Daily email
FindAllNews.lkbeta
FindAllNews.lkbeta

Wednesday 11 November 2026Wed 11 Nov 2026

Top stories — November 11, 2026

Latest stories

President Dissanayake reviews 2027 budget with Rs. 2,000 billion capital allocation

November 11·9 sources

President Anura Kumara Dissanayake reviewed the final draft of the 2027 budget proposals at the Presidential Secretariat on 11 November. Finance Ministry Secretary Dr. Harshana Suriyapperuma also attended the review. The budget includes Rs. 2,000 billion in capital allocations. It aims to move beyond economic stabilization toward economic expansion and transformative development. A President’s Media Division statement noted that the government achieved progress in key economic sectors through high financial discipline, despite challenges including the Ditwa disaster and the Middle East crisis. President Dissanayake is scheduled to present the budget to Parliament on Thursday (12) afternoon in his capacity as Minister of Finance, Planning, and Economic Development.

Economy & BusinessEnglishසිංහලதமிழ்

Sri Lanka launches five-day business name registration pilot project in Anuradhapura

November 11·5 sources

On 10 November 2026, Sri Lanka launched the Simplified and Unified Business Name Registration pilot project in Anuradhapura, enabling sole proprietorships and partnerships to register within five days. The reform modernises a system dating back to 1918 by separating business name registration from other regulatory licences. Applicants will no longer need land ownership documents or approvals from multiple agencies, requiring only basic identity and residency information. The initial three-month pilot covers 20 Divisional Secretariat divisions across the Central, Northern, North Central, and North Western provinces. Following an evaluation, the government plans to expand the system islandwide and introduce a digital registration platform. The project is implemented jointly by the Ministry of Industry and Entrepreneurship Development, non-profit organisation Chrysalis, and Provincial Councils. Most outlets reported the launch was held under Deputy Minister Chathuranga Abeysinghe, though Virakesari named him Chaturanga Abeywickrama.

Economy & BusinessEnglishසිංහලதமிழ்

Central Bank restricts Ernst & Young partners following Rs. 13.6 billion NDB fraud

November 11·4 sources

The Central Bank of Sri Lanka has asked Ernst & Young not to assign licensed bank audits to two partners who audited National Development Bank PLC. This follows the disclosure of a Rs. 13.6 billion internal fraud. The fraud reportedly ran undetected for three years and was discovered after NDB’s 2025 financial accounts were certified. The regulator has also required NDB to reconstitute its Board Audit Committee. Bank Supervision Director R.R.S. de Silva Jayathilaka disclosed the actions to the Committee on Public Finance on 5 November. Committee Chairman Dr. Harsha de Silva stated that such regulatory steps do not need to be kept completely confidential. The Central Bank clarified that the restriction applies only to the engagement and quality assurance partners, confirming that Ernst & Young remains eligible to audit licensed banks under the Banking Act.

Economy & BusinessEnglishසිංහල

Ceylon Chamber signs agreement with Italy’s Unioncamere to boost bilateral trade

November 11·2 sources

The Ceylon Chamber of Commerce and Unioncamere, Italy’s Union of Chambers of Commerce, Industry, Handicraft and Agriculture, have signed a Memorandum of Understanding to expand trade, investment opportunities, and commercial partnerships between both countries. The signing took place at Unioncamere headquarters in Piazza Sallustio, Italy, with Ceylon Chamber and Sri Lanka–Italy Business Council (SLITBC) representatives joining virtually alongside ambassadors from both nations. The agreement follows over a year of engagement initiated by SLITBC immediate past president Daminda Mulgama. Planned areas of cooperation include business delegations, business-to-business matchmaking, and knowledge exchange.

Economy & BusinessEnglish

Central Bank orders Crosslink entities to stop unauthorized deposit schemes

November 11·1 source

The Central Bank of Sri Lanka has issued a public warning declaring that Crosslink Investment (Pvt) Ltd and Crosslink Holdings (Private) Limited operated unauthorized deposit schemes. Both companies were ordered to halt all finance business operations immediately. An investigation under the Finance Business Act found that Crosslink Investment illegally took public deposits from April 2020 to January 2022. Alongside Crosslink Holdings, it collected funds through August 2022 using masked loan agreements and fixed deposit contracts. The regulator named directors Wanasinghe Mudiyanselage Jaliya Kamal Wanasinghe, Wanasinghe Mudiyanselage Sanjaya Kamal Wanasinghe, Wanasinghe Mudiyanselage Udara Kamal Wanasinghe, and Kirage Premalatha. It also named operations director Rajapakshage Sachini Madhukala Rajapaksha and finance manager Dissanayake Mudiyanselage Anjula Sandeepani Dissanayake.

