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Monday November 9th, 2026

Opinion: Building a common Sri Lankan identity a challenge

ECONOMYNEXT – Amongst the qualifications, one needs to become the President of the country according to government party Legislator, Chamara Sampath Dassanayake is that the person must be a Buddhist.

He also said that only the married with children could aspire to that high position, but let’s leave that for another discussion.

Meanwhile, the main Opposition Samagi Jana Balavegaya MP Harin Fernando also raised a moot question in Parliament.

Could, he asked, Muthiah Muralitharan or Farvaiz Maharoof, the former being a Tamil, the other a Muslim, captain the Sri Lanka cricket team despite their exploits on the field?

While Fernando drove home the point that unless one belongs to the Sinhala Buddhist community which makes up most of Sri Lanka’s population, heading the national cricket team could only be a dream, Dissanayake’s call to allow only Buddhists to be President, reinforces the very idea that he laments about.

Complex and divisive issues no doubt, but if the oft-touted “one country one law” mantra or the United Sri Lanka ideal is to become a reality, then, shouldn’t a single identity of a Sri Lankan be created first? And shouldn’t every public office, at the very highest level be open to any Sri Lankan citizen of whatever ethnicity?
No easy task. Like all other nations, Sri Lanka’s population is made up of an array of ethnicities, faiths, castes and social classes, which are further broken down into being Kandyan, Low Country, Upcountry, Easterner, Southerner and Northerner etc.

One common thread that binds all these divisions is the use of the term ‘minority’ in identifying anyone who does not fall within the Sinhala Buddhist group.

So, is it time to address this minority-majority divide? Do we work towards creating a society of equals on all fronts, instead of the belief that those who do not fall within the Sinhala Buddhist category must never forget the benevolence of the former under whose shadow everyone else must live?

In a New Year message, Dr Tush Wickremanayake, a medical doctor by profession and an ardent rights advocate suggested it is time the term ‘minority’ is dropped. Instead, would the term “non-majority citizens’ lend a better representation and acceptance of all the communities that do not fall within the SB group?

An interesting term, though academics and social activists, whose opinions were sought on the matter, feel, that while the issue must be addressed positively, such a phrase would still be grouping people according to numerical strength.

Says MP, Dr Harini Amarasuriya, of National People’s Power (NPP) that the negative connotation is not in the term ‘minority’ but it is the manner in which minorities are treated. It is a structural issue and not a linguistic one, she adds, where “it is a crude rendering of democracy to mean majority rule.’ Such an idea has resulted from the historical grievances, some legitimate, that the Sinhala Buddhist community has experienced during colonial rule she says.

Indeed, the divide and rule policy of the colonial masters resulted in not only the creation of an elite class drawn from all communities but also the concept that some of the numerically smaller groups and those of the Christian faith enjoyed preferential status.

But, as Amarasuriya goes on to state, this policy of divide and rule continues, even though the colonial powers left our shores seventy-two years ago. What we have today, says Amarasuriya, is the exploitation of the populace by a political elite, who have continued to nurture the grievances between communities for their gain.

President Gotabaya Rajapaksa’s inauguration at the Ruvanveliseya in Anuradhapura/PMD handout

Sociology Professor Subhangi Herath explains, that being in the minority does not necessarily mean being less powerful. She points to the South African situation between the 1940s and 1990s where the numerically smaller White population held sway, dominating social, economic and political structures and subjugating the indigenous population. Similarly, in the Russian Federation, there have been minorities holding the upper hand. Therefore, wherever an ethnic group feels they are stronger, they also believe others must bend to their will, she says.

Herath recalls the story of Dutugemunu and Elara. Though Dutugemunu killed Elara in battle, he had built a memorial for Elara and ordered every passerby to pay homage irrespective of the fact that the latter was a Tamil and one who had been defeated in battle.

Lorna Devaraja’s ‘The Muslim of Sri Lanka, One thousand years of Ethnic Harmony,’ traces the rich and cordial relations shared between the Sinhalese and Muslims, who played an important role in the courts of our ancient kings.

But what can be seen today is the reverse; a refusal to acknowledge Muslim burial rights and the demolition of the memorial to the dead at the Jaffna University are two such examples.

