Category: Daily Financial Times

K Seeds Investments identified Commercial Credit and Finance PLC as the best performing Finance Company under the 1st category among the 28 listed Finance Companies in Sri Lanka through a ranking carried out based on their financial performance for the second quarter of 2025/26.

The report segregates the finance companies based on the size of their asset base and ranks them in their respective categories among their peers based on ten financial metrics, which are calculated from the quarterly financial statements.

Commercial Credit and Finance PLC topped the overall spectrum by belonging to ‘Category 1’ (asset base > Rs. 100 billion). The categories 2, 3 and 4 represent the companies having an asset base between Rs. 50 to 100 billion, 20 to 50 billion and less than 20 billion respectively.

Finance companies demonstrated steady but cautious performance during the quarter, balancing the benefits of improving macroeconomic conditions and vehicle-import-led growth.

Supported by all these factors, Commercial Credit and Finance PLC managed to maintain their top rank in the series of ranking reports released by K Seeds Investments on the finance sector of Sri Lanka .The report ranks the finance companies according to their financial results released through interim reports on the Colombo Stock Exchange across 10 key performance indicators (KPIs) – cost to Income ratio, net profit margin, Impairment to loan book, return on equity , return on assets, net interest margin, credit to deposits, operating leverage, net profit growth and loan growth. These 10 KPIs are weighted equally and an overall ranking is arrived at, based on the aggregate score for each category.

THE main opposition party, Samagi Jana Balawegaya (SJB) MP Dr. Harsha de Silva yesterday strongly criticised renewed calls to suspend Sri Lanka’s external sovereign debt repayments following Cyclone Ditwah, warning that such a move would jeopardise the country’s fragile recovery, undermine investor confidence, and derail access to climate financing needed for long-term reconstruction.

His remarks, shared via X, came after a group of 121 prominent international economists and academics urged Sri Lanka to immediately suspend external debt payments, arguing that the country’s latest IMF-backed debt restructuring leaves it dangerously exposed to climate-driven disasters.

Dr. de Silva framed the proposal as a repetition of arguments made during the 2022 crisis, when similar calls were used politically to oppose engagement with the International Monetary Fund.

‘This is a 2022 rerun,’ he said, noting that the same ‘intellectual ammunition’ had previously been deployed by the now-ruling NPP to attack the IMF program. ‘Now? The silence is deafening,’ he added, suggesting that those who once championed such ideas have abandoned them after assuming power.

He accused senior figures in the current administration of reversing their public positions on debt sustainability analysis (DSA) after elections, arguing that earlier promises to ‘re-do’ Sri Lanka’s restructuring were unrealistic.

‘Let’s call it what it was: a lie,’ Dr. de Silva said, naming Dr. Harshana Suriyapperuma and Dr. Anil Jayantha Fernando who had been vocal critics of the IMF framework while in opposition.

‘Now in power, they’ve abandoned those theories because they know they are impractical. They sold a sham to win votes,’ he claimed.

Dr. de Silva argued that this shift exposes a deeper political contradiction. ‘In Opposition, they told people restructuring was a ‘trap’. In Government, they are following the same path they once condemned,’ he said, adding that this amounted to a betrayal of the ideological platform used to gain public support rather than the promised ‘system change’.

On Cyclone Ditwah, the Opposition MP stressed that post-disaster recovery must go beyond short-term repairs. ‘Rebuilding isn’t enough,’ he said, reiterating comments he had previously made in Parliament. ‘We can’t just fix ‘broken windows’. We need climate-resilient infrastructure. This requires massive financing for the State and the private sector,’ he added.

Such an approach, he argued, requires large-scale financing that is only possible if Sri Lanka maintains credibility with international markets.

‘To get that funding, we must stay the course,’ Dr. de Silva said, warning that deviating from the agreed reform and debt-restructuring framework would have serious consequences. ‘If we don’t stay on track, we will lose market access and credit rating upgrades,’ he pointed out.

He said that credit ratings are essential for accessing international borrowing, particularly for climate adaptation and reconstruction. ‘Without a credit rating, we can’t borrow to rebuild,’ Dr. de Silva said, cautioning that suspending debt repayments outside an agreed framework could isolate Sri Lanka financially at a time when climate resilience investment is most urgent.

Sampath Bank PLC has announced the signing of a Memorandum of Understanding (MoU) with Toyota Lanka Ltd., recently at the Toyota Lanka Head Office, marking a strategic collaboration aimed at providing enhanced financial and value-added benefits to customers purchasing Toyota vehicles across Sri Lanka.

This partnership strengthens Sampath Bank’s commitment to delivering innovative financial solutions that make vehicle ownership more attainable and rewarding, while aligning with Toyota Lanka’s dedication to superior quality, reliability, and customer care.

