Category: Daily Financial Times

Over the past six decades since the Xizang Autonomous Region was established in 1965, we have witnessed remarkable transformations. With the support of the central government and local authorities across the nation, Xizang has entered a new phase of modern development characterised by economic growth, social harmony, cultural prosperity and a favourable ecological environment after 60 years of dedicated effort.

From leapfrog development to high-quality growth, the material foundation for modernisation in Xizang has become increasingly robust. Over the past 60 years, its economic aggregate has experienced remarkable growth, reaching 155 times that of 1965 by 2024, with an average annual growth rate of 8.9%.

Key economic indicators such as total fixed asset investment and added value from large industrial enterprises consistently rank among the highest in the nation. The economic structure is gradually optimising, with a projected distribution of primary industry, secondary industry and tertiary industry at 9%, 36.7% and 54.3%, respectively, in 2024.

With the upgrading and optimisation of the industrial structure, Xizang’s economy has shifted enormously, reducing its dependence on natural resources and enhancing its self-development capacity. The modern industrial system with Tibetan characteristics is being built at an accelerated pace, further transforming resource advantages into economic and development advantages.

As comprehensive reforms deepen, the environment of Xizang’s development continues to improve; private investment surged by an impressive 52.9% in 2024. Xizang actively strengthens strategic cooperation with inland provinces while promoting international exchanges through platforms such as the China Xizang ‘Trans-Himalaya’ Forum for International Cooperation. Border trade facilities have been significantly enhanced, establishing a solid foundation for high-level openness.

Xizang’s development has always adhered to a people-centred philosophy and strengthened balanced urban and rural development. It not only focuses on coordinated regional development but also attaches importance to balanced urban and rural development.

In 2019, Xizang completely shook off absolute poverty and stepped into a moderately prosperous society together with the whole country, which is an unprecedented historical achievement in Xizang’s history.

Xizang persists in giving priority to the development of agriculture and rural areas, taking counties as an important starting point, promoting equal exchange and two-way flow of urban and rural factors and striving to build a sound pattern of complementary advantages and coordinated development. In 2024, the per capita disposable income of rural residents in Xizang reached 21,578 yuan ($ 3026.43), nearly 200 times that of 1965 and the growth rate was faster than that of urban areas.

The degree of exchanges and integration among all ethnic groups has been continuously deepened, and the whole of society in Xizang presents a vivid situation where all ethnic groups work together in unity and achieve common prosperity and development.

Tibetan culture develops in inheritance and prospers in innovation, promoting the coordinated development of material civilization and spiritual civilization in the process of Xizang’s modernisation. Xizang holds an important place for the protection of Chinese national characteristic culture and is a key world tourism destination in China. It has established a cultural construction system with legal guarantees and financial support and has built a gold-lettered signboard for Tibetan culture.

For example, among the 2,760 representative intangible cultural heritage projects in the region, 106 are national-level representative ones. ‘The Epic of King Gesar,’ Tibetan opera and the Tibetan medicinal bath have been included in the UNESCO Representative List of the Intangible Cultural Heritage of Humanity.

Relying on scientific and technological progress and the deepening of reform and opening up, Xizang’s cultural undertakings have developed vigorously. In 2024, the total output value of Xizang’s cultural industry reached 10.9 billion yuan, a year-on-year increase of 22%.

Moreover, as an important national ecological security barrier, Xizang is a model of modernisation where humans and nature coexist in harmony in China. It has always adhered to the principle of prioritising ecological development, actively formulated ecological policies in line with local realities and timely addressed ecological issues, such as grassland degradation, through a series of policy measures.

Legislation is an important institutional arrangement for protecting the environment of the Qinghai-Tibet Plateau. The central government supports Xizang in integrating ecological protection with the improvement of people’s livelihoods, setting up a large number of ecological posts, thus transforming former lumberjacks into current forest rangers.

The ecological compensation mechanism, the arrangement of ecological posts and the participation in ecological projects have significantly increased the income of Tibetan farmers and herdsmen. Xizang has achieved remarkably comprehensive results in ecological civilization construction. The proportion of days with excellent air quality remains above 99 percent, and the water quality of major rivers and lakes in Xizang remains excellent.

