Category: Daily Financial Times

People’s Bank celebrated Sri Lanka’s 78th National Independence Day with a modest ceremony held at its ‘People’s Tower’ Head Office, Colombo 02, under the patronage of its Chairman Prof. Narada Fernando and Chief Executive Officer/General Manager Clive Fonseka.

People’s Bank’s ‘Birth of Freedom’ program, which commences every Independence Day, was carried out this year as well. Under this initiative, People’s Bank gifts a Rs. 2,000/- ‘Isuru Udana’ Gift Certificate to every baby born between 1-14 February.

People’s Bank introduced the Isuru Udana Account in 1998 and launched this program in 2006 with the aim of instilling national pride and encouraging parents to plan for their children’s future. Parents or guardians can open an ‘Isuru Udana’ Children’s Savings Account at any People’s Bank branch using the gift certificate along with the child’s birth certificate. A unique aspect of this program is that People’s Bank staff personally visit hospitals to present the certificates to newborns.

Chairman, Prof. Narada Fernando symbolically presented ‘Isuru Udana’ gift vouchers and other gifts at the Castle Street Hospital for Women and the De Soysa Hospital for Women in Borella.

The Director of the Castle Street Hospital for Women and De Soysa Hospital for Women in Borella Dr. Ajith Danthanarayana, along with hospital staff, corporate and executive management of People’s Bank, and staff members from the Colombo North and South Regions, were also present at the event. In line with this initiative, all People’s Bank branches across the country launched ‘Birth of Freedom’ activities island-wide.

MEGALOMANIAC Donald Trump virtually hijacked the 56th World Economic Forum in Davos which was meant to discuss global economic and social issues, to advertise his Board of Peace (BOP) charter, which in essence provides pseudo-legitimacy to illegal occupations of foreign lands beginning with Gaza. It is aimed at legitimising his proposed colonial administration over Gaza in the name of rebuilding it. Jonathan Cook, the author of three books on the Israel-Palestine issue, aptly described it as a ‘nail in Gaza’s coffin’. But more broadly, Amnesty International views that charter as a ‘brazen disregard of international law and human rights and . represents a stark new manifestation of the escalating assault on UN mechanisms, international juridical institutions and universal norms’. Trump’s US, having withdrawn already from sixty international organisations including thirty-one UN entities and having made the UN an ineffective world organisation, is now trying to supplant it with the BOP and not supplement, as he claims. And Mark Carney, the Prime Minister of Canada, was spot on when he remarked that BOP marks the ‘death of a rule-based world order’.

Although BOP is particularly meant for Gaza, nowhere in that document does the name Gaza or Palestine appear, which perhaps may be the reason why the Times of Israel was happy to publish that document in full. Trump has invited nearly fifty countries to join and so far, thirty-five including Turkey, Egypt, UAE, Qatar, Indonesia, Pakistan, Jordan, Saudi Arabia, Morocco and Bahrain have joined. Since there is a fee of one billion dollars for permanent membership of this Board, there is no doubt it will end as a billionaire’s club. But to serve whose interests?

Rebuilding colonial Gaza

Rebuilding Gaza after more than two years of genocide and destruction heralds the second phase of Trump’s one-sided ceasefire. Israel continues to kill Gazans and has extended the killings into Occupied West Bank also. Israel still occupies more than 50 percent of Gaza’s territory. Neither Trump nor those eight Muslim signatories to the ceasefire have said a word of protest about these breaches.

Israel has destroyed seventy years of human development in Gaza in just over two years and almost 2.1 million Gazans have been left homeless. UNDP expects it could take at least seven years to clean up the 60 million tonnes of rubble left by that destruction before any reconstruction begins. But Trump seems to think the task of rebuilding Gaza will be completed miraculously in five years. Even so who is going to pay for the reconstruction? Certainly not Israel, the destroyer, and not even those who backed Israel. Instead, it is Gaza that will be forced to foot the bill by selling its natural assets, oil and gas.

