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Wednesday October 14th, 2026

EgyptAir jet vanishes after mid-air plunge over Mediterranean

CAIRO/ATHENS, May 19 (Reuters) – An EgyptAir jet carrying 66 passengers and crew from Paris to Cairo disappeared from radar over the Mediterranean on Thursday in what Egypt said could have been a terrorist attack.

The Egyptian civil aviation ministry initially said Greek authorities had found "floating material" and life jackets likely to be from the plane, an Airbus A320. Greek defence sources told Reuters the material was discovered in the sea 230 miles (370km) south of the island of Crete.

However, late on Thursday, EgyptAir Vice President Ahmed Adel told CNN that the wreckage had not been found.

"We stand corrected on finding the wreckage because what we identified is not a part of our plane. So the search and rescue is still going on," Adel said.

Egyptian President Abdel Fattah al-Sisi ordered the civil aviation ministry, the army’s search and rescue centre, the navy, and the air force to take all necessary measures to locate debris from the aircraft.

In a statement issued by his office, Sisi also ordered an investigative committee formed by the civil aviation ministry to immediately start investigating causes for the plane’s disappearance.

Egyptian Prime Minister Sherif Ismail said it was too early to rule out any explanation for the crash, including an attack like the one blamed for bringing down a Russian airliner over Egypt’s Sinai Peninsula last year. The country’s aviation minister said a terrorist attack was more likely than a technical failure.

Officials from multiple U.S. agencies told Reuters that a U.S. review of satellite imagery so far had not produced any signs of an explosion aboard the EgyptAir flight.

The U.S. officials, who spoke on condition of anonymity to discuss intelligence matters, said the conclusion was the result of a preliminary examination of imagery and cautioned against media reports suggesting the United States believed a bomb was responsible for the crash.

They said the United States has not ruled out any possible causes for the crash, including mechanical failure, terrorism or a deliberate act by the pilot or crew.

Greece had deployed aircraft and a frigate to search for the missing plane. Egypt said it would lead the investigation and France would participate. Paris said three investigators would arrive in Egypt on Thursday evening.

In Washington, President Barack Obama received a briefing on the disappearance from his advisor for homeland security and counter-terrorism, the White House said. A White House spokesman said it was too early to know the cause of the crash and offered condolences.

Greek Defence Minister Panos Kammenos said the Airbus swerved 90 degrees to the left, spun through 360 degrees to the right and plunged from 37,000 feet to 15,000 feet before vanishing from Greek radar screens.

According to Greece’s civil aviation chief, calls from Greek air traffic controllers to flight MS804 went unanswered just before it left Greek airspace, and it disappeared from radar screens soon afterwards.

There was no official indication of a possible cause, whether technical failure, human error or sabotage. Ultra-hardline Islamists have targeted airports, airliners and tourist sites in Europe, Egypt, Tunisia and other Middle Eastern countries over the past few years.

Asked if he could rule out terrorist involvement, the Egyptian premier told reporters: "We cannot exclude anything at this time or confirm anything. All the search operations must be concluded so we can know the cause."

French President Francois Hollande also said the cause was unknown. "No hypothesis can be ruled out, nor can any be favoured over another."

The aircraft was carrying 56 passengers, including one child and two infants, and 10 crew, EgyptAir said. They included 30 Egyptian and 15 French nationals, along with citizens of 10 other countries.

The Canadian government said on Thursday that two Canadian citizens were aboard and Foreign Affairs Minister Stephane Dion said Canadian officials were working with authorities to confirm if any other Canadians were on the flight.

The U.S. State Department said there was no indication that any American citizens were onboard.

"LIVES ARE SO CHEAP"

At the Cairo airport, a man sat on a brown leather couch crying with his hands covering his face. "How long will Egypt live if human lives are so cheap?" he said.

The mother of a flight attendant rushed out of the VIP hall where families waited in tears. She said the last time her daughter called her was Wednesday night. "They haven’t told us anything," she said.

Some relatives tried to beat up a photographer working for EgyptAir who took several pictures of the families waiting in the hall. Security officials intervened and escorted him out.

With its archaeological sites and Red Sea resorts, Egypt is a traditional destination for Western tourists. But the industry has been badly hit by the downing of a Russian Metrojet flight last October, in which all 224 people onboard were killed, as well as by an Islamist insurgency and a string of bomb attacks.

A320s normally seat 150, which means the EgyptAir plane was barely a third full.

Greek air traffic controllers spoke to the pilot as the jet flew over the island of Kea, in what was thought to be the last broadcast from the aircraft, and no problems were reported.

But just ahead of the handover to Egyptian controllers, calls to the plane went unanswered.

"About seven miles before the aircraft entered Cairo airspace, Greek controllers tried to contact the pilot but he was not responding," said Kostas Litzerakis, head of Greece’s civil aviation department. Shortly after exiting Greek airspace, it disappeared from radars, he said.