Economy & BusinessEnglish

Frontier Research appoints Thilina Panduwawala as executive director effective January 2027

November 11·1 source

Frontier Research has appointed economist Thilina Panduwawala as Executive Director, effective 1 January 2027. He will lead the firm’s strategy and research agenda. The appointment marks Panduwawala’s third stint at the macroeconomic research firm. He first joined in 2016 under founder Amal Sanderatne, and returned in 2022 as Head of Research during Sri Lanka’s sovereign default and debt restructuring. Panduwawala also worked for 18 months at the Asian Development Bank’s Sri Lanka Resident Mission. Since October 2025, he has served as Senior Consultant to Parliament’s Committee on Public Finance.

Economy & BusinessEnglish

Sri Lanka stocks drop ahead of National Budget reading as ASPI falls 0.27 percent

November 11·1 source

Sri Lanka’s Colombo Stock Exchange closed lower on Wednesday (11), a day before the National Budget reading. The All Share Price Index fell 0.27 percent, or 60.10 points, to 22,063.29. The S&P SL20 index also declined 0.28 percent, or 17.76 points, to 6,350.36. Total market turnover reached 1.42 billion rupees, led by the Materials industry group with 354.73 million rupees. Top negative contributors to the ASPI included Singer (Sri Lanka), Richard Pieris and Company, Carson Cumberbatch, and Janashakthi Insurance. Dialog Axiata, Distilleries Company of Sri Lanka, Ceylon Cold Stores, and Hayleys were among the gainers. Dialog Axiata, Ceylon Grain Elevators, Three Acre Farms, and Asia Siyaka also announced dividend payouts.

Economy & BusinessEnglish

Sri Lanka rupee quotes at 332.33/38 to US dollar as bond yields fall

November 11·1 source

Sri Lanka’s rupee was quoted at 332.33/38 to the US dollar in the spot market on Wednesday, strengthening slightly from 332.33/40 on Tuesday. Dealers said government bond yields maintained downward momentum. A bond maturing on 15 September 2029 dropped to 10.75/80 percent from 10.80/90 percent, while a bond maturing on 1 March 2030 stood at 10.95/11.00 percent. Yields on bonds maturing on 15 October 2034 and 15 August 2036 fell to 11.90/95 percent and 12.05/15 percent respectively. A bond maturing on 1 December 2031 rose to 11.12/17 percent from 11.12/15 percent, while a 15 December 2032 bond was flat at 11.50/55 percent.

Economy & BusinessEnglish

Cabinet approves MoU for 100 new Suwa Seriya ambulances funded by India

November 10·11 sources

The Cabinet of Ministers approved signing a Memorandum of Understanding with India to secure a financial grant to procure 100 fully equipped ambulances for the 1990 Suwa Seriya National Emergency Ambulance Service. Minister of Health and Mass Media Dr. Nalinda Jayatissa submitted the proposal following a request to India. He said the outright grant totals 1,725.7 million rupees and suppliers will be selected through competitive bidding. Officials sought the assistance because the existing fleet of 322 ambulances covers about nine million kilometres annually, resulting in wear and tear and frequent mechanical faults. Launched in 2016 with Indian aid and expanded nationwide in 2018, the free 24-hour service handles 1,000 to 1,200 patient transports daily. The Health Ministry will recruit personnel and handle maintenance.

HealthEnglishසිංහලதமிழ்

Sri Lanka approves 200 million dollar ADB loan agreement to support MSMEs

November 10·2 sources

Sri Lanka’s Cabinet has approved entering into an agreement with the Asian Development Bank (ADB) to obtain a 200 million US dollar loan to support micro, small, and medium-sized enterprises. The proposal was submitted by the Minister of Finance, Planning and Economic Development, following the conclusion of negotiations between the Department of External Resources and the ADB. Drawn from the ADB’s ordinary capital resources, the loan is divided into a 100 million dollar policy-based component and a 100 million dollar financial intermediation component. Cabinet spokesperson Nalinda Jayatissa stated the policy-based loan has a 12-year repayment period with a three-year grace period, while the financial intermediation loan carries a 15-year repayment period alongside a five-year grace period. The facility finances the first phase of an approved 620 million dollar ADB programme across five sub-programmes, aligned with the International Monetary Fund’s Extended Fund Facility.

