An Echelon Media Company
Friday November 13th, 2026

Stand up for the interwebs

ECONOMYNEXT – When news broke in late November that the government was developing a Singapore-style regulatory framework for Sri Lankan websites, alarm bells rang in the corridors of slacktivism. The spectre of authoritarianism had crept into their own backyard: the internet, that last bastion of free expression subject to the whims of big tech and ISPs. With their sizzling hot takes facing imminent existential danger, the purveyors of liberal democracy had to speak up. At least until the next controversy in the 24-hour selective outrage cycle.

A couple of fire tweets and some decidedly non-threatening grunts were made, but it didn’t take very long for everyone to hit the snooze button and go right back to sleep. The pandemic, a cricket tournament and a popular reality TV show have since dominated the conversation, occasionally interrupted by self-righteous hysteria over an ill-advised advertisement or the other (as if most advertising isn’t deeply and fundamentally problematic) and, one week into December, the news about the coming regulations is all but forgotten. Incidentally, so is that admittedly hideous ad, which only serves to underscore the point; but I digress.

Perhaps some of the blame lies with the government itself. Media Minister Keheliya Rambukwella told a Ministerial Consultative Committee on Mass Media on November 21 that the proposed mechanism would be introduced in two weeks. It’s been well over three weeks, and it’s unclear at present what the status of this framework is. When asked about it last week, the minister told journalists that it was still being worked on. Is Big Brother slacking, too?

Either way, chances are that it’s coming and when it eventually does, many will be caught napping, including the online activists that cried foul for, like, a day.

Members in the consultative committee in question had reportedly studied Singapore’s controversial Infocomm Media Development Authority Act (IMDA) and Protection from Online Falsehoods and Manipulation Act (POFMA), which some believe will be emulated by Sri Lanka’s proposed regulatory framework in its mandate to curb reporting and content that purportedly spreads falsehoods and incites racism.

The IMDA, passed in 2016, is applicable to Singapore’s statutory body responsible for broadcasting and content regulation (irrespective of the transmission medium) which has received criticism from various quarters including the International Press institute over allegations of controlling the media.

Under POFMA, passed in 2018, the Singaporean government can issue a “correction notice” to an individual or organisation for online content about a public institution that the authorities deem false or misleading. The government can even amend such content in the name of public interest. According to international media reports, the law has been accused of targeting civil society activists, NGOs and opposition lawmakers. Allegedly false statements published by media websites in Singapore can, under POFMA, carry hefty fines up to 1 million Singapore dollars (USD 731,000) and jail sentences of up to 10 years.

It is well known that politicians here cannot pass up an opportunity to casually bring up Singapore as a model island of plenty for Sri Lanka to aspire to in virtually every sphere of social and economic development. It’s hardly surprising then that we would want to ape its darker side too. National People’s Power (NPP) parliamentarian Dr Harini Amarasuriya said it best when she spoke in parliament on November 25: “When we hold Singapore up as this model [for all things Sri Lanka needs to do], we tend to overlook the fact that it’s an extremely tightly controlled society where the idea of dissent and protest, so essential for democracy, is not tolerated. Just recently, it was reported that a Singaporean man was arrested for unlawful assembly, for holding a placard with a smiley face in front of a police station. Internet freedom is limited in Singapore, and the government has high powers of censorship which it uses to stifle criticism and opposition views. Is this what we aspire to? I don’t think so.”

Amarasuriya and others worry that the proposed regulatory mechanism will be used to stifle criticism of the government on the pretext of controlling the very real problem of fake news and hate speech online. There is no question that falsehoods and inflammatory content on social media poses a serious threat to the well-being of society. There is also no question that a democratically elected government, which – like it or not – the ruling SLPP administration is, must tackle this problem head on. Critics, however, are concerned that the end result will be an intellectually castrated, self-censoring public that will reliably look the other way, every single time. This might sound like a fallacious, slippery slope argument, but given the ruling coalition’s track record on media freedom, it’s not entirely unfounded.

In a letter written to Google’s CEO in December last year, Singapore Democratic Party (SDP) chairman Dr Paul  Tambyah complained about a ban Google had imposed on political advertising in that country in the run-up to this year’s parliamentary polls. In a written response, Google Vice President Ted Osius cited a code of practice related to POFMA in instituting the ban. While we’re not quite there yet, it is not unreasonable to imagine that a situation as dire is not far off if this legislation materialises without being subject to wide stakeholder consultation and scrutiny. It is here where the online community comes in, and their silence and their lethargy have been discouraging to say the least.

The proposed regulatory mechanism may or may not become a reality, and the fears expressed about it may well be exaggerated. However, if there is even the smallest chance of its being taken to its dystopian extreme, it is imperative that those whose voices are most likely to be silenced as a result speak up now, and speak up loudly, while they still can. Of course, speaking up alone would not suffice. A vast majority of writers and creators who are active in citizen journalism and on social media don’t have the kind of proximity to power that some of Colombo’s more privileged civil society activists enjoy. Rather than subtweeting the powers that be and moving on to tomorrow’s controversy, these “elite” activists and so-called thought leaders can perhaps look at ways in which they could have some input in the decisions made with regard to free speech and web content online. They could represent the interests of those who stand to lose the most if this dreaded Orwellian nightmare comes to pass.

Online activism has, not unfairly, a reputation for being lazy and self-important. But it would be dishonest to write it off as being totally ineffective. And, if the memes are anything to go by, Sri Lanka’s social media users are particularly savvy and quite literate politically. It would be folly to think that the establishment hasn’t noticed. It would be unwise to not be prepared. Shakthika Sathkumara and Ramzy Razeek will attest to that. Sri Lanka’s increasingly vibrant internet community is growing every day and is becoming ever bolder. It is up to the self-appointed thought leaders to protect this precious space where, despite insidious encroachments from corporate and state interests, despite gross violations of the very spirit of democracy, a semblance of truly free expression still remains. The internet, at least for the time being, is where so many can still get away with being their true selves. If its own users don’t stand up for its defence, who will? (Colombo/Dec08/2020)

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)

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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)

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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.

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

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

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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)

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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)

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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)

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