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Monday November 9th, 2026

Sacked Sri Lanka scientist rejects ad hominem attack as fertilizer warning materialize

ECONOMYNEXT – A top Sri Lanka agricultural scientist who was sacked for publicly raising concerns over agrochemical ban said he had worked for the private sector due to his technical knowledge and he had never influenced the government on behalf of the private firm.

Professor Buddhi Marambe, 59, was sacked from all his government positions including the top advisor on agriculture after his criticism of the agro-chemical ban.

Ad Hominem?

Agriculture Minister Mahindanada Aluthgamage said Marambe was sacked due to a conflict of interest in his role as warnings of most experts over the sudden shift into organic fertilizer materialized.

“He has been raising his criticism of almost all the government policies including nano nitrogen,” Aluthgamage told reporters.

“Meantime I got complaints from a number of environmental organizations saying that he had served as a director of a chemical fertilizer company.

“Also there was a letter to me with information that he had worked against glyphosate ban by the Maithripala Sirisena government and as a consultant of private companies.”

“That is why I advised the secretary to remove him from all the posts.”

In Sri Lanka, ad hominem attacks are common in politics. An ad hominem (circumstantial) attack attempts to show the bias of the proponent of a position in a bid to sway listeners, without actually dealing with the merits of the case and trying to ascertain whether the facts of the argument itself are correct or not.

As a result, ad hominem attacks – also known as mud-slinging – are considered to be an informal logical fallacy.

Aluthgamage also said he was ready to withdraw his decision and to render a public apology to Marambe if the Professor of the University of Peradeniya proves he had not worked for the private sector agrochemical firm.

“What is said by the Hon Minister is correct – that I have provided services, being on the board of private sector company etc.,” Marambe told EconomyNext.

“When an agriculture-based private sector organization requests my support in their operations through proper channels, what are we to do as Sri Lankans and technically competent people?”

“Are we to ask those companies to obtain services from a Buddhist monk or a medical practitioner?” he questioned.

“I think we have to be happy when both state and private sector organizations invite us to serve them and technically support them in addition to what we offer.”

Looming Food Shortage

Marambe, a former Dean of Agriculture Faculty at the University of Peradeniya had been warning in recent newspaper articles that an overnight shift to organic fertilizer could lead to crop declines that in turn cause huge food shortages within months.

He cautioned that a crop failure would force the government to import food at a time when money printing has created a forex shortage.

In an article titled “A tragedy of relying on misinformation”, he said Sri Lanka is likely to import a major portion of basic food needs, such as rice, adding to external woes and reducing the domestic generation of value.

“I just can’t work out what is wrong in those if my scientific explanation is correct,” he said.

“If I brought in that agency for the discussion and forced their name on for any financial gains for the said company, then I do understand the basis for this allegation. So the Hon Minister needs not to apologize in public.”

“We have to empower all stakeholders in the agriculture sector in this country.

“As the case of the farming community, the private sector is important and their technical capacities should be built through continuing programmes.

“If we are not going to do that, especially when invited, who else will do that? That has been my position in the past, is now, and will be in the future.”

He also responded to the minister’s allegation over him being the reason to stop the ban on glyphosate, which was also banned citing it was causing chronic kidney disease.

“In the case of glyphosate, I went against the procedure adopted to ban the same.

“Previous government decided later, based on my presentation with others, to lift the ban for 36 months for tea and rubber thus providing an opportunity for the producers to have a gradual transition,” he said.

“Moreover, I did not object when the government allowed the importation of glyphosate through the Ceylon Petroleum Corporation. My effort was to safeguard the tea industry mainly though the rubber sector also got the benefit.”

He said the situation present regarding organic agriculture is the same.

Sudden Decisions

“All are sudden decisions without assessing the scientific facts and continue to make blunders one after the other,” Marambe said.

“So indeed there are similarities in the efforts I made on two policy decisions taken by the government,”

“When I fought for the glyphosate issue, where the company in which I was in as a non-executive Director (while continuing to work in the Faculty of Agriculture at the University of Peradeniya) did have the benefit.

“I did not even bother because the end result is that the tea and rubber sectors got the benefits.”

“If I had cried foul asking the government to give such a tender to the said company, then, of course, I would have been a person who had worked with a conflict of interest.”

President Gotabaya Rajapaksa in April banned all the chemical fertilizers, pesticides, and weedicides when the entire country was not ready to adopt only organic agriculture.

The administration has said chemicals were triggering non-communicable diseases including kidney disease and the move would save around 200 million dollars spent on imports.

However, as farmers’ protests grew with burning effigies of Aluthgamage with two horns and scientists warned of a looming disaster of food shortage, the government has relaxed a part of the fertilizer ban.

“In the present case, when the Ministry repeatedly made errors with a definite negative impact on agriculture, I cannot keep my mouth shut, and so did the others,” Marambe said.

“Our effort was to get the government in the correct course. The concept is noble but the operational mechanism is full of blunders.” (Colombo/Nov01/2021)

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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