An Echelon Media Company
Monday November 9th, 2026

Stopping Islamophobia: Reassure the public and restore law and order.


The senseless attacks on Easter Sunday shook the nation and sparked a wave of anti-Muslim hysteria that is in danger of going out of control. There is a tangled jumble of emotions and causes that need to be sifted through to understand the problem. The fears arise from

  1. The entirely unexpected nature of the attack (there being previously no Muslim-Christian animosity).
  2. The unknown nature of the threat. Since ISIS is involved apprehension that local Muslims are enmeshed in a shadowy, global terror network, with unknown objectives. Alarm that further attacks could take place – but for which no local causes or solutions can be found. Unlike the LTTE which had clear objectives and targets, there seem to be so many unknowns with this threat that people don’t know how to deal with it.
  3. Inability to distinguish between the terrorist and an ordinary Muslim. Anyone with a long beard or with their head covered is seen as an extremist and therefore either a terrorist or a potential terrorist. Although Tamils faced similar suspicions they were less visible; with the Muslim’s panicky people are seeing “terrorists” on every street corner.  

In addition, a lack of political leadership has lead to a breakdown in confidence in the government. There is the obvious bungling; failing to act on warnings that could have prevented the attacks. Then the absence of coherent, consistent and clear messages from the government that the situation is under control has left a vacuum which has become the perfect breeding ground for rumours and mischief.

Interested parties who seek to gain political advantage have cleverly exploited the situation by adding to the fears, spreading rumours of possible attacks, unfounded allegations against the Muslims and general messages of hate.   

Irresponsible and sensationalist media reports on discoveries of knives or swords reinforce these suspicions, never mind that these are hardly the weapons of choice for mass murder.  

The centre of the problem is therefore one of trust. People feel unable to trust the Muslim community who they view as a collective threat, neither can they trust the government to protect them from this threat.

These fears are completely unfounded but remain real in the popular imagination.

A vigil for the Easter Sunday victims was organized by Muslim civil society
Most Muslims are shocked and horrified by the Easter bombs

The Muslim community themselves have to deal with a different but equally complex set of emotions. The overwhelming majority of the Muslim community were as shocked and as horrified by the bombings as everyone else. Many are also filled with a lingering sense of guilt and shame that the terrorists came from their community.

The innocent also find it very hard to deal with the fact that they have come to be held responsible for something that they did not do and do not support. This complexity and the lack of government leadership has left the community uncertain of how to respond. They are also fearful, unable to trust the government to protect them or their property.

Naturally a tragedy on this scale will lead to a confused outpouring of passions. The government should be marshalling all these complex, sometimes conflicting emotions into one coherent response, drawing all citizens together against the common enemy.

In the absence, the mutual misunderstanding and fears are feeding into panicky response and counter-response that is breeding a spiral of mutual mistrust and hatred.

Much of Sri Lanka’s post-independence era has been marred by cyclical violence that has followed the classic pattern of escalation described by theorists.

“Conflicts have a definite tendency to escalate, i.e., to become more intense and hostile, and to develop more issues, i.e., what the parties say the conflict is about. Therefore, escalating conflicts become more difficult to manage. The process of escalation feeds on fear and defensiveness. Threat leads to counterthreat, usually with higher stakes at each go-round. Selective and distorted perception justifies a competitive and cautious approach as opposed to a trusting and cooperative one….

…competition breeds competition….Each party believes in the evil intentions of the other and the inevitability of disagreement, and therefore takes precautionary actions which signal mistrust and competitiveness (Blake, Shepard & Mouton, 1964). When the other party then responds with a counteraction, this is perceived as justifying the initial precautionary measure”(Dr Ronald Fisher)

Security Forces disperse a crowd in Hettipola/Faceebook.com
Firm leadership needed to restore law and order

Unless arrested forthwith, which demands firm leadership, we may be about to embark on yet another cycle. To prevent this, the first step is to reassure the public and second is to restore law and order.

Independent experts seem confident that the security forces have dismantled the IS network but the government needs to send a clear message that it has done so. This needs to come jointly from the government, the security establishment and supported by independent experts, since the government is short on credibility. People need to be reassured that there is no further immediate threat. It is only then that tensions can be defused.

