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Monday November 9th, 2026

Sri Lanka’s new president must ensure basic rights of all: Human Rights Watch

SHOW OF FORCE: One of the first public acts of President Ranil Wickremesinghe was to thank police and tri-forces.

ECONOMYNEXT – Sri Lanka President Ranil Wickremesinghe should ensure that his administration adopts measures to protect the basic rights of all Sri Lankans, Human Rights Watch (HRW) said in a letter addressed to the president outlining key human rights concerns.

HRW South Asia director Meenakshi Ganguly writing to Wickremesinghe on Tuesday August 08 acknowledged the challenges facing Sri Lanka’s newly sworn in president, but raised concerns over what protestors have called a crackdown.

“Human Rights Watch is extremely concerned by the draconian and abusive state of emergency currently in effect, and the security forces’ use of unnecessary and excessive force against protesters and journalists, as well as arbitrary arrests, abductions, intimidation and reprisals that have contributed to a growing climate of fear and repression,” said Ganguly.

“You have acknowledged that the protests were ‘conducted on a non-violent basis and creative manner.’ But you have also said that some have ‘turned towards terrorism.’ And you have denied that your government is ‘hunting down the protesters’ – though the facts belie this claim,” she said.

Ganguly wrote that the emergency regulations introduced on July 18 contain vague, overbroad, arbitrary and excessive curtailments of human rights, including of fundamental rights that cannot be suspended even during a state of emergency.

Ganguly said in order to protect the human rights of Sri Lankans, Wickremesinghe’s administration should:

  • Ensure that people are able to freely and peacefully express their views safely and without fear of reprisal or arrest
  • Investigate and appropriately prosecute officials and security force personnel responsible for serious violations of human rights regardless of position or rank
  • Withdraw emergency regulation provisions that are vague, overly broad and disproportionate or that violate fundamental rights
  • Refrain from using the military, which are not trained in law enforcement, in policing protests
  • Order security forces to end the harassment, intimidation and arbitrary arrest of people believed to have participated in or supported recent protests, as well as civil society activists, lawyers and journalists
  • Stop accusing protesters of “terrorism,” which in the context of Sri Lanka’s history can lead to serious human rights violations
  • Amend the constitution to ensure that the judiciary, attorney general, Election Commission, Public Service Commission, Police Commission, Judicial Service Commission and Human Rights Commission, which are mandated to protect fundamental rights, are independent of the executive

Ganguly also called drew attention to allegations of discimination against Tamil and Muslim minorities. She said the government should take the following measures in this regard:

  • Announce a formal moratorium on the use of the PTA until rights-respecting counterterrorism legislation is enacted, and release remaining prisoners arbitrarily detained under the PTA
  • Amend the ICCPR Act to prevent its abuse in prosecuting members of ethnic and religious minorities for speech that is protected under international human rights law
  • Undertake to curtail speech that incites violence, discrimination or hostility against specific groups
  • End acts of discrimination, intimidation and violence at places of worship
  • Allow members of the Tamil community to freely commemorate and memorialize victims of the civil war
  • Disband and revoke orders of the Presidential Task Force for Archaeological Heritage Management in the Eastern Province, which discriminates against religious minorities

With regard to social and economic rights, Ganguly noted that, as recognised by the International Monetary Fund (IMF), to mitigate the adverse impacts of proposed macroeconomic adjustment on vulnerable groups, particularly by strengthening safety nets.

“However, Sri Lanka’s principal current social protection scheme, Samurdhi, is widely recognized to be ineffective. The World Bank assessed that in 2019, even before the current crisis, that ‘less than half of the poor were beneficiaries of Samurdhi… and benefit amounts remain largely inadequate.’ It is crucial that your government develops a more robust, inclusive and transparent social justice program,” wrote Ganguly.

“As the [IMF’s] Article IV report shows, Sri Lanka’s tax-to-GDP ratio is among the lowest in the world. Among the huge tax cuts introduced by the Gotabaya Rajapaksa administration shortly after entering office, cuts to income taxes benefitted the wealthiest households. While the Article IV report proposes raising income tax rates, it also proposes increases to VAT, which disproportionately burdens low-income families because it consumes a larger share of their income. Moreover, if steps are taken to reduce or remove fuel subsidies, it is critical that this is done in a progressive manner or with an adequate compensatory system to ensure affordability for low-income people in advance of the reforms.”

In her letter, Ganguly highlighted increased defence budgetary allocation, a fall in a Transparency International corruption perception index, among other things.

Ganguly’s recommendations with regard to ensuring social and economic rights are as follows:

  • Establish a new social protection mechanism that is both adequate to protect everyone’s rights from the effects of the economic crisis and designed to prevent mismanagement and corruption. In particular, consider universal programs as recommended by the United Nations Development Programme and UNICEF
  • Implement progressive tax measures that do not further burden people living in poverty; implement any reduction or removal of subsidies in a progressive manner or with an adequate compensatory system to ensure affordability for low-income people in advance of reforms
  • Adopt policies to increase women’s access to employment by reducing barriers, including by providing state-funded maternity leave and access to affordable menstrual hygiene
  • Restore the independence of institutions including the Commission to Investigate Allegations of Bribery or Corruption
  • Resume Sri Lanka’s participation in the World Bank and United Nations Office on Drugs and Crime’s Stolen Asset Recovery (StAR) initiative, and include a commitment to do so as part of an agreement with the IMF
  • Conduct independent and impartial investigations into allegations of high-level corruption and appropriately prosecute those responsible
  • End attempts to implement the recommendations of the Commission of Inquiry to Investigate Allegations of Political Victimization, and revive police investigations into conflict-related crimes;
  • Adopt the anti-corruption legislation that was developed during your previous term as prime minister and is currently before parliament
  • Ensure that auditing of the Ministry of Defence meets the same criteria as other government departments; end audit exemptions for “secret services” that can be used to obscure the use of public funds

(Colombo/Aug09/2022)

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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