An Echelon Media Company
Monday November 9th, 2026

SJB studying alternative to PTA amid “foreign policy failure” of EU resolution on Sri Lanka

ECONOMYNEXT – The main opposition the Samagi Jana Balavegaya (SJB) is studying a ‘Protection of National Security’ law drafted by the Law Commission of Sri Lanka as a possible alternative to the controversial Prevention of Terrorism Act (PTA) which resulted in a recent European parliament resolution on Sri Lanka.

The SJB said in a statement June 14 that the EU resolution is yet another foreign policy failure of the Sri Lanka government.

“The government’s continued failure and incompetence in the effective management of its foreign relations, and its total bad faith in the enforcement of law in the country, have directly led to the present crisis that confronts the People of Sri Lanka. The recent EU Resolution reflects yet another foreign policy failure of this failed government. While it embarks on pipedream investor forums, the government seems intent on rapidly losing the two largest export markets Sri Lanka already has – the United States and the EU,” the party said.

The June 10 resolution called for the repeal of the PTA and invited the European Union Commission to consider temporarily withdrawing Sri Lanka’s access to the Generalised Scheme of Preferences Plus (GSP+) concession.

Expressing deep concern over Sri Lanka’s “alarming path towards the recurrence of grave human rights violations” as listed by the most recent UN report on the country, the 705-member EU parliament adopted the resolution with 628 votes in favour, 15 against and 40 abstaining

Related: EU parliament adopts resolution on Sri Lanka; wants PTA repealed, GSP+ withdrawn

The SJB said in its statement that a previous attempt to introduce a new counter-terrorism law was mired in controversy. In 2018, the Yahapalana government – of which many in the SJB were then members – submitted a Counter Terrorism Act (CTA) to parliament that was never passed. President Gotabaya Rajapaksa’s administration in January 2020 declared its intention to keep the PTA in force, drawing criticism from the Human Rights Watch.

The SJB said the draft Protection of National Security law is a concise and effective piece of legislation compatible with international best practices. The party said it will initiate a process in parliament through which the draft proposals are taken up.

“The SJB is of the firm view that a robust and effective national security framework can be developed without compromising human rights and democracy.”

The government’s failure to manage foreign relations and enforce the law has led to a crisis affecting the public, the party said.

Former Prime Minister Ranil Wickremesinghe, meanwhile, said June 13 that, if Sri Lanka loses access to the GSP+ trade concession, thousands will lose their jobs and the rupee will further depreciate, forcing Sri Lanka to pay around 300 rupees per US dollar.

Related: Losing GSP+ will spell disaster for Sri Lanka’s economy: former PM Wickremesinghe

(Colombo/June14/2021)

The full text of the SJB statement is as follows:

“The SJB notes the resolution adopted by the European Parliament on ‘the situation in Sri Lanka, in particular the arrests under the Prevention of Terrorism Act’ on 9 June 2021.

“The resolution observes that ‘the human rights situation in Sri Lanka has been steadily deteriorating, with the new government rapidly backtracking on the limited progress achieved under previous administrations’. It specifically mentions Sri Lanka’s Prevention of Terrorism Act (PTA), and its legacy of abuse leading to serious human rights violations. It mentions in particular the use of the PTA to target vocal critics of the state, including eminent lawyers such as Hejaaz Hizbullah, and artists such as poet Ahnaf Jazeemm, and notes the expansion of the PTA through new regulations issued in March 2021. It also highlights a spate of other major concerns including: discrimination and violence targeting minorities; new proposals to introduce oppressive laws on so-called disinformation; the continued application of archaic criminal law; the acceleration of the militarisation” of civilian government functions in Sri Lanka; and the apparent failure to institute a rigorous, impartial and complete investigation into the 2019 Easter Sunday bombings in line with international legal standards.

“The SJB has repeatedly raised concerns with respect to the rapid deterioration of the human rights situation in Sri Lanka, and the racist, xenophobic, and discriminatory policies of the present government. We have condemned the systematic assault on Sri Lanka’s democratic institutions through the introduction of the Twentieth Amendment, and the establishment of commissions of inquiry to target politicians within the Opposition. We have also denounced the targeting of lawyers, media personnel, environmental activists, and government servants for their legitimate criticism of the government. The government is attempting to further curtail democratic freedoms through the introduction of laws to curb so-called disinformation. We see these as nothing more than a cynical attempt to further suppress the People’s freedom of expression. We have also condemned the government’s failure to uncover the real masterminds behind the Easter Sunday Attacks, and have repeatedly called for thorough and impartial investigations into the Attacks.

In this rapidly deteriorating situation in Sri Lanka, the EU Resolution invites the European Commission ‘to carefully assess whether there is sufficient reason, as a last resort, to initiate a procedure for the temporary withdrawal of Sri Lanka’s GSP+ status and the benefits that come with it, and to report to Parliament on this matter as soon as possible’. Therefore, following this Resolution, Sri Lanka stands to lose its GSP+ status.

“We recall that Sri Lanka regained concessions under the European Union’s GSP+ trade facility in May 2017. Many Sri Lankan exporters, specifically in the garment industry, have benefitted greatly as a direct result of the tariff concessions offered under this facility. One simple condition under which this facility was given was that Sri Lanka takes steps to revise certain problematic sections of the PTA to make them compatible with the International Covenant on Civil and Political Rights. The specific sections were mentioned in a letter sent by the European Commission to the former Minister of External Affairs on 17 June 2010. The Government of Sri Lanka succeeded in regaining GSP+ concessions in 2017 only based on solemn commitments to repeal or amend those specific provisions of the PTA, or replace the PTA with a new counter-terrorism law that is compatible with international best practices.

“Today, the People of Sri Lanka stand to lose the vital support of the European Union because the present government has failed to honour its commitments. Although the present Secretary to the Foreign Ministry has stated in public that the PTA must be revised, the government has failed to introduce any meaningful process to revise the PTA or replace it with a law that is compatible with international best practices. Instead of reforming the PTA, it has exacerbated the crisis by introducing regulations that further expand its scope. We note that these new regulations permit authorities to place suspects in so-called rehabilitation programmes without the need to lead any evidence of wrongdoing before a competent court.

“The government’s continued failure and incompetence in the effective management of its foreign relations, and its total bad faith in the enforcement of law in the country, have directly led to the present crisis that confronts the People of Sri Lanka. The recent EU Resolution reflects yet another foreign policy failure of this failed government. While it embarks on pipedream investor forums, the government seems intent on rapidly losing the two largest export markets Sri Lanka already has – the United States and the EU.

“The SJB, as the main Opposition party in Parliament, does not merely wish to point out the failings of the present government without offering viable solutions. We note that the previous attempt to introduce a new counter-terrorism law was mired in controversy. However, we note that the Sri Lanka Law Commission, a body comprising eminent members of Sri Lanka’s legal fraternity, has produced a draft law on the Protection of National Security, which is a concise and effective piece of legislation that is compatible with international best practices. The SJB is currently studying the Law Commission’s proposals, and will endeavour to initiate a process in parliament through which these proposals are taken up.

“The SJB is of the firm view that a robust and effective national security framework can be developed without compromising human rights and democracy.”

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)

 

Continue Reading

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)

 

Continue Reading

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)

Continue Reading

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)

 

Continue Reading

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)

Continue Reading

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)

Continue Reading