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Monday November 9th, 2026

24 advocacy groups say Sri Lanka’s forced COVID-19 cremation victims will not give up fight

ECONOMYNEXT – The victims of forced cremation of COVID-19 or COVID-19 suspected dead had in the highest court in Sri Lanka are deeply disappointed, 24 human rights organisations, civil society collectives, women’s rights groups and other bodies said in a joint statement yesterday.

“Victims and communities are now left without a recourse in Sri Lanka for the continued injustice they suffer,” the statement said.

On Tuesday (1), the statement said, the country’s Supreme Court by a majority decision refused to grant leave to proceed to the 11 applications filed by petitioners belonging to Muslim, Christian and Catholic communities challenging the Sri Lankan government’s forcible cremation policy on the grounds that it violates the right to freedom of religion and belief of some faiths and that the said regulation, in fact, violates the law under which the regulation has been made as the law itself permits either burial or cremation.

“Several eminent lawyers represented the petitioners and argued that the state had provided no evidence that the burial of COVID-19 or suspected COVID-19 dead is a danger to public health. Hence, they said the government by imposing this new restriction violated the constitutionally protected and safeguarded rights of religious beliefs and practice for whom burial is a critical religious practice, in addition to being a fundamental right.

“One of the judges had dissented probably on the basis that there were issues that required consideration. Given the sensitivities and importance of the issue, it was felt that the court could have granted leave to be heard in full or referred it to a larger bench,” the collective said.

The statement noted that some of the petitioners had said on Tuesday that the distraught families of the victims have been asking them to explore the possibilities of how they could continue to fight for justice and hence would consider all options.

“We fully understand that due to the pandemic there is a public emergency under which certain rights can be limited including the manifestation of freedom of religion and belief. We also understand that Buddhists, Hindus, Christians, Muslims and others have all been affected by these restrictions; but in all other cases where rights are limited there is evidence of the need to do so,” one of the petitioners was quoted as saying.

According to the statement, it was highlighted that Catholics, Christians and Muslims, in the deliberations have agreed to all the restrictions including with regard to gathering, handling, washing, praying and specialized mode of burying and all they want was only to be buried adhering to all health conditions.

The collective further said that, under international law, limitations of rights such as the freedom to practice one’s religion have to be prescribed by law and the limitation must be necessary and proportionate. Restrictions and limitations on religious gatherings, congregational prayers and mass celebrations of religious festivals, it said, can be necessitated on the grounds that social distancing is vital to reduce the spread of the virus and are being adhered to and cooperated voluntarily.

“Over and over again we have asked the government to give us the reasoning for this policy and they have failed to provide any evidence that burial of COVID-19 dead can contribute to the spread of the virus or provide any health threat,” the statement quoted a son who did not consent for the cremation of his father and hence had to abandon the father’s remains as saying.

The activists went on to say that there has been national and international criticism of the government of Sri Lanka on its rare decision to cremate COVID-19 and COVID-19 suspected dead, in spite of clear guidelines by the World Health Organisation (WHO) explaining that the burial of such victims poses no danger to public health. The Resident Coordinator of the United Nations office in Sri Lanka, United Nations special experts and regional human rights groups, the statement said, have separately written to the government calling for the policy to be changed to ensure COVID-19 dead were handled with dignity and human rights of all are protected. Numerous national civil society organisations, religious groups and individual activists have also written letters and signed petitions to the government calling for a change to the policy, it added.

“Human rights groups have been warning that the ethnocentric position of the government, in the context of the state’s failure to challenge hate campaigns and violence against Muslims, points to racism and discrimination targeting the country’s approximately nine per cent Muslim population.

“These measures affect more than one religious group, but it is particularly terrifying Muslims for whom the burial of the dead is a non-negotiable religious practice. They feel targeted, bullied and threatened by the manner in which the government is acting on this,” the statement said.

As of 3rd December 2020, Sri Lanka had over 25,000 cases of COVID 19, 124 deaths, of which over 50 were Muslims, it added.

The statement was a collective release by

  1. Centre for Policy Alternative
  2. International Centre for Ethnic Studies
  3. Law and Society Trust
  4. Women’s Action Network
  5. Alliance for Minorities
  6. Affected Women’s Forum
  7. Suriya Women’s Development Centre
  8. Sisterhood initiative
  9. Hashtag Generation
  10. Rural Development Foundation
  11. National Peace Council
  12. Mannar Women’s Development Federation
  13. National Fisheries Solidarity Movement
  14. Human Elevation Organisation
  15. Eastern Social Development Foundation
  16. Islamic Women’s Association for Research and Empowerment
  17. Association of the Parents and Family Members of the Disappeared
  18. Muslim Women’s Development Trust
  19. Aalumai Women’s Group
  20. Nisha Development Centre
  21. Jaffna People’s Forum for Co-Existence
  22. Muslim Women Research Action Forum
  23. Centre for Social Concerns
  24. Liberation Movement (Colombo/Dec04/2020)

Reported by Himal Kotelawala

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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