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Friday November 13th, 2026

Universalism versus tribalism

The most venerable  Warakagoda Sri Gnanarathana thero Mahanayake of the Asgiriya chapter has announced that his recent remarks,  have been misconstrued and distorted.

The authenticity of recorded information in cyberspace is an inconvenient truth of the age we live in. For those curious, the original ‘Anusasana’ and the subsequent clarification are both available in the internet.

We must take refuge in the Dhammapada. As rain makes its way into a badly roofed house, so passion makes its way into an unreflecting mind. As rain does not make its way into a well-roofed house, so passion does not make its way into a reflecting mind.

With a presidential election around the corner, these are times for deep reflection. 

Rabindranath Tagore

Bring to this country once again the blessed name

 Which made the land of thy birth sacred to all distant lands! Let thy great awakening under the Bodhi-tree be fulfilled. Sweeping away the veil of unreason and let, at the end of an oblivious night,

Freshly blossom out in India thy remembrance!

 All creatures are crying for a new birth of thine.

 Oh, thou of boundless life,

 save them, rouse thine eternal voice of hope.

 Let love’s lotus with its inexhaustible treasure of honey

 open its petals in thy light.

 O Serene, O Free

 in thine immeasurable mercy and goodness

wipe away all dark stains from the heart of this earth.

In 1931, Rabindranath Tagore wrote these verses capturing the sublime quintessence of the great awakening of the Buddha to mark the consecration of the  new Mulagandha Kuti Viharaya at Saranath where the Buddha preached his first sermon.   Tagore was not merely celebrating the message of the Buddha. He was also crying for a new birth of the Buddha as the eternal voice of hope.

We have again reached such a point when we desperately need the Buddha to guide us.

Tagore’s poetry capturing the quintessence of the Buddha “O Serene, O Free, in thine immeasurable mercy and goodness, wipe away all dark stains from the heart of this earth” is an eloquent rebuke of the stain produced by the ecclesiastical exercise on the feasibility of stoning people. 

In 2014, Amartya Sen the Nobel Laureate in economics published an essay on the relevance of Buddhism in the 21st Century. He reminds us that Rabindranath Tagore once remarked that he was extremely sad that he was not alive when Gautama Buddha was still around.

“Tagore very much wished he could have had conversations with Buddha. I share that sentiment, but, like Rabindranath, I am also immensely grateful that, even now, we can enjoy – and learn from – the ideas and arguments that Buddha gave us twenty-five hundred years ago. Our world may be very different from what Buddha faced in the sixth century BC , but we can still benefit greatly from the reasoned approach to ethics, politics, and social relations that Gautama Buddha brought to the world of human understanding.

I have cited Rabindranath Tagore and Professor Amartya Sen for a specific reason. Both offer living proof that the oriental mind is a fertile field for knowledge and reason . That it was so, long before what we now know as the European Reformation and Enlightenment.

The point is significant. Individual human rights is not a western imperialist conspiracy but an implicit component of authentic Buddhist teaching. It is  a point that should be driven home with great urgency . In  the context of Gotabaya Rajapakse  running for the presidency, it is an existential imperative for us who cherish freedom. That the Sinhala language has no precise equivalents for liberty and freedom is a sad commentary of our present dilemma.

A Gotabaya Rajapakse candidacy should be welcomed. His quest for a majority of the majority presents us with a clear choice:  universalist humanism  or insular tribalism.

Even a passing reference to a  barbaric tribal practice should stir the conscience of anyone who claims an iota of familiarity  with what the Buddha taught.

Cocooned in privilege and power, the institutional Buddhist monastic orders are distanced from the objective of being beacons of humility, kindness and compassion.

We are still riddled with the suffering of humanity. Its causes persist today just as they did in the time of the master. 

We have arrived at a fork. Where do we  go? Should we remain trapped in tribal prejudice or embrace universal knowledge?. Tribalism is the comfortable cosy pattern that looks inward to ethnicity and religious conformity. The people who   define themselves in such terms always perceive themselves in opposition  to other groups. They are confined to  values, beliefs and orientations of their tradition. That was the essence of the controversy .

