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Monday November 9th, 2026

Sri Lanka’s Anuradhapura was Indian Ocean Singapore, deep study of history ahead: PM

ECONOMYNEXT – Sri Lanka’s Anuradhapura city was at the centre of Indian Ocean trade, when there was no Singapore or Dubai, Prime Minister Ranil Wickremesinghe said, revealing plans to set up an Institute of History to study ancient Sri Lanka.

Ancient Heritage

Sri Lanka’s Anuradhapura City was built on a civilization that sprang up upon the Malwathu Oya Valley the origins of which is still unknown, with evidence already emerging of Sri Lanka’s human settlements dating back tens of thousands of years in several locations.

"There are now findings to show that some of the oldest communities in the world lived in Horton Plains," Wickremesinghe said starting restoration work on the Lovamahapaya (Brazen Palace) in Anuradhapura City, which is part of a bigger project involving Sri Lanka’s Buddhist Mahavihara heritage.

Researchers believe Horton Plains was home to a community of early humans dating back as far as 24,000 years who may have been among the first humans in the world to engage in farming, students of history say.

Anuradhapura became well-known for being a centre of an Indianized Hindu – Buddhist civilization following the work of British archeologists and the translation of the Mahavamsa, an ancient Sri Lankan text compiled by Theravada Buddhist sect monks, after British scholars cracked the Pali language.

However evidence has since emerged of pre-historic megalithic habitations in the area and elsewhere, before currently existing religions came into being.

Cosmopolitan City

Meanwhile Prime Minister Wickremesinghe said during the historical period Anuradhapura was one of the most important trading hubs of the Indian Ocean and the Bay of Bengal.

"What started from Malwathu Oya eventually became a great city," he said. "It became a powerful city in the Bay of Bengal. At the time the centre of the Indian Ocean was Sri Lanka. At the time there was no Dubai or Singapore.

"Anuradhapura was known as a city that had everything."

He said Anuradhapura was an advanced city of the time which traded globally.

Sri Lanka’s great temples and irrigation works would not have been possible for a small island nation, to execute without the wealth that comes from being a global centre of commerce, he said.

"Traders from Persia were here," Wickremesinghe said. "There were Greeks here. Like present day Singapore many different people were here in ancient time. Sri Lanka was an important nation.

"At the time Sri Lanka was a trading nation. Different peoples from many nations traded here. Traders belonging to the Nestorian Christian sect, who no longer exists in the world, were also here.

"There is also a cross carved in stone here."

When British researchers who first found the so-called ‘Anuradhapura cross’ , they thought it was a Portuguese artifact.

However since then entire Nestorian chapels have been found elsewhere in West Asia.

Many Nestorian Christians who were highly educated went into service with the Persian Empire, following the ideological differences with the established church. The Persian Empire stretched up to India and was mainly in control of trade West of Sri Lanka and India.

The sect is believed to have had links to the Kerala (Malabar or Syriac) Christian community who arrived in India around the fourth century, or earlier.

Sri Lanka’s importance as an ancient trading hub had since been found in texts outside Sri Lanka including in the works of Cosmas, a merchant/monk from Alexandria of Egypt, who could have been Nestorian, and who seemed to have sailed to the Indian subcontinent and wrote about the island.

The Christian Topography by Cosmas Indicopleustes (Indian Voyager) written in the sixth century was found and translated to French and later to English.

"The island also has a Persian Christians, who have settled there, a Presbyter who is appointed from Persia and Deacon and complete ecclesiastical ritual," Cosmas wrote.

"In this island they have many temples, and on one, which stands of great eminence there is a hyacinth (a sapphire) as large as a great pine-cone, fiery read, and when seen flashing from a distance, especially if the sun’s rays are playing around it, a matchless sight."

He said there were two kings in the island who fought with each other.

Indian Ocean Trading Hub

Sri Lanka position in the Indian Ocean had helped make it the biggest hub in the region.

