Ceylinco Life crosses Rs. 300 b assets milestone, reinforcing financial strength

Ceylinco Life has announced that its total assets have surpassed the landmark Rs. 300 billion threshold, reaching Rs. 302.5 billion as at 30 June 2026, underscoring the company’s sustained growth momentum and financial resilience.

Over the first six months of 2026 alone, Ceylinco Life recorded asset growth of Rs. 15.65 billion, representing an increase of 5.45 per cent at an average monthly growth of Rs. 2.58 billion.

Significantly, the company reported a Risk-Based Capital Adequacy Ratio (CAR) of 406 per cent as at 30 June 2026, substantially exceeding the minimum regulatory requirement of 120 per cent set by the industry regulator. This strong capital position reflects Ceylinco Life’s prudent risk management practices, sound financial governance, and its commitment to safeguarding the interests of policyholders and other stakeholders, while demonstrating a high capacity to withstand macro-economic pressures and volatility.

Chairman R. Renganathan said: ‘Crossing the Rs. 300 billion assets milestone is a significant affirmation of the strength, stability and disciplined growth of Ceylinco Life. Our exceptionally strong capital adequacy ratio, which is well above regulatory requirements, highlights our prudent approach to risk management and our unwavering commitment to protecting policyholder interests. This solid financial foundation positions us to navigate economic uncertainties with confidence while continuing to deliver long-term value to all stakeholders.’

Ceylinco Life’s asset base is primarily driven by its financial investments, including a growing portfolio of real estate, reinforcing the quality and stability of its balance sheet. The company has continued to invest strategically in acquiring land for its branch network, enabling the development of eco-friendly green buildings while simultaneously enhancing the strength of its asset portfolio. Construction is currently underway on the company’s 36th branch building on land owned by Ceylinco Life.

Ceylinco Life’s continued growth builds on a strong performance trajectory in 2025, when the company recorded its 22nd consecutive year of market leadership in Sri Lanka’s life insurance industry, with gross written premium income of Rs. 44.18 billion. The company also reported total income of Rs. 72.43 billion and increased its total assets by 14.15 per cent to Rs. 287 billion at the end of that year, while its Life Fund crossed Rs. 200 billion.

With its expanding asset base, disciplined investment strategy, and consistently strong capital position, Ceylinco Life continues to reinforce its standing as Sri Lanka’s most financially stable and trusted life insurer.

Cincinnati Open: Djokovic stunned by Tirante in second round

Novak Djokovic suffered from punishing heat and humidity on Saturday but made a match of it before falling 2-6, 6-4, 6-4 to Thiago Tirante in what could be the Serb’s last appearance at the ATP-WTA Cincinnati Masters.

The second-round battle lasted for more than two and a half hours, and it proved too much for the 24-time Grand Slam champion, who was playing his first match since he lost to Jannik Sinner in the Wimbledon semifinals more than a month ago.

Top-seeded Alexander Zverev, the French Open champion who fell to Sinner in the Wimbledon final, was more fortunate, squeezing out an opening 3-6, 6-3, 6-3 victory over Cameron Norrie in a match that took two hours and 45 minutes and ended at 2:15am.

Britain’s Norrie has now lost all eight of his matches against the German, winner of the Cincinnati title five years ago, who is hoping a return to Ohio will help him shake off an abrupt exit in Canada last week.

Norrie had wrapped up the opening set before Zverev began to find his footing to level the match.

Norrie saved six break points in a 12-minute game to begin the deciding set but was broken twice as Zverev advanced.

‘I needed to get a match rhythm,’ Zverev said. ‘The confidence was not there after Canada. ‘The first set was not great, but the other two were at a high level, and I’m happy about that.’

Winter booking window at risk as SL Tourism pushes interim marketing drive to Sept.

Sri Lanka Tourism’s much anticipated interim overseas promotional campaign has been pushed from its previously announced August launch to September, raising concerns within the industry that the delayed rollout could leave the country with ‘little time’ to influence bookings for the crucial winter tourism season.

