Category: Daily Financial Times

The Cabinet of Ministers on Monday approved implementing a $ 10 million World Food Programme (WFP)-led project aimed at improving the quality of Thriposha production and strengthening the country’s maize-based food supply chain, in a move to enhance national nutrition outcomes and farmer livelihoods.

It was granted to sign the relevant discussion notes and Terms of Reference required for the project’s implementation, enabling formal collaboration between the Government, WFP and KOICA.

The project, titled ‘Building a Resilient High-Quality Maize-Based Food System for an Improved Thriposha Program in Sri Lanka: Let’s Sow, Let’s Grow,’ seeks to upgrade the quality of maize used in Thriposha production while reinforcing the entire supply chain from farm to factory. The initiative forms part of WFP’s broader national nutrition interventions in Sri Lanka.

‘According to the approved proposal, the project is expected to benefit around 7,500 small and medium-scale maize farmers in the districts of Anuradhapura, Moneragala and Badulla. It will be fully funded by the Korean International Cooperation Agency (KOICA), which will provide a grant of $ 10 million,’ Cabinet Spokesman and Minister Dr. Nalinda Jayatissa said at the weekly post-Cabinet meeting media briefing yesterday.

He said the project is scheduled to be implemented over a five-year period from 2025 to 2029. ‘It is designed to improve farmer productivity, ensure a stable supply of high-quality maize for Thriposha manufacturing, and strengthen food system resilience while supporting nutrition security for vulnerable groups,’ he added.

President Anura Kumara Dissanayake yesterday reviewed the progress of the national anti-narcotics drive at the third meeting of the ‘A Nation United’ National Steering Council, a body set up to coordinate efforts to eradicate drug abuse in the country, the President’s Media Division said.

Addressing the Council, the President noted that just as the country’s physical development is important, the wellbeing and stability of society are equally vital, and that every citizen must discharge their responsibilities to eradicate the drug menace from Sri Lanka as it has escalated into a national disaster.

With the objective of uprooting the widespread drug problem in the country through a multi-pronged approach, disrupting drug supply island wide, expanding raids, rehabilitating those addicted to drugs, implementing prevention programs aimed at curbing drug use and empowering communities against drugs, the national operation ‘Quit – A Nation United’ is being implemented under the theme ‘A Drug-Free Nation – A Happier Tomorrow.’

This initiative is being carried out as a united national front comprising the Government, security forces, civil organisations and all citizens, with the aim of creating massive social pressure against drug traffickers and distributors, while rehabilitating users of narcotic drugs.

At the meeting, extensive discussion took place on the progress of ongoing raids, arrests and rehabilitation processes relating to drugs. The President expressed his appreciation to all institutions, officers and members of the public dedicated to this cause.

It was revealed that during the period from 1 January 2025 to 5 January 2026, the following quantities had been seized:

Heroin: 1,821.174 kg

Crystal meth (‘Ice’): 3,865.710 kg

Cannabis: 17,189.377 kg

Cocaine: 38.958 kg

Narcotic tablets and capsules: 4,049,569

In line with decisions taken at the previous meeting, attention was also drawn to the progress of drafting new laws to ensure the speedy destruction of seized drug stocks and the President instructed the relevant authorities to expedite this process. The progress in destroying the drugs currently in custody was also discussed.

The need to identify the social background of persons addicted to drugs and to conduct a survey to collect relevant data was also taken up for discussion.

Deliberations were further held on establishing a strong mechanism involving educational institutions, Government bodies, voluntary organisations and cultural organisations to expand the implementation of this national program.

In addition, the meeting discussed conducting public awareness programs with the involvement of religious leaders, making use of the close link between villages and places of worship.

The Maha Sangha led by the Most Venerable Niyangoda Vijithasiri Thera (Anunayake of the Malwathu Chapter), the Most Venerable Narampanawa Ananda Thera (Anunayake of the Asgiriya Chapter), the Most Venerable Waleboda Gunasiri Thera (Anunayake of the Ramanna Maha Nikaya) and the Most Venerable Kuppiyawatte Bodhananda Thera, as well as religious dignitaries including Fr. Nishantha Fernando, Sri Velu Suresh Sharma Kurukkal, Muthusamy Alagesan Kurukkal and Maulavi Ash-Sheikh M. Arkam Nooramith, participated in the meeting.

