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⚠️ Data Retrieval Error

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📈 Sri Lanka Business & Economic News Summary

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📈 Sri Lanka Business & Economic News Update

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⚠️ Sri Lanka Economic News Update: Content Unavailable

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🌧️ Rainfall Eases, Heavy Flood Risks & Disruption Persist Across Key Districts

• Human & Weather Impact: Prevailing heavy rains are expected to ease, though 2,331 people (581 families) are impacted and 4 deaths reported. A Pacific typhoon will influence continued rains beyond 6 August. • High-Risk Zones: Heavy rainfall (>100 mm) expected in Central and Sabaragamuwa provinces (Kandy, Nuwara Eliya, Sabaragamuwa). • Flood & Water Levels: Major flood warnings issued for Kelani River lowlands (Dehiowita, Ruwanwella, Yatiyanthota); minor warnings for Kalu River areas. Gamini Dissanayake Reservoir (Kotmale) opened spill gates releasing ~250 m³/s into Kotmale Oya/Mahaweli River. • Supply Chain & Operations: Government schools closed today in Kandy and Nuwara Eliya. Strong winds (40–50 kmph) expected across central and coastal regions. A decision regarding G.C.E. A/L and Grade 5 Scholarship exams will be made on 5 August.

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⚠️ Sri Lanka Market Update: Data Unavailable

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⚠️ Data Unavailability Notice: Sri Lankan Market & News Update

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## 📈 Remembering Dr. Raja de Silva: A Scientific Pioneer of Sri Lankan Archaeology

• Milestone Legacy: Celebrating the life and impact of Dr. Raja de Silva, Sri Lanka's foremost archaeologist and former Commissioner of Archaeology (1967–1979), who passed away after reaching a remarkable century of life. • Scientific Approach: Pioneered the application of natural sciences and chemistry to archaeology and historical conservation in Sri Lanka, replacing unverified folklore and cultural biases with empirical, testable physical evidence. • Sigiriya Reinterpretation: Radically challenged orthodox historical narratives by reidentifying the Sigiriya rock fortress as a major Mahayana Buddhist monastic complex rather than a secular royal palace, and identifying its famous frescoes as sacred depictions of Tara Devi. • Heroic Restoration: Spearheaded the globally celebrated 1967 rescue and chemical restoration of the Sigiriya frescoes following a malicious vandalism incident, collaborating with international conservation experts like Luciano Maranzi. • Prehistoric Discoveries: Expanded the island's historical horizons by initiating systematic excavations at key megalithic sites including Ibbankatuwa and Pomparippu, proving the existence of an advanced, trading prehistoric society predating chronicle-based timelines.

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Regulatory & Policy News

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📈 Sri Lanka Must Shift to Adaptive Policy Frameworks to Navigate Global Volatility

• The Governance Challenge: Traditional static policies fail in complex, volatile environments due to delayed responsiveness, rigid procedures, sectoral silos, and inadequate feedback loops. • Core Adaptive Principles: Focuses on iterative design based on emerging evidence, multi-scenario planning, cross-sector alignment, real-time monitoring, and active stakeholder engagement. • Implementation Tools: Operationalized through policy labs, real-time analytics, interagency coordination, and institutional learning networks. • Impact on Key Sectors: Strategic foresight is vital to proactively manage shifts in climate adaptation, urban planning, technological innovation, and labor market transformation. • Sri Lanka's National Context: The country is well-positioned to institutionalize adaptive governance by leveraging its strong administrative foundation, expanding digital infrastructure, skilled public service, and growing citizen demand for accountability. • Leadership Imperative: Calls for facilitative leaders who encourage responsible risk-taking, understand systemic complexity, and prioritize long-term resilience over rigid compliance.

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📜 Proposed NGO Bill Raises Regulation & Governance Concerns

• Scope & Mandate: - The Non-Governmental Organisations (Registration and Supervision) Bill (L.D.-O. 6/2026) seeks to repeal the VSSO Act No. 31 of 1980. - Expands state supervision beyond social welfare to all non-profit oriented activities, including policy advocacy and corporate CSR activities. • Core Criticisms & Regulatory Risks: - Lacks prior performance audit of the existing NGO Secretariat after four decades of operation. - Grants sweeping powers to a Competent Authority (CA) without judicial oversight, impacting constitutional rights to association and assembly. - Mandates alignment with government policy, potentially restricting independent advocacy in key economic and regulatory areas such as the online betting sector. • Financial Compliance & Alternatives: - Optimal Approach: Address money laundering risks by requiring audited financial accounts under the Companies Act or Societies Ordinance, utilizing specialized expertise from the Financial Intelligence Unit (FIU) and Central Bank of Sri Lanka (CBSL). - Second-Best Approach: Amend the bill to mandate court orders for intrusive actions and require Constitutional Council approval for CA appointments to ensure independence.

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📈 Sri Lanka Investment Reform: Moving to a Digital Single Window

Sri Lanka must establish a world-class single window for investment to attract FDI and spur export-led economic growth by replacing legacy bureaucratic friction with transparent, rules-based governance. • Key Institutional Bottlenecks: • Current system forces investors through 12+ regulatory agencies (including BOI, Inland Revenue, Registrar of Companies, and Central Environmental Authority). • Delays in construction permits, environmental clearances, and import licenses cause high administrative uncertainty, corruption risks, and lost regional competitiveness. • Core Reform Components: • Centralized Digital Hub: Single entry point to concurrently distribute documents, manage approvals, and issue digital certifications across agencies. • Legal Framework: Enacting umbrella statutes granting legal validity to "deemed approval" mechanisms (automatic approvals if SLAs are missed) and enforcing SLAs across 16+ approval bodies. • Business Process Re-engineering: Replacing sequential reviews with concurrent digital processing and trimming redundant steps. • Cultural Reset: Shifting public officials from gatekeepers to facilitators via performance schemes tied to processing speed. • Implementation Roadmap: • Phase 1 (Months 1–6): Legal baseline and regulatory mapping under Ministry of Finance oversight. • Phase 2 (Months 6–18): Digital platform development and core agency integration. • Phase 3 (Months 18–24): Sector pilot launch targeting export manufacturing and ICT/BPM (high-tech IT). • Phase 4 (Month 24+): Full scale-out, integrating utility/municipal bodies and AI tracking. • Economic Impact: Compresses capital project timelines, reduces corruption, curbs brain drain, and boosts productivity across national sectors.

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⚖️ UNP Rejects Judicial Tenure Extension, Urges IMF-Backed Reforms

• Key Issues & Judicial Backlog: • UNP Working Committee rejected the Government's proposal to extend judges' retirement age, stating it fails to address Sri Lanka’s judicial system efficiency. • An estimated 1.1 million cases remain pending nationwide. • Contract enforcement takes six to seven years on average, creating major cost delays for banking & finance and private sector loan enforcement. • Colombo District Court has nearly 45,000 pending debt recovery cases (approx. 2,000 cases per judge). • District Judges manage ~2,000 cases annually, while Magistrates handle over 5,000 cases per year alongside severe support staff shortages. • IMF Diagnostic Recommendations & Counter-Proposals: • The IMF Governance Diagnostic Assessment identified administrative weaknesses, not judicial tenure, as the primary cause of court delays. • Recommended actions include establishing a dedicated special court, expanding Alternative Dispute Resolution (ADR), streamlining court administration, and strengthening judicial research support. • UNP urged suspending the constitutional amendment, prioritizing immediate filling of judicial vacancies, and targeting a backlog reduction of 300,000 to 400,000 cases before pursuing tenure changes.

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🏢 Kenya Senate Probe Sought Over Unpaid Wages at Hela Intimates EPZ

• Apparel & Textiles Sector Dispute: Nairobi Senator Edwin Sifuna called for a Senate investigation into grievances affecting more than 3,000 workers at Hela Intimates EPZ Ltd. • Outstanding Obligations: Key issues highlighted include delayed salaries, unremitted statutory deductions, and unpaid terminal benefits. • Stakeholder Protection: Sifuna requested a formal statement from the Senate Labour and Social Welfare Committee to establish protective measures for workers and suppliers when operating entities shut down without settling financial commitments.

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🚨 Five Coconut Oil Importers Face Allegations of Rs. 9.7 Bn Tax Evasion

• Key Allegation: SJB MP S.M. Marikkar raised concerns in Parliament that five coconut oil importing companies have evaded Rs. 9.7 Bn in taxes over the past 2.5 years (since 1 January 2024). • Applicable Levies: The Inland Revenue Department (IRD) mandates that coconut oil production and sales are subject to an 18% Value Added Tax (VAT) and a 2.5% Social Security Contribution Levy (SSCL). While one importer has complied, four others continue to avoid payment via ongoing legal appeals. • Health Concerns: Questions were raised over whether unrefined crude coconut oil containing toxic aflatoxin was distributed into the local market under the guise of processing exemptions. • Government Response: Economic Development Deputy Minister Nishantha Jayaweera confirmed the IRD rejected the importers' tax exemption claims. However, tax recovery is currently delayed due to mandatory legal appeal processes available to the taxpayers. The government reaffirmed its commitment to non-interference and legal tax recovery.

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📈 Sri Lanka Enacts Commercial Mediation Framework to Boost Business Confidence

• Key Milestone: Twenty-five corporate entities signed the inaugural Corporate Mediation Pledge hosted by the International Alternative Dispute Resolution Center, Sri Lanka (IADRC) at Port City Colombo, committing to mediation as a primary dispute resolution mechanism. • Legislative Support: The initiative builds on the Mediation (Civil and Commercial Disputes) Act, No. 13 of 2026, which came into operation on June 30, 2026. The law establishes standard procedures, defines mediator responsibilities, and provides a formal framework for recognizing and enforcing mediated settlement agreements. • Business & Economic Impact: Enhances corporate governance and investor confidence by offering a confidential, collaborative, and time-efficient alternative to traditional court proceedings. This helps protect commercial relationships, lowers legal overheads, and reduces operational disruptions for key sectors including financial & legal services, trade, and general corporate operations. • Global & Regional Positioning: Leverages Sri Lanka’s strategic location along Indian Ocean trade routes and modernized legal ecosystem to position the nation as a regional hub for cross-border commercial dispute resolution and foreign direct investment. • Partners: Organized by the IADRC, supported by The Asia Foundation, with Colombo Port City as venue partner.

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⚠️ CBSL Issues Warning on Prohibited Pyramid Schemes

The Central Bank of Sri Lanka (CBSL) has issued an official warning following investigations that determined TM App and numerous other entities have conducted and promoted prohibited schemes under Section 83 (C) of the Banking Act, No. 30 of 1988. • Regulatory Finding: CBSL confirmed that TM App engaged in illegal pyramid scheme operations. • List of Prohibited Entities & Apps: - Digital Apps & Crypto: TM App, OnmaxDT, MTFE App (including MTFE SL Group, MTFE Success Lanka, MTFE DSCC Group), Sport Chain, Beecoin App, SGO/sgomine.com, Ledger Block, and Fruugo Oline App. - Network Marketing & Business Entities: Qnet/Questnet, Best Life International (Pvt) Ltd, Tiens Lanka Health Care (Pvt) Ltd, Global Lifestyle Lanka (Pvt) Ltd, Fast3Cycle International, Fastwin, Era Miracle & Genesis Business School, Windex Trading, The Enrich Life, Smart Win Entrepreneur, Net Fore International/Netrrix, Pro Care / Shade of Procare, Ride to Three Freedom, Isimaga International, Infinity Rover, Mark – Wo International, V M L International, and I.C.A.N. Advertising (and affiliates). • Economic Context: Promoting, facilitating, or participating in these banned schemes is strictly illegal, aimed at protecting public savings and preserving stability across Sri Lanka's financial sector.

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🛑 Govt Blocks 24 Unlicensed Online Gambling Platforms

• Enforcement Action: The Ministry of Finance, Planning and Economic Development has blocked access to 24 online betting websites operating without valid licences in Sri Lanka. • Legal Framework: The action was taken under Sections 15, 16, 18, and 44 of the Gambling Regulatory Authority Act, No. 17 of 2025, which makes operating or promoting unlicensed gambling services a legal offence. • Execution via Telecoms: The Gambling Regulatory Authority issued directives to the Telecommunications Regulatory Commission of Sri Lanka (TRCSL), instructing all telecommunications operators to restrict access with immediate effect. • Blocked Websites: The restricted portals include 1xbet.com, [betway.com/en-lk](https://betway.com/en-lk), 22bet.com, melbet.com, unibet.com, betfair.com, dafabet.com, bet365.com, 1win.com, spinbetter.com, 10cric.com, bc.game, megapari.com, pin-up.bet, stake.com, mostbet.com, parimatch.com, betwinner.com, linebet.com, 4rabet.com, rajabets.com, dbbet.com, coldbet.com, and WinWin. • Public Advisory & Future Regulation: The Ministry warned the public against financial risks linked to unlicensed platforms and announced planned collaborative enforcement steps to strengthen gaming & regulatory governance and protect national financial security.

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📈 FTZMA Proposes National Window to Boost Sri Lanka’s Foreign Exchange

The Free Trade Zone Manufacturers’ Association (FTZMA) has submitted a proposal to the Board of Investment (BOI) to establish a "National Facilitation and Activation Window" designed to streamline ideas that drive foreign exchange (Forex) inflows and support Sri Lanka's economic recovery. • Key Objectives & Operations Focus: Convert actionable, private-sector-led proposals into verified Forex earnings without Treasury funding. Process: Offers a single platform for local professionals, businesses, universities, and diaspora to submit complete execution plans (problem, solution, and required government clearance). Timeline: Mandates fast decision-making with responses within days and a maximum limit of one month (fast approvals or quick rejections). Accountability: Success will be measured exclusively by verified Forex inflows through the banking system. • Strategic Value & Impact Scope: Open to all sectors, including key pillars like export manufacturing, ICT/BPM, and cross-border services. Context: Aims to expand earning pathways ahead of debt repayment obligations resuming post-2028. Inter-agency Coordination: The BOI will act as the central coordinator, routing non-BOI proposals to relevant authorities without turning applicants away.

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🛡️ Sri Lanka Reviews Progress on 3rd AML/CFT Evaluation

• Overview: President Anura Kumara Dissanayake chaired a high-level meeting at the Presidential Secretariat to review Sri Lanka’s preparations for its Third Mutual Evaluation on Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT). • Key Institutional Framework: • Conducted by the Asia/Pacific Group on Money Laundering (APG) with ~25 domestic stakeholder bodies. • Main coordination handled by the Financial Intelligence Unit (FIU) under the Central Bank of Sri Lanka (CBSL). • President highlighted that active participation across both public sector and private sector entities is essential to safeguard national financial credibility. • Evaluation Scope & Timelines: • Assesses compliance with 40 FATF Recommendations and execution across 11 Immediate Outcomes. • Preparations intensified since 2023 ahead of the scheduled on-site assessment visit this year. • Economic Context: Timely implementation and compliance across banking, financial services, and capital markets remain critical to ensure uninterrupted cross-border financial operations and investor confidence.

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🚘 National Dialogue Urged on 4x4 Vehicle Modification Regulations

Sri Lanka’s 4x4 community is calling on the Government and the Department of Motor Traffic (DMT/RMV) to establish a balanced, evidence-based regulatory framework for modified vehicles, balancing road safety with essential operational utility. • Socio-Economic & Emergency Contributions: • Disaster Relief & Response: Volunteer 4x4 groups, including the Ironman 4x4 Emergency Response Team, provide critical aid, medical transport, and search-and-rescue support during natural disasters like floods and landslides. • Tourism & Economy: Professionally modified vehicles enable safe access to adventure tourism spots, eco-trails, and wildlife reserves, supporting rural businesses. • Motorsport & Youth Development: Essential for track safety and vehicle extraction in off-road racing while promoting discipline and technical skills among youth. • Community Proposals for New Regulations: • Distinguish clearly between unsafe/cosmetic alterations and functional, professionally fitted safety equipment (e.g., winches, snorkels, recovery gear, upgraded suspension). • Establish clear technical guidelines alongside an official inspection and certification system rather than outright bans or exemptions.

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Market News

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📈 Secondary Bond Market Yields Consolidate Steady

• Secondary Bond Market Overview: Yields held broadly steady with a slight downward bias at the long end following the previous day's rally: - 2028 Maturities: 15.02.28 at 10.45% | 15.03.28 at 10.50% - 2030 Maturities: 01.08.30 at 11.30% | 15.10.30 at 11.35%-11.38% - 2031 Maturities: 01.02.31 at 11.38%-11.40% | 15.05.31 at 11.55% - 2033 Maturities: 15.01.33 at 11.95%-11.92% | 01.11.33 at 12.00% - Long-Term Maturities: 15.10.34 yield eased to 12.15%-12.10% | 01.07.37 traded down to 12.68%-12.64% • Treasury Bills: Demand in secondary treasury bills saw 91-day bills change hands at 9.65%, 182-day at 9.90%, and July 2027 maturities at 10.10%. • Money Market & Liquidity: - Net liquidity surplus stood at Rs. 188 Bn. - Rs. 118 Bn deposited at CBSL's Standing Deposit Facility Rate (SDFR) of 8.25%. - Domestic Operations Department drained Rs. 70 Bn through overnight repo auction at a weighted average rate of 8.75%. - Weighted average rates: Overnight Call money at 8.97%, Repo at 9.00%. • Forex Market: - USD/LKR spot exchange rate closed virtually steady at Rs. 335.55/335.80 (previous close: Rs. 335.55/335.60). - Total USD/LKR traded volume (5 Aug): US$ 104.26 Mn.

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📈 CSE Hits 7-Month High with Rs. 12.23 Bn Turnover Driven by Major Stake Sale

• Overall Market Performance: - Daily turnover reached Rs. 12.23 Bn, marking the highest single-day turnover since January 8, 2026. - The All Share Price Index (ASPI) gained +102.73 points to close at 21,269.67. - The S&P SL20 index increased by +26.41 points, ending at 5,971.50. • Key Transaction Drivers: - Commercial Credit and Finance PLC (financial services): A major crossing of 89.78 million shares generated Rs. 9.02 Bn in turnover. Combined with regular market trading of Rs. 351 Mn, total turnover for the stock reached Rs. 9.37 Bn. - Ownership Change: Seller Group Lease Holdings PTE LTD (under liquidation) offloaded its 29.99% stake to a group of local investors. • Other Notable Activity: - United Motors Lanka PLC: Recorded a key share crossing worth Rs. 1.02 Bn.

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📈 Global Oil Prices Rise Amid Middle East Supply Tensions

• Market & Price Movements: Global crude oil prices moved upward as market investors maintained caution over diplomatic negotiations and ongoing regional security risks. • Brent crude futures gained 46 cents (+0.58%) to reach US$ 79.91 per barrel. • U.S. West Texas Intermediate (WTI) crude added 36 cents (+0.48%) to settle at US$ 75.58 per barrel. • Geopolitical & Diplomatic Developments: Iran and Oman have finalized coordinates for a shipping route through the strategic Strait of Hormuz, with a joint announcement pending. The proposed arrangement would grant Tehran oversight of Gulf-bound maritime traffic, though U.S. officials maintain opposition to Iranian control over the vital energy transit corridor. • Supply Disruptions & Regional Risks: Maritime supply chain concerns remain elevated following reported Houthi missile strikes on Saudi oil tankers in the Red Sea and Gulf of Aden. July crude oil and condensate exports from Gulf nations remained approximately 40% below pre-conflict benchmarks. • Inventory Data: In the U.S., crude oil inventories saw an increase as refinery processing slowed slightly and import volumes edged higher.

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📈 Global Market Shift: Tech Stocks Surge & Oil Prices Slide

• Asian Markets & Tech: Asian equities rallied, driven by strong earnings and renewed demand for technology and AI. Japan’s Nikkei surged 3.5%, South Korea jumped 4.3%, MSCI Asia-Pacific ex-Japan rose 2.3%, and Chinese blue chips gained 1.5%. However, AMD dropped 8.8% post-market after earnings fell short of high expectations, while SpaceX fell 7.5% over capex and cash flow concerns ahead of 912 million insider shares becoming eligible for sale. • Oil & Energy: Oil prices continued to slide as mediation progress in the U.S.-Iran conflict eased supply fears. Brent crude fell 0.6% to US$ 78.85/bbl (down from its July high of US$ 102/bbl), while U.S. crude declined 0.9% to US$ 75.09/bbl. Traffic through the Strait of Hormuz reached 40%–45% of pre-war levels, nearing the 50%–60% threshold required to signal oversupply. • Bonds & Currencies: Falling energy prices eased inflation concerns, lowering 10-year U.S. Treasury yields to 4.603%. Lower yields boosted non-yielding gold by 1.6% to US$ 4,140/oz. Traders reduced the likelihood of a September Fed rate hike to 57%. The Euro held flat at US$ 1.1537, while the New Zealand dollar dropped 0.3% following a decade-high June quarter unemployment rate of 5.6%.