In conclusion, with a heavy responsibility and a long way to go, Xizang is a critical segment for Chinese modernisation, and it must continue to forge ahead with determination.

(The author is the Deputy Director and Researcher at China Tibetology Research Centre, Institute of Tibetan Social and Economic Studies.)

Resettlement may be unavoidable as an emergency response to save lives, but it cannot become the country’s long-term strategy

With climate change intensifying rainfall and increasing frequency of extreme rainfall events, landslides in the hill country can no longer be treated as isolated disasters or managed through resettlement alone. If landslides are not actively mitigated, every year of inaction allows unstable upper catchments to deteriorate further, placing lives, infrastructure, reservoirs, and public investments at growing risk.

Why resettlement alone is not a solution

Resettlement addresses the symptoms, not the causes, of landslides. Slopes remain unstable, sediment continues to move downstream, and disasters simply shift from one location to another. Unless the root causes of landslides and their far-reaching impacts are addressed, resettlement creates a new set of persistent problems, including:

Scarcity of suitable land for relocation

Loss of livelihoods and limited economic opportunities

Social dislocation and community breakdown

Pressure to reoccupy abandoned high-risk lands

Continued damage to roads, reservoirs, irrigation canals, and other national infrastructure

Where landslides really begin

Closer examination reveals that most large and destructive landslides in Sri Lanka do not originate within private homesteads, but in Government-owned forest reserves located on steep upper-catchment slopes. These areas receive intense rainfall, are geologically fragile, and yet remain largely unmanaged. Failures that begin high in the catchment inevitably move downslope, damaging settlements, roads, irrigation infrastructure, and reservoirs far below.

Landslides treated as disasters, not management failures

A fundamental problem is conceptual. Landslides continue to be treated primarily as natural disasters, rather than as failures of land and water management. As a result, public funding and institutional attention flow only after slopes collapse, rather than toward prevention.

Stabilising landslide-prone terrain

Stabilising landslide prone terrain is not simply a soil conservation issue but a landslide management challenge. Some of the traditional soil conservation measures that promotes soil infiltration are not suitable for landslide prone areas. While these measures are valuable for erosion control and water conservation in moderate terrain, their application in steep, landslide-prone areas can be counterproductive. In landslide vulnerable areas engineering and bi0-engineering management, measures are needed to facilitate safe disposal of excess water quickly through well-designed surface and sub-surface drainage systems.

The Natural Resources Management Centre of the Department of Agriculture and the National Building Research Organisation (NBRO) already possess proven engineering and bio-engineering solutions, many of which are compatible with biodiversity conservation in the hill country. These include paved interceptor drains, controlled surface and sub-surface drainage, deep-rooted vegetation, and carefully planned reforestation. All have been tested locally and internationally. Yet they are rarely implemented at scale in the upper catchments where landslides originate.

Thus, Sri Lanka does not lack technology or knowledge. The real question is institutional responsibility: who will enter these remote, Government-owned lands and implement preventive measures systematically and at the required scale before the next disaster occurs?

The institutional vacuum for implementation

At present, steep forest land has become a ‘no-man’s land’ for land management and slope stabilisation. While several institutions provide advice, no single agency is responsible for implementation.

Forest Department / Wildlife Department

Mandated to protect forests and wildlife, not to stabilise slopes. No trained staff or legal mandate for landslide mitigation.

NBRO responsible for hazard zone mapping, research, early warning, and technical guidance. Works to identify systematic resettlement with Disaster Management Centre.

No legal authority, budget, or manpower to implement large-scale mitigation in forest lands.

Natural Resources Management Centre (NRMC, formerly Soil Conservation Division), Department of Agriculture.

Mandated to implement the Soil Conservation Act.

No authority in closed forest lands and limited physical, financial, and human resources.

Land Use Policy Planning Division (LUPPD)

Prepares land-use plans and advises authorities.

Does not implement, enforce, or carry out field-level mitigation.

Provincial Councils and Local Authorities

Have nominal mandates but lack budgets, trained staff, and technical capacity.

The President’s Media Division has said that daily contributions are being made to the Government’s ‘Rebuilding Sri Lanka’ Fund that was established to provide relief to those affected by Cyclone Ditwah. Several companies this week handed over financial donations to the Secretary to the President Dr. Nandika Sanath Kumanayake at the Presidential Secretariat.

