A Special Coordination Committee meeting for the Badulla District was held this afternoon (13) at the Badulla Library Auditorium under the patronage of President Anura Kumara Dissanayake to review the progress of measures taken to restore normalcy to the lives of people affected by the cyclone “Ditwah” and to develop infrastructure in the district.

As a result of the disaster situation, 90,667 individuals belonging to 26,517 families in the Badulla District were affected. A total of 77 estate houses and 507 rural houses suffered complete damage. In addition, 1,376 estate houses and 1,474 rural houses have been identified as high-risk dwellings, according to the President’s Media Division. 

Accordingly, the total number of families that need to be resettled in the Badulla District is 3,434, the statement said. 

During the meeting, the President inquired separately at the divisional secretariat level about the resettlement process and the issues that had arisen.

Special attention was also given to the speedy release of state lands currently occupied by private companies, which have been proposed for resettlement purposes. 

The President instructed officials to commence housing construction work immediately after reaching an agreement among the relevant institutions regarding the release of these lands, the statement said.

He further emphasized the need to expedite the resettlement process and stated that authorities should move beyond reports and plans and ensure that people who lost their homes gain confidence and hope in owning a new house.

The President also instructed that people who are hesitant about relocating to different lands should be given time until June 15 to make a decision.

He separately reviewed the progress of compensation payments to affected people in the Badulla District, including compensation for loss of livelihoods, compensation for small and medium-scale business establishments, housing rental assistance and compensation for loss of life.

Attention was also drawn to the process of removing sand and rocks deposited on paddy fields and agricultural lands due to the disaster. 

It was decided to provide an allowance of Rs. 25,000 per acre for this purpose and to implement the programme with the support of farmer organizations, PMD said.

Special focus was also given to the development of roads in the Badulla District damaged by the disaster. The President instructed that work on all 21 affected roads under the Road Development Authority be completed within this year.

The President also inquired about the programme being carried out for provincial road development and the required allocations and instructed officials to prepare and submit estimates for the necessary funding for all those roads.

He further instructed officials not to consider financial constraints as an obstacle in restoring normal life for those affected by the disaster. 

President Dissanayake stated that the district should recover from the destruction caused by the cyclone within this year and be prepared to restart the Badulla District development programme from next year onward, it added.

Also attending the meeting were Badulla District Coordination Committee Chairman and Minister of Plantation and Community Infrastructure, Samantha Vidyarathna; Co-Chairman and Uva Province Governor, Attorney-at-Law Kapila Jayasekara; Deputy Minister of Tourism, Ruwan Ranasinghe; Deputy Minister of Youth Affairs, Dinidu Saman Hennayake; Members of Parliament Kitnan Selvaraj and Ravindra Bandara; the Mayors of Badulla and Bandarawela Municipal Councils; Chairpersons of Local Councils; public representatives; the Chief Secretary of the Uva Province; the District Secretary; government officials of the Badulla District; Heads of relevant Departments; and representatives of the security forces.

–PMD–

India’s primary market boom has run into a reality check this financial year, with two out of every three IPOs in FY26 now trading below their issue price, highlighting a dramatic shift in investor sentiment amid volatile market conditions.

Data for IPOs listed during the year shows that about 66% of companies are currently trading below their issue price, meaning investors have lost money in roughly two out of every three listings. As many as 15 IPOs that hit the market in the last one-year period are trading 50% below their respective offer prices. Glottis, VMS TMT, Mangal Electrical, Jinkushal Industries and Shree Ram Twistex were among the major losers, eroding value by up to 70%.

The trend marks a sharp reversal from the euphoria seen in recent years, when IPOs routinely delivered strong listing gains and sustained post-listing returns.

The shift reflects a broader reset in market dynamics. Equity markets have come under pressure over the past one and a half years, with the broader midcap and smallcap segments witnessing even sharper declines. Most of the IPOs hitting the market were concentrated in these segments, making them more vulnerable to risk-off sentiment.

In such an environment, investor behaviour has changed decisively. Where IPOs were once seen as quick-return opportunities, they are now being approached with far greater caution. Analysts say investors are increasingly unwilling to chase new listings, especially when valuations appear demanding against a weakening market backdrop.

The macro environment has also turned less supportive. Heightened geopolitical tensions, particularly in West Asia, have added to volatility across asset classes this year. Rising crude oil prices and a weakening rupee have further complicated the outlook, creating uncertainty around inflation, growth and capital flows.

These factors have had a direct impact on primary market performance. When uncertainty rises, investors shift away from riskier bets such as IPOs and instead allocate capital to established companies trading at more attractive valuations in the secondary market.Valuation remains a central concern. Several companies that came to market during the year were seen as priced on the aggressive side. In a rising market, such pricing can be absorbed by liquidity and optimism. In a correcting market, it becomes a key reason for underperformance.