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📉 CSE Hits Over 3-Month Low Amid Foreign Outflows

• Market Performance Overview - ASPI: Down 0.19% (-39.7 pts) to 21,082.08, marking a more than 3-month low. - S&P SL20: Down 0.06% (-3.35 pts) to 5,936.94. - Market Breadth: 120 stocks closed in the red against 79 in the green. • Turnover & Foreign Activity - Total Turnover: Over Rs. 2.9 Bn on 97.1 Mn+ shares traded. - Foreign Flow: Net outflow of over Rs. 1 Bn. - Investor Sentiment: Mixed sentiment prevailed despite healthy turnover driven by crossing transactions; HNW participation remained high, while retail participation was average. • Sector Breakdown - The retailing sector led daily turnover with a 37% share. - The capital goods and banking sectors together contributed 44% of daily turnover. • Key Stock Movers - Main Losses: Weighted down by CTHR, CINS, HHL, SAMP, and HNB. - Main Gains: Supported by positive contributions from JKH, NTB, RICH, PABC, and CARS.

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📉 Global Oil Prices Plunge 5% as US Halts Iran Strike Plans

• Price Movements & Market Figures: - Brent crude fell 5.07% to US$ 83.47 per barrel. - West Texas Intermediate (WTI) futures dropped 5.88% to US$ 79.77 per barrel. - The drop unwinds part of July's +20% price surge caused by Middle East conflict and Red Sea shipping fears. • Key Market Drivers: - US President Trump called off planned military strikes on Iran following regional diplomatic interventions. - Iran is finalizing negotiations with Oman for revised shipping arrangements through the Strait of Hormuz. - OPEC+ approved a production quota increase of ~188,000 barrels per day (bpd) for September. • Impact on Shipping & Logistics and Fuel & Energy: - Two Saudi oil tankers transited the Bab el-Mandeb Strait, though 3 new tanker attacks highlight ongoing maritime risks. - Easing crude benchmarks offer potential relief to net energy importers like Sri Lanka by reducing pressure on the national fuel & energy import bill and trade deficit.

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📈 Foreign Inflows into Sri Lanka Govt Securities Hit Three-Year High

Foreign portfolio investment in rupee-denominated Government securities recorded a strong surge, extending a sustained buying trend by overseas investors. • Overall Inflows: Net inflow of Rs. 6.44 Bn for the week ended 30 July. • Total Holdings: Total foreign holdings of Government Securities reached Rs. 188.82 Bn. • Key Milestone: Highest level of foreign holdings recorded since June 2023, marking an over three-year high. • Source: Data reported by Wealth Trust Securities (provisional data).

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📉 CSE Ends Week in Red as ASPI Dips 0.2%

• Index Performance: The Colombo Stock Exchange ended the week down, with the benchmark ASPI dropping 0.2% and the S&P SL20 edging down 0.04%. On the final trading day, the ASPI fell 0.09% (-19.50 points) to 21,129.21, while the S&P SL20 declined 0.1% (-6.05 points) to 5,939.98. • Market Turnover & Activity: Daily market turnover surpassed Rs. 4.3 Bn, with over 117.1 Mn shares traded. Despite a positive morning session, afternoon profit-taking and mixed sentiment weighed on indices. High-Net-Worth (HNW) and institutional investors led activity, while retail participation remained at average levels. The main negative drag on the index came from HNB, CFIN, DFCC, HAYL, and LOLC. • Sector Breakdown: Trading was dominated by the capital goods sector, which generated 31% of daily turnover. The retailing and telecommunication sectors collectively contributed an additional 40%. • Foreign Movements: Foreign investors shifted to net buyers, generating a net inflow of Rs. 955.2 Mn.

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⛽ Global Oil Prices Dip on Increased Maritime Flows Despite US-Iran Tensions

• Market Movements & Pricing • Brent crude: Slipped 1.6% (-$1.44) to $87.59 per barrel. • WTI crude: Dropped 1.9% (-$1.59) to $82.00 per barrel. • Monthly Trend: Both benchmarks remain on track for a monthly surge of ~20%. • Key Drivers & Supply Chokepoints • Prices edged down as increased shipping flows through the Strait of Hormuz eased immediate supply fears, despite ongoing U.S.-Iran conflict and stalled diplomatic talks. • The Strait of Hormuz typically handles ~20% of global crude oil and liquefied natural gas (LNG) shipments but has faced severe blockades since February 28. • Maritime Defense & Security Coalition • Saudi Arabia is establishing a 14-nation multinational maritime defense coalition—supported by Egypt, Pakistan, Turkey, Sudan, and Djibouti—to safeguard critical energy chokepoints including the Bab el-Mandeb strait, Red Sea, and Gulf of Aden. • Economic Context • Fluctuations in global crude oil benchmarks directly impact national import bills and downstream energy & transport sector costs.

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📈 Sri Lanka Bond Auction: Full Rs. 250 Bn Acceptance Sparks Secondary Market Rally

The Treasury Bond auction saw total acceptance of the offered Rs. 250 Bn during its initial phase, supported by strong demand with a bid-to-accepted ratio of 2.43x. Post-auction buying frenzy drove secondary market yields below auction weighted averages. • Bond Auction Yields (Mixed Outcomes): • 01.02.2031: Weighted average at 11.90% (below pre-auction rate of 11.95%). • 15.10.2034: Weighted average at 12.42% (in line with market levels). • 15.08.2036: Weighted average at 12.91% (above previous closing rate). • 01.07.2037: Weighted average at 13.01% (above previous closing rate). • Direct Issuance: Additional 10% window open across maturities until 3:00 PM. • Secondary Market Activity: • Elevated auction yields triggered strong buying interest, driving yields down across various maturities (e.g., 2031 maturity dropped to 11.75%; 2034 dropped to 12.27%). • Money Market & Liquidity: • Net Surplus: Recorded at Rs. 175 Bn. • Central Bank Ops: Rs. 115 Bn deposited at SDFR (8.25%); Rs. 60 Bn drained via overnight repo auction at 8.68%. • Overnight Rates: Call money averaged 9.00%, Repo averaged 9.04%. • Forex Market: • Rupee: Marginal gain, spot USD/LKR closing at Rs. 336.00/336.10 (vs. previous Rs. 336.10/336.20). • Traded Volume: US$ 112.54 Mn (reported for July 28).

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📉 CSE Ends Two-Day Recovery: Benchmark ASPI Down 0.4%

• Market Performance - Benchmark ASPI declined 0.38% (-80.43 pts) to 21,148.71, ending a two-day rebound. - Active S&P SL20 dropped 0.26% (-15.37 pts) to 5,946.03. - Overall market breadth was negative with 138 decliners against 58 gainers. - Total market turnover reached ~Rs. 1.1 Bn on over 31.4 Mn shares traded. - Foreign investors recorded a net outflow of Rs. 710,860. • Sector & Stock Breakdown - Capital Goods: Top turnover contributor driven by Hayleys (closed flat at Rs. 225.00) and John Keells Holdings (unchanged at Rs. 19.90). Sector index dropped 0.55%. - Banking: Second largest turnover contributor; sector index declined 0.26%. Commercial Bank shed Re. 1 to Rs. 201.50, and Hatton National Bank dropped Re. 1 to Rs. 385.25. - Key counters pulling down the ASPI included SPEN, CINS, COMB, ACL, and RICH. Lee Hedges fell 75 cents to Rs. 291.75. • Investor Sentiment - Institutional & HNW interest centered on Hayleys, Hatton National Bank, and John Keells Holdings. - Mixed interest seen in Lee Hedges, Commercial Bank, and Swisstek. - Retail trading focused on Asia Siyaka Commodities, Ceylon Land and Equity, and Janashakthi Limited.

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📉 Asian Markets Waver Amid Fed Rate Uncertainty & Tech Volatility

• Global Equity & FX Trends: Asian shares struggled for direction following a volatile week driven by tech jitters and a divided US Federal Reserve. MSCI’s Asia-Pacific index fell 0.6%, Japan’s Nikkei headed for a 4.0% weekly loss, while yields on 30-year US Treasuries hit a 19-year high of 5.23%. • Energy Markets: Brent crude futures slipped below US$ 90/bbl after surging over 7% a day earlier due to escalating Middle East tensions, though regional tanker shipments continued. • Tech & Electronics Industry: - South Korea’s KOSPI fell 1% (on track for a 15% weekly slump), erasing over US$ 2 Tn in market value amid single-stock leveraged ETF sell-offs. - Samsung posted a 250-fold jump in chip profit while warning of semiconductor shortages extending into 2028. - Tech earnings diverged significantly: Microsoft gained on strong cash flow outlooks, while Meta saw stock declines following a 91% collapse in Q2 free cash flow. • US Monetary Policy: The Federal Reserve kept rates unchanged, leaving bond markets guessing. Futures now reflect a 60% probability of a rate hike in September, with 33 bps of tightening priced in by year-end.

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Industry & Sector News

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📈 Govt. Urges Higher Investment to Build Regional Pharmaceutical Hub

The Sri Lankan government has called for expanded local and foreign investment in the pharmaceutical manufacturing sector, positioning domestic production as a key driver for economic priority and national health security. • Strategic Focus & Objectives • Address national health security by reducing reliance on imports and avoiding supply chain disruptions. • Expand pharmaceutical operations beyond domestic demand to tap into regional and international export markets. • Support economic diversification, generate high-value skilled employment, and spur technological adoption. • Key Industry & Policy Commitments • The Ministry of Health pledged a predictable, transparent regulatory environment while maintaining strict quality and safety standards. • Taxpayer funds will be safeguarded by ensuring public procurement yields high value without compromising product quality. • Manufacturers are urged to drive growth through global competitiveness, innovation, and international best practices rather than protectionism alone.

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📈 Elevating Sri Lanka's Gemstone Sector into a Global Luxury Brand

• Core Challenge: Sri Lanka captures only a fraction of the value of its globally respected gemstones like sapphires and rubies, while branding, design, and retail profits occur abroad. • Strategic Opportunity: Transforming the island's 2,500-year heritage into a recognised luxury asset can significantly strengthen national identity, exports, and economic resilience. • Key Advantages: World-class geological diversity, premium natural and unheated stones, skilled craftsmen, artisanal mining traditions, and strong ethical sourcing compared to competitors. • Actionable Roadmap: Establish consistent branding aligned with Brand Sri Lanka, enhance traceability and certification, integrate gemstones into luxury tourism, and foster strong public-private sector collaboration. • Economic Impact: Unlocking this potential can increase export earnings, attract foreign investment, stimulate local manufacturing, and create skilled employment across the country.

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Sri Lanka AI Week 2026 Announced to Drive Digital Transformation 📈

The Ministry of Digital Economy, GovTech Sri Lanka, and SLT-MOBITEL have officially announced Sri Lanka AI Week 2026, scheduled from September 28 to October 4, 2026. The flagship initiative aims to accelerate national digital transformation and position the island nation as South Asia's premier artificial intelligence hub. • National Targets & Strategy: - Transition Sri Lanka from a technology consumer into an active producer of AI solutions. - Empower the local IT sector with R&D capabilities to drive the national target of US$ 5 Bn in tech export revenue. - Democratize AI technology nationwide beyond Colombo, supported by sovereign digital infrastructure under DIGIECON 2030 and SLUDI projects, and establish a National AI Institute. • Key Event Pillars ("AI Amplified"): - International Conference: Highlighting global trends and strategic industry insights. - Tech Exhibition: Featuring cutting-edge solutions from local and international innovators. - Awards Ceremony: Honoring top Sri Lankan researchers and innovators. • Infrastructure & Industry Commitments: - SLT-MOBITEL is supporting the transformation via accelerated 5G rollout, IP infrastructure modernization, and upgrading data centers to AI-ready status. - Key sub-initiatives launched include 'AI Hub' and 'SMART AI', alongside a focus on online safety and child protection.

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CBSL to Drive Digital Payment Adoption in Jaffna 📈

• Event Overview: The Central Bank of Sri Lanka (CBSL) is hosting a promotional event on 07–08 August 2026 at Cargills Square, Jaffna (8:30 a.m. to 7:00 p.m.) under the theme 'Shaping the future through digital payments'. • Key Stakeholders: Inaugurated by Northern Province Governor Mr. Nagalingam Vethanayahan as Chief Guest, joined by Jaffna District Secretary Mr. M. Piiratheepan, senior CBSL officials, banks, NBFIs, and national retail payment operator LankaPay (Pvt) Ltd. • Target Sectors: Direct engagement targeting government officials, local businesses, and the public to drive digital financial literacy, e-money service provider registration, and adoption of the LANKAQR merchant facility across the Jaffna town area. • National Context: Continuation of CBSL’s nationwide campaign to modernize retail transactions, following past regional programs in Hambantota, Nuwara Eliya, Dambulla, Kurunegala, and Trincomalee.

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📈 News Summary Unavailable: System Error

• Status: Failed to retrieve news content due to a server connection issue (503 Server Error: Service Unavailable). • Article Title: "Box-Office history made as Spider-Man beats Endgame" • Published At: 2026-08-05 04:31:58 _Note: Unable to produce an economic summary as no article data was successfully extracted._

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📈 Ceylon Chamber Releases Motor Vehicle Report 2025/26 as Imports Resume

The Ceylon Chamber of Commerce has published its flagship Motor Vehicle Industry Report 2025/26, marking its return after a six-year hiatus following the suspension and subsequent resumption of motor vehicle imports in Sri Lanka. • Economic & Industry Scope: • Evaluates the macroeconomic contribution and policy landscape of the national motor vehicle industry. • Provides comprehensive data on vehicle imports, registrations, fleet composition, and ownership transfers. • Covers registration patterns categorized by brand, fuel type, cylinder capacity, and district. • Future Outlook & Global Trends: • Examines emerging global automotive technologies and the growing role of artificial intelligence in mobility. • Addresses market adaptation to a renewed import environment, changing consumer preferences, and evolving regulatory frameworks. • Stakeholder Relevance: • Designed as a data-driven intelligence resource for importers, assemblers, dealers, financial institutions, insurers, investors, and policymakers to support strategic decision-making.

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📈 EDB Eyes Expansion of Sri Lanka's Graphite Sector to Boost Revenue

• Strategic Focus: The Sri Lanka Export Development Board (EDB) is intensifying efforts to boost mineral export revenues by promoting value addition, expanding international market access, and strengthening industry partnerships. The initiative aligns with the National Export Development Plan (NEDP), which identifies minerals & mineral-based products as a priority export thrust sector. • Field Inspection: EDB officials recently inspected the complete mining and processing operations of Bogala Graphite Lanka PLC—a company with over 160 years of expertise—covering the entire value chain from underground mining and extraction to purification, grading, and export preparation. • Unique Market Position: Sri Lanka is the world's only commercial producer of natural crystalline vein graphite, highly sought after for its exceptional carbon purity and crystalline structure. Key applications include lubricants, carbon brushes, brake pads, refractories, advanced industrial uses, and emerging graphene technology. • Growth & Economic Impact: • Aims to shift from raw mineral exports to high-value, technology-driven products. • Seeks to foster collaboration among government, mining firms, research institutions, and global tech partners. • Intends to diversify exports, increase foreign exchange earnings, create high-skilled employment, and support sustainable economic growth.

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⚠️ Labour Shortages Threaten Sri Lanka’s Export Sector: NCE Calls for Action 📈

• Overview & Migration Gap - Exporters face acute talent shortages across skill levels, risking operational continuity and national foreign exchange earnings. - 143,087 Sri Lankans departed for overseas jobs in 2026 so far (SLBFE target: 250,000 for 2026), adding to 1.07M+ registered migrant workers globally. - A large share of the National Chamber of Exporters' 700 member companies report severe recruitment and retention struggles. • Q1 2026 Labour Force Snapshot - Participation Rate: 49.2% | Unemployment Rate: 3.7% (Youth: 16.1%). - Total Employed: 8.1 million. - Sector Share: Services (50.4%), Industry (25.9%), Agriculture (23.7%). • Industry Impact & Policy Response - Shortages heavily affect manufacturing enterprises needing technical personnel and agricultural exporters requiring specialized value-addition skills. - Cabinet approved drafting an inward labour migration policy to allow regulated recruitment of foreign talent for specialized skill gaps while prioritizing local workers. - NCE emphasizes urgent workforce planning, industry-aligned training, and retention mechanisms to meet export targets.

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📈 Sri Lanka Construction Costs Surge 20–30% Amid Rising Input Pressures

• Overall Escalation: Sri Lanka’s construction sector costs are currently estimated to be 20–30% higher than benchmarks established in the CIOB Construction Cost Report 2025, ending a period of temporary cost stability. • Key Drivers: - Labour Shortages: Domestic scarcity of skilled tradespeople and rising wage expectations. - Global Commodities: Global copper prices surged over 40%, driving up mechanical and electrical service costs. - Material Procurement: Higher international commodity prices and imported material inflation. • Sector Impact: - High input prices heavily affect electrical, plumbing, and M&E-intensive projects across commercial developments, hotels, hospitals, industrial facilities, and telecommunications infrastructure. • Strategic Implications: - Financial Feasibility: Outdated cost estimates require developers and investors to revisit project budgets, returns, and procurement strategies. - Contractor Liquidity: Rising material and wage costs squeeze working capital and profit margins, especially for fixed-price contracts. - Project Delivery: Public and private developments face potential deferrals, redesigns, or phased implementation. - Productivity Shift: Pushes the sector toward risk management, value engineering, and adoption of Building Information Modelling (BIM) and prefabrication.

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🚗 Sri Lanka Vehicle Import Bill Drops 27% M-o-M in June

• Import Expenditure: - Motor vehicle import spending dropped 27% M-o-M to US$ 182 Mn in June, down from US$ 250 Mn in May, according to CBSL data. - Cumulative 1H 2026 vehicle import expenditure reached US$ 1.254 Bn, lower than US$ 1.572 Bn recorded in 2H 2025. • Vehicle Registrations: - Total vehicle registrations fell to 58,151 units in June from 62,776 in May (JB Securities). - Motor car registrations eased to 3,929 units (vs 4,738 in May), while brand-new registrations dropped to 998 units (vs 1,199 in May). - SUVs and crossovers remained the strongest-performing passenger vehicle segment, increasing to 5,933 units. • Financing: - Vehicle financing accounted for approximately 43% of total purchases during the month.

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Boost to Healthcare: 1,444 New Officers Appointed to Sri Lanka’s Public Public Health Service 🩺

• Overview: Sri Lanka’s public health service received a significant capacity boost with the official appointment of 1,444 new officers. • Scope: The appointments span 14 distinct service categories distributed across four major professional sectors within the healthcare framework. • Economic Context: Strengthening the health workforce enhances human capital and healthcare delivery, serving as a vital foundation for national productivity and economic resilience. _Note: Summary based on provisional health sector reporting._

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🇱🇰 Strategic Proposal: Returning Hambantota Port’s Eastern Expansion to Sri Lankan Control

• Overview & Vision Call to transform Southern Sri Lanka’s logistics assets into a unified regional hub. Proposal advocates returning Hambantota Port's undeveloped Eastern Expansion to Sri Lanka Ports Authority (SLPA) control for competitive global tenders to boost national asset ownership. • Hambantota Port Performance • Operates under China Merchants Port Group (CMPort). • Container throughput surged 81.1% YoY to 326,000 TEUs in 1H 2026—CMPort’s fastest-growing overseas terminal. • Demonstrates strong potential for integrated logistics, bonded warehousing, and domestic cargo operations beyond basic transshipment. • Mattala Airport (MRIA) Momentum • Handled 150,000+ passengers and 700+ international flights in 2025. • Attracted 19 Expressions of Interest (EOIs) in 2026, showing rising commercial confidence. • Regional Maritime Competition • India’s automated Vizhinjam Port handled 1.57 Mn TEUs in its first year, expanding capacity to 5.7 Mn TEUs by 2029 to target Indian Ocean transshipment. • Underscores urgent necessity for Sri Lanka to invest in draft depth, automation, and expanding port infrastructure to retain maritime dominance.

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Corporate News

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🏥 Lanka Hospitals Scales Up Surgical Operations & Regional Reach 📈

• Overall Operational Scale: - Performs over 1,000 major surgeries each month. - Backed by 12 operating theatres, a 50-bed intensive care network, an in-house blood bank, and 24/7 emergency support. • Key Speciality Breakdowns: - Cardiac Care: Over 10,000 cardiac surgeries and 800 interventions completed to date, with >70 procedures conducted monthly. - Orthopaedics: Over 3,000 knee replacements completed, supported by a team of 35+ medical specialists. - Transplants & Metabolic Surgery: Over 1,250 successful kidney transplants and >450 bariatric surgeries performed (highest volume among private hospitals in Sri Lanka). - Neurology & Oncology: Performs nearly 100 spine procedures monthly. Minimally invasive treatments allow 24-hour hospitalisation for selected patients. • Medical Tourism & Regional Positioning: - Treats 50+ international patients monthly, supporting Sri Lanka's private healthcare sector and growing status in regional medical tourism.