According to an UNCTAD study of 2019, area C of the West Bank and the Mediterranean coast of the Gaza Strip have a wealth of 122 trillion cubic feet of natural gas and 1.7 billion barrels of recoverable oil worth around $524 billion. The Palestinians were denied the right to profit from their own assets because of their political dependency. It was to exploit this asset commercially and profit from it that in 2015, Trump engineered his infamous Abraham Accord and got Israel, Bahrain, UAE, Morocco and Sudan to join. Before he could enlarge the membership of this company to include Saudi Arabia, Qatar and others he lost his presidency. He would now be resuming this enterprise with a vengeance under his colonial administration of Gaza. The committee of technocratic experts and the Executive Board would be entrusted with the task of commercialising Gaza’s natural assets in the name of reconstruction. But for whose benefit?

Realising the Riviera dream

Even before the ceasefire Trump was planning to evacuate the Palestinians and settle them in neighbouring countries like Egypt and Jordan so that Gaza could be rebuilt into a Middle Eastern Riviera. Egypt and Jordan came out with an alternative plan without evacuation and took their plan to the Arab League, and that was the end of it. That plan is now dusting in their archives. Now, having joined Trump’s BOP, these leaders have no alternative but to go along with Trump. The reconstructed Gaza would be a paradise for Zionist and pro-Israeli entrepreneurs and holidaymakers from all over the Global North and even from Arab and Muslim countries. Article 6 of chapter VI of BOP states that members of the Executive Board ‘shall have such legal capacity as may be necessary for the pursuit of their mission (including but not limited to) the capacity to enter into contracts, acquire and dispose of immovable and movable property’ in the interest of Gaza’s renovation. Whose property would be acquired and who would enjoy it? Certainly not Gazans. They would be given a choice either to emigrate or live in ghettos as the Jews were once forced to live in antisemitic Europe. To accommodate those Gazan expatriates there are thirty-five or more member countries in Trump’s BOP. They would be enticed to accept them. Naomi Klein’s quote from her book cited that the above captures the essence of what is going to happen in Gaza under Trump’s colonial administration.

Iran the enemy

One of the key arguments in Klein’s Shock Doctrine is that political and entrepreneurial elites under Disaster Capitalism need to create an atmosphere of common fear or trauma among the public to make radical solutions to issues arising from within the system acceptable and which would otherwise face public resistance. This is exactly what Donald Trump, and his companions are trying to achieve in the Middle East. Their plan to take over the governance of Gaza from Hamas is a radical solution amidst Israel’s bloody campaign to acquire Gaza and eventually the entire Palestine in the interest of Eretz Israel. But to make Trump’s solution acceptable Iran’s commitment to an independent state of Palestine and the support for Hamas and other armed resistance groups need to be portrayed as a mortal threat to Middle East peace. It is this portrayal which is underway now by means of Global North’s corporate media propaganda.

Iran like every other country has its own domestic issues. Currently the rising cost of living and depreciating Iranian currency against US dollar has increased inflationary pressures causing widespread public discontent and protest marches. But Iran’s enemies of whom US and Israel in particular, had been instrumental in turning those marches into open riots through mercenary elements which naturally prompted a harsh response from Iranian police and security forces. Western media without any credible evidence has reported that 30, 000 had been killed so far and that the situation demands a regime change. Trump had sent his invincible armada and aircraft carriers in preparation for an attack. In the meantime, the son of the former Shah is getting ready to be installed as the new Iranian monarch. Lately, EU has declared Iran’s Revolutionary Guard as a terrorist outfit and very soon US may declare Iran itself a terrorist state. Iran in response has declared that it would fight to the end if US tried to attack the country.

Although certain factions in Hamas had declared their willingness to hand over Gaza governance to an international body, which might have prompted Trump to give credit to Hamas as the ‘main actor’ in the handover of Israeli captives, there are other factions that are willing to carry on with the armed struggle. Turkey is now willing to organize a teleconference between Trump and Iran mediate between Iran and US for a peaceful deal. But behind the scenes, all this are part of a grand drama to create public fear in the Middle East to make Trump’s Gaza plan appear to be the most preferable solution. Naomi Kein’s Shock Doctrine is well and truly in action.

