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Woman Dies After Alleged Assault by Partner in Angulana

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Woman Dies After Alleged Assault by Partner in Angulana

A 24-year-old woman has died after allegedly being assaulted by her extramarital partner following a dispute, police said.

The incident took place at the Sayurapura apartment complex in Angulana yesterday afternoon (27). The victim, a resident of Kuda Waskaduwa in Wadduwa, reportedly sustained fatal injuries during the assault.

According to police, preliminary investigations suggest that an argument between the woman and the suspect escalated, leading to the fatal incident.

Further investigations are currently underway to apprehend the suspect and determine the exact circumstances surrounding the death, police said.

CBSL Keeps Overnight Policy Rate Unchanged at 7.75%

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CBSL Keeps Overnight Policy Rate Unchanged at 7.75%

The Central Bank of Sri Lanka (CBSL) has decided to maintain the Overnight Policy Rate (OPR) at 7.75%, following its Monetary Policy Board meeting held yesterday (27).

The CBSL said the decision was taken after carefully assessing domestic economic developments and prevailing global uncertainties. The Board believes the current monetary policy stance will help guide inflation towards its medium-term target of 5%.

Inflation, as measured by the Colombo Consumer Price Index (CCPI), remained unchanged at 2.1% in December 2025. However, food prices recorded an increase compared to November, mainly due to supply chain disruptions caused by Cyclone Ditwah and higher seasonal demand during the festive period.

The Central Bank projects that inflation will gradually accelerate and move closer to the 5% target by the second half of 2026. Core inflation, which excludes volatile food, energy and transport prices, has also shown an upward trend in recent months and is expected to rise further as economic demand strengthens.

Meanwhile, the economy recorded a growth of 5.0% during the first nine months of 2025. Although Cyclone Ditwah affected economic activity in late 2025, early indicators suggest improved resilience. The CBSL also noted continued expansion in private sector credit disbursed by commercial banks and other financial institutions.

The Monetary Policy Board reiterated that it stands ready to take appropriate policy action to ensure inflation remains stable around the target while supporting the economy to achieve its full potential.

Case Against Former President Ranil Wickremesinghe to Be Taken Up Again Today

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Case Against Former President Ranil Wickremesinghe to Be Taken Up Again Today

The case filed against former President Ranil Wickremesinghe under the Public Property Act is scheduled to be taken up again today (28) at the Colombo Fort Magistrate’s Court.

The case relates to allegations that the former President misused government funds to travel to London while serving as Head of State, in order to attend a ceremony honouring his wife, Professor Maithree Wickremesinghe, at a British university.

Wickremesinghe was arrested on August 22, 2025, after appearing before the Criminal Investigation Department (CID) to record a statement. He was later produced before the Colombo Fort Magistrate’s Court and remanded until August 26.

Subsequently, after considering medical reports submitted on behalf of the former President, Colombo Fort Magistrate Nilupuli Lankapura ordered his release on three surety bails of Rs. 5 million each and fixed a new date for further proceedings in the case.

WEATHER FORECAST FOR 28 JANUARY 2026

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WEATHER FORECAST FOR 28 JANUARY 2026

Mainly dry weather will prevail in the most parts of the island.

Fairly strong winds of about (30-40) kmph can be expected at times over Eastern slopes of the central hills, Northern, North-central, North-western, Eastern and Uva provinces and in Hambantota district.

Misty conditions can be expected at some places in Western, Sabaragamuwa, Central and North-western provinces and in Galle, Matara and Anuradhapura districts during the early hours of the morning.

LB Finance Delivers Robust Nine-Month Performance on Strong Fundamentals

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LB Finance Delivers Robust Nine-Month Performance on Strong Fundamentals

By:Staff Writer

January 27, Colombo (LNW): LB Finance PLC has posted an impressive financial performance for the nine months ended 31 December 2025, demonstrating resilient growth, solid asset quality and strong capital buffers amid a gradually improving economic environment.

The company reported a 24% year-on-year rise in Profit after Tax to Rs. 8.93 billion, driven by sustained income growth, prudent cost control and disciplined risk management. On a consolidated basis, Group PAT stood at Rs. 9.04 billion, while total Group assets exceeded Rs. 369 billion, reflecting increasing contributions from subsidiaries.