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📈 Hemas Sustains 1Q Revenue Despite Earnings Dip

• Overall Financial Performance • Revenue: Rs. 28.77 Bn (up 0.9% YoY) • Gross Profit Margin: 30.4% (up 0.2% YoY) • EBITDA: Rs. 2.26 Bn (down 14.1% YoY) • Equity Holders Net Profit: Rs. 937 Mn (down 21.4% YoY) • Operating Costs: Net operating expenses rose 9.0% YoY, driven by a 12.3% YoY surge in selling and distribution costs due to rising fuel, freight, and logistics expenses. • Sector Breakdown & Drivers • Consumer Brands, Hospitals, and Mobility drove revenue growth, while Life Sciences contracted 3.8% YoY. • Finance costs grew due to Rupee depreciation impacting USD borrowings at the Leisure JV, though interest income on net cash holdings provided partial relief. • Strategic Focus & Outlook • Prioritizing cost recovery, margin restoration, calibrated pricing, and productivity enhancements in Consumer Brands and Life Sciences. • Segment reporting updated to break down into Consumer Brands, Life Sciences, Hospitals, Mobility, and Strategic Investments for enhanced management transparency.

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📈 Deloitte Partners Sri Lanka Corporate Director Summit 2026 to Drive Governance & Innovation

Deloitte Sri Lanka served as the Strategic Partner for the Sri Lanka Corporate Director Summit 2026, organized by the Sri Lanka Institute of Directors (SLID) at Cinnamon Grand Colombo, marking SLID’s 25th anniversary. The summit focused on the theme "Future-Ready Sri Lankan Boards - From Compliance to Sustainable Growth." Key Highlights & Summit Focus: • Attendance & Reach: Gathered over 350 board directors, senior business leaders, and governance professionals, alongside more than 15 international thought leaders. • Governing AI & Digital Risk: Highlighted technology-led transformation, AI adoption, cybersecurity, and digital risk as critical boardroom priorities, emphasizing that leadership disciplines like curiosity and courage are essential for responsible innovation. • Strategic Leadership & Governance: Focused on shifting boards from mere compliance to active strategic leadership, independent judgment, and driving long-term organizational resilience amidst changing economic conditions. • Talent & Human Capital: Addressed critical workforce strategies, addressing skills shortages, employee wellbeing, and culture as non-negotiable agenda items for modern corporate governance. • Regional & Global Insights: Deloitte leadership contributed regional and global perspectives to strengthen stakeholder trust, foster enterprise innovation, and generate sustainable value for Sri Lankan businesses.

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📈 Vallibel Finance Crosses Rs. 200 Bn Assets Milestone

• Financial Services Sector Milestone: Vallibel Finance PLC reached Rs. 200 billion in total assets as of 31 July 2026, based on provisional, unaudited management accounts. • Strong FY2025/26 Profitability: Profit Before Tax (PBT) reached Rs. 7.6 billion for the 2025/26 financial year, reflecting a robust 37.5% YoY growth over the prior year. • Rapid Asset Base Expansion: Total assets previously expanded by 61.4% YoY to Rs. 180.2 billion by end-March 2026, compared to Rs. 111.6 billion a year earlier, underscoring strong momentum within Sri Lanka's non-banking financial institutions (NBFI) sector.

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📈 Asia Asset Finance PBT Surges 198% to Rs. 877.9 Mn in Q1 FY26/27

• Financial Performance: Profit Before Tax (PBT) jumped 197.8% YoY to Rs. 877.9 Mn, while Profit After Tax (PAT) grew 137.0% YoY to Rs. 429.4 Mn. Net Interest Income more than doubled (+120.0%) to Rs. 1.97 Bn, driven by an 85.4% rise in Interest Income to Rs. 3.40 Bn. Net Interest Margin widened to 13.9% (vs 10.6%). • Balance Sheet & Lending: Total assets expanded by 12.3% in Q1 to Rs. 60.42 Bn. Loan portfolio grew to Rs. 50.51 Bn (+Rs. 3.51 Bn expansion), expanding access to formal financial services and driving financial inclusion in the non-banking financial services sector. • Asset Quality & Solvency: Gross Non-Performing Asset (NPA) ratio improved sharply to 7.5% (from 12.5%), while Net NPA dropped to 4.2% (from 6.6%). Capital adequacy remains well above regulatory limits, with Tier 1 at 18.96% and Total Capital at 18.85%. • Shareholder Returns: Earnings Per Share (EPS) rose to Rs. 3.46 (vs Rs. 1.46). Net Asset Value per Share rose 31.1% to Rs. 41.89, with annualized Return on Equity (ROE) reaching 34.4% and Return on Assets (ROA) at 3.0%. • Operational Growth: Expanded island-wide footprint to 120 branches by opening 5 new locations, alongside establishing a new training center in Kurunegala to enhance service capabilities.

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📈 DFCC Bank Completes LKR 3.65 Bn Acquisition of SCB Sri Lanka’s Retail & Wealth Business

• Transaction Overview: DFCC Bank PLC completed its acquisition of Standard Chartered Bank (SCB) Sri Lanka’s retail and wealth business effective August 1, 2026, with live operations commencing August 3, 2026. The acquisition was funded entirely through internally generated capital for a final premium of LKR 3.655 Bn (plus applicable taxes). • Business & Network Impact: • Migrated approximately 50,000 customers across Priority Banking, credit cards, retail lending, deposits, and SME portfolios. • Onboarded 260 former SCB Sri Lanka employees into comparable roles. • Added 6 former SCB branches, expanding DFCC's physical footprint in the banking sector to 139 locations island-wide. • Strategic Focus: • Accelerates DFCC’s long-term strategy to scale up retail & wealth management capabilities in high-growth segments. • Fully approved by the Central Bank of Sri Lanka, aligning with SCB’s strategy to shift focus exclusively to its corporate & investment banking business in the country.

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CIC Holdings Posts Strong 20% Profit Growth in 1QFY27, Surpasses Rs. 100 Bn Asset Milestone 📈

• Overall Financial Performance: - Group Revenue: Rs. 22.03 Bn (+2.74% YoY). - Gross Profit: Rs. 6.01 Bn (+10.26% YoY) with margins improving to 27.3%. - Profit After Tax (PAT): Rs. 1.81 Bn (+19.69% YoY). - Net Profit Attributable to Equity Holders: Rs. 1.51 Bn (+23.24% YoY). - Earnings Per Share (EPS): Rs. 0.80 (+23.08% YoY). - Total Assets: Surpassed Rs. 100 Bn mark to hit Rs. 100.14 Bn. • Sector-Wise Breakdown & Highlights: - Agri Solutions: Remains the primary revenue driver at Rs. 9.97 Bn (~45% of total) and top profit contributor at Rs. 1.08 Bn, despite a slight dip due to seasonal factors. Vital to national food security and supporting rural farming communities. - Livestock Solutions: Surged to Rs. 4.90 Bn in revenue (~22% share) with net profit jumping 111.37% YoY to Rs. 660.25 Mn, driven by higher poultry demand, feed volumes, and veterinary care growth. - Health & Personal Care: Recorded stable revenue of Rs. 4.80 Bn (~22% share) and Rs. 662.51 Mn in profit, anchored by strong pharmaceutical and consumer healthcare demand. - Industrial Solutions: Posted the fastest revenue expansion (+40.6% YoY to Rs. 2.63 Bn, ~12% share) and a 62.22% YoY profit jump to Rs. 533.90 Mn, driven by rebounding market demand.

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📈 hSenidBiz Starts FY2027 with 28% YoY Revenue Growth & Profitability Turnaround

hSenid Business Solutions PLC reported strong Q1 FY2027 financial performance driven by its SaaS-led growth strategy and AI product enhancements. • Overall Financial Highlights: • Total Revenue: LKR 602.8 Mn (up 28% YoY) • Recurring Revenue: Contributed 75% of total revenue • Exit Annualised Recurring Revenue (ARR): US$ 5.7 Mn (up 26% YoY) • Gross Profit: LKR 321.8 Mn (53% gross margin) • EBITDA (excl. forex): LKR 81.4 Mn • Profit Before Tax (PBT): LKR 66.1 Mn (11% margin) • Net Profit: LKR 51.0 Mn (turnaround from a net loss in Q1 last year) • Key Operational & Sector Insights: • Sustained growth in the ICT/BPM and enterprise software sector through expanding recurring revenue models. • Advanced its HR tech offerings by introducing multi-agent orchestration capabilities to its _Lexi AI_ platform within the _PeoplesHR_ product ecosystem. • Future focus remains on expanding international key markets, accelerating Cloud ARR, and driving AI-powered HR technology solutions.

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📈 Amãna Bank Marks 15 Years of Development-Focused Banking with Over Rs. 200 Bn in Assets

• Milestone & Operations: Commemorated 15 years of operations on 1 August 2026 as Sri Lanka’s first and only licensed commercial bank operating entirely under the non-interest-based model. Serves 500,000+ customers via 80+ customer locations. • Financial Highlights: Surpassed Rs. 200 billion in total assets—becoming one of the fastest local banks to reach this mark. Consistently outpaced industry growth in deposits and financing, maintaining the sector's top CASA ratio and low non-performing advances. Declared dividends for 8 consecutive years. • Strategic Support: Backed by main strategic shareholder Islamic Development Bank (IsDB) Group via ICD. • SME & Economic Impact: Focused on retail and SMEs, directly channeling asset-backed financing to real economy sectors to support productivity, local employment, and business growth. • Social Outreach: Flagship initiative OrphanCare supports over 3,200 orphaned youth from 90+ orphanages islandwide toward financial independence.

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📈 Modern Boardrooms Demand Active Oversight Over Passive Governance

• Corporate Governance Mandate: Boardrooms have shifted from passive oversight bodies into high-stakes strategic centers. Driven by rapid technological shifts, geopolitical dynamics, and close scrutiny, directors must transition from "nodding" to active "prodding" to ensure enterprise survival. • Banking & Financial Services Vulnerabilities: Major operational failures showcase the severe risks of board complacency. Silicon Valley Bank operated a year without a Chief Risk Officer, while in Sri Lanka, a massive Rs. 13.4 Bn+ fraud at National Development Bank PLC (NDB) exposed critical internal oversight gaps, echoing past collapses like Pramuka Bank. Customer deposits remained safe, but capital ratios faced pressure. • Core Legal Duties: Directors must uphold three foundational obligations—Duty of Care (active inquiry), Duty of Loyalty (mitigating conflicts), and Duty of Obedience (strict compliance). Historical breaches at Enron ($8 Bn+ hidden debt) and FTX illustrate the fatal cost of abandoning these duties. • Strategic & Risk Oversight: Boards must act as strategic accelerators and risk sentinels. Directors must actively challenge management narratives, maintain AI literacy, foster psychological safety for constructive debate, and avoid over-relying on a single "expert in the room." [The NDB Fraud: Governance Lapses in Sri Lanka's Banking Sector](https://www.youtube.com/watch?v=eZsoal8fN_I) This video offers key insights into the recent financial oversight failures and board governance challenges in Sri Lanka's banking industry.

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📈 Colombo Dockyard Turns Profitable in Q1 2026 as Ship Repairing Surges

• Overall Financial Performance: - Profitability: Net Profit After Tax reached Rs. 80.2 Mn for the quarter ended 30 June 2026, reversing a Rs. 813.4 Mn loss YoY. Profit attributable to owners stood at Rs. 86.3 Mn (EPS: 22 cents). - Revenue & Margins: Revenue fell 6.8% YoY to Rs. 5.84 Bn, but cost of sales dropped 21.8% to Rs. 4.63 Bn, boosting gross profit by 250.7% to Rs. 1.21 Bn (GP margin: 20.7% vs. 5.5% YoY). - Finance Burden: Net finance expenses fell 63.8% YoY to Rs. 188.2 Mn. - Balance Sheet: Total equity grew to Rs. 15.59 Bn, stated capital reached Rs. 13.65 Bn, total assets stood at Rs. 42.58 Bn, and cash reserves reached Rs. 8.48 Bn. • Sector Breakdown: - Ship Repairing: Primary performance driver with revenue surging 48.4% YoY to Rs. 3.95 Bn and gross profit more than doubling to Rs. 1.46 Bn. - Shipbuilding: Continued facing market challenges, though gross loss narrowed significantly to Rs. 378.8 Mn from Rs. 899.6 Mn YoY. • Strategic Alignment: - Financial turnaround marks the company's 52nd anniversary and first quarter under a revised financial year aligned with parent entity Mazagon Dock Shipbuilders Ltd (holding a 51% stake). - Key focus remains on operational resilience and sustaining Sri Lanka's maritime & heavy engineering industries.

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📈 Harischandra Mills 1QFY27 Net Profit Surges 147% to Rs. 91.8 Mn

• Financial Performance: - Revenue: Rs. 1.9 Bn (+31% YoY) - PAT: Rs. 91.8 Mn (+147% YoY) - Gross Margin: Expanded to 18% • Sector Highlights: - Core food segment revenue grew 22% YoY, supported by both price and volume growth. - Segment operating profit surged 132% YoY to Rs. 83.2 Mn. • Growth Drivers & Context: - Strong performance driven by easing agricultural input/raw material costs, process improvements, and operational efficiencies. - Resilience demonstrated despite macroeconomic challenges such as inflationary pressures and elevated fuel costs.

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Startups & Entrepreneurship

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📈 Ceylon Chamber to Host "Scale Up 2.0" National SME Forum 2026

The Ceylon Chamber of Commerce will host "Scale Up 2.0", the National SME Forum 2026, on 11 August 2026 at the Taj Samudra, Colombo, under the theme "Connected, Competitive, Ready to Grow". • Event Focus & Key Objectives: The forum is designed to address pressing operational challenges facing Sri Lanka's Small and Medium Enterprises (SMEs), helping them scale operations, secure financing, and expand market access. • Core Focus Areas: • Market Access: Creating pathways for SMEs to connect with larger enterprises and integrate into local and global value chains. • Standards & Competitiveness: Improving process credibility through quality standards and official certifications. • Sustainable Expansion: Enhancing investment readiness, business practices, and access to appropriate financing options. • Platform & Networking: • Features participation from policymakers, industry leaders, financial institutions, and business support organizations. • Includes a dedicated B2B networking segment for direct corporate engagement, partnership exploration, and resource sourcing.

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📈 MAS Holdings Backs Syntetica’s $30M Series A for Nylon Recycling

French deep tech startup Syntetica secured US$ 30 Mn in Series A funding to scale technology for recycling complex textile waste. The investment round was led by Bpifrance’s Ecotechnologies 2 fund, with participation from Sri Lankan apparel & textiles giant MAS Holdings, lululemon, SWEN Capital Partners, EQT Ventures, and key family offices. • Funding & Expansion: The US$ 30 Mn round will fund Syntetica's first commercial demonstration facility in France in partnership with Michelin. The plant will scale the process from laboratory testing to processing hundreds of tonnes of textile waste annually. • Technical Breakthrough: Syntetica developed a proprietary process to recycle both Nylon 6 and Nylon 6,6 together from mixed waste without prior separation, overcoming a major technical hurdle in apparel & textiles circularity. • Market & Sector Relevance: - Global nylon production reached ~7 million tonnes in 2024, but recycled nylon accounts for only ~2% of the market due to processing challenges. - Over 80% of household textile waste is currently incinerated or landfilled. Syntetica targets post-consumer waste to build circular supply chains. - MAS Holdings leverages its manufacturing expertise to scale circular material solutions, reinforcing Sri Lanka's positioning in sustainable global apparel & textiles supply chains.

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Chalinda Abeykoon: Building Sri Lanka’s Global Startup Ecosystem 📈

• Overview: Venture capitalist Chalinda Abeykoon, co-founder at nVentures, highlights the evolution of Sri Lanka’s ICT/BPM and startup ecosystem—from early government-led initiatives to cross-border venture capital investments. • Startup Evolution: • Started Spiralation, Sri Lanka’s first tech startup incubator at ICTA, aiding ~75 tech companies in securing quality certifications and training 25,000+ students in international certifications. • Organized early island-wide hackathons, connecting youth across Jaffna, Kandy, and the South to foster local talent. • Investment Strategy & Exits: • Currently manages Singapore-domiciled VC fund nVentures to facilitate institutional exits, governance, and foreign capital inflows. • Focuses on founder-market fit and high-growth potential over traditional metrics. • Enables local startups to build globally relevant software and AI products directly from Colombo. • Creating a sustainable funding cycle: early founders from Fund 1 are now reinvesting as LP investors in Fund 2 to build local wealth.

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📈 Binod Chaudhary’s 'Made in Nepal': Key Takeaways for Business Leaders

• Core Themes: Review of Nepal’s first dollar billionaire's memoir, focusing on institutional stewardship, long-term resilience, and global diversification over instant scaling. • Business & Enterprise: Highlights CG Corp Global’s evolution from local enterprise to global conglomerate via Wai Wai noodles, illustrating how regional brands can scale internationally despite economic and political instability. • Legacy & Leadership: Emphasizes structured succession planning, empowering the next generation, and maintaining national identity as a competitive advantage in international markets. • Event Note: Binod Chaudhary will speak at the Colombo Literary Festival on July 24–25, 2026.

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👗 Ye Couture: Sri Lankan Luxury Fashion Brand Expands Globally

Founded in 2014 by designer Buddhika Kodikara, luxury-clothing brand Ye Couture is expanding its footprint from high-profile local entertainment to international retail, driving growth in the apparel & textiles sector through designer wear. • Global & Local Expansion: Following its establishment in the domestic market, the brand expanded its international reach by opening its first store in the USA in 2025. Plans are also underway to launch a dedicated ready-made clothing store in Sri Lanka, contributing to retail sector diversification. • Market Presence & Portfolio: The brand has solidified its position through high-profile costume designing for major national television franchises (including Voice Teen Sri Lanka and Hiru Avurudhu Kumariya) and a celebrity clientele featuring prominent Sri Lankan figures. • Inclusive Innovation: Demonstrating a commitment to niche market diversification, the brand has developed a specialized clothing line tailored for children with special needs. • Economic Outlook: Supported by local operational teams, the brand aims to elevate Sri Lankan craftsmanship and design talent on the global fashion map, positioning local high-fashion as a viable export and creative industry segment.

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🚀 Sri Lankan-Founded AI Startup 'Logical' Secures Y Combinator Entry & Rs. 150M+ Funding

• Milestone Achievement: Logical has become what is believed to be the first startup with a fully Sri Lankan founding team to be accepted into Y Combinator (YC), the premier Silicon Valley accelerator behind global giants like Stripe and Dropbox. • Funding Raised: The startup has secured over Rs. 150 Mn in initial funding, providing a strong launchpad to build a globally competitive product from Silicon Valley. • Product & Innovation: Positioned within the AI and ICT/BPM sectors, Logical is developing a proactive desktop AI copilot for knowledge workers. Unlike traditional chatbots, the tool seamlessly understands work context across daily applications, allowing users to automate actions, draft emails, and log meeting takeaways with minimal prompting. • Local Talent, Global Impact: Co-founded by Kandy-born engineers Samurdhi Karunaratne (UCLA PhD, ex-NVIDIA) and Anushka Idamekorala (University of Virginia PhD), both alumni of leading Sri Lankan state engineering universities (University of Peradeniya and University of Moratuwa). The founders aim to showcase that world-class software and technology can be built by Sri Lankan engineers competing at the highest global levels.

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📈 Empowerment Over Relief: Rotary Initiative Targets Sri Lankan MSME Growth

As Sri Lanka shifts from crisis management to economic recovery, civic organizations are pivoting from traditional aid to sustainable economic empowerment. • The Economic Backbone: Micro, small and medium enterprises (MSMEs) are vital to Sri Lanka's economy, accounting for nearly 45% of national employment and contributing well over 50% of the Gross Domestic Product (GDP). • The "Made in Sri Lanka" Initiative: During the 2025-2026 Rotary year, Rotary District 3220 trained nearly 4,000 entrepreneurs nationwide. The program focused on building capacity in digital marketing, brand development, and export readiness to boost long-term competitiveness. • Strategic Partnerships & Market Access: - National Enterprise Development Authority (NEDA): Organised SME Conclaves to connect certified local businesses (SLSI and GMP compliant) with supply chains in international markets like the UK and Australia. - Information and Communication Technology Agency (ICTA): Enhanced the digital capability of local businesses through training in digital branding, data analytics, and e-commerce platforms. This model represents a shift toward building long-term capability, self-reliance, and market creation over temporary aid.

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📈 Ceylon Chamber Launches 'Scale Up 2.0' to Boost Sri Lanka’s SME Ecosystem

The Ceylon Chamber of Commerce has officially launched Scale Up 2.0, its flagship National SME Forum for 2026. Scheduled for 11th August 2026 at the Taj Samudra, Colombo, the event is themed “Connected, Competitive, Ready to Grow.” • Strategic Focus: The forum is designed to help Small and Medium Enterprises (SMEs) overcome critical barriers, including accessing markets, securing finance, meeting evolving business requirements, and integrating into local and global value chains. • Key Sessions: The program will feature an opening plenary on national priorities for SME development, followed by three technical sessions covering: - Market access and value chain integration - Standards and certification - Strategies for scaling mid-sized enterprises through improved investment readiness and access to finance • B2B Networking: A dedicated B2B segment will allow SMEs to engage directly with buyers, financial institutions, policymakers, and business support organizations. This interactive platform aims to facilitate new business relationships, procurement opportunities, and partnerships to support long-term business expansion and competitiveness.

