Category: Daily Financial Times

Blending heritage with high-end coastal living, Pitch Capital Properties is set to unveil its latest flagship development, ‘Dutch Empire’ Lands and Villas, in Devundara, tomorrow (14 February).

Positioned near the iconic Dondra Head Lighthouse at Sri Lanka’s southernmost tip, the project taps into the region’s rich maritime legacy while targeting the growing demand for premium lifestyle investments along the island’s southern coastline.

Set against a backdrop shaped by centuries of global trade, including links to the ancient maritime Silk Road, Devundara is fast emerging as a strategic tourism and real estate hotspot. With ‘Dutch Empire’, Pitch Capital Properties aims to transform this historically significant coastal belt into a curated residential and villa enclave designed for discerning investors seeking both capital appreciation and destination-driven value.

Drawing conceptual inspiration from the Dutch Ceylon period (1640-1796), the project acknowledges the architectural and coastal planning influences that shaped much of southern Sri Lanka’s heritage. ‘Dutch Empire’ reinterprets that legacy through a contemporary, tourism-driven development model, positioning Devundara as a refined beachfront investment destination.

Designed as a low-density, boutique coastal enclave, the project will feature sixteen exclusive villas set on premium beachfront land plots, ensuring privacy, space and long-term value appreciation. In a move that blends cultural storytelling with experiential tourism, plans are also underway to incorporate a concept Dutch Museum within the development precinct, adding a distinctive heritage dimension to the property.

The project is positioned to attract discerning investors seeking secure, long-term coastal assets within Sri Lanka’s expanding tourism economy.

Pitch Capital Properties Managing Director Sugath Vithanage said: ”Dutch Empire’ has been carefully master-planned with a strong focus on privacy, spatial openness and long-term value preservation. With villa prices starting from Rs. 65 million and land plots priced from Rs. 2.5 million per perch upwards, the development offers a structured entry point into premium beachfront ownership’.

He further noted that the project’s direct beachfront access, tourism-oriented investment positioning and strictly limited inventory of just sixteen villas are key factors driving its exclusivity and long-term appreciation potential.

The architectural vision of ‘Dutch Empire’ has been entrusted to Design Consortium (Pvt) Limited, with a concept anchored in measured elegance, climatic responsiveness and historical continuity.

Explaining the design philosophy, Vithanage noted that the project does not attempt to replicate colonial forms, but instead reinterprets the proportion, structural discipline and environmental sensitivity associated with Dutch coastal architecture. The emphasis is on timeless spatial quality rather than ornamental revivalism.

Key architectural principles include clean geometric lines and restrained façades, shaded verandahs and deep overhangs to enhance tropical comfort, natural cross-ventilation and passive cooling strategies, and a seamless integration of landscape into built form. The overall master plan adopts a low-rise, low-density approach, reinforcing privacy while ensuring the development remains environmentally responsive and investment resilient.

Pitch Capital positions ‘Dutch Empire’ as more than a conventional residential development. It is conceptualised as a tourism-linked asset platform aligned with Sri Lanka’s broader hospitality growth trajectory.

As the curtains fell on a landmark celebration of corporate excellence, the prestigious TAGS Awards marked its 60th anniversary with a grand finale that recognised organisations ranging from top corporates to small and medium enterprises (SMEs) for their exceptional corporate reporting.

Organised by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), the Diamond Chapter of the TAGS Awards, held yesterday at the Shangri-La, Colombo, celebrated six decades of championing transparency, accountability, governance, and sustainability in both financial and non-financial reporting. The evening shone a spotlight on organisations that have not only embraced corporate reporting but elevated it to a standard of distinction, setting new benchmarks across Sri Lanka’s corporate landscape.

At the heart of the celebration, Hayleys PLC emerged as the evening’s defining achiever, ascending to the pinnacle of corporate excellence by securing the Gold Award for Overall Excellence in Corporate Reporting.

The Silver Award under Overall Excellence in Corporate Reporting was jointly conferred upon Commercial Bank of Ceylon PLC and Softlogic Life Insurance PLC, while the Bronze Award was shared by Hatton National Bank PLC and John Keells Holdings PLC.

