended from carrying out operations for a period of at least one year, rather than being allowed to resume business immediately after paying a fine. Such decisive action would strengthen compliance, protect the integrity of the profession and promote fair and ethical trade practices,’ ACFA President said.

He said that recent revision of customs charges for various operations, operational services, with some fees reportedly increasing by more than 300%.

‘We understand that these charges have remained unchanged for the past 10 to 15 years, and we are not opposed to a reasonable division where it is justified. However, our concern is that these increases were introduced and gazetted without prior consultation or dialogue with the trade,’ Samsudeen said.

‘While we fully appreciate the need for periodic revisions, we respectfully submit that the timing of this increase is particularly challenging, as many businesses are still facing significant economic pressures. We therefore humbly appeal to the Sri Lanka Custom to review this matter, engage in meaningful consultation with the trade and provide all stakeholders with a fair hearing before implementing such substantial increases,’ ACFA Chief said.

He expressed the confidence that a balanced and equitable decision will not only support the trading community but also strengthen the long-standing partnerships between customs and the private sector.

‘Looking ahead, our association will continue to champion the trade facilitation through constructive engagement with the Government institutions and all stakeholders. We firmly believe that efficient trade processes and strong compliance are complementary objectives. By working collaboratively, we can facilitate legitimate trade, strengthen regulatory compliance, support Government revenue collection and contribute to the Sri Lanka economic growth,’ ACFA Chief added.

Efficient trade facilitation essential for national economic development

Sri Lanka Customs Director General Liyanagama congratulated ACFA for 34 years dedicated service and playing a key role in Sri Lanka’s international trade and logistic sector.

‘The relationship between the Customs and the clearing and forwarding community has developed through continuous dialogue, cooperation. We understand that efficient trade facilitation is essential for national economic development,’ he said.

Liyanagama said Sri Lanka Customs has always had two fundamental responsibilities. ‘One is to protect national Interest, including effective enforcement, ensuring compliance with laws and regulation, preventing illegal trade, safeguarding national security, and protecting Government revenue. The second is to facilitate legitimate trade by ensuring that goods move across the border effectively and efficiently, transparently and predictably.’

‘The modern Customs administration must achieve both objectives simultaneously. The Customs administration focuses that only enforcement may create unnecessary barriers to legitimate trades. Similarly, a system that focuses only on speed without effective controls may create risk to revenue, security, and fair competition,’ Customs Chief explained.

He revealed that Customs is working further on modernisation with technology, digitisation and reforms to efficiently facilitate legitimate trade.

‘We are strengthening the electronic service and advancing the ASYCUDA system to improve trade efficiency and predictability by leveraging international intelligence, risk management, and developing a national single window. We are streamlining operations, reducing physical inspection, and enhancing coordination with core agents,’ he said

In that context, the Customs Chief said clearance and the forwarding agencies occupy a unique position within the international trading system.

‘You are the link between traders, transport operators, Government agencies, and the custom authorities. Your professionalism and the expertise directly influence the efficiency of cargo movements,’ told the ACFA AGM.

Noting that Customs and the trade is on a reform journey, partnership with ACFA will be increasingly important as members’ practical experiences provide valuable insights into challenges faced by the importers and exporters. ‘Constructive feedback from the industry helps us implement effective solutions. At the same time, I encourage all members of the ACFA to continue professionalism, good practices, and ethical conduct. A modern Customs administration requires modern and responsible trade partners,’ Customs Chief emphasised.

‘Together, Customs and the private sector can create an environment where Sri Lanka becomes more competitive, more effective, and better connected to the global market. We need to follow several key principles: efficiency, technology, integrity, partnership, people development,’ he added.

Brandix was the Main Partner for the discussion around ‘Social’ at CATALYZE 2026, reinforcing its commitment to placing people at the heart of sustainable progress.

Hosted by the UN Global Compact Network Sri Lanka in Colombo recently, CATALYZE 2026 convened business leaders, practitioners, and change-makers to explore how organisations can advance sustainability with greater purpose and impact. The opening day focused on the social dimension of sustainability, including human rights, gender equality, inclusive workplaces, and community resilience.