Also present were the Public Security and Parliamentary Affairs Minister Ananda Wijepala, Secretary to the President Dr. Nandika Sanath Kumanayake, Senior Additional Secretary to the President Roshan Gamage, Secretary to the Ministry of Defence, Air Vice Marshal Sampath Thuyacontha (Retd), among several others.

HNB Assurance has entered 2026 with renewed purpose and clear ambition as it moves into a defining phase of its 10 in 5 strategic journey.

With the final leg toward achieving a 10% life insurance market share by 2026 now in focus, the company is gearing up for a year of transformation, innovation, and accelerated growth.

Closing 2025 on a strong note, HNB Assurance delivered outstanding results, continuously achieving growth above the industry average while strengthening its people, partnerships and brand. Industry awards, other achievements, and continued customer trust reflect the company’s strong performance and ongoing commitment to providing meaningful protection solutions for all Sri Lankans.

Executive Director/CEO Lasitha Wimalarathne said: ‘Guided by our 2026 theme, ‘Reimagine. Reinvent. Redefine.’, we are setting our sights beyond convention. Our aim is to reimagine what is possible for the life insurance industry, for our customers, and for the communities we serve, while laying a strong foundation for the next 25 years as a trusted life insurance partner in Sri Lanka. This year, we also celebrate 25 years of HNB Assurance, a milestone that is special in itself and a testament to the trust and support of our customers, partners and people. For us, success is not defined solely by financial performance. It is measured by the trust we earn, the promises we honor, the lives we protect, and the positive impact we create for all our stakeholders. Our ambition is clear, to be a top-tier life insurance company that sets benchmarks in customer experience, professionalism and people development.’

For HNB Assurance looking back at a year of progress and recognition, the collective efforts of the team have created a strong momentum for the year ahead.

‘The progress we have made gives us strong confidence as we enter the final phase of our 10 in 5 journey. Being recognised as the Best Life Insurance Company at the Global Brand Awards 2025, receiving the National-level Silver Award for Local Market Reach and the Insurance Sector Gold Award at the National Business Excellence Awards, and being named Best Life Bancassurance Provider in Sri Lanka for the fifth consecutive year by the Global Banking and Finance Review, UK, reflect the consistency of our performance, the strength of our strategy, along with the passion, and commitment of our people.’

Additionally, ‘We ranked among the Top 40 Best Workplaces in Sri Lanka by Great Place to Work and are equally proud to be recognised as one of the Best Workplaces for Women 2025 and to continue being celebrated as a mom-friendly workplace, alongside several other accolades across marketing, and people excellence. These recognitions reaffirm our belief that a strong, inclusive, and values-driven culture is key to sustainable performance.’ Lastly, ‘as we step into 2026 with optimism and confidence, we take with us the lessons and energy from the past year. Together, we will try new ways of doing things, explore new opportunities and continue to make a real difference for our customers, our people, and the communities we serve.’

WNPS PLANT, Otter Fonds from Netherland and the Lanka Environment Fund (LEF) have joined hands to empower female entrepreneurs to commence their own forest plant nurseries through a powerful groundbreaking initiative.

The awarding was held with the recipients, the WNPS and PLANT teams, along with the donor representatives, recently. The WNPS is once again pioneered a fresh thought process by making major infusions into Community aspects and entrepreneurship as a conservation bridge.

With a vision to develop forest corridors and unify fragmented forests through private sector engagement, the WNPS set up Preserving Land and Nature (Guarantee) Ltd., (PLANT) a few years ago. The initiative gained rapid momentum but soon hit a massive roadblock. The long forest corridors being created needed way more montane plants than were available. Species are carefully selected and with no precedence of large-scale reforesting in the hills, the existing few nurseries were struggling. The slow growth rate of montane plants provided yet another challenge. The leadership went for a bold plan for which it sought willing donors.

