An Echelon Media Company
Friday November 13th, 2026

An October Remembered

 “The Comrade Wolf knows whom to eat, as the saying goes. It knows whom to eat and is not about to listen to anyone, it seems.” – Vladimir Putin

On 26th October 2018, a great bolt hits us from an unexpected void. Things changed in giddying succession in a humbling reminder that saints can turn villain at lightning speed. This essay is about remembering not to forget what Maithripala Sirisena did in October 2018 and what Ranil Wickremesinghe has forgotten in October 2019.

It is one year since our civic nation came alive to defend the basic law of the land. The insane platitude, speaking truth to power suddenly acquired surprisingly swift sanity.

A unanimous, likeminded, cross-party civic alliance held candlelight vigils, public protests to reverse a brazen interference with the proper administration of the basic law of the land.

The apex court resolved a conundrum that was contrived by politicians keen to drive home the truth about politics. Stripped of the blurbs and verbiage, politics is essentially about power and interests of its practitioners.

We commemorate pivotal passages in time and acknowledge events as certain thresholds that we survived. We do so to remember and demonstrate that despite the passage of time we recall the lessons learnt. We remember to preserve the past to prod the present and chart the future. We don’t dismiss the past even when we are told to do so. We refuse to forget the past even when ordered to.

The idea of liberal constitutionalism based on the rule of law rests on a single foundational premise. Everyone including the highest in the land is equally constrained by the constitution not just on paper but in practice. We upheld this foundational premise of constitutionalism. That requires consistent and constant celebration.

Strangely enough, we remember the constitutional gerrymandering that occurred on 26th October 2018 yet again at another threshold point. That of a presidential election.

First things first. Why did it happen? While we dislodged Mahinda Rajapaksa from his power pedestal, we forgot his authoritative charisma.

The pioneering German sociologist and formulator of Bureaucratic Theory, Max Weber introduced the term in his essay on types of leadership in modern politics.

In the current context, Mahinda Rajapaksa’s grip on a substantial swathe of the public psyche is highly relevant. Authoritative charismatic leaders do not necessarily have to be the best leader. Very often they are not.

Just as this essay is written, the remains of Gen. Francisco Franco another great hero of a war he himself waged has been exhumed, nearly four and a half decades after he was laid to rest in a purpose built colossal mausoleum in the Valley of the Fallen — the Valle de los Caídos and re-interned in his family graveyard.

The great grand mausoleum he built for himself.

No matter the passage of time, the past wakes up. The past then leaps to grab the present and will demand redress from the future. If it does not happen now, it will happen tomorrow or the day after.

Unable to get a majority in Parliament Mahinda Rajapaksa orchestrated disruptions in the House during the crisis/RepublicNext.com

We must return to the subject of authoritative charisma. People tend to follow leaders they admire.

An authoritative charismatic leader will summon, mobilize followers through his personality. Even when stripped of effective power and authority. It comes across naturally and without force. Such leaders are invariably authoritarian by nature and claims a special kind of interpersonal behavior; always communicating with others, empathetic and emotionally focused.

The political resilience of Mahinda Rajapaksa is due to a simple phenomenon – he has convinced his vast retinue that he won the war. General Franco did the same in Spain. Franco occupied the mausoleum he built for nearly a half century.

A president pissed off with the Prime minister had to find a person who could hold public imagination in support of the usurpation.

Mahinda Rajapaksa had that authoritative charisma. He was fabulously successful in selling the flawed ideology that his personal interests were the interest of the larger society.

Why do people whose interests are not furthered by an elite leadership, nevertheless agree to be guided by such leaders?

Max Weber provides the answer. “Every highly privileged group develops the myth of its natural, especially its blood superiority.”

Weber explains that under conditions of stable distribution of power in a society that retains vestiges of feudal allegiance, that myth is accepted by the negatively privileged group.

If not for the groundswell of unequivocal universal protest and the intervention of the judiciary a constitutional depredation would have acquired the respect and recognition of consensual coitus.

A constitution or an election cannot manufacture a free people. Revolutions do that. A socio-cultural revolution can attempt it by reducing social tensions. The cultural order of a self-governing people is more important than ideology driven politics.

At this critical time, we must ask ourselves if we possess the national character necessary for that Cultural Revolution.

An inclusive, accommodative cultural order is more important than politics. But it should be the product of organic growth not a political program adopted by majority vote. Any other kind of intervention will again produce tyranny.

Current debate on ‘strong man’ politics and constitutional restraints on arbitrary power often refers to the famous ‘power corrupts’ adage.

The quotation is used out of context. It would be useful to revisit the context in which Lord Acton made the remark and reproduce his exact words.

Medieval Popes just as some of our Executive Presidents claimed not unbridled power but total infallibility. The exalted office tended to drive them ‘nuts.’

Lord Acton was a well-known campaigner against papal infallibility. As a staunch Catholic he was convinced that moral laws of the church were perfect but popes who were human were imperfect.

So, he wrote “I cannot accept your cannon that we are to judge Pope and King unlike other men, with a favorable presumption that they did no wrong. If there is any presumption it is the other way, against the holders of power, increasing as the power increases. Power tends to corrupt and absolute power corrupts absolutely.”

Then he continued “Great men are almost always bad men, even when they exercise influence, not authority; still more when you add the tendency or the certainty of corruption by authority. There’s no worse heresy than that the office sanctifies the holder of it.”

In recalling the events of October 2018, we are reminded of some tangible truths. Our freedoms are fragile. So are autocrats. No power can command implicit obedience for long. Power must continually justify itself. Our accumulated experience of October 2018 forms a rampart of conviction that equips us to deter future tyrants.

Sri Lanka stocks close down 0.60-pct, dragged by HNB and LOLC

ECONOMYNEXT – Sri Lanka’s Colombo Stock Exchange closed down on Friday, CSE data showed, with the benchmark All Share Price Index moving down 0.60 percent.

The ASPI was down 133.22 points at 22,024.18, while the more liquid S&P SL20 was down 1.06 percent, or 67.55 points, at 6,298.02.

The ASPI ended the week up 784.53 points from last Friday.

Positive contributors to the ASPI were Dialog Axiata (up 0.40 percent at 50.20 rupees), Distilleries Company of Sri Lanka (up 0.52 percent at 58.30 rupees), Aitken Spence (up 3.60 percent at 151.00 rupees), Ceylon Tobacco Company (up 1.05 percent at 1,828.50 rupees), and LOLC Finance (up 1.96 percent at 5.20 rupees).

Hatton National Bank (down 1.88 percent at 403.75 rupees), Richard Pieris and Company (down 6.21 percent at 27.20 rupees), LOLC Holdings (down 2.17 percent at 405.00 rupees), Sampath Bank (down 1.91 percent at 154.00 rupees), and Singer (Sri Lanka) (down 2.40 percent at 77.30 rupees) were top negative contributors.

Market turnover was 3.23 billion rupees. Capital goods led turnover with 869.21 million rupees. (Colombo/Nov13/2026)

Continue Reading

Sri Lanka MP slams budget speech for omitting Tamil national question

ECONOMYNEXT – A Sri Lanka legislator has voiced strong disappointment that the President’s budget speech failed to make a single mention of the Tamil national question.

“It is very unfortunate that in His Excellency the President’s speech, there has not been a single word mentioned about the Tamil national question. Not a single word,” Shanakiyan Rasamanickam said.

“A budget speech generally, is a policy direction of the government for the next year. The budget speech is not only a statement of the country’s fiscal position or the economy’s position. It is the country’s, the government’s, plan, or what the government plans to do the following year. That’s a policy statement.”

Former presidents would at least mention the Tamil question even if it was not resolved, he said.

Former President Ranil Wickremesinghe in his speech, in his policy statement, he would mention: “The Tamil national question must be resolved,” Rasamanickam said.

Former Presidents Maithripala Sirisena and Gotabaya Rajapaksa also mentioned that the national ethnic question must be resolved, he added.

“Every President, every country’s Head of State, in their policy statements, have acknowledged the fact that there is an unresolved national issue, the Tamil national question, that it needs to be resolved. Various governments have proposed various mechanisms; none of them have succeeded, but at least it was mentioned.”

This year’s budget made allocations for the Office of Missing Persons, and the Office of Reparations.

“But the domestic mechanism is a mechanism that the victim community has rejected. So you all are allocating money to a mechanism where the victim community is not going to be part of.”

Last year’s budget 1 billion was allocated to be spent on the Trincomalee and Jaffna airports.

“Where was that 1 billion for the Trincomalee and Jaffna airports spent last year?”

“The trajectory of this government, Honourable Deputy Speaker, is worrying to me. It’s really worrying to me. Because if the objective is to say that there is no Tamil national question, if the objective is to say that you all have resolved any ethnic issue that this country faced, then Honourable Deputy Speaker, then I think the Tamil people will teach this government a very, very, very harsh lesson in the future.” (Colombo/Nov13/2026)

Continue Reading

Sri Lanka sells extra Rs6.5bn Treasury bills after auction

ECONOMYNEXT – Sri Lanka has sold 6,500 million rupees of treasury bills offered on tap at an average rate of 9.95 percent, the public debt management office said, bringing the total of bills sold in the week to 85.562 billion rupees.

The issue offered 90 billion.

Total market subscription was 6.5 billion rupees.

The debt office sold a 12-month bill at 9.95 percent.

On Wednesday (11) the debt office raised 79 billion rupees of 3, 6 and 12 month bills after offering 90 billion.

Read more
Sri Lanka Treasury bill yields hold broadly steady, less bills sold

The settlement date is November 13. (Colombo/Nov13/2026)

Continue Reading

Access Engineering Sept quarter group net profit surges 200-pct to Rs4.75bn

ECONOMYNEXT — Sri Lanka’s Access Engineering PLC recorded a group net profit attributable to equity holders of Rs. 4.75 billion for the quarter ended September 30, surging 200 percent from Rs. 1.58 billion a year earlier, interim accounts showed.

Basic earnings per share rose to Rs. 4.08 for the September quarter, up from Rs. 1.58 previously.

Quarterly group revenue expanded 36 percent to Rs. 20.39 billion from Rs. 14.94 billion, underpinned by condominium property handovers — reflected in inventories dropping Rs. 7.69 billion since March to Rs. 35.71 billion — alongside strong automobile sales and steady civil engineering execution.

Cost of sales rose at a slower 27 percent to Rs. 14.34 billion, lifting gross profit by 64 percent to Rs. 6.05 billion and expanding gross margins to 29.7 percent from 24.7 percent.

Other income jumped 144 percent to Rs. 259.9 million, while administrative expenses rose 75 percent to Rs. 1.14 billion, leaving operating profit up 64 percent at Rs. 5.16 billion.

However, finance costs more than doubled, rising 107 percent to Rs. 1.18 billion on elevated group borrowings of Rs. 43.74 billion, partly offset by finance income climbing 302 percent to Rs. 42.2 million.

Share of results from equity-accounted investees rose 122 percent to Rs. 26.7 million, pushing pre-tax profit up 56 percent to Rs. 4.05 billion.

Income tax swung to a net reversal of Rs. 186.6 million from an expense of Rs. 804.1 million, boosted by deferred tax assets on unrelieved losses from a 100 percent enhanced capital allowance claimed by 60 percent-owned radiopharmaceutical subsidiary Access Medical Tracers (Private) Limited.

Total period profit rose 136 percent to Rs. 4.24 billion, with non-controlling interest declining 24 percent to Rs. 164.9 million following last year’s buyout of minority shareholders in Harbour Village (Private) Limited.

No separate exchange gain or loss was itemized in quarterly earnings, though foreign currency translation via associates recorded a Rs. 17.4 million loss in other comprehensive income, alongside USD 16.6 million in corporate guarantees.

Notes also flagged an expected Rs. 1.45 billion recovery from the terminated South Asia Commercial and Logistics Hub project, a Rs. 225 million post-quarter legal settlement already provided for, and a Supreme Court appeal over a 2011/12 PAYE tax ruling.

Group assets stood at Rs. 132.4 billion as of September 30, with net asset value per share at Rs. 46.70, as the Employees’ Provident Fund raised its stake to 5.69 percent.

Access Engineering shares closed at 80.00 rupees at the end of September and are currently trading around 85.80 rupees. (Colombo/Nov13/2026)

Continue Reading

Sri Lanka private sector says timely implementation of Budget 2027 key

ECONOMYNEXT – Private sector body, The Ceylon Chamber of Commerce, said it was encouraged by the broad direction of Budget 2027, noting that it reinforces Sri Lanka’s commitment to economic transformation while maintaining policy continuity, macroeconomic stability, and fiscal discipline.

“This continuity is particularly important as the country seeks to transition from economic stabilisation to a more durable, investment-led growth trajectory.”

The chamber also noted several areas where the Budget could have placed greater emphasis to strengthen the country’s growth prospects.

“In particular, there is a need for a stronger focus on attracting Foreign Direct Investment (FDI), accelerating factor market reforms, particularly in land and labour, and fast-tracking public procurement reforms to improve the efficiency and speed of project implementation.

“More targeted and actionable proposals could have been introduced to unlock the potential of sectors with significant growth opportunities, including tourism, agriculture, IT/BPO and logistics.”

The chamber said the budget contains positive measures aimed at enhancing competitiveness, and external sector resilience, while presenting opportunities for focus on sectors that can accelerate growth.

“A number of the key structural reforms identified in last year’s Budget have been carried forward and strengthened, providing greater certainty and predictability to businesses and investors.

“These include the continued implementation of the Trade National Single Window (TNSW), the phased removal of para-tariffs, the rollout of the Digital ID framework, efforts to expand market access through new Free Trade Agreements (FTAs), the strengthening of one-stop-shop investment facilitation mechanisms, progress on Customs reforms, the expansion of Bandaranaike International Airport (BIA), enhanced financing support for SMEs, and reforms relating to the management of State-Owned Enterprises.”

The CCC said that more than 20 proposals submitted by it have been reflected in Budget 2027.

These include measures to strengthen investor facilitation through the establishment of a professionally managed investment promotion agency; continued efforts to improve trade facilitation and export competitiveness; the Government’s consideration of a successor programme with the International Monetary Fund (IMF); accelerated progress on key legislative reforms; the expansion of digital government services; and the promotion of cashless payments and broader digital adoption. The Budget has also captured several priorities relating to energy security, including the accelerated deployment of Battery Energy Storage Systems (BESS) and investments in fuel storage infrastructure, initiatives to optimize underutilized agricultural land, measures to support the expansion of the digital economy and the IT/BPO sector, and tax reforms to support exporters, including the acceptance of newly VAT-registered exporters as eligible exporters.

“The inclusion of these priorities reflects the value of sustained public-private dialogue and demonstrates increasing alignment between national policy objectives and the needs of a competitive, export-oriented economy.

“The priority now must be effective and timely implementation to translate policy commitments into investment, competitiveness, exports and sustainable growth.” (Colombo/Nov13/2026)

Continue Reading

Sri Lanka stocks trend lower day after budget reading

ECONOMYNEXT – Sri Lanka’s Colombo Stock Exchange was trending lower on Friday, CSE data showed, with the benchmark All Share Price Index moving down 0.66 percent.

The ASPI was down 146.78 points at 22,011, while the more liquid S&P SL20 was down 0.94 percent, or 59.99 points, at 6,306.

Positive contributors to the ASPI were Access Engineering (up 1.30 percent at 85.80 rupees), LAUGFS Gas (up 3.31 percent at 49.90 rupees), Ceylon Tobacco Company (up 1.13 percent at 1,830 rupees), Ceylon Cold Stores (up 0.80 percent at 126 rupees), and Namunukula Plantations (up 1.79 percent at 68.10 rupees).

LOLC Holdings (down 1.03 percent at 409.75 rupees), Hatton National Bank (down 0.61 percent at 409 rupees), Sunshine Holdings (down 3.81 percent at 30.30 rupees), and Sampath Bank (down 1.91 percent at 154 rupees) were top negative contributors.

Market turnover was 1.55 billion rupees. Capital goods led turnover with 459.57 million rupees. (Colombo/Nov13/2026)

Continue Reading