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Monday November 9th, 2026

Sri Lanka likely to face more scrutiny in September UNHRC session

ECONOMYNEXT – Sri Lanka may have to convince the international community more on its human rights efforts before another resolution at the United Nations Human Rights Council (UNHRC) meeting in September as the island nation has been asked to do more to address past alleged rights abuses.

Before the Sri Lankan delegation left to Geneva to participate in the 49th UNHRC session, the government attempted to activate some of its domestic processes including the Office of Missing Person (OMP) and the Office of National Unity and Reconciliation (ONUR).

The government also tabled an amendment to the country’s anti-terrorism law, the Prevention of Terrorism Act (PTA,) in parliament and released a number of people arrested under the PTA including lawyer Hejaz Hizbullah and poet Ahnaf Jazeem, long demanded by international rights groups.

However, it also faced new allegations that were forwarded at the latest UNHRC session including the government’s alleged failure to find the masterminds of the 2019 Easter Sunday attack and the alleged muzzling of opposition legislators and minorities critical of the government.

Apart from these, individual complaints by Sri Lankans also have been sent in a confidential manner to the UNHRC about how their fundamental rights are being breached under successive governments, sources who were aware of such complaints told EconomyNext.

Sri Lanka’s Catholic Church leader Cardinal Malcom Ranjith’s meeting with the UN human rights chief Michelle Bachelet has sought to change the perception of Catholic nations, especially in the Latin American belt, a source who has the knowledge on the meetings said.

According the resolution passed at the UN body last year, Bachelet has received a mandate to collect evidence of crimes allegedly committed during Sri Lanka’s long civil war, which ended with an upsurge of alleged civilian deaths attributed to both the Sri Lankan army and Tamil Tiger rebels.

Many rights activists and some Western nations still see Sri Lanka’s measures including proposed amendments to the anti-terror law, reactivating the work of the OMP and ONUR as attempts to hoodwink the international community.

However, none of these measures managed to convince the UN and international community.

No credible road map

Bachelet on Friday’s session in Geneva said there have been some recent signs of increased engagement by the government with her office and certain steps to initiate reforms.

“I encourage the Government to take further steps to address the fundamental problems with the PTA, as well as undertake the deeper legal, institutional and security sector reforms that are critically needed, to put an end to impunity and prevent any recurrence of past violations,” Bachelet said.

“Regrettably, the past year has also seen further obstruction and setbacks to accountability. Victims and their families continue to be denied truth and justice.  And the Government’s response to criticism has constricted democratic and civic space, including for essential human rights advocacy.

“Two years after the expression of commitments to pursue an “inclusive, domestically designed and executed reconciliation and accountability process” before this Council, the Government has still not produced a credible road map on transitional justice towards accountability and reconciliation.”

President Gotabaya Rajapaksa’s Sri Lanka Podujana Peremuna (SLPP)-led coalition, which earlier opposed all views on addressing past rights abuses from the West, the UN, and global rights groups, has been on reverse gear since the country started to face an economic and debt crisis.

The European Union has threatened to withdraw Sri Lanka’s access to the GSP plus trade concession worth over 500 million US dollars if Sri Lanka does not fulfil its commitments including repealing the PTA as it agreed to in 2016.

Some western nation including Canada and the United States have already imposed targeted sanctions on military personnel who are accused of war crimes.

“The current Government has not only demonstrated its unwillingness to pursue accountability – it has incorporated military officials implicated in alleged war crimes into the highest levels of Government, reinforcing a narrative of impunity,” the UN rights chief said.

Though Sri Lanka started to address most of the rights concerns, it hardly had the time to reconcile with minorities which have accused the SLPP-led coalition of not taking strong action against racism and targeted violence against minorities since it came to power.

Visible ethno-religious nationalism

“The expression of ethno-religious nationalism in State institutions has become more visible, increasing the marginalisation and fear of minority communities, and undermining reconciliation,” Bachelet said.

“Since the end of 2020, we have noted a significant increase in land disputes, mainly related to Buddhist heritage conservation or forestry protection, that are exacerbating grievances of minority communities and creating new tensions.”

The UN rights boss also questioned the independence of country’s key commissions and institutions after the passage of the 20th amendment to strengthen the powers enjoyed by the president.