The historic 60th anniversary was graced by Esteemed Guest Labour Minister and Finance Deputy Minister Dr. Anil Jayantha Fernando, Chief Guest Central Bank of Sri Lanka (CBSL) Governor Dr. Nandalal Weerasinghe, and Guest of Honour Treasury Secretary Dr. Harshana Suriyapperuma.

Also in attendance were CA Sri Lanka President Tishan Subasinghe, Immediate Past President Heshana Kuruppu, Vice President Anoji de Silva, TAGS Awards Chairperson Chamila Cooray, TAGS Awards Alternate Chair Nishani Perera, Colombo Stock Exchange Chairman Dimuthu Abeyesekera, CEO Rajeeva Bandaranaike, CA Sri Lanka CEO Lakmali Priyangika, and Final Panel of Judges Chairperson K.M.A.N. Daulagala, along with other distinguished guests.

The grand finale also honoured an elite group of 10 organisations, recognising them with the prestigious ‘Top 10’ ranking for outstanding corporate reporting excellence for the year 2025. The ‘Top 10’ were Aitken Spence PLC, Ceylinco Life Insurance Ltd., Commercial Bank of Ceylon PLC, Diesel and Motor Engineering PLC, Hatton National Bank PLC, Haycarb PLC, Hayleys PLC, John Keells Holdings PLC, LB Finance PLC, and Softlogic Life Insurance PLC.

The special awards segment recognised excellence across key reporting disciplines. In the Corporate Governance Disclosure – Financial Services category, Commercial Bank of Ceylon PLC secured Gold, Hatton National Bank PLC won Silver, and LB Finance PLC received the Bronze. In the Corporate Governance Disclosure – Non-Financial Services category, Hayleys PLC won Gold, John Keells Holdings PLC secured Silver, while Ceylon Cold Stores PLC and Haycarb PLC jointly received Bronze.

The Integrated Reporting category saw Hayleys PLC once again win Gold, with Silver jointly awarded to Commercial Bank of Ceylon PLC and Softlogic Life Insurance PLC, and Bronze secured by John Keells Holdings PLC. In the critical area of Sustainability Reporting, Hayleys PLC earned Gold, Softlogic Life Insurance PLC received Silver, and Diesel and Motor Engineering PLC was awarded Bronze.

The forward-looking Digitally Transformative Reporting category recognised Softlogic Life Insurance PLC with Gold, while Silver was jointly awarded to Hayleys PLC and LB Finance PLC, and Bronze was shared by Commercial Bank of Ceylon PLC and John Keells Holdings PLC.

Addressing the gathering, Subasinghe stated that the event marked a landmark moment to honour a six-decade legacy of excellence in reporting and to reaffirm the collective commitment to transparency, accountability, governance, and sustainability-principles that form the very foundation of a modern, resilient economy.

‘May this Diamond Chapter inspire a future where Sri Lanka’s corporate reporting shines with unwavering integrity and may our shared pursuit of excellence continue to illuminate the path towards a prosperous and sustainable nation for all,’ he added.

In her address, Cooray elaborated that what began as the Annual Report Awards in 1964 evolved into the TAGS Awards in 2022, becoming a beacon of corporate integrity and a benchmark for excellence.

‘This journey is not merely about reflecting on the past with pride but about looking ahead with purpose. It reaffirms our unwavering commitment to elevating corporate disclosure standards and fostering a culture of trust and innovation,’ she said.

The celebration extended beyond the main and special awards, with organisations recognised across 35 distinct sectors, each receiving Gold, Silver, and Bronze awards. In addition, companies that met the required criteria were presented with Compliance Certificates.

CH and FC and Havelock Sports Club will square off for third position in the Inter-Club Rugby League when they meet at the Race Course Grounds on 15 February.

Kick-off is scheduled at 4 p.m.

The outcome will determine quarter-final matchups. The winning side is set to meet Police SC, while the defeated team will face Air Force in two weeks’ time. With the top four ranked teams earning home advantage, finishing third offers a valuable strategic edge.

CH enter the contest seeking redemption after their 26-16 Super Round defeat to CR and FC. The Gymkhana Club had displayed cohesion in earlier outings but faltered at key moments in that decisive clash, ending their hopes of a place in the Super Final.