The idea was multi-dimensional: seek out female talent who would be passionate about conservation, fund them and train them extensively in forest nursery management and entrepreneurship, ensure that the returns would be faster and provide a safety net by purchasing the output. The projects will accelerate several successful ventures which would also bring a financial infusion into multiple families.

Otter Fonds and the LEF both lent tremendous support and willingly agreed to fund 3 and 2 entrepreneurs respectively. A wide-ranging search, a robust application process, multiple days of visiting prospects, meticulous marking and a rigorous final interview, resulted in the ultimate choices. WNPS President Graham Marshall said: ‘This project by WNPS PLANT resonates with what the WNPS as a Society would want to achieve as outcomes of conservation initiatives. Livelihood enhancement is critical in any conservation effort. This project is special because it is about empowerment, creating leaders, and independence of women in conservation.’

The personal stories the ladies are inspirational. A.G.Anoja from Ginigathhena, is a housewife and motivated community member with a strong interest in home gardening and native plant restoration. At 63, she brings both life experience and genuine enthusiasm. Her determination stemmed from a comment made by her son, where he was encouraging her to ‘try and earn her own income.’

She says she became determined to carve out a path towards financial independence. Chandanie Devi, a 60-year-old from Divithotawela near Welimada, had her husband passing away a few years ago. Her life had been a challenging journey of dependency, living with her daughter and grandchild whom she cares for, while her son-in-law acted as the income earner. Her extended family is engaged in plant propagation, and she mentioned that, ‘a stable income will uplift her entire family circle and give her confidence and positivity for the future.’

M.G.K. Samandhika, a 55-year-old from Diganatenna near Bandarawela, brings hands-on experience to restoration. Already involved in agriculture and nursery work from her home garden, she has extended family in this field. Her husband is paralysed, they have three children, and this initiative provides financial stability and releases her from having to search daily for gainful labour work to keep the home fires burning. Anoja Kumari, from Marakkayakumbura, near Nawalapitiya, is an experienced community member with a strong interest in cultivation and plant restoration. She brings valuable agricultural knowledge and practical skills. Her husband is engaged in vegetable farming, and she has three children.

R.M. Rasika Priyanthi, a 44-year-old from Pebotuwa, in the Ratnapura District, is an experienced nursery grower with a strong grounding in both fruit propagation and plant restoration. The family’s longstanding involvement in plant propagation has ensured strong practical expertise. The small margins on some of the fruit and other trees they sell would often mean limited income streams for them. This will now be a new lifeline for her.

Otter Fonds Grants Manager Amy McCulla was very positive. ‘The Otter Fonds is proud to collaborate with PLANT on this innovative project to empower local women to become entrepreneurs and start their own nurseries. PLANT will teach these women how to start and run their own businesses, leading to increased income in the community. These nurseries will provide the montane plants that are necessary for PLANT to continue to create connected corridors of protected forest ecosystems within the south-western quarter of Sri Lanka. The Otter Fonds looks forward to watching these nurseries, and these recipients, develop and thrive,’ she said.

‘We are extremely excited to support this landmark initiative by WNPS PLANT, which we know will signal a shift in how restoration is carried out on our island. Although there is an appetite for reforestation, there is a dearth of endemic and native species saplings available to supply this demand. Our hope is that these female-led native species nurseries can fill that void, while also supporting local female entrepreneurs and enriching local communities. The Lanka Environment Fund believes in investing in long-term holistic projects, such as this, that will serve as a catalyst within this conservation niche,’ said LEF in support Director Vinod Malwatte.

PLANT makes community bigger stakeholders, since plant damage is often caused by human intervention. WNPS felt that women would be better custodians with the opportunity to create home-based employment and uplift their social standards. The recipients now head into intense residential training phases with different experts. The initiative is already proving to be far more than a conservation step, and becoming a beacon of Hope, Dignity and Economic empowerment. These women may very well be the torchbearers for a new breed of conservationists from among those who live in the frontlines of our last remnant forests. The strength of WNPS and the vision of PLANT, along with Otter Fonds and the Lanka Environment Fund will certainly be their foundation for growth.