Beyond its role as Main Partner for CATALYZE 2026: Social, Brandix is also a Patron of the Human Rights and Business Working Group of the UN Global Compact Network Sri Lanka for 2026-2028, further supporting dialogue and action on responsible business practices.

A key session during the summit explored the evolving role of leadership in creating inclusive workplaces, including the role of men in advancing inclusion. Representing Brandix, Senior General Manager – Marketing Taiyoob Ahamed shared perspectives on moving inclusion beyond policy into everyday practice.

‘Culture is not built through statements alone. It is shaped by the choices leaders make every day, the behaviours they encourage, and the environments they create for people to succeed,’ he said.

For Brandix, and Sri Lanka’s apparel industry, people form the foundation of every product, every partnership, and customer relationship. Customers and stakeholders look beyond what businesses produce to how they operate – through ethical practices, safe workplaces, inclusive cultures, and meaningful contributions to society.

As Main Partner for CATALYZE 2026: Social, Brandix was proud to support a platform that brought together diverse voices to exchange ideas, challenge perspectives, and inspire meaningful action across industries.

Brandix’s commitment to people-centred sustainability also extends to women’s health and wellbeing, with the company championing the UN Population Fund’s (UNFPA) Coalition for Reproductive Justice. This reflects the belief that equal opportunity at work is closely connected to the systems of care, safety, health, and support that enable people to participate, progress, and thrive.

Brandix said it continues to champion an inclusive culture where more women advance into leadership, employees feel empowered to speak up, diverse perspectives are valued, and people from different generations and backgrounds can learn and grow together.

Sri Lanka’s ace spinner Prabath Jayasuriya said that debutant spinner Keshara Nuwantha had a promising future ahead of him provided he can be consistent.

Sri Lanka required an off-spinner to support Jayasuriya, and opted for uncapped Nuwantha for the first Test and the bowler bowled impressively taking the wickets of KL Rahul, Rishabh Pant and Ravindra Jadeja bowling 39 overs for 175 runs. He proved an ideal foil to Jayasuriya who went onto capture 4/109.

‘Playing your first test against a side like India is not easy because they are ranked high. It is a big challenge for anyone,’ said Jayasuriya.

“Keshara is new. He has not played many first-class matches or matches at international level. If he can focus and improve his consistency, he can go a long way. He has the potential and I think he can go far and do a lot for the country.’

Jayasuriya said that the toss played a vital role in Galle. ‘We did not have much luck with it. It is something that we cannot control. If we had won the toss, it could have been a different scenario.’

‘The wicket is still good for batting. You cannot expect the spinners to get wickets on the first day. The ball is not turning sharply to be dangerous for the batsmen,’ was how Jayasuriya assessed the wicket.

Devdutt Padikkal said that it will take probably another couple of sessions for the wicket to really start breaking up. ‘We know that in Galle, especially, it tends to quicken up pretty fast on the third and fourth day. So we are expecting that to happen again.’

On his maiden Test century Padikkal said, ‘I’ve dreamt of this moment. For the last two years, I’ve been working really hard to try and make sure that when I get that opportunity, I can do something special like this, and I’m really happy to do that.’ – [ST]

The Sri Lanka-China Business Council (SLCBC) recently marked its 25th anniversary with renewed calls to deepen bilateral trade, attract greater Chinese investment, and address the longstanding trade imbalance between the two countries.

The silver jubilee celebration was held grandly at the Shangri-La Colombo, bringing together representatives of the Sri Lankan and Chinese governments, diplomats, private sector leaders, and past presidents of the council to reflect on the 25 years of strengthening commercial ties between Sri Lanka and China.

Government officials and business leaders spoke at the event, highlighted Sri Lanka’s ongoing economic reforms and future investment opportunities.

Addressing the gathering, Chief Guest Trade, Commerce, Food Security and Cooperative Development Minister Wasantha Samarasinghe underlined that China was one of Sri Lanka’s most significant economic partners and reaffirmed the Government’s commitment to creating a stable, transparent and investor-friendly business environment.