In Paris, a police source said investigators were interviewing officers who were on duty at the Roissy airport on Wednesday evening to find out whether they heard or saw anything suspicious. "We are in the early stages here," the source said.

Airbus said the missing A320 was delivered to EgyptAir in November 2003 and had operated about 48,000 flight hours. The missing flight’s pilot had clocked up 6,275 hours of flying experience, including 2,101 hours on the A320, while the first officer had 2,766 hours, EgyptAir said.

Adam Schiff, the top Democrat of the U.S. House Intelligence Committee, said no conclusions could be drawn yet but terrorism was a very possible cause.

"If terrorism was indeed the cause, it would reveal a whole new level of vulnerability to aircraft – not only from those flights originating in the Middle East, but to those departing from the heart of Europe and with, at least in theory, far better airport defences," he said.

Other countries offered to help in the investigation, including the United States, where engine maker Pratt & Whitney is based.

Russia and Western governments have said the Metrojet plane that crashed on October 31 was probably brought down by a bomb, and the Islamic State militant group said it had smuggled an explosive device on board.

That crash called into question Egypt’s campaign to contain Islamist violence. Militants have stepped up attacks on Egyptian soldiers and police since Sisi, then serving as army chief, toppled elected president Mohamed Mursi, an Islamist, in 2013 after mass protests against his rule.

In March, an EgyptAir plane flying from Alexandria to Cairo was hijacked and forced to land in Cyprus by a man with what authorities said was a fake suicide belt. He was arrested after giving himself up.

EgyptAir has a fleet of 57 Airbus and Boeing jets, including 15 of the Airbus A320 family of aircraft, according to airfleets.com.

 

Sri Lanka to consider cash/dollar incentives for tourism promotors: President

ECONOMYNEXT – Sri Lanka is considering a tourism industry request to provide incentives in dollars or cash to those who bring more tourists into the country from next year, President Anura Kumara Dissanayake told an investor forum this week.

Speaking at the Sri Lanka Economic and Investor Summit 2026 on Monday (12), the President said the tourism industry has submitted a proposal to raise incentives over the previous year for those who bring in tourists above the target set by the government.

“We are currently considering provisions in the upcoming budget to offer a cash or dollar incentive per tourist above that threshold through the Tourism Development Authority,” he told the gathering when speaking about the plans to boost tourism.

“This would incentivize companies and institutions to bring in higher numbers of tourists.”

The incentive will be paid on the volume exceeding that benchmark, he said.

“For example, if 100 tourists visited previously and 120 arrive the following year, an incentive wouldn’t apply to the base 20, but rather on the excess beyond a certain growth threshold.”

Sri Lanka has pinned hopes over strong tourism growth for more job creating and foreign currency inflows. (Colombo/October 14/2026)

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Sri Lanka Treasury bill yields rise on shorter term, less bills sold

ECONOMYNEXT – Sri Lanka’s Treasury bill yields rose on the shorter tenor at Wednesday’s auction, with 66.12 billion rupees of bills sold of an offered 90 billion, data from the Public Debt Management Office showed.

The 3-month bill was up 4 basis points at 9.30 percent, with 40 billion rupees offered and 40.19 billion rupees sold.

The 6-month bill was unchanged at 9.44 percent, with 30 billion rupees offered and 8.45 billion rupees sold.

The 12-month bill was unchanged at 9.95 percent, with 20 billion rupees offered and 17.48 billion rupees sold.

All 3 bills are available on tap. (Colombo/Oct14/2026)

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Sri Lanka stocks close down 1.4 pct on geopolitical concerns, profit-taking

ECONOMYNEXT – Sri Lanka’s Colombo Stock Exchange closed down on Wednesday, CSE data showed, with the benchmark All Share Price Index moving down 1.40 percent.

The ASPI was down 281.42 points at 19,796.06, while the more liquid S&P SL20 was down 0.94 percent, or 53.67 points, at 5,676.43.

Market sentiment was largely weighed down by geopolitical tensions in the Middle East and fluctuating oil prices, alongside margin calls, profit-taking, and the day’s Treasury bill auction.

“Things are moving more on sentiment rather than fundamentals these days, mainly with oil price fluctuations and Middle East developments, along with some margin calls and profit-taking,” Shahana, Senior Assistant Manager – Research at First Capital, said.

Positive contributors to the ASPI were Haycarb (up 2.84 percent at 199.50 rupees), Teejay Lanka (up 1.41 percent at 28.70 rupees), Aitken Spence (up 0.57 percent at 133.25 rupees), and Vidullanka (up 0.47 percent at 21.30 rupees).

Carson Cumberbatch (down 4.86 percent at 655.50 rupees), Tokyo Cement Company (down 4.79 percent at 73.50 rupees), Dialog Axiata (down 2.98 percent at 42.30 rupees), Distilleries Company of Sri Lanka (down 2.16 percent at 49.90 rupees), and Commercial Bank of Ceylon (down 0.63 percent at 197.25 rupees) were top negative contributors.

