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Monday November 9th, 2026

A new leaf for MG? — The MG HS

The MG HS is the bigger brother to the already popular MG ZS.

The MG HS is the latest offering from the originally British but now Chinese-controlled auto manufacturer. Think not of the classic sports cars that the brand was once famous for. Instead, their latest offerings have been more about value and mass-appeal.

A member of the expansive SAIC Group, MG is fast being positioned as their volume-seller overseas, with a domestic manufacturing plant coming on-line mid-2019 to produce models tweaked specifically for growing demand from India.

Visually similar to the ZS, the HS is noticeably larger but follows the same design.

The MG6 was the first of the new breed to land in Sri Lanka — a sensible four or five-door saloon that handled surprisingly well, but was behind the competition in terms of engine-tech, NVH, and build quality. This was followed-up most recently with the ZS, a small subcompact-SUV that has struck a chord with Sri Lankan buyers due to its relatively low cost and much-loved body style.

The HS looks externally similar to the ZS. Aside from the dimensions, the average onlooker wouldn’t look twice. But it’s bigger than the popular mini-SUV; 260mm longer, with over 100 litres more boot space (without the seats folded).

The interior is influenced heavily by German offerings — You can see the influence of BMW, Audi and Mercedes in the overall design.

It’s the interior which leaves the biggest impression. Off the bat, it’s a very obvious mishmash of elements “borrowed” from the “big three” German auto brands. The rotary vents are fashioned after those found in the latest Mercedes’, the centre console echoes the design of the BMW 7-Series, and the steering wheel — with its red “super sport” button — is very clearly inspired by the Audi R8.

But despite this apparent plagiarism, The HS’ interior has a pleasingly premium feel to it. The switchgear is damped. You get a full-length openable sunroof. The steering wheel is wrapped in perforated leather. Andthere are vents, USB charge ports and reclining seats for rear-seat passengers. Overall, the materials used are discernibly better than their previous efforts – the piano black finishes, padded plastic, and brushed metal all combine to offer an atmosphere better than most offerings in this price bracket.

The instrument cluster combines an LCD screen and analogue dials, with attractive graphics and fluid animations.

The HS doesn’t want for toys either. On the safety front, it comes with six airbags and the usual gamut of stability programmes and braking assistances. It features further active safety, such as pedestrian detection, lane-departure warning, seatbelt notification for all five seats, traffic-sign recognition and cross-traffic alert when reversing. Driver aids extend to radar cruise control (rare in this segment and price point), parking sensors and reverse camera, tyre-pressure monitoring with temperature readout, hill-start assist and an auto-holding electric park brake.

It’s not all perfect. The red stitching on the dash is skewwhiff in places. The seats  although sculpted, electric, leather and heated  lack sufficient adjustability for my liking. And the 8” infotainment screen is placed a bit too far out of reach for comfort. The entertainment system features wired Apple CarPlay and Android Auto, but functionality for the most basic operations isn’t as polished as you’d hope; there are no buttons to adjust fan speed, so it has to be adjusted after pulling up a screen. Other sub-menus have no obvious back button, so you’re forced to select home each time.

The boot area of the HS is notably large and accessed by an electrically-operated tailgate.

The biggest gripe I had with the HS was its gearbox. It uses a 7-speed dual-clutch transmission which, on the face of it, should be a major plus point — DCT’s are known for their seamless shifts, pre-emptively selecting the next gear to ensure progress is swift. But for whatever reason, the HS’ DCT system is clumsy and ham-fisted through the gears. Low, city-dwelling speeds are the HS’ particular Achilles heel, as the jerks and lag between changes are unavoidable. It’s a problem not confined to MG — the Hyundai Venue which uses a similar box exhibits the same. Ponderously, MG’s cheaper offering, the ZS, uses a traditional torque-converter automatic from Japanese manufacturer Aisin and is much better for it.

LED headlights are standard for the model offered in Sri Lanka; just one of the many options that impress.

But overall, the HS represents a massive leap up the food chainfor the Chinese manufacturer. Whilst it may not be the last word in dynamic driving, those buying a small-to-medium-sized SUV aren’t likely to be too concerned about handling. For the price, LKR7.8mn, the equipment it offers is best-in-class. A five-year warranty sweetens the deal. Overall, the HS makes you realise that this could be the tipping point where MG starts to climb the ladder that the Koreans (such as Hyundai and Kia) did a decade ago. If history has shown us anything, it’s that the blending of value and quality is one that eventually proves to be irresistible to the buying public.

“Super Sport” button changes engine and gearbox mapping, but even when activated the HS is hardly fast nor involving.

Engine: 1.5 litre 4cyl turbocharged petrol, 160bhp, 250NM
Gearbox: 7-speed dual-clutch automatic
Performance: 0-100kmph 9.9secs, 190kmph
Price: LKR7.8mn
*Prices are accurate for model and trim specified at the time of publishing

Sam D. Smith in an automotive editor and journalist with a life-long passion for all things car. He is a member of the Guild of Motoring Writers (UK) and nominee for the Sir William Lyons Award for automotive journalism.

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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