“I am also deeply concerned by continued reports of surveillance, harassment and intimidation of civil society organisations, human rights defenders and journalists by police and intelligence services,” Bachelet said.

“Repeated incidents of deaths in custody and in alleged armed encounters with police are alarming. We also continue to receive allegations of ill-treatment and torture by police and military. This highlights the importance of fundamental security-sector reforms.”

She also said the victims of the 2019 Easter Sunday bombings and religious leaders also continue to call for justice, reparation and a full account of the circumstances of those attacks, in particular the role of the security establishment.

Cardinal’s request

Bachelet’s comments on Easter Sunday victims came after Sri Lanka’s Malcom Cardinal Ranjith personally visited Geneva and placed his statement officially to the UNHCR on the plight of the victims in the attack along with a request to ensure justice.

The Cardinal said the Easter Sunday attack – which killed 269 including 47 foreign nationals from 14 countries – first appeared to be the work of Islamic extremists but subsequent investigations indicated that “this massacre was part of a grand political plot.”

He said the SLPP-led government has failed to mete out justice to the victims despite repeated requests and there are attempts to harass and intimidate those who clamour for justice instead of uncovering the truth behind the attack and prosecuting those responsible.

Many rights activists say the Cardinal’s request could become a game changer in the future in forcing Sri Lanka’s government to address alleged past human rights violations, given the likelihood of Catholic-dominated nations will now also call on the government to address UNHRC demands.

Meanwhile, Sri Lanka’s Core Group said its concerns over surveillance and intimidation of civil society persists and detentions, threats and intimidation of journalists and human rights defenders continue while the proposed changes to the PTA are very limited and its longstanding concerns still remain.

“The new ‘One Country One Law’ taskforce risks undermining Sri Lanka’s pluralist society. We urge Sri Lanka to ensure that this taskforce’s work is inclusive and non-discriminatory,” the UK’s Global Ambassador for Human Rights Rita French in her statement on behalf of  the core group said.

Alarm bell rings

Human rights activists and officials who visited Geneva said the sessions on Sri Lanka for the first time saw Christians and Sinhalese speaking against human rights violations by an incumbent government for the first time.

Opposition legislator Harin Fernando and Cardinal Ranjith were given 1.5-minute slot each under the NGO time slot where 10 NGOs were given the opportunity to speak.

“It is an alarm bell for Sri Lanka,” said a rights activist based in Geneva told EconomyNext.

“Now pressure is mounting on Sri Lanka as most countries spoke on Monday asked it to address concerns.”

Sri Lanka for its part said there were serious anomalies and weaknesses in Bachelet’s report presented to the Council.

However, some diplomats based in Sri Lanka say Sri Lanka’s credibility among the international community has eroded due to its past record and another resolution is likely in September depending on the government’s responses to UNHRC’s call to address human rights abuses.

Sri Lanka responds

Sri Lanka’s Foreign Minister G L Peiris criticized the UNHRC’s move to find evidence against the government’s past human rights abuses.

“The fundamental deficiency is its intolerably intrusive character, impinging as it does on core functions and responsibilities of organs of the Sri Lankan State, overwhelmingly mandated by the people of our country at three successive elections” he told the UNHRC,” he told in his statement addressing the Council.

“Despite our rejection of the resolution, we will continue our voluntary international undertakings on human rights and engage with the United Nations, including with this Council,” he said.

“We are dismayed by the High Commissioner’s unwarranted onslaught on seminal institutions of our country which function under the aegis of Sri Lanka’s Constitution and legal system, emanating from a rich and varied cultural heritage, and are subject to stringent review processes which form an integral part of our tried and tested laws.”

On Tuesday, Sri Lanka’s foreign ministry said the country “received overwhelming support from countries of the Global South who expressed support for the Government’s significant efforts towards reconciliation and reiterated the importance of objective and constructive cooperation as the fundamental basis for multilateral engagement”.

“Of the 45 countries that spoke at the Interactive Dialogue, 31 spoke in support of Sri Lanka. Sri Lanka received cross-regional support from a broad spectrum of states of South, South East and Central Asia and the African Group,” the Foreign Ministry said in its statement. (Colombo/Mar08/2022)

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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