November 13, Colombo (LNW): Gold prices in Sri Lanka have recorded a sharp rise, mirroring the surge in international markets where the price of the precious metal climbed past US$ 4,212 per ounce today (13), marking one of the highest levels seen this year.
Traders in Colombo’s Pettah gold market reported that the value of gold had jumped by approximately Rs. 10,000 within a single day, as investors worldwide flocked to the safe-haven asset amid ongoing global economic uncertainty.
As of this afternoon, the price of a 22-carat gold sovereign reached Rs. 310,800, up from Rs. 301,500 the previous day. Meanwhile, a 24-carat gold sovereign rose to Rs. 336,000 from yesterday’s Rs. 326,000.
Local jewellers attributed the surge to a combination of factors, including fluctuations in the US dollar, geopolitical tensions, and strong investor demand driving up global prices.
Market analysts suggest that if the international trend continues, local gold rates could see further increases in the coming days, with heightened activity expected ahead of the festive season.
Global Gold Rally Sends Local Prices Soaring in Sri Lanka
Sri Lanka Expresses Solidarity with Türkiye After Deadly Military Plane Crash in Georgia
November 13, Colombo (LNW): Sri Lanka’s Minister of Foreign Affairs, Foreign Employment, and Tourism, Vijitha Herath, has conveyed his deep sympathies to the Government and people of Türkiye following the fatal crash of a Turkish military aircraft in Georgia earlier this week.
Posting on X, Minister Herath wrote:
“Heartfelt condolences to the Government and people of Türkiye on the tragic loss of military personnel in Georgia. Sri Lanka stands with Türkiye in this time of sorrow.”
The Turkish government confirmed that 20 service members were killed when a C-130 transport aircraft went down while travelling from Azerbaijan to Türkiye on Tuesday. It is the country’s deadliest military aviation disaster since 2020.
Georgian rescue teams, working alongside Turkish officials, have since recovered nearly all the victims’ remains from the crash site, located on a remote hillside.
Heartfelt condolences to the Government and people of Türkiye on the tragic loss of military personnel in Georgia. Sri Lanka stands with Türkiye in this time of sorrow. 🇱🇰🤝🇹🇷
— Vijitha Herath (@HMVijithaHerath) November 12, 2025
Minister Exposes Large-Scale Misuse of World Bank Funds in Plantation Development Project
November 13, Colombo (LNW): Plantation and Community Infrastructure Minister Samantha Vidyarathna revealed in Parliament yesterday that significant sums allocated under a World Bank–backed agricultural modernisation initiative had been misappropriated by associates and relatives of former ministers, rather than being used for genuine development within the plantation sector.
According to the Minister, the Agriculture Sector Modernisation Project (ASMP), designed to revitalise Sri Lanka’s plantation industry, was exploited to channel funds to politically connected individuals. Among the beneficiaries, he claimed, were family members and aides of several ex-ministers, including payments of Rs. 14 million to a company owned by former Minister Daya Gamage’s wife, Rs. 8 million to the son of Gamage’s secretary, Rs. 18 million to former Minister Roshan Ranasinghe’s spouse, Rs. 18 million to former Navy Commander Wasantha Karannagoda, Rs. 37 million to the son of ex-Minister Lakshman Seneviratne, and Rs. 48 million to the brother of former Minister Mahinda Amaraweera.
Vidyarathna noted that a subsequent World Bank audit found no trace of the promised estate improvement projects, confirming that the funds had been misused. In response, the international lender has demanded the Sri Lankan government reimburse the amount immediately, warning that failure to do so could jeopardise future development assistance.
“We appealed for time to pursue legal action and recover the money through proper channels,” Vidyarathna said, “but the World Bank declined, insisting on immediate repayment.”
Consequently, the government was compelled to seek Cabinet approval to release US$ 508,863 to settle the outstanding debt. The Attorney General’s Department, he added, has now initiated legal proceedings to reclaim the misappropriated funds from the individuals concerned.
Sri Lanka Cricket Stands Firm: Pakistan Tour to Continue Despite Islamabad Tragedy
November 13, Colombo (LNW): Sri Lanka Cricket (SLC) has confirmed that its national team will continue the ongoing series in Pakistan as planned, rejecting rumours of a withdrawal following Tuesday’s suicide attack in Islamabad, which claimed 12 lives and left 27 injured.
The decision has been warmly received by Pakistani officials, who described it as a mark of faith in the country’s security and a tribute to cricket’s ability to unite people even in difficult times.
Speaking to local media, the Sri Lankan team manager stressed that all players remain committed to the tour, noting that “no one is returning home” and that the squad’s focus remains firmly on completing the series.
In a formal statement, SLC reiterated that, while players are free to voice personal concerns, any decision to depart prematurely would be subject to board review after the tour’s conclusion. The board also pledged to immediately arrange replacements if needed to ensure matches proceed smoothly.