The experience of recent listings reflects this clearly. Companies that debuted with strong subscription numbers and even positive listing gains have struggled to hold those levels, with many now trading significantly below their issue price. In several cases, the erosion has been steep, indicating that initial demand did not translate into sustained investor confidence.

Subscription trends also point to a cooling of enthusiasm. Unlike the IPO boom period, when issues were oversubscribed multiple times across categories, recent offerings have seen more moderate participation. In some cases, demand has been barely above subscription thresholds.

The grey market, often seen as a barometer of listing expectations, has also reflected this change. Premiums have either narrowed or turned negative for many recent IPOs, indicating muted expectations even before listing. This contrasts with earlier phases when strong grey market signals often translated into robust listing gains.

Analysts view the current phase as a correction rather than a structural breakdown. The IPO market had seen a period of excess liquidity and optimism, allowing companies to command premium valuations and investors to chase returns aggressively. The current underperformance is, in part, a normalisation of that cycle.

Khushi Mistry of Bonanza Portfolio said the slowdown is tied to weakening risk appetite. Investors, she said, are increasingly focused on averaging down existing holdings rather than committing fresh capital to new listings, and activity may remain subdued until broader markets stabilise.

Analysts also point to a supply-side adjustment. Companies are becoming more cautious about launching IPOs in the current environment, aware that weak sentiment could lead to poor reception and pricing pressure. This has led to a more measured pipeline despite underlying fundraising needs.

Uday Patil of PL Capital Markets said the hesitation among issuers reflects current market conditions rather than a deeper structural issue. Volatility in secondary markets and valuation concerns have dampened demand, making companies wary of timing their offerings.

Investment bankers maintain that the pipeline remains intact. Bhavesh Shah of Equirus Capital said the slowdown is largely sentiment-driven, suggesting that activity could revive once market conditions improve and investor confidence returns.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

The People’s Republic of China has donated a consignment of disaster relief equipment worth over Rs. 400 million to Sri Lanka at a formal handover ceremony held today (August 5) at the Disaster Management Division in Colombo. 

Chinese Ambassador Qi Zhenhong officially handed over the humanitarian aid to Defence Secretary Air Vice Marshal (Retd) Sampatha Thuyacontha at the ceremony held this morning. 

The Defence Secretary, speaking at the ceremony, expressed deep appreciation for China’s continued support to Sri Lanka, the Ministry of Defence said in a statement.

The donation comes at a critical time as Sri Lanka continues to face frequent natural disasters, particularly floods worsened by climate change, he said. He noted that the equipment will be managed by the National Disaster Relief Services Centre and distributed through district administrations to ensure timely assistance for affected communities. 

Highlighting the strong bonds between the two nations emphasized that this gesture reflects China’s unwavering solidarity with Sri Lanka in times of need, the statement said.

This substantial consignment of disaster relief equipment, valued at 10 million Yuan, includes foldable beds, portable sanitary facilities, mattresses, kitchen sets, gas burners, tents, Amano sheets, bedding, boats, life jackets, flood control units, water pumps, and other essential supplies. 

China has previously extended financial assistance to support disaster management activities in Sri Lanka. This latest donation further underscores the enduring partnership between the two nations in humanitarian support and emergency preparedness, reflecting China’s continued commitment to strengthening Sri Lanka’s disaster management capabilities, it further added.

Additional Secretary of the Disaster Management Division, Mr. K.G. Dharmathilake; Director General of the Disaster Management Division, Major General Sampath Kotuwegoda; Director General (Planning), Mr. W.S.S. Mangala; and Director of the Ministry of Foreign Affairs, Foreign Employment and Tourism, Mr. D. Amanulla,Senior Assistant Secretary of the Disaster Management Division, Mr. Namal Liyanage attended the ceremony. 

They were joined by officials from the Chinese Embassy, including Counsellor Ms. Tang Yandi and Attaché Mr. Shi Zhen.

Jeff Park, Head of Alpha Strategies at Bitwise Asset Management, has gone on record to suggest that recent developments at the gold market might trigger a mass exodus to Bitcoin. Notably, the Bank of England is under scrutiny for extended delivery times on physical gold, fueling renewed debate about the reliability of gold-backed assets. As a reaction, Park writes via X:

“I’m counting down the days until a logistical disaster (or outright fraud) in the physical delivery of these assets shatters the faith of even the most devout gold believers, driving them straight into Bitcoin’s arms,” Park wrote via X.