People who aspire towards a universal community regard themselves as part of a larger world that transcends the regional or tribal framework , they were born in to.

While the universalists see themselves through a universal framework, they  also retain their individuality . While subscribing to universal norms, they remain firmly grounded in their sense of individual identity .

The stark contrast between the tribal and universal world view is demonstrated in their attitude towards authority.

For the tribal group, authority is something that comes from the tribal chief. The authority is either attached to a lineage such as the family that won a humanitarian war or more abstractly, from the tradition or dogma of the tribal unit.

For universalists such as this writer , authority is defined in terms of reality that needs to be shaped , altered or accepted. The universalists   insist on their right to know and interpret reality individually, and not as received, collected wisdom offered by self-styled experts and professionals of the ‘Viyathmaga’ type.

The internet and evolving  digital technology compels us to see ourselves as a part of the universe. Our monastic orders notwithstanding. Like it or not we are only a small part of the universal puzzle. The Buddha saw it first.

The Mahanayake thero has not disclaimed his expressed opinion on who our next president should be. Come November , we will come face to face with liberty . Do we say Hello or Bye Bye to liberty ? 

Sri Lanka stocks close down 0.60-pct, dragged by HNB and LOLC

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

The ASPI was down 133.22 points at 22,024.18, while the more liquid S&P SL20 was down 1.06 percent, or 67.55 points, at 6,298.02.

The ASPI ended the week up 784.53 points from last Friday.

Positive contributors to the ASPI were Dialog Axiata (up 0.40 percent at 50.20 rupees), Distilleries Company of Sri Lanka (up 0.52 percent at 58.30 rupees), Aitken Spence (up 3.60 percent at 151.00 rupees), Ceylon Tobacco Company (up 1.05 percent at 1,828.50 rupees), and LOLC Finance (up 1.96 percent at 5.20 rupees).

Hatton National Bank (down 1.88 percent at 403.75 rupees), Richard Pieris and Company (down 6.21 percent at 27.20 rupees), LOLC Holdings (down 2.17 percent at 405.00 rupees), Sampath Bank (down 1.91 percent at 154.00 rupees), and Singer (Sri Lanka) (down 2.40 percent at 77.30 rupees) were top negative contributors.

Market turnover was 3.23 billion rupees. Capital goods led turnover with 869.21 million rupees. (Colombo/Nov13/2026)

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Sri Lanka MP slams budget speech for omitting Tamil national question

ECONOMYNEXT – A Sri Lanka legislator has voiced strong disappointment that the President’s budget speech failed to make a single mention of the Tamil national question.

“It is very unfortunate that in His Excellency the President’s speech, there has not been a single word mentioned about the Tamil national question. Not a single word,” Shanakiyan Rasamanickam said.

“A budget speech generally, is a policy direction of the government for the next year. The budget speech is not only a statement of the country’s fiscal position or the economy’s position. It is the country’s, the government’s, plan, or what the government plans to do the following year. That’s a policy statement.”

Former presidents would at least mention the Tamil question even if it was not resolved, he said.

Former President Ranil Wickremesinghe in his speech, in his policy statement, he would mention: “The Tamil national question must be resolved,” Rasamanickam said.

Former Presidents Maithripala Sirisena and Gotabaya Rajapaksa also mentioned that the national ethnic question must be resolved, he added.

“Every President, every country’s Head of State, in their policy statements, have acknowledged the fact that there is an unresolved national issue, the Tamil national question, that it needs to be resolved. Various governments have proposed various mechanisms; none of them have succeeded, but at least it was mentioned.”

This year’s budget made allocations for the Office of Missing Persons, and the Office of Reparations.

“But the domestic mechanism is a mechanism that the victim community has rejected. So you all are allocating money to a mechanism where the victim community is not going to be part of.”

