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Monday November 9th, 2026

Virus spreads to new countries as top official warns world ‘not ready’

PERSIAN HOTSPOT: An Iraqi man blesses a worker, wearing a mask, with incense on February 25, 2020 in the courtyard of the shrine of Imam Ali in the holy Iraqi city of Najaf, where the first case of coronavirus COVID-19 has been documented in Iraq.

AFP – New coronavirus cases surged outside of China on Tuesday, leaving an Iranian deputy minister among the stricken and triggering mass disruption as a top health official warned the world is not prepared for containing the epidemic.

Even as the number of fresh cases declines at the epicentre of the disease in China, there has been a sudden increase in parts of Asia, Europe and the Middle East.

Towns and cities in different parts of the world have been sealed off in an attempt to stop the contagion, while hotels in the Canary Island and Austria were locked down on Tuesday because of suspected cases.

In Iran, which has reported 15 deaths out of nearly 100 infections, even the country’s deputy health minister Iraj Harirchi said he had contracted the virus.

At the World Health Organization (WHO) headquarters in Geneva, Bruce Aylward, who headed an international expert mission to China, hailed measures taken there but told reporters that other nations were “simply not ready” for reining in the outbreak.

“You have to be ready to manage this at a larger scale… and it has to be done fast,” Aylward said.

– Travel and trade routes –

The virus has killed more than 2,600 people and infected over 77,000 others in China. In the rest of the world, there have been more than 40 deaths and 2,700 cases.

The disease has now reached dozens of countries, with Austria, Croatia and Switzerland the latest additions on Tuesday.

The epidemic’s disruption has also grown, with stock markets tumbling around the world, restrictions imposed on travellers and sporting events cancelled.

The WHO, the UN health agency, has called for countries to “prepare for a potential pandemic” — a term used to describe an epidemic that spreads throughout the world.

Poor countries are particularly at risk, the WHO has warned.

– Gulf cuts links to Iran –

In the Middle East, Iran has emerged as a major hotspot.

The death toll — the deadliest outside China — rose to 15 on Tuesday when three more people succumbed to the disease, officially known as COVID-19.

The country has been scrambling to contain the epidemic since last week when it announced its first two deaths in Qom, a centre for Islamic studies and pilgrims that attracts scholars from abroad.

US Secretary of State Mike Pompeo, whose country came to the brink of war with Iran earlier this year, said Washington is deeply concerned Tehran “may have suppressed vital details” about the outbreak there.

Gulf countries announced new measures to cut links with Iran in an attempt to stop the spread.

The United Arab Emirates suspended passenger and cargo flights to Iran, while Bahrain closed schools and nurseries for two weeks. This came after the Gulf states of Kuwait and Bahrain announced additional cases.

– Games off –

South Korean President Moon Jae-in warned that the outbreak was “very grave”. His country’s death toll rose to 10 and the number of confirmed infections approached 1,000 — the largest total outside China.

Scores of events, including K-pop concerts, have been cancelled or postponed in the world’s 12th-largest economy.

Parliament closed for cleaning on Tuesday after confirmation that a person with the coronavirus had attended a meeting there last week.

More than 80 percent of the infections have been in and around Daegu, South Korea’s fourth-largest city.

In Japan, a fourth former passenger of the coronavirus-stricken Diamond Princess cruise ship died, a health ministry official said.

Nearly 700 people from the quarantined ship have tested positive for the illness so far. Infections have also spiked in Japan, with at least 164 cases including one death.

Italy — which has reported 10 deaths and more than 300 cases — has locked down 11 towns. Prime Minister Giuseppe Conte has said the measures could last weeks.

A young man who returned to Croatia from Italy became the first case in the Balkans region.

Upcoming football matches in Italy’s Serie A and the Europa League will be played to empty stadiums.

A major rugby match could also be affected. Ireland’s government recommended cancellation of next month’s Six Nations clash against Italy in Dublin.

In Venice, production of the latest “Mission: Impossible” film starring Tom Cruise was stopped.

And in the United States, which has 57 cases, health authorities significantly escalated the level of threat being conveyed to the public, saying they ultimately expect the new coronavirus to spread more widely there.

“It’s not so much a question of if this will happen anymore, but rather more a question of exactly when,” said Nancy Messonnier, a senior official with the Centers for Disease Control and Prevention, urging local governments, businesses and schools to develop plans.

Wall Street stocks sank deeper into the red, following a slide in European markets.

“Bit by bit, US investors are seeing the prospects for global growth diminish,” said Gregori Volokhine of Meeschaert Financial Services.

Swiss food giant Nestle postponed all business trips until mid-March because of the virus.

– China returning to business –

In China, though, the epidemic appears to be slowing — and the country is gingerly returning to business.

More cars are on the streets of Beijing, factories are resuming work, Apple is reopening several stores, and some regions are relaxing traffic restrictions.

But schools remain closed, the capital has a mandatory 14-day quarantine for returning residents, and authorities are keeping about 56 million people in Hubei Province — the hub of the outbreak — under lockdown.

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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