Economy & BusinessEnglishதமிழ்

Cabinet approves new Mahaweli railway bridge between Sarasavi Uyana and Peradeniya

November 10·7 sources

The Cabinet has approved constructing a new railway bridge across the Mahaweli River between Sarasavi Uyana and Peradeniya using financial assistance from an Indian Line of Credit scheme. The bridge on the Matale railway line is part of a project to establish a suburban rail network across the Kandy metropolitan area, where a feasibility study is currently underway. The initiative includes double-tracking the Main Line from Kadugannawa to Gampola via Peradeniya and the Matale line from Peradeniya to Katugastota to eliminate single-track bottlenecks and integrate the Matale line. Minister Nalinda Jayatissa said funding comes from credit allocated after Cyclone Ditwa. He added that repairs to the historic 1865 Black Bridge will continue alongside the new bridge, handled by the Central Engineering Consultancy Bureau and the University of Peradeniya.

Economy & BusinessEnglishසිංහල

ADB approves $98 million loan to advance digital transformation in Sri Lanka

November 10·2 sources

On 10 November 2026, the Asian Development Bank approved a $98 million loan to support Sri Lanka's digital transformation, alongside an additional $1 million technical assistance grant for project preparation and capacity building. The Advancing Digital Transformation Project will expand broadband connectivity in underserved areas, upgrade telecommunications networks from 2G to 4G and 5G, and enhance government systems through Lanka Government Cloud 3.0. The initiative also aims to bolster cybersecurity monitoring and incident response for critical national infrastructure while improving public sector digital skills, including targeted support to boost women's participation in the digital economy. Aligned with Sri Lanka's National Digital Economy Blueprint, the project will help bridge connectivity gaps and improve service reliability, according to ADB Country Director for Sri Lanka Shannon Cowlin.

Economy & BusinessEnglish

Cabinet approves Rs. 1.73 billion contract for Kelaniya University ten-storey building

November 10·3 sources

Sri Lanka’s Cabinet has approved awarding a Rs. 1.73 billion contract, excluding Value Added Tax, to M/s Sathuta Builders (Pvt) Ltd to construct a ten-storey building for the University of Kelaniya. The project will house the university’s Faculty of Commerce and Management Studies, reviving construction that had been halted due to the economic crisis. Procurement began after the Cabinet approved resuming the project through national competitive bidding on 3 February 2025, which drew ten bids. The Prime Minister, serving as Minister of Education, Higher Education, and Vocational Education, submitted the proposal after evaluation committees recommended the company as the lowest substantially responsive bidder.

EducationEnglishසිංහල

Sri Lankan migrant workers sent $735.6 million home in October 2026

November 10·3 sources

Sri Lanka’s worker remittances rose about 3.3% year-on-year to $735.6 million in October 2026, according to official data. Cumulative inflows reached over $7.6 billion during the first 10 months of 2026, a 16.5% increase representing the country's strongest January–October performance on record. The inflows follow increased departures for overseas jobs, with the Sri Lanka Bureau of Foreign Employment recording 211,666 worker departures during the first nine months of 2026. Analysts project full-year remittances could approach $9 billion if current economic and exchange rate policies continue, exceeding the previous record of roughly $8.07 billion set in 2025.

Economy & BusinessEnglish

Census department survey shows typical Sri Lankan real household income fell since 2016

November 10·1 source

Preliminary results from the Department of Census and Statistics 2025 Household Income and Expenditure Survey show that typical Sri Lankan households had less purchasing power in early 2025 than in 2016. While average nominal monthly household income rose 93% from Rs. 62,237 to Rs. 120,266, real mean income grew just 6% after adjusting for inflation. Real median monthly income dropped 4.3% from Rs. 43,511 to Rs. 41,623. Real median income grew 7.6% between 2016 and 2019, but fell 11.1% below 2019 levels by early 2025. Between 2016 and 2025, average real income for the poorest 20% of households fell 16.4% from Rs. 14,843 to Rs. 12,403. Conversely, real income for the richest 20% rose 16.5% from Rs. 158,072 to Rs. 184,129. This divergence accelerated after 2019, driven by the COVID-19 pandemic, the economic crisis, and external shocks.