The Sri Lanka Tourism Promotion Bureau (SLTPB) had earlier announced that the market-specific interim campaign would commence in August, beginning with Germany, the UK, Australia, and New Zealand, before expanding to India, China and Russia in September (https://www.ft.lk/front-page/Sri-Lanka-to-launch-global-tourism-campaign-by-year-end-interim-market-blitz-begins-in-August/44-794450).

However, SLTPB Managing Director Sanjaya Niroshan yesterday confirmed that the announcement on the rollout will only be made on Wednesday (19), with the actual campaigns now being prepared for implementation from 1 September.

‘The interim campaign will commence in Australia, with our roadshows scheduled to begin from 31 August,’ he told the Daily FT.

‘We are moving ahead with interim market-specific campaigns while preparations for the global destination branding campaign continue. The objective is to maintain Sri Lanka’s presence in key markets until the global campaign is launched,’ Niroshan said.

He acknowledged that the campaigns will initially target New Zealand, Germany, and the UK followed by India, China, and Russia, while France, South Korea, and the Netherlands are expected to be covered subsequently.

The shift comes at a critical juncture for the tourism industry, with Sri Lanka entering the booking period for its peak winter season. Industry stakeholders have been pressing authorities to launch an interim campaign while the much larger global branding exercise remains pending.

Industry sources said they had repeatedly advocated for an interim promotional push to maintain Sri Lanka’s visibility in key source markets until the global campaign is operational. The concern is that starting the campaign only in September could be ‘cutting it too fine’ to generate meaningful demand for the winter season, particularly in long-haul European markets, where holiday planning and bookings are often made well in advance.

The delay is also taking place against a backdrop of softening arrivals.

Sri Lanka welcomed 1,436,929 tourists by 13 August 2026, compared with 1,467,694 during the corresponding period last year. During the first 13 days of August alone, arrivals fell 5.9% year-on-year (YoY) to 93,511, compared with 99,406 in the same period of 2025. July arrivals had also recorded a marginal 1.7% decline to 196,845, following much sharper contractions in March and April amid disruptions to international aviation caused by the Middle East conflict.

India has remained a key buffer, with 358,608 arrivals recorded during the first seven months of the year, followed by the UK with 140,892 and China with 94,890.

Niroshan assured that the Rs. 3.5 billion global destination branding campaign remains on track for launch by the end of this year or early 2027.

The comprehensive campaign is intended to reposition Sri Lanka in international markets and support the Government’s longer-term target of attracting 5 million tourists and generating $ 8 billion in tourism earnings by 2030.

He said the SLTPB has completed procurement for several high-value overseas marketing contracts to support the international rollout.

Niroshan described the interim campaigns as a major shift from fragmented, individual-market promotions towards a coordinated strategy targeting high-value source markets.

Kaspersky calls for embedded protection as digital tech usage in Asia Pacific outpaces global average

Compared to their global counterparts, digital use and digital crime awareness are highest in Asia Pacific (APAC) according to a recent Kaspersky study.

The global cybersecurity and digital privacy company highlights the need for embedded protection as digital tech usage in the region outpaces the global average.

Asians are highly online, and are also aware of the dangers in the digital world.

These are the findings of a recent B2C Pulse Survey conducted by Kaspersky Market Intelligence. Consumers in APAC are outpacing their global counterparts in terms of online shopping (80% vs 71%), digital finance (72% vs 70%), digital entertainment (70% vs 62%), and digital communication (68% vs 61%).

The results of the survey were announced during Kaspersky’s APAC Cyber Security Weekend in Guangzhou, China recently.

APAC consumers are also more concerned about digital tech usage for crime than consumers globally (35% vs 32%). The awareness is highest in Thailand (39%), followed closely by Malaysia (38%), Indonesia (35%), China (34%), India (32%), and Vietnam (31%).

Kaspersky Head of Consumer Channel for APAC Choon Hong Chee said: ‘When 77% of APAC is online and digital wallets accounting for roughly 70% of online payments, cybersecurity is no longer optional. The region expects 2.11 billion mobile subscribers by 2030, which makes protecting personal data and financial transactions critical to sustaining trust in the region’s thriving digital economy.’