The end game

As David Hearst commented in Middle East Eye, ‘Iran’s battle for survival is the Arab world’s fight too’. That is true. But the Arabs are historically famed for their disunity as Tim Mackintosh Smith illustrates in his book, Arabs: 3000-Year History of Peoples, Tribes and Empires (2024). It was their disunity that made them lose the 1948 Palestine war as Ilan Pappe illustrated in his Shortest History of the Israel-Palestine Conflict (2024) and led to the current situation. Even now it is their desertion of Iran and joining Trump’s BOP to support his colonial experiment in Gaza that will eventually allow Gaza to become part of Greater Israel. If Iran is weakened militarily, Israel’s expansionism in the Middle East will be unstoppable. No amount of friendship with America and the Western powers will be enough to protect the oil rich Arab nations if Israel decides to attack. Qatar was bombed last year in broad daylight with the full knowledge of Donald Trump. Realpolitik compels the Arab and Muslim world to sacrifice Palestine.

Air Force Sports Club have taken a commanding grip on the Plate segment of the Inter-Club Rugby League Plate Segment after a thumping half-century-plus victory over Navy SC last weekend, a result that firmly underlined their credentials as clear favourites for Plate honours. The emphatic nature of the win has opened up a healthy gap at the top of the segment and placed the Airmen in pole position for a strong Super Round finish through the Plate route.

The Plate segment continues on 6 February with Navy SC hosting Police SC at Welisara, followed a day later by Army SC welcoming Air Force SC at Panagoda.

Both matches will kick off at 4 pm.

Police SC have shown a marked improvement after a sluggish start to the campaign. Their revival has been driven by the outstanding all-round performances of Fijian powerhouse Kaliova Mocetadra, who has been a constant threat in attack and solid in defence. Strong support from the forwards and backline, combined with steady leadership from skipper Shanaka Harischandra, has added balance and belief to the Police outfit. Former Kingswoodian Heshan Kalhara too added the much needed power for the forwards coming in during the second half.

Navy SC, however, continue to endure a difficult patch. Despite possessing quality players and experience, results have not gone their way. Skipper Denuwan Wickremarachchi has led with commitment, while Isuru Perera and Isuru Congahawatte have been among the more consistent performers. Playing at home, Navy will be desperate to convert effort into points, especially with a crucial fixture against Sri Lions looming to secure a quarter-final berth in the Clifford Cup knockout tournament. Referee is Raveen Alexander.

At Panagoda, Army SC face a daunting challenge against the in-form Air Force side. Army have struggled for consistency and will rely heavily on their senior players and leadership group to arrest a worrying slide.

Air Force SC, by contrast, are flying high. With a settled combination, strong leadership and confidence surging, they look set to dominate the Plate segment and build momentum for a productive Super Round, even as Army and Navy search for answers in a testing phase of their season. Coached by Asela Deshapriya Air Force looks a real match to play in the Cup segment which they have lost out in the last two years due to not ending some of their first round games after starting well but not pacing out for their entire 80 minutes. Gihan Yatawara will referee this encounter.

Fast bowler Dushmantha Chameera gave the flustered Sri Lankan batting something to smile at when he produced his best bowling performance in a T20 International with his maiden five-fer to restrict England to 128-9 in the third and final match played at the Pallekele International Cricket Stadium on Tuesday.

That Chameera’s brilliant bowling went astray was because Sri Lanka came up with another of their dismal batting performances to be bowled out for 116 and hand to England a win by 12 runs that gave them a 3-0 series sweep.

There is no doubt that with Chameera recovering from his hamstring niggle and firing well ahead of the T20 World Cup along with speedster Matheesha Pathirana and leg-spinner Wanindu Hasaranga, Sri Lanka have three match winning bowlers in their ranks, only if (it’s a big IF) the batsmen can use their heads and bat, instead of disgracing themselves in the middle like novices, playing strokes that even an under19 World Cup cricketer would be ashamed of.