Second, the public need to be able to draw the distinction between the few hundred terrorists who were involved (with a couple of thousand supporters at most) from the millions who have done nothing and don’t want to be involved with it.

The Government, the security establishment and the Muslim community need to be seen to be working together to identify and isolate the rogue elements within the community. The Muslim community leaders are already cooperating but the effort must be visible and consistent. It must be seen as a joint effort by all communities to counter rogue elements. The fight is, and needs to visibly between citizens and terrorists, not Sinhalese against Muslims. Given the tensions, in the short term avoiding the distinctions in dress (which the community leadership has endorsed) will be helpful.

The wider public needs to understand that the Muslims who follow the austere form of Islam are not any different from the evangelical Christians. Both place more emphasis on their respective holy books than the rituals and forms that characterise their mainstream cousins. Neither is inherently more dangerous than the other. It is just that the Muslim’s adopt a distinct style of dress that makes them easily identified. Fundamentalist churches have come under attack because they proselytize but their followers are indistinguishable from the rest of the population.  The fundamentalist Muslims look odd, but they are not necessarily dangerous.

Common sense alone should tell us this. In over a quarter of a century that this form of Islam has been prevalent, we had a single attack, carried out by a handful of individuals who seem to have been radicalised overseas.    

The Muslim community in needs to redouble efforts to send a clear message that want none of this. Cool heads need to bring community leaders together and work out practical programmes to rebuild trust.

There have been sporadic outbursts of violence in several areas. Reports of vigilantes who have taken it upon themselves to check identities and police localities point to breakdown in law and order that must be immediately arrested. A message of zero tolerance of vigilantism and mob rule must go forth. At the first sign of violence, curfews need to be swiftly imposed with riot police deployed if necessary. Police must be ordered to detain and if necessary, shoot anyone disturbing the peace.

In the long term, we need to bridge the social and cultural distance between the communities which must take place through education.

Sri Lanka rupee closes at 332.53/59 to US dollar spot, bond yields edge up

ECONOMYNEXT – Sri Lanka’s rupee closed at 332.53/59 to the US dollar spot on Monday, from 332.55/60 the previous day, while bond yields closed higher, dealers said.

A bond maturing on 15.09.2029 closed at 190/98 percent, up from 10.85/95 percent.

A bond maturing on 01.08.2030 closed at 11.07/12 percent, up from 11.05/10 percent.

A bond maturing on 01.02.2031 closed at 11.30/40 percent, up from 11.10/15 percent.

A bond maturing on 15.12.2032 closed at 11.65/70 percent, up from 11.55/65 percent.

A bond maturing on 01.11.2033 closed at 11.95/12.00 percent, up from 11.90/95 percent.

A bond maturing on 15.10.2034 closed at 12.10/15 percent, up from 12.05/12 percent.

A bond maturing on 15.08.2036 closed at 12.40/50 percent, up from 12.30/40 percent. (Colombo/Nov9/2026)

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Sri Lanka stocks close up 1.37-pct, banks lead turnover

ECONOMYNEXT – Sri Lanka’s Colombo Stock Exchange closed up on Monday, CSE data showed, with the benchmark All Share Price Index moving up 1.37 percent.

The ASPI was up 291.72 points at 21,531.37, while the more liquid S&P SL20 was up 1.67 percent, or 100.96 points, at 6,146.34.

Positive contributors to the ASPI were Commercial Bank of Ceylon (up 2.86 percent at 216.00 rupees), Hatton National Bank (up 1.52 percent at 399.75 rupees), Asiri Hospital Holdings (up 12.86 percent at 31.60 rupees), Tokyo Cement Company (up 5.22 percent at 84.70 rupees), and Access Engineering (up 3.93 percent at 81.90 rupees).

Carson Cumberbatch (down 4.24 percent at 712.00 rupees), Richard Pieris and Company (down 2.43 percent at 28.10 rupees), LOLC Holdings (down 0.62 percent at 400.00 rupees), Renuka Holdings (down 2.63 percent at 37.00 rupees), and Chevron Lubricants Lanka (down 0.61 percent at 204.25 rupees) were top negative contributors.