Total assets of the company grew to Rs. 349.4 billion, supported by steady expansion across core lending and deposit-taking operations. Income rose 23% year-on-year to Rs. 42.57 billion, while Total Operating Income increased 24% to Rs. 27.18 billion, translating into a 25% increase in Profit before Tax to Rs. 14.39 billion.

Shareholder returns strengthened further during the period. Earnings per Share improved to Rs. 16.12, compared to Rs. 12.95 a year earlier, while Net Asset Value per share increased to Rs. 104.45. Profitability ratios remained healthy, with annualised ROE at 21.82% and ROA at 4.03%, underscoring the company’s ability to grow profitably without compromising balance sheet strength.

Public confidence in LB Finance remained evident, as customer deposits climbed to Rs. 158.33 billion, while loans and receivables expanded to Rs. 282.25 billion. Growth outpaced broader industry trends, supported by strong demand across key customer segments and sound credit underwriting standards.

The company further diversified its funding base by securing foreign funding lines, benefiting from improving macroeconomic conditions and renewed investor confidence. Capital adequacy remained well above regulatory thresholds, with the Capital Funds to Total Deposit Liabilities Ratio at 36.55%, significantly higher than the statutory minimum. Liquidity levels also stayed comfortable, with available liquid assets of Rs. 31.65 billion.

Asset quality indicators improved despite portfolio expansion. The gross NPL ratio declined to 1.46%, while provision coverage stood at nearly 190%, resulting in a negative net NPL ratio. Cost efficiency gains, supported by digital adoption, kept the cost-to-income ratio at 30%.

During the period, LB Finance acquired a controlling stake in Associated Motor Finance Company PLC, strengthening its presence in vehicle financing. Continued investments in digital platforms such as LB CIM enhanced customer engagement, AI-driven credit assessments and operational efficiency, particularly for SMEs and micro-entrepreneurs.

Suburban Land Boom Reshapes Sri Lanka’s Property Economy

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Suburban Land Boom Reshapes Sri Lanka’s Property Economy

By:Staff Writer

January 27, Colombo (LNW): Sri Lanka’s land market continued its upward trajectory in 2025, signalling renewed confidence in real assets despite broader economic uncertainties. The latest updated Land Price Index (LPI) published by LankaPropertyWeb (LPW) shows that suburban and peri-urban areas—rather than central Colombo are now driving both transaction volumes and price appreciation, with clear spillover effects on construction, household wealth, and regional development.

According to the index, average land prices in Colombo’s prime city limits (Colombo 1–15) rose by a modest 4% year-on-year to Rs. 12 million per perch. In contrast, Colombo’s suburban belt recorded a stronger 8% increase, averaging Rs. 2.3 million per perch, underlining a decisive shift in buyer preference toward affordability and expansion potential.

The trend is even more pronounced across the wider Western Province. Gampaha District posted a 15% increase in average land prices to Rs. 769,097 per perch, while Kalutara recorded a 10% rise to Rs. 486,396. These gains reflect sustained demand for residential land sales, driven by new housing projects, infrastructure upgrades, and improved connectivity.

Specific localities stand out. Yakkala and Homagama emerged as top performers, each recording 35% price growth in 2025. Negombo and Bandaragama followed closely, while areas such as Piliyandala, Kaduwela, Pannipitiya, Moratuwa, and Nugegoda posted gains exceeding 25%. These locations are increasingly seen as viable alternatives to central Colombo for both end-users and investors.

From an economic perspective, rising land prices support balance sheets across households and small developers, stimulating construction activity and related employment. However, the slower growth in core Colombo where some areas recorded minimal gains suggests that demand is becoming more selective, favouring value and livability over prestige.

Longer-term data reinforces this structural shift. Between 2020 and 2025, land prices in towns such as Ingiriya, Padukka, Ragama, and Dompe surged between 143% and 322%, far outpacing inflation and wage growth. These gains highlight the role of land as a hedge during economic stress while also raising affordability concerns for first-time buyers.

LPW notes that the momentum is rooted in accessibility and infrastructure-led development rather than speculative excess. Still, policymakers face a balancing act. Sustained land appreciation supports growth and local investment, but without parallel increases in income and housing supply, it risks widening inequality and urban sprawl pressures.

As Sri Lanka’s economic recovery stabilises, the land market is emerging as both a barometer of confidence and a driver of domestic investment particularly beyond Colombo’s traditional boundaries.

