An Echelon Media Company
Monday November 9th, 2026

Is the harvest of the carnage a Candidate?

If admirals, generals are above law,

Of what purpose are courts, judges and the law.*

*‘අද්මිරාල්ලා, ජනරාල්ලා නීතියටත් ඉහල නන්

කුමටද ඒ අධිකරනය නීතිය සහ විනිසුරන් ?’

 Nanda Malini’s lyrical lament over the tyranny of injustice is amended to accommodate Presidential Candidate Gotabaya Rajapakse’s idea of “equality before the law”.  

On a TV channel, decidedly committed to advance his presidential bid, Gotabaya Rajapakse explained his idea of the ‘rule of law.’ He complains that he and, some retired service commanders were summoned before a magistrate inquiring into the outsourcing of the Government’s Indian ocean anti-piracy operations to a private company- Avant-Garde Maritime Services (Pvt) Ltd resulting in an unlawful loss of Rs.11.4 billion to the government.

The encounter is a treasure trove that helps you discover the mind of the man who claims that he created the perfect national intelligence apparatus that won the war and guaranteed us peace thereafter. https://www.youtube.com/watch?v=XZ925_8uWto

 The reader is invited to visit the link to hear him explain why he wishes to run for president. “The people know that I am a performer and they want me.”

 He explains his ‘weltanschauung’ and his idea of ‘equality before the law’ and ‘basic human rights’.

The signals are subtle and strong. This is how it all begins. A magnetic self-obsessed leader exploiting popular angst and failure of conventional politics. A leader with a talent for the theatre of the absurd promising national self-sufficiency guided by authoritarian nationalism.

You may ask why we discuss Gotabaya Rajapakse at this hour of national anxiety?  We do so because, he has offered himself to serve the nation in the capacity of the president of the republic.  

Gotabaya partisans including some prominent Buddhist monks lost no time in attributing the obvious intelligence failure, undoubtedly a serious governance issue, to a weakening of state intelligence units.

That they reasoned was due to the arrests of some intelligence operatives for complicity in abductions, murder and extortion.

We must engage Gotabaya in a rational debate. First, we must understand the man. Who can explain the man better than the man himself?

In the TV encounter he does not question the legality or otherwise of the prosecution case.  He objects indignantly and ferociously to being summoned before court.

When you listen to him on the link provided you can reach one of two conclusions. Either the’ rule of law’ has exemptions for Gotabaya Rajapakse or the man is simply ‘NUTS”- Capital.

The reader is specially invited to listen to his account of the Keith Noyahr abduction and release. The defense secretary is informed of the incident. The hapless Keith is released. Now Gotabaya is genuinely bewildered why he is accused of complicity in the affair.

Possession of stolen journalists, perhaps?

This bewilderment comes from the man who claims to have had a total grip on the intelligence apparatus which he says is now ruined by do-gooding democrats.

The subject of this essay is not the candidate but the idea.  The idea of the national surveillance state. The National Surveillance State is a way of governing. It is neither the product of emergency nor the product of war. It is a habit of governance possible only under a power center not accountable to the people. That is the Gotabaya idea.

First a brief exploration of the man.  Gotabaya Rajapakse is a man of principles- his.  He is a vegetarian. He is single minded and capable of unwavering focus.

He is a devoted husband and father.  He submits to the entreaties of a wife whose family was domiciled in the US. He migrates to the US giving up his military career. He builds a new life in California the land of plenty and superabundance.

With his brother elected President, he returned to serve the land of his birth as Defense Secretary. The older brother was the executive president. Despite a macho persona Mahinda’s approach to statecraft is a peculiar chemistry of rustic cunning and graceful indolence.

The focused, target centric younger sibling was for all purposes a super empowered proxy executive president.  In the decade of the MR presidency the “Idea of Gotabaya Rajapakse” took form, gathered substance and most significantly acquired its own independent voice.

However, the migrant soldier who returned to the motherland retained his claims to his adopted homeland. That is until April, this year. The retired soldier migrating travelled economy class to California. That was the age before long haul wide-bodied aircraft.

The patriot now commutes between Colombo and the city of angels in Emirates A380 first class suites on miles earned or in full fare business class.  That spectacular ‘viyathmaga’ trajectory rivals the takeoff of a supersonic MiG. It is story yet to unfold if ever.  

Since Easter Sunday’s savagery, we live in searing anxiety unravelling painful truths. The ever-evolving news cycle is now tied up with terrorism, how to contain it, prevent it and eradicate it. In our public discourse the subject will gather intensity and terrorism will remain the overarching concern of the public psyche in the foreseeable future.  