The target of 129 didn’t demand any big hitting because Sri Lanka began their innings with an asking rate of only 6.40. Although there was something in the pitch for the spinners it was not unplayable. All that was required was a cool and calculated approach to work the ball to the gaps and the runs would have been there to be had. But instead, the batsmen were intent on trying to hit the ball out of the park and on a slow turning pitch it was like committing hara-kiri.

T20 cricket is all about batting not bowling and Sri Lanka have still not discovered the art of batting in the shortest format and it is leading from one disastrous performance to another. With the T20 World Cup just four days away, the Lankan batting looks in disarray. It has reached its nadir, that there is no other way, but the only way is up.

‘It was a close game, but I think if the batters had applied themselves a little better without throwing away their wickets we could have won,’ said a disappointed Chameera at the post-match media conference.

‘The fact that we kept them to 128 was good, it was a chase-able total. It was just that we lost wickets through the middle overs. It was a run-a-ball requirement at the end. Because of the collapse we lost in the end. We do tend to get exposed because we play on these sort of [slow] wickets. In the dressing room when wickets fall like that it’s actually quite upsetting.’

‘When wickets fall close to each other, the coming batter will find it difficult to score runs at a similar rate. So the scoring rate slows down in those instances. We need to find a way not to lose wickets in clusters, and instead turn over the strike better. In terms of mentality, we’re still in a good space. Going forward, we have games against Ireland and Oman first up, so we want to win those. And then Australia and Zimbabwe. We’re mentally ready for those games.’

On his comeback performance, Chameera said, ‘I had a small niggle and so I was rested in the ODIs, as well as in the first two T20Is. But now there are no issues, I intend to play all the upcoming matches. In terms of the wicket, I used a lot of variations such as slower balls.’

‘Getting five wickets is no easy feat in T20s. With regard to that, yes I’m pleased. But even though I say that I am unhappy that we lost the match.’

Chameera expressed his disappointment to lose the match in such a manner.

‘We’re all trying our best to win. The fans kept coming to the ground right up till the end, and I understand they’re upset we weren’t able to get the win. But I ask them to stick with us, we will do our best to make them proud in the World Cup.’

All-rounder Sam Curran who performed the hat-trick in the first T20I and hit a face-saving half-century in the third took the Player of the Match and Player of the Series awards.

‘Sri Lanka are a fantastic team and I think we’re probably most proud to beat them in their home conditions,’ said Curran. ‘In front of some great crowds and their home turf, whether that’s the ODIs or the T20Is. A great achievement and hopefully we can keep the winning run going.’

‘This series was fantastic. We’re really happy and the guys are really excited getting back into the dressing room. I guess I’m just glad to be back playing for England and on the eve of the World Cup.’

The defeat was Sri Lanka’s 11th on the trot in T20 Internationals against England.

The Ceylon Federation of Micro, Small and Medium Enterprises (MSMEs) has accused Sri Lankan banks and the Government of reaping windfall profits and tax revenues from the economic crisis, arguing that the collapse of thousands of MSMEs effectively underwrote record banking profits and Treasury receipts, and that the scale of those gains leaves no justification for delaying relief to distressed borrowers.

In a statement, the Federation said that analysis reveals that while MSMEs collapsed under 30% interest rates, the banking sector and Government Treasury saw exponential revenue growth, justifying immediate relief measures.

The statement in full is as follows.

While Sri Lanka’s MSMEs continue to struggle with the aftermath of the economic collapse, new financial data reveals a stark reality: the crisis for borrowers has generated a massive windfall for the banking sector and the Government.

The trigger

The interest rate shock came In April 2022 when the Central Bank of Sri Lanka (CBSL) increased policy interest rates by over 100% to control inflation. Consequently, the banking sector drove the Average Weighted Prime Lending Rate (AWPLR) to a historic peak of nearly 30% by December 2022. Borrowers who had obtained loans on or before April 2022 when the average AWPLR was a manageable 10% (±) were suddenly forced to pay interest rates exceeding 30%.