The donations were as follows: Rs. 5 million from Sirilak Sea Food Ltd., Managing Director D.A. Nissanka, and Rs. 2.5 million each from Narmatha Gold Centre Chairman N. Jegatheeswaran, and IWW Steel Industries Ltd., Chairman Dr. Sivalingam Ramesh.

The Colombo stock market closed Christmas Eve marginally up ahead of today’s holiday with crossings in John Keells Holdings accounting for 34% of turnover.

The ASPI closed 0.15% on the up, or 32.05 points to 21,959.05 and the S and P SL20 gained 0.07% or 4.17 points to 6,015.48. Turnover was over Rs. 4.1 billion on nearly 147.2 million shares traded. Foreign investors were net sellers on a net outflow of Rs. 331.3 million.

First Capital Research said the market remained at a stagnated level throughout the day, with the index showing occasional spikes in volatility but largely trading within a narrow range, indicating consolidation.

Top positive contributors to the ASPI were SFCL, SPEN, SAMP, BUKI and CARG with market activity largely driven by crossings, which accounted for 43.3% of the total turnover, while JKH drew significant interest from HNW investors through crossings, representing 33.9% of overall turnover. JKH closed unchanged at Rs. 21.

Retail investor participation remained moderate, with primary focus on DOCK.R and DOCK.N.

The Capital Goods sector accounted for 53% of total turnover, while the Diversified Financials and Banking sectors contributed a combined 14%.

The massacre of fifteen Australian Jewish citizens and wounding several more from that community at Sydney’s Bondi Beach on 14 December – a day marking the beginning of Jewish Hanukkah festival – by a father-son pair of Muslim gunmen has been portrayed by the Western media as an act of ISIS inspired Islamist terrorism unleashed against world Jewry.

But whether that savagery was a spontaneous reaction by two angry Muslim men schooled in Islamist ideology to seek revenge against Israel’s genocide in Gaza or whether it is linked to Netanyahu’s anger at the Australian Prime Minister’s decision to campaign and vote at the UN for an independent Palestinian state and whether there was another hidden force that orchestrated the whole tragedy never caught the attention of Western media.

The fact that Ahmad al-Ahmad the ‘hero’ who grabbed the gun from the father-killer was shot by someone at the scene raises questions that need answer and calls for an independent investigation of the entire tragedy. Why was this man shot? Was it because he had become a spoiler of an intended drama? If so, what was the plot of that drama? From whichever angle one wishes to look at the massacre one cannot dismiss its link with Israel’s genocide in Gaza.

Firstly, Israel has a history of going to bed with Islamists to promote its own strategic and military agenda in the Middle East.

For instance, in an interview to UK Sunday Times, Israel’s former army commander Gadi Eisenkot admitted that Israel supplied arms to ISIS fighters to topple Syria’s Asad regime. Likewise, Israel’s former defence minister and Leader of the Opposition Avigdor Lieberman accused Netanyahu Government of supplying weapons to ISIS backed gangs to fight Hamas in Gaza. The notorious gang leader Yasser Abu Shabab who was killed by Hamas recently was found operating with weapons supplied by Israel. Even Hamas for that matter was originally an Israeli creation set up to counter the popularity of Mahmud Abbas’ Palestine Authority.

Therefore, it is logical to surmise that the Sydney killers too may have been hired by Netanyahu’s Zionist cabal or Mossad to create that horror to teach a lesson or two to the Albanese Government. If so, why should the lives of innocent Jews be sacrificed to teach that lesson? The answer is not far to seek.

In Israel’s military strategy, killing a few of its own people is justified if it guaranteed ultimate victory against the enemy. According to Israel’s Haaretz, when the war against Hamas began in October 2023 the Hanibal Protocol was invoked allowing IDF to kill its own members if they happened to be in danger of being captured by Hamas. This was to prevent those captives becoming bargaining chips in future negotiation with Hamas. Thus, one cannot discount the possibility that the Sydney massacre which consumed the lives of more than a dozen innocent Jews may have been a deliberate design to punish Albanese Government’s recognition of a Palestinian state and to force that government to retract.