Last year’s budget 1 billion was allocated to be spent on the Trincomalee and Jaffna airports.

“Where was that 1 billion for the Trincomalee and Jaffna airports spent last year?”

“The trajectory of this government, Honourable Deputy Speaker, is worrying to me. It’s really worrying to me. Because if the objective is to say that there is no Tamil national question, if the objective is to say that you all have resolved any ethnic issue that this country faced, then Honourable Deputy Speaker, then I think the Tamil people will teach this government a very, very, very harsh lesson in the future.” (Colombo/Nov13/2026)

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Sri Lanka sells extra Rs6.5bn Treasury bills after auction

ECONOMYNEXT – Sri Lanka has sold 6,500 million rupees of treasury bills offered on tap at an average rate of 9.95 percent, the public debt management office said, bringing the total of bills sold in the week to 85.562 billion rupees.

The issue offered 90 billion.

Total market subscription was 6.5 billion rupees.

The debt office sold a 12-month bill at 9.95 percent.

On Wednesday (11) the debt office raised 79 billion rupees of 3, 6 and 12 month bills after offering 90 billion.

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Sri Lanka Treasury bill yields hold broadly steady, less bills sold

The settlement date is November 13. (Colombo/Nov13/2026)

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Access Engineering Sept quarter group net profit surges 200-pct to Rs4.75bn

ECONOMYNEXT — Sri Lanka’s Access Engineering PLC recorded a group net profit attributable to equity holders of Rs. 4.75 billion for the quarter ended September 30, surging 200 percent from Rs. 1.58 billion a year earlier, interim accounts showed.

Basic earnings per share rose to Rs. 4.08 for the September quarter, up from Rs. 1.58 previously.

Quarterly group revenue expanded 36 percent to Rs. 20.39 billion from Rs. 14.94 billion, underpinned by condominium property handovers — reflected in inventories dropping Rs. 7.69 billion since March to Rs. 35.71 billion — alongside strong automobile sales and steady civil engineering execution.

Cost of sales rose at a slower 27 percent to Rs. 14.34 billion, lifting gross profit by 64 percent to Rs. 6.05 billion and expanding gross margins to 29.7 percent from 24.7 percent.

Other income jumped 144 percent to Rs. 259.9 million, while administrative expenses rose 75 percent to Rs. 1.14 billion, leaving operating profit up 64 percent at Rs. 5.16 billion.

However, finance costs more than doubled, rising 107 percent to Rs. 1.18 billion on elevated group borrowings of Rs. 43.74 billion, partly offset by finance income climbing 302 percent to Rs. 42.2 million.

Share of results from equity-accounted investees rose 122 percent to Rs. 26.7 million, pushing pre-tax profit up 56 percent to Rs. 4.05 billion.

Income tax swung to a net reversal of Rs. 186.6 million from an expense of Rs. 804.1 million, boosted by deferred tax assets on unrelieved losses from a 100 percent enhanced capital allowance claimed by 60 percent-owned radiopharmaceutical subsidiary Access Medical Tracers (Private) Limited.

Total period profit rose 136 percent to Rs. 4.24 billion, with non-controlling interest declining 24 percent to Rs. 164.9 million following last year’s buyout of minority shareholders in Harbour Village (Private) Limited.

No separate exchange gain or loss was itemized in quarterly earnings, though foreign currency translation via associates recorded a Rs. 17.4 million loss in other comprehensive income, alongside USD 16.6 million in corporate guarantees.

Notes also flagged an expected Rs. 1.45 billion recovery from the terminated South Asia Commercial and Logistics Hub project, a Rs. 225 million post-quarter legal settlement already provided for, and a Supreme Court appeal over a 2011/12 PAYE tax ruling.

Group assets stood at Rs. 132.4 billion as of September 30, with net asset value per share at Rs. 46.70, as the Employees’ Provident Fund raised its stake to 5.69 percent.