"The island being as it is in a central position, is much frequented by ships from all parts of India and Persia and Ethiopia (Africa), and it likewise sends out many of its own," Cosmas explained.

"And from the remotest countries, I mean Tzinista (China) and other trading places it receives silk, aloes, cloves and sandalwood and oher products, and these again are passed on to marts on this side such as Male (around present day Kerala), where pepper grows and to Calliana (near present day Bombay) which exports coppe and sesame-log and cloth for making dresses for it also is a great place of business.

"And to Sindu (near present day Karachi) also where musk and castor is procured and androstachys and also to Persia and the Homerite counry and to Adule (near present day Eritrea).

"And the island receives imports from all these marts which we have mentioned and passes them on to the remoter ports, while at the same time, exporting its own produce in both directions.

"This same Sielediba (Ceylon) then, placed as one may say, in the center of the Indies and possessing the hyacinth receives imports from all the seats of commerce and in turn exports to them, and is thus a great seat of commerce."

Free trade in Sri Lanka and elsewhere in Asia was restricted by the Dutch East India company, which built monopolies, which then went to the British East India company.

However British civil servants broke many of the monopolies, allowing Sri Lanka to become one of most progressive nations in Asia once after Japan.

But many of the trading restriction were were re-imposed after independence, giving priviledges to special interest and state enterprises much like the VOC. The creation of a money printing central bank, which generated forex shortages put the final nail in the coffin analysts say.

Some analysts say it will not be possible without serious reforms to the central bank to restrain its domestic operations or abolishing it in favour of a currency board or currency board like system like in Singapore or Dubai.

Even earlier this month taxes were put on cars to cover short comings in central bank policy.

Reinstating Historical Status

Wickremesinghe said efforts were now underway to make Sri Lanka the hub of the Indian Ocean again.

"This may take 10 or 15 years, but we have to do it," Wickremesinghe said. "We are doing this taking Anudhapura as an example.

"Using ports in both sides of the country, we will develop this nation. Like in the periods of Anuradhapura and Polonnaruwa we have to rebuild foreign trade. We have to develop as a nation. We have to compete. We have to do import export trade.

"Our historical place we have to recreate."

Wickremesinhe said many people have told him that in school no proper history is being taught.

When he looked at other countries he said he found similar situations.

"Though history is weak in schools, we find that there is a lot of documentaries and information available for the people," Wickremesinghe said.

Philosophers and analysts who studied Nazism in Eastern Europe also say that state funded education system which came from the West with centralized syllabuses was used to create division by nationalists especially when linguistic minorities were present.

Wickremesinghe said he believed that the Sri Lanka heritage was not limited to Sinhalese or Buddhists. It was a global heritage.

Anurahdapura had played key role in being a centre of Buddhism to the  world. Out the four biggest centres of Buddhism in the subcontinent, three – Mahavihra, Jethavanaramaya and Abhayagiriya were in Sri Lanka – and had acquired fame and people from many countries had come.

He said a bishop in Egypt had mentioned four Buddhist novice monks from Sri Lanka as living there.

The Mahavihara project was started in this background.

Sri Lanka was working with Robin Cunningham, a British researcher who had recently done work on Maya Devi Temple (around what is believed to be the birthplace of Lord Buddha) to find out more.

Surface penetrating radar had already been used to look at underground structures around Thuparama, Wickremesinghe said.

He said surface penetrating radar can also be used in Anuradhapura to discover underground structures.

About 2.5 billion rupees had been set aside for the central cultural fund for Buddhist and archeological work. Out of the funds of his own office 500 million had been set aside for work on Buddhism.

"At one time Thailand was the centre of Buddhism," Wickremesinghe said. "But mostly it was Sri Lanka. Lay and ordained people could together make Sri Lanka a centre of Buddhism again."

"Looking at all these historical fact we must go forward. I have asked for a report from university professors and other experts for a report. One suggestion is to set up an Institute of History.

"I intend to discuss this more and bring an act of parliament to set it up."