Even if all these speculations are dismissed as irrelevant then at least that tragedy could be considered as a blessing in disguise for Netanyahu and his cabal to wet their anger over Australia. There are other countries too such as UK, France, Canda, South Africa and others who also support an independent Palestinian state, and what would be Netanyahu’s response to them is anyone’s guess.

In a sense, the Sydney massacre may have opened a new chapter in The Hundred Years War on Palestine. In Australia, Netanyahu has already forced Albanese Government to take a tough stand against the growing pro-Palestine protest movement. The so-called ‘Hate Speech’ laws introduced by the Government and similar actions announced by the state Government of New South Wales have virtually branded any pro-Palestine speech, slogan or symbol as antisemitism.

Under these laws, all expressions of anti-Israeli sentiments have been branded as antisemitism. In passing, it is interesting to note that the former Israeli Prime Minister Ehud Olmert, has been reported arguing that to blame Australia for spreading antisemitism was ‘unjustified’.

Anti-Semitism was originally coined by the German agitator Wilhelm Marr in 1879 to designate the growing anti-Jewish campaigns in Central Europe. It was essentially meant to depict Christian hatred of Jews, ‘killers of Christ’. It is therefore historically incorrect and politically pro-colonialist and even racist for Wester powers to label support for an independent Palestine as Anti-Semitism.

Aren’t Palestinian Arabs and their Jewish brethren both Semitic people? Aren’t Arabic and Hebrew are Semitic languages, and aren’t Judaism, Islam and Christianity have the same Patriarch, Abraham. What is happening in Gaza and in Occupied West Bank therefore is that one Semitic community is struggling to liberate itself from decades of apartheid oppression by another Semitic community. In that sense, it is an inter-Semitic war in which the minority Palestinians are trying to galvanise the sympathy and support of the wider humanity. To depict that support as Anti-Semitism is pure Zionist propaganda backed by Global North.

It is worth noting that Israel’s Knesset had recently approved a budget allocation of $ 740 million for Hasbara’s propaganda war. It was an increase of almost $ 600 million more than last year’s. With this huge resource to spend on propaganda and with Mossad’s secret agenda news reporters who contradict Israel’s version of events may be wantonly targeted and killed while massacres like the one in Sydney may be repeated in other countries also.

Donald Trump’s so-called ‘ceasefire’ of 10 October 2025 endorsed slavishly by eight Muslim leaders was no more than a rebranding exercise to permit Israel to continue what it was doing in Gaza since October 2023 while preventing Hamas to respond with violence. Since October, Israel is reported to have bombed more than 700 times killing nearly 400 Gazans so far. Neither Trump nor his Muslim puppets have lifted even a finger in protest. Netanyahu is now preparing to inaugurate the second phase of Trump’s plan to reconstruct Gaza under the supervision of a so-called international peace keeping force with US boots on the ground.

In the meantime, Qatar proposes to drill for oil and gas in Palestinian waters and sell it to finance Gaza’s reconstruction. Wasn’t that the original plan behind Trump’s Abraham Accord? In short, Global North with support of Arab rulers have decided remove Palestine from the world map. Do Palestinians have any alternative but to globalise their resistance?

Havelock Sports Club have been dealt a major setback with skipper Sandesh Jayawickrama ruled out for the remainder of the season after sustaining a broken bone in his hand.

The former St. Peter’s College standout has been an influential figure for the Park Club this season, both as a leader and a front-line performer, and his absence will be keenly felt as the League progresses.

Jayawickrama played a pivotal role in guiding Havelock to an unbeaten run in their first three matches, setting high standards with his physical presence, work rate, and calm decision-making under pressure. His leadership at breakdowns, commitment in defence, and ability to rally the side during key moments were central to Havelocks’ strong early momentum in the competition.

In his absence, deputy skipper Janidu Fernando will assume leadership duties for the rest of the season. Fernando, a respected senior member of the squad, now carries the responsibility of maintaining the consistency and fighting spirit instilled by Jayawickrama as Havelock push forward with their campaign.

