An Echelon Media Company
Friday November 13th, 2026

Arm-Twisting the Black Media

N M Ameen is not a man known for wearing his sadness on his sleeve.

The avuncular 44-year veteran of Sinhala and Tamil Media in Sri Lanka is now Editor of the Navamani newspaper and President of the Sri Lanka Muslim Council.

As a Media activist he has fought against censorship and violence perpetrated on journalists.

On May 9 he became a victim of the very media he has sought to free.

At a press conference Ameen quoted President Maithripala Sirisena as saying many homes in Sri Lanka keep swords to protect their women.

Hiru news decided to drop the reference to the President and present the statement as Ameen’s.

In a racially charged atmosphere fuelled by an incessant spate of video reports showing swords and knives recovered from Mosques and other Muslim sites, this quote took a life of its own.

Ameen was pilloried on social media.

An official complaint was made to Hiru, which did not apologise, but eventually ran the full video statement.        

“By then the damage had been done,” says Ameen.

Media rode a wave of anti-Muslim sentiment

This is one of the many examples of irresponsible behavior by several leading Media outlets that unashamedly rode a wave of anti-Muslim sentiment during the weeks after the Easter Sunday bombings.

There were inflammatory stories, twisted and manipulated tales and outright lies.

Quite often stories are planted in the newspapers in the night and in the morning the broadcast channels read them out on their morning shows, conveying a message that caters to and reinforces a particular political agenda.

That anti-Muslim wave came from the mostly Sinhala Buddhist majority with known racist figures playing a part. There were quite a few from amongst the Christian community too.

What media outlets want are ratings and circulation. What they give the nation is fear, instability, and more insecurity.

Mangala fights back with arm twisting

Another victim was Finance and Mass Media Minister Mangala Samaraweera.

Always unafraid to articulate his Liberal position he said “Sri Lanka is not a Sinhala Buddhist country but a country belonging to all who have taken Sri Lanka as their motherland.”

Mangala is right but the racist attacks on him was like a tsunami.

Then he decided to fight back.

Last week he summoned the heads of state banks and asked them to withdraw advertising from the country’s most popular Television stations Hiru and Derana.

The state banks spend at least Rs. 4.5 billion a year advertising on TV and radio.

That is a whopping amount of money for this country’s media industry.

The ad ban is now widening. Advertising industry sources said the national carrier Sri Lankan Airlines as well as other major organizations are also withdrawing advertisements from the Hiru and Derana channels.

Samaraweera made this move because, he said, these two organizations were “spreading hate speech to provoke communal violence.”

A senior manager from Derana confirmed to RepublicNext that advertising had been pulled from them by all government institutions.

He also said that Derana is not dependent on government advertising so this will not affect them.

He rejected the charge that his channel was spouting hate speech and pointed out they had complied with Information Department requests not to show some items which may provoke rioters.

Media activists decry the move

The Convener of the Free Media Movement Chandrasiri Dodawatte says if there is an issue of hate speech “then there has to be a proper, transparent process by which that should be dealt with.”

He has a point. There are Emergency Regulations, including several promulgated on Friday (17), by which the authorities can prosecute individuals or organisations for hate speech that incites a riot.

Ameen says “there are many ways the government could have taken action against this kind of reporting.”

“Stopping government advertising to these channels is not the way,” Dodawatte added.

Ameen too agrees that financial arm-twisting is setting a bad precedent.

But it looks like the government has decided to take direct action against these Media organisations rather than get mired in a legal swamp.

Sri Lanka does not have a clear and transparent government advertising policy unlike other countries in the region.

There are no regulations and whatever decisions that are taken with regard to the spread of advertising are not publicly known.

In Sri Lanka’s comparatively small market, the government, because it runs so many State Owned Enterprises, is the biggest advertiser.

Throughout our modern history, successive governments have sought to influence editorial decision making by placing or withdrawing advertisements.

