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Sri Lanka main opposition SJB unfazed by SLPP-UNP alliance

File photo of SJB convention

Tuesday January 10, 2023 5:27 pm

ECONOMYNEXT – The newly announced alliance between the ruling Sri Lanka Podujana Peramuna (SLPP) and the United National Party (UNP) is no threat to the main opposition Samagi Jana Balawegaya, according to an SJB spokesman.

SJB national list MP Tissa Attanayake told reporters on Monday January 10 that the SLPP and the UNP have joined forces because neither party enjoys enough support to contest alone.

“The UNP-SLPP alliance is in no way a challenge to the SJB,” said Attanayake.

The MP said the SJB expects to contest the polls together with all parties and organisations affiliated with the party.

The nationalist SLPP and its former rival the centre-right UNP, the party headed by President Ranil Wickremesinghe, will join forces to contest the local government elections that may or may not take place in March this year.

UNP general secretary Palitha Range Bandara told reporters following a discussion between the president and SLPP representatives on Monday that the two parties will contest the election together under the SLPP’s Pohottuwa (lotus bud) symbol for some of the local bodies, the UNP’s elephant symbol for some and a common symbol for the others.

Sri Lanka’s ruling SLPP, president’s UNP team up for local govt elections

However, it is unclear whether the local government elections will take place at all. Despite the election commission announcing January 18 to 21 as dates for accepting nominations for the local polls, there is a cloud of uncertainty over the widely anticipated election. Opposition parties continue to accuse the government of resorting to various underhand tactics to delay the election while the election commission itself is reportedly divided on whether it should go ahead with the polls.

A number of government ministers have said the cash-strapped country cannot afford to hold elections at present, while some analysts warn that an election at this juncture could derail or at least slow down Sri Lanka’s recovery process. President Wickremesinghe, though he has said he will not participate in the UNP’s election campaign, is also reportedly decidedly not in favour of an election at present, choosing instead to prioritise his mandate to bring Sri Lanka out of its worst currency crisis in decades. (Colombo/Jan10/2023)

FILED UNDER: bandula gunawardena,basil rajapaksa,elections,local government,Palitha Range Bandara,politics,Ranil Wickremesinghe,sagara kariyawasam,SJB,SLPP,Sri Lanka,tissa attanayake,UNP

Stocks & Companies

Ajith Medis to head Sri Lanka’s SMB Finance

Friday October 16, 2026 11:01 am

ECONOMYNEXT – Sri Lanka’s SMB Finance PLC has appointed Lansage Ajith Prasanna Medis as chief executive officer of the company with effect from October 16.

Medis does not have a relevant interest in shares issued by the company, SMB Finance said in a market filing.

A brief profile provided by the company is reproduced below:

Professor Ajith Medis has extensive experience in academia, financial services, business strategy, and management.

He joined academia in 2002 after a decade of working with LOLC, People’s Merchant Bank, and Mitsui & Company.

He previously held senior positions in the financial services sector, including Chief Executive Officer of PMF Finance PLC, Director of Alliance Finance PLC, Overseas Consultant to the Indian School of Business in Hyderabad, and many others.

He has also provided consultancy services to over 30 finance companies in various capacities, both local and overseas.

His expertise includes implementing turnaround strategies for ailing entities, enhancing top- and bottom-line performance for growth, and restoring corporate fundamentals.

Professor Medis holds a Bachelor of Commerce (Special Honors) degree from the University of Kelaniya, a Master of Business Administration from the University of Sri Jayewardenepura, and a PhD in Strategy from Management and Science University, Malaysia.

He also holds a Postgraduate Diploma in Marketing from the Chartered Institute of Marketing in the UK and a Certified Management Accountant qualification from Australia.

His combined academic expertise, financial-sector experience, and strategic management background will contribute to the leadership and future development of SMB Finance PLC. (Colombo/Oct16/2026)

Markets

Sri Lanka stocks trend up, ASPI gains 0.60-pct

Friday October 16, 2026 10:36 am

ECONOMYNEXT — Sri Lanka’s Colombo Stock Exchange opened up on Friday, CSE data showed, with the benchmark All Share Price Index moving up 0.60 percent.

The ASPI was up 119.48 points at 20,090.63, while the more liquid S&P SL20 was up 0.63 percent, or 36.09 points, at 5,735.11.

Positive contributors to the ASPI were Dialog Axiata (up 3.29 percent at 43.90 rupees), Commercial Bank of Ceylon (up 0.51 percent at 199.00 rupees), Sri Lanka Telecom (up 4.54 percent at 82.90 rupees), and Sampath Bank (up 1.45 percent at 140.00 rupees).