This tripling of financial costs triggered a massive wave of defaults and business closures.

The windfall

While the productive economy shrank, the financial sector’s numbers exploded. During the 2023/2024 period, the total Profit Before Tax (PBT) for the banking sector reached approximately Rs. 762 billion.

Simultaneously, the Government benefitted from this surge. Data for the 2023/2024 period confirms that the banking sector contributed a massive Rs. 295 billion intaxes.

This proves that the liquidity exists to save the MSME sector. The money has simply been transferred from struggling entrepreneurs to bank balance sheets and the Treasury.

The ‘Moratorium Trap’

The crisis was worsened by regulatory failure. Unlike in other countries, the CBSL announced moratoriums without clear guidelines on interest capitalisation. This created a ‘Moratorium Trap’ where banks and financial institutions rescheduled loans to their maximum advantage, often compounding interest in opaque ways.

When borrowers demanded clarity, many were threatened with Parate Execution or property/vehicle seizure instead of being offered genuine restructuring.

Global precedents for reform

During recent floods, the United Arab Emirates (UAE) Central Bank ordered a six-month deferral of loans without additional fees or interest, acting as a shield for the people. The UK and US Governments replaced bank-manipulated interest benchmarks (like LIBOR) with transparent systems (SONIA/SOFR).

Sri Lanka’s reliance on the AWPLR, which banks can manipulate, must be challenged similarly.

Roadmap for economic justice

With Rs. 295 billion already collected in taxes, the Government has the fiscal space to support the banking sector in granting relief. We propose four non-negotiable demands:

1. Refund excess interest: Banks must refund excess interest collected between May 2022 and November 2024 for loans granted on or before April 2022.

2. Tax credits for refunds: Since the Government earned Rs. 295 billion in taxes (2023/24), it must issue tax credits to banks to offset the cost of these refunds over the next five years.

3. Halt Parate actions: Immediate suspension of Credit Information Bureau of Sri Lanka (CRIB)/Non-Performing Loan (NPL) listings for all borrowers listed as non-performing after the Easter Sunday attacks.

4. Binding legislation: Enact special legislation to ensure these protections are mandatory and legally enforceable.

The data is irrefutable. The funds to save the MSME sector exist, they are currently sitting in the record-breaking taxes collected and bank profit accounts of 2023 and 2024.

Home Lands is set to redefine the property investment landscape with the launch of the Home Lands Property Investment Roadshow 2026.

Taking place on 8 February from 9:30 a.m. to 6 p.m. at the Grand Ballroom, Hilton Colombo, this landmark event will bring together 1,000 brand-new resort-style apartments, launched simultaneously across four mega residential projects, marking one of the largest residential unveilings ever by a single developer.

Designed for both homebuyers and investors, the Roadshow will offer visitors a rare opportunity to explore an unmatched range of properties all under one roof, backed by exceptional financial flexibility. Through partnerships with five leading banks – Commercial Bank, Hatton National Bank, Sampath Bank, National Development Bank, and DFCC, attendees can benefit from up to 100% financing options and flexible payment plans, making property ownership more accessible than ever before.

The event will spotlight four landmark developments strategically located in some of greater Colombo’s fastest-growing residential and investment hubs – Rajagiriya, Thalawathugoda, Athurugiriya, and Piliyandala-Kahathuduwa. These projects are thoughtfully designed to meet the growing demand for resort-style living combined with urban convenience, offering international standard amenities, lifestyle-focused spaces, and strong long-term investment potential.

In addition to the new launches, the Roadshow will also showcase a selection of Home Lands’ iconic ongoing developments, including Pentara Residencies – Thummulla Handiya, Bayfonte Marina in Negombo, and Oceana in Wadduwa, giving visitors a comprehensive view of the developer’s diverse and high-performing portfolio.

With a proven track record of delivering landmark developments across Sri Lanka, Home Lands continues to lead the industry through trust, innovation, and excellence. Every project is driven by a deep understanding of customer needs, blending location, lifestyle, and investment value into homes that stand the test of time.

