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Monday November 9th, 2026

Considering Coomarasamy

Ananda Coomarasamy stakes a claim as modern Lanka’s most renowned thinker. Born in Colombo to a distinguished Tamil Lankan father and British mother, Coomaraswamy attended school and university in England. He visited Sri Lanka and India at various times, nursing great interest in South Asian art and religion. He spent a long scholarly career in the United States.

His reputation rests mainly on his links to the Arts and Crafts Movement, defence of Asian art against notions of Western superiority, and curatorship of Asian arts at Boston’s Museum of Fine Arts. I am no art critic and would attempt no comment on his scholarship in that domain.

He places that scholarship, however, within more sweeping views on culture, society and politics that warrant their own attention. I offer here some explication of those views, some interestingly provocative, others intensely peculiar.

The Victorian-era Arts and Crafts Movement criticized industrial capitalism, partly on grounds of worker impoverishment but more prominently on grounds of exalting consumerism over ‘producerism.’ Capitalism supplants production of folk craft and artistry with drudge work securing mere subsistence at worst, accumulation of vast consumer goods at ‘best.’

It also separates ‘fine art’—exalting individual genius and originality— from traditional art conveying spiritual meaning. Critique of consumerism and decline of craft activity seems worth pondering as I sit channel surfing. Critique of fine art, however, provokes puzzlement.

Coomarasamy thinks fine art is somehow reprehensible in his enthusiasm for traditional craft. Why must we reject the former in order to appreciate the latter? Beautiful art undermines spirituality?

As his career in art criticism and curation proceeds, Coomarasamy turns increasingly toward metaphysics. He wants to explain what’s really Real. He does so in terms of India’s Advaita Vedanta (roughly meaning scripture or wisdom dealing with non-duality or non-division).

It was not unusual for Arts and Crafts people to hang around with both Theosophy and middle-class socialism. Coomarasamy’s own mother exemplified this.

It is easy to see socialism’s linkage with the Arts and Crafts critique of capitalism. Fascinated with Indian spirituality, Theosophy comes in from the avant-garde with a critique of Western imperialism.

Coomarasamy’s interest in socialist economics never amounts to much but he does pitch a tent with Theosophists for a while, before distancing himself.

Theosophy’s credence about the reincarnation of souls troubles him. He denies not only that discrete souls outlive bodies and migrate into others but also that any Indian scripture actually maintains such a ridiculous notion. It’s all a silly misinterpretation.

What scripture teaches instead, he insists, is that a creature’s soul merges upon death back into the single universal Soul from whence it came. That Soul pulses through the bodies of all creatures, sentient pseudopods, never separating from their Source.

Coomarasamy maintains that this really Real core of Hindu doctrine— the unity of all beings in one universal Soul—lies at the heart of all the world’s genuine religion, spirituality and philosophy. Individual selfhood is illusory.

How do we know this truth? Through sound thinking and correct interpretation of scripture and philosophy. With a degree in geology, Coomarasamy can claim scientific literacy.

He acknowledges evolutionary theory for producing life forms through complex webs of cause and effect in the material world. He also, however, defends the ‘creationist’ view that ‘God’ made all life forms. This ‘God’ is a version of the Uncaused Causer argument in theology.

There must be a Cause of causality itself, existing not through causation but because it must necessarily exist at all times and places.

I pick no quarrel. Either an Uncaused Causer exists or it doesn’t. Coomarasamy links the Uncaused Causer with the unitary Soul animating all of life. God is the universal Self and all individual selves are but its transitory emanations.

It is, unfortunately, impossible to square this doctrine of selfhood with scientific understanding of how experience, sentience, consciousness and self-awareness evolve through life forms. Selfhood is achievement and recognition of actual separation and individuality, not the illusion of it.

Grasping that one is a self leads to understanding that there are other selves and this yields a particular form of ethics.

Coomarasamy posits that the truth as he explains it lies at the heart of all ‘traditional’ religion and art. Traditional art teaches true religion through symbols with universal significance and meaning, absorbed pre-consciously.

In this, Coomarasamy seems to walk with Jung, though he eventually diverges. Jung’s project of fostering more ‘individuated’ persons precisely contradicts Coomarasamy’s. Anyway, the religious function of traditional art helps explain Coomarasamy’s hostility to ‘genius’ and ‘originality’ in modern Western art, teaching the opposite of the really Real.

William Morris, Coomerasamy’s Arts and Crafts mentor, gravitated into socialism of the workers’ revolution variety. Enamored with Vedic metaphysical doctrine, Coomarasamy moves in quite a different direction: endorsement of Vedic Indian social order.

If traditional art conveys truth, it also harmonizes with traditional society, which embodies correct principles of political order. Like Plato’s philosopher-kings, Brahmins should exercise primary power. As ‘ones who know’ the Real, they are highly incorruptible. They can draw help from Kshatriyas, who understand government, and from Vaishyas, who understand production and trade.

By no means should any franchise extend to ordinary workers, Shudras and outcastes, who corrupt sound order with their unruly passions, follies and materialism. (By the way, feminists had best avoid Coomaraswamy’s commentary on proper roles for women.)

There is no injustice, he insists, because the system requires much more of high-caste people than of Shudras and outcastes. As proof he seems to offer the Vedic Law of Manu, mandating that Brahmins be punished dozens of times more harshly than Shudras for committing the same offence.

He amateurishly posits that Manu was an actual law code for an actual traditional society, not the philosophical pipe dream that Manu really is, according to scholars, like Plato’s Republic.

Needless to say, Coomarasamy’s ideal society overlooks the fact that low-caste Indians face distinct deficits in longevity, heath, sanitation, literacy, nutrition, occupation, income and other life chance indicators.

If aspirations for a ‘classless society’ seem remote, fantasy of a justly-ordered caste system is even more so.

A creature’s soul merges upon death back into the single universal Soul from whence it came.

That Soul pulses through the bodies of all creatures, sentient pseudopods, never separating from their Source

Coomaraswamy tirelessly denounces Western imperialism and its economic order. Unlike other critics, however, he does not stress its possible impoverishment of those it rules. His main objection is aesthetic: that the subjugated may abandon their traditional culture, adopting the de-spiritualized fashions and values of their masters.

It is easy to share his concern that Western consumerism and entertainment may bury the world under a suffocating monoculture.

Better to retreat from what he calls ‘world trade’ so as to produce local subsistence and culture. Someone else will have to worry whether ‘world trade’ creates (or alleviates) non-aesthetic problems.

A graduate of Harvard Law School, Mark Hager lives in Pelawatte with his family

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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