Category: Daily Financial Times

GRI Tires has announced that its innovative ULTIMATE GREEN XT tire has been recognised at the Automechanika Dubai Awards, held recently in Dubai, where it was named Winner – Sustainable Product of the Year and also received the Highly Commended recognition – Innovative Product of the Year.

These latest achievements follow the product’s Best Innovation in Sustainability award at ProMat 2025 in Chicago earlier this year, further reinforcing the growing global recognition of the ULTIMATE GREEN XT for its responsible material use and reduced environmental impact.

The Sustainable Product of the Year and Innovative Product of the Year categories recognise exceptional achievements that promote environmental responsibility and innovation within the global automotive and mobility industry. This dual recognition highlights GRI’s continued commitment to sustainability-driven innovation and advanced tire technology.

The ULTIMATE GREEN XT, instantly recognisable by its distinctive green colour, represents a significant advancement in environmentally conscious tire manufacturing. Developed with a strong focus on sustainability, the tire incorporates environment-friendly materials and advanced production practices designed to reduce environmental impact while maintaining high standards of performance, durability, and safety. Winning Sustainable Product of the Year reflects the tire’s contribution toward more sustainable mobility solutions, while being Highly Commended – Innovative Product of the Year acknowledges its distinctive design concept and progressive engineering approach that set it apart in the global tire market.

This latest recognition builds on the momentum of the ULTIMATE GREEN XT’s Best Innovation in Sustainability award at ProMat 2025, reinforcing its growing global impact. Automechanika Dubai is the largest international trade show for the automotive aftermarket across the Middle East, Africa, and South Asia, bringing together global industry leaders and innovators. Recognition at this prominent event underscores the international relevance and growing impact of GRI’s sustainability-focused innovations.

GRI Global Commercial Director Barry Guildford said: ‘This recognition at Automechanika Dubai is a proud milestone for GRI. The ULTIMATE GREEN XT reflects our vision of delivering innovative tire solutions that support sustainability while meeting the evolving needs of our customers worldwide.’

GRI said it remains dedicated to advancing sustainable tire technologies through continuous research and innovation. The continued success of the ULTIMATE GREEN XT, following its ProMat 2025 recognition, further strengthens GRI’s position as a forward-thinking brand, driving meaningful progress in the global automotive industry.

W.C. Indika Prasanka Fernando secured the bronze medal of the 65kg weight category in the 77th Mr. Sri Lanka Bodybuilding Championship 2025 held at the Golden Star Beach Hotel in Negombo last Sunday. A keen competitor affiliated to the Sri Lankan Bodybuilding Federation, Fernando was one of more than 150 competitors who hunted for glory at the country’s elite bodybuilding competition, where athletes vied for medals under different weight categories ranging from junior to veterans.

‘This was one of the best outcomes in my bodybuilding career. I trained hard to achieve this feat, and it motivates me to better my performance in future competitions,’ an elated Fernando said.

The 38-year-old veteran who had been in contention at Mr. Sri Lanka Bodybuilding Championship since 2018, represents his own TFS Fitness situated in Moratuwa, where he functions as the chief instructor. Since moving into competitions, Fernando has maintained his status as a bodybuilder to finish among the top five at events such as Mr. Colombo and Mr. Sri Lanka in the 65kg weight category.

India has committed a comprehensive reconstruction assistance package worth $ 450 million to support Sri Lanka’s recovery from the devastation caused by Cyclone Ditwah, reaffirming its role as the country’s first responder and closest regional partner.

Indian External Affairs Minister Dr. S. Jaishankar, who is visiting Colombo as the special envoy of Indian Prime Minister Narendra Modi, yesterday said the pledge was formally conveyed to President Anura Kumara Dissanayake during a meeting on Tuesday morning.

In a joint press briefing held at the Presidential Secretariat, Dr. Jaishankar said he handed over a letter from Prime Minister Modi that underscored India’s ‘first responder’ role and committed New Delhi to stand with Sri Lanka through the reconstruction phase.

‘Our talks centred on how expeditiously this commitment can be delivered,’ Dr. Jaishankar said, noting that India’s response was guided by its ‘Neighbourhood First’ and ‘Mahasagar’ policies.

He said Prime Minister Modi had directed Indian authorities to work closely with the Sri Lankan Government to address priority needs.

‘The proposed $ 450 million package will comprise $ 350 million in concessional lines of credit and $ 100 million in grants, and is being finalised in close consultation with the Government of Sri Lanka,’ he added.

He said the assistance will focus on sectors worst affected by the cyclone, including the rehabilitation and restoration of road, railway and bridge connectivity, support for the reconstruction of fully destroyed and partially damaged houses, restoration of health and education facilities, assistance to agriculture to address short- and medium-term shortages, and strengthening disaster response and preparedness mechanisms.

‘We are conscious that work towards mitigating the impact of Cyclone Ditwah on the people of Sri Lanka must be done in the quickest time possible,’ Dr. Jaishankar said, adding that both sides are discussing an effective coordination mechanism to ensure the earliest possible delivery of assistance.

