Category: Daily Financial Times

The Legal Officers’ Association of the Attorney General’s Department has raised serious concerns over what it described as unfounded and personal attacks directed at Attorney General (AG) Parinda Ranasinghe (Jnr.), PC, and officers of the Department in the course of carrying out their official duties.

In a resolution adopted at a Special General Meeting held on 29 January, the Association condemned what it said were repeated and baseless attacks on the AG, noting that such actions appeared to form part of coordinated efforts to exert pressure on the Department. It said these actions undermine the independence of the AG’s Department and its officers.

The Association referred to similar incidents in the recent past and said the timing and pattern of the attacks warranted concern. It observed that social media platforms were being misused to project a perception of public dissatisfaction, cautioning against what it termed systematic attempts to intimidate the Department.

Warning of the broader implications, the Association said continued attacks of this nature risk demoralising officers and could impair the Department’s ability to discharge its responsibilities effectively in the public interest.

The Legal Officers’ Association also stressed that the AG remains subject to the rule of law and that individuals aggrieved by any act or omission have access to lawful avenues of redress. It noted that such remedies have been used previously and remain available to those with legitimate grievances.

The Association called on the public to refrain from sharing unverified information and unsubstantiated allegations, urging responsible conduct in public discourse.

India has offered foreign cloud service providers a 20-year tax holiday running until 2047 on revenues earned from services sold outside the country, provided those services are delivered using data centres located in India, as New Delhi moves to attract large-scale investment in artificial intelligence (AI) and cloud infrastructure.

Indian Finance Minister Nirmala Sitharaman announced the measure in the 2026-27 Budget, saying income from global cloud services operated out of Indian data centres would be exempt from tax for more than two decades. Services sold to Indian customers would continue to be routed through locally incorporated resellers and taxed domestically.

The Budget also proposes a 15% cost-plus safe harbour for Indian data-centre operators providing services to related foreign entities, aimed at reducing transfer-pricing disputes and offering greater tax certainty for multinational cloud providers.

The measures come as global technology companies expand data-centre capacity to support rising AI workloads. India has positioned itself as an alternative location for compute infrastructure, citing its engineering talent base and growing domestic demand, even as competition intensifies across the US, Europe, and parts of Asia.

Several US technology firms have announced significant commitments.

Google said in October 2025 it would invest $ 15 billion to build an AI hub and expand data-centre infrastructure in India, following a $ 10 billion commitment in 2020. Microsoft announced in December 2025 plans to invest $ 17.5 billion by 2029 to expand its AI and cloud footprint, while Amazon said it would invest an additional $ 35 billion by 2030, taking its total planned investment in India to about $ 75 billion.

Domestic investment is also rising. In November 2025, Digital Connexion, a joint venture backed by Reliance Industries, Brookfield Asset Management, and Digital Realty Trust, said it would invest $ 11 billion by 2030 to develop a 1-gigawatt AI-focused data-centre campus in Andhra Pradesh. Adani Group said in December 2025 it plans to invest up to $ 5 billion alongside Google in an AI data-centre project in the country.

However, scaling up capacity remains constrained by power availability, electricity costs, and water stress, all of which are critical inputs for energy-intensive AI workloads and could affect construction timelines and operating costs.

According to think tank Future Shift Labs, India’s data-centre power capacity is projected to exceed 2 gigawatts by 2026, up from just over 1 gigawatt currently, and could rise to more than 8 gigawatts by 2030, driven by capital investment of over $ 30 billion.

Beyond cloud and AI infrastructure, the Budget also expanded incentives for electronics and semiconductor manufacturing. The Indian Government said it would launch a second phase of the India Semiconductor Mission, focusing on equipment and materials production, domestic chip intellectual property, and industry-led research and training centres.

Spending under the Electronics Components Manufacturing Scheme has been increased to INR 400 billion from INR 229.19 billion, after the program attracted investment commitments exceeding its original targets. The scheme links incentives to incremental production and investment, covering components used in smartphones, servers, and data-centre equipment.

The Budget also proposed a five-year tax exemption from April for foreign companies supplying equipment and tooling to electronics manufacturers operating in bonded zones, and announced measures to strengthen rare-earth supply chains and ease cross-border e-commerce by removing the INR 1 million value cap per consignment on courier exports.

Sri Lanka have been forced to make two changes for the third and final T20 International against England at the Pallekele International Cricket Stadium today with fast bowler Eshan Malinga and leg-spin all-rounder Wanindu Hasaranga unavailable for selection.