Access Engineering shares closed at 80.00 rupees at the end of September and are currently trading around 85.80 rupees. (Colombo/Nov13/2026)

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Sri Lanka private sector says timely implementation of Budget 2027 key

ECONOMYNEXT – Private sector body, The Ceylon Chamber of Commerce, said it was encouraged by the broad direction of Budget 2027, noting that it reinforces Sri Lanka’s commitment to economic transformation while maintaining policy continuity, macroeconomic stability, and fiscal discipline.

“This continuity is particularly important as the country seeks to transition from economic stabilisation to a more durable, investment-led growth trajectory.”

The chamber also noted several areas where the Budget could have placed greater emphasis to strengthen the country’s growth prospects.

“In particular, there is a need for a stronger focus on attracting Foreign Direct Investment (FDI), accelerating factor market reforms, particularly in land and labour, and fast-tracking public procurement reforms to improve the efficiency and speed of project implementation.

“More targeted and actionable proposals could have been introduced to unlock the potential of sectors with significant growth opportunities, including tourism, agriculture, IT/BPO and logistics.”

The chamber said the budget contains positive measures aimed at enhancing competitiveness, and external sector resilience, while presenting opportunities for focus on sectors that can accelerate growth.

“A number of the key structural reforms identified in last year’s Budget have been carried forward and strengthened, providing greater certainty and predictability to businesses and investors.

“These include the continued implementation of the Trade National Single Window (TNSW), the phased removal of para-tariffs, the rollout of the Digital ID framework, efforts to expand market access through new Free Trade Agreements (FTAs), the strengthening of one-stop-shop investment facilitation mechanisms, progress on Customs reforms, the expansion of Bandaranaike International Airport (BIA), enhanced financing support for SMEs, and reforms relating to the management of State-Owned Enterprises.”

The CCC said that more than 20 proposals submitted by it have been reflected in Budget 2027.

These include measures to strengthen investor facilitation through the establishment of a professionally managed investment promotion agency; continued efforts to improve trade facilitation and export competitiveness; the Government’s consideration of a successor programme with the International Monetary Fund (IMF); accelerated progress on key legislative reforms; the expansion of digital government services; and the promotion of cashless payments and broader digital adoption. The Budget has also captured several priorities relating to energy security, including the accelerated deployment of Battery Energy Storage Systems (BESS) and investments in fuel storage infrastructure, initiatives to optimize underutilized agricultural land, measures to support the expansion of the digital economy and the IT/BPO sector, and tax reforms to support exporters, including the acceptance of newly VAT-registered exporters as eligible exporters.

“The inclusion of these priorities reflects the value of sustained public-private dialogue and demonstrates increasing alignment between national policy objectives and the needs of a competitive, export-oriented economy.

“The priority now must be effective and timely implementation to translate policy commitments into investment, competitiveness, exports and sustainable growth.” (Colombo/Nov13/2026)

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Sri Lanka stocks trend lower day after budget reading

ECONOMYNEXT – Sri Lanka’s Colombo Stock Exchange was trending lower on Friday, CSE data showed, with the benchmark All Share Price Index moving down 0.66 percent.

The ASPI was down 146.78 points at 22,011, while the more liquid S&P SL20 was down 0.94 percent, or 59.99 points, at 6,306.

Positive contributors to the ASPI were Access Engineering (up 1.30 percent at 85.80 rupees), LAUGFS Gas (up 3.31 percent at 49.90 rupees), Ceylon Tobacco Company (up 1.13 percent at 1,830 rupees), Ceylon Cold Stores (up 0.80 percent at 126 rupees), and Namunukula Plantations (up 1.79 percent at 68.10 rupees).

LOLC Holdings (down 1.03 percent at 409.75 rupees), Hatton National Bank (down 0.61 percent at 409 rupees), Sunshine Holdings (down 3.81 percent at 30.30 rupees), and Sampath Bank (down 1.91 percent at 154 rupees) were top negative contributors.

Market turnover was 1.55 billion rupees. Capital goods led turnover with 459.57 million rupees. (Colombo/Nov13/2026)

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