The Home Lands Property Investment Roadshow 2026 is more than an exhibition, it is a once-a-year opportunity to compare, choose, and invest with confidence.

The ticket and T-shirt launch of the 96th Battle of the Maroons – Legend’s Enclosure was held on 17 January at the 80 Club of Colombo.

The first official Legend’s Enclosure T-shirt was handed over by Lieutenant General (Retd.) Jagath Dias, a senior military officer and war hero, to former Ananda College Cricket Captain (1979) Thilan Wijesinghe.

Wijesinghe is a distinguished old Anandian and senior professional who has continued to contribute to sports and professional leadership, maintaining strong ties with school cricket and alumni activities.

Lieutenant General (Retd.) Dias is recognised for his long and distinguished military career and leadership during Sri Lanka’s humanitarian operations, earning national recognition for his service to the country.

After setting tax collection records in 2025 without administrative reforms, the Finance Ministry this week announced the formal establishment of the Tax Policy Analysis Unit (TPAU) under the Department of Fiscal Policy, marking a significant institutional step towards embedding tax policy formulation within the Government’s fiscal framework.

The Ministry said the operational launch of the Unit was accompanied by a first capacity-building training program conducted by the International Monetary Fund (IMF) from 19 to 30 January, aimed at strengthening technical capacity in tax policy analysis and reform design.

Following the training program, an IMF mission team met with Treasury Secretary Dr. Harshana Suriyapperuma and the Director General of the Department of Fiscal Policy to discuss the operationalisation of the Unit and its role in supporting tax policy reforms, according to the Finance Ministry.

The Ministry said the TPAU has been set up to strengthen analytical capacity in tax policy design, appraisal, and monitoring, at a time when sustaining revenue mobilisation remains central to macroeconomic stability.

‘The core functions of the TPAU include revenue analysis; economic and distributional analysis of tax policies; evaluation of tax expenditures; engagement with key stakeholders; and analysis and support on international taxation and regional and international tax cooperation,’ the Finance Ministry said.

The Unit is expected to support the design, appraisal, and monitoring of tax policy reforms, an area long weakened by fragmented institutional responsibility and ad hoc decision-making.

The creation of the TPAU comes as Sri Lanka seeks to lock in revenue gains achieved during the post-crisis adjustment phase, amid concerns among investors and economists over policy reversals, weak costing of tax measures, and the erosion of the tax base through exemptions.

The structure and mandate of Sri Lanka’s TPAU broadly mirror international best practice recommended by the IMF for low- and middle-income countries seeking to build durable domestic revenue mobilisation.

In its 2017 Fiscal Affairs Department guidance, the IMF argued that effective tax systems require a dedicated, technically competent tax policy unit within the finance ministry, tasked with revenue forecasting, distributional analysis, tax expenditure evaluation, and coordination with revenue administration.

The IMF has cautioned that, in the absence of such units, governments often rely on temporary commissions, politically driven tax changes, or cherry-picked recommendations that undermine the integrity of the tax system and delay difficult decisions.

For investors, the establishment of the TPAU is viewed as a structural reform that could reduce policy uncertainty and strengthen confidence in fiscal projections, particularly as the Government seeks to balance revenue mobilisation with growth and equity objectives.

Sri Lanka set records for duties and income tax collections in 2025, but governance lapses within tax administration, including the Inland Revenue Department and Sri Lanka Customs, have been flagged in IMF diagnostic assessments.

Marking the commencement of the public veneration of the Sacred Devnimori Relics of Lord Buddha, President Anura Kumara Dissanayake made the first floral offering yesterday at the Hunupitiya Gangaramaya Temple.

The arrival of the Sacred Relics in Sri Lanka followed discussions held between President Dissanayake and Indian Prime Minister Narendra Modi during the latter’s visit to Sri Lanka last year. As a result of these discussions, and through the personal intervention of Prime Minister Modi with the full patronage of the Government of India, arrangements were made to bring the Sacred Devnimori Relics to Sri Lanka for public veneration.

