An Echelon Media Company
Friday November 13th, 2026

Beware of what lies beneath

It was mostly Christians who are dead in strikes by Islamic fanatics on Easter Sunday but the growing chorus of anti-Muslim rhetoric is coming by and large from the Sinhala Buddhist Right wing.

This morning Churchgoers streamed back into the Churches of St Anthony in Kochchikade, St Sebastian in Katuwapitiya and the Zion Church in Batticoloa.

This was the first time many re-entered those places for the first time since the massacre.

There were armed soldiers outside and extraordinary security measures.

The killers got what they wanted; headlines around the world for an extreme cause and a gross exhibition of their cult of death.

Those multiple strikes left nearly three hundred people, many women, and children, sixteen Sunday school kids alone at the Zion Church dead.

At the same time, Both Sri Lankans and foreigners died at Easter Sunday breakfast in three posh Colombo hotels.

The shock, the anger, and the sorrow are all too real and it will remain.

Christians turned the other cheek

Commendable actions and words by Church leaders and the Muslim community who have disavowed extremism have prevented a retaliatory blood bath.

This nation should not forget the forgiveness the Christian leaders of all denominations led by the Archbishop of Colombo Malcolm Cardinal Ranjith have shown.

The tearful, gracious acceptance of this outstretched arm by the Muslim leaders and their parishioners is heartening.

In Sri Lanka this is rare and I hope is a sign of a more mature society.

It is also a true reflection of the fact that by kinship and language, our ancestry and custom the fabric of Sri Lankan society is so closely interwoven that healing is possible, even in the face of such atrocity.

We should be well on our way to healing.

We should be deeply relieved.

Malcolm Cardinal Ranjith meeting Muslim community leaders with All Ceylon Jamiyyath-e-Ulema President Mufti M I M Rizwi in Negombo/Archbishop’s House
Anti-Muslim sentiments are bubbling to the surface

But are we? For me what lies beneath is very troubling as there are open attempts to create anti-Muslim violence not necessarily by Christian groups but by hardline Sinhala Buddhist organizations.

For the past eight years or so an anti-Muslim sentiment is growing among both the Sinhalese and Tamil communities regardless of their religious persuasion. Much of this, it is believed, is fostered by business rivalry.

Galagodaththe Gnanasara thero at Aluthgama before the riots/Groundsviews.org

We saw this manifested in Aluthgama in June 2014 when a minor incident grew into a full-blown clash between Sinhala Buddhist and Muslim mobs.

The situation was whipped up by the Sinhala Buddhist Right-wing Bodu Bala Sena led by the jailed demagogue Galagodaththe Gnanasara Thero.

The BBS led mob marched into other nearby areas and threw stones and Molotov cocktails at Muslim owned businesses.

Muslim mobs retaliated and the violence spread.

The government at the time banned the media from reporting the incident and police took no action against the BBS.

It was widely speculated that the then Secretary to the Ministry of Defense Gotabaya Rajapaksa had ordered police inaction as he was publicly associated with the BBS.

Fresher on the minds is the violence at Digana in the Kandy district where the murder of a Sinhalese truck driver by four intoxicated Muslim youth escalated into several days of ethnic rioting that killed at least one disabled man.

Hundreds of millions of rupees worth of property was damaged and police were spectators while the mobs ran loose.

Eventually police took action as the leadership, prompted by media, ordered the perpetrators arrested.

Many of the people responsible for whipping up the mobs were rounded up.

They included Amith Weerasinghe the leader of the violently anti-Muslim organization Mahason Balakaya.

Doing the rounds on social media in the past week there are lists of Muslim owned businesses whom these agitators want boycotted.

Those who are making up the list are also ignorant of real ownership as several of the establishments that are in it are not sole proprietorships, quite a few most definitely not Muslim-owned, are public listed companies or multi-nationals.

Also widely shared are clips from questionable sources in English where anti-Muslim elements in the United Kingdom are spreading lies such as that Sharia law has been imposed in those countries and only Halal food is served in government-funded schools.

But those inaccuracies really don’t matter. They are the usual fake news that is spread.

What is worrying is that these are indications of a deep seated anti-Muslim prejudice that is ingrained in Sinhala society.

There are informal networks of Sinhalese professionals and business people who discourage their friends and family from selling property to Muslims or conducting business with this community.

In some parts of the country, such as Kiribathgoda, Muslim businesses have not been allowed to set up by local traders’ associations.

In neighboring India the rise of the Hindu majority Bharathiya Janta Party was also marked by attacks on Muslim owned businesses.

It seems that this anti-Muslim movement is almost disappointed that there was no violence against the Muslims after the Easter Sunday attacks.

The hysteria was egged on by Television news channels – particularly Derana – which showed a succession of detections of large knives allegedly found in mosques.

A parade of police officers proudly showed off their finds on TV which Army Commander General Mahesh Senanayake dismissed as “fit for a museum.”

Almost tragically the Tamil community, particularly in the East, have jumped on the anti-Muslim bandwagon.

Women’s activists in the east have told RepublicNext that Tamil youth are engaged in harassing Muslim women.

The Tamils who have historically complained of majoritarian violence should have then come to the defense of the Muslims, but that has not happened.

On the part of the Muslims, their leaders have called for deep introspection.

“We have to re-think how we interact with the other communities, how we do business and should be more open,” says the Sri Lanka Muslim Congress leader Minister Rauff Hakeem.

That certainly is a step in the right direction.

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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