Acknowledging the strength of bilateral trade, he said, ‘there is a big difference between import and export between the countries. While benefiting both countries, let’s still look for opportunities and trade partnerships that benefit both countries and its peoples to reduce this gap.’ He further added that the SLCBC was well positioned to identify emerging opportunities in trade, investment, and technology while continuing to serve as a bridge between businesses, policymakers, and investors.

Deputy Minister of Industry and Entrepreneurship Development Chathuranga Abeysinghe also spoke at the event, noting that Sri Lanka was entering a period of significant economic reform aimed at improving competitiveness. ‘The biggest transformation that is taking place now is the tariff policy. We are opening our markets by removing our para tariffs, which are CESS and PAL, by 2029.’

The Deputy Minister encouraged Sri Lankan investors to pursue partnerships with established Sri Lankan businesses, particularly in value-added manufacturing, technology, logistics, and export-oriented industries, rather than focusing solely on greenfield investments.

Deputy Chief of Mission Zhu Yanwei reaffirmed China’s commitment to expanding cooperation with Sri Lanka under the Belt and Road Initiative. ‘We are ready to deepen our work with our Sri Lankan friends across infrastructure, the digital economy, green energy, modern agriculture, and the rural economy, tapping into entirely new engines for growth.’

He said China would continue opening its market further to Sri Lankan exports, like tea, gems, rubber, and spices, while encouraging more Chinese companies to invest in Sri Lanka’s manufacturing, tourism, and renewable energy sectors.

‘At the same time, we want to push for the investment and financing cooperation that is both transparent and sustainable, offering genius support for Sri Lankan long-term economic recovery.’

The Deputy Chief of Mission identified three priority areas for future collaboration: restarting negotiations on the proposed Free Trade Agreement (FTA), supporting Sri Lanka’s economic recovery through greater investment, and strengthening risk management and business facilitation mechanisms for investors. He further highlighted that balancing bilateral trade should remain a priority, adding that closer cooperation between the two countries could help more Sri Lankan businesses gain access to the Chinese market while reducing trade barriers.

SLCBC President Haroun Cader also spoke at the event, noting how the council had evolved into an important bridge connecting the business communities of both countries over the past 25 years. He said that while agreements may have initiated business relationships, trust and sustained engagement had ultimately determined the council’s long-term success. ‘The Council has become a bridge between businesses and institutions. It has helped companies find partners, understand markets, and explore new opportunities.’

He stressed that the next phase of Sri Lanka-China economic relations should focus on creating balanced and sustainable growth by expanding market access for Sri Lankan small and medium-sized enterprises, attracting technology-driven investment and strengthening innovation.

Cader also highlighted that there was a growing importance in digital trade, artificial intelligence, renewable energy, and advanced manufacturing, calling businesses to convert dialogue into tangible commercial outcomes.

The evening concluded with a toast celebrating 25 years of Sri Lanka-China business cooperation and expressing confidence that stronger commercial partnerships would contribute to greater prosperity for both countries in the year ahead.

The Securities and Exchange Commission of Sri Lanka (SEC) has deferred the suspension of trading in shares of Softlogic Holdings PLC and its subsidiary Odel PLC until 30 June 2027, following going-concern emphasis of matter in their Independent Auditors’ Reports.

The shares had been due for suspension from 31 August 2026. Softlogic Holdings shares ended yesterday up 60 cents at Rs. 10.40 and Odel ended down 10 cents to Rs. 11.30.

Softlogic Holdings securities had previously been transferred to the watch list on 28 November 2023, 25 April 2024, 16 December 2024 and 16 December 2025 due to emphasis of matter on going concern contained in its Independent Auditor’s Reports for the financial years ended 31 March 2022, 2023, 2024 and 2025, respectively.

Odel’s securities were transferred to the watch list on 6 December 2024 and 15 December 2025 over going-concern emphasis of matter in its Independent Auditor’s Reports for the financial years ended 31 March 2024 and 2025.