Following the Islamabad attack, several players reportedly expressed unease, prompting immediate dialogue between SLC, the Pakistan Cricket Board (PCB), and senior security officials. The discussions assured the Sri Lankan delegation of strengthened protective measures, coordinated at the highest levels of government.
Pakistan’s Interior Minister and PCB Chairman, Mohsin Naqvi, personally directed the security overhaul and is expected to meet the Sri Lankan contingent to reassure them of the safety protocols in place. Officials confirmed that additional layers of protection have been introduced around team accommodation, travel routes, and match venues.
Despite the tragedy, the opening One Day International in Rawalpindi was played as scheduled, with Pakistan narrowly edging Sri Lanka by six runs. Subsequent fixtures have been slightly rescheduled — now set for November 14 and 16 — to accommodate enhanced logistical arrangements.
Pakistan’s Information Minister, Attaullah Tarar, extended gratitude to the Sri Lankan side for their resolve, stating, “Your presence symbolises friendship, courage, and respect for the game.”
Meanwhile, the Sri Lankan High Commissioner in Islamabad, following a detailed security briefing from Pakistani authorities, expressed satisfaction with the arrangements, thanking the hosts for their “dedication to ensuring the safety and comfort of the players.”
Seven-Day Detention Approved for Suspects in Massive Kirinda Drug Bust
November 13, Colombo (LNW): The Tissamaharama Magistrate’s Court has authorised the continued detention of several individuals arrested in relation to a major narcotics operation uncovered in Kirinda, allowing police to question the suspects for a further seven days.
The ruling came after the accused were presented before the court yesterday afternoon, law enforcement sources confirmed. The Police Narcotics Bureau (PNB) will now intensify its probe into the origins and wider network connected to the case.
According to investigators, officers from the Western Province North Crimes Division apprehended eight individuals during a meticulously planned raid on Andagalawella Beach in Kirinda. The operation led to the discovery of approximately 345 kilograms of crystal methamphetamine, locally known as “Ice”, being transported by land.
Early findings suggest that the illicit consignment is tied to a prominent underworld operator identified as ‘Ran Malli’ from Dickwella, who is believed to be orchestrating his criminal activities from Dubai.
Police officials noted that further arrests are likely as investigators continue to untangle the extensive web of local and international links behind one of the largest drug seizures recorded in the region this year.
Showery condition expected to enhance: Fairly heavy falls above 75 mm to occur (Nov 13)
November 13, Colombo (LNW): Showery weather condition is expected to enhance over Northern, North-central and Eastern provinces in next few days, the Department of Meteorology said in its daily weather forecast today (13).
Showers may occur at times in Northern, North-central and Eastern provinces.
Showers or thundershowers will occur in the other areas of the island after 1.00 p.m. Fairly heavy falls above 75 mm are likely at some places in Western, Sabaragamuwa and North-western provinces and in Galle and Matara districts.
Misty conditions can be expected at some places in Western, Sabaragamuwa, Central, Southern and Uva provinces and in Ampara district during the early hours of the morning.
The general public is kindly requested to take adequate precautions to minimise damages caused by temporary localised strong winds and lightning during thundershowers.
Marine Weather:
Condition of Rain:
Showers or thundershowers will occur at several places in the sea areas off the coast extending from Pottuvil to Mannar via Trincomalee and Kankasanthurai. Showers or thundershowers will occur at several places in other sea areas around the island during the afternoon or night.
Winds:
Winds will be North-easterly or variable in direction and speed will be (20-30) kmph. Wind speed can increase up to 40 kmph at times in the sea areas off the coast extending from Trincomalee to Mannar via Kankasanthurai.
State of Sea:
The sea areas off the coast extending from Trincomalee to Mannar via Kankasanthurai will be moderate. The other sea areas around the island will be slight.
Temporarily strong gusty winds and very rough seas can be expected during thundershowers.
Blue Orbit: “Enter the Orbit: A Curated Culinary Escape Awaits”
Colombo, Sri Lanka – Blue Orbit by Citrus, located within the iconic Lotus Tower, warmly invites guests to “Enter the Orbit,”a refined culinary escape designed to engage the senses and create lasting memories. Celebrated as one of Colombo’s premier fine dining destinations, Blue Orbit is renowned for its seamless blend of sophistication and culinary artistry. Upholding its reputation for excellence, the restaurant offers an unforgettable experience where breathtaking panoramic views, impeccable service, and a meticulously curated menu featuring over 300 delicacies, spanning Italian, Japanese, Chinese, Middle Eastern, Indian, Sri Lankan, and Western cuisines come together in perfect harmony to delight every palate.