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📈 Sri Lanka SME Ecosystem Needs Shift from Debt to Equity Capital

• Current Reality: Despite 70 years of multilateral support and a robust central regulatory mechanism, Sri Lanka's SME sector—traditionally hailed as the engine of economic growth and the largest employer—remains struggling and marginalized. Access to credit is severely hampered by high regional interest rates ranging from 14% to 24%. • Key Ecosystem Deficiencies: Local SMEs fall short in long-term journey mapping across three critical pillars: commercial viability, enterprise scalability, and succession sustainability. Growth is further restricted by a "tunnel vision" approach to product refinement, market development, and heavy reliance on bank loans instead of patient capital. • The Equity Capital Vacuum: Because 98% of banking funds come from depositors, commercial banks face risk constraints that prevent equity financing. Over the past 50 years, fewer than five SMEs have successfully transitioned to an initial public listing (IPO). • Impact Investing & Strategic Interventions: Real growth requires a 5-to-10-year horizon of patient equity capital. Initiatives like Lanka Impact Investing Network (LIIN) are actively working to bridge this gap, previously launching the "Ath Pavura" reality show (securing equity for ~50 entrepreneurs) and introducing "On Eagle’s Wing" to connect MSMEs with global impact investor networks.

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AI Pioneer Suggests Sri Lanka Leapfrog via Precision Brain Healthcare 🧠

Sri Lankan-born computational neuroscientist Emil Hewage, co-founder of UK-based BIOS, highlighted critical growth opportunities for Sri Lanka to build advanced AI-driven healthcare infrastructure from the ground up rather than chasing mature markets. • Precision Healthcare Opportunities: Sri Lanka faces a rapidly aging population, creating unique demand for specialized precision brain care and neural interface technologies. Leveraging a strong medical workforce and a concentrated population, the country has a distinct advantage to cultivate a world-class brain health ecosystem with focused, high-value investment. • Global Application & Performance: The ICT/BPM-adjacent medical algorithms deployed by BIOS operate at 2,000 times the accuracy of a human, reducing precision surgical timelines from up to a year down to single, highly accurate procedures. AI applications originally derived from Formula One racing are currently being cross-utilized in smart-city infrastructure across the UK, South Korea, and California to manage traffic and save millions in road maintenance. • Data Sovereignty & Local Trust: Due to the extreme sensitivity of neurological data, Hewage advocates for local tech integration managed by regional health authorities and trusted domestic institutions rather than reliance on global big-tech scalers. _Note: Insights are based on executive commentary regarding future technology positioning and national leapfrogging strategies._

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Global & International Business

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📈 Sri Lanka Urged to Seize 'Once-in-a-Generation' Growth Opportunity from India

Key takeaways from the address by President’s Special Envoy for Foreign Investment Hanif Yusoof at the 'India Calling' forum: • Strategic Market Shift: Urges Sri Lankan businesses to treat India (1.4 Bn+ consumers) as a natural extension of the domestic market rather than an intimidating neighbour. • Targeted Expansion: Advises firms to focus on succeeding in single Indian states, cities, or consumer segments to rapidly scale operations. • Key Sectors & Hub Status: • Logistics & Manufacturing: Highlights Sri Lanka’s potential as a regional manufacturing, port, and logistics hub for Indian businesses seeking global reach. • Tourism: Calls to tap India’s growing middle class, positioning Sri Lanka as the top short-haul/weekend destination for wellness, dining, weddings, and wildlife. • Mutual Benefits: Encourages Indian investors to leverage Sri Lanka’s strategic geography, while urging Sri Lanka to attract a larger share of India’s expanding overseas investments.

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🚀 EDB, IFC, and EU Launch 3rd ExpoScaleUp Cohort to Boost SME Exports

• Initiative Overview: The Sri Lanka Export Development Board (EDB), in partnership with the International Finance Corporation (IFC) and the European Union (EU), launched the 3rd cohort of the ExpoScaleUp programme under the Sri Lanka Export Excellence Initiative (SLEEI). • Key Highlights: • A 4-day intensive programme brought together 25 high-potential SMEs to build market-oriented Export Marketing Plans with guidance from a Netherlands export specialist and EDB coaches. • Eligible graduates will gain global market exposure via the ExpoConnect component. • Track Record to Date: • Completed 2 cohorts supporting 50 SMEs since its launch in January 2025. • Helped 5 companies secure their first export orders. • Assisted 38 SMEs in securing international certifications, attending trade fairs, and gaining overseas market exposure. • Strategic Goal: Aims to build a pipeline of competitive export-ready SMEs to support Sri Lanka’s national target of US$ 36 Bn in export earnings by 2030.

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🤝 Ceylon Chamber & Cochin Chamber Partner for Indo-Lanka Business Linkages

• Strategic Delegation: The Ceylon Chamber of Commerce hosted a delegation from the Cochin Chamber of Commerce and Industry (CCCI), India, on August 4, 2026, to promote direct private-sector engagement and commercial expansion between Sri Lanka and Kerala. • Sector Collaboration: Bilateral discussions and B2B networking highlighted direct trade and partnership potential across key economic sectors: - tea - logistics & shipping - export & import trade - hospital products & supplies - cold storage solutions - advertising & marketing • Regional Synergies: Beyond trade, both chambers focused on leveraging Kerala’s skilled human capital base alongside joint initiatives in investment, technology exchange, and business services to enhance regional integration.

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📈 Sri Lanka Export Earnings Target US$ 19 Bn in 2026

On its 47th anniversary, the Sri Lanka Export Development Board (EDB) announced key progress and strategic targets for the national export sector: • Performance & Targets: - H1 2026 Revenue: Generated nearly US$ 9 Bn in export earnings. - 2026 Target: On track to reach a record-breaking US$ 19 Bn by end of 2026. - 2030 Vision: Target of US$ 36 Bn (US$ 27 Bn from merchandise, US$ 8 Bn from services). - GDP & SME Contribution: Aiming for exports to contribute 25% to GDP by 2026, with SMEs contributing 25% of the total export sector. • Sector Diversification: - National Export Development Plan launched on June 16th focuses on 8 new high-potential sectors beyond traditional exports. - Notable growth observed in electronics, food & beverages, IT/BPM, and logistics. • Sri Lanka Expo 2027: - Set for Jan 14–17, 2027 at BMICH after a 15-year hiatus. - Features 650 selected exporters, 200+ stalls reserved for SMEs, and 1,500+ foreign buyers. - Includes the country's largest-ever Investor Forum on Jan 15 in collaboration with BOI, Ministry of Tourism, and Port City.

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🤝 Trade Minister Reviews Global Promotional Push with Overseas Commercial Officers

• Overview: Minister of Trade, Commerce, Food Security and Cooperative Development Wasantha Samarasinghe conducted a virtual meeting on 31 July with Commercial Officers across Sri Lanka's Foreign Missions to review ongoing trade promotion efforts. • Key Focus Areas: • Trade & Investment: Enhancing Sri Lanka's export reach and attracting foreign direct investment. • Tourism: Strengthening promotional strategies to boost international arrivals. • Skilled Employment: Creating new foreign employment avenues for skilled Sri Lankan professionals. • Strategic Goal: Align overseas diplomatic missions with national priorities to accelerate economic recovery and export-led growth.

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📈 CHEC Port City Targets Indian Investors with INR Transactions & SEZ Incentives

• Strategic Repositioning & Target Market CHEC Port City Colombo is stepping up efforts to attract Indian investors, positioning its 2.7 sq. km reclamation project as a multi-services export zone and regional business gateway rather than just a real estate development. India has been identified as the primary growth market for the Special Economic Zone (SEZ). • INR Currency & Offshore Facilitation To enable seamless integration with India's economy, Indian rupees (INR) are recognized as legal tender within the SEZ. Indian businesses can register as offshore entities under their existing companies and transact directly in INR without incorporating a new Sri Lankan firm. • Hospitality & Lifestyle Sector Growth The master plan has earmarked four dedicated plots for the hospitality sector. Its 90-hectare swimmable lagoon is designed to accommodate food & beverage (F&B), restaurant, and lifestyle retail projects, alongside residential, office, recreation, yacht marina, and casino developments.

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🤝 COYLE and Indian Chamber of Commerce Sign MoU to Boost Bilateral Trade

• Strategic Partnership: The Chamber of Lankan Entrepreneurs (COYLE) and the Indian Chamber of Commerce (ICC-Tamil Nadu) signed an MoU in Colombo during the India–Sri Lanka Bilateral Trade Delegation. • Core Focus: Aimed at expanding trade promotion, investment facilitation, business networking, and knowledge exchange between both nations. • Key Synergy: Combines India’s manufacturing strength and scale with Sri Lanka’s strategic location, logistics advantage, and innovation. • Economic Context: Leverages the India–Sri Lanka Free Trade Agreement (ISFTA) to strengthen cross-border partnerships, regional economic integration, and private-sector growth.

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🤝 COYLE and Indian Chamber of Commerce Sign MoU to Boost Bilateral Trade

• Strategic Partnership: The Chamber of Lankan Entrepreneurs (COYLE) and the Indian Chamber of Commerce (ICC-Tamil Nadu) signed an MoU in Colombo during the India–Sri Lanka Bilateral Trade Delegation. • Core Focus: Aimed at expanding trade promotion, investment facilitation, business networking, and knowledge exchange between both nations. • Key Synergy: Combines India’s manufacturing strength and scale with Sri Lanka’s strategic location, logistics advantage, and innovation. • Economic Context: Leverages the India–Sri Lanka Free Trade Agreement (ISFTA) to strengthen cross-border partnerships, regional economic integration, and private-sector growth.

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📈 China–Sri Lanka Diplomatic & Economic Ties: Ambassador Qi Zhenhong Concludes Tenure

Outgoing Chinese Ambassador Qi Zhenhong has completed his nearly six-year diplomatic mission in Sri Lanka, emphasizing sustained development cooperation, debt restructuring, and trade expansion. • Key Economic & Bilateral Highlights • Debt Restructuring: China was the first bilateral creditor to reach an agreement framework with Sri Lanka to support financial stability following the 2022 economic crisis. • Infrastructure & Logistics: Major investments focused on Colombo Port City (developed without direct financial burden on Sri Lanka) and Hambantota Port to boost productive capacity, connectivity, and maritime logistics. • Trade Agreements: China renewed calls to finalize the stalled Free Trade Agreement (FTA) (pending since 2017) to expand access for Sri Lankan exports to the Chinese market. • Future Cooperation & Sectors • Partnership framework expands into agriculture, ICT/technology, healthcare, education, and tourism. • Focus remains on leveraging strategic infrastructure for local employment, export growth, and integration into global supply chains.

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📈 Canada Day Dialogue: Sri Lanka Targets $2.4 Bn Trade & Tourism Push

The Canadian Chamber of Commerce in Sri Lanka held the "Canada Day Dialogue" to explore new pathways under Canada's CAD 500 Bn Indo-Pacific Strategy. • Trade & Investment Targets: - Sri Lanka aims to capture 2% of Canada's global trade, targeting ~US$ 2.4 Bn in two-way trade. - Canadian FDI currently stands at ~US$ 20 Mn, with realistic potential to scale up to ~US$ 400 Mn. - Priority sectors identified for foreign capital and tech transfer include manufacturing, ICT & cybersecurity, and renewable energy (wind and solar potential). • Tourism Expansion: - Aiming to scale Canadian tourist arrivals from ~40,000 to 100,000–120,000 annually within 12 to 18 months. - Shift toward high-yield experience & luxury tourism (targeting US$ 1,000/day travelers) and authentic community-based offerings. • Global Value Chains & Diaspora: - Focus on direct-to-consumer models in North America for local artisan handicrafts & lifestyle products. - Strategic push to leverage the global diaspora for capital and technology, backed by administrative ease via the e-BOI framework.

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🇦🇺🇱🇰 Australia’s Special Envoy for Indian Ocean Affairs Visits Sri Lanka

Australia’s Special Envoy for Indian Ocean Affairs, Tim Watts MP, has arrived in Sri Lanka to enhance bilateral engagement and support economic, diplomatic, and regional stability across the Indian Ocean. • Diplomatic & Economic Focus: Engagement planned with government representatives, political and business leaders, development partners, and the local arts community to boost bilateral collaboration. • Strategic Objectives: Discussions centered on strengthening regional resilience, economic connectivity, preparedness against shared challenges, and institutional links. • Regional Context: Follows Watts’ previous visit in October 2023 for the 23rd Indian Ocean Rim Association (IORA) Council of Ministers meeting, underscoring Australia's ongoing commitment to Sri Lanka as a key Indian Ocean neighbor.

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📈 Milan Forum Promotes Sri Lanka Expo 2027

• Event Overview: The "Discover Sri Lanka: Gateway to Trade and Investment" business forum was successfully held in Milan on 9 July, organized by the Sri Lankan Consulate General, Italian Foreign Trade Association, and Club Asia. • Core Objective: Promote Sri Lanka Expo 2027, scheduled in Colombo from 14–17 January 2027, showcasing national export capabilities and investment incentives to the Italian business community. • Key Endorsement: Calzedonia Group (Oniverse) shared its successful 25-year manufacturing presence in Sri Lanka, praising the country's skilled workforce, strategic apparel and value-added manufacturing capabilities, and favorable institutional support for long-term foreign investment. • Policy Commitments: Government representatives highlighted recent policy reforms focused on transparency, investor confidence, and ease of doing business to attract international partners.

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Economic News

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📈 Structural Reforms Essential for Sri Lanka’s Next Growth Phase: Ahluwalia

Macroeconomic stability is just the starting point, not the end of economic recovery, stated Montek Singh Ahluwalia, architect of India’s 1990s reforms, at the 'India Calling' forum. To sustain growth, Sri Lanka must transition from stabilization to politically difficult structural reforms. • Key Economic Insights: • Macro vs. Growth: Stability creates conditions, but long-term growth requires internal structural changes. • FDI & Domestic Investment: Foreign investors track local confidence—a surge in domestic private investment is necessary to attract strong foreign direct investment (FDI). • Role of IMF/World Bank: Continuing IMF-backed programs preserves global market confidence for small economies. • Regional Benchmarking: SL must benchmark labor, land, and business regulations against competitors like Vietnam, Thailand, and Indian states (e.g., Tamil Nadu, Karnataka). • Priority Reform Areas: • Deregulating land access for businesses. • Flexible labor regulations to improve competitiveness against regional peers. • Addressing ease of doing business and reducing trade protectionism. • Leveraging public-private partnerships (PPPs) for infrastructure to conserve limited fiscal space. • Policy & Business Action: • Private sector must actively shape policies rather than wait on government action. • Maintaining policy continuity across election cycles is vital—cancelling previous projects deters private capital. • Avoid favoring foreign investors over domestic firms; removing core structural bottlenecks benefits both equally.

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📈 UN Advisor Outlines Sri Lanka’s Path to Inclusive Growth

• Economic Growth Targets Following macroeconomic stabilization post-crisis, UNDP stresses that sustaining 5-7% annual growth is essential to expand the economic pie and ensure long-term resilience. • Sector Breakdown & Modernization • SMEs: Produce nearly 50% of national GDP; vital for driving inclusive economic expansion. • Agriculture: Requires modernization, higher productivity, and a 2-3 year transition toward local chemical/organic fertilizer mixes to reduce food import dependency. • Renewable Energy: Scaling solar and hydropower is highlighted as key to lowering household electricity costs and boosting energy security. • Electric Mobility & Transport: Accelerating EV public transit adoption to cut household transport expenses and pollution. • Manufacturing & Regional Integration: Leveraging Indian Ocean position to integrate into regional value chains across South and Southeast Asia. • Labor, Financing & Governance • Labor Force: Focus on increasing female workforce participation, reskilling, and creating circular migration models to counter skilled youth brain drain. • Development Financing: Navigating declining global Official Development Assistance (down ~24% in 2025) by tapping climate finance, nature-based bonds, and IMF-aligned multilateral loans. • Governance: Priorities include faster project implementation, cutting bureaucracy, fighting corruption, and water and energy security. [Smart Energy Systems Address by Kanni Wignaraja](https://www.youtube.com/watch?v=Ex-rnPagQm8) This video is relevant as it features UNDP Assistant Secretary-General Kanni Wignaraja discussing how renewable energy and smart energy systems drive sustainable development and resilience.

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📊 CoPF Approves Rs. 71.7 Bn Relief Package to Cushion Economic Impact

• Overall Allocation: Parliament’s Committee on Public Finance (CoPF) approved Supplementary Estimate No. 03 of 2026 for Rs. 71.7 Bn to mitigate economic fallout from Middle East conflict. Financed entirely from unutilised Cyclone Ditwah relief funds, it requires no increase in 2026 total expenditure or borrowing limits. • Energy & Petroleum Sector: A major share of Rs. 52.8 Bn is directed to the petroleum sector to cover higher landing costs and maintain fuel supplies. April 2026 fuel subsidies alone totaled ~Rs. 20.5 Bn (CPC: Rs. 15 Bn, Lanka IOC: Rs. 2.34 Bn, Sinopec: Rs. 1.5 Bn, RM Parks: Rs. 1.67 Bn). An additional Rs. 15 Bn is earmarked for electricity generation. • Agriculture, Tea & Fisheries: Support includes Rs. 3 Bn for Yala season agriculture, Rs. 2.2 Bn for smallholder plantation farmers including tea growers, and Rs. 1.2 Bn for the fisheries sector. • Welfare & Contingency: Rs. 18.9 Bn replenishes the Budget contingency reserve, while Rs. 8.2 Bn is allocated to the Aswesuma welfare scheme for vulnerable households.

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📈 Sri Lanka’s Development Trajectory: Overcoming Past Economic Missteps

• Historical Context & Structural Lapses Since independence in 1948, Sri Lanka shifted from a stagnant colonial plantation economy to unsustainable consumption, triggering a forex crisis by the 1960s. Over-reliance on orthodox market theories and limited state support stalled growth compared to East Asian models. • Industrial Policy & Strategic Shortfalls Attempts at industrial development—including manufacturing, domestic agriculture, and non-traditional exports—were hindered by unexecuted plans, loss of development banking, and a lack of structured Import Substitution Industry (ISI) phases. Critical strategic assets like Trincomalee remained largely underutilized. • Key Missing Links for Future Growth To shift from basic economic management to true development, Sri Lanka must address foundational structural challenges: • Transitioning from low-tech production to high-tech industry sectors. • Re-establishing development banking and state guidance for SMI integration. • Fostering strategic planning, direct state support, and dedicated R&D over total reliance on market forces.

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📈 SLEIS 2026 to Spotlight Sri Lanka's Investment & Reform Agenda

• Summit Details: Organised by The Ceylon Chamber of Commerce, the Sri Lanka Economic & Investment Summit 2026 (SLEIS 2026) will take place on 12–13 October 2026 at Shangri-La Colombo under the theme _"Positioning Sri Lanka in a Changing Global Economy: Resilience, Reform, and the Future of Economic Policy."_ • Opening Session: Opens with an investment-focused panel featuring leadership from The Ceylon Chamber of Commerce, Export Development Board (EDB), Department of Commerce, and Board of Investment (BOI) to examine the investment landscape and ongoing economic reforms. • Key Objectives: Focuses on boosting Sri Lanka's competitiveness as an investment destination, strengthening public-private collaboration, facilitating direct investor engagement, and advancing trade expansion across high-growth Asian markets. • Priority Sectors & Themes: Covers key growth drivers including digital transformation, artificial intelligence, energy security, healthcare, and education to accelerate long-term private sector-led economic growth and recovery.

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🤝 UNDP Reaffirms Support for Sri Lanka's Economic Reforms & Digitalization

• Economic Progress: UNDP Assistant Secretary-General commended the Government's ongoing progress in stabilizing Sri Lanka’s economy, highlighting shared alignment on fiscal discipline and transparency. • Key Focus Areas: Praise was extended for the national economic digitalization programme as a key driver for future growth and modernization. • Strategic Partnership: Both parties agreed to deepen cooperation beyond traditional financial assistance and technical advisory services toward broader strategic collaboration. • Meeting Participants: Discussions involved UNDP Assistant Secretary-General Ms. Kanni Wignaraja and Deputy Minister of Finance & Planning Dr. Anil Jayantha Fernando, alongside UNDP Resident Representative Ms. Azusa Kubota.