Market turnover was 3.33 billion rupees. The S&P/CSE Banks Industry Group led turnover with 667.76 million rupees.

The session saw heavy crossings, according to Raynal Wickremeratne, Head of Research and Strategy at NDB Securities. Significant crossings included Keells (23 million rupees), Distilleries Company (27.7 million rupees), Sunshine Holdings (30.6 million rupees), Commercial Bank (32.4 million rupees), Ceylon Tobacco Company (35.6 million rupees), Hatton National Bank (39.5 million rupees), Prime Lands (40.5 million rupees), and HAS Holdings (41.5 million rupees).

In corporate news, Hayleys Retail Holdings Ltd announced it has partnered with supply chain software provider Blue Yonder to build and scale an AI-native grocery supermarket chain across Sri Lanka. (Colombo/Nov09/2026)

 

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Sri Lanka’s Hayleys Retail to launch supermarket chain with Blue Yonder

ECONOMYNEXT — Hayleys Retail Holdings Ltd has selected supply chain software provider Blue Yonder to build its grocery retail operations from the ground up, the two companies said in a joint statement.

Hayleys Retail, a member of Sri Lanka’s diversified conglomerate Hayleys Group, plans to open several stores in the near future to serve consumers across the country. The agreement marks Blue Yonder’s first retail customer in Sri Lanka.

“Our entry into supermarket retail is about bringing that same commitment to quality and reliability closer to everyday Sri Lankan consumers,” Mohan Pandithage, Chairman and Chief Executive of Hayleys PLC said.

“With Blue Yonder, our teams will have AI-driven insight to deliver a seamless, consistent shopping experience across every store,” he said.

Hayleys, which accounts for approximately 5 percent of Sri Lanka’s export income and operates across 17 business sectors, is entering the large-scale supermarket space by drawing on its group strengths in manufacturing, logistics, and services.

The company selected Blue Yonder to connect its data across merchandising and shelf space, deploy artificial intelligence agents to catch operational issues early, and scale its business into a national network without changing platforms.

The rollout will begin with merchandise operations to manage suppliers, items, costs, and pricing, followed by machine learning capabilities to forecast demand and balance store inventory during seasonal peaks.

“Hayleys Retail is choosing one where AI is the foundation rather than an add-on—connected data and agentic AI built into core merchandising operations, and planning that learns as the business grows,” Antonio Boccalandro, President, APAC at Blue Yonder said.

The retailer plans to use the platform to automate routine store tasks and adjust inventory according to real-time sales and local market trends as its store footprint grows. (Colombo/Nov09/2026)

 

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Sri Lanka’s Citrus Leisure extends Lotus Tower management pact

ECONOMYNEXT – Sri Lanka listed hospitality firm Citrus Leisure said it has extended an agreement to manage consumer-facing and entertainment spaces at the Colombo Lotus Tower, which includes revolving restaurant Blue Orbit, until June next year.

The initial agreement signed between Citrus Leisure and Colombo Lotus Tower Management Company (Private) Limited (CLTMC) is due to expire on December 11.

“The Board of Directors of CLTMC at meeting held on 2nd November 2026 has resolved to extend the term of the Management Agreement and continue the existing Management Agreement until 30th June 2027, to which the company has given its concurrence,” the company said in a market filing.

Citrus Leisure Plc opened its revolving restaurant at the Lotus Tower in December 2023.

The company signed a 3-year agreement with CLTMC in May 2023 to provide services in the management of (l) the banquet hall 1 on the 25th floor, (2) the banquet hall 2 on the 26th floor, (3) the revolving restaurant on the 27th floor, (4) the 6 suites situated on the 28th floor and the kitchen in the basement floor of the Colombo Lotus Tower.

The 350-meter or 1,150-feet tower, the tallest in South Asia, was built at a cost 104.3 million US dollars with 80 percent of the money borrowed from Exim Bank of China.