Don’t such acts amplify the belief that smaller communities must live according to the whims and fancies of the stronger and larger group? Is there a forced subject-hood?

“We need to inculcate in the majority community the idea that everyone is human and that no one is secondary, that everyone must have access to the same rights, goals and aspirations,’ Herath points out.

Unfortunately even those belonging to minority communities, believe they are different, she adds, and politicians have no qualms during elections, about using ethnicity, caste, social class, or anything else for that matter that would help drive communities apart to win votes.

‘There is no such thing as the purity of a race, though Sinhalese, Tamils etc. would prefer to believe that,’ explains anthropologist Dr Nandini Gunawardena. With so many inter-marriages taking place, embracing the idea of multiple identities is the only way out from the ‘nationalistic view of cultural or racial purity.’

Echoing Herath and Amarasuriya that ‘minority’ or ‘non-majority’, both denote numbers, Gunawardena states that the term minority in itself comes with a lot of baggage, and should not be used. At the same time,’ non-majority” puts us in a similar dilemma, because it registers the notion of “non” as in ‘other’, which connotes a counter status, one that is “less than” or in opposition to the majority,’ Gunawardena says..

She too agrees that politicians like to think in terms of numbers, as it is advantageous to them.

She opines that the better way to do away with the minority-majority classification would be is to refer to each ethnic identity; ‘Sinhala, Muslim, Tamil, Buddhist etc. community. That way, we signal to society that it is more than a matter of proportionate representation and that the nuanced aspects of history, culture, identity, social institutions etc. are what must be recognized, respected, and accommodated.”

Amarasuriya puts forth a similar concept;’ What we need is to re-think our idea that majority-minority relations have to necessarily be simply about majoritarian dominance – but consider how a democracy can accommodate and recognise a multiplicity of identities and positions.’

Explains Herath, generations past were widely read, exposed to other languages such as Latin and Pali and were more accommodating. A narrower perspective is offered through the current day education system, she says.

But, will lawmakers agree to go the extra mile and give individual groups their full identity, asks Wickremanayake. As evidenced, successive governments have made ‘U turns’ on these issues, she says, adding that the current tensions brought upon by the Covid 19 related burials is a case in point.

Jurist and Human Rights Activist, Basil Fernando meanwhile says that the issue of minority can be addressed by ‘strengthening the idea of citizenship as strongly as possible.’ ‘If the state is committed as a constitutional obligation to protect and empower the citizenship of ALL, then the framework can be created for any citizen who feels that he/she is denied what is due as a citizen. This is the way rights of African American were formulated from inception, in their struggle against unequal treatment. Their demand was that they also have the same rights as whites.”

For such a scheme to be a success, says Fernando public institutions must treat everyone the same way. Weakening public bodies result in a disempowered population, a major problem facing Sri Lanka, he adds, while advocating for a ‘common struggle for each other and thereby improving citizens’ power.’

Fernando, who has made his submissions to the new constitution in the making, argues, that ‘what we need is not new words but a richer constitutional concept of the relationship between the state and citizens.’ He refers us to India’s Dr B R Ambedkar’s untiring efforts to ensure their constitution upheld the rights of minority communities.

Similarly, says Fernando, in Sri Lanka too, “all citizens must have the right to use their mother tongue. Making some special provisions for this must not be used as an excuse to create a majority and minority complex.”

As Harin Fernando aspires, and Chamara Sampath would prefer not, in neighbouring India, where the population is mostly Hindu, and the country is made up of not just different ethnicities and religions but tribes, cultures and sub-cultures, castes, sub-castes and social classes, we have seen a Sikh and a Muslim respectively, elected to the post of President. What’s more, Italian born Sonia Gandhi the President of the Indian National Congress could have well become India’s Prime Minister, had she not turned down that opportunity.

Despite its ethno-linguistic and faith groups, regional, caste and class differences, Indians are first and foremost Indian, says Herath, who adds that in being so, they do not discard any of their unique religious or cultural practices. And that is what Sri Lanka too must aspire to.

How then should Sri Lanka go about building a truly Sri Lankan identity, while safeguarding and respecting the various ethnic and faith communities that call this nation home? (Colombo, January 14, 2021)

Edited by Arjuna Ranawana

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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