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📈 CBSL Releases Market Operations Report for H1 2026

• Monetary Policy & Interest Rates The Central Bank of Sri Lanka (CBSL) tightened its monetary policy stance during the first half of 2026 under the Flexible Inflation Targeting framework. This tightening, alongside macroprudential and foreign exchange measures, helped safeguard price stability and external sector stability. Short-term interest rates adjusted upward in response, demonstrating effective monetary transmission. • Liquidity & Money Market Operations Surplus liquidity in the domestic money market persisted, supported primarily by net foreign exchange purchases by the CBSL despite intermittent dips. Central Bank holdings of Government securities saw a marginal decline. Refinements to the Statutory Reserve Requirement framework strengthened reserve management, while currency in circulation and reserve money increased. • Foreign Exchange & Currency Movements The domestic exchange rate experienced depreciation pressures during H1 2026 due to heightened global uncertainties and elevated foreign exchange demand. CBSL interventions in the foreign exchange market focused on curtailing volatility and accumulating reserves at opportune times. Interbank foreign exchange market activity moderated during the period before improving toward the end of H1 2026. • Banking Sector & Deposits Growth in rupee deposits moderated across the banking sector during the first half of 2026, while monetary operations remained aligned to manage liquidity and support orderly market conditions.

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📈 Sri Lanka Construction PMI Expands to 60.0 in June 2026

The Central Bank of Sri Lanka (CBSL) reported an expansion in the construction sector, with the Total Activity Index increasing to 60.0 in June 2026 from 59.1 in May, primarily driven by the execution of ongoing projects. • Key Performance Metrics: • Total Activity Index: Rose to 60.0 (vs. 59.1 in May). • Employment Index: Grew to 61.4 (vs. 56.1 in May) as firms ramped up recruitment, though a shortage of skilled labor persists. • Quantity of Purchases: Increased to 60.0 (vs. 59.1 in May) driven by rising project demands. • Industry Challenges: • Shortages of essential raw materials, particularly bitumen, constrained the overall pace of work. • Suppliers’ Delivery Time Index remained elevated due to continued supply chain disruptions. • Sector Outlook: • Business sentiment among construction firms remains positive for the upcoming quarter, supported by a healthy project pipeline, though input bottlenecks pose an ongoing risk.

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📉 Sri Lanka External Sector Pressured: Current Account Deficit Widens in June 2026

• Overall Current Account & Trade Deficit - June 2026 recorded a monthly current account deficit of US$ 149 Mn, marking the third consecutive month in deficit. - Cumulative 1H 2026 current account deficit reached US$ 245 Mn, reversing from a surplus in 1H 2025. - The merchandise trade deficit expanded to US$ 5.5 Bn in 1H 2026 (up from US$ 3.3 Bn in 1H 2025). - Fuel imports expenditure surged 40.2% YoY in June amid Middle East tensions, while motor vehicle imports declined 27.1% MoM. • Sector Breakdown: Tourism & Remittances - The tourism sector was impacted by Middle East conflicts, with arrivals dropping 9.9% YoY and monthly earnings falling 10.8% YoY to US$ 151 Mn. - Workers' remittances provided a crucial buffer, growing 9.3% YoY to US$ 695 Mn in June and reaching US$ 4.6 Bn (+23.2% YoY) for 1H 2026. • Reserves & Exchange Rate - Gross Official Reserves stood at US$ 6.5 Bn at end-June 2026, including the PBOC swap and external debt service payments. - The Sri Lankan rupee depreciated 7.8% YTD against the US dollar by end-July 2026, though policy measures have recently reduced currency volatility.

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📈 Sri Lanka Exports Exceed US$ 9 Bn in H1 2026

• Total Earnings: Combined merchandise and services exports reached an estimated US$ 9.01 Bn ($ 9,012.24 Mn) from January to June 2026 (provisional data). • Growth: Represents an 8% YoY increase, signaling resilience in national economic recovery despite high energy costs, tax burdens, and global trade disruptions. • Industry Recognition: The Federation of Chambers of Commerce and Industry of Sri Lanka (FCCISL) commended the Export Development Board (EDB) and the Ministry of Industry and Entrepreneurship Development for fostering enabling policy environments. • Future Outlook: FCCISL pledged public-private sector collaboration via its national chamber network to support market expansion, strengthen regional enterprise readiness, and drive further export growth.

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📈 Colombo Inflation Surpasses 7% Mark in July 2026

Headline inflation for the Colombo district, measured by the Colombo Consumer Price Index (CCPI, 2021=100), continued its upward trajectory in July 2026, driven primarily by rising food prices. • Overall Inflation Figures: - Headline CCPI inflation accelerated to 7.3% YoY in July 2026, up from 6.8% in June 2026. • Sector Breakdown: - Food sector: Served as the main driver of overall price increases, with inflation surging to 6.3% YoY in July 2026 from 3.6% in June 2026. - Non-food sector: Experienced moderation, easing to 7.8% YoY in July 2026 down from 8.4% recorded in June 2026. _Source: Department of Census and Statistics_

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📈 Sri Lanka Achieves Mid-Year Budget Surplus of Rs. 9.5 Bn

Sri Lanka reached a major fiscal milestone by recording a nominal budget surplus of Rs. 9.5 Bn in the first six months (H1) of 2026, marking a dramatic turnaround from the Rs. 405.6 Bn deficit reported in H1 2025. • Key Fiscal Indicators - Government Revenue: Surged 27% YoY to Rs. 2,956.0 Bn. - Total Expenditure: Rose a modest 8% YoY to Rs. 2,946.5 Bn. - Primary Surplus: Expanded significantly to Rs. 1,244.1 Bn (up from Rs. 859.0 Bn in H1 2025). - Economic Growth: GDP expanded by 5.1% in Q1 2026 (vs. 4.7% in Q1 2025). • Revenue Contributors - Tax Revenue: Increased 26% YoY. - Inland Revenue Department: Met 52% of its annual collection estimate. - Sri Lanka Customs: Reached 59% of its annual target, driven by strong collections from motor vehicles. - VAT on Imports: Grew 25% YoY to Rs. 443.7 Bn. - Non-Tax Revenue: Jumped 44% YoY. • Expenditure & Debt Costs - Recurrent Expenditure: Rose 7% YoY. - Interest Payments: Dropped 2% YoY to Rs. 1,234.6 Bn, easing debt servicing pressure. - Public Investment: Capital expenditure and net lending surged 24% YoY to Rs. 276.6 Bn.

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Product & Service Launches / Business Expansions

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📈 PickMe Launches Colombo Connect to Drive Rs. 30 Bn Tourism & Digital Ecosystem Growth

• Overview: PickMe has launched 'Colombo Connect', the first city-wide destination featured under its newly expanded 'PickMe Explore' platform (formerly PickMe Events), integrating capital attractions, commerce, and transport into a single digital interface. • Flagship Gateway: Colombo Lotus Tower serves as the platform’s launch partner, offering integrated QR-enabled ticketing for its Observation Deck and Pixel Bloom digital art museum directly through the PickMe app. • Economic Impact: Designed to encourage visitors to extend their stay in Colombo, the connected ecosystem is estimated to generate over Rs. 30 Bn in annual economic activity once fully developed. • Sector Integration: Unifies tourism, hospitality, retail, entertainment, and mobility to boost urban discovery and local business growth, with plans to expand the model to other destinations island-wide.

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📈 NCE Northern Province Visit Connects Exporters with Regional Enterprises

• Overview: The National Chamber of Exporters of Sri Lanka (NCE) led a regional delegation of 20 member exporters and service providers to Trincomalee and Jaffna (July 21–22, 2026) to expand regional export opportunities and integrate Northern enterprises into national value chains. • Key Engagements & Partnerships: • Trincomalee: B2B session organized with the Trincomalee Chamber brought together over 20 regional enterprises. • Jaffna: B2B Forum joined by Northern Province Governor Nagalingam Vethanayahan and Indian Consulate officials engaged 40 regional businesses. • Capacity Building: NCE and EDB hosted an export workshop covering compliance standards, logistics, financial solutions, and digital marketing. • Key Sponsors: Seylan Bank (Exclusive Banking), Smart Marine Lanka (Exclusive Logistics), and Dialog Enterprise (Exclusive Digital). • Regional Potential & Economic Context: • National Exports: Exceeded US$ 9 Bn in H1 2026. • GDP Contribution: Northern Province currently contributes under 5% to Sri Lanka's GDP, presenting vast untapped growth potential. • Priority Sectors: Strong prospects identified in fisheries and seafood, agriculture and food processing, ICT/BPM, and tourism. • Infrastructure: Development of three BOI zones underway, including the Kankesanthurai (KKS) IT zone.

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📈 Expo Commodities Global Expands Sri Lankan Operations with New Organic Spice Processing Facility

Expo Commodities Global, the spice and specialty products arm of Aberdeen Holdings, has launched a new dedicated organic spice processing facility in Colombo to meet growing global demand. • Facility & Standards: The Colombo facility boosts processing and export capabilities for Sri Lankan spices while meeting key international organic standards, including USDA NOP, EU Organic, JAS, and Bio Suisse. • Supply Chain & Quality: Features direct sourcing from local farmer groups and end-to-end quality verification to ensure product integrity, full traceability, and supply chain consistency. • Socio-Economic Impact: Strengthens Sri Lanka's spices & agriculture sector by boosting local value addition, generating employment across processing, QA, and logistics, and integrating smallholder farmers into international export markets.

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🎵 NY-Based Indo-Sri Lankan Artist abiraahmi Releases Production Debut KAPALI

• Overview: New York-based artist and researcher abiraahmi has released her self-produced electronic music project, _KAPALI_, blending South Asian heritage with modern electronica. • Key Themes & Project Structure: • Project is inspired by Chennai’s Sri Kapaleeswara Temple, blending Sanskrit, Tamil, and English vocals. • Conceptualized as a three-part body of work focusing on grief, memory, culture, and intergenerational identity. • Released in two chapters between June and July 2026: Chapter one features a cinematic arrangement and spoken-word Reprise, while Chapter two offers a bass-heavy future rave remix. • Creative Background: • Developed over three months following a March 2026 visit to Chennai after the passing of her grandmother. • Informed by her background in research and human development, combining Sri Lankan and Indian roots with her upbringing in Dubai and life in NY. • Follows her previous work, including her single _Validation_, marking her formal transition into music production. • Availability: KAPALI and its remixes are currently accessible across all major streaming platforms.

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🎵 NaadhaGama UK Draws Record 2,500+ Audience

• Event Overview: NaadhaGama UK brought together over 2,500 music lovers across the UK and Europe, marking one of the largest Sri Lankan live music concerts held in the UK. • Industry Impact: Highlights the expanding global reach of Sri Lanka’s creative & entertainment sector and growing international demand for South Asian live cultural events. • Key Highlights: - Lineup featured Sri Lankan artists Ridma Weerawardane, Kanchana Anuradhi, Supun Perera, Dhanith Sri, Dinesh Gamage, and Mithun SK, backed by an orchestra led by Eshan Denipitiya. - Organized by UK-based Sentil Events through months of cross-border planning with artists, partners, and volunteers. • Global Expansion: NaadhaGama will next host an orchestral edition at the Sidney Myer Music Bowl in Melbourne, Australia, on 31 October 2026.

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✈️ Vietjet Launches 8.8 Sale Ahead of Colombo Route Debut

Vietjet has announced its August 'Double Day Sale' with promotional fares starting from US$ 90 for Sri Lankan travellers, just ahead of its inaugural Colombo–Ho Chi Minh City flight launching on 18 August 2026. • Key Fares & Offers: • Eco Fares: Fares starting from US$ 90 one-way (inclusive of taxes and fees) on the direct Colombo route and wider network. • Premium Discounts: Up to 30% off Business and SkyBoss fares (promo code: `BUSB88`) and 20% off Deluxe fares on select routes (promo code: `DLX88`). • Meal Savings: 50% instant discount on pre-ordered meal combos for travel starting 18 August 2026. • Timelines & Validity: • Booking Window: Open until 21:30 SLST on 8 August 2026 via official app and website. • Travel Window: Valid for travel between 5 September 2026 and 31 March 2027 (excluding peak periods). • Aviation & Tourism Impact: • Enhances Sri Lanka's travel & tourism and aviation connectivity by linking Colombo to Ho Chi Minh City, offering seamless onward routes across Asia-Pacific. • Coincides with Vietjet being named "Best Hybrid Airline" at the Korea Consumer Awards 2026.

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📱 TECNO Launches CAMON 50 Pro in Sri Lanka at LKR 159,999

• Market Entry & Distribution: TECNO has officially launched its CAMON 50 Pro smartphone in Sri Lanka in partnership with John Keells Office Automation (JKOA), expanding choices in the local consumer electronics and mobile technology retail sector. The device is priced at LKR 159,999 across islandwide authorized retailers. • Camera & AI Capabilities: - Features AI 60X Super Zoom and Super Zoom Flash Snap for sharp action shots. - Equipped with a 50MP Sony LYT-700C Ultra Night main camera with OIS, a 50MP telephoto lens, and an 8MP ultra-wide camera. - Introduces Aqua Mode for underwater photography, backed by IP68/IP69K water and dust resistance. - Integrated with AI Auto Zoom and Best Moment 2.0 subject-tracking tools. • Hardware & Display Specifications: - 6.78-inch curved AMOLED display with 1.5K resolution and 144Hz refresh rate. - Powered by a MediaTek Helio G200 Ultimate processor, offering up to 16GB RAM (including extended RAM) and 256GB storage. - Packed with a 6,500mAh battery supporting 45W fast charging. • Strategic Focus: Enhances high-spec smartphone availability for Sri Lanka's youth demographic, driving competition within the national ICT & mobile retail landscape.

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📈 JAT Holdings Expands Bangladesh Footprint with Strategic Site Acquisition in Singair

• Strategic Expansion: Asia Coatings (Private) Limited (ACL), the Bangladesh subsidiary of JAT Holdings PLC, has acquired a strategic site in Singair (Dhaka Division) to expand future manufacturing and warehousing operations. • Market Impact: Bangladesh is a key regional market for JAT Holdings, driving long-term international expansion and contributing an average of ~30% to total Group revenue. • Industry Positioning: ACL currently holds the No. 1 position in Bangladesh's industrial wood coatings market. The acquisition leverages projected growth in Bangladesh’s construction sector, which is forecasted to expand at an average annual rate of ~6.3% between 2026 and 2029. • Operational Efficiency: Located 35 km from Dhaka, the new site brings operations closer to key industrial clients, optimizing supply chain speed, inventory response, and distribution across key manufacturing hubs.

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### Hayleys Engineering to Drive Continental’s Facility Expansion in Sri Lanka 📈

• Overview: Hayleys Engineering (Pvt) Ltd has been awarded a turnkey contract to expand global tyre maker Continental's manufacturing plant in Wagawatta, Kalutara. The deal was formalised on July 21. • Employment & National Impact: The project operates under the Board of Investment (BOI) framework. It aims to expand local pre-production capabilities and create ~200 new jobs, strengthening Sri Lanka's position as a regional manufacturing hub. • Key Sectors & Scope: • Focuses on enhancing national industrial infrastructure and rubber & tyre manufacturing capabilities. • Hayleys Engineering will lead civil works, structural engineering, pre-engineered steel buildings (PESB), MEP systems, utilities, and site development. • Supported by specialist engineering partners Hayleys Fentons and ATAD Steel Structure Corporation (Vietnam).

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📈 Dialog Axiata Enhances Digital Customer Support via AI-Powered DIA

Dialog Axiata PLC has upgraded its digital customer experience by integrating advanced AI capabilities into its Intelligent Assistant, DIA. Accessible 24/7 via WhatsApp (0777678678) and the MyDialog App, the service delivers smarter, convenient self-service options across Sri Lanka's telecommunications landscape. • Core Services & Functions: - Account Management: Real-time balance checks, package detail inquiries, data add-ons, and package modifications or reversals. - Troubleshooting & Support: Damaged recharge card PIN resets, instant complaint lodging, and service reconnection requests. - Broad Reach: Covers Dialog Mobile, Home Broadband, and Dialog Television services. - International Features: Direct activation of roaming services for customers traveling overseas. • Strategic Focus: - Enhances accessibility within Sri Lanka's ICT/BPM and digital infrastructure space. - Drives operational efficiency by offering proactive, streamlined automated assistance on everyday digital channels.

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Jaffna 2035: Initiative Launched to Build World’s First ’Well-Being Gastronomy City’ 📈

• Overview: TMC Jaffna hosted the "Jaffna 2035" forum to position the region as a global hub for well-being, culture, and sustainable economic growth. The vision was presented to the Northern Province Governor by a visiting Japanese delegation. • Strategic Focus: Keynote speaker Prof. Hiroki Ikenaga (Kansai International University, Japan) outlined a model integrating Jaffna’s local strengths: Agriculture and fisheries Culinary heritage, Ayurveda, and coastal environment Education and strong community values • Economic Impact: The initiative aims to drive regional development by balancing cultural preservation with innovation, tourism, research, entrepreneurship, and foreign investment.

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🚢 Hongkong Jihang Shipping Expands Network with Maiden Colombo Call

• Overview: Ningbo-headquartered Hongkong Jihang International Shipping Co., Ltd. has officially entered the Sri Lankan market following the maiden call of vessel MV JI ZHE 6 at the Colombo International Container Terminal (CICT). • Key Partnerships: Ocean Lanka Lines Ltd. (a subsidiary of ILM Holdings Ltd.) has been appointed as the carrier's official local agent to oversee operations, vessel calls, and market development in Sri Lanka. • Trade & Network Impact: The addition of Colombo enhances regional connectivity across key trade corridors, linking Sri Lanka with China, India, Chittagong, Malaysia, and the Red Sea region. • Strategic Value: The service aims to boost both local import-export cargo and transhipment volumes through Colombo, diversifying carrier participation and supporting the growth of Sri Lanka's maritime & logistics sector.

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Politics & Government Impact

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🚨 Govt. Expands Investigation into $2.5 Mn Sovereign Debt Cyber Theft

• Overall Theft & Scope: Investigations have widened into a $2.5 Mn cyber fraud involving Sri Lanka’s sovereign debt repayment system. To date, 91 officials have been questioned under Fort Magistrate supervision. • International Assistance: Authorities have formally requested banking and digital records from six countries—the US, Australia, UAE, Switzerland, and Zambia—via Mutual Legal Assistance (MLA) provisions. Interpol and the CIA are actively assisting in tracing fund movements. • Opposition Demands: Main opposition MP Kabir Hashim called for an immediate independent forensic audit of the Treasury and the Central Bank of Sri Lanka (CBSL). He questioned why four mid-level officers were suspended while the Public Finance Committee (CoPF) pointed to higher-level governance lapses. • Economic Impact: Officials warned that procedural failures in sovereign debt operations threaten to undermine global investor confidence while Sri Lanka continues rebuilding post-2022 default recovery. • Key Recommendations: The CoPF report emphasized urgent cybersecurity enhancements, stronger internal controls, and stricter verification protocols across national public debt management functions.

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📈 Govt. Reopens Probe into Missing $ 17.79 Mn Legacy Overseas Payments

The Government has reopened investigations into two historic overseas procurement transactions totaling $ 17.79 million, citing unfulfilled orders and previous failures to investigate. • Overall Key Figures: • Total Disputed Amount: US$ 17.79 Mn • Australian Milch Cows Procurement (2014/15): US$ 11.09 Mn for 20,000 cows (funds lost; zero cows received) • Chinese Fertiliser Procurement: US$ 6.7 Mn (funds paid; no fertiliser received) • Context & Scope: • Announced in Parliament by Public Security and Parliamentary Affairs Minister Ananda Wijepala during the debate on the CoPF report regarding Treasury cyber fraud. • Forms part of a broader financial accountability review examining historic overseas payments and financial anomalies across previous administrations to detect potential misuse of public funds.

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Oil Prices Drop Below $80 Amid Strait of Hormuz Negotiations 📉

• Market Impact & Price Movements • Brent crude fallen by nearly 5% to under $80 (£60) per barrel, reaching its lowest level since July 13. • US West Texas Intermediate (WTI) down over 5% to $76 per barrel amid hopes of easing supply disruptions in the oil & energy market. • Before conflict began, the Strait of Hormuz handled approximately 20% of global daily oil and LNG supplies. • Diplomatic Developments & Warnings • US President Donald Trump stated Iran will be "hit very hard" if the Strait does not open "very soon." • US officials report progress in mediated talks with Iran via Oman, with potential agreements aimed at restoring freedom of movement. • Iran maintains it is not conducting direct negotiations with the US, holding discussions exclusively through Oman. • Shipping & Supply Chain Risks • US Central Command confirmed the southern route through the Strait remains open for commercial shipping. • Alternate Red Sea routes face disruption from a Houthi blockade on Saudi Arabian ports; an Indian-flagged vessel sank near Yemen following an attack. • Fluctuations in global crude directly impact national petroleum & import costs and retail fuel price stability.

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🚨 High-Level Probe Appointed Over Mahara Prison Sabotage & Infrastructure Damage

• Committee & Key Directives: A high-level committee led by Justice Minister Harshana Nanayakkara and Public Security Minister Ananda Wijepala has been appointed to investigate potential organised sabotage across Sri Lanka's prison network, strengthen prison security, address overcrowding, and expedite Government Analyst reports. • Investigation & Sabotage Scale: Unlike Negombo Prison's unrest—attributed to inmate drug disputes—the Mahara Prison riot involved nearly 1,000 inmates in coordinated, massive destruction. Authorities suspect a targeted operation to sabotage infrastructure rather than spontaneous violence. • Fiscal & Security Impact: The destruction inflicts a direct burden on public finance, requiring repairs funded by taxpayers' money. Following intelligence alerts regarding potential unrest in 2–3 other prisons, security coordination and monitoring have been intensified network-wide.