In some cases it is known that newspapers with smaller circulation figures get substantial government ads while others with a wider readership get much less.

The behavior of many Media outlets has been horrifying and very damaging to the unity and integrity of Sri Lanka.

This is not the first time it has happened. During the war, for instance, the media was racially divided.

A martyr in one language media was a villain in the other language. Research done for the Centre for Policy Analysis by Dr. Arjuna Parakrama  in Media Monitor has given us a host of details about this type of manipulative reporting.

It has continued to keep the country divided and antagonistic.

During the 52-day period where the President sacked the Prime Minister and appointed the Leader of the Opposition to head the government some Media houses were openly partisan.

No wonder civil society activists call these institutions the Black Media.

More public pressure should come on Media houses engaging in such journalistic practices.

At the same time the Editors and Journalists should, at least now, do some soul searching and desist from distortion and fake news.

That should be the way ahead so that the Media can play a unifying role.

But arm-twisting the Media by withdrawing advertisements is not the best method.

Sri Lanka stocks close down 0.60-pct, dragged by HNB and LOLC

ECONOMYNEXT – Sri Lanka’s Colombo Stock Exchange closed down on Friday, CSE data showed, with the benchmark All Share Price Index moving down 0.60 percent.

The ASPI was down 133.22 points at 22,024.18, while the more liquid S&P SL20 was down 1.06 percent, or 67.55 points, at 6,298.02.

The ASPI ended the week up 784.53 points from last Friday.

Positive contributors to the ASPI were Dialog Axiata (up 0.40 percent at 50.20 rupees), Distilleries Company of Sri Lanka (up 0.52 percent at 58.30 rupees), Aitken Spence (up 3.60 percent at 151.00 rupees), Ceylon Tobacco Company (up 1.05 percent at 1,828.50 rupees), and LOLC Finance (up 1.96 percent at 5.20 rupees).

Hatton National Bank (down 1.88 percent at 403.75 rupees), Richard Pieris and Company (down 6.21 percent at 27.20 rupees), LOLC Holdings (down 2.17 percent at 405.00 rupees), Sampath Bank (down 1.91 percent at 154.00 rupees), and Singer (Sri Lanka) (down 2.40 percent at 77.30 rupees) were top negative contributors.

Market turnover was 3.23 billion rupees. Capital goods led turnover with 869.21 million rupees. (Colombo/Nov13/2026)

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Sri Lanka MP slams budget speech for omitting Tamil national question

ECONOMYNEXT – A Sri Lanka legislator has voiced strong disappointment that the President’s budget speech failed to make a single mention of the Tamil national question.

“It is very unfortunate that in His Excellency the President’s speech, there has not been a single word mentioned about the Tamil national question. Not a single word,” Shanakiyan Rasamanickam said.

“A budget speech generally, is a policy direction of the government for the next year. The budget speech is not only a statement of the country’s fiscal position or the economy’s position. It is the country’s, the government’s, plan, or what the government plans to do the following year. That’s a policy statement.”

Former presidents would at least mention the Tamil question even if it was not resolved, he said.

Former President Ranil Wickremesinghe in his speech, in his policy statement, he would mention: “The Tamil national question must be resolved,” Rasamanickam said.

Former Presidents Maithripala Sirisena and Gotabaya Rajapaksa also mentioned that the national ethnic question must be resolved, he added.

“Every President, every country’s Head of State, in their policy statements, have acknowledged the fact that there is an unresolved national issue, the Tamil national question, that it needs to be resolved. Various governments have proposed various mechanisms; none of them have succeeded, but at least it was mentioned.”

This year’s budget made allocations for the Office of Missing Persons, and the Office of Reparations.

“But the domestic mechanism is a mechanism that the victim community has rejected. So you all are allocating money to a mechanism where the victim community is not going to be part of.”

Last year’s budget 1 billion was allocated to be spent on the Trincomalee and Jaffna airports.

“Where was that 1 billion for the Trincomalee and Jaffna airports spent last year?”