Economy & BusinessEnglish

Sri Lanka records Rs. 22.3 billion budget surplus through September 2026

November 10·2 sources

Sri Lanka recorded an overall budget surplus of Rs. 22.3 billion in the first nine months of 2026, reversing a Rs. 441.4 billion deficit from the same period in 2025, according to the Ministry of Finance. The Ministry attributed the turnaround to a 20 percent increase in government revenue, driven primarily by vehicle import taxes, combined with expenditure rationalisation. Total revenue and grants reached Rs. 4,601.6 billion, or 86.8 percent of the annual target, while expenditure grew 7.1 percent to Rs. 4,579.3 billion. Tax revenue rose 19.3 percent to Rs. 4,252.1 billion. The primary surplus widened to Rs. 1,843.9 billion, more than five times the full-year target. However, September recorded a Rs. 13.1 billion deficit after a Rs. 145 billion surplus in August.

Economy & BusinessEnglish

Government adjusts procurement cycles to utilize planned Rs. 2,000 billion capital expenditure

November 10·1 source

The government has adjusted procurement cycles for development projects to fully utilize the planned Rs. 2,000 billion capital expenditure next year, Cabinet Spokesman Nalinda Jayatissa said. Ministries have been instructed to prepare plans, estimates, and procurement activities before the budget is passed on December 14, allowing contracts to be awarded starting in early January. Finance Ministry officials said the government spent less than 25 percent of the allocated Rs. 1,340 billion in the first nine months of the year. Jayatissa said technical delays in tenders and procurement make full spending unlikely this year, following a long-standing pattern of underutilizing capital budgets.

Economy & BusinessEnglish

Sri Lanka rupee strengthens to 332.33/40 against US dollar as bond yields drop

November 10·2 sources

The Sri Lankan rupee closed stronger at 332.33/40 to the US dollar spot on Tuesday (10), appreciating from 332.53/59 the previous day, dealers said. Government bond yields closed lower across maturities. Dealers said yields opened lower earlier in the day as global oil prices declined and US President Donald Trump signaled an end to war. Among bonds, the 01.08.2030 maturity closed at 11.00/03 percent, down from 11.07/12 percent, while the 15.12.2032 maturity fell to 11.50/55 percent from 11.65/70 percent. An auction of 90,000 million rupees in Treasury bills is scheduled for November 11. On the Colombo Stock Exchange, the All Share Price Index gained 0.82 percent to 21,708.

Economy & BusinessEnglish

Colombo Stock Exchange index rose 2.75 percent on 10 November amid falling oil prices

November 10·1 source

Sri Lanka’s benchmark All Share Price Index rose 2.75 percent, or 592.02 points, to close at 22,123.39 on Tuesday (10 November). The liquid S&P SL20 index also gained 3.66 percent, closing at 6,368.12. NDB Securities Head of Research and Strategy Raynal Wickremeratne attributed the gains to lower oil prices, easing global pressures, and investor hopes that shifts in US congressional power could lead to tariff relief for emerging markets. Market turnover reached 7.96 billion rupees, led by the banking sector at 2.03 billion rupees. Vallibel One, Dialog Axiata, and Commercial Bank of Ceylon were among the top gainers, while Softlogic Life Insurance fell.

Economy & BusinessEnglish

Softlogic Life Insurance September quarter net profit fell 93 percent to Rs 76.5 million

November 10·1 source

Softlogic Life Insurance PLC posted a group net profit of Rs. 76.5 million for the quarter ended September 30, 2026, down 92.9 percent from Rs. 1.07 billion a year earlier. Gross written premiums grew 18.1 percent to Rs. 12.25 billion, helping total net revenue expand 17.4 percent to Rs. 13.35 billion. However, total benefits, claims, and expenses increased 34.2 percent to Rs. 13.20 billion. This was primarily driven by insurance contract liabilities nearly tripling to Rs. 2.81 billion and the absence of a quarterly life fund surplus transfer. During the quarter, the group consolidated Bangladesh's Diamond Life Insurance Company Limited following a 60 percent acquisition for Rs. 641.5 million. Finance costs rose 92.6 percent to Rs. 300.7 million.