Under the new MoU, customers purchasing Toyota vehicles will be entitled to a series of exclusive privileges. Toyota Lanka will offer free vehicle registration, three complimentary services, and a comprehensive warranty coverage of three years or 100,000 kilometres, ensuring peace of mind and lasting value for customers.

Sampath Bank will complement these benefits by offering an interest rate reduction of 0.5% per annum from the published leasing rate for Toyota customers. In addition, customers can obtain insurance loans at 0% interest if settled within two months and enjoy added convenience through a Sampath Credit Card with no joining fee and a 0% interest plan for 12 months on insurance payments.

The partnership between Sampath Bank and Toyota Lanka reflects a shared commitment to financial convenience and service excellence, ensuring a smooth and rewarding vehicle ownership experience for customers across Sri Lanka.

The Cabinet of Ministers on Monday approved the resumption of eight major health infrastructure projects that were previously suspended due to the COVID-19 pandemic and the subsequent economic crisis, accepting revised cost estimates and extended completion timelines that will raise the total State expenditure to Rs. 16.2 billion.

The projects were halted following recommendations by the Re-strategising and Acceleration of Mega Projects Committee (RAMP), as fiscal pressures and funding constraints forced the Government to slow or suspend large-scale capital works.

However, in light of mounting pressure on the public healthcare system and rising demand for services, the Government has now determined that completing these partially built facilities is essential to strengthen hospital capacity and service delivery.

The Cabinet approved the proposal presented by Health Minister Dr. Nalinda Jayatissa to revise the costs and timelines of the eight projects and to recommence construction.

Among the projects to be resumed is the Accident and Emergency Treatment Unit at the Base Hospital Kegalle, with a revised cost of Rs. 2,095.58 million and a completion target of 31 December 2029. The construction of a medical ward complex at the Chilaw District General Hospital has been re-estimated at Rs. 1,266.38 million, with completion expected by the end of 2028, while a separate Accident and Emergency Treatment Unit at the same hospital is now projected to cost Rs. 4,057.96 million and be completed by 31 December 2030.

Other projects approved for resumption include the Cardiology Treatment Building at the Ratnapura Teaching Hospital at a revised cost of Rs. 3,543.77 million, the new clinic building at the Ragama Rehabilitation Hospital costing Rs. 678.83 million, and the Primary Care Unit and Paramedical Services Building at the Millennium Ward of the Colombo South Teaching Hospital, Kalubowila, with an allocation of Rs. 1,245.50 million. The Cabinet also cleared the continuation of the 10-storey surgical ward complex at the Karapitiya Teaching Hospital, now estimated at Rs. 2,070.12 million, and the building complex for the Stroke Treatment Unit at the Polonnaruwa District General Hospital at a revised cost of Rs. 1,265.30 million. Most of these projects are expected to be completed by the end of 2028.

Addressing the financial implications, the Cabinet Slokesman and Minister during the post-Cabinet meeting media briefing noted that had successive Governments completed the eight projects within their original timelines, the total cost to the State would have been about Rs. 6,717 million.

‘However, due to prolonged delays, inflation and revisions to scope and specifications, the revised estimates now place the total cost at Rs. 16,223 million, resulting in an additional burden of Rs. 9,508 million on public finances,’ he added.

Kylian Mbappe has equalled Cristiano Ronaldo’s club record of 59 goals in a calendar year for Real Madrid with a late penalty in his side’s 2-0 home win over Sevilla in La Liga, with the French forward celebrating his 27th birthday in style.

Mbappe missed several earlier chances before getting his opportunity from the spot four minutes from time on Saturday, and he made no mistake to net his ?59th goal in as many games across all competitions in 2025 to level Ronaldo’s 2013 haul.

Real are second in the La Liga standings on 42 points, one behind Barcelona, who are away to third-placed Villarreal on Sunday, while Sevilla are ninth on 20 points.

Foreign Affairs, Foreign Employment and Tourism Minister Vijitha Herath yesterday expressed Sri Lanka’s deep appreciation to India for its swift and comprehensive assistance following the devastation caused by Cyclone Ditwah.

He described Indian External Affairs Minister Dr. S. Jaishankar’s visit to Colombo as a powerful reaffirmation of the enduring partnership between the two countries.

Welcoming Dr. Jaishankar in joint press briefing held at the Presidential Secretariat, Herath said the visit underscored India’s ‘steadfast solidarity’ with Sri Lanka in a moment of national difficulty and reflected New Delhi’s role as a first responder, particularly through the timely launch of Operation Sagar Bandu.