“The trajectory of this government, Honourable Deputy Speaker, is worrying to me. It’s really worrying to me. Because if the objective is to say that there is no Tamil national question, if the objective is to say that you all have resolved any ethnic issue that this country faced, then Honourable Deputy Speaker, then I think the Tamil people will teach this government a very, very, very harsh lesson in the future.” (Colombo/Nov13/2026)

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Sri Lanka sells extra Rs6.5bn Treasury bills after auction

ECONOMYNEXT – Sri Lanka has sold 6,500 million rupees of treasury bills offered on tap at an average rate of 9.95 percent, the public debt management office said, bringing the total of bills sold in the week to 85.562 billion rupees.

The issue offered 90 billion.

Total market subscription was 6.5 billion rupees.

The debt office sold a 12-month bill at 9.95 percent.

On Wednesday (11) the debt office raised 79 billion rupees of 3, 6 and 12 month bills after offering 90 billion.

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Sri Lanka Treasury bill yields hold broadly steady, less bills sold

The settlement date is November 13. (Colombo/Nov13/2026)

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Access Engineering Sept quarter group net profit surges 200-pct to Rs4.75bn

ECONOMYNEXT — Sri Lanka’s Access Engineering PLC recorded a group net profit attributable to equity holders of Rs. 4.75 billion for the quarter ended September 30, surging 200 percent from Rs. 1.58 billion a year earlier, interim accounts showed.

Basic earnings per share rose to Rs. 4.08 for the September quarter, up from Rs. 1.58 previously.

Quarterly group revenue expanded 36 percent to Rs. 20.39 billion from Rs. 14.94 billion, underpinned by condominium property handovers — reflected in inventories dropping Rs. 7.69 billion since March to Rs. 35.71 billion — alongside strong automobile sales and steady civil engineering execution.

Cost of sales rose at a slower 27 percent to Rs. 14.34 billion, lifting gross profit by 64 percent to Rs. 6.05 billion and expanding gross margins to 29.7 percent from 24.7 percent.

Other income jumped 144 percent to Rs. 259.9 million, while administrative expenses rose 75 percent to Rs. 1.14 billion, leaving operating profit up 64 percent at Rs. 5.16 billion.

However, finance costs more than doubled, rising 107 percent to Rs. 1.18 billion on elevated group borrowings of Rs. 43.74 billion, partly offset by finance income climbing 302 percent to Rs. 42.2 million.

Share of results from equity-accounted investees rose 122 percent to Rs. 26.7 million, pushing pre-tax profit up 56 percent to Rs. 4.05 billion.

Income tax swung to a net reversal of Rs. 186.6 million from an expense of Rs. 804.1 million, boosted by deferred tax assets on unrelieved losses from a 100 percent enhanced capital allowance claimed by 60 percent-owned radiopharmaceutical subsidiary Access Medical Tracers (Private) Limited.

Total period profit rose 136 percent to Rs. 4.24 billion, with non-controlling interest declining 24 percent to Rs. 164.9 million following last year’s buyout of minority shareholders in Harbour Village (Private) Limited.

No separate exchange gain or loss was itemized in quarterly earnings, though foreign currency translation via associates recorded a Rs. 17.4 million loss in other comprehensive income, alongside USD 16.6 million in corporate guarantees.

Notes also flagged an expected Rs. 1.45 billion recovery from the terminated South Asia Commercial and Logistics Hub project, a Rs. 225 million post-quarter legal settlement already provided for, and a Supreme Court appeal over a 2011/12 PAYE tax ruling.

Group assets stood at Rs. 132.4 billion as of September 30, with net asset value per share at Rs. 46.70, as the Employees’ Provident Fund raised its stake to 5.69 percent.