Sri Lanka’s Central Cultural Fund has made paved the way for many recent achievements, and he appreciated the work of its director, he said.

The leadership for these initiatives had been given by then President J R Jayewardene long aog. Minister E L B Hurulle and Roland Silva made it a reality.

Going forward Wickremesinghe said it would also be possible to work with India.

"We have to learn about our heritage," Wickremesinghe said. "We have to tell the world what Sri Lanka is." (Colombo/Aug16/2018)

Sri Lanka’s flash floods in capital point to systemic institutional failure, ignored directives

ECONOMYNEXT – As torrential monsoon downpours transformed Sri Lanka’s commercial capital’s thoroughfares into raging brown rivers on Friday (06) submerging vehicles, paralyzing public transit, and inundating critical facilities like the National Hospital, the crisis was framed by authorities as an act of nature.

But for the millions of residents wading through waist-deep water, the disaster was not merely meteorological. It was man-made, preventable, and a glaring testament to gross institutional negligence.

Vraîe Cally Balthazaar, the Mayor of the island nation’s biggest local governing body Colombo Municipal Council (CMC) posted on her FaceBook (Meta) platform just a week ago before the floods that people in her ward “have had to live with the risk of flooding for years” after the stormwater drain running through the Jawatta Public Cemetery collapsed in 2019.

She said in the post that she promised the residents that the CMC would get the repairs done before the end of September, and she was happy to say that the CMC has “managed to complete the work by September 15.

“And sometimes, something as simple as fixing a drain can make a real difference to an entire neighbourhood,” Balthazaar said.

However, the flash floods saw the same area heavily flooded despite the ‘fixing’ by the CMC.

Just 24 days before the floods, Prime Minister Harini Amarasuriya herself issued a direct, unequivocal order to government officials and municipal authorities to treat the cleaning of Colombo’s canal and drainage systems as an exceptional priority.

She directed to expedite the work and complete it within two weeks to ensure proper rainwater management amid anticipated increases in rainfall.

Prime Minister Amarasuriya issued these directives while addressing the Colombo District Coordinating Committee meeting held on October 13 at the Narahenpita District Secretariat.

During the meeting, officials from divisional secretariat offices, the Agrarian Development Department, and the Provincial Irrigation Department highlighted existing challenges in cleaning drainage and canal systems, noting issues such as a shortage of technical officers and difficulties faced in formulating plans and estimates.

Her instruction came in response to early meteorological indicators pointing toward an intensifying inter-monsoonal rainfall season.

But the floods last week proved that these directives had been ignored, delayed, and left unimplemented by the very bodies sworn to protect the city’s populace.

Recognizing the chronic vulnerability of the commercial capital’s low-lying geography, the Prime Minister instructed relevant stakeholders to systematically clear Colombo’s primary canals, secondary outlets, and subterranean drainage systems.

Crucially, the directive came with a strict deadline: a two-week window to complete the comprehensive clearing of blockages, silt, and solid waste that choke the city’s waterways.

Colombo would not have had last week’s floods, had the Prime Minister’s instruction been heeded and executed.

But the Prime Minister’s instruction designed precisely to preempt the catastrophic urban flooding that has chronically plagued Colombo during heavy weather was ignored.

Yet, when the skies opened up last Friday (06), the two-week deadline had long expired into the ether of bureaucratic inaction.

The canals remained congested with plastic debris, unauthorized construction bottlenecks, and thick layers of silt.

The drainage systems, starved of maintenance, failed instantly.

Neither the central government machinery nor the Colombo Municipal Council (CMC) can wash their hands of accountability.

The ‘Clean Sri Lanka’ programme under the current government has been created to deal with prevention of flooding among many other ambitious goals.

“The responsibility for this damage must be borne by the President even more than the Mayor,” former Urban Development and Megapolis Minister Champika Ranawaka, a strong government critic, said on his YouTube platform.