He conveyed Sri Lanka’s gratitude on behalf of President Anura Kumara Dissanayake, the Government and the people to Indian Prime Minister Narendra Modi, the Government of India and Dr. Jaishankar personally.

The Minister said Dr.Jaishankar’s visit was particularly significant as it coincided with the announcement of a further Indian relief and reconstruction package to support Sri Lanka’s recovery and rebuilding efforts, which he described as yet another demonstration of India’s enduring friendship and solidarity.

Herath recalled that India had extended ‘unprecedented assistance amounting to $ 4 billion’ to Sri Lanka during its recent economic crisis through lines of credit for essential goods and petroleum, bilateral currency support and liability deferments.

He said Sri Lanka and India shared a long-standing, multi-dimensional relationship rooted in geographic proximity, deep historical and cultural ties, shared values and expanding economic linkages, adding that bilateral relations had continued to strengthen through regular high-level engagements and close political, official and people-to-people cooperation.

The Minister said Sri Lanka deeply valued India’s continued role in stabilising the economy, including emergency financing and foreign exchange support, as well as the settlement of payments amounting to $ 20.66 million for projects completed under existing Indian lines of credit.

He also acknowledged India’s ‘crucial role’ in Sri Lanka’s external debt restructuring process, including its position as co-chair of the Official Creditors’ Committee (OCC), which helped facilitate the timely conclusion of negotiations.

Herath noted that earlier in the day Dr. Jaishankar had called on President Dissanayake, with bilateral discussions focusing on the broad trajectory of India-Sri Lanka cooperation across sectors such as economic development, energy security, connectivity, trade and investment, health, education, maritime security, digital cooperation, tourism and people-to-people exchanges.

The two sides also exchanged views on strengthening disaster preparedness and resilience in light of the increasing frequency and intensity of climate-related events in the region.

He said President Dissanayake had conveyed his sincere appreciation for India’s ‘swift and comprehensive humanitarian support’, including large-scale relief supplies, emergency medical assistance, search and rescue operations, the restoration of connectivity and support for rebuilding critical infrastructure. ‘This timely intervention has brought much-needed relief to affected communities and has been invaluable to Sri Lanka’s national response efforts,’ Herath said.

According to the Minister, India provided more than 10,000 tons of relief material that was promptly distributed among affected communities, while an Indian Army field hospital established in Mahiyanganaya delivered critical healthcare services. Indian technical teams also helped restore connectivity disrupted by the cyclone, and around 10 tons of urgent medicines were supplied, strengthening Sri Lanka’s emergency healthcare response at a crucial time.

Herath further acknowledged India’s provision of 228 tons of Bailey bridge units in four batches, following a request by President Dissanayake to Prime Minister Modi, which enabled the rapid restoration of vital transport links.

He noted that Dr. Jaishankar had earlier in the day virtually inaugurated the Bailey Bridge installed in Kilinochchi in the presence of the President, calling it an important contribution to restoring connectivity.

Herath said Sri Lanka’s tourism sector had rebounded following the cyclone, with key attractions now fully operational. He noted that India remained Sri Lanka’s largest source of tourists and said a positive message from Dr. Jaishankar would further boost confidence and encourage continued visits.

Chinese Dragon Café (CDC), one of Sri Lanka’s most recognisable names in Chinese cuisine, continuing its legacy as a pioneer in Chinese cuisine and opened its latest outlet in Galle, marking a new chapter in the restaurant’s long-standing presence across the island. Located at 45, Colombo Rd, Kaluwella, just 300 metres from the Galle railway station, this new branch becomes the 10th outlet in the country. Chinese Dragon Café established in 1942 by a Chinese couple in Bambalapitiya, CDC has grown from a humble neighbourhood eatery into a trusted household name, with outlets in key urban areas including Mount Lavinia, Nugegoda, Rajagiriya, Pelawatta, Wattala, Kandana, Kaduwela and Jaffna. In 2021, the brand expanded internationally with its first overseas outlet in Dubai, United Arab Emirates.

The Galle opening demonstrates CDC’s commitment to bringing its signature Chinese cuisine to more regions across the island. Famous for dishes such as Hot Butter Cuttlefish, Seafood Rice in Banana Leaf, and a variety of Rice, Noodle, and Seafood options, CDC continues to offer the flavour and consistency generations of customers appreciate. Its bottled chilli paste has also become a household staple and is now sold in supermarkets. Chinese Dragon Cafe also caters to evolving customer needs through services such as free delivery, event catering, corporate meals for training and events and online ordering. Commenting on the opening, CDC Chief Executive Officer, Mr. Gayan Fernando, said: ‘We’ve had many loyal customers from the Southern Province, and opening in Galle was a much needed step. We’re excited to serve the community and look forward to becoming a familiar name in the area.’ With this new launch, Chinese Dragon Café reaffirms its commitment to expanding and sharing authentic Sri Lankan Chinese flavours across Sri Lanka.