Malinga dislocated his left shoulder while bowling during the England innings of the second T20I at Pallekele on Sunday and was helped off the field. His over was completed by Janith Liyanage.

A Sri Lanka Cricket media release states: ‘Fast bowler Eshan Malinga, who sustained an injury to his left shoulder, will not be available for selection for the third T20I against England. Malinga suffered a shoulder dislocation while bowling during the second T20I. He will return to Colombo today, where he will undergo an MRI scan to assess the extent of the injury and determine the next course of action.’

Hasaranga has a lump under his right arm pit that requires surgery to remove an abscess. He underwent surgery yesterday.

Malinga and Hasaranga will be replaced by Pramod Madushanka and Maheesh Theekshana for today’s game. England leads the three-match series having taken a 2-0 lead by winning the second match by five wickets under the DLS method.

Meanwhile, fast bowler Dushmantha Chameera who was expected to play in today’s match after being rested for the first two will not be available for selection. As a precautionary measure he is being rested as his presence is vital to Sri Lanka for the T20 World Cup matches. Chameera is recovering from a hamstring niggle.

Also, Sri Lanka’s 15-member World Cup squad has undergone a late change with Dhananjaya de Silva being replaced by Kamindu Mendis. De Silva’s poor returns in the ODIs and the first T20I against England has forced the selectors’ hand to make the change.

The late change according to SLC has been communicated to the ICC although no official release has been made yet.

Kamindu joined the squad for the ongoing England series on Sunday, but his inclusion for today’s match is debatable as Charith Asalanka who has been out of sorts with his batting showed signs of coming good in the second T20I.

Depending on the extent of Malinga’s injury, Sri Lanka may have to find a replacement for him as well in the T20 World Cup squad of which he is a member.

Ticket counters for ICC Men’s T20 WC 2026 open from today

Sri Lanka ticket counters

Sri Lanka Cricket (SLC) Headquarters – All DaysOpening Date: 3 February

R. Premadasa International Cricket Stadium (RPICS), Colombo – Gate 1Opening Date: 4 February (Open only on non-match days)

Orugodawatta ticket counter: Open only on RPICS match days

Pallekele International Cricket Stadium (PICS), Kandy – Gate 5Opening Date: 7 February (Open only on Non-Match Days)

Abitha Ground, Balagolla: Open only on Pallekele match days

Counter opening times

10 a.m. to 5 p.m.

Ticket limits per person

A maximum of 4 tickets per person for Sri Lanka matches either online or at the physical counters.

For non-Sri Lanka matches, a maximum of 10 tickets per person either online or at the physical counters.

Ticket prices: Ranges from Rs. 1,000 to Rs. 10,000.

Cement and building materials producer Holcim announced an investment in Capsol Technologies, a publicly listed Norwegian company specialising in carbon capture solutions, as part of its near-zero cement strategy.

According to Holcim, the investment is intended to expand its portfolio of decarbonisation technologies and support profitable growth.

Founded in 2014, Capsol has developed a post-combustion carbon capture and heat recovery system using hot potassium carbonate (HPC) solvent technology to remove CO2 from industrial gas streams, using a process that is widely applicable in post-combustion carbon capture.

Capsol CEO Wendy Lam said: ‘Holcim is a leading provider of sustainable construction solutions and one of the largest cement producers in the world. They have bold ambitions of producing near-zero cement at scale for customers. Capsol wants to be part of realising this ambition.

Cement production is a major source of global greenhouse gas emissions and is considered one of the most difficult industrial sectors to decarbonise. The industry accounts for around 8% of global carbon dioxide emissions, with more than 900 kilograms of CO2 emitted for every 1,000 kilograms of cement produced.

Holcim announced a series of commitments in 2023, including a pledge to invest CHF2 billion ($ 2.2 billion) in carbon capture technologies by 2030, and to capture more than 5 million tons of CO2 per year, in addition to a target to reduce its Scope 1 emissions per ton of cementitious material by over 22% by 2030.

Holcim Head of Operational Excellence Ram Muthu said: ‘By combining Holcim’s expertise in cement manufacturing and on-site carbon capture with Capsol’s safe and efficient technology, we gain an additional pathway to advance decarbonisation while supporting profitable growth. This strategic investment brings us closer to producing near-zero cement at scale to meet growing customer demand.’ (Source: ESG Today)

A Sri Lankan delegation headed by Industry and Entrepreneurship Development Deputy Minister Chathuranga Abeysinghe recently met with senior officials of the Saudi Public Investment Fund (PIF) in Riyadh.

