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Monday November 9th, 2026

Sri Lanka leader hits at US, West for double standards on human rights after Gaza failure 

ECONOMYNEXT – Sri Lanka President Ranil Wickremesinghe in a public speech hit hard on the double standards of the United States-led West over human rights citing what they have done to the South Asian Island nation and Palestine where over 10,000 civilians including children have already been brutally murdered. 

Since an October 7 surprise attack by Palestine militant group Hamas, Israel military has been bombing the Gaza strip where tens of thousands of native Palestinians are cornered following gradual encroachment by Israelis in the past seven decades. 

The critical comments by Wickremesinghe, who has been seen as a pro-Western leader, comes as the Western nation led by the U.S., Canada, and the United Kingdom have been raising concerns over Sri Lanka’s human rights and accountability.

The United States last month vetoed a United Nations Security Council resolution that would have called for humanitarian pauses in the conflict between Israel and Palestinian Hamas militants to allow humanitarian aid access to the Gaza Strip. 

Since then, thousands of Palestinians have been killed by Israel aerial’s indiscriminate bombing including hospitals.  

“Why is it that they are acting in this manner? Because, last year in October, at the Human Rights Council, they all got together and passed a resolution against Sri Lanka,” President Wickremesinghe said while addressing a gathering at the opening of the Courts complex in central town of Welimada on Friday (3)

“The country that moved it was Canada who, also at this time, moved the amendment to the ceasefire resolution. Canada has now become the henchman for moving these resolutions. The resolution has been moved against and passed by them. And we all have to follow it.”

Western nations like the United States, Canada, and the United Kingdom have consistently put pressure on successive Sri Lankan governments to address past human rights violations, demanded to uphold minority rights, and backed a series of resolutions to probe alleged war crimes in the final phase of a 26-year war that ended in 2009.

“What applies to us must also apply in Gaza. What the US has told us, they must also ensure it is enforced in Gaza. Now we are having two different systems,” the president questioned.

“So, what you are being asked here, in Gaza, is to address the concerns of the Muslim population. If the Sri Lankan government must address it, why is there another rule?”

The Palestinians are all Muslims and they have all been marginalized in their own place. So, I ask them, why is it that the US applies this to us but not in Gaza?

Following is the address delivered by President Ranil Wickremesinghe declaring open the modern courts complex in Welimada;

“The administration of justice we have is about the oldest in Asia coming from the Dutch and the British and we are the oldest as far as the rule of law is concerned. It was applied here before it was applied anywhere else. Not even in India not in Japan, so that is the history we have and we have upheld this rule of law. Now the rule of law, though at that time confined to a few countries, have now become universal and it is also enshrined in the Universal Declaration of Human Rights, which we have all to follow.

And that is the Universal Declaration of Human Rights which we have all respected and will continue to respect.  But it requires every country to adhere to it. Today, there are major issues that have arisen with regard to the declaration of human rights and the course of normal international affairs. I only must refer to the war that is taking place in Gaza. When Hamas attacked Israel, on the 07th of October the Government of Sri Lanka condemned it. I said though Sri Lanka stands by the principle of Palestine in statehood, we cannot condone this act. We can’t condone terrorism and it also left the government with the right of retaliation within the laws and rules available in the international community.

But, that in my view does not in any way justify the killing of over 10,000 people in the Gaza strip. This is not figures that I have, these are figures that are being quoted by the UN agencies. Now, this raises another issue. Are you entitled to declare war to one area of your own country. Can you go to war against it? Now we have gone through this question. And can countries condone it? Because, when we brought a motion for the ceasefire, many of our countries, all of us voted for it, USA opposed it and some other countries also opposed it.

Now, this is the question. Why is it that they are acting in this manner? Because, last year in October, at the Human Rights Council, they all got together and passed a resolution against Sri Lanka. The country that moved it was Canada who, also at this time, moved the amendment to the ceasefire resolution. Canada has now become the

henchman for moving these resolutions. The resolution has been moved against and passed by them. And we all have to follow it.

So I only want to point out, now what is this difference? We have been asked in this, underscoring the importance of addressing the underlying governance factors and root causes that have contributed to that crisis including deepening militarization, lack of accountability in governments and impunity of human rights violations abolished and abuses. Now if this is good for Sri Lanka, it must also apply to Palestine.  After all what is taking place in West Bank and the bringing in of settlers is a big issue.

Then why is it one rule applies to us, and another rule applies to them. This is the question I have and reaffirming also that all measures taken to combat terrorism must comply fully with states obligation under international law. In particular, international human rights law and as applicable, international refugee law and international human rights law. So, what applies to us must also apply in the Gaza. What US has told us, they must also ensure is enforced in the Gaza. Now we are having two different systems.

Then, express concerns that the human rights impact of the economic crisis, including as a result of increased food insecurity, severe shortages in fuel, shortage in essential medicine and reductions in household incomes. As what they said of Sri Lanka last year, it is much worse in Gaza today. I stress the importance of the protection of human rights and fundamental freedoms, the grievances and demands of the Tamil and Muslim population.

So, what you are being asked here, in Gaza, is to address the concerns of the Muslim population. If the Sri Lankan government must address it, why is there another rule?

To take measures to address the marginalization and discrimination against persons from the Muslim community. The Palestinians are all Muslims and they have all been marginalized in their own place. So, I ask them, why is it that the US applies this to us but not in Gaza?

They in fact, tell us that there is no need for a ceasefire, only what is called a humanitarian pause. Now, this is the issue we are faced with. Now, my problem is, ok let’s say the US is handling the Gaza issue, when we go next year, to the UN Human Rights Council, we will be judged by this.

There is one law for us, one standard for the others.

So that’s why I am now thinking of that rule which all of you apply in courts That you must come to courts with clean hands. That is in the domestic jurisdictions. Sometimes in international tribunals they have also said that you must come to courts with clean hands.  So why shouldn’t it then apply here also? Next September come with clean

hands and we will also answer you. If you haven’t got clean hands, why should we answer you?

That’s the question I have.  So, I thought I’ll ask the Minister of Justice and the Minister of ForeignAffairs together with Attorney General and our permanent representative of the UN to consult international legal opinions on this application that you must come

to court in clean hands, why shouldn’t it apply to the Human Rights Council? Can you ask a country which as condoned so much of violations then to come and say that we shouldn’t do it. So, this is what we must study and go ahead. It’s a matter in which we will require the advice of our BAR Association of our other legal practitioners and even the Chief Justice and theSupreme Court.

The advisory power or the president can ask for the advice of the Supreme Court.  I think we must make this arule you can’t have one law for us and another law for some one else, am against it. If it applies to all I will stand by it. Sri Lanka will stand by it. If it doesn’t apply to all why on earth should we do it? But when we go there, we must remember that our hands must also be clean from today to that day. That’s why I say the agreement reached between President Rajapaksa and Ban ki Moonmust be implemented and we must not have any incidents based on race or religion in the country. We had an unfortunate incident about a week back in Batticaloa, but law and order must be enforced. Let’s enforce the law and order, uphold it and take this up.

I think we are in a position this time, to canvass a lot of support in this case from the global south and part of the global north.  Let’s take the principle up here.  Youhave taken it up against us, we will take it up against you. We are all, as the United States says, for the rules-based order.

We want a rules-based order, but then the rules must apply to everyone.  It can’t apply to some and not to others.  So, in that sense what we have to test next year with the support of many other countries in the United Nations.  I thought I’ll share this thought with you because we could get your views also informulating the principles, let’s take it forward.

Like any lawyer will do.  And let’s see where we do.  I’m sure we will succeed.”

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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