The Christian Guild of People’s Bank recently held its 47th Annual Christmas Carols at the People’s Tower, Colombo 02.

Staff representing branches located in Colombo, Puttalam, Kalutara, and Jaffna regions sang the carols.

The Christmas Carols were held under the patronage of Rt. Rev. Dr J. D. Anthony, Auxiliary Bishop of Colombo.

People’s Bank Chairman Prof. Narada Fernando, Chief Executive Officer/General Manager Clive Fonseka, as well as members of the Corporate and Executive Management, bank staff and their families, and retired employees of People’s Bank, graced the occasion.

At the end of the Christmas Carols, gifts were distributed among children by Santa Claus.

The Cabinet of Ministers on Monday approved awarding a major procurement contract for the LPG cylinders of various sizes for the period 2025-2027 to M/s. Sahamitr Metal Pressure Containers Public Co. Ltd.

The procurement contract for Litro Gas Lanka Ltd., includes 120,000 units of 2.3 kg cylinders, 185,000 units of 5 kg cylinders, 450,000 units of 12.5 kg cylinders, and 7,000 units of 37.5 kg cylinders.

The decision follows an international competitive bidding process open to registered suppliers under the Sri Lanka Standards Institution, during which six bids were received. M/s. Sahamitr Metal Pressure Containers Public Co. Ltd, was identified as the lowest substantially responsive bidder.

The award was made based on the recommendations of the Higher Standing Procurement Committee and endorsed through a resolution submitted by President Anura Kumara Dissanayake in his capacity as Finance, Policy Planning and Economic Development Minister.

The International Labour Organisation (ILO) yesterday said that the floods and landslides triggered by Cyclone Ditwah have put around 16% of national GDP at risk, valued at around $ 16 billion, with impacts concentrated in a limited number of districts.

‘This spatial concentration increases the likelihood of uneven recovery and prolonged local economic disruption if not addressed through targeted interventions’, the ILO said a special brief titled ‘Preliminary employment assessment of the impact of Cyclone Ditwah in Sri Lanka’.

‘The geographical distribution of Gross Domestic Product (GDP) is estimated using night-time light data. This approach enables a more precise estimate of areas directly affected by the floods. The combined flooded and landslide-impacted zones account for 16.3% of observed night-time lights. It can therefore be estimated that GDP equivalent to $ 16 billion has been exposed to potential damages,’ the brief said.

The previous day, the World Bank’s rapid assessment estimated the initial damage at $ 4.1 billion or 4% of GDP excluding income losses, business interruption, or the full costs of recovery and reconstruction, including potential ‘build back better’ investments. Total recovery needs are therefore expected to be significantly higher, the World Bank said.

The ILO brief said up to 374,000 workers have been potentially affected by flooding and landslides caused by Cyclone Ditwah, with estimated income losses accruing to $ 48 million per month, according to the International Labour Organisation.

A new ILO brief outlines the devastating labour market impact of Cyclone Ditwah, which made landfall in Sri Lanka on 26 November, bringing catastrophic rains and causing landslides in large parts of the country. The most severe flooding took place in Northern and Eastern districts, while landslides particularly affected central areas, where many tea plantations are located.

The brief combines remote sensing data on flood extent, population, agriculture and nightlight with labour force survey data to provide a preliminary snapshot of the situation in the affected area. This approach aims to provide timely insights into the potential impact on livelihoods and to guide both the emergency response and medium-term support to help workers regain a foothold in the labour market.

According to the ILO research, up to 374,000 workers were working in areas directly impacted by floods and landslides. If these workers are unable to work or find quality employment elsewhere, this represents potential earnings losses of $ 48 million per month.

The agriculture and fisheries sectors were severely hit. Up to 23% of rice-cultivating land has been affected by floods, while preliminary estimates of output losses in the tea industry could be as high as 35%. In the tea sector, smallholder farmers, who account for 70% of sectoral output, have been disproportionately affected.

In light of these conditions, the brief calls for immediate measures to support the restoration of livelihoods.

The ILO recommends emergency cash assistance and the widespread rollout of employment-intensive early recovery activities that ensure decent working conditions in the short term. These should be combined with specific sectoral support and assistance to MSMEs to swiftly restore means of production.

The ILO notes that such programs must prioritise the most vulnerable, be conflict-sensitive, work through workers’ and employers’ organisations, and interact directly with community stakeholders.

Medium-term recovery efforts should integrate lessons from this event to improve coverage, adequacy and coordination between wage protection, social protection, employment policies, and disaster risk management frameworks, to strengthen resilience against future shocks.