Abeysinghe made a detailed presentation highlighting Sri Lanka’s competitive advantages and investment opportunities. The discussion also provided a platform to showcase the investment potential of Sri Lanka’s capital market.

Securities and Exchange Commission (SEC) Chairman Senior Prof. D.B.P.H. Dissabandara and CEO Rajeeva Bandaranaike briefed the PIF officials on Sri Lanka’s new policies and regulatory reforms aimed at strengthening investor confidence and facilitating sustainable market growth.

PIF Senior Director Mulham Albakree shared details of the Fund’s Strategic Plan for 2026-2030, highlighting key areas of international investment interest and stressed the importance of concluding a Bilateral Investment Protection Agreement between Sri Lanka and Saudi Arabia.

Both sides agreed to open a channel of communication to follow up matters that were discussed during the meeting.

Sri Lankan Ambassador to the Kingdom of Saudi Arabia Ameer Ajwad briefed the meeting on the status of existing bilateral agreements, including the Agreement on the Avoidance of Double Taxation between the two countries.

Colombo Stock Exchange (CSE) Director Ray Abeywardena, SEC Deputy Director General Tushara Jayaratne, CSE Senior Vice President – Marketing Niroshan Wijesundere, and Sri Lanka Embassy in the Kingdom of Saudi Arabia First Secretary Tashma Vithanawasam were present at the discussions.

The PIF is the sovereign wealth fund of the Kingdom of Saudi Arabia and one of the largest and most influential sovereign wealth funds globally. The PIF plays a central role in advancing Saudi Arabia’s Vision 2030 by driving economic diversification, fostering innovation, and promoting sustainable long-term growth.

The PIF manages a globally diversified investment portfolio across strategic sectors including energy, mining, infrastructure, logistics, manufacturing, tourism, real estate, technology, healthcare, financial services, and capital markets.

In 2024, the Fund reported assets under management (AUM) of SAR 3.4 trillion (approx. $ 910 billion).

SpectrifyAI, a pioneering Sri Lankan AgriTech startup, has announced the official launch of its revolutionary AI-powered platform for the tea industry in January.

This innovative technology, which has received the prestigious certification from the Tea Research Institute of Sri Lanka (TRI), has set out to disrupt traditional tea quality testing and usher in a new era of data-driven decision-making for Ceylon Tea.

For three years, SpectrifyAI has been on a mission to digitise and modernise the agricultural sector, starting with Sri Lanka’s most iconic export. The company’s years of research and development, fueled by exclusive validated datasets collected across the Sri Lankan tea industry, has culminated in a platform that can measure critical quality parameters with unprecedented speed and accuracy. The models are trained specifically for tea quality measurement, a world’s first.

Traditionally, the ISO standard for moisture testing in tea requires a laborious 6-hour oven-drying process. SpectrifyAI’s solution shatters this paradigm, delivering results with over 95% accuracy in under 15 seconds. The platform measures not only moisture but also Total Polyphenols (TPP), a key indicator of quality, and overall leaf quality. Furthermore, it provides AI-powered supply-chain traceability, a critical component for ensuring quality and transparency from leaf to cup.

SpectrifyAI CEO Jeevan Gnanam said: ‘Following years of rigorous collaboration with TRI, this endorsement validates our technology’s real-world performance and reliability. SpectrifyAI aims to transform supply chains into value chains. This certification not only affirms our device’s scientific credibility but also empowers tea producers, factories, brokers, and exporters with data they can trust, instantly.’

The impact of this technology on Sri Lanka’s tea industry cannot be overstated. While Kenya produces over 450,000 metric tons of tea annually, Sri Lanka’s strength has always been in the quality of its tea, not the volume. SpectrifyAI’s platform will enable Sri Lanka to further enhance its global reputation for producing premium teas, helping the nation to command higher prices and increase its global competitiveness.

The certification from the Tea Research Institute (TRI), the official governing body for tea science, validation, and standards in Sri Lanka, is a testament to the scientific accuracy and industry acceptance of SpectrifyAI’s technology. This endorsement from the nation’s highest authority on tea quality underscores the transformative potential of this innovation.

TRI Director Dr. M.A.B. Ranatunga said: ‘We are pleased to confirm the successful validation of your portable NIR devices for the rapid determination of moisture content in black tea. The validation trial confirmed the devices’ capability to accurately measure moisture content.’

