Business
Share market recovers in mid-session subsequent to starting on negative note
By Hiran H.Senewiratne
CSE activities kicked off on a negative note yesterday due to the previous day’s profit-takings and rumours over possible tax increases in the budget proposals to be presented shortly in Parliament. However, during the middle of the session the market recovered, stock market analysts said.
The market reflected mixed reactions. The All- Share Price Index declined by 34.69 points (0.39 per cent) to end at 8793.39 and S and P SL20 gained 5.66 points (0.20 per cent) to end the day at 2871.89. Turnover stood at Rs 2.28 billion with three crossings. Those crossings were reported in Expolanka Holdings, where one million shares crossed to the tune of Rs 215 million; its shares traded at Rs 215, Citizens Developments Business and Finance 525,000 shares crossed to the tune of Rs 105 million, its shares traded at Rs 200 and JKH 500,000 shares crossed for Rs 61 million; its shares fetched Rs 122.
In the retail market, top seven companies that mainly contributed to the turnover were, Expolanka Holdings Rs 359 million (1.6 million shares traded), Lanka IOC Rs 310 million (1.8 million shares traded), Hayleys Rs 93.4 million (963,000 shares traded), Lankem Development R82. 7million (2.5 million shares traded), Browns Investments Rs 59.2 million (7.7 million shares traded), LOLC Finance Rs 49.2 million (6.4 million shares traded) and TJLanka Rs 45.2 million (1.1 million shares traded). During the day 73 million share volumes changed hands in 24000 transactions.
Business
White House blocks Microsoft from foreign worker hiring programme
Microsoft and several other technology firms have been barred by the White House from hiring skilled international workers on a permanent basis through a widely used visa programme.
US Vice-President JD Vance on Thursday accused Microsoft alongside other firms of committing fraud through the use of the H-1B visa programme and a related process for workers from abroad to become permanent US residents.
Vance claimed that Microsoft, one of the most valuable companies in the US, has been effectively replacing American workers with “foreign indentured servants.”
Microsoft said most of the H-1B visas filed over the last financial year were for existing workers, who are paid the same as local staff.
“No company in the US has abused this system more than Microsoft,” Vance said.
He also made similar accusations about Adobe, Cognizant, Infosys, Tata, Wipro, HCL and Capgemini.
The US government will not process any new or pending Permanent Labor Certification Program (PERM) applications from Microsoft or the seven other companies, Secretary of Labor Keith Sonderling said during the same conference.
Sonderling said companies like Microsoft, as well as US universities, have turned into “visa mills” that were “flooding” the US with foreign workers.
The BBC has contacted all of the companies for comment.
The total number of H-1B visas, a precursor to anyone seeking to go through the PERM process, is capped at 85,000 per year.
A spokeswoman for Microsoft noted to the BBC that “the vast majority of Microsoft employees in the United States are Americans.” The company employs more than 200,000 people worldwide.
Business
ComBank unites stakeholders to prepare agri sector for El Niño
In response to emerging climate risks, the Commercial Bank of Ceylon has launched a proactive initiative through its Development Credit Department, to equip Sri Lanka’s agricultural sector against the potential impacts of the 2026 El Niño climate pattern.
Seeking to move the industry from reactive loss management to early climate preparedness, the Bank partnered with leading state universities to execute a two-part educational and technological intervention in September 2026.
The initiative comes at a critical juncture. Sri Lanka’s Department of Meteorology reported an 80% probability of El Niño conditions emerging between June and August 2026, with effects expected to persist through November and beyond. As highlighted by the Food and Agriculture Organization (FAO), El Niño acts as a risk multiplier for rural livelihoods, food production, and water supply.
To mitigate these threats, the Bank’s initiative creates a collaborative network uniting academic institutions, agricultural extension services, technology providers, farming communities, and the financial sector. The awareness programme on El-Niño and its impact on agriculture was supported by 12 Commercial Bank branches, and engaged with more than 1,100 farmers at 15 diverse locations, including Vattapalai, Muththajankaddu, Palampas, Oddusuddan, Siyambalanduwa, Lindula, Neluwa, Kalawana, Pannala, Madampe, Mannar, Vavuniya and Kumalamunai.
Business
SLIC Life marks World Children’s Day with Rs. 1M free cover for newborns
In celebration of World Children’s Day 2026, Sri Lanka Insurance Life (SLIC Life) is providing a free Rs. 1 million life insurance cover to the parents of every child born across Sri Lanka on October 1, 2026. Implemented island-wide across hospitals, this initiative marks the fifth consecutive year of the program, which was first launched in 2022 under SLIC Life’s Corporate Social Responsibility (CSR) umbrella.
The initiative aims to offer financial protection while raising awareness about the vital importance of long-term financial planning right from a child’s birth. SLIC Life CEO Dr. Sameera Dharmasena emphasized that protection should begin at the start of a family’s journey, highlighting the company’s ongoing commitment to safeguarding families against life’s uncertainties and contributing to a secure future for the next generation.
Alongside this program, SLIC Life continues to support child welfare and education through other long-standing CSR initiatives:
Pasal Piriyatha Surakimu (since 2007 has upgraded infrastructure and facilities for over 3,365 underprivileged schools, with its 2026 edition scheduled for November.
Suba Pathum Scholarship Programme (since 2014): Has awarded 2,425 scholarships worth Rs. 265 million to high-achieving children of policyholders.
Through these combined efforts, SLIC Life underscores its dedication to building stronger, more resilient families and communities across the country.
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