He also stressed that India had stepped forward not only because of geographic proximity, but also because of its broader approach to cooperative disaster response, which it has consistently advocated at the regional and global level.

Dr. Jaishankar said India’s relief and assistance mission, Operation Sagar Bandu, began on the very day Cyclone Ditwah made landfall. Indian naval assets, including aircraft carrier INS Vikrant and warship INS Udegiri, were deployed to Colombo to deliver relief material, while helicopters were used for rescue and logistics operations.

He said Indian Air Force Mi-17 helicopters operated in Sri Lanka for more than two weeks, supporting relief and evacuation efforts.

An Indian National Disaster Response Force contingent arrived simultaneously to conduct search, rescue and relief work, while the Indian Army established a field hospital near Kandy with 85 medical personnel, providing emergency treatment to more than 8,000 people. Two mobile ‘Bishma’ emergency medical units were also airlifted and deployed.

Dr. Jaishankar said restoring connectivity was identified as an immediate priority, recalling that this was discussed directly between President Dissanayake and Prime Minister Modi during a telephone conversation soon after the disaster.

As part of those efforts, Indian Army engineers erected a Bailey Bridge at Kilinochchi, transported by C-17 aircraft, and construction of another Bailey Bridge at Chilaw is currently under way.

‘In total, Operation Sagar Bandu delivered over 1,100 tons of relief supplies, including dry rations, tents, tarpaulins, hygiene kits, essential clothing and water purification equipment. India also supplied about 14.5 tons of medicines and medical equipment, along with a further 60 tons of specialised equipment to support relief operations,’ he added.

Beyond immediate reconstruction, Dr. Jaishankar said India would continue to support Sri Lanka’s broader economic recovery.

He assured continued encouragement of tourism flows from India and said increased Indian foreign direct investment (FDIs) could provide an additional boost at a critical juncture. ‘These discussions would be framed within the objective of promoting a deeper and more resilient cooperative relationship between the two countries,’ he added.

Acknowledging that the cyclone struck just as Sri Lanka was emerging from the 2022 economic crisis, Dr. Jaishankar said India fully recognised the scale of the challenge.

‘We have seen in the past the strong resolve and strength among the people of Sri Lanka to overcome challenges and march ahead,’ he said, adding that India stands ‘firmly with Sri Lanka, now more than ever’, and expressing confidence that the country would once again demonstrate its resilience in recovering from adversity.

HNB PLC, has joined Hayleys Fentons to power Sri Lanka’s EV transition with attractive and accessible financial solutions. The partnership, announced on 29 October 2025 in Colombo, to deliver tailored financing, insurance benefits, and life coverage, boosting confidence in electric vehicles.

‘This partnership marks an important step in Sri Lanka’s shift toward cleaner transport,’ said HNB’s Senior Executive Vice President and COO Sanjay Wijemanne. ‘By offering transparent pricing, practical financing and meaningful protection, we give customers confidence to choose electric mobility with ease, supporting reduced emissions and a healthier environment for future generations. This initiative shows our responsibility to guide the market with solutions that are credible, measurable and designed for long-term change, and our teams remain committed to an approach that places customer trust at the centre of every product we deliver.’

HNB Leasing provide special rates for regular and structured leases along with a personalised leasing solution that includes a residual balance facility designed to ease repayment planning for customers who seek long term value. Customers will also receive discounted insurance premiums from HNB General Insurance. Additionally, HNB Assurance provides a complimentary life insurance cover for Hayleys Fentons customers who purchase electric vehicles and secure lease facilities through this promotion, offering coverage of Rs. 600,000 for natural death and Rs. 4,500,000 for accidental death, adding an extra layer of security for families investing in new technology.

Hayleys Fentons MD Hasith Prematillake said, ‘The shift to electric mobility requires strong collaboration between technology and finance partners. We thank HNB for joining this initiative, providing customers confidence from purchase through early ownership with proven support. This partnership will boost public trust in EVs and advance Sri Lanka’s sustainable transport landscape.’

Hayleys Fentons extends a series of service advantages that ease the transition into electric mobility. Customers will receive free registration with the Department of Motor Traffic upon confirmation of a supply agreement through HNB and receipt of the full advance payment. They will also receive three complimentary labour services and a seven kilowatt (7kw) charger which together aim to ensure reliability, convenience and smooth operation during the early stages of vehicle use.

The partnership marks a milestone that brings practical value to customers while supporting the wider economic and environmental goals of Sri Lanka, setting the stage for a cleaner, more resilient future.

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.

Indian External Affairs Minister Dr. S. Jaishankar arrived in Sri Lanka yesterday as Special Envoy of Indian Prime Minister Narendra Modi.

During his visit, Dr. Jaishankar is expected to meet Sri Lankan leaders and hold discussions on bilateral relations and ongoing cooperation between the two countries.

India’s External Affairs Ministry said the visit underscores India’s Neighbourhood First Policy and comes in the context of Operation Sagar Bandhu, launched by India to support Sri Lanka following the devastation caused by Cyclone Ditwah.

India has been providing assistance to Sri Lanka as part of the operation, focusing on relief and recovery efforts in areas affected by the cyclone.