Located in the commercial heart of Colombo, the tower has been called a symbolic landmark of Sri Lanka as well as a colossal white elephant and has been mired in controversy for years. (Colombo/Nov9/2026)

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CIC Holdings Sept quarter net profit rises 20-pct to Rs1.7bn

ECONOMYNEXT — Sri Lanka conglomerate CIC Holdings recorded a net profit of 1.66 billion rupees for the quarter ended September 30, rising 20.3 percent from 1.38 billion rupees in the same quarter last year, interim accounts showed.

The group posted basic earnings per share of 0.87 rupees for the September quarter, up from 0.73 rupees a year earlier.

Quarterly revenue grew 3.4 percent to 20.89 billion rupees from 20.20 billion rupees, supported by broad-based growth across industrial solutions, livestock, and healthcare segments, which counterbalanced relative demand moderation in agricultural inputs.

Cost of sales rose 5.3 percent to 15.20 billion rupees, outpacing revenue growth and causing gross profit to contract marginally by 1.2 percent to 5.68 billion rupees.

Results from operating activities dropped 7.3 percent to 2.66 billion rupees from 2.87 billion rupees, impacted by higher operating overheads.

Selling expenses expanded 6.8 percent to 2.15 billion rupees, and general and administrative expenses climbed 5.8 percent to 1.07 billion rupees, while other operating income dropped 29.6 percent to 117.40 million rupees.

However, operating profits were cushioned by an impairment reversal on trade receivables of 85.83 million rupees, turning around from an impairment provision of 23.38 million rupees in the corresponding quarter last year.

Net finance costs climbed 35.4 percent to 712.25 million rupees from 526.01 million rupees.

The increase was driven by a 30.8 percent rise in finance expenses to 771.46 million rupees, primarily reflecting higher interest expenses on loans to finance elevated working capital and inventory requirements.

The quarter’s bottom line was strongly bolstered by CIC’s equity-accounted investment in John Keells Holdings PLC (JKH).

Share of profit from equity-accounted investees surged more than fourfold to 590.50 million rupees from 257.87 million rupees, driven by JKH’s strong profit expansion during the period.

The group also recognized a gain on bargain purchase of 55.59 million rupees during the quarter resulting from additional share purchases in JKH where the proportionate net asset value exceeded acquisition cost, compared to no such gain a year earlier.

With associate income gains offsetting operating margin contraction and higher borrowing costs, group pre-tax profit held virtually flat at 2.59 billion rupees, down 0.11 percent.

Income tax expense fell 29.4 percent to 606.24 million rupees from 858.71 million rupees, driving total group profit for the period up 14.1 percent to 1.98 billion rupees.

Total group assets stood at 108.58 billion rupees as of September 30, up from 99.75 billion rupees at the end of March 2026.

Group net asset value per share increased to 25.52 rupees from 22.10 rupees a year earlier.

CIC Holdings’ ordinary voting shares closed at 27.80 rupees at the end of September.(Colombo/Nov09/2026)

 

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Sri Lanka stocks trend up; ASPI gains 0.78-pct

ECONOMYNEXT – Sri Lanka’s Colombo Stock Exchange was trading higher on Monday, CSE data showed, with the benchmark All Share Price Index moving up 0.78 percent.

The ASPI was up 165.73 points at 21,405.38, while the more liquid S&P SL20 was up 0.61 percent, or 37.04 points, at 6,082.42.

Positive contributors to the ASPI were Commercial Bank (up 1.55 percent at 213.25 rupees), Ceylon Cold Stores (up 2.61 percent at 128.00 rupees), Asiri Hospital Holdings (up 10.00 percent at 30.80 rupees), Hemas Holdings (up 1.27 percent at 32.00 rupees), and Ambeon Holdings (up 6.02 percent at 37.00 rupees).

Namunukula Plantations (down 3.92 percent at 63.70 rupees), LOLC Holdings (down 0.62 percent at 400.00 rupees), and Chevron Lubricants Lanka (down 0.12 percent at 205.25 rupees) were top negative contributors.

Market turnover was 428.31 million rupees. Capital goods led turnover with 82.53 million rupees. (Colombo/Nov09/2026)

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