Economy & BusinessEnglish

Sri Lanka moves to fast-track 10MW Ja-Ela waste-to-energy project

November 10·1 source

Sri Lanka is moving to fast-track a 10-megawatt waste-to-energy project in Suduwella, Ja-Ela under a public-private partnership model, officials said. The facility aims to resolve Gampaha District's garbage crisis, strengthen waste management in the Western Province, and feed renewable energy into the national grid. Feasibility studies on hydrological, social, environmental, and legal aspects are complete. Officials noted the project will also aid disaster prevention by preventing waste from clogging canals and natural drainage paths. Authorities now plan to secure National Planning Department recommendations and finalize grid connection procedures before seeking Cabinet approval.

Economy & BusinessEnglish

Cabinet awards Rs9 billion in road contracts to three construction firms

November 10·1 source

Sri Lanka’s Cabinet of Ministers approved awarding three road development contracts and one post-Ditwah repair contract worth a combined 9 billion rupees to three construction companies, Minister Nalinda Jayatissa said. RR Construction (Pvt) Ltd secured a 1,485.79 million rupee contract for the Colombo-Ratnapura-Wellawaya-Batticaloa Road and a 3,739.84 million rupee contract for the Pelmadulla-Embilipitiya-Nonagama Road, both inclusive of Value Added Tax. Maga Engineering (Pvt) Ltd was awarded a 3,106.21 million rupee contract, including VAT, for widening and improving the Peradeniya-Halloluwa-Katugastota Road from Haggala Junction to Katugastota. ELS Construction (Pvt) Ltd was awarded a 763.98 million rupee contract, exclusive of VAT, to repair and improve three sections of Nawalapitiya road.

Economy & BusinessEnglish

Fitch assigns NDB Wealth Money Fund ratings of ‘AA+f(lka)’ and ‘S2(lka)’

November 10·1 source

Fitch Ratings has assigned NDB Wealth Money Fund a first-time National Fund Credit Quality Rating of ‘AA+f(lka)’ and a National Fund Market Risk Sensitivity Rating of ‘S2(lka)’. The credit quality rating reflects the high quality of underlying assets. The fund primarily invests in Sri Lankan government securities, repurchase agreements backed by government securities, and financial institution time deposits. At end-August 2026, the fund's weighted-average rating factor was 0.15, which aligned with an ‘AAAf(lka)’ level. However, Fitch assigned ‘AA+f(lka)’ because investment guidelines permit non-government instruments that could weaken prospective credit quality. The ‘S2(lka)’ rating reflects low sensitivity to interest-rate and spread risk. Fitch noted that repurchase agreements with non-investment-grade counterparties increase calculated market-risk exposure because of the maturity of underlying collateral.

Economy & BusinessEnglish

Hayleys Retail partners with Blue Yonder to launch supermarket chain in Sri Lanka

November 9·2 sources

Hayleys Retail Holdings Ltd has selected supply chain software provider Blue Yonder to build its grocery retail operations from the ground up using artificial intelligence. The retailer plans to open several supermarket stores across Sri Lanka in the near future, marking Blue Yonder's first retail customer in the country. Hayleys PLC, which accounts for approximately 5% of Sri Lanka's export income across 17 business sectors, is entering the large-scale supermarket space by drawing on group strengths in manufacturing, logistics, and services. The rollout will begin with merchandise operations to manage suppliers, items, costs, and pricing, followed by machine learning forecasting tools to balance inventory during seasonal peaks.

Economy & BusinessEnglish

ADB approves $300 million to improve Sri Lanka water and sanitation services

November 9·1 source

The Asian Development Bank approved two projects totaling $300 million on 9 November 2026 to expand Sri Lanka’s water supply and sanitation services. The $200 million Climate-Resilient Sustainable Water Supply and Sanitation Project will benefit over 1.3 million people in Western and Southern provinces and nearly 250,000 in Jaffna. It will build water treatment plants, distribution networks, and reservoirs in Colombo and Lunugamwehera, alongside wastewater treatment facilities, sewerage networks, and pumping stations in Jaffna. A separate $100 million policy-based loan will support sector reforms, including National Water Resources Policy amendments, tariff changes, and the National Water Supply and Drainage Board’s financial sustainability roadmap.

