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Monday November 9th, 2026

Opinion: Political pressure to revise 20th amendment remains alive

Sri Lanka’s opposition MPs protest the 20th amendment to the constitution last year – File photo

ECONOMYNEXT – It has taken more than a month for the concerns regarding the proposed 20th Amendment that have been expressed by a wide swathe of opposition political parties and non-partisan civil society groups ranging from the clergy to professional associations to find expression within the ranks of the government parliamentarians. Their silence for so long can only be an indication of the dominance of President Gotabaya Rajapaksa who will be the primary beneficiary. In terms of the amendment, the President will be empowered to remove the Prime Minister, a member of the cabinet, any other minister or a Deputy Minister and authority to dissolve Parliament after completion of sittings for a period of one year. This massive transfer of power to the Presidency has been justified to the electorate as stemming from the inability of the previous government to govern effectively under the 19th Amendment to the constitution.

The occasion for the show of dissent came with the seemingly routine release of a suspect detained by the police on suspicion of his involvement in a case but whom the police now claimed no evidence had been found. But the fact that the case involved the suicide bombing that claimed the lives of over 250 persons on Easter Sunday in 2019 and led to the collapse of the country’s tourism sector gave both the arrest and release a significance beyond the ordinary. It is a regular occurrence that people are taken into custody if they are suspected of being involved in a crime, but are released if no evidence surfaces against them. In the case of Riyaj Bathiudeen, however, there was always an element of politics in it. He was arrested a year after the bombings and after there had been a change of government that saw his brother’s political alliance lose power.

At the time of his arrest, the police claimed that Riyaj Bathiudeen was implicated in the Easter bombing and there was evidence that he had close links with the suicide bombers and had met with one suicide bomber at a prior to the attack on April 21. Five other suspects, including lawyer Hejaz Hizbullah who continues to be in detention, were arrested along with him. Even at the time of the arrest, it was surmised that it could have been done with a political motivation of putting pressure on his brother to switch his allegiance to the government. The question is how the evidence that the police claimed was sufficient for an arrest should turn out to be insufficient and why only one person should be released when the others continue to be detained. It is to be noted that the rule of law calls for equity in treatment.

Cardinal Ranjith’s assertion

The most prominent critic of the police reversal has been the Archbishop of Colombo Malcolm Cardinal Ranjith who lost more than 200 of his adherents to the bombing that occurred in two churches within the Colombo diocese. The cardinal has been persistent in his demand that there should be truth, accountability and justice to the victims and their families who hope that their tears will not be in vain. The Easter bombing in 2019 was a complicated terrorist activity with many elements to investigate as is evident in the personal testimonies being provided these days to the Presidential Commission of Inquiry. The cardinal expressed his dissatisfaction on the release of a key suspect in the case and complained that police itself was contradicting their own statements. He also indicated that the sudden release could suggest a political deal.

The political deal in question is to ensure that the government will have a 2/3 majority to pass the 20th Amendment. The cardinal’s concern about a political deal could be a reflection of the difficulty that the government is encountering in mobilizing the 2/3 majority in parliament required to pass the 20th Amendment into law. There have been a few government parliamentarians who have had the courage to state that the 20th Amendment is excessive in its attempt to transfer power from parliament to the presidency. The proposed amendment as it currently stands is an emasculation of the protections available to the people and also to other institutions of state available in the constitution. If even a few government parliamentarians do not vote for the amendment it will fail to achieve the 2/3 mark.

The release of Riyaj Bathiudeen without satisfactory explanation has provided government parliamentarians with a justification to unite openly against any possibility of a political deal. In an unprecedented action 100 of them, which amounts to over 2/3 of the government parliamentarians, have signed a statement calling on the President and the Prime Minister to conduct a full investigation on this act by the police and to re-arrest Riyaj Bathiudeen and enforce the law in a proper manner. While there is no question about Malcolm Cardinal Ranjith’s commitment to getting to the truth of the Easter bombing and ensuring justice to the victims, the interest of the government parliamentarians is likely to be different. They have made it clear that they would not wish there to be any possibility of a deal whereby his brother Rishad Bathiudeen’s party joins the government to make the 2/3 majority in parliament easier to reach.

Reduce Burden

Faced with pressure from religious and civil society, and now his own parliamentarians, President Gotabaya Rajapaksa has hastened to deny that the government has entered into any political deal. He has stated “I am not prepared to hand over the power of arresting or arbitrarily releasing people to politicians, as happened in the past. I will also take actions to rectify any omissions or mistakes made by the relevant authorities or officials.” In an attempt to dispel public perceptions that the government was prioritizing a 2/3 majority in parliament to pass the 20th Amendment he said, “I emphasize that our government has not entered into any political deal with Parliamentarian Rishad Bathiudeen. I assure my citizens that I will not forsake the trust that they have placed in me and I will most certainly continue to work towards strengthening the built trust.”

The real problem is with the 20th Amendment which is akin to the elephant in the room for the government parliamentarians. There is a strong demand from the people for a strong government that does not fail to perform like the previous government where the president and prime minister undermined each other. The current government does not suffer from the same constraint as they come from not only the same party and enjoy a 2/3 majority in Parliament, but also the President and Prime Minister are from the same family. But the proposed amendment is regressive in its focus on empowering the presidency at the cost of all other state institutions, including parliament, the prime minister and ministers, and would reduce them all to a relatively powerless condition.

President Rajapaksa is held in high esteem by his colleagues in government who would not wish to oppose him and want him to succeed in leading the country to development and national reconciliation. In handing down its determination on the 20th Amendment Bill, the Supreme Court has ruled that four clauses need a referendum of the people along with a two-thirds majority in parliament unless suitably revised, while the rest can be passed by a two-thirds majority of parliament alone. Hopefully, the process of revision at the committee stage within parliament will lead to constructive changes in the 20th Amendment so that it does not elevate the presidency and diminish the other institutions too much and not put too heavy a burden on the presidency that no single person can carry.
(Colombo, October 13, 2020)
Edited by Arjuna Ranawana

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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