The essence of Blue Orbit’s dining experience lies in its ability to elevate every moment. Guests are welcomed into an atmosphere of understated elegance, complemented by the restaurant’s gentle 360-degree rotation, which provides stunning panoramic views of the city and the ocean beyond. This serene setting, paired with warm and attentive hospitality, ensures that each visit feels intimate and exceptional.
At the heart of this experience is a menu that is truly exceptional, meticulously crafted to reflect a sophisticated balance of flavours, textures, and seasonal freshness. Every dish is designed to delight, showcasing culinary artistry that is both innovative and comforting. The cuisine reflects Blue Orbit’s commitment to quality, drawing from the finest ingredients and executed with precision, ensuring that guests enjoy a meal that is as memorable as the setting.
Blue Orbit’s “Enter the Orbit” experience is more than dining; it is an invitation to pause, savour, and connect. Whether for an intimate evening, a special celebration, or an important business occasion, the restaurant’s blend of luxury and warmth creates a welcoming sanctuary where guests can truly unwind and indulge.
We warmly invite you to discover a dining experience beyond the ordinary, where exceptional cuisine is thoughtfully paired with genuine, heartfelt service, only at Blue Orbit, Lotus Tower.
Rainco Redefines Umbrellas as a Lifestyle Statement with the Launch of ‘Be by Rainco’
Colombo, Sri Lanka – [07th November 2025] – Rainco, Sri Lanka’s trusted name in umbrellas and rainwear, unveiled Be by Rainco, an exciting and distinctive new brand of umbrellas that brings fashion and individuality to the forefront of everyday living. Designed for the new generation of consumers who value authenticity and self-expression, Be by Rainco embodies Rainco’s signature craftsmanship and transforms the everyday umbrella into a statement of personal style.
Each umbrella in the newly launched sub-brand is more than protection from the weather and brings together beauty and utility in perfect balance. Combining unique designs with refined detailing, the collection celebrates creativity and effortless individuality.
Speaking at the launch event, Gayani Gunawardena, Group General Manager – Marketing and Innovation, Avarna Ventures (Pvt) Ltd said, “At its heart, Be by Rainco champions a simple yet powerful idea – where function meets self-expression. With bold, trend-driven designs, vibrant prints, and premium finishes, the collection invites consumers to celebrate who they are inrain or shine. Each Be. piece is a reflection of Rainco’s design mastery and innovation. Be by Rainco is our way of giving the new generation the freedom to express themselves with confidence, even in the simplest of moments.”
The Be by Rainco offering comes categorized under four distinctive ranges. It features umbrellas designed for durability and offers UV-coated options for sun protection while maintaining the fashionable look and feel. First in the lineup, the Style Canopy umbrellas are your everyday companions, elevating your look while offering protection from rain or sun. Next, the Carry Easy range is compact and lightweight, making it the perfect handbag essential for those on the go. The Take a Pic collection celebrates the charm of pastel and floral designs and are ideal for special occasions and picture-perfect moments, while Cloud Tears brings a touch of playfulness withchic transparent canopies made for rainy-day charm.
The Be by Rainco collection is available for purchase at leading fashion retail outlets across Sri Lanka and online, with prices ranging from Rs. 1,499 to Rs. 2,999.
Having built its legacy as a trusted household name, Raincorecognized the growing desire among younger consumers to make accessories an extension of their personalities. Backed by the Avarna Group, one of Sri Lanka’s leading diversified conglomerates with business interests spanning from manufacturing to lifestyle, Rainco continues to evolve through design-led innovation and purposeful craftsmanship.
Be by Rainco was born from this insight. It combines the brand’s proven track record of durability and quality with contemporary design elements that speak to the tastes of Gen Z and the modern urban lifestyle.
For decades, Rainco has been synonymous with quality, durability and innovation. With Be by Rainco, the brand now invites a new generation to see an umbrella not just as protection from the elements, but as a powerful symbol of personal expression; bold, confident, and uniquely you.
Photo Captions:
Image 01: The new and unique Be by Rainco umbrella collection
Image 02: Gayani Gunawardena, Group General Manager – Marketing and Innovation, Avarna Ventures (Pvt) Ltd. speaking at the launch event of Be by Rainco
Image 03: The Bold Bloom range with its petal shaped canopy
Image 04: The Petal Gaze range
Image 05: The Petal Crush range with a floral-lined canopy
Image 06: Saasha posing with a Petal Crush styled umbrella
Image 07: Bishari posing with a Sky Crush styled umbrella
Image 08: Blush Lines collection with its layered shades of soft pastels
Fitch Flags Sri Lanka Debt Risks despite Budget Improvements
Fitch Ratings has sounded a cautionary note on Sri Lanka’s fiscal trajectory, highlighting that while the 2026 Budget reflects improvements in deficit management, high public debt and long-term repayment obligations remain key challenges. The ratings agency stressed that sustained revenue growth and disciplined fiscal management will be critical for the government to meet its medium-term targets and maintain macroeconomic stability.