Havies, CH, CR, and Kandy are the front runners for the League this season

With the International Monetary Fund (IMF) approving the $ 206 million Rapid Financing Instrument (RFI), Sri Lanka has formally assured the IMF that it will preserve fiscal discipline and maintain an open trade and payments regime while responding to the devastation caused by Cyclone Ditwah, as concerns mount over the sustainability of the country’s economic recovery.

The World Bank has estimated initial damage from the disaster at around $ 4.1 billion, while the International Labour Organisation (ILO) has placed the total economic impact at $ 16 billion. The IMF has separately forecast Sri Lanka’s balance of payments (BOP) deficit to widen by about $ 700 million.

In a Letter of Intent (LOI) dated 10 December for the RFI and submitted to the IMF, co-signed by President and Finance Minister Anura Kumara Dissanayake and Central Bank of Sri Lanka (CBSL) Governor Dr. Nandalal Weerasinghe, the Government detailed the scale of the disaster, its immediate fiscal response, and the policy commitments underpinning its IMF-supported reform program.

Despite the scale of the shock, the authorities stressed the importance of fiscal prudence. ‘We recognise the importance of staying prudent to preserve our fiscal and debt sustainability,’ the LOI said.

‘Accordingly, we will meet the recovery and reconstruction needs primarily through spending reprioritisation and reallocation and use of contingency allocations within the Budget, before considering a Supplementary Budget in 2026.’

The LOI further assured the IMF that all emergency spending, and any 2026 Supplementary Budget, if required, will be deployed in full compliance with the Public Finance Management Act and align with transparency and accountability standards.

On monetary policy, the authorities reaffirmed commitments under the IMF Extended Fund Facility (EFF). ‘In line with our commitment under the EFF-supported reform program, the CBSL will continue refraining from monetary financing of the deficit,’ the LOI said, adding: ‘We welcome an update to the Safeguards Assessment as early as possible.’

The Government also pledged to maintain an open external payments regime. ‘We will not impose new or intensify existing restrictions on the making of payments and transfers for current international transactions, trade restrictions, or multiple currency practices, or enter into bilateral payments agreements which are inconsistent with Article VIII of the Fund’s Articles of Agreement,’ the LOI stated.

Against this background, Sri Lanka formally requested emergency financing from the IMF under the RFI, amounting to about $ 205 million. The Fifth Review under the EFF is expected to commence early next year.

Reaffirming its commitment to the reform agenda, the Government said: ‘We remain committed to the EFF-supported reform program and continue to engage with IMF staff to complete the Fifth Review at the earliest possible time,’ adding that program objectives remain unchanged, including restoring fiscal and debt sustainability, safeguarding price and financial sector stability, rebuilding external buffers, strengthening governance, and advancing growth-oriented structural reforms.

The Cabinet of Ministers at their meeting on Monday approved the launch of a new concessional agricultural loan scheme titled the ‘Sustainable Agriculture Program’ from next year, aimed at improving rural livelihoods and strengthening agriculture’s contribution to national economic growth.

It was approved to operate the loan scheme as an annual program beginning next year, using Participatory Finance Institutions as the delivery mechanism.

The initiative will be financed through a revolving fund created under the ongoing Smallholder Agribusiness Partnerships Program, which is being implemented with funding support from the Government and the International Fund for Agricultural Development.

The program is being carried out by the Agriculture, Livestock, Lands and Irrigation Ministry in collaboration with the Regional Development Department of the Central Bank of Sri Lanka.

‘Under the arrangement, all recoveries from loans issued through the Smallholder Agribusiness Partnerships Program will be channelled into a dedicated revolving fund named the ‘Sustainable Agricultural Fund’. This fund will be used exclusively to provide agricultural credit, ensuring the long-term continuity of concessional financing for the sector,’ Cabinet Spokesman and Minister Dr. Nalinda Jayatissa said.

Speaking at the weekly post-Cabinet meeting media briefing, he said the Government expects to allocate Rs. 800 million from the Sustainable Agricultural Fund for the implementation of the Sustainable Agriculture Program in 2026.

‘The loan facility will be offered under two categories – individual loans and bulk loans. Individual borrowers and institutions will be eligible for loans of up to Rs. 5 million through agricultural banks and Samurdhi banks, with a maximum repayment period of five years. These loans will carry a highly concessional effective interest rate of 2% per annum, with grace periods of up to 12 months for applications and joint ventures, and six months for working capital facilities. Bulk loans will be capped at Rs. 500,000 per beneficiary, with a maximum repayment period of three years and an annual interest rate of 2%,’ he explained.