Despite that setback, CH have shown consistency throughout the league. Skipper Janidu Dilshan’s leadership, combined with Janith Chandimal’s dependable goal-kicking, Mohamed Absal’s tireless work rate and Koli Thamanikalu’s physical presence, provides a balanced and competitive unit.

Havelocks, meanwhile, will be equally motivated after their title ambitions were dashed by defending champions Kandy Sports Club. The Park Club have demonstrated resilience all season, even after losing influential leader Sandesh Jayawickrema midway through the campaign.

Under the guidance of head coach Saliya Kumara, Havies have remained disciplined and competitive. Their forward pack has arguably been among the strongest in the league, with Abdullah Faiz and Azmir Fajudeen consistently delivering dominant performances in tight exchanges. Sadly their full back, Samuel Maduwantha been average this season cost them a lot. A top-class place kicker with his injuries failed to live up to his expected high standards.

Out wide, the pace and finishing ability of Jayathu Rajarathna will test the CH defence, particularly if provided quality possession from a hard-working pack.

With pride, ranking and momentum at stake, a fiercely contested battle is anticipated. Thai referee Dechdanai Wongyuen will officiate, ensuring firm control in what promises to be an intense and tactical encounter.

Opposition Leader Sajith Premadasa has criticised the Government over what he described as Sri Lanka facing the highest tariff rate in the region on apparel exports to the US, cautioning that it would erode competitiveness in a key foreign exchange earning sector.

In a post on ‘X,’ Premadasa noted that Bangladesh had secured a tariff rate of 19% and India 18%, while Sri Lanka remained at 20% without sector-specific concessions for garments.

‘With 70% of US exports being garments, a 20% tariff will make Sri Lankan products significantly less competitive than other alternatives,’ he said.

Premadasa contended that maintaining the highest tariff among regional peers would disadvantage Sri Lankan exporters in the US market, particularly given the heavy concentration of apparel in shipments to the US.

3P Media, a Roar Global company, has expanded its Google marketing capabilities to offer unified solutions across Google Ads, Analytics, and advanced Google Marketing Platform (GMP) tools, strengthening how Sri Lankan brands plan, execute and measure digital performance.

The latest suite of Google Marketing solutions offered by 3P Media and their combined utility to power brand growth was revealed at a recent event held in Colombo; where digital marketers, brand leaders and agency partners converged to join a conversation on optimising the Google ecosystem for brand growth.

3P Media Regional Account Director Jaynevieve Davidson said: ‘Over the years, we’ve seen how Google can transform the way brands grow and perform. The brands that sustain this growth are those that connect platforms, data, and measurement to drive outcomes that matter. Our focus is on helping brands do this with better clarity and confidence.’

Access to Google’s enterprise-grade solutions stands out as a core differentiator in 3P Media’s offering, enabling brands to plan, activate, and measure at scale. The expanded offering brings together varied expertise across Google Ads, Google Analytics, Tag Manager, Merchant Centre, Firebase, Display and Video 360, Search Ads 360, Campaign Manager 360 and Looker Studio.

Roar Global Chief Commercial Officer Prash Balakrishnan said: ‘3P Media is now extending local settlement solutions exclusively to its clients, making it easier for brands in Sri Lanka to access Google’s marketing platforms. Beyond platform expertise, 3P Media works closely with brands across optimisation, training, local billing facilitation, and performance led consulting, ensuring clients can fully leverage Google’s ecosystem through a single, trusted partner.’

This expanded offering reflects a broader shift in the digital marketing landscape, where performance is increasingly shaped by driving audience engagement with the use of right data, executing campaigns on advanced platforms and shifting to measurement maturity over single-channel execution.

India rode on half centuries from Ishan Kishan and Hardik Pandya to register a comfortable 93-run victory over Namibia in the Group A T20 World Cup 2026 match in New Delhi yesterday.

Ishan blasted 61 off just 24 balls up front and Hardik struck 52 off 28 balls to take India to 209 for nine, the side’s third-highest team total in a T20 World Cup match.

Varun Chakaravarthy then delivered three wickets for just seven runs to restrict Namibia to 116 runs. Jasprit Bumrah, returning after missing the opening match against USA, ended with one for 20 from his four overs.

India is now top of Group A with four points from two games and face Pakistan in Colombo on Sunday in its next match.