Market turnover was 1.93 billion rupees, roughly 35 percent above the monthly average. Capital goods led turnover with 405.82 million rupees, followed by the banking sector. Crossings were recorded in Dialog Axiata, DIMO, and John Keells Holdings, while foreign investors recorded a net selling of close to 5 million rupees.

Galadari Hotels (Lanka) announced that, following the conclusion of its ongoing refurbishment and pursuant to approval from Radisson Hospitality Belgium BV under the Hotel Management Agreement, the reopening of the hotel as ‘Radisson Blu Hotel Galadari Colombo’ is scheduled during the fourth quarter of 2026. (Colombo/Oct14/2026)

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Sri Lanka Customs set to reach fresh record revenue this year: analysts

ECONOMYNEXT – Sri Lanka Customs is likely to achieve a fresh record high revenue this year after reaching this year’s target of Rs. 2,207 billion this week, with more than 11 weeks to the year-end, analysts say.

Customs Spokesman Chandana Punchihewa said the revenue-collecting body had already surpassed this year’s target on Tuesday (13), reaching Rs. 2,208 billion.

The Customs exceeded its target for the second straight year in 2026.

Last year, Customs collected a record 2,551 billion rupees in revenue, exceeding a revised target of 2,241 billion rupees for the year and achieving 64.2% higher revenue than the previous year’s revenue of 1,553 million rupees.

Analysts say Customs will surpass last year’s record revenue by the end of November if there are no major policy reversals or disruptions to the economy in the country during that time.

Customs’ 2026 target of 2,207 billion was 13.5% less than last year’s because they originally expected a significant decline in car imports early this year. (Colombo/October 14/2026)

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Sri Lanka President reveals timelinefor new laws related to SOE, investments

ECONOMYNEXT – Sri Lanka President Anura Kumara Dissanayake revealed the timeline for key laws related to State-Owned Enterprises (SOE) and Public-Private-Partnership (PPP) to boost investments in the island nation.

Delays in formulating and enacting key structural legislation, specifically governing SOE reforms, PPPs, labor market flexibility, and modernizing the century-old Customs Ordinance, have emerged as major bottlenecks to Sri Lanka’s long-term economic competitiveness and fiscal sustainability.

The absence of a modernized legal framework for SOEs perpetuates fiscal leakages, inefficient governance, and persistent public sector debt burdens, while vague or outdated rules on PPPs and labor deter both domestic and foreign direct investment by creating regulatory ambiguity and rigid operational constraints.

Furthermore, the archaic Customs Ordinance of 1869 hinders trade facilitation, fosters administrative opacity, and creates revenue leakage risks at a time when export-led growth is critical.

Under the International Monetary Fund’s (IMF) Extended Fund Facility (EFF) arrangement, Sri Lanka has committed to prioritizing these legislative enactments.

Commenting on these laws, President Dissanayake said the government has been working on them and expects them to be enacted soon.

“Regarding the SOE law, I expect it will be presented to the Cabinet in about two weeks,” Dissanayake told the gathering at the launch of the Sri Lanka Economic and Investment Summit 2026 on Monday (12).

“The PPP law has been drafted and submitted to the Legal Draftsman’s Department, and we have received their recommendations.”

“Regarding labour law, about twelve different labour statutes currently exist. We are consolidating these into unified legislation. A draft bill has already been formulated, though reviewing and finalizing it will take some time.”

He said an agreement has been reached on the Customs Ordinance following extensive discussions involving the Treasury and the Customs Department.

“The proposed amendments to the Customs Ordinance are the most appropriate way forward,” he said.

“Those proposals have now been submitted to the Legal Draftsman’s Department, and we expect the bill to be finalized promptly. Most likely, all of these bills will be presented to Parliament by February.”

The IMF contends that establishing transparent, enforceable, and modern legal frameworks is essential to eliminate governance vulnerabilities, enforce fiscal discipline, improve revenue collection, and signal regulatory stability to foreign investors, thereby ensuring Sri Lanka’s post-default recovery transitions into sustainable macroeconomic growth. (Colombo/October 14/2026)

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Sri Lanka’s Standard Capital exits loss-making paints subsidiary

ECONOMYNEXT — Sri Lanka listed investment company Standard Capital has disposed of its stake in subsidiary Standard Paints (Pvt) Ltd for a nominal consideration of 1650 rupees, saying the move would improve its financial position as the subsidiary carried a negative equity value.

In a disclosure to the Colombo Stock Exchange, Standard Capital said its board had previously decided on August 24, to either strike off the subsidiary or dispose of its equity stake for a nominal value.

The company subsequently sold its holdings in Standard Paints on September 28, comprising a 65 percent stake represented by 6.5 million ordinary voting shares and 100 percent of the subsidiary’s 10 million preferential shares.

The shares were disposed of for a total consideration of 1650 rupees. (Colombo/Oct14/2026)

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