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📜 Cabinet Approves Draft 22nd Amendment & Judicature Bills for Gazette

• Legislative Approval: The Cabinet of Ministers has approved the publication of the draft 22nd Amendment to the Constitution Bill and the Judicature (Amendment) Bill in the Government Gazette, clearing the way for Parliamentary presentation. • Core Objectives: According to Cabinet Spokesman Dr. Nalinda Jayatissa, the proposed legal reforms aim to strengthen the independence of the judiciary and enhance operational efficiency to address Sri Lanka's large backlog of pending court cases. • Procedural Status: The proposal was submitted by Justice and National Integration Minister Harshana Nanayakkara. Both bills were prepared by the Legal Draftsman’s Department and reviewed and cleared for constitutionality by the Attorney General.

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🕊️ Call for Governance Reforms & Reconciliation Beyond July 1983

• Overview: The National Peace Council (NPC) of Sri Lanka has called on the Government to address past State failures, resolve outstanding humanitarian grievances, and strengthen institutional guarantees following the 43rd anniversary of the July 1983 anti-Tamil violence. • Key NPC Demands: Compensation: Establish a credible mechanism for long-overdue compensation for loss of life and property. Land & Missing Persons: Expedite action on resolving missing persons cases and returning civilian lands. Governance & Devolution: Hold long-overdue Provincial Council elections and fully implement constitutional power devolution. Language & Rights: Ensure full implementation of language equality guarantees and maintain regular dialogue with minority community representatives. • National Context: NPC highlights that full constitutional implementation and institutional reforms are essential to restore minority confidence, support long-term political stability, and ensure non-recurrence of past conflicts.

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📊 Mahara Prison Riot Damages Exceed Rs. 150 Million

• Financial & Infrastructure Impact: Initial estimates place damages above Rs. 150 Mn. Key facilities—including the kitchen, main boiler system, prison hospital, library, and rehabilitation offices—were destroyed. • Losses in Prison Industries: Equipment in woodwork, weaving, and apparel & textiles (tailoring units)—much of it UN-funded—was vandalized or destroyed, hindering skill-building and rehabilitation programs. • Capacity & Operational Strain: • Severe overcrowding: Facility holds 4,447 inmates against a design capacity of 991. • Majority of inmates are remandees facing drug-related charges. • 104 inmates transferred to other facilities following the unrest (1 dead, 10 injured). • Destruction of administrative files forces officials to reconstruct records from scratch amid staff shortages.

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⚖️ Sri Lanka Proposes 2-Year Judicial Retirement Extension to Clear 1.13M Case Backlog

• Proposed Retirement Age Adjustments: - Supreme Court: 65 to 67 years - Court of Appeal: 63 to 65 years - High Court: 61 to 63 years - District & Magistrate’s Courts: 60 to 62 years • Pending Case Backlog (1,134,474 Total across 293 Courts as of June 2025): - Magistrate’s Courts: 818,869 cases (72.2% of total) - District Courts: 260,007 cases - High Court (Criminal): 27,376 cases - Civil Appellate High Court: 6,591 cases - Commercial High Court: 6,330 cases - Supreme Court: 5,396 cases - Court of Appeal: 5,216 cases • Institutional & Public Impact: - Aimed at utilizing senior legal expertise to mentor new recruits and reduce severe court delays across Sri Lanka's judiciary and governance sector. - Addresses acute understaffing and infrastructure gaps that disrupt efficiency across Sri Lanka's legal system. - Measures face scrutiny from legal factions over promotion pathways and judicial independence, while supporters highlight public interest and the democratic mandate for systemic reform. [Judges' Retirement Age: Dr. Udagama Explains](https://www.youtube.com/watch?v=7kl4-VDLpNQ) This video offers further context and legal analysis regarding the debate over extending the retirement age of judges in Sri Lanka.

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🏛️ AG Clears Draft Bill to Extend Judges' Retirement Age

• Overview: The Attorney General (AG) has cleared the draft Bill to extend the retirement age of judges by two years, granting legal approval for the proposed constitutional amendment to proceed. • Current Status: The AG’s Department completed its legal review and formally notified the Ministry of Justice. • Next Steps: The Ministry of Justice is expected to finalize the draft legislation before publishing it in the Government Gazette and presenting the Bill to Parliament following previous Cabinet approval. • Institutional Impact: The proposed two-year extension aims to enhance judicial continuity, support administrative efficiency within Sri Lanka's legal framework, and preserve experienced judicial personnel within the court system.

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Addressing Sri Lanka’s Ethical Decay & Governance Crisis 📈

• Overview: Sri Lanka faces systemic moral, ethical, and governance degradation driven by deep-rooted corruption, illicit drug networks, and collusion between political figures, law enforcement, and criminal entities. • Systemic Reforms Required: - Rule of Law & Anti-Corruption: Rebuilding public trust through impartial law enforcement and elimination of political patronage systems. - Religious & Monastic Reforms: De-institutionalizing commercialized religious structures, eliminating caste-based Nikayas, and updating monastic codes to restore ethical leadership. - Education & Social Frameworks: Shifting education focus from pure economic output to civic responsibility, character building, and joint school-home support systems. • Economic & National Impact: Overcoming institutional decay and corruption is vital to establishing a stable environment for long-term growth, investor confidence, and holistic development for future generations.

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📲 Organised Social Media Trolling Targets Opponents of Judicial Retirement Age Extension

• Rising Online Harassment: Concerns are growing over organised social media campaigns, threats, and intimidation aimed at deterring public scrutiny and silencing critics of recent Sri Lankan Government decisions. • Legal & Religious Bodies Targeted: Bar Association of Sri Lanka (BASL) President Rajeev Amarasuriya and the Church of Ceylon (Anglican Church of Sri Lanka) have faced online attacks after voicing strong opposition to the Cabinet's move to extend the retirement age of Supreme Court and Court of Appeal judges. • Risks to Judicial Independence: Critics and religious leadership warn that amending judicial retirement ages could compromise the independence and impartiality of the judiciary while undermining the rule of law. • Political & Democratic Context: The ruling NPP is facing criticism for relying on organised digital supporters to intimidate opponents, mirroring tactics of previous administrations and raising broader concerns regarding governance, institutional integrity, and democratic debate.

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⚖️ Former IGP & Defence Secretary Remanded to Prison Following Death Sentence

• Verdict & Custody: Former Inspector General of Police (IGP) Pujith Jayasundara and former Defence Secretary Hemasiri Fernando were taken into prison custody following a death sentence delivered by the Colombo Permanent High Court Trial-at-Bar. • Key Findings: In a majority decision, the three-judge bench found both former top officials guilty of criminal dereliction of duty, murder, and aiding and abetting murder. The court ruled that they failed to act on prior intelligence warnings regarding imminent security threats. • National Impact & Context: The ruling relates to the 21 April 2019 Easter Sunday terrorist attacks across Sri Lanka, which left 260 people dead and hundreds injured. The landmark judgment highlights institutional accountability and oversight within national security & defense frameworks, setting a precedent for public sector governance and legal responsibility.

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Appointments & Executive Moves

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📈 Pan Asia Bank Appoints New Leadership to Drive Strategic Growth

Pan Asia Bank has officially appointed B.D.A. Perera as Chairman and Ayodhya Iddawela Perera as Deputy Chairperson, effective 3 August 2026, to strengthen its governance and long-term expansion goals. • New Appointments & Leadership Roles • B.D.A. Perera (Chairman): Succeeds Aravinda Perera, who served as Chairman for nine years. He has been on the Board since April 2021 and previously served as Deputy Chairman and Senior Independent Director. He brings over two decades of financial sector experience and currently serves as Executive Director at LB Finance PLC. • Ayodhya Iddawela Perera (Deputy Chairperson): Appointed as an Independent Non-Executive Director in April 2026. She is a veteran in the banking sector with over 36 years of experience, including her role as Managing Director of Sampath Bank PLC (2023–2025). • Strategic Context & Governance • The executive appointments aim to enhance the bank's governance framework while accelerating strategic focus on digital transformation, customer-centric innovation, sustainable finance, and operational excellence in Sri Lanka's banking & financial services sector.

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📈 Softlogic Capital PLC Appoints Kalum de Silva as Independent Non-Executive Director

• Board Appointment: Softlogic Capital PLC has appointed Kalum de Silva to its Board as an Independent Non-Executive Director to strengthen corporate governance and strategic execution. • Experience & Expertise: De Silva brings over 20 years of global expertise in financial services, private equity, M&A, and growth advisory, having served in major leadership roles across Australia and South Asia. • Key Leadership Credentials: • Former Partner at an Australian private equity firm managing A$ 230 Mn in Funds Under Management (FUM). • Founding President of the Sri Lanka and Australia Chamber of Commerce, actively facilitating bilateral trade and investment. • Current Independent Non-Executive Director at Asiri Hospital Holdings PLC and Asiri Surgical Hospital PLC within the healthcare sector. • Co-founder of the Australasian Academy in Sri Lanka's education sector. • Qualifications: Holds an MBA and Master of Professional Accounting from Queensland University of Technology, alongside CPA, GAICD, and SLID credentials.

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📱 Bharti Airtel’s Tarun Kumar Joins Dialog Axiata Board

• Appointment Details: Tarun Kumar appointed as Non-Independent, Non-Executive Director to Dialog Axiata PLC board, effective 31 July 2026. • Executive Experience: Brings over 22 years in telecommunications, including 5+ years in CXO roles. Currently National Head – Sales & Distribution at Bharti Airtel and CEO of its Tamil Nadu Circle. • Key Expertise: Strategic P&L leadership, digital transformation, commercial operations, and building high-performing teams to support corporate governance and long-term value creation. • Shareholding Context: As of 31 March 2026, Axiata Investments (Labuan) Ltd. holds a 73.75% controlling stake, followed by Bharti Airtel Ltd. at 10.36%, and the Employees’ Provident Fund (EPF) at 2.79%.

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Lt. Gen. Nilantha Premaratne Appointed 26th Sri Lanka Army Commander 🎖️

• Appointment & Promotion: President Anura Kumara Dissanayake has appointed Major General Nilantha Premaratne as the 26th Commander of the Sri Lanka Army, promoting him to the rank of Lieutenant General effective August 1, 2026. The appointment letter was presented by Presidential Secretary Dr. Nandika Sanath Kumanayake. • Succession: He succeeds General Lasantha Rodrigo following his retirement from the post. • Career & Background: • Joined the Sri Lanka Army as an Officer Cadet in 1990 and commissioned as a Second Lieutenant in 1992 in the Sri Lanka Artillery Regiment. • Served a 36-year military career holding key senior command and staff positions, including Chief of Staff. • Qualifications & Awards: • Holds Master's degrees in Defence Studies from the Naval Postgraduate School (USA) and the University of Kelaniya. • Recipient of the Rana Sura Padakkama (RSP) twice for gallantry during humanitarian operations, and the Uttama Seva Padakkama (USP) for distinguished service.

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📈 Ceylon Tobacco Appoints Adrian Lee Peng Yong as Finance Director

Ceylon Tobacco Company PLC (CTC) has announced the appointment of Adrian Lee Peng Yong as its new Finance Director, effective 1 August 2026. • Corporate Leadership: Adrian brings 20 years of cross-functional finance and strategic leadership experience within the British American Tobacco (BAT) Group across Asia Pacific, Middle East, and Africa (APMEA). • Previous Roles: Most recently served as Finance Director for BAT Malaysia and Singapore Cluster. He also previously held the position of Regional Head of Operations Finance for APMEA. • Governance & Performance: Recognized for driving financial growth, productivity agendas, and corporate governance—leading BAT Malaysia to 1st place in Consumer Products at the MSWG-NACGSA Corporate Governance Awards. • Strategic Focus: In his new role at CTC, he will oversee financial stewardship, sustainability, and commercial growth initiatives in Sri Lanka. • Qualifications: Holds a Bachelor of Business Management (Double Major in Finance & Marketing) from Singapore Management University.

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🏛️ Tribute: H.M.R. Ellepola’s Key Contributions to CBSL & Economic Policy

• Macroeconomic & Fiscal Policy Guidance: Led early macroeconomic assessments during 1970s liberalisation and the accelerated Mahaweli Development Project. Built foundational frameworks later used to establish the Credit Information Bureau (CRIB) (1990) and introduce domestic credit rating systems like Fitch Ratings (1998). • Inflation Control & Monetary Reforms: Managed severe quantitative credit controls in the 1980s, successfully bringing inflation down from above 25% within two years. Standardized the Central Bank of Sri Lanka (CBSL) annual budgeting process and modernized reserve money control frameworks (later applied at the Central Bank of Seychelles). • Financial Sector & Capacity Building: Served as Secretary to the Monetary Board and Executive Director overseeing public debt, currency issue, and banking operations. Advanced professional banking standards as Vice Chairman of the Institute of Bankers of Sri Lanka (IBSL), introducing postgraduate qualifications, curriculum overhauls, and formal convocation ceremonies.

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📈 Tribute to Dr. Lester Massingham: A Legacy in Management Education

The global and Sri Lankan management communities mark the passing of renowned scholar, educator, and strategic management consultant, Dr. Lester Massingham. • Academic & Professional Contributions: • Durham University graduate and influential author of global textbooks, including _Essentials of Marketing_ and _Marketing Case Studies_. • Played a key role in strengthening professional marketing education through the Chartered Institute of Marketing (UK). • Impact on Sri Lanka's Corporate & Academic Sectors: • Crucial in developing national postgraduate management education, specifically shaping Master and Doctor of Business Administration (MBA/DBA) programs. • Advised top Sri Lankan organizations on marketing & strategic management, building local human capital, executive leadership, and corporate capabilities. • Legacy: • Widely recognized for advancing rigor, strategic thinking, and mentor-driven growth across both academia and the broader business ecosystem.

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⚖️ Prof. G. L. Peiris to Form Trust Fund for Legal Research at UoC and Sri Lanka Law College

Initiative: Prof. G. L. Peiris has announced plans to establish a Trust Fund using royalties from his legal publications (>10 books on Sri Lanka’s legal systems) to finance research and academic initiatives. Beneficiaries: The Faculty of Law at the University of Colombo (UoC) and the Sri Lanka Law College. Governance: The proposed trustees will be the Vice-Chancellor of UoC, the Principal of Sri Lanka Law College, and the Dean of UoC's Faculty of Law. Journal Revival: The announcement was made at the launch of the revived Sinhala-language journal, ‘Nitiya’ (originally published in 1958, revived in 2024), which aims to foster analytical legal writing, including emerging areas like artificial intelligence (AI), judicial critique, and legislative contributions.

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📈 Shemara Wikramanayake to Retire as Macquarie CEO with $ 860M+ in Shares

Sri Lankan-origin Shemara Wikramanayake, 64, has announced her retirement as CEO of Macquarie Group after eight years at the helm and nearly four decades with the firm. She will officially step down in November 2026 and be succeeded by Greg Ward, Head of Banking and Financial Services. • Executive Compensation & Holdings: Wikramanayake departs with over $ 860 million (A$ 1.3+ Bn) in total equity, including 1.47M direct shares valued at $ 375M+, alongside restricted and performance share units. Her total remuneration last year was nearly $ 30 million, making her Australia’s fifth highest-paid CEO. • Corporate Governance: At a tense Annual General Meeting (AGM), Macquarie avoided a "second strike" board spill despite pushback on executive pay packets from groups like the Australian Shareholders' Association. • Fossil Fuel & Climate Backlash: Leadership faced intense grilling from shareholder collectives over funding massive fossil fuel expansions, such as the Beetaloo Basin gas fracking project, which investors argued directly contradicts the Paris Agreement. • Financial Performance: Wikramanayake leaves the financial services titan in a strong position, having recently reported a 30% increase in full-year net profit to $ 4.85 billion.

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New Secretary Appointed for Transport, Highways & Urban Development 📑

• Key Leadership Appointment: President Anura Kumara Dissanayake has appointed Eng. Dr. Asiri Karunawardena as the Secretary to the Ministry of Transport, Highways, and Urban Development. • Official Handover: The official letter of appointment was presented by Dr. Nandika Sanath Kumanayake, Secretary to the President, at the Presidential Secretariat. • Background: Prior to assuming this top administrative role overseeing national infrastructure & urban development, Dr. Karunawardena served as the Director General of the National Building Research Organisation (NBRO).

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🤝 JICA & EDB Reinforce Partnership to Boost Sri Lankan Exports

A delegation from the Japan International Cooperation Agency (JICA) paid an official courtesy call on the Sri Lanka Export Development Board (EDB) to review ongoing technical cooperation and discuss future strategies for strengthening export development. • Leadership Transition: • Welcomed newly appointed JICA Chief Representative, Mr. Shigeo Honzu. • Acknowledged outgoing Chief Representative, Mr. Kenji Kuronuma, for his contribution to bilateral economic cooperation. • Key Areas of Engagement: • Reviewed past joint programs focused on technical cooperation, capacity building, and enhancing export competitiveness. • EDB leadership (Chairman/CEO Mr. Mangala Wijesinghe & Acting DG Mr. Erandika Dissanayake) acknowledged JICA's ongoing support in empowering the local trade and investment ecosystem. • Future Focus & Strategic Goals: • Explored new initiatives aimed at expanding market access for local business ventures. • Emphasized institutional capability building, sustainable growth, and driving long-term economic progress for Sri Lankan exporters.

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📈 Sri Lanka Emerges as a Global Hub for Leadership and Digital Innovation

• Landmark Event: EY Global Delivery Services (EY GDS) hosted its largest-ever event in Colombo at Cinnamon Life, bringing together nearly 3,500 global professionals and senior leadership. • Economic Vision: Prime Minister Dr. Harini Amarasuriya emphasized the National Digital Economy Strategy, aiming to embed AI-first operations, expand ICT/BPM exports, and establish Sri Lanka as a regional innovation hub. • Talent & Growth: The milestone celebration honoured internal promotions and highlighted Sri Lanka's rapidly growing potential as a premier destination for talent development, digital technology, and high-value global services.

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Sustainability, ESG & Corporate Responsibility

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🌱 Delft Island to be Developed as Sri Lanka’s First Zero Emission Eco-Tourism Destination

The Government of Sri Lanka has initiated plans to transform Delft Island into the country's flagship Zero Emission destination, focusing on sustainability, environmental conservation, and heritage preservation. • Strategic Vision & Objective: - Aims to unlock the island's untapped tourism potential for both domestic and international visitors. - Positions eco-tourism and sustainable tourism as model frameworks to promote renewable solutions nationwide. • Priority Infrastructure & Community Focus: - Infrastructure Upgrades: Essential improvements to water supply, road networks, transportation, and island accessibility. - Community Empowerment: Enhancing knowledge and hospitality skills among local residents to support community-based livelihoods. - Asset Preservation: Protecting unique Dutch-era ruins, archaeological landmarks, and wild horses while establishing eco-friendly practices. • Stakeholder Engagement: - Led by Deputy Minister of Tourism Prof. Ruwan Ranasinghe alongside Jaffna District representatives, local authorities, government officials, and the local community. - Supported by the Sri Lanka Tourism Development Authority (SLTDA) and Sri Lanka Tourism Promotion Bureau (SLTPB).

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🎨 People’s Bank Unveils ‘A Gallery in the Bank’ Documentary

• Documentary Screening: People’s Bank hosted a special screening of ‘A Gallery in the Bank – Priceless Treasures of People’s Bank’ at People’s Tower in Colombo 02, showcasing 12 rare, culturally significant artworks from its collection. • Artistic Legacy: The production highlights masterpieces created by celebrated Sri Lankan artists, including George Keyt, Pushpananda Weerasinghe, Senaka Senanayake, Wimal de Silva, Jayantha Premachandra, Nadine David, Yasantha Boange, B. Wimalaratne, Richard Gabriel, Upasiri, and Ismeth Raheem. • Honoring Masters: Special tokens of appreciation were presented to living featured artists Ismeth Raheem, Nadine David, Senaka Senanayake, and B. Wimalaratne. Notably, B. Wimalaratne is the only featured artist who also served as a People’s Bank employee. • Corporate Role: The initiative underscores the institution's commitment to arts & cultural heritage preservation alongside its primary sector of banking & financial services. • Public Availability: Researched and presented by Angeline Ondaatjie and directed by Sulochana Peiris, the documentary is now publicly accessible on People’s Bank’s official Facebook page and YouTube channel.