Access Engineering shares closed at 80.00 rupees at the end of September and are currently trading around 85.80 rupees. (Colombo/Nov13/2026)

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Sri Lanka private sector says timely implementation of Budget 2027 key

ECONOMYNEXT – Private sector body, The Ceylon Chamber of Commerce, said it was encouraged by the broad direction of Budget 2027, noting that it reinforces Sri Lanka’s commitment to economic transformation while maintaining policy continuity, macroeconomic stability, and fiscal discipline.

“This continuity is particularly important as the country seeks to transition from economic stabilisation to a more durable, investment-led growth trajectory.”

The chamber also noted several areas where the Budget could have placed greater emphasis to strengthen the country’s growth prospects.

“In particular, there is a need for a stronger focus on attracting Foreign Direct Investment (FDI), accelerating factor market reforms, particularly in land and labour, and fast-tracking public procurement reforms to improve the efficiency and speed of project implementation.

“More targeted and actionable proposals could have been introduced to unlock the potential of sectors with significant growth opportunities, including tourism, agriculture, IT/BPO and logistics.”

The chamber said the budget contains positive measures aimed at enhancing competitiveness, and external sector resilience, while presenting opportunities for focus on sectors that can accelerate growth.

“A number of the key structural reforms identified in last year’s Budget have been carried forward and strengthened, providing greater certainty and predictability to businesses and investors.

“These include the continued implementation of the Trade National Single Window (TNSW), the phased removal of para-tariffs, the rollout of the Digital ID framework, efforts to expand market access through new Free Trade Agreements (FTAs), the strengthening of one-stop-shop investment facilitation mechanisms, progress on Customs reforms, the expansion of Bandaranaike International Airport (BIA), enhanced financing support for SMEs, and reforms relating to the management of State-Owned Enterprises.”

The CCC said that more than 20 proposals submitted by it have been reflected in Budget 2027.

These include measures to strengthen investor facilitation through the establishment of a professionally managed investment promotion agency; continued efforts to improve trade facilitation and export competitiveness; the Government’s consideration of a successor programme with the International Monetary Fund (IMF); accelerated progress on key legislative reforms; the expansion of digital government services; and the promotion of cashless payments and broader digital adoption. The Budget has also captured several priorities relating to energy security, including the accelerated deployment of Battery Energy Storage Systems (BESS) and investments in fuel storage infrastructure, initiatives to optimize underutilized agricultural land, measures to support the expansion of the digital economy and the IT/BPO sector, and tax reforms to support exporters, including the acceptance of newly VAT-registered exporters as eligible exporters.

“The inclusion of these priorities reflects the value of sustained public-private dialogue and demonstrates increasing alignment between national policy objectives and the needs of a competitive, export-oriented economy.

“The priority now must be effective and timely implementation to translate policy commitments into investment, competitiveness, exports and sustainable growth.” (Colombo/Nov13/2026)

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Sri Lanka stocks trend lower day after budget reading

ECONOMYNEXT – Sri Lanka’s Colombo Stock Exchange was trending lower on Friday, CSE data showed, with the benchmark All Share Price Index moving down 0.66 percent.

The ASPI was down 146.78 points at 22,011, while the more liquid S&P SL20 was down 0.94 percent, or 59.99 points, at 6,306.

Positive contributors to the ASPI were Access Engineering (up 1.30 percent at 85.80 rupees), LAUGFS Gas (up 3.31 percent at 49.90 rupees), Ceylon Tobacco Company (up 1.13 percent at 1,830 rupees), Ceylon Cold Stores (up 0.80 percent at 126 rupees), and Namunukula Plantations (up 1.79 percent at 68.10 rupees).

LOLC Holdings (down 1.03 percent at 409.75 rupees), Hatton National Bank (down 0.61 percent at 409 rupees), Sunshine Holdings (down 3.81 percent at 30.30 rupees), and Sampath Bank (down 1.91 percent at 154 rupees) were top negative contributors.

Market turnover was 1.55 billion rupees. Capital goods led turnover with 459.57 million rupees. (Colombo/Nov13/2026)

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