People’s Leasing and Finance PLC (PLC) officially ushered in the New Year with a ceremonial event at its Head Office, under the theme: ‘People’s Trust, Empowering People.’

The celebration was graced by People’s Leasing Chairman Professor Ajanta Samarakoon, the Chief Executive Officer/General Manager Sanjeewa Bandaranayake and the members of the Senior Management. In a seamless blend of tradition and technology, the event was broadcast live via internal PEO TV Channel 603, allowing the entire branch network and staff across the island to participate in the morning’s festivities alongside the Head Office team.

People’s Leasing Chairman Professor Ajanta Samarakoon, setting a high benchmark for the year ahead stated: ‘The milestones we reached in 2025 are a testament to what we can achieve when we work as one unified team. Today, People’s Leasing maintains a formidable position in the market, allowing us to provide enhanced benefits to our employees under the strategic guidance of the PLC Board. By upholding the highest standards of Good Governance and ethical conduct, we have created a workplace where our people feel valued and motivated to grow with us long-term. As we look forward, I call upon every one of the PLC to embrace a spirit of hard work and proactive innovation, ensuring PLC remains the absolute best place for our customers to experience financial growth.’

And the Chief Executive Officer/General Manager Sanjeewa Bandaranayake expressed his deep appreciation for the collective effort of the workforce: ‘As we step into 2026, I must first express my heartfelt gratitude to every member of our staff. It is the unwavering commitment and resilience that allowed us to successfully meet our 2025 company goals despite a challenging landscape. As we look forward, I urge the staff to carry that same passion into the New Year. By remaining proactive and dedicated, we will ensure that PLC continues to be the most trusted destination for our customers to receive unparalleled service.’

The event was organised by the PLC Welfare and Sports Club. The atmosphere of camaraderie was felt both at the Head Office and across the digital airwaves, symbolising a unified front for the year ahead.

The ceremony concluded with a collective pledge by the senior management and the entire staff to carry the spirit of empowerment into every customer interaction in 2026.

For nearly three decades, People’s Leasing has contributed significantly to the upliftment of the living standards of the Sri Lankan populace. By expanding its presence to 112 locations across the island, PLC continues to empower Small, Medium, and Large-scale enterprises, reflecting its unwavering contribution to the sustainable development of both the economic and social facets of the country.

Most Asian markets rose Tuesday, tracking the year’s first record on Wall Street as investors racked up AI-linked tech bets, while oil prices steadied after whipsawing following the ouster of Venezuelan President Nicolas Maduro.

Attention is also turning back to US monetary policy and the release of key data this week that could play a role in Federal Reserve interest rate decision-making ahead of its next meeting at the end of the month.

Traders essentially ignored the noise of the surprise US raid on Caracas on Saturday that saw Maduro and his wife spirited away to New York to face drug charges.

While there is still some nervousness about stretched valuations in the tech sector, analysts remain optimistic about the outlook for equities this year, with artificial intelligence still the main game in town.

‘Global equities are likely to keep looking through the geopolitical shock unless it threatens the broader supply chain or tightens financial conditions, because geopolitics has become a persistent feature rather than a surprise,’ Charu Chanana, chief investment strategist at Saxo Markets, wrote in a commentary.

‘Equities can continue grinding higher if earnings expectations, liquidity, and rate expectations remain supportive, especially in tech.’

That mood was reflected on Wall Street, where the Dow ended at a new record, boosted by a rally in tech giants including Amazon and Meta as well as energy giants.

The S and P 500 and Nasdaq also rose, helped by data showing US manufacturing activity contracted for a 10th straight month in December, giving the Fed fresh room to cut rates.

The figures come ahead of jobs data due over the next couple of days, which could give it more justification to ease, even after the central bank suggested last month it could pause its easing.

Hong Kong piled on more than one percent, while Tokyo, Shanghai, Singapore, Wellington, Taipei, Manila and Jakarta were also sharply higher.

Seoul dipped, having soared more than three percent Monday.

South Korean car giant Hyundai was higher but gave up its early surge of more than eight percent that came after it unveiled a prototype of its humanoid robot called Atlas at the Consumer Electronics Show in Las Vegas. The firm said the AI-powered device would start working at a US plant by 2028.