The 2026 Budget, presented on November 7, sets the fiscal deficit at 5.1% of GDP, slightly higher than the 4.5% expected in 2025. Although this represents a modest setback, it still marks an improvement from earlier projections.
Fitch pointed out that Sri Lanka’s stronger-than-expected fiscal performance in 2025 reflected in a revised IMF deficit estimate of 5.4% versus the initial 6.7%—provides some buffer against emerging risks. The government expects the primary balance, which excludes interest payments, to remain in surplus at 2.5% of GDP, above the 2.3% target under the IMF programme, reinforcing policy credibility in Fitch’s assessment.
Revenue mobilization remains central to Fitch’s outlook. While the budget forecasts a slight decline in revenue-to-GDP ratio to 15.4% in 2026 from 15.9% in 2025, Fitch cautioned that any failure to maintain tax growth in line with GDP could erode the country’s credit profile.
External trade taxes are expected to fall by 1.2% after a one-time surge in vehicle imports, while goods and services tax collections are projected to rise 3.5% and income tax by 8%. Fitch described these projections as “conservative,” noting that nominal GDP growth is likely to exceed 7% due to improved VAT registration thresholds and strengthened tax auditing.
Fitch also flagged structural risks in Sri Lanka’s fiscal approach. Underspending in 2025, with public investment at just 3.2% of GDP compared to the 4% target, may limit long-term growth potential. The 2026 Budget includes measures to stimulate investment, including Colombo Airport expansion, LKR 342 billion for road development, tax incentives for digital infrastructure, and public-private partnership legislation for infrastructure projects.
Despite these measures, Fitch emphasized that high public debt remains a critical challenge. Gross government debt is projected to decline only marginally, from 100.5% of GDP in 2024 to around 96% by 2027 well above the 74% median for similar ‘CCC’ rated countries.
Post-2027, debt repayment obligations are expected to rise after the IMF programme concludes, underscoring Fitch’s warning that sustained fiscal discipline, robust revenue collection, and effective debt management are essential to prevent future fiscal stress.
Asbury’s GK Takeover Signals Renewed Interest in Sri Lankan Graphite
AMG Critical Materials N.V. (AMG) has announced the sale of its subsidiary, Graphit Kropfmühl GmbH (GK), to Asbury Carbons Inc., a portfolio company of Mill Rock Capital, marking AMG’s complete exit from the natural graphite business. The deal, valued at $65 million, positions Asbury Carbons to expand its global graphite operations, including in Sri Lanka.
GK operates a graphite mine in Kropfmühl, Germany, and holds a majority stake in Bogala Graphite Lanka PLC, which manages one of Sri Lanka’s oldest graphite mines. The acquisition includes all GK operations and approximately 350 employees worldwide. For the 12 months ending August 2025, GK recorded $65 million in revenue, reflecting stable performance despite challenges in the natural graphite market.
Following the announcement, Bogala Graphite Lanka PLC shares surged 25%, closing at Rs. 137, driven by investor optimism about Asbury’s potential to boost Sri Lanka’s graphite production and market reach.
Commenting on the divestment, AMG CEO and Management Board Chairman Dr. Heinz Schimmelbusch said the sale underlines AMG’s focus on strategic portfolio management. “While natural graphite remains an attractive industry, GK did not achieve the scale required to compete as a major supplier to the battery anode market.
Under Asbury Carbons, GK will have better prospects for growth,” he stated. Schimmelbusch added that the proceeds would be used to strengthen AMG’s balance sheet and invest in its core growth areas, particularly critical materials essential for clean energy technologies.
This sale follows AMG’s March 2025 repurchase of the remaining 40% of GK shares from Alterna Capital Partners, finalizing full ownership before the divestment. Under the agreement, AMG can settle the purchase in cash within three years or opt for AMG shares at its discretion.
Asbury Carbons, headquartered in Asbury, New Jersey, is a global leader in carbon-based materials with over 300 employees across 10 facilities in North America and Europe. The company supplies graphite and carbon solutions to industrial clients in steel, automotive, energy, and technology sectors.
Gregg Jones, CEO and Chairman of Asbury Carbons, described the acquisition as a strategic milestone: “Bringing together Asbury and GK combines over 250 years of collective expertise. This move enhances our global supply chain resilience and allows us to deliver advanced carbon technologies to our clients.”
The transaction, pending customary regulatory approvals, is expected to close by the end of 2025. Analysts note that the sale underscores shifting dynamics in the graphite industry, as demand for battery-grade materials intensifies amid global energy transitions.
With Asbury’s entry into the Sri Lankan graphite sector through GK’s majority stake in Bogala Graphite, industry observers anticipate renewed foreign investment interest and potential expansion in Sri Lanka’s high-purity graphite exports a critical component in electric vehicle and battery manufacturing.