Colombo Port City Moves from Blueprint to Reality with First Private Capital

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Colombo Port City Moves from Blueprint to Reality with First Private Capital


By:Staff Writer

January 27, Colombo (LNW):  Colombo Port City, Sri Lanka’s most ambitious urban and investment experiment, has crossed a long-awaited execution threshold with the launch of its first residential construction project, signalling a shift from regulatory preparation to physical delivery. While the milestone reflects renewed private-sector confidence, it also places the spotlight on how much foreign direct investment (FDI) the project has truly mobilized and what remains at stake.

The groundbreaking of Bay One Residences Colombo marks the first large-scale residential development to enter construction within the 269-hectare reclaimed Special Economic Zone (SEZ). Developed by ICC Port City Ltd., a subsidiary of International Construction Consortium Ltd. (ICC), the $112 million project represents one of the earliest significant Sri Lankan private-sector investments inside Port City.

For years, Colombo Port City has been defined more by frameworks than foundations. Regulatory architecture, zoning rules, and institutional structures under the Colombo Port City Economic Commission were prioritised before private capital was invited in. The launch of Bay One suggests that this prolonged groundwork phase is now giving way to execution.

The project comprises 231 luxury apartments on a nearly 14,000-square-metre prime waterfront plot, targeting both domestic and international buyers seeking premium urban living within a globally positioned city district. ICC, with over four decades of experience in complex construction, is positioning the development as a “first-mover” opportunity in what is envisioned as a mixed-use financial and lifestyle hub.

Officials describe the milestone as evidence that Port City’s value proposition anchored on a rules-based regulatory regime and world-class infrastructure is beginning to translate into real investment decisions. CHEC Port City Colombo Managing Director Xiong Hongfeng described the commencement as the point where “confidence turns into on-the-ground execution,” underscoring the symbolic weight attached to the event.

However, the development also raises broader questions about the pace and composition of FDI inflows into Port City. While the project demonstrates domestic investor confidence, large-scale foreign capital particularly in financial services, regional headquarters, and export-oriented services has yet to materialise at the scale originally anticipated. The transition from land allocation and MoUs to construction and capital deployment remains uneven.

The presence of senior government officials and Port City regulators at the groundbreaking reflects the strategic importance of this phase. Yet the success of Port City will ultimately be judged not by ceremonial milestones, but by sustained project pipelines, diversified investors, and the city’s ability to compete regionally for mobile capital.

Bay One Residences may be the first structure to rise, but it also becomes a test case. Its progress will signal whether Colombo Port City can evolve from an ambitious concept into an investable, functioning urban economy capable of delivering long-term FDI, jobs, and fiscal returns.

Fragile Gains and the Cost of Complacency in Sri Lanka’s IMF Path

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Fragile Gains and the Cost of Complacency in Sri Lanka’s IMF Path

By:Staff Writer

January 27, Colombo (LNW): Sri Lanka’s post-crisis economic recovery has drawn international praise, but new warnings from the International Finance Corporation (IFC) suggest that complacency poses a growing risk to the country’s IMF-supported stabilisation programme. While macroeconomic indicators in 2025 show clear improvement over 2024, the underlying foundations remain fragile and vulnerable to policy slippage.

Speaking at an investor forum last week, IFC South Asia Manager for Country Advisory and Economics Gregory Smith cautioned that Sri Lanka’s “remarkable” turnaround since the 2022 sovereign default could unravel quickly if reform momentum weakens. He warned that as economic pain fades from public memory, difficult but necessary policy choices are increasingly being pushed to the backburner.

The contrast between early 2024 and 2025 highlights the scale of recovery. In January 2024, inflation had only recently fallen from crisis peaks of 60–70%, debt restructuring was incomplete, and investor sentiment remained clouded by political uncertainty. By comparison, 2025 has delivered 10 consecutive quarters of positive growth, largely between 4-5%, with GDP per capita rebounding from roughly $3,800 at end-2023 to around $4,800.

Tourism and worker remittances have been the primary drivers of this stabilisation. Tourist arrivals surged from about 500,000 in 2021 to approximately 2.3 million in 2025, while remittances rose from $6 billion in 2023 to around $8 billion last year. These inflows helped Sri Lanka record its first current account surplus in 2023, though renewed deficits since then reflect rising demand rather than renewed weakness.

