Category: Daily Financial Times

The Malta High Commission in New Delhi and VFS Global, have announced the launch of the Malta Visa Application Centre in Colombo.

Inaugurated on 3 December 2025 by High Commissioner of Malta to India, Maldives, Sri Lanka and Bangladesh and Malta’s Ambassador to Nepal Reuben Gauci and VFS Global, Sri Lanka and Maldives Country Manager Manpreet Singh Arora the centre will become operational on 1 February 2026.

The new facility will allow Sri Lankan citizens travelling to Malta the convenience of submitting their Schengen visa applications in Colombo, with the assessment of visa applications continuing to be undertaken by the Malta High Commission in New Delhi.

VFS Global has moved to a larger, upgraded facility in Sri Lanka. The 80,000-square-foot centre at No. 675, Dr. Danister De Silva Mawatha, Colombo 9, is equipped with modern amenities, is easily accessible, and offers an enhanced customer experience.

The spacious premises, supported by well-trained customer service staff, will provide applicants with a seamless and comfortable environment throughout the visa application process.

High Commissioner of Malta to India, Maldives, Sri Lanka and Bangladesh and Malta’s Ambassador to Nepal, Reuben Gauci said, ‘We have seen a steady increase in the number of Sri Lankans travelling to Malta for work, study, and leisure. The opening of the Malta Visa Application Centre in Colombo offers greater convenience and improved access for applicants. We appreciate VFS Global’s continued partnership and professionalism, which ensures that visa services are delivered efficiently and to the highest standards.’

VFS Global South Asia Chief Operating Officer Yummi Talwar said, ‘Our long-standing partnership with Malta since 2008 reflects the deep trust we share with the Government of Malta. With the launch of our expanded and upgraded centre in Colombo, Sri Lankan travellers to Malta will benefit from modern, state-of-the-art facilities and enhanced convenience. Supported by well-trained staff we remain committed to providing a seamless, efficient, and trusted application experience on behalf of the Government of Malta.’

Applicants get an option to choose from a range of optional and additional services to enhance their overall visa application submission experience. It is important to note that opting for these additional services does not have any bearing on the timeline or decision on visa applications.

VFS Global has been a trusted partner for the Government of Malta for visa processing services since 2008. The company offers visa services on behalf of the Government of Malta across 71 countries through a network of 215 dedicated visa application centres globally.

In Sri Lanka, VFS Global is a trusted partner to 24 client governments.

VFS Global’s role in the visa application process is limited to front-end administrative tasks only, which include collecting visa application forms, required documentation as per the checklist, and enrol biometrics. VFS Global has no role in the decision-making process of granting or refusing a visa. Decision making on the granting or refusal of visa is the sole prerogative and sole responsibility of the Embassy within the Schengen coordination system.

The National Chamber of Commerce of Sri Lanka (NCCSL) has hosted a Japanese business delegation, headed by Leader of the Delegation Akashi Yasuo, on 12 December 2025, for a focused discussion aimed at strengthening bilateral economic cooperation, particularly in key development sectors.

The delegation featured senior representatives from several Japanese industries, including construction, ceramics, apparel, and large-scale manufacturing (petroleum-related vehicles and tanks). The visit underscored the interest from Japan’s corporate sector, with several delegates exploring immediate investment opportunities and strategic partnerships with local Sri Lankan enterprises.

To maximise the potential for successful deals, NCCSL convened an exclusive B2B session. This facilitated direct dialogue and networking between the Japanese delegation and participants. The presence of the President of the National Chamber, Executive Committee and the council members assured high-level engagement with the delegates and reinforced the Chamber’s commitment to the emerging partnerships.

Discussions focused on identifying potential avenues for joint ventures, technology transfer, and long-term collaborations. These partnerships are strategically aligned with Sri Lanka’s national development priorities, specifically targeting high-end tourism infrastructure and advanced manufacturing.

The NCCSL reaffirms its commitment to serving as the foremost platform connecting Sri Lankan businesses with credible global partners, driving international trade linkages, and facilitating essential foreign investment.

The Central Bank of Sri Lanka (CBSL) conducted the International Research Symposium – 2025 during 08-10 December under the theme of ‘Stability for Prosperity’ at the CBSL John Exter International Conference Hall, to mark the 75th Anniversary of the CBSL.

The symposium, organised by the Economic Research Department of the CBSL, comprised the following three research events that reflected the CBSL’s commitment to enhancing economic research and evidence-based policymaking1:

14th CBSL International Research Conference (CBSL IRC)

The SAARCFINANCE Database Seminar 2025 (SF Database Seminar)

6th Joint Workshop co-hosted by the CBSL in collaboration with the Asian Development Bank and the Asia-Pacific Applied Economics Association (CBSL-ADB-APAEA Conference)

Under this Research Symposium, the CBSL held its flagship research event, the 14th IRC, on 8 December. The Conference aimed at stimulating innovative theoretical and empirical research on various contemporary macroeconomic policy issues.

Delivering the inaugural address at this event, CBSL Governor Dr. Nandalal Weerasinghe, highlighted the multidimensional risks faced by small open economies, including geo-economic fragmentation, rapidly evolving trade and financial patterns, and climate risks that amplify economic vulnerabilities. In this context, the Governor stressed the importance of research-driven policymaking2.

Reserve Bank of India Former Deputy Governor Dr. Michael D. Patra, delivered the keynote address at the IRC. In his speech, titