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Monday November 9th, 2026

US Riots Show That Double Standards Rankle – Jehan Perera

Unrest and rioting in cities throughout the United States, the world’s largest economy and one of its richest, have been going on now for a week. Protests have taken place in at least 75 cities and have reached the gates of the White House. The immediate cause for these riots was the killing of an African American man by a white police officer in an especially brutal way by keeping a knee on his neck. This killing was filmed as it was happening in public on the roadside and showed other police officers looking on while people passing by plead with the police to get off the dying man.

The scale of the public agitation and violence hark back to the late 1960s and the imposition of curfews has been reported to be more than at any time since the aftermath of the assassination of Martin Luther King in 1968. American society was able to overcome that setback because that was a time of progress. There was hope in the air. The civil rights laws had been passed that gave equal rights to all. Affirmative action policies were being put in place that enabled people from disadvantaged communities to get places in universities and better jobs.

In the 1980s when I was a student in the US the black-white divide persisted in fact despite the laws and affirmative action policies. This was most evident in the freshman dining hall for first year students. There was a series of long dining tables in the hall where students could sit wherever they pleased. But it soon became evident that there were two rows of tables on a side towards the back where only African American students would sit, though sometimes a white student or two would join, and at other tables there were black students sitting too.

One year I had African American roommates and one of them invited me to his home in a prosperous suburb of New York. The suburbs in the US are very livable spaces where the better off sections of the population live in large houses that have large gardens. My friend’s father was a successful professional in one of the largest US-based multinational corporations in the world. He had succeeded in life and his son was also on the path to success. But I observed that whatever topic the family began their discussion on, it would invariably turn towards the issue of racial relations, inequalities and prejudice.

Permanent Problem

The triumph of Barak Obama at the presidential elections of 2008 and his subsequent re-election in 2012 seemed to signal a new phase in the integration of American society. The US has been described as a “melting pot” to which people came from all parts of the world as immigrants but within a few generations became wholly American and imbibing a common culture and values. But there were components from the very beginning of American history that did not melt in. They were the African Americans, and the other the indigenous American. They could not adequately benefit from the social contract that offered equal citizenship, equal opportunities and equal protection of the laws.

The influx of new immigrants from across the border in South America and from Muslim countries has brought other communities with distinct and un-meltable identities and who cannot be ignored or suppressed. The challenge for the US is to integrate them as well into the larger society and ensure that the social contract is implemented. In the face of this challenge has come the insecurity and fear that each community has of the other it does not know with the majority feeling threatened by the minority even as the minority feels marginalized and discriminated against by the majority. This is a phenomenon which we in Sri Lanka are familiar with.

President Donald Trump has been able to mobilise the fears of the white majority by focusing on their fears of the other communities with whom they have minimum engagement. Law enforcement are suspecting that outside elements from both far-right and far-left groups are playing a significant role in the unrest that has spread to cities all over the US. The parallels to Sri Lanka can be seen during time of riots when community members cannot withstand violent action instigated by people who come in from outside. The most that can be done by them in these unfortunate circumstances is to heal the wounds after those powerful instigators from outside have left, which is what our inter religious committees in many parts of the country have done.

Framework Missing

There are lessons for us in Sri Lanka from the ongoing events in the United States. The end of the war in 2009 ended the armed uprising against the state by the Tamil ethnic minority which followed many non-violent protests from 1956 onwards. But it did not end the ethnic conflict. From 2015-19 Sri Lanka had a framework for reconciliation in UNHRC Resolution 30/1 of 2015 which the then government co-sponsored. It consisted of new institutions to meet the needs of those who had suffered in the war, such as the Office of Missing Persons, and reform of laws on the one hand, and addressing the roots of the conflict through constitutional reform on the other hand. This reconciliation framework was being implemented by the government, albeit slowly in view of political resistance by the opposition, both by hardline Sinhala nationalists as well as by Tamil nationalists who refused to cooperate.

In March 2020, following the change of government, Sri Lanka informed the UNHRC that it was withdrawing from the resolution. Speaking in Geneva, Foreign Minister Dinesh Gunawardena stated “Notwithstanding withdrawing from co-sponsorship of this Resolution, Sri Lanka remains committed to achieving the goals set by the people of Sri Lanka on accountability and human rights, towards sustainable peace and reconciliation.” However, the government’s promise of achieving sustainable peace through an inclusive, domestically designed and executed reconciliation and accountability process has yet to materialize. There is hardly any public discussion about this lacuna. Looking at the US, it is timely that this discussion begins.

The statement by President Gotabaya Rajapaksa that he was elected by the majority Sinhala population was balanced by the president concurrently declaring, at his swearing in, that he would be the president of all Sri Lankans. The differing treatment meted out to the funeral of the hill country Tamil leader Arumugam Thondaman, at which no Covid-related restrictions seemed to apply, as against the strictness of the enforcement of rules to other communities constitute a double standard that will rankle deeply. It is essential that the grievance of the minorities are addressed as early as possible which may be easier than the challenge facing the United States. The communities in Sri Lanka have been living in proximity for centuries unlike in the American case and they share many common values. With the correct leadership South Africa under Nelson Mandela was able to perform a miracle of political transformation. So can Sri Lanka if our present leadership puts its heart and mind to the task.

 

 

 

 

 

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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Sri Lanka rupee at 332.54/58 to US dollar spot, bond yields steady

ECONOMYNEXT – Sri Lanka’s rupee was quoted at 332.54/58 to the US dollar spot on Monday, stronger from 332.55/60 Friday, while bond yields held broadly steady, dealers said.

A bond maturing on 15.09.2029 was quoted at 10.90/95 percent, up from 10.85/95 percent.

A bond maturing on 01.08.2030 was quoted at 11.00/10 percent, down from 11.05/10 percent.

A bond maturing on 01.02.2031 was quoted at 11.10/20 percent, up from 11.10/15 percent.

A bond maturing on 15.12.2032 was quoted at 11.58/68 percent, up from 11.55/65 percent.

A bond maturing on 01.06.2033 was quoted at 11.80/95 percent, up from 11.80/85 percent.

A bond maturing on 15.10.2034 was quoted at 12.08/15 percent, up from 12.05/12 percent.

A bond maturing on 15.08.2036 was quoted flat at 12.30/40 percent.

The telegraphic transfer rate for the dollar was 328.05 buying, 337.05 selling; the euro was 363.3528 buying, 377.1336 selling; pound was 437.5954 buying, 451.7038 selling.

On the Colombo Stock Exchange the All Share Price Index was up 0.78 percent, or 165.42 points, at 21,405; while the S&P SL20 was up 0.58 percent, 35.19 points, at 6,080.

90,000 million rupees Treasury bills are to be issued through an auction on November 11. (Colombo/Nov9/2026)

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