While the initial focus is on tea, SpectrifyAI has ambitious plans for the future. The company is already in the process of conducting research and development to adapt its technology for other agricultural products, including coffee. This expansion will further solidify Sri Lanka’s position as a hub of AgriTech innovation.

The Urban Development Authority (UDA) yesterday launched a new online payment system aimed at streamlining daily financial transactions at the Peliyagoda Manning Market, marking a key milestone in the Government’s digital transformation drive.

The system was inaugurated yesterday under the patronage of Transport, Highways and Urban Development Minister Bimal Rathnayake, Digital Economy Deputy Minister Eng. Eranga Weeraratne, and Urban Development Deputy Minister Eranga Gunasekara.

Operated through the web portal fmis.uda.lk, the platform allows traders at the country’s largest wholesale market to make tax payments and other routine payments conveniently via their mobile phones.

Addressing the event, Digital Economy Deputy Minister Eng. Eranga Weeraratne said the digitalisation of Manning Market, a central hub of Sri Lanka’s wholesale trade, represents a significant achievement within the national digital economy strategy.

He noted that the shift to a cashless payment system would help traders save valuable time, eliminate long queues, and improve efficiency in daily business operations.

Weeraratne also said that the new system enhances transparency and financial security by reducing cash handling and enabling traceable, secure transactions.

According to officials, this is expected to strengthen trust between traders and authorities while improving revenue administration at the market.

Demonstrating the practical application of the system, several shopkeepers at Manning Market conducted live transactions during the launch, successfully completing payments through their mobile phones using the new platform.

The Online Payment System was developed by the Information Technology Division of the UDA. Officials said the Government plans to roll out the system to other economic centres across the country in the near future as part of broader efforts to modernise public services and promote digital financial inclusion.

The event was attended by the UDA Chairman, along with senior officials from the Digital Economy Ministry and the Transport, Highways and Urban Development Ministry.

Ceylon Land and Equity PLC will issue 614,156,734 new ordinary voting shares at a price of Rs. 7 per share through a Rights Issue, subject to shareholder approval.

The decision was taken by the Board of Directors at a meeting held on 31 January. The Rights Issue will be carried out on the basis of two new ordinary voting shares for every one existing ordinary voting share held.

Based on the issue price, the company is expected to raise approximately Rs. 4.3 billion through the transaction.

The Board has stated that, in its opinion, the consideration for which the shares are proposed to be issued is fair and reasonable to the company and its existing shareholders.

Proceeds from the Rights Issue will be used to settle short-term bank loans, repay short-term inter-company borrowings, and fund investments in property development and portfolio management.

As at 31 January, the stated capital of Ceylon Land and Equity stood at Rs. 2.07 billion.

The Rights Issue remains subject to the Colombo Stock Exchange (CSE) granting in-principle approval for the issue and listing of the shares, as well as shareholder approval at an Extraordinary General Meeting.

Yesterday, the share price of the company closed up Rs. 2.80 at Rs. 15.20 with over 37.3 million shares traded on a turnover of Rs. 536.5 million.

As at end-December 2025, the company reported net assets of Rs. 14.95 per share. The percentage of voting shares held by the public as at 31 December 2025 was 49.96%, representing 3,088 shareholders.

Top shareholders were Galle Face Properties (33.42%), Almas Holdings (22.36%), Renuka Enterprises (11.73%) and Cargo Boat Investment Company (4.88%). The company did not report any loans as of 31 December 2025.

Last week, the company said that its Board had approved an investment of Rs. 1.7 billion to take up its entitlement in the Rights Issue of Shaw Wallace and Hedges Ltd., an unlisted company.

Under the transaction, Ceylon Land and Equity will subscribe to 86.32 million voting shares at a price of Rs. 17 per share, amounting to a consideration of Rs. 1.47 billion. In addition, the company will invest Rs. 236.5 million to acquire 21.5 million non-voting shares at Rs. 11 per share.

The company currently holds 172.64 million voting shares and 43 million non-voting shares in Shaw Wallace and Hedges. Following the proposed investment, its shareholding will increase to 49.2% of the issued ordinary shares of the company.

This holding will comprise 43.6% of the voting shares and 100% of the non-voting shares of Shaw Wallace and Hedges. The company said it would finance the deal via a combination of its own funds, temporary bank financing, and group borrowings.

Bajaj has been conferred the prestigious Superbrands Sri Lanka Status for 2025, marking a significant milestone in the brand’s journey in the Sri Lankan market. This recognition stands as a testament to Bajaj’s enduring brand strength, market leadership and the deep trust it has earned among Sri Lankan people over the years.