As the former US ambassador Robert Blake has pointed out at a recent event in Colombo under Gotabaya Rajapaksa’s watch Sri Lanka did have a national intelligence network where  different branches of the Intelligence apparatus gathered information and shared that   information  up to the senior levels making sure that such attacks did not take place.

Robert Blakes assessment is both accurate and appropriate for the ongoing debate on national security. But there is a huge but.

The Gotabaya Idea of National Security failed to make a distinction between state security and regime security. Gotabaya Rajapakse conflated security of a clan centric regime with the legitimate security of the nation state. That must not happen again.

Two significant developments followed the Easter Sunday bloodbath.  Gotabaya Rajapakse announced that he would run for the presidency and fight Islamic terrorism.

The nation’s intelligentsia rightly concluded that the Easter Sunday Massacre did not “initiate a new fear but ignited an old one”.

We must take note of both. The first threatens a prolonged disaster. The latter indicates that we must be clear headed and trace a painful path forward to sanity.

Gotabaya Rajapakse ignites the old fears.  To be blunt, Gotabaya Rajapakse does not know this new brand of terrorist.

His expertise, if any, is on terrorists who claim a piece of real estate on ground.  He has no idea of fighting the ideology of the new terrorist who claims his place in heaven. Researchers have identified this new fanaticism franchised by ISIS as a pure barbarism. A new form of mindless warfare “waged by small groups against neutrals or innocent bystanders in order to command attention and not to win territory.

We fought to suppress political violence. Although it may be inconvenient for Gotabaya Rajapakse to comprehend it, the immediate roots of that brand of terrorism that he says he defeated, almost single-handedly,   could be traced to the precipitate action of the traditional Tamil political leadership in promising Tamil youth light at the end of the tunnel with the Vadukkodai resolution.

The false promise of the Vadikodai resolution gathered a kind of kinetic energy from the unyielding unitarian world view of Sinhala nationalism.

The terrorists responsible for the Easter Sunday carnage would not think of cease-fire agreements. They will not muddle strategy by resorting to conventional warfare.  The new terrorism we confront is different.

We can arrive at three conclusions with unqualified consensus in this heated, topsy-turvy political climate.  

The incumbent president doesn’t have a hope in hell in securing a second presidential term.

The Prime minister aspiring to be president is flapping like a headless chicken in the belief that we the people don’t know the difference between chicken shit and chicken salad.

The Leader of the Opposition with help from a largely complicit media, a coddled Buddhist clergy and a committed cohort of toadeaters dishing out profoundly fallacious but believable punditry, has no rival in sight in the business of pursuing power for its own sake.

“Orwellian” is the pejorative adjective for falsification of history, state-sponsored lying, repression, and manipulation.

Today, we are deliberately sliding towards what George Orwell described as “the lunatic modern habit of identifying oneself with large power units and seeing everything in terms of competitive prestige.” 

Orwell is one great bloke who refuses to fade away!

*If admirals, generals are above law,

Of what purpose are courts, judges and the law.

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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Sri Lanka rupee at 332.54/58 to US dollar spot, bond yields steady

ECONOMYNEXT – Sri Lanka’s rupee was quoted at 332.54/58 to the US dollar spot on Monday, stronger from 332.55/60 Friday, while bond yields held broadly steady, dealers said.

A bond maturing on 15.09.2029 was quoted at 10.90/95 percent, up from 10.85/95 percent.

A bond maturing on 01.08.2030 was quoted at 11.00/10 percent, down from 11.05/10 percent.

A bond maturing on 01.02.2031 was quoted at 11.10/20 percent, up from 11.10/15 percent.

A bond maturing on 15.12.2032 was quoted at 11.58/68 percent, up from 11.55/65 percent.

A bond maturing on 01.06.2033 was quoted at 11.80/95 percent, up from 11.80/85 percent.

A bond maturing on 15.10.2034 was quoted at 12.08/15 percent, up from 12.05/12 percent.

A bond maturing on 15.08.2036 was quoted flat at 12.30/40 percent.

The telegraphic transfer rate for the dollar was 328.05 buying, 337.05 selling; the euro was 363.3528 buying, 377.1336 selling; pound was 437.5954 buying, 451.7038 selling.

On the Colombo Stock Exchange the All Share Price Index was up 0.78 percent, or 165.42 points, at 21,405; while the S&P SL20 was up 0.58 percent, 35.19 points, at 6,080.

90,000 million rupees Treasury bills are to be issued through an auction on November 11. (Colombo/Nov9/2026)

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