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🐘 Sri Lanka Gazettes Three Major Elephant Corridors to Curb HEC

• Overview & Legal Status: The Government of Sri Lanka officially cleared and gazetted three key traditional elephant migration corridors—Kohombankala, Handapanagala, and Wetahirakanda. While formal gazetting strengthens the legal framework for the Department of Wildlife Conservation (DWC), experts emphasize that enforcement against encroachment is critical to preventing them from remaining mere "paper corridors." • Key Geography & Linkages: These ancient pathways connect vital national parks—including Yala, Lunugamwehera, and Udawalawe. Designed by elephant herds over centuries through matriarchal social memory, these corridors span widths between 500 meters to 1.5 km to facilitate safe seasonal movement. • Economic & Conservation Impact: Unplanned development, agricultural expansion, and infrastructure built across traditional pathways have heightened the Human-Elephant Conflict (HEC). Effective management requires land-use planning, deterrent buffer crops (chili, citrus, ginger), and scheduled nighttime electric fence road closures to protect ecotourism, agriculture, and rural livelihoods. • Challenges: Beyond legal recognition, successfully restoring these ecological linkages depends on active habitat restoration, strict enforcement against unauthorized settlements, and overcoming political interference in boundary protection.

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🐆 National Forum Launched to Strengthen Sri Lankan Leopard Conservation

Opposition Leader Sajith Premadasa is hosting Sri Lankan Leopard Day 2026 in Colombo 7 to drive national efforts toward protecting the endemic species. • Core Forum Objectives: Brings together policymakers, scientists, government institutions, civil society, and corporate stakeholders to foster multi-sectoral collaboration on conservation policy, research, and public awareness. • Key Threats Addressed: Focuses on major threats impacting the species, including habitat fragmentation, snaring, poisoning, road fatalities, and wildlife crime. • Youth Engagement: Features active participation from students and young conservation leaders to encourage long-term involvement in biodiversity protection. • National & Economic Significance: Emphasizes wildlife conservation as a national responsibility essential for safeguarding ecosystems, driving sustainable development, and supporting Sri Lanka's eco-tourism potential.

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📈 UK Launches £ 2.34 Mn 'Resilient Waves' Initiative for Sri Lanka's Coastal Economies

• Program Overview: The UK Department for Environment, Food and Rural Affairs (DEFRA) has launched a £ 2.34 Mn grant initiative, Resilient Waves, running through March 2029 under the Blue Planet Fund. Selected from over 370 global applications, the project aims to build climate resilience and safeguard marine biodiversity. • Target Regions & Drivers: Active in the coastal districts of Batticaloa and Mullaitivu, the initiative addresses three core challenges: multidimensional poverty, climate vulnerability, and economic exclusion among vulnerable fishing communities. • Key Sector Interventions: • Habitat Restoration: Rehabilitating degraded coral reefs and mangrove ecosystems through scientific assessments. • Livelihood Diversification: Expanding aquaculture as a primary alternative to marine fishing, focusing on sea bass, tilapia, sea cucumber farming, and cage culture. • Inclusive Governance: Empowering Fisheries Cooperative Societies, expanding women's economic participation, and linking local enterprises directly to financial institutions and private sector value chains. • National Context: Implemented by Acted alongside a local consortium, the program aligns with Sri Lanka's Nationally Determined Contributions (NDCs) and National Adaptation Plan to support climate-smart adaptation in coastal fisheries.

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📉 ADB Urges Urgent Water Security Investments Across Asia-Pacific

• Regional Challenge: Around 220M people in Asia-Pacific lack basic water supply, while 520M lack basic sanitation. Over 40% of global flood events occur in the region, with 4 Bn people facing risks from unreliable water and water-related disasters. • National Context (Sri Lanka): ADB highlighted ongoing support for operational reforms in Sri Lanka to reduce costly water distribution losses and improve efficiency, aligning with broader regional economic stability goals. • ADB Financing: The ADB committed US$ 12.7 Bn to the water sector from 2021 to 2025, benefiting 63M people across projects in Fiji, the Philippines, and Sri Lanka. • Japan Partnership: A new ADB-administered fund with Japan aims to bolster disaster preparedness, hydropower energy links, and infrastructure. Key focus areas include integrated river basin management and decentralized wastewater treatment. • Progress: Despite challenges, 2.7 Bn people in Asia-Pacific have moved out of extreme water insecurity since 2013, based on ADB's Asian Water Development Outlook (Dec 2025).

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## 📈 Reviving Sri Lanka's Sugar Industry: Gal-Oya Plantations

• Overview: Gal-Oya Plantations continues to drive economic and social development in the Eastern Province through the revival of the sugar and agriculture sectors, operating as a public-private partnership with a 51% government stake and 49% held by Browns and LOLC. • Operational Recovery: Following its restart in 2006 under the Eastern Reawakening Development Programme, the company rehabilitated critical infrastructure, including damaged access roads and deteriorating irrigation canals linked to the Senanayake Samudraya. • Farmer Support & Cultivation: The company provides comprehensive assistance—including seed cane, fertilizer, technical guidance, machinery, and round-the-clock protection teams against wildlife crop damage (such as elephants and wild boar)—to secure stable household incomes. • Community Development: Beyond commercial operations, Gal-Oya Plantations actively invests in local educational infrastructure, student scholarship programmes, and religious and cultural institutions across all faiths in the region.

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📈 Sri Lanka’s Falling Female Labour Participation Highlighted in Care Economy Call

• Labour Participation Deficit: Female labour force participation in Sri Lanka dropped from over 45% in 1990 to ~30% today, reversing decades of economic progress. • Unpaid Care Burden: Department of Census and Statistics data shows 56% of non-participating women cite domestic/care responsibilities (vs. 5% of men). Women carry 86% of all unpaid care work in Sri Lanka, spending 4 extra hours daily on domestic tasks and 1 extra hour on direct care compared to men. • Corporate Sector Impact: Support infrastructure directly improves performance. Workplace interventions by major employers in apparel & textiles, such as MAS Holdings, showed that introducing crèche facilities reduced factory floor absenteeism by ~9%. • Systemic & Cultural Barriers: Infrastructure like daycares and backup care eases immediate pressure, but societal expectations and stigma around institutional care continue to limit women's career trajectories, promotions, and economic independence. • Policy & Action Needed: Aligning with ILO’s 2024 Decent Work and Care Economy framework, experts advocate for a structured care economy—combining public infrastructure, corporate care policies, and flexible arrangements for both men and women.

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🌿 Hayleys Plantations Partners with UNDP BIOFIN to Pioneer Ecosystem Financing

Hayleys Plantations has partnered with UNDP BIOFIN to advance Payment for Ecosystem Services (PES) mechanisms across its plantation sector landscapes, rewarding long-term investments in water resources, biodiversity, carbon storage, and soil conservation. • Estate-Level Initiatives: • Horana Plantations PLC (Bambarakelly Estate): Focuses on watershed conservation, protecting critical catchments, enhancing biodiversity, and integrating renewable energy. • Talawakelle Tea Estates PLC: - Great Western Estate: Prioritizes watershed conservation to ensure long-term water security. - Wattagoda Estate: Partners with the Pekoe Trail Organisation on Sri Lanka’s first tourism-led PES initiative, linking sustainable tourism with biodiversity restoration. • Kelani Valley Plantations PLC (Halgolla Estate): Developing a replicable PES model centered on regenerative agriculture and landscape restoration. • Strategic Context: • The collaboration establishes scalable, nature-based financing frameworks within commercial landscapes, integrating sustainability into Sri Lanka’s tea and agricultural production to strengthen both ecological resilience and long-term economic value.

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Citi Sri Lanka Transforms Mawela Kanishta Vidyalaya in Wadduwa 📈

• Initiative Overview: Citi Sri Lanka partnered with ChildFund Sri Lanka for its flagship annual volunteer program, Citi Global Community Day 2026, targeting infrastructure and environment upgrades at Mawela Kanishta Vidyalaya in Wadduwa. • Key Upgrades & Impact: • Donated a clean water system for students. • Restored classrooms with fresh paint and wall murals. • Repaired sanitary facilities and executed greening initiatives. • Organized a friendly cricket match between volunteers and students to foster community connections. • Corporate Social Responsibility: The initiative supports human capital development by building safe learning environments, aligning with long-term banking & financial services sector CSR commitments to strengthen local communities.

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🌸 Siddhalepa Rebuilds Kirivehera Flower Stall Complex in Kataragama

• Project Overview: Siddhalepa Group reconstructed and handed over the flower stall complex along the historic access road to Kataragama Kirivehera Rajamaha Viharaya. • Heritage & Vision: The initiative honors the legacy of late Founder Dr. Victor Hettigoda, who established the original complex in the 1980s. • Socio-Economic Impact: The project supports women's economic empowerment and self-employment, providing stable incomes for local families in the ayurveda & wellness and local retail ecosystem. • Collaborators: Built with assistance from the Sri Lanka Navy and planned alongside the National Physical Planning Department.

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Super El Niño 2026-2027: Sri Lanka Faces Dual Threat of Drought & Flash Floods 📉

• Climate Indicators & Status: Pacific sea surface temperatures reached +1.7°C in mid-June 2026, confirming a strong El Niño. The CPC indicates a 97% probability of it persisting into early 2027. Current warming is stronger than early phases of the 1997 and 2015 events. • Indian Ocean Counter-Drivers: • Indian Ocean Dipole (IOD): ~60% probability of a positive IOD developing by late 2026, which may offset El Niño drying by boosting Second Inter-Monsoon (Oct–Nov) rainfall. • Madden-Julian Oscillation (MJO): Currently weak and unlikely to impact weather in the coming months. • Agricultural & Hydropower Risks: • Drier conditions threaten the Northeast Monsoon (Dec–Feb), a critical water source for paddy cultivation and reservoir levels in the Dry Zone. • Positive IOD could cause intense downpours with longer dry spells, risking flash floods/landslides without filling water capacity evenly. • Late IOD onset increases exposure to severe dry spells, impacting tea, paddy/rice cultivation, irrigation, and hydropower generation. • Outlook: Key developments from August–September 2026 will determine whether Sri Lanka faces severe dry spells or localized floods. Stakeholders are advised to prepare for both scenarios.

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Awards & Recognitions

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ComBank Reaffirms Status as Sri Lanka's Top Ranked Bank in Global Top 1000 List 📈

• Overall Performance & Global Ranking: Commercial Bank of Ceylon achieved the No. 1 spot among Sri Lankan financial institutions in The Banker magazine’s 2026 Top 1000 World Banks ranking. This marks the bank's landmark 14th appearance in the listing—the highest for any local bank. • Key Capital Indicators: The top local ranking is driven by a 12.1% growth in Tier I capital, the primary metric for financial health. Commercial Bank remains the first Sri Lankan bank to exceed US$ 1 Bn in market capitalisation and holds the largest capital base among domestic banks. • Banking Sector Footprint: As Sri Lanka’s largest private sector lender, the bank operates over 270 branches island-wide. Its international footprint spans 21 branches in Bangladesh, a Tier I bank in the Maldives, a microfinance unit in Myanmar, and a representative office in the DIFC.

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🎓 Six IPS Researchers Secure Prestigious Postgraduate Scholarships

The Institute of Policy Studies of Sri Lanka (IPS) celebrated six of its young researchers winning fully funded scholarships and admissions to top international universities, boosting local policy analysis capacity. • Awardees & Universities: • Suresh Ranasinghe: Commencing PhD in Economics at Nottingham Trent University, UK (Oct 2025). Previously MSc from University of Nottingham via Commonwealth Shared Scholarship. • Usha Perera: Secured ESRC funding for PhD in Economics at Lancaster University, UK (Oct 2026). Holds MSc from University of Leeds via Commonwealth Shared Scholarship. • Chandula Idirisinghe: Awarded fully funded PhD scholarship in Management at University of Guelph, Canada (Sept 2026). • Himani Vithanage: Awarded Commonwealth Master's Scholarship for MSc in Economics for Development at University of Oxford, UK (Sept 2026). • Chaya Dissanayake: Won Commonwealth Shared Scholarship for MSc in Risk and Disaster Science at University College London (UCL), UK (Sept 2026). • Dinithi Athulathmudali: Won Commonwealth Master's Scholarship for MSc in Economics for Development at University of Oxford, UK (Sept 2026). • Core Focus Areas: • Research specializations cover critical national policy areas including health, education, and labour policy, agriculture & agribusiness, and disaster risk preparedness.

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Commercial Bank Secures World's First UNFPA CRJB Champion Status 📈

• Global Milestone: Commercial Bank of Ceylon became the first bank globally to achieve Champion Status by the United Nations Population Fund's (UNFPA) Coalition for Reproductive Justice in Business (CRJB), advancing gender equality and employee well-being in the banking & finance sector. • Workplace Benefits & Impact: • Nurtures workforce through health check-ups, dental/eye camps, and mental health care via Damrivi Foundation. • Offers progressive maternal benefits, including a monthly daycare allowance of Rs. 25,000 for up to 1 year, flexi-hours, adoptive maternity leave, and extended unpaid leave. • Achieved an over 90% post-maternity return-to-work rate among female employees, boosting talent retention. • Community & Institutional Footprint: • Drives island-wide CSR initiatives: women micro-entrepreneur medical camps, breast cancer awareness, and 'Adopt an Ambulance' partnership with 1990 Suwa Seriya. • Strengthens its 'Anagi' Women's Banking proposition by linking financial empowerment with broader health and inclusion. • Operates as Sri Lanka’s largest private sector lender, with market capitalisation exceeding US$ 1 Bn, 270+ local branches, and operations in Bangladesh, Maldives, Myanmar, and Dubai.

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🏆 Maliban Brings Iconic Scent Nationwide Following Top LMD Brand Ranking

Maliban, named the No. 1 Most Loved Product Brand in the LMD Readers' Choice Most Loved Brands 2026, launched a unique nationwide brand activation to mark its 70+ year legacy. • Nationwide Activation: Extended its iconic "Maliban Handiya" freshly baked biscuit aroma—previously localized to Ratmalana—to key public spaces across Sri Lanka, including bus stops, highway exits, and cinemas. • Interactive Experiential Marketing: Utilized liquid evaporisers in high-footfall regional hubs like Kandy alongside product sampling to create a complete sensory experience (scent, taste, and brand familiarity). • Corporate Insight: According to Positha Perera, Group Head of Corporate Communications at Maliban Group of Companies, the initiative aimed to leverage decades-old brand heritage and consumer trust by expanding a localized sensory asset into a shared national experience.

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🌱 Aitken Spence Logistics Named Sustainable Logistics Provider 2026

Aitken Spence Logistics has been honored as the "Sustainable Logistics Provider 2026" at the Sri Lanka Sustainability Awards 2026, organized by the Ceylon Institute of Builders (CIOB) in collaboration with the University of Moratuwa. • Award Recognition: Endorsed by four key Sri Lankan ministries (Housing & Construction, Energy, Environment, and Transport & Highways) for commitment to sustainable practices and ESG integration. • Green Operations: Key environmental initiatives include deploying new electric forklifts at container freight stations, investing in renewable energy solutions, and optimizing processes to lower waste and resource consumption. • Social Impact & Diversity: Advanced workforce inclusion via its Pink Warehouse initiative, which provides structured training and operational career opportunities for women in the traditionally male-dominated logistics & supply chain sector. • Corporate Governance: Maintains a 22+ year commitment to the UN Global Compact principles. As a subsidiary of the blue-chip conglomerate Aitken Spence PLC, the company operates across warehousing, 3PL, inland container terminals, and project cargo, advancing eco-friendly standards in Sri Lanka's transportation & logistics landscape.

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Brandix Wins Dual Honors at Sri Lankan Sustainability Awards 2026 📈

• Award Recognition: Apparel & textiles giant Brandix was named Overall Winner in two categories—Sustainable Construction & Built Environment and Sustainable Community & Social Development—at the Sri Lankan Sustainability Awards 2026. • Green Building Portfolio: Highlights LEED-certified facilities including Seeduwa (world’s first LEED Platinum apparel facility) and Batticaloa (LEED Platinum), along with Koggala and Rathmalana (LEED Gold). • Clean Energy & Smart Operations: • Rooftop solar capacity stands at 18.8 MW. • Renewable energy powered 37% of electricity needs in FY 2024/25. • Integrated Smart Factory digital dashboards, machine tracking, and predictive maintenance across plants like Rambukkana and Katunayake. • Water Stewardship: • Sustainable water sources (green/grey water) supplied 29% of the water mix in FY 2024/25. • Conversion of an unused treatment plant in Avissawella will add ~20 million litres in annual rainwater harvesting and treatment capacity.

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INSEE Lanka Wins Big at Sri Lankan Sustainability Awards 2026 📈

• Key Highlights: • INSEE Lanka secured top honours for the 2nd consecutive year at the Sri Lankan Sustainability Awards 2026 (held July 10–11 alongside CIOB's 14th World Construction Symposium). • Awarded Sustainable Organization of the Year for operational sustainability. • Sector & Product Wins: • Flagship brand INSEE Sanstha named Sustainable Cement Brand of the Year for the 2nd straight year. • Bagged 2 innovation awards: Sustainable Technology Provider (Mass Pouring Solution) and Sustainable Green Material Innovation (INSEE Micro Concrete). • Economic Context: • Supports Sri Lanka’s construction & infrastructure sector by driving eco-friendly building practices, resource optimization, and green material innovation.

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🏆 CA Sri Lanka Opens Applications for TAGS Awards 2026

The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) has officially opened applications for the TAGS Awards 2026, marking 61 years of corporate reporting excellence in the country. Organised in partnership with Strategic Partner Colombo Stock Exchange (CSE), the awards champion Transparency, Accountability, Governance, and Sustainability. • Timeline & Eligibility: Applications are open until 31 August 2026 via tags.casrilanka.com or physical forms. Eligible entries include listed/non-listed corporates, conglomerates, multinationals, SMEs, NGOs, and Empower Board entities with audited financial statements (unmodified opinion). Winners will be awarded in December 2026 at Shangri-La Colombo. • Scope & Awards Structure: Honours will be presented across 36 sectors, alongside 6 special awards and 3 overall excellence recognitions. The theme, "Legacy of Excellence: Creating Value Beyond Reporting," encourages businesses to move beyond simple compliance toward long-term stakeholder value creation. • Key Enhancements: • Empower Board Sector Award for emerging industries, SMEs, and new entities. • SLFRS S1 & S2 Adoption Award recognizing sustainability reporting leadership. • Refined corporate governance awards separating banking & finance from other sectors. • Evaluation & Tech: Features a 3-tier evaluation involving ~300 Chartered Accountants, industry experts, and a local/international judging panel. Evaluation efficiency is boosted by an Azure-based TAGS marking platform and an enhanced AI-powered chatbot for assessors.

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🎓 Teen Academy Secures OBP UK Accreditation for Teen Business Program

• Partnership Overview: Colombo-based Teen Academy has secured formal accreditation from the UK-based Organisation of Business Professionals (OBP UK) for its Teen Master of Business program (ages 13–18). OBP UK serves as the exclusive awarding body, making Teen Academy the accredited delivery centre for Sri Lanka and the Maldives. • Program & Launch Details: Cohort 1 begins on 8 August 2026 at the Postgraduate Institute of Management (PIM), Colombo. The curriculum spans 12 modules running through January 2027. • Educational Impact: Marks the first UK-accredited teen business qualification in Sri Lanka, advancing youth business education and professional education. The curriculum moves beyond standard GCE O/L and A/L rote learning to foster critical thinking, agility, leadership, and entrepreneurship among young learners.

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📈 Sri Lanka’s Top 100 Brands Hit Record Rs. 652 Bn, Surpassing Pre-Crisis Peak

• Overall Figures: Combined brand value of Sri Lanka’s top 100 brands grew 17% YoY to a record Rs. 652 Bn, surpassing the 2019 pre-crisis peak of Rs. 630 Bn. The expansion reflects broader economic recovery (5% GDP growth in 2025) despite $ 4.1 Bn in damage from late-2025 Cyclone Ditwah. • Banking Sector: The banking sector anchors the national landscape, accounting for 42% (Rs. 275 Bn, +14% YoY) of total brand value and 6 of the top 10 positions: - Bank of Ceylon (BOC): Retains title as Sri Lanka’s #1 most valuable brand at Rs. 65.5 Bn. - Commercial Bank: Ranks #2 most valuable brand at Rs. 54.9 Bn (+18% YoY). - Sampath Bank: Reached Rs. 26 Bn (+5% YoY). - Nations Trust Bank: Soared 35% YoY to Rs. 9.9 Bn following its HSBC retail asset acquisition. • Telecom & Retail: - Dialog (telecommunications): Named Sri Lanka’s strongest brand (BSI 89.4/100, AAA) and #3 most valuable at Rs. 41.1 Bn (+16% YoY). - Keells (supermarket retail): Second-strongest brand overall (BSI 88.5/100, AAA) with brand value rising 16% YoY to Rs. 26.4 Bn. • Tech & Mobility: - PickMe: Homegrown digital mobility platform grew brand value 11% YoY to Rs. 4.8 Bn, leveraging AI demand forecasting and digital payment integration.