The Superbrands program is a globally recognised brand evaluation initiative that identifies and honours brands demonstrating exceptional performance, consistency, quality and consumer loyalty. Achieving Superbrands status places Bajaj among an elite group of brands that exemplify excellence within their respective categories.

David Pieris Motor Company Ltd., (DPMC), the sole distributor of Bajaj motorcycles and three-wheelers in Sri Lanka for over four decades, has played a pivotal role in strengthening the brand’s presence across the island. DPMC boasts an unparalleled islandwide network of over 2,000 touchpoints, encompassing sales, spare parts and service facilities, ensuring unmatched accessibility and customer support.

DPMC Chief Officer – Vehicle Sales Lakmal de Silva said: ‘With the stewardship of DPMC, Bajaj has consistently remained the number one motorcycle and three-wheeler brand in Sri Lanka. The Superbrands recognition endorses our position as the leading brand in the segment for the past four decades.’

He further noted that the accolade reflects Bajaj’s strong value proposition, innovative product portfolio and continued commitment to addressing the evolving mobility needs of Sri Lankan customers. The recognition also underscores DPMC’s unwavering focus on brand stewardship, customer satisfaction and long-term market leadership.

Adding to its list of accolades, Bajaj has previously been officially recognised as Sri Lanka’s ‘Most Loved Motorcycle Brand’ by Brand Finance Lanka. The brand secured this title consecutively in 2019, 2020, 2021, 2022 and 2023, highlighting a remarkable five-year streak that reflects strong customer preference and enduring brand loyalty among Sri Lankan riders.

Domino’s Pizza Sri Lanka, part of the world’s largest pizza chain, has partnered with Mintpay, Sri Lanka’s premier payments platform, to deliver a more rewarding and flexible dining experience for customers island-wide

With Mintpay now accepted across all Domino’s outlets, customers can enjoy their favourite pizzas and sides while earning up to 3% Cashback on every purchase, creating a smarter and more rewarding way to dine in-store.

Domino’s Sri Lanka Country Head Vijaya Bhaskar said: ‘ At Domino’s Sri Lanka, we are always looking for innovative ways to elevate our customer experience. Our partnership with Mintpay reflects that commitment, enabling greater convenience, flexibility, and choice for our customers through Buy Now, Pay Later. We believe this collaboration will make enjoying your favourite Domino’s moments easier and more accessible for everyone. We’re excited to work with Mintpay to bring this customer-centric solution to life and look forward to the value it will deliver to pizza lovers across Sri Lanka.

Mintpay CEO Kukaraj Tharmasegaram said: ‘Our aim is to make payments flexible and rewarding. With Mintpay now available at Domino’s, customers can enjoy a seamless payment experience with added benefits, and we look forward to working with Domino’s to unlock even more rewarding experiences for our customers.’

Domino’s Srilanka Country Head, Vijaya Bhaskar said: ‘At Domino’s Sri Lanka, we are always looking for innovative ways to elevate our customer experience. Our partnership with Mintpay reflects that commitment, enabling greater convenience, flexibility, and choice for our customers through Buy Now, Pay Later. We believe this collaboration will make enjoying your favourite Domino’s moments easier and more accessible for everyone. We’re excited to work with Mintpay to bring this customer-centric solution to life and look forward to the value it will deliver to pizza lovers across Sri Lanka.’

The collaboration brings together Domino’s strong islandwide footprint with Mintpay’s rewarding digital payment experience, offering customers greater value at checkout while reinforcing convenience and accessibility in everyday dining experiences.

As one of Sri Lanka’s leading payment app, Mintpay continues to expand its partnerships with leading merchants across dining, fashion, lifestyle, and travel, empowering customers to shop smarter and helping businesses grow stronger.

Launched in 2020 as Sri Lanka’s first Buy Now, Pay Later platform, Mintpay has since evolved into a complete digital payment ecosystem. Today, it offers a suite of solutions including Pay Later, Pay Now, and Mintpay Vouchers, with vouchers redeemable at over 2,500 partner stores. With the introduction of Mint Coins in 2025, customers are now rewarded on every transaction made with Mintpay, bringing all solutions together into one unified rewards experience.

Domino’s Pizza is one of the world’s leading pizza brands and a household name in Sri Lanka, known for its wide range of pizzas, fast service, and countrywide presence. With a strong commitment to quality, innovation, and customer satisfaction, Domino’s continues to redefine convenient dining for customers across the country.