Bitcoin Over Gold

Park’s statement comes amid reports that the Bank of England, which purportedly holds around 5,000 metric tonnes of gold, has delayed deliveries from what used to be a few days to four-to-eight weeks. According to a source familiar with the matter, “The wait to withdraw bullion stored in the Bank of England’s vaults has risen from a few days to between four and eight weeks,” indicating that the central bank is “struggling to keep up with demand.”

Market observers attribute these delays to an unprecedented surge in transatlantic shipments and rising gold inventories in the United States. “People can’t get their hands on gold because so much has been shipped to New York, and the rest is stuck in the queue,” an industry executive told reporters. The central bank’s backlog has coincided with growing stockpiles on the Comex commodity exchange in New York, which has seen its gold inventory rise nearly 75%—from 533 metric tonnes to 926 metric tonnes—since November’s US election.

Park further underscored the industry’s history of logistical and fraud incidents by pointing to two notable scandals. He first mentioned the Qingdao Metal Scandal. “Here’s the hilarious story called the Qingdao Metal Scandal,” Park wrote. He recounted how traders in China reportedly used the same stockpiles of copper, aluminum, and nickel as collateral multiple times, only for it to be revealed that much of the actual metal was missing.

Park highlighted another recent case with the London Metal Exchange (LME) Nickel Fiasco. “The LME found out that some of their nickel went missing! Instead of bags of the registered metals, bags of stones arrived. Even more shocking is that this is not LME’s first nickel fraud.”

More recently, Park referenced reports that global commodities giant Trafigura discovered a shortfall of $500 million worth of fuel in Mongolia. “I already posted about this, but worth refreshing that Trafigura lost $500mm of fuel in Mongolia three months ago,” Park wrote.

Such episodes, according to Park, illustrate the vulnerability of physical commodity markets. “You can take the ‘physical’ fuel out of Mongolia,” Park added, “but you can’t take spiritual fuel of Genghis Khan out of Mongolia.”

Advocates of digital assets like Park argue that Bitcoin, often touted as a ‘hardest’’ asset on earth, sidesteps the logistical complexities that plague the physical commodities sector. Yet, paradoxically, it still faces hurdles when it comes to regulatory acceptance and ETF structures.

“Meanwhile, the hardest asset on Earth [Bitcoin] can’t even be contributed in-kind to its own beloved Bitcoin ETFs, despite having near-zero logistics costs. But sure, let’s keep pretending this system makes sense,” Park remarked.

He went on to suggest that current regulatory frameworks remain a major obstacle: “Part of why people are so worried about ‘regulation’ in crypto is because they keep putting the securities lens on the asset that doesn’t actually work. Once you put the commodities lens on as the starting point, the world all of a sudden starts to make a LOT more sense.”

While the Bank of England has not issued a formal statement on the prolonged delivery times, observers see this as another potential wedge moment for traditional gold investors. If the backlogs persist, it could stoke further skepticism about the reliability of physical gold markets. Park and others in the crypto industry see this as a turning point that may pivot attention—and capital—toward Bitcoin, which does not need physical shipments or third-party vaults.

At press time, BTC traded at $95,961.

Featured image created with DALL.E, chart from TradingView.com

That was one of many questions top Democratic donors have posed to campaign staffers in recent days, according to Reuters. Since President Joe Biden’s widely derided debate performance last week, anxiety has swelled among the donor class over his ability to defeat former President Donald Trump in a tight race. 

Senior campaign officials quickly organized calls with donors on Sunday and Monday to quell their concerns, NBC reported. One of these calls grew tense when a donor asked about the possible refund. 

Biden campaign manager Julie Chavez Rodriguez replied that Biden plans to keep running, according to NBC. When pressed further, she said the campaign war chest – about $91 million – would go to Vice President Kamala Harris if the president dropped out.

During a Monday call with about 500 members of the National Finance Committee, Chris Korge, the committee’s finance chair, implored donors to just “breathe through the nose for a minute.” Though Biden’s campaign chair, Jennifer O’Malley Dillon, conceded on the call that Thursday’s debate was rough for the president, she emphasized its relatively low impact on voters’ confidence. A Five-Thirty-Eight and Ipsos poll found that while voters criticized Biden’s performance, the debate barely dented support among his core constituencies. 

‘Ridiculous manipulation and denial’

Jeffrey Sonnenfeld, dubbed by some the “CEO whisperer,” was one of the business leaders on Monday’s call. He told Fortune he was “discouraged and insulted” by the call, which he said resembled a pep rally filled with “platitudes.” There was no public chat function, and questions that were typed into the forum seemed to go nowhere, he said. Within 15 minutes, 50 business leaders dropped from the call; 40 minutes in, 100 had left, feeling “disgusted” by the Biden campaign’s unwillingness to directly address the debate, Sonnenfeld added.