Distilleries Company of Sri Lanka (down 1.57 percent at 50.00 rupees), Ambeon Holdings (down 3.98 percent at 31.40 rupees), Tokyo Cement Company (Lanka) (down 2.28 percent at 72.80 rupees), Singer (Sri Lanka) (down 0.56 percent at 70.60 rupees), and Ceylon Tobacco Company (down 0.56 percent at 1,768.00 rupees) were top negative contributors.

Market turnover was 170.32 million rupees. Capital goods led turnover with 36.64 million rupees. (Colombo/Oct16/2026)

Bonds & Forex

Sri Lanka rupee at 331.15/25 to US dollar spot, bond yields steady

Friday October 16, 2026 9:52 am

ECONOMYNEXT – Sri Lanka’s rupee was quoted flat at 331.15/25 to the US dollar in the spot market on Friday, while bond yields were steady, dealers said.

A bond maturing on 15.10.2028 was quoted flat at 10.60/70 percent.

A bond maturing on 15.06.2029 was quoted at 10.95/11.05 percent.

A bond maturing on 15.10.2030 was quoted at 11.41/45 percent, up from 11.40/45 percent.

A bond maturing on 01.12.2031 was quoted at 11.65/73 percent, up from 11.65/70 percent.

A bond maturing on 15.12.2032 was quoted at 11.75/90 percent, up from 11.75/85 percent.

A bond maturing on 15.01.2033 was quoted at 11.85/95 percent, up from 11.95/12.00 percent.

A bond maturing on 15.10.2034 was quoted flat at 12.20/30 percent.

The telegraphic transfer rate for the dollar was 326.70 buying, 335.70 selling; the euro was 363.6850 buying, 377.4658 selling; pound was 432.5942 buying, 446.7026 selling.

On the Colombo Stock Exchange the All Share Price Index was up 0.56 percent, or 111.97 points, at 20,083; while the S&P SL20 was up 0.63 percent, 35.68 points, at 5,734. (Colombo/Oct16/2026)

Economy

Sri Lanka services expands at slower rate in September 2026: PMI

Thursday October 15, 2026 6:14 pm

ECONOMYNEXT – Sri Lanka’s services sector expanded at a slower rate in September 2026, according to a Purchasing Managers Index compiled by the central bank, which registered an index value of 60.5, compared to 65.6 the previous month.

“Business Activity increased in September 2026, reflecting improvements across several sub-sectors, led by financial services, with notable contributions from education and professional services,” CBSL said.

New businesses increased in September 2026, registering 60.9 from August’s 60.0, due to the expansion in the financial services, with positive contributions from the insurance, education, professional, and other personal services sub-sectors.

Employment increased in September, “as firms across several sectors increased recruitment to meet operational needs and support business expansion”.

Backlogs of Work declined in the month, although at a slower rate compared to the previous month.

Broader global economic uncertainties continued to pose downside risks to the outlook, CBSL said. (Colombo/Oct15/2026)

Economy

Sri Lanka manufacturing PMI steady at 53.0 in September, growth continues

Thursday October 15, 2026 6:05 pm

ECONOMYNEXT – Sri Lanka’s manufacturing sector expanded at a steady rate in September 2026, registering a value of 53.0 on a Purchasing Managers Index compiled by the central bank, same as the previous month.

“This indicates that manufacturing activities continued to expand at a similar pace during the month,” CBSL said, noting the outlook remains positive, driven largely by optimism on year-end seasonal demand.

The New Orders sub-index expanded in the month, registering 51.0, attributed to positive developments in both the food and beverages and textiles and wearing apparel manufacturing sectors.

The Production sub-index also registered 51.0, for the same reason.

The Employment sub-index expanded at a slower pace, registering 52.6, from the previous 54.8.

The Stock of Purchases sub-index moderated towards the neutral threshold, “indicating broadly unchanged inventory levels during the month,” CBSL said.

Suppliers’ Delivery Times sub-index remained lengthened in September. (Colombo/Oct15/2026)

Bonds & Forex

Sri Lanka rupee closes at 331.15/25 to US dollar spot, bond yields steady

Thursday October 15, 2026 6:00 pm

ECONOMYNEXT – Sri Lanka’s rupee closed flat at 331.15/25 to the US dollar in the spot market on Thursday, while bond yields closed steady, dealers said.

A bond maturing on 01.08.2030 closed flat at 11.35/40 percent.

A bond maturing on 15.10.2030 closed at 11.40/45 percent, up from 11.37/43 percent.

A bond maturing on 01.02.2031 closed flat at 11.45/50 percent.

A bond maturing on 15.12.2032 closed flat at 11.75/85 percent.

A bond maturing on 15.10.2034 closed at 12.20/30 percent, up from 12.12/20 percent. (Colombo/Oct15/2026)