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🍹 Smoke & Bitters Makes History on Global & Regional Best Bar Lists

• Key Achievements & Rankings: - First and only Sri Lankan venue to feature on The World’s 50 Best Bars extended list, ranking at #67 in September 2025. - Awarded the prestigious Michter’s Art of Hospitality Award 2026 for Asia. - Ranked #14 on Asia’s 50 Best Bars 2025 list and named ‘Best Bar in Sri Lanka’ for four consecutive years. - Only Sri Lankan-owned bar included in top 100 global/regional annual rankings from 2022 through 2026. • Sector & National Context: - Significantly elevates Sri Lanka's global profile in tourism and hospitality by promoting local heritage. - Drives regional growth from a beachfront village in Dikwella, prioritizing local community engagement and employment. • Operational Highlights: - Founded in early 2020 by best friends Don Ranasinghe and Lahiru Perera. - Combines wood-fire cooked dishes with inventive cocktails made from locally sourced herbs, spices, wild bee honey, and Rockland arrack. - Expands global footprint as unofficial ambassadors through international bar takeovers in Mexico, Greece, Hong Kong, Italy, India, and Kazakhstan.

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🏨 W15 Hanthana Estate Selected for Elite 50 Best Discovery Platform

Sri Lanka's boutique hospitality & tourism sector achieved international recognition as W15 Hanthana Estate was featured on the 2026 edition of 50 Best Discovery. • Global Scope: The platform added 650+ new venues in its global refresh (over 210 restaurants, 110 bars, 130 hotels, and 190 vineyards). It features 3,500+ venues across 800+ cities worldwide. • Selection Process: Establishments cannot self-nominate or apply; inclusion is strictly based on qualifying votes from 3,000+ independent global industry experts. • Property Highlights: Located in the tea country near Kandy, the luxury mountain estate offers 10 suites across a colonial-style bungalow and former stables, integrated with local activities like guided hikes to Ceylon tea plantations.

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Politics & Government Impact [How India's Cockroach Party Sparked a Protest Movement](https://www.youtube.com/watch?v=C9MRKiKs06o) This video provides context on the origin of the Cockroach movement in India and examines its political impact and broader implications for youth activism across South Asia.

India’s Cockroach Movement: Key Governance & Youth Lessons for South Asia 📈

• Movement Context & Scale India’s youth-led Cockroach Movement evolved from public outrage over alleged paper leaks in the National Eligibility cum Entrance Test (NEET), taken by over 2 Mn students annually for 130,000 medical seats. Demonstrations pushed Union Education Minister Dharmendra Pradhan to resign, prompting the government to announce system-wide reforms. • Gen Z Mobilization & Digital Impact Spurred by India’s Gen Z population (over 500 Mn), the campaign shifted rapidly from digital social platforms to physical street protests in major cities. Highlights how digital connectivity lowers collective action barriers, forcing faster institutional responsiveness across South Asia. • Key Lessons for Regional Governance Meritocracy: Safeguarding fair competition in education is crucial for social mobility and preventing public discontent. Institutional Trust: Public credibility relies on execution; trust lost through examination irregularities is difficult to restore. Digital Democracy: Social media allows rapid public mobilization, making open government communication and listening vital to democratic legitimacy. • Relevance to Sri Lanka South Asia’s under-30 demographic makes up over 50% of its nearly 2 Bn population, forming the future workforce and consumer base. Sri Lanka’s educated youth share similar expectations for transparent public administration, education, and economic governance, emphasizing youth as partners in stability.

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Real Estate

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📈 Govt. Eyes 2027 Budget to Revive ~5,000 Stalled Housing Projects

• Overview: The Government of Sri Lanka is considering funding allocations under the 2027 Budget to complete nearly 5,000 abandoned housing units initiated under previous administrations. • Review & Assessment: • Projects were previously stalled due to non-disbursement of allocated loans and grant funding. • A five-member committee, co-chaired by two former Ministry Secretaries, is assessing project viability and identifying units immediately suitable for occupation. • Final decisions on project completion will depend on the committee's report. • Family Assistance & Sector Support: • A separate financial support program will launch next year to assist 2,000 families in completing partially built homes. • Special stakeholder meetings will address targeted initiatives, including low-income urban housing in the Colombo District. • Economic Context: This move aims to expand national housing stock and revitalize the housing & construction sector by utilizing existing unfinished assets.

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Rs. 20Mn Viewing Platform Project Begins at Dunhinda Falls 📈

• Infrastructure Investment: Construction on a new observation platform at the iconic Dunhinda Falls in Badulla commenced on July 27, 2026, backed by an investment of Rs. 20 million. • Sector Impact: The project aims to boost tourism infrastructure by providing a safer, modernized viewing experience for local and foreign visitors in the Uva Province.

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🏛️ Sri Lanka to Lease Five Presidential Residences for Tourism Development

• Key Decision: The Cabinet has approved a proposal by President Anura Kumara Dissanayake to lease five underutilised Presidential Residences to private investors on a long-term basis for tourism development. • Target Locations: Properties are situated in Bentota, Kataragama, Mahiyanganaya, Embilipitiya, and Anuradhapura. Each location features high-end architectural designs, fully equipped facilities, and landscaped grounds. • Economic Context & Objectives: - Reduces the government's financial burden of ongoing maintenance, security, and upkeep borne by the Presidential Secretariat. - Transforms non-revenue-generating state assets into active hubs for tourism investment and regional economic activity. • Implementation Plan: Development proposals will be invited from eligible private investors through a long-term lease model, following recommendations from a dedicated committee on productive asset utilization.

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📈 John Keells Properties Unveils VIMAN Ja-Ela Show Apartment

• John Keells Properties has officially opened its on-site show apartment for the VIMAN Ja-Ela residential project, allowing prospective buyers to experience the layout, finishes, and design firsthand. • Project Overview: Spans six acres in Ja-Ela, with over 60% of the land dedicated to green and open spaces to emphasize nature and community living. • Amenities & Lifestyle: Features a resident clubhouse, swimming pool, gymnasium, walking/cycling paths, children’s play areas, outdoor social spaces, and traditional communal settings like an Ambalama. • Connectivity: Located 4 km from the Ja-Ela interchange on the Colombo–Katunayake Expressway, offering direct connectivity to major urban centers and supporting suburban real estate expansion.

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🏛️ Surveyors’ Institute of Sri Lanka Marks 100 Years of Service

• Milestone Celebration: The Surveyors’ Institute of Sri Lanka (SISL) will celebrate its centennial anniversary on 2 August 2026, marking 100 years of contributions to land administration, mapping, and national development. A technical session and gala dinner will be held at Cinnamon Lakeside, Colombo. • Historical Footprint: Established in 1926 as the Licenced Surveyors’ Association of Ceylon and incorporated by Parliament in 1982, SISL is a founding member of the Organisation of Professional Associations, CASLE, and a member of FIG. • Key National Contributions: • Advocated for the Registration of Title Act No. 21 of 1998, founding the “Bimsaviya” land titling program to minimize land disputes. • Supported the Survey Act No. 17 of 2002, modernizing legal frameworks and establishing the Survey Board. • Supported the UGC-approved degree in Surveying Sciences at Diyatalawa and the establishment of the National Hydrographic Office. • Future Focus: SISL remains committed to driving Sri Lanka’s economic and structural goals through digital land administration, geospatial innovation, sustainable infrastructure planning, and climate resilience.

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🏢 Court of Appeal Clears Home Lands’ 'Pentara Residencies' Project

• Key Ruling: The Court of Appeal dismissed two writ applications challenging the approvals for the 'Pentara Residencies' apartment project in Thummulla, Colombo 5, by Home Lands Group. • Legal Basis: The majority ruling affirmed that approvals granted by the Urban Development Authority (UDA) complied fully with the UDA Development Plan and regulations. • Court Findings: Petitioners—residents of Classen Place who filed the applications in 2025—failed to uphold the required duty of uberrima fides (utmost good faith) to the Court. • Sector Impact: Resolves legal uncertainty around a high-profile development in Sri Lanka's real estate & construction sector, paving the way for the project's continuation.

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📈 Phoenix Miras Commits to Grade-A Office Project in Port City Colombo

• Investment Agreement: Phoenix Miras Ltd. (the real estate development arm of Phoenix Ventures Ltd.), alongside Platinum Advisors, has signed an agreement to fund a Grade-A office development at Port City Colombo. • Project Details: Named Colombo Gateway, the commercial development will be located on Plot 1-01-04 within the Port City zone, aiming to establish a premier address for corporate tenants. • Economic Impact: CHEC Port City Colombo Ltd. stated that the commitment reinforces growing investor confidence in Sri Lanka's vision to develop South Asia's next connected international business and financial hub, boosting the real estate and commercial infrastructure sectors.

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💧 Japan-Funded $143M Water Project Begins in Anuradhapura

Work has officially commenced on Phase II of the Northern Anuradhapura Water Supply Project, following a foundation stone laying ceremony attended by President Anura Kumara Dissanayake and Japanese officials. The project marks a significant step in regional infrastructure recovery following recent economic challenges. • Financial & Project Scale: Funded via a concessional loan from Japan worth approximately JPY 23 billion (equivalent to ~US$ 143 Mn). • Health & Social Impact: Aims to provide a stable supply of safe drinking water to roughly 67,000 households in the Anuradhapura District. The initiative directly targets communities heavily impacted by chronic fluorosis and kidney disease. • Cumulative Reach: When combined with the already-completed Phase 1, the entire project will collectively deliver safe water access to over 75,000 households. • Economic Context: Beyond health benefits, the project establishes an essential foundation for agricultural and industrial development in the North Central Province, improving the overall quality of life and symbolizing Sri Lanka's post-crisis recovery.

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📈 Port City Colombo Targets India for Growth, Aims to Double Tourist Arrivals

Sri Lanka’s US$ 15 Bn Port City Special Economic Zone (SEZ) has placed India at the center of its growth strategy, aiming to leverage the neighboring nation for tourism, real estate, and corporate investments. • Key Tourism & MICE Targets: Annual Indian tourist arrivals to Sri Lanka are projected to double from ~600,000 last year to 1.2 million by 2030, supported by 90 existing flights connecting the nations. Port City aims to extend the average 1.5-day tourist stay in Colombo via new attractions, including a yacht marina, South Asia's first downtown duty-free retail zone, and an upcoming event air dome by Oct-Nov 2026. • Corporate & ICT Expansion: The SEZ is actively targeting Indian ICT/BPM firms and Global Capability Centres (GCCs), positioning itself as a resilient business continuity and disaster recovery location to complement India's ecosystem. Partnerships with organizations like NASSCOM for corporate events are currently being explored. • Investment & Real Estate: Indian investors and companies are estimated to contribute roughly 25% of the total investment across businesses and real estate within the project. Furthermore, international investors from regions like Southeast Asia are increasingly viewing the SEZ as a strategic gateway to the Indian market.

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📈 Home Lands Reaches Real Estate Milestone with 5,000+ Units Sold

Sri Lankan real estate market leader Home Lands Group has set a new industry benchmark by crossing the 5,000-unit milestone in sales across 24 mega lifestyle development projects. • Overall Performance: The company has sold over 5,000 resort apartments and villas, marking the highest number of unit sales by any developer in Sri Lanka. • Delivery Track Record: Over 3,750 units have been successfully delivered to homeowners. An additional 400 units are scheduled for delivery within 2026. • Project Pipeline: The group currently has more than 2,850 units under construction spanning 9 futuristic mega lifestyle development projects. • Economic & Global Impact: Operating as an integrated group of 14 companies (including its construction arm Heyraa Construction), the firm has expanded Sri Lanka's real estate & construction footprint internationally. With offices in Australia, Dubai, and London, the group continues to drive foreign investment and capital appreciation from an overseas clientele.

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📈 LKR Depreciation Enhances Sri Lankan Real Estate Affordability for Diaspora

A notable depreciation of the Sri Lankan Rupee (LKR) against the US Dollar in June/July 2026 has dropped primary market property prices in USD terms, making real estate highly attractive to foreign and diaspora buyers. Key market insights from the Research Intelligence Unit (RIUNIT): • Market Pricing & Demand: While USD-denominated prices dropped, LKR-denominated property prices continue to rise steadily. Strong domestic demand remains the core driver of the local market. • Apartment Absorption Rates: Colombo’s apartment absorption is exceptionally strong, averaging near 100% for Tier 3 units and above 90% for Tier 2 units, with growing absorption recorded across all 13 Colombo Wards and over 20 Western Province suburbs. • Macroeconomic Boost: Following 5% economic growth in 2025, the World Bank upgraded Sri Lanka to an _upper-middle-income economy_ (per capita income: US$ 4,670). • Port City Colombo: Momentum remains high with over US$ 600 Mn invested so far in 2026. Leading developers have leased multiple plots and launched 3 major new projects.

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Awards & Recognitions [National AI Awards 2026 Overview](https://www.youtube.com/watch?v=PaJr_GtaZLM) This video provides an official overview and call for applications for Sri Lanka's National AI Awards 2026.

🤖 Applications Open for National AI Awards 2026

• Event & Key Dates: Applications are open until 15 August 2026 for Sri Lanka’s flagship National AI Awards 2026, themed ‘AI Amplified’. The awards ceremony will take place on 4 October 2026 as the highlight of Sri Lanka AI Week. • Organisers & Mission: Pioneered by the Digital Economy Ministry of Sri Lanka alongside SLT-MOBITEL, the event aims to champion innovation, celebrate national benchmarks, and spotlight top achievements across industry, academia, startups, and the public sector. • Key Sector Innovations: The Industry Innovation Awards will recognise groundbreaking AI application across major national economic pillars, including: - Agriculture - Manufacturing and Industry 5.0 - Banking, Finance and Insurance - Education - Healthcare and Life Sciences - Media • Award Categories: Accolades encompass four primary streams: - National AI Trailblazer (Excellence, Leadership, Impact, Export Excellence) - Industry & Sector Excellence - Innovation & Future-Focused (Startups/MSMEs, University AI, Agentic AI, Sinhala/Tamil Localisation, Women in AI Leadership) - AI Content Creators of the Year (Educational, Video/Storytelling, Social Impact, FutureTech, Cultural Heritage & Tourism) This video provides an official overview and guidelines on how local innovators can submit their entries for the National AI Awards 2026 prior to the deadline. [National AI Awards 2026 Submission Guide](https://www.youtube.com/watch?v=PaJr_GtaZLM)

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Economic News [Sri Lanka's President presents Budget](https://www.youtube.com/watch?v=PjSywtCQlx0) This video is relevant because it reports on Sri Lanka's presidential budget announcements and the government's fiscal policy goals.

📈 Govt to Boost Development Spending in 2027 Budget

• Strategic Focus: President Anura Kumara Dissanayake announced plans to prioritize national development spending in the upcoming 2027 Budget. • Fiscal Adjustment: The strategy aims to cut recurrent expenditure to free up resources and significantly expand capital investment across key growth areas.

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Politics & Government Impact [Court of Appeal to consider Former President Gotabaya Rajapaksa's petition](https://www.youtube.com/watch?v=Qqe4yllGb38) This video provides news coverage regarding the Court of Appeal considering former President Gotabaya Rajapaksa's petition to block his arrest.

⚖️ Court Hearing Resumes on Ex-President’s Writ Petition

• Legal Proceedings Overview: Former President Gotabaya Rajapaksa appeared in person before the Court of Appeal to observe the ongoing hearing regarding his writ petition. The petition seeks a court order to prevent his potential arrest and detention. • Judicial Bench & Hearing Status: The case was taken up before a two-judge bench comprising Court of Appeal President Justice Rohantha Abeysooriya and Justice Sarath Dissanayake. The resumption follows a previous four-day consecutive hearing session that concluded on 9 July. • Current Status: The Court of Appeal is continuing to hear further legal submissions from the involved parties. Further directives remain pending as proceedings continue.

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Financial & Investment News

📈 SEC & CSE Launch 'A Share for Everyone, A Unit for Everyone' Initiative in Monaragala & Batticaloa

• Initiative & Outreach: The Colombo Stock Exchange (CSE) and Securities and Exchange Commission (SEC) launched the "A Share for Everyone, A Unit for Everyone" initiative to expand capital market participation and awareness beyond the Western Province. • Forum Participation: Regional forums held in Monaragala (July 16) and Batticaloa (July 18) attracted over 500 participants. The first 400 attendees opening accounts were eligible for SEC/CSE-sponsored investment coupons to support equity investments and unit trusts. • Market & Sector Coverage: Sessions featured macroeconomic insights from Central Bank economists, alongside introductory guidance on stockbroking and the unit trust industry from leading financial firms. • Capital Market Performance: The drive comes amid a 6-year rally in Sri Lanka's capital market, with the All-Share Price Index (ASPI) surging 360% from 4,846 points in May 2020 to 22,310.80 points by end-May 2026—representing a Compound Annual Growth Rate (CAGR) of ~28.98%.

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📈 Mercantile Investments Raises Rs. 1.1 Bn via Oversubscribed Rights Issue

• Financial Services & Capital: Mercantile Investments & Finance PLC (MI Finance) has successfully raised Rs. 1.1 billion in new capital through a fully oversubscribed Rights Issue. • Capital Base & Growth: The capital infusion significantly strengthens the company's regulatory capital position, enhances financial flexibility, and expands its capacity for future growth within Sri Lanka's financial services sector. • Management Perspective: Managing Director Gerard Ondaatjie noted that the strong shareholder response reflects firm confidence in the company's long-term vision and strategy to drive sustainable value. • Key Partners: First Capital Advisory Services Ltd. managed the issue, with SSP Corporate Services Ltd. acting as the registrar.

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📈 SEC & CSE to Host Regional Investor Forums in Monaragala & Batticaloa

The Colombo Stock Exchange (CSE) and Securities and Exchange Commission of Sri Lanka (SEC) are hosting free investor forums to boost financial literacy and broaden domestic investor participation. • Monaragala Forum: 16 July, 11:00 a.m. – 1:00 p.m. at Silanrich Hotel (conducted in Sinhala). • Batticaloa Forum: 18 July, 3:00 p.m. – 5:00 p.m. at FG Golden River Hotel (conducted in Tamil). • On-Site Account Opening: Representatives from stockbroker and unit trust firms will facilitate immediate account opening. The first 200 participants opening an account at each venue will receive a promotional investment coupon from the SEC and CSE. • Strong Market Momentum: The outreach follows robust growth in Sri Lanka's capital market, with the All-Share Price Index (ASPI) climbing from 4,846 points in May 2020 to 22,310.80 points in May 2026—a 360% overall increase and a CAGR of ~28.98%, while capital gains remain tax-free.

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📈 TWC Capital Secures US$ 28 Mn IFC Funding for Sri Lanka’s Energy & Agribusiness

TWC Capital Ltd. has successfully advised on up to US$ 28 million in long-term development financing from the International Finance Corporation (IFC) across two critical Sri Lankan sectors. This brings TWC's total offshore finance and FDI mobilization for the country to approximately US$ 125 million over the past 12 months. • Overall Funding Breakdown: • Total IFC Investment: Up to US$ 28 Mn. • Renewable Energy Sector: Up to US$ 18 Mn. • Agribusiness Sector: US$ 10 Mn. • Sector Impact & Project Outcomes: • Renewable Energy: The US$ 18 Mn local currency facility granted to WindForce PLC supports Sri Lanka’s first utility-scale 100 MW solar power project. It is projected to generate roughly 220 GWh of clean electricity annually, boosting national energy security and lowering long-term power costs. • Agribusiness: The US$ 10 Mn investment (including GAFSP support) awarded to New Anthoney’s Farms Group will expand the country’s only fully antibiotic-free poultry operation. The funding aims to boost export capacity, secure national food supplies, benefit 200 contract farming households, and create over 900 new jobs to support rural livelihoods.

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Industry & Sector News --- To see highlights from the opening of this journalism summit, you can watch the coverage of the ['SLIM Media Fest 2026' grand start](https://www.youtube.com/watch?v=mt_4HWlX9OE).

📈 SLIMFA MediaFest 2026: Call for Trust-First Journalism as AI Reshapes News

Top media leaders and government officials from Sri Lanka and India gathered at MediaFest 2026 in Colombo to address technological disruption, AI integration, and the critical need to preserve public trust amid rising misinformation. • Core Themes & Collaboration: Themed "Staying Relevant in a Changing World," the event urged newsrooms to adapt to digital shifts without sacrificing editorial discipline. Indian High Commissioner Santosh Jha called for stronger bilateral media collaboration, promising continued support for journalist exchanges, newsroom visits, and institutional partnerships to counter false narratives. • Key Leadership Insights: Mass Media Minister Dr. Nalinda Jayatissa stated that AI should be leveraged to strengthen investigation and verification rather than replace editorial judgment, emphasizing that governments must safeguard independent journalism. ANI Chief Editor Smita Prakash warned that AI makes deception faster and cheaper, asserting that verification is now as vital as reporting and urging professionals to "trust, but verify." India Today Managing Editor Marya Shakil advised newsrooms to adopt the speed of digital creators while strictly retaining newsroom discipline. • Institutional Impact: Organized by the Sri Lanka–India Media Friendship Association (SLIMFA), President Nisthar Cassim highlighted the body's rapid evolution since 2024 into a premier platform fostering professional dialogue, masterclasses, and knowledge-sharing between the two nations' media ecosystems.

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