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Monday November 9th, 2026

Contrived legal ‘Authoritarianism’ another new virus with a global reach – Opinion

“The whole business is the crudest sort of stratagem, since we have no way of foreseeing it to the end. It is a mere paying out of rope on the chance that somewhere along the length of it will be a noose.”

Isaac Asimov – in ‘Merchant Prince’ 

A two thirds majority will give the ruling party a monopoly on power. It will serve another more salutary purpose. It will introduce method to madness – a spick and span majesty to pure and simple lunacy.  It is an invitation to the lynch mob.

The 19th Amendment has many flaws. They must be fixed. That said, we must not overlook its primary purpose which was to abridge and truncate excessive centralization of executive power and enhancement of the authority of parliament. The 19th Amendment arrested the slide into an authoritarian abyss.

Presidentialism and parliamentarism are two distinctly different systems. The 19th amendment created a reasonable fusion of the two that made governance subject to democratic compromise.

For it to work, we must have both faith and hope in a liberal democracy. Herein lies the danger. It was first recognized by a brilliant legal theorist – Carl Schmitt who later turned out to be the principal legal authority of Nazi Germany.

Carl Schmitt quite rightly found that liberal democracy carried the seeds of its own destruction. Representative democracy and the idea that all citizens can be treated as political equals was a lot of nonsense. Politics in its raw primitive form is not about a compromise between equal individuals. It was all about conflicts.

A task force headed by a uniformed general is better able to contain conflict than an argumentative committee of liberal-minded bozos!

A slight digression cannot be resisted. Another great German humanist Karl Liebknecht explained what militarism was. Militarism is the expedient process that blindfolds justice!   Militarism is the brutalization of society, a sort of intervention that makes people endure the unendurable!

Make no mistake. The parliamentary elections on 5th August will determine the trajectory of our fragile democracy. A two-thirds majority would be an open license for authoritarian militarism.

Authoritarian rule fosters oppression. Given the nature of patronage politics we have indulged in since independence from colonial rule, authoritarian governance will introduce a new factor into our dysfunctional democracy. It will introduce servitude.  It will infuse cruelty that will assault the mind.

Xi Jinping is the classic twenty-first-century autocrat who now presides over the Chinese Communist Party and the peoples’ republic founded by Mao Zedong. He is in absolute command of the “vanguard party” that is now revising democracy in Hongkong while the world is preoccupied with a pandemic.

The Chinese Communist party never bothered with the question of its right to rule until the current leader who has now become the leader for life.  These new autocrats are legalists!

In September 2015, Wang Qishan Vice President of the republic and Chinese President Xi Jinping’s de facto right-hand man explained the legitimacy of the Chinese Communist Party’s (CCP) at the World Dialogue 2015” conference in Beijing. The idea was not to explain to the Chinese people. The idea was to tell the world.

He explained that “the legitimacy of the Communist party of China that practices free-market capitalism was enshrined in history and popular support from the people. The Party is the choice by the people. The party was the voice of the people.”

This brand of contrived legal ‘Authoritarianism’ seems to be another new virus with a global reach.

In Sri Lanka, we now hear of the massive mandate given by ‘the sixty-nine lakhs ‘for an efficient governance mechanism’ with a strategy to “Remove all inefficiencies and make people’s responsive government “(National Policy Framework Vistas of Prosperity and Splendor)

That is how it unravels. Hypocrisy is the tribute that vice pays to virtue.  The 21st Century legalistic autocrat converts an election victory to an office for a defined period, to enact legal reforms for all time.

The envisaged constitutional changes have only one purpose – the resolute command and grip of all institutions of the state.

A democracy can easily slide into a tyranny. When a society is reconciled to pervasive pillage of the public purse when civic society is all but extinct when the ruling elite is dedicated primally to enrich themselves and the people are devoid of any kind of civic virtue the democracy morphs in to a tyranny.

As Hannah Arendt understood, laws and constitutions are paper tigers. In the face of political power, and even in the face of violence, laws offer little protection—unless they are defended.

World over, legal autocracy is on the rise. The existing constitution and the existing democratic space are both used to subvert and crush both.

Autocratic rule produces an interesting byproduct. It fosters idiocy. The Argentinian novelist Jorge Luis Borges who wrote the classic short story “A tired man’s utopia’ described the mind as the greatest asset of a human.  For, without a mind a man is nothing. The more oppressive the political order, the greater is its compulsion to assault the mind of the citizenry.

“It is not enough for the autocratic state to oppress and exploit. It must make the people idiotic as well “wrote Borges. “The wrong full bullet is preceded and accompanied by a series of idiotic lies and the moronic intelligentsia being so accustomed to such regular morainic diets will not even dare to squirm “.  

The parliamentary elections on 5th August is the window of opportunity for the powerless to demonstrate power. How do the powerless assert their power? It is by dissent and opposition to those who demand a two-thirds majority to rewrite the rules.

All of us are either victims or agents of oppression. The political class will survive the ordeal. We the powerless can survive only by one means- dissent and opposition. That requires us to trust truth and challenge the false and the fake.

The Czech playwright Václav Havel who later led his country as President for four terms wrote a powerful essay which he captioned – the Power of the Powerless.

He wrote it when his tortured land was gripped in moral rot. He was contemptuous of socialist tyranny and heartless free marketeering. Both were evil. The political system was infused with lies and misrepresentations.

The ‘Power of the Powerless’ identified the concerned citizen with a conscience as the true repository of power that can change the system. If you bang your head against the wall of tyranny long enough and hard enough, sooner than later, the wall will crumble.

On 5th August we must record our dissent and opposition to a system where lies are inherent, and hypocrisy permeates all levels.

By playing the game as Havel told his people in his essay “Citizens actively support this legitimization by playing the game and buying into the lie. All those who live within the lie confirm the system, fulfil the system, make the system, are the system”.

That is fair enough but there is no dignity in living a lie. The only way to lead a dignified life is to view one’s life, and live it, as a moral act by always seeking the truth.

In its simplest form, dissent is the attempt to regain control over one’s own sense of responsibility. It is a conscious decision that anybody can make, at any time, despite the pervading ideology one might be living in.

We must resist and reject the hypnotic charm of the vistas of prosperity and splendour as promised by the virtuous disciplinarian.

Common sense dictates that we should be guided by the current market prices of Masoor Dhal and canned Jack Mackerel.

Our democracy has become a spectacle of ephemeral promises.  The language of politics is unhinged from reality.

What is frightening is the fear that the person who calls the bluff of the corrupt system is perceived as a fool, eccentric or both.  Dissent is not an option. It is imperative.

This essay is dedicated to J who has a tormenting passion for persons in unmitigated despondency for no fault other than their accidental birth into misery.

[Sarath de Alwis is a journalist and independent writer. His opinions are his own]

 

 

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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