Mobile threats in APAC and the need for embedded security on phones

As APAC is rapidly becoming a mobile-first digital economy, Kaspersky shared it has blocked nearly 30,000 mobile attacks against consumers in the region during the first three months of 2026.

India and Indonesia logged the highest number of mobile attacks with 18,187 and 15,163 incidents, respectively. However, this type of threat is ballooning in other APAC countries. Particularly, steep increase on a year-on-year comparison – Q1 2026 and Q1 2025 – was observed by Kaspersky telemetry in Taiwan (+373%), Sri Lanka (132%), Thailand (+127%), Bangladesh (108%), China (69%), and the Philippines (28%).

‘The rapid rise in mobile attacks across multiple APAC markets is a reflection of how quickly the region’s digital habits are changing. While the nearly 30,000 mobile threats detected in just the first quarter may appear small against the scale of APAC’s digital population, they could represent only the tip of the iceberg. India and Indonesia recorded the highest volumes, but the sharp year-on-year increases seen in Taiwan, Sri Lanka, Thailand and Bangladesh show that mobile threats are rapidly expanding beyond the region’s largest digital economies. Unlike PCs, mobile phones are often not protected with the same level of security, despite increasingly becoming the gateway to our financial, social and professional lives. As cybercriminals follow this shift, the challenge is ensuring that mobile security evolves at the same pace as adoption,’ adds Choon.

As mobile threats expand, Kaspersky stressed security also needs to move closer to where consumers conduct their digital activities. One effective approach is to build protection directly into mobile applications, rather than relying solely on users to install and maintain separate security solutions on their devices.

Kaspersky Mobile Security SDK enables organisations such as banks, retailers, government services and app developers to integrate multilayered security directly into their mobile applications. The SDK provides capabilities including anti-phishing and malware detection, secure connectivity, device reputation checks, data protection and detection of remote access tools. It can also generate alerts when threats such as financial Trojans, password stealers and phishing malware are detected on a device.

This embedded approach to mobile security is particularly relevant as smartphones increasingly become the primary gateway to banking, payments, shopping and other sensitive digital services. By integrating security into the applications themselves, organisations can help provide protection without placing the entire responsibility on consumers to identify and respond to increasingly sophisticated mobile threats.

Kaspersky also offers Kaspersky Who Calls SDK, which enables organisations to integrate caller identification and reputation information into their mobile applications, helping users identify potentially suspicious or unwanted calls and numbers.

To provide additional protection against malicious and phishing websites, Kaspersky also has its Safe Web. Kaspersky Safe Web, an agentless, network-based security solution that enables broadband and mobile ISPs to scan users’ web traffic via DNS filtering technology, help users identify potentially dangerous links before they access them. It can help safeguard users across browsing, online banking, shopping and other everyday digital activities.

Amãna Bank marks 15th anniversary with best-ever H1 performance

Amana Bank has marked its 15th anniversary with best ever first half performance with profit after tax growth of 25% to surpass the Rs. 1 billion mark for the first time whilst second quarter figure rose by 33%.

On the Bank’s top-line performance, Net Financing Income grew YoY by 16% during H1 2026 to reach Rs. 4.4 billion, supported by a steady financing margin of 4.3%.

For the quarter ended 30 June, Net Financing Income stood at Rs. 2.2 billion, reflecting an 18% YoY growth. The Bank’s Net Fee and Commission Income recorded strong growth, increasing by 16% to Rs. 0.7 billion in H1 2026. This contributed to Total Operating Income rising to Rs. 2.8 billion in the 2nd Quarter and Rs. 5.5 billion in H1, translating to a growth of 22% and 18% respectively. Net Operating Income for the H1 and Q2 rose by 19% and 20% to close at Rs. 5.4 billion and Rs. 2.8 billion. Despite prevailing inflationary pressures, the Bank improved its Cost-to-Income Ratio to 51% for H1 2026, from 52% at the end of Q1, reflecting improved operational efficiency. Consequently, Operating Profit before all taxes increased by 18% YoY to Rs. 2.5 billion. The Bank’s aggregate tax contribution of Rs. 1.3 billion accounted for a significant 55% of the Bank’s Operating Profit before all taxes.