Mercantile Investments and Finance PLC has announced a Rights Issue to raise Rs. 1.1 billion to strengthen its capital base and enhance regulatory capital adequacy.

The Board of Directors on Wednesday (11) resolved to increase stated capital by issuing 33.4 million new ordinary voting shares at Rs. 33 each in the proportion of one new ordinary share for every 18 existing ordinary shares held by shareholders as at the date of entitlement.

The company’s stated capital stood at Rs. 36 billion, represented by 601.2 million ordinary voting shares as at 31 December 2025.

The company said proceeds from the issue will be utilised to strengthen the capital base and improve capital adequacy ratios in line with projected business expansion, while ensuring compliance with regulatory capital requirements applicable to finance companies.

The proposed Rights Issue has been approved by the Central Bank of Sri Lanka (CBSL) by letter dated 11 February.

The issue remains subject to approval in principle by the Colombo Stock Exchange (CSE) for listing of the new shares, as well as shareholder approval by way of an ordinary resolution at an Extraordinary General Meeting.

The share price of Mercantile Investments ended Rs. 0.50 lower yesterday at Rs. 34.

The company reported net assets of Rs. 5,141 per share as of end-September 2025. The public float was 16.09% comprising 240 shareholders as of 6 November 2025.

Top shareholders were Nilaveli Beach Hotels (20.94%), G.G. Ondaatjie (16.12%), A.M. Ondaatjie (16.12), T.J. Ondaatjie (16.12%) and Mercantile Fortunes (13.81%).

Data recently released by the General Administration of Customs of China showed that the country’s trade surplus reached US$ 1.08 trillion in the first 11 months of 2025, surpassing the US$ 1 trillion mark for the first time. This is a strong testament to the robust resilience of China’s foreign trade. Yet some have seized the opportunity to hype up the so-called ‘second wave of China shock’ and falsely accuse China of pursuing a ‘neighbourhood impoverishment strategy’. A close look reveals that various versions of the ‘China shock theory’ resurface from time to time with new rhetoric emerging one after another, all following the old trope of the ‘China threat theory’.

Dumping of excess capacity or mutually-beneficial trade exchanges?

From an economic perspective, the so-called ‘excess capacity’ is a false proposition. In today’s era of economic globalisation, countries participate in international trade based on their comparative advantages to realize the optimal allocation of global resources – which is a major advancement in humanity’s economic cooperation. A country’s production takes into account both domestic and international market demands, and China’s exports are normal trade under the principle of comparative advantage.

The international criteria for determining dumping are that a product is exported at a price lower than its normal value, causing material injury or threat to the relevant industries of the importing country, and there is a causal relationship between the two. China boasts the world’s most complete industrial system, an efficient logistics system, a large pool of high-calibre talents and sustained R and D investment. The competitiveness of Chinese goods stems from economies of scale, a complete industrial chain and technological progress. With market demand and cost-effective products, all parties will naturally benefit.

Crowding out development space or enabling development through cooperation?

In the structure of China’s export commodities, intermediate goods and capital goods are the main drivers of overall export growth. Moreover, Chinese enterprises are vigorously promoting the localisation of supply chains. Leading Chinese automakers such as Great Wall Motors and SAIC Motor have successively set up factories in Thailand and Indonesia, and the local production ratio at BYD’s Thailand plant has reached 54%. China’s ‘technology spill over effect’ has effectively raised the local industrial level. Midea Group has built Southeast Asia’s first 5G fully connected air-conditioning factory in Thailand, and its 5G+AI quality inspection technology has significantly improved factory efficiency.

China actively promotes high-level opening-up, hosting annual events such as the China International Import Expo and the China International Fair for Trade in Services, which bring benefits to many neighbouring countries. In the first 10 months of 2025, the trade volume of agricultural and food products between China and ASEAN reached US$ 51.3 billion, marking a year-on-year increase of 8.9%. Among them, China’s imports of fresh and dried fruits and melons from ASEAN exceeded US$ 10 billion, accounting for more than two-thirds of its total imports of such products from the world. China is the world’s second-largest importer of trade in services, with a particularly strong demand in the tourism service sector. It has long been an important source of tourists for neighbouring countries such as Thailand, Malaysia and Vietnam.