“It was ridiculous manipulation and denial,” Sonnenfeld told Fortune, adding that he still plans to vote for Biden. Among business leadership, faith in Biden’s campaign has been severely damaged, and there is now increasing pressure for an open convention that would allow another person to become the party’s presidential nominee, Sonnenfeld added. If there is no radical change this week, he believes tensions will begin boiling over among donors.

Privately, Democratic financiers have been ceaselessly Signal messaging and conference calling with their networks, wondering if their investments will be wasted, the New York Times reported. One Silicon Valley donor canceled an intimate fundraiser due to the debate, while another told NBC that if Biden stays in the race, they will redirect their money to outside get-out-the-vote groups.

“I won’t sit on the sidelines, but it’s hard and getting a lot harder to donate directly to the campaign given their judgment,” the donor said, calling the devotion to Biden “Trumpian.”

Other donors have stood by Biden. Craig Kaplan, a prominent Democratic fundraiser in New York, told Fortune that while donors initially panicked over Biden’s performance, they are now understanding that “it’s not October.” With several months to go until the election, Biden has ample opportunity to prove that he is the Democrats’ best option, Kaplan said. Plus, a perceived weakness at the presidential level heightens the importance of down-ballot races, he said, explaining that, if Trump were to win, a Democratic House could prevent the worst of Trump’s policies. 

“I think some of the donors think [Biden’s chance at winning] is gone, but when you have the conversation with them about the heightened importance of the other races, the panic recedes,” Kaplan said. 

He also added that Biden doesn’t necessarily need the donors: he has enough money already. And, as a working-class kid who grew up with “no silver spoon,” Biden isn’t the type to be easily influenced by wealthy donors, Kaplan claimed. 

While Biden entered the race with a sizable cash lead over his opponent, Trump has out-raised Biden to date ($232 million to $212 million, according to OpenSecrets). Money is an important predictor of a campaign’s power, but as Trump’s surprise election in 2016 showed, the best-funded campaign doesn’t always win. 

Representatives from the Biden campaign did not immediately respond to Fortune’s request for comment.

‘Boosting their old man’

Still, some donors have taken it upon themselves to comfort their Democratic peers.

Dmitri Mehlhorn, a Democratic strategist and fundraiser who works closely with LinkedIn co-founder Reid Hoffman, told Fortune that the two were still supportive of Joe Biden.

“There have been many times in the last eight years when we have disagreed with the consensus of other Democratic donors,” Mehlhorn said. “And this is one of those times. Joe Biden is still—for all of his faults—the most likely person to defeat Donald Trump in the fall.”

Hoffman, who has been called the Silicon Valley Democrats’ leader, wrote in an email to friends that “Joe Biden is our nominee; period,” according to CNN. He said it would be a mistake to pressure Biden to step down since it might harden the president’s resolve to prove himself by staying in the race. 

He also contrasted the Democrats’ current panic with Republicans’ increasing support of Trump, even when he was convicted of 34 felony counts during May’s hush money trial. 

“They ruthlessly and immediately closed ranks,” Hoffman wrote, “because they understand that at this stage of the race, they must spend every minute and dime either boosting their old man, or tearing down ours.”

Much of the concern over replacing Biden stems from fears that it’s too late—and too risky—to support a candidate untested on the national stage. Plus, Biden, as an incumbent, could have a better chance of appealing to voters who seek stability. Others believe that Biden is fine, and just had one bad night. 

Another Democratic donor, Michael Kempner, could be placed into that last camp. In a recent Instagram post, he signaled his support for the president. 

“I just saw President Biden. Relax every one, he was on his game,” the Kempner posted on Instagram following an event in the Hamptons hosted by the hedge fund mogul Barry Rosenstein. 

Rosenstein told CNN that the event was a success and part of a two-day campaign swing through New York that brought in more than $27 million. However, CNN reported that the environment during one of the events—a gala Friday night headlined by Elton John—was strained. 

“The vibe in the room was completely bizarre,” a Democratic strategist who attended the event told CNN. “You’re having fun and the drinks are flowing, and Elton John was there — but you’re waiting for the gaffe, you’re waiting for the slip — magnified by the terror of the night before.”

Yet another donor in that room, Charles Myers, told CNN that the negative narrative was false. 

“Yes, donors were nervous after the very bad debate performance,” Myers said, “but still very much on board and some want to do more.” 

Sonnenfeld agrees, telling Fortune of a conversation he had with a CEO of a prominent finance company. “I’ll vote for Joe Biden as long as he has a pulse,” the CEO said, according to Sonnenfeld. “And maybe if he doesn’t.”