The Bank further strengthened its balance sheet during H1 2026, with Customer Advances growing to Rs. 157.0 billion, largely driven by continued growth in its SME financing portfolio, reinforcing its commitment to supporting a vital sector of the national economy. Despite this growth, the Bank maintained strong asset quality, with its Stage 3 Net Impairment Ratio (NPA) improving to 1.1% from 1.2% as of end Q1, remaining among the lowest in the industry. This reflects the Bank’s prudent risk management and robust underwriting standards, underpinned by its unique development-focused and people-friendly approach to banking. Customer Deposits grew by 5% during H1 to reach Rs. 180.4 billion, while the Bank continued to maintain an industry-leading CASA ratio of 45.2%.

Further, during Q2, the Bank acquired its new corporate office premises for Rs. 2.7 billion, which resulted in the Bank’s Total Assets increasing to Rs. 215.2 billion, reflecting a 5% growth for the half. The Bank’s share was trading at Rs. 26.80 as of 30 June 2026, reflecting a 43% discount from the Bank’s Net Asset Value Per Share of Rs. 47.30.

With its upward profitability trend the Bank improved its Return on Equity to 8.9%, in comparison to 8.1% in Q1 2026 and 7.8% in H1 2025, while Return on Assets stood at 1.8%. The Bank’s capital position remained healthy despite the recent property acquisition, with the Common Equity Tier 1 Capital Ratio closing at 12.4% and the Total Capital Ratio at 13.8% above the regulatory minimum requirements of 7% and 12.5%, respectively underscoring the Bank’s financial profile and stability. Liquidity buffers remained strong as at H1 2026, with the Liquidity Coverage Ratios for Rupee and All Currency standing at 321.8% and 206.6%, respectively, and the Net Stable Funding Ratio at 144.2%, all comfortably exceeding the regulatory minimum requirement of 100%.

Chairman Asgi Akbarally said: ‘As we celebrate 15 years of Amãna Bank, our strong performance during the first half of 2026 is a fitting reflection of the progress the Bank has made and the strong foundation we have laid over the years. I am particularly pleased that our growth continues to translate into greater support for customers, businesses and communities, while enabling us to create sustainable value for all our stakeholders. As we embark on the next chapter of our journey, we remain confident in the Bank’s ability to build on this momentum while remaining firmly committed to our development-focused and people-friendly approach to banking.’

Managing Director/CEO Mohamed Azmeer said: ‘Our performance during the first half of 2026 reflects the continued success of our business model and the impact we have made with a unique approach to banking. We are particularly encouraged that this growth has been achieved by continuing to support customers in Retail, SME and Corporate segments, including entrepreneurs and communities, while maintaining strong asset quality and strengthening operational efficiency. As we mark our 15th Anniversary, these results give us further confidence in the direction of the Bank and our ability to leverage on the strong foundation established over the years. With the acquisition of our new Corporate Office premises, and the subsequent board approved plan to dispose of the previously held property, is expected to contribute positively towards strengthening the Bank’s financials.’

Thanking key stakeholders Azmeer further added, ‘I take this opportunity to thank our customers for their continued trust, our shareholders, Board of Directors and Sharia Supervisory Council for their confidence, expertise and guidance, our regulators for their valued oversight, and our employees for their dedication and commitment in delivering these results. We remain focused on sustaining this momentum through the remainder of the year while continuing our mission of enabling growth and enriching lives.’

Sirio crowned champions at 2026 Inter-Apparel Industry Cricket Tournament

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 posts Rs. 181 m Profit After Tax in 1H

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

A deep dive into market manipulation: Part 1

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.

Structural reforms with quick results

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.

FOXO4-DRI Peptide: Senescence Signaling, Cellular Persistence, and Emerging Directions in Molecular Research

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