Economy & BusinessEnglish

Flash floods hit Colombo after authorities fail to implement drainage cleaning directives

November 9·1 source

Torrential downpours caused severe flash floods across Colombo on Friday (6), submerging vehicles, halting public transit, and inundating critical facilities including the National Hospital. The flooding occurred despite an October 13 directive from Prime Minister Harini Amarasuriya ordering municipal authorities to expedite cleaning the city's canals and drainage systems within two weeks. During that meeting, officials had cited shortages of technical officers and difficulties formulating plans and estimates as obstacles to cleaning the drainage network. Additionally, Colombo Mayor Vraîe Cally Balthazaar had announced that repairs on a collapsed Jawatta Public Cemetery stormwater drain were completed by September 15, but the area still flooded heavily.

Environment & WeatherEnglish

Hambantota port and Al-Futtaim discuss vehicle supply chains and port investments

November 9·2 sources

Hambantota International Port Group and UAE-based Al-Futtaim Logistics have held discussions to expand commercial ties and explore potential investment opportunities across the port’s operations and industrial zone. The talks followed a visit by an Al-Futtaim Group delegation, highlighting Hambantota's emerging role as an alternative vehicle transhipment gateway to Gulf markets amid Middle East shipping disruptions. According to an Al-Futtaim white paper, Hambantota, Muscat’s Port Sultan Qaboos, and Port Khor Fakkan collectively moved over 25,000 finished vehicles into five Gulf states following March 2026 disruptions around the Strait of Hormuz. Connectivity has been supported by the CASCADIA RoRo Feeder Service, launched on 9 June 2026 by Canada-headquartered CASCADIA to link Hambantota with onward regional vehicle supply chains.

Economy & BusinessEnglish

Colombo Stock Exchange gained 1.37 percent on Rs. 3.33 billion turnover

November 9·2 sources

The Colombo Stock Exchange closed higher on Monday (9 November), with the All Share Price Index rising 291.72 points, or 1.37%, to close at 21,531.37. Market turnover reached Rs. 3.33 billion. Outlets differed on the S&P Sri Lanka 20 Index: The Morning reported it gained 97.77 points (1.62%) to close at 6,143.15, while Economy Next reported it rose 100.96 points (1.67%) to 6,146.34. The banking industry group led turnover with Rs. 667.76 million. Raynal Wickremeratne, Head of Research and Strategy at NDB Securities, reported heavy crossings, led by HAS Holdings (Rs. 41.5 million) and Prime Lands (Rs. 40.5 million). Separately, Hayleys Retail Holdings announced a partnership with software provider Blue Yonder to build and scale an AI-native grocery supermarket chain across Sri Lanka.

Economy & BusinessEnglish

Sri Lankan rupee closed at 332.53/59 per US dollar as bond yields rose

November 9·1 source

Sri Lanka’s rupee closed at 332.53/59 against the US dollar spot on Monday, edging up from 332.55/60 on the previous day. Dealers noted that bond yields closed higher across maturities. Yields on bonds maturing between 2030 and 2036 increased, including the 01.08.2030 maturity reaching 11.07/12 percent and the 15.08.2036 maturity reaching 12.40/50 percent. A bond maturing on 15.09.2029 closed at 190/98 percent, up from 10.85/95 percent, while bonds maturing in 2031, 2032, 2033, and 2034 also recorded higher yields.

Economy & BusinessEnglish

Kelani Cables net profit rose 3.9 percent to Rs. 634.5 million in September quarter

November 9·1 source

Kelani Cables PLC recorded a net profit of Rs. 634.53 million for the quarter ended September 30, 2026, up 3.9 percent from Rs. 610.45 million a year earlier. Revenue expanded 19.4 percent to Rs. 6.43 billion, supported by steady manufacturing throughput and domestic cabling demand, while gross profit rose 15.4 percent to Rs. 1.21 billion. Pre-tax profit contracted 0.7 percent to Rs. 850.05 million, impacted by a net foreign exchange loss of Rs. 63.18 million that reduced net finance income by 67.8 percent. A 12.2 percent decrease in income tax expense to Rs. 215.52 million cushioned the bottom line, lifting basic earnings per share to Rs. 2.91.

Economy & BusinessEnglish