China’s trade and investment have provided local young people with more diverse and promising career options. Following the principle of ‘education aligned with production through the collaboration between schools and enterprises, China has significantly enhance the local workforce’s skills. For example, the Luban Workshop in Thailand adopts a model of ‘academic education plus vocational training.’ All six majors it offers have passed the evaluation of Thailand’s Vocational Education Commission and been incorporated into the national education system, and students can obtain academic qualifications recognised by the competent education administrative departments upon completion of their studies.

Complementary and win-win collaboration

It is clear that China’s cooperation with neighbouring countries is a complementary and win-win collaboration. One-sided interpretation of trade surpluses, deliberate confusion between comparative advantage and unfair competition, and smearing of normal trade exchanges and industrial and supply chain cooperation denies global markets and the laws of the market economy. Such acts attempt to artificially split the global value chain and hinder the industrial upgrading of developing countries in the Global South, and finally serves a ‘putting one’s own country first’ agenda.

The international community is generally optimistic about China’s development prospect. Institutions such as the International Monetary Fund and Standard Chartered Bank have successively raised their forecasts for China’s economic growth rate in 2026. The proposals for China’s 15th Five-Year Plan depict a beautiful vision of all countries seeking common development and sharing a common future. China will continue to advance the high-quality Belt and Road cooperation, build a more efficient regional connectivity network, reduce logistics and trade costs, and enable neighbouring countries with superior geographical locations to better play their role as regional hubs. A China that is committed to opening-up, dedicated to innovation and pursuing high-quality development is the most powerful driver of common prosperity in Asia.

Armenia has announced a temporary visa exemption for eligible foreign nationals, making travel to the country easier than ever for residents of 113 countries until 1 July 2026.

Under the new policy, travellers who hold a valid residence permit issued by the US, European Union Member States, Schengen Area countries, the UAE, Bahrain, Qatar, Saudi Arabia, Kuwait or Oman will be able to enter Armenia without obtaining a visa.

Eligible visitors may stay for up to 180 days within a one-year period, provided their residence permit is valid for at least six months from the date of entry.

The initiative is designed to boost tourism, improve connectivity and encourage more spontaneous travel, from short city breaks and family visits to business travel and longer exploratory journeys.

Tourism Committee of Armenia Chairman Lusine Gevorgyan said: ‘This decision is a clear invitation to travellers around the world. Armenia is open and welcoming, and we look forward to sharing our culture, landscapes and hospitality with more visitors throughout 2026.’

Armenia saw tourist arrivals in January 2026 jump by 28.6% to 179,409. In 2025, arrivals amounted to 2.26 million, up by 2.5% from 2024.

With SSC having already clinched the Tier B 3-day league title and gained promotion to play in the Major Clubs 3-day League next season, the battle is now on for the runner-up position in the final weekend of matches beginning today that will complete the tournament.

Presently, Negombo CC are in a strong position to finish as runner-up holding onto a 12-point lead over third placed United Southern SC. They also play their final game against Navy SC who with Colombo Malay CC are struggling to avoid finishing at the bottom and being relegated to play in the lower division Governor’s Cup. The only advantage Navy SC has is that the match is played at their home venue Welisara, but the sailors have not been able to make full use of home advantage this season and need a win here to avoid finishing at the bottom. They are currently one before the last and less than two points ahead of bottom of the table Colombo Malay CC.

Colombo Malay CC meet Ragama CC at the BRC grounds and it is a must win game for them to avoid relegation. It has been an intense struggle this season for them to keep their heads above the water.

For third placed and fourth placed United Southern SC and Moratuwa SC to finish runner-up Negombo CC has to play badly against Navy SC which on current form is less likely to happen. Less than a point separates United Southern SC and Moratuwa SC. While United Southern SC play Galle CC at Surrey Village grounds, Maggona, Moratuwa SC have a tough task playing the champions SSC at De Soysa Stadium, Moratuwa.

SSC are on a roll being the only unbeaten team in the tournament and having won 9 of their 10 matches played so far outright. There is no reason why they should not go all out to finish the season on a high with another outright win.

Fifth placed Army SC play Sebastianites at Panagoda and sixth placed Leo CC meet Kandy Customs SC at Air Force grounds, Katunayake. (ST)