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Monday November 9th, 2026

Act now to save 18,000 lives, experts convened by WHO Sri Lanka urge

ECONOMYNEXT – As deaths and daily cases surge in Sri Lanka, an independent expert group convened by World Health Organisation (WHO) Sri Lanka on the island nation’s COVID-19 situation has called for swift and stringent mobility restrictions to save some 18,000 lives by January 2022.

A report of key observations and recommendations made by the group at a meeting held on Tuesday (10) said that, at current levels of mobility restrictions, the daily caseload would increase up to 6,000 a day by mid-September.

Daily deaths, at current levels of stringency, is expected to peak around 220 deaths a day by early October, while intensive care unit (ICU) admissions will peak around 275 around the same time.

If stricter restrictions aren’t imposed, Sri Lanka will see some 30,000 cumulative deaths by January 2022, according to the group of experts.

“But note that since we have not yet achieved the vaccine coverage assumed in the model, the projections are an under-estimate,” the group said.

At increased levels of stringency in restrictions that would be comparable to the month-long lockdown-in-all-but-name from May 21 to June 21, the experts said quoting projections by the Monash University, Australia, in collaboration with WHO SEAR and the Sri Lanka County Office that daily cases would drop to around 1,000 a day from the current ¬3,000 a day. Deaths and ICU admissions would be fewer than 25 a day each by October. Stricter restrictions similar to May-June would also avert 18,000 deaths by January next year, the group said.

(The projections assumed that 50% will be fully vaccinated by end of August 2021).

“We need to act NOW,” said the experts, among who was Prof Malik Peiris, Chair/Professor of the School of Public Health, University of Hong Kong.

“Our urgent priority is to SAVE LIVES,” they added.

COVID-19 deaths continue to spike in Sri Lanka, with 156 deaths confirmed by the Director General of Health Services for Wednesday (11), the seventh consecutive day the daily death toll reached a record high.

The government also confirmed 3,039 new infections on Thursday (12), the highest daily total in nearly three months. Active cases in the country as of Thursday evening are 37,043. Total cases since last March are 345,118.

Many areas of the country show a high PCR test positivity rate of over 20%, as noted by the group of experts. By July 31, over 60% of sequenced samples belonged to the fast-spreading delta variant of SARS-CoV-2, the virus that causes COVID-19.

As the caseload grows, ICU beds have reached 90% capacity and bed capacity at other levels of care have also reached over 85%, while patients needing oxygen had increased from 528 to 646 in a matter of days leading to growing concerns of an oxygen shortage.

These numbers come amid worries expressed over the accuracy of government data. According to one regional health officer, there may be a significant discrepancy between daily COVID-19 cases confirmed by health authorities and the number of people that actually test positive on a given day.

Eastern Province Health Services Provincial Director Dr R M Thaufeeque told reporters on Wednesday (11) that 837 cases found in the Eastern province on Tuesday (10) did not tally with the 194 cases reported by the health ministry’s epidemiology unit.

Related: Sri Lanka health official points to significant discrepancy in daily COVID-19 numbers

Sri Lanka has seen an alarming surge in COVID-19 deaths since mid-July, with daily infections also on the rise. Health authorities suspect the delta variant of SARS-CoV-2, the virus that causes COVID-19 is behind the rapid spread.

Despite rising cases – and repeated calls from the medical community for a lockdwon – the government has opted not to impose stricter restrictions, choosing instead to limit crowds at indoor events such as weddings.

A meeting is to be held today chaired by President Gotabaya Rajapaksa on the future course of action.

Calling for immediate mobility restrictions, the independent expert group said, a four-week lockdown would provide the time needed to accelerate Sri Lanka’s vaccine rollout (only 15% of the population is fully vaccinated at the time of writing) and to achieve the level of protection following the second dose.

Four weeks of stringent restrictions would also give Sri Lanka’s overworked and exhausted health workers some much needed recovery time from the overwhelming case load, the group said.

“A significant number of health workers are getting infected with a consequent pressure for curtailment and closure of services. All indications are that staff are exhausted and struggling,” they said.

According to the experts, the May-June lockdown saw “very effective” restrictions at 85% of the Oxford Stringency Index. The index records the strictness of ‘lockdown style’ measures of a country and is calculated using nine response indicators including workplace and school closures.

In July, Sri Lanka’s score on the Oxford Stringency Index, the experts said, was at 49% and has since fallen to a “dangerously low” 29% as of August 5.

With the decrease of the stringency from 84% (during 21 May – 21 June) to 29% by August 5 and 32% from August 6, cases and deaths have demonstrated a significant rise from around 1,500 (early July) to near 3,000 as of August 9, the group noted. With relaxation of stringency, the mobility patterns have also shifted to pre-COVID levels, they said.

“Immediate actions are crucial and critical because it takes a few weeks before measures show a positive impact on the number of infections and hospital admissions. Any delay in implementation will lead to increase in deaths and will require even more stringent measures with longer duration to regain control,” the experts said.

More detailed recommendations from the experts are as follows:

  • Strictly enforce movement restrictions, including inter-district travel except for essential services. The effective implementation of these measures may require the enforcement of a curfew for a short period, in large geographic areas or nationally.
  • Restrict /cancel all public events for 3 weeks.
  • Provide care and protect the health workers and augment staffing in hospitals to minimize disruption of essential health services.
  • Develop and implement an effective communication plan to engage the public and to update them on the control measures.
  • Accurate reporting of both cases and deaths to get a better picture of the ground situation. May also use proxy indicators such as observed Test Positivity Rate (TPR), trends measured using weekly moving averages and time series analysis, mobility data, etc.
  • Prioritize to vaccinate all those over 60 years old and those with co-morbidities, preferably with Pfizer, Moderna or Astra Zeneca because even a single dose of these vaccines provides some degree of protection until the second dose is given.

Meanwhile, Health Services Deputy Director Dr Hemantha Herath said the situation in Sri Lanka has not yet gone out of control.

“If it has, then the virus would be spreading much faster than this. If it was spreading fast, then the number we recorded a few days ago would’ve doubled by now,” Herath said on Friday (13).

“But we are in a very dangerous situation without a doubt,” he conceded.  (Colombo/Aug13/2021)

Sri Lanka rupee closes at 332.53/59 to US dollar spot, bond yields edge up

ECONOMYNEXT – Sri Lanka’s rupee closed at 332.53/59 to the US dollar spot on Monday, from 332.55/60 the previous day, while bond yields closed higher, dealers said.

A bond maturing on 15.09.2029 closed at 190/98 percent, up from 10.85/95 percent.

A bond maturing on 01.08.2030 closed at 11.07/12 percent, up from 11.05/10 percent.

A bond maturing on 01.02.2031 closed at 11.30/40 percent, up from 11.10/15 percent.

A bond maturing on 15.12.2032 closed at 11.65/70 percent, up from 11.55/65 percent.

A bond maturing on 01.11.2033 closed at 11.95/12.00 percent, up from 11.90/95 percent.

A bond maturing on 15.10.2034 closed at 12.10/15 percent, up from 12.05/12 percent.

A bond maturing on 15.08.2036 closed at 12.40/50 percent, up from 12.30/40 percent. (Colombo/Nov9/2026)

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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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