Yet Smith flagged areas where IMF-linked discipline risks softening. Foreign Direct Investment remains below 1% of GDP unchanged from 2024 underscoring lingering investor concerns around policy credibility and ratings recovery. Fiscal consolidation has improved revenues from a crisis low of 8% of GDP to about 15.6%, but capital expenditure has been squeezed to just 2.1% of GDP, raising concerns about long-term growth capacity.

External buffers have strengthened, with reserves rising from $3.5 billion at end-2023 to $6.8 billion in 2025, while central bank net foreign assets have turned positive. However, debt servicing remains a structural weakness: interest payments still absorb around 7.5% of GDP, nearly half of government revenue.

Smith warned that any deviation from the IMF programme would be immediately punished through higher short-term borrowing costs, reversing hard-won gains. He stressed that Sri Lanka needs at least a decade of uninterrupted macroeconomic stability to escape its crisis legacy.

As memories of fuel queues and income losses fade, the IFC’s message is blunt: without sustained public and political commitment to reform, today’s recovery could become tomorrow’s relapse.

Opposition Leader Sajith Premadasa Holds Policy Talks with Former Singaporean Foreign Minister George Yeo During Study Visit

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Opposition Leader Sajith Premadasa Holds Policy Talks with Former Singaporean Foreign Minister George Yeo During Study Visit

January 27, Colombo (LNW): Opposition Leader Sajith Premadasa met former Singaporean Foreign Minister George Yeo today during an academic visit to Singapore centred on governance, economic change and public policy reform. The discussion took place at the Lee Kuan Yew School of Public Policy, where Premadasa is engaging with academics and policymakers as part of a broader study programme.

The conversation focused on how Singapore has navigated rapid global shifts in technology and the economy, particularly in areas such as artificial intelligence, automation and high-end manufacturing. Both sides pointed to the role of forward-looking leadership, robust institutions and data-driven decision-making in enabling the city-state to adapt successfully to change.

A key theme of the discussion was the importance of building durable systems rather than depending on individual leaders alone. Drawing on Singapore’s experience, Premadasa noted that Sri Lanka could benefit from placing greater emphasis on institutional strength as a foundation for long-term economic and social progress.

The two also reflected on Singapore’s ability to safeguard its national identity while pursuing a clear strategic vision in an increasingly uncertain global environment. Premadasa briefed Yeo on Sri Lanka’s recent economic and social difficulties, including the impact of repeated crises, and outlined the need to expand export markets, strengthen trade diplomacy and develop specialised capacity in managing international economic relations.

Mr Yeo, in response, expressed support for a reform-oriented approach in Sri Lanka, agreeing that inclusive and consultative policymaking could play a vital role in overcoming current challenges. He indicated his willingness to share insights from Singapore’s own journey in governance, economic restructuring, foreign policy planning and responding to technological disruption.

George Yeo served in Singapore’s Cabinet for more than 20 years, holding several senior portfolios including information, health, trade and industry, and foreign affairs, and is widely regarded internationally for his contributions to governance and strategic policymaking.

January Welfare Payments Under Aswesuma to Be Credited Tomorrow

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January Welfare Payments Under Aswesuma to Be Credited Tomorrow

January 27, Colombo (LNW): The Ministry of Finance has announced that January payments for beneficiaries of the Aswesuma social support scheme, along with the monthly allowance for senior citizens, will be credited to recipients’ bank accounts tomorrow (28).

Under the first phase of the programme, financial assistance totalling Rs. 11.23 billion will be distributed among more than 1.4 million eligible households. These funds will be transferred directly to beneficiaries’ accounts, continuing the government’s move towards streamlined, cashless disbursement.

In addition, the January allowance for elderly recipients covered under the first phase will be paid to over 618,000 beneficiaries, with an allocation of approximately Rs. 3 billion set aside for this purpose.

Payments under the second phase of Aswesuma will also be released at the same time, benefiting nearly 250,000 families. The Ministry said the corresponding senior citizen allowance for the second phase will be credited to the accounts of more than 68,000 eligible recipients.

Officials noted that the timely release of these funds is intended to provide consistent financial support to vulnerable groups and ensure continuity in welfare assistance at the start of the year.

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