Sydney also dipped despite Australia’s BlueScope Steel rocketing more than 20 percent after saying it is evaluating a US$8.8 billion joint takeover bid by a US rival and a diversified local firm.

Oil prices slipped, having risen 1.7 percent Monday as the impact of developments in Venezuela were being weighed.

While the country sits on about a fifth of the world’s oil reserves, adding to an existing supply glut, observers pointed out that a quick ramp-up of output would be hamstrung by several issues including its creaking infrastructure, low prices and political uncertainty. (Gulf News)

The Ministry of Health and Mass Media announced that the State Pharmaceuticals Manufacturing Corporation (SPMC) achieved its highest-ever drug production in 2025, manufacturing 3,625 million tablets and capsules during the year.

AgriOne Solutions Ltd., a subsidiary of Asiya Siyaka Commodities PLC, has appointed seasoned agri-input industry professional Pasad Weerasekera to its Board of Directors.

With more than 33 years of experience in the agri-input marketing sector, Weerasekera brings extensive expertise spanning from finance, marketing, operations and to strategic leadership. In his new role, he will work closely with AgriOne’s leadership team in strengthening the strategic direction, improve execution and long-term value creation.

Commenting on the appointment, Weerasekera said AgriOne aims to ‘grow a smile among all stakeholders’ by helping farming communities to become much resilient and productive, by strengthening partnerships across the agricultural value chain, and by ensuring the company’s growth is shared through responsible and sustainable business practices.

Weerasekera began his career at the Ceylon Tobacco Company’s fertiliser division. In 1993, he played a key role in establishing CIC Agri Business, serving as Finance Head and contributing to its rise as the market leader. In 2002, he was instrumental in setting up AgStar PLC as Finance Director, later progressing to Chief Operating Officer and subsequently Managing Director, a position he held for over 12 years.

He is a Fellow Member of the Chartered Institute of Management Accountants (UK) and holds the Chartered Global Management Accountant (CGMA) designation too. He is also a member of the Institute of Certified Management Accountants (Sri Lanka), the Institute of Public Accountants (Australia), Chartered Professional Managers (Sri Lanka), and Chartered Practising Accountants (Australia).

AgriOne Solutions was established to enter the agri-input marketing sector, with a focus on improving crop productivity and farmer outcome. The company is owned by Asiya Siyaka Commodities PLC, a leading tea brokering firm and Andaradeniya Tea Estates, a prominent tea producer. AgriOne operates under the theme of ‘Growing Smiles,’ with a mission to enhance crop productivity and contribute to stronger and resilient farming communities.

The second International Conference on Circular Economy and Sustainable Ecosystem (IC2ESE 2025) was successfully held recently at the Open University of Sri Lanka, Nugegoda.

Organised by the Department of Mechanical Engineering, the international conference brought together academics, industry professionals, policymakers, and researchers from Sri Lanka and overseas to discuss transformative circular solutions for a regenerative and resilient world.

The conference was conducted in close alignment with the MSc in Energy for Circular Economy, an international-level master’s program recognised as one of the most in-demand postgraduate programs in South Asia, particularly in Sri Lanka. The program plays a vital role in developing skilled professionals in energy transition, sustainability, and circular economy practices while strengthening the link between academic research and real-world application.

A key objective of the conference was to create a strong academic pathway for students to publish their research findings. IC2ESE 2025 provided undergraduate and postgraduate students, especially those enrolled in the MSc in Energy for Circular Economy, with a valuable opportunity to present and publish peer-reviewed research papers in the official conference proceedings. This initiative supports research-based learning, enhances international exposure, and encourages young researchers to contribute meaningfully to national and global sustainability goals.

Addressing the opening session, Open University of Sri Lanka Vice Chancellor Snr. Professor P.M.C. Thilakarathne emphasised the urgent need to move beyond traditional linear development models in response to escalating climate risks and environmental challenges. The conference agenda included the official launch of the conference proceedings and parallel technical sessions covering material circularity, energy technologies, sustainable transport, corporate innovation, and education.

The conference featured four keynote addresses by distinguished local and international experts. Prof. Jeevan Jayasuriya from KTH Royal Institute of Technology, Sweden, highlighted the role of education in shaping responsible citizens for a circular future. Prof. Annukka Santasalo-Aarnio from Aalto University, Finland, focused on circular economy approaches for energy technologies and material recovery. Prof. Cristina Efremov discussed policy alignment and leadership required to bring circular economy transitions to life across industries.

A key highlight of IC2ESE 2025 was the keynote address delivered by senior corporate leader of the Wijeya Newspapers Ltd., Group and Sri Lanka Association of Printers President Eng. Janaka Rathnakumara. His keynote, titled ‘From Linear to Circular: Advancing Sri Lanka’s Manufacturing Toward a Greener Future,’ underscored the urgent need for Sri Lanka’s manufacturing sector to transition from the traditional ‘take-make-dispose’ model to circular production systems.

He emphasised that circular manufacturing-through improved design, resource efficiency, product life extension, and material recovery-can enhance industrial competitiveness, reduce waste and emissions, and support Sri Lanka’s Nationally Determined Contributions and Sustainable Development Goals. Highlighting the importance of policy support, business leadership, finance mechanisms, and cross-sector collaboration, he called for collective action to accelerate Sri Lanka’s journey toward a low-carbon, resilient, and regenerative industrial economy.

The Secondary Bond market saw rates initially drop on the belly end of the yield curve specifically on the 2029-2030 tenors. This was accompanied by more aggressive bids across the yield curve and secondary market two-way prices quoted lower. However, towards the latter part of the day the 2027-2028 tenors saw a sell off which caused rates to increase on the short end of the yield curve, on the back of profit taking pressure. Nevertheless, the medium-to-long end of the yield curve remained stable. This resulted in a flattening of the yield curve overall. Activity and transaction volumes were seen at healthy levels boosted by several block trades.

On the shorter end where rates picked up the 15.12.26 and 01.05.27 maturities traded at the rate of 8.50% and 8.95% respectively. The 01.05.28, 01.07.28 and 15.10.28 maturities were seen trading up the range of 9.14%-9.20%, 9.22% and at the rate of 9.26% respectively.

On the belly to the long end where rates remained broadly anchored, the 15.12.29 traded lower down the range of 9.73%-9.71%, the 15.05.30 at the rate of 9.76% and the 01.07.30 maturity down the range of 9.80%-9.78% respectively. The 01.10.32 and 15.09.34 maturities traded at the rate of 10.35% and 10.70% respectively and the 15.06.35 maturity at the rate of 10.75%-10.76%.

This comes ahead of today’s scheduled weekly Treasury Bill auction. The auction will have on offer a total amount of Rs. 100 billion. The auction will comprise of Rs. 20 billion in 91-day bills, Rs. 50 billion in 182-day bills, and Rs. 30 billion in 364-day bills. The offered amount is in line with the maturing volume, which is estimated at around Rs. 97.73 billion.

For context, at the weekly Treasury Bill auction held last Wednesday (31 December), weighted average yields recorded an upwards movement across the board for a second consecutive week. Accordingly, the weighted average yield on the 91-day Bill rose by 19 basis points to 7.74%, the 182-day by 32 basis points to 8.27%, and the 364-day by 26 basis points to 8.45% respectively. Total funds raised amounted to Rs. 57.39 billion against an offered amount of Rs. 120 billion, translating to a 47.83% subscription ratio.

The total secondary market Treasury Bond/Bill transacted volume for 6 January was Rs. 14.71 billion.

In money markets, the net liquidity surplus increased steadily for the fourth consecutive day to Rs. 175.21 billion yesterday. An amount of Rs. 200.21 billion was deposited at Central Bank’s SDFR (Standing Deposit Facility Rate) of 7.25%, while an amount of Rs. 25 billion was withdrawn from the Central Bank’s SLFR (Standard Lending Facility Rate) of 8.25%. The weighted average rates on overnight call money and Repo stood at 8.00% and 8.03% respectively.