Dr. Jayatissa said the scheme is designed to support a wide range of agricultural and agri-related activities, including cultivation, processing, value addition, input supply, crop procurement, facilitation, production, and exports.

He noted that individuals and institutions seeking to initiate or expand such activities will be eligible to access financing under the program.

‘The Government views the Sustainable Agriculture Program as a key policy tool to boost productivity, encourage value addition, and improve incomes across the agricultural value chain, while ensuring that concessional credit is recycled through the revolving fund to benefit future borrowers,’ he added.

Cabinet approval was granted for a proposal presented by President Anura Kumara Dissanayake in his capacity as Finance, Planning and Economic Development Minister.

EML Consultants PLC yesterday said that Aeroform Ltd., has acquired a 29.9% stake in the company for Rs. 116.1 million.

Aeroform Ltd., purchased 27 million shares at Rs. 4.30 each on Tuesday. Total shares issued by EML Consultants is 90.9 million.

EML Consultants reported a net asset value per share of Rs. 2.11 as of end-September 2025. Avanthi Jayatilake was the top shareholder with a 51% stake, followed by Joseph Morais at 1.99%.

Maliban Biscuit Manufactories has announced a partnership with rising motorsport talent Yevan David, as he prepares to compete on the international stage in the 2026 FIA Formula 3 Championship.

At just 18, Yevan has emerged as one of Asia’s fastest-rising drivers, competing across some of Europe’s toughest circuits and creating history as the first Sri Lankan to race in the FIA Formula 3 Championship. This partnership brings together a young athlete redefining what’s possible for Sri Lanka in global motorsport, and a homegrown brand that has consistently backed Sri Lankan ambition on the field, on the track, and beyond.

Yevan’s racing story began in go-karts, starting with early laps at the Sri Lanka Karting Circuit before moving into competitive karting in Singapore, where he quickly started stacking international results, including winning the IAME Asia Series (X30 Cadet) and the X30 Asia Cup. After graduating from karts, he stepped into single-seaters in 2024 across UAE F4, Spanish F4 and Eurocup-3, then announced himself in Europe by winning twice on his Euroformula Open debut weekend at Monza. In 2025, he underlined that momentum by taking the Euroformula Open Rookie title and finishing second overall, cementing his status as one of the most compelling young talents to emerge from Sri Lanka onto the global grid.

Commenting on the partnership, Yevan David said: ‘Partnering with Maliban means a lot to me. They’ve supported Sri Lankan sport for generations, so having them beside me as I take this next step feels special. I’m proud to carry our flag forward with a brand that believes in our country’s potential as much as I do.’

Commenting on the partnership, Maliban Group of Companies Corporate Communications Group Head Positha Perera said: ‘Yevan’s journey reflects the kind of ambition, discipline and belief we strongly identify with at Maliban. For over 70 years, we have backed Sri Lankans who dare to step beyond familiar boundaries and compete on the world stage. Partnering with Yevan at this defining moment of his career is not just about motorsport, it is about standing behind a young Sri Lankan who is redefining what is possible internationally, and carrying our nation’s story forward with confidence and purpose.’

Over the years, the brand has stood firmly behind Sri Lanka’s sporting journey across every level of competition, supporting the New Zealand U85kg Rugby Tour of Sri Lanka on the international stage, strengthening hockey at school level, backing the Sri Lanka Under-19 Women’s Cricket Team, supporting the U20 Men’s and Women’s rugby teams, championing Sri Lanka Rugby at the Asia Rugby Qualifiers, and powering the Inter Club Rugby League and Clifford Cup Knockout Championship 2025/2026. This continued investment reflects a long-term commitment to building opportunity, confidence, and national pride through sport.

With Maliban’s support, Yevan’s journey to the FIA Formula 3 grid becomes more than an individual milestone, it becomes a national statement of belief and progress. Together, Maliban and Yevan will carry Sri Lanka’s flag into every corner, every lap, and every finish line he chases in 2026.