“He is the head of the disaster management apparatus, and ‘Clean Sri Lanka’ operates under his direct leadership. Because of his actions and their administrative conduct, the entire state machinery has been brought to a standstill.”

Anatomy of Municipal Paralysis

When orders from the higher office like Prime Minister of the state can be casually sidelined by municipal inertia, it exposes a profound fracture in governance, one where public safety is compromised by institutional paralysis.

At the heart of Colombo’s drainage crisis is a systemic failure of local governance and inter-agency coordination.

The Colombo Municipal Council, tasked with the day-to-day stewardship of municipal infrastructure, waste management, and local drainage networks, has long operated in an administrative comfort zone characterized by reactive posturing rather than proactive mitigation.

When the Prime Minister’s directive was issued in mid-October, it should have triggered an immediate emergency mobilization.

Municipal work crews, heavy machinery, and desilting operations ought to have been deployed across every vulnerable ward, from the commercial hubs of Fort and Pettah to densely populated residential quarters like Borella, Wellawatte, and Grandpass.

Instead, citizens witnessed what can only be described as administrative inertia.

Bureaucratic red tape, sluggish procurement of maintenance contracts, and a lack of accountability mechanisms meant that instructions from the Prime Minister trickled down into endless committee meetings rather than field operations.

By treating a critical pre-monsoon cleanup as a routine administrative task rather than an urgent, life-saving imperative, municipal officials displayed a reckless disregard for urban risk management.

The government repeatedly said it has collected ample tax revenue to run the country. But that money could not be used urgently to protect the Colombo city when it was evident what was going to happen as per Prime Minister Amarasuriya’s instructions.

Furthermore, the failure extends beyond mere delayed cleanups to encompass chronic structural enforcement failures.

Over decades, Colombo’s natural hydrological buffers including its wetlands, marshes, and secondary flood retention areas have been systematically degraded or encroached upon by uncoordinated commercial and residential developments.

When drainage systems are clogged with garbage while vital retention pathways are blocked by concrete, even a standard heavy downpour is bound to trigger catastrophe.

Friday’s deluge merely exposed the cumulative cost of this willful administrative blindness.

Economic Toll of Negligence

The consequences of this systemic failure were borne immediately by ordinary citizens and critical public infrastructure.

The inundation of the National Hospital of Sri Lanka, where floodwaters unprecedentedly breached critical service areas, should be considered a national scandal.

That a premier healthcare institution can be crippled within 2 hours of heavy rain, jeopardizing patient care and compromising sterile environments, illustrates the deadly stakes of municipal failure.

Beyond the hospitals, small business owners watched their livelihoods float away, commuters were stranded for hours in gridlocked, submerged buses, and low-income families residing in underserved settlements suffered extensive property damage.

For an urban economy trying to anchor Sri Lanka’s fragile post-crisis recovery, recurring paralyzing floods exact a heavy toll in lost productivity, infrastructure damage, and emergency response costs.

Accountability

The CMC and government have pointed fingers at the illegal structures erected under past governments for the latest disaster. But this government has already been in power for two years.

In the aftermath of the disaster, routine finger-pointing between central agencies and municipal bodies also has begun, with officials attempting to deflect blame onto unprecedented rainfall volumes.

But meteorological data offers no refuge for negligent administrators.

The rainfall, while heavy, was seasonally anticipated; indeed, it was precisely why the Prime Minister issued her October directive.

When a directive issued by the second-in-command of the country is left gathering dust on a municipal desk while citizens face preventable devastation, the social contract breaks down.

The current government and the Colombo Municipal Council cannot hide behind excuses of resource constraints or administrative oversight.

Preventing flash floods requires more than issuing seasonal press releases or convening post-disaster committees after the water has receded.

It demands rigorous enforcement, transparent institutional accountability, and a zero-tolerance approach to administrative lethargy.

If the authorities cannot execute basic drainage maintenance, Colombo will remain structurally vulnerable, hostage to the next raincloud, and failed by the very institutions meant to protect it. (Colombo/November 08/2026)

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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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