Until now, the Sacred Devnimori Relics had been kept under high security at the Baroda Museum in India and had never been taken outside the country. This marks the first occasion on which the Relics have been brought overseas, granting the people of Sri Lanka a rare opportunity to behold and pay homage to them.

Earlier yesterday, the Sacred Relics were brought to Sri Lanka via the Bandaranaike International Airport, Katunayake. Following religious observances conducted upon placing the Relics on a special platform, they were conveyed in a special motorcade to the Hunupitiya Gangaramaya Temple. Amidst blessings from the Maha Sangha, the Relics were then placed on a specially prepared platform and opened for public veneration, with the President making the first floral offering.

Accordingly, the public will be able to venerate the Sacred Devnimori Relics in person at the historic Hunupitiya Gangaramaya Temple from today (5) till 11 February, for a continuous period of seven days. Facilities have been arranged to allow devotees to pay homage 24 hours a day.

To mark this significant occasion, which further strengthens Indo-Sri Lanka relations, President Dissanayake presented a special commemorative token to Gujarat State Governor Acharya Devvrat. Hunupitiya Gangaramaya Temple Chief Incumbent Venerable Dr. Kirinde Assaji Nayaka Thera in turn presented the President with a special memento bearing a replica of the Sima Malaka of the temple.

In addition, a Memorandum of Understanding (MoU) relating to the public veneration of the historic Sacred Devnimori Relics in Sri Lanka was exchanged between Buddhasasana, Religious and Cultural Affairs Minister Dr. Hiniduma Sunil Senevi and Acting Indian High Commissioner Dr. Satyanjal Pandey.

The Sacred Relics were discovered during archaeological excavations conducted in the 1960s at the historic Devnimori archaeological site in the Aravalli District of Gujarat, the home region of Prime Minister Modi. The excavations were carried out around a stupa within a Buddhist monastic complex, where two relic caskets were unearthed.

The Sacred Relics of Lord Buddha were found within one of these caskets. An inscription discovered inside the reliquary, which reads, ‘the place where the relics of the Buddha endowed with the 10 powers are enshrined,’ is considered the strongest evidence affirming the authenticity and sanctity of the Relics.

The event was attended by members of the Maha Sangha representing the three Nikayas, led by Most Ven. Dimbulkumbure Wimaladhamma Anunayaka Thera of the Malwathu Chapter of the Siam Maha Nikaya, International Buddhist Confederation Secretary General Ven. Shartse Khensur Rinpoche Jangchup Choeden Thera, and members of the Maha Sangha from India.

Softlogic Finance PLC is seeking shareholder approval for a proposed a Rs. 7.6 billion reduction of its stated capital as part of a balance sheet restructuring exercise.

The company’s stated capital currently stands at Rs. 9.93 billion. Under the proposal, this will be reduced to Rs. 2.33 billion by writing off accumulated retained losses amounting to Rs. 7.6 billion against stated capital. Following the reduction, the number of issued shares will remain unchanged.

In a note to shareholders, the company said the primary objective of the proposed reduction is to clean up the balance sheet by eliminating carried-forward losses and presenting a clearer financial position. It stressed that the exercise will not involve any cash distribution to shareholders, will not alter individual shareholdings, and will not reduce the company’s net asset value.

The Softlogic Finance Board believes the restructuring will provide a more stable foundation for future operations, including the ability to declare dividends and raise funding for business expansion.

The proposed reduction requires approval by way of a special resolution at a forthcoming EGM. The company said management has confirmed that there are no agreements with creditors that restrict proceeding with the capital reduction.

The share price of Softlogic Finance closed Tuesday down 20 cents at Rs. 5.50.

As of end-December 2025, the company reported net assets at Rs. 3.06 a share. Softlogic Capital was the biggest shareholder with a 91.49% stake followed by Softlogic Life Insurance (1.63%) and Mercantile Fortunes Ltd. (1.04%).

The public shareholding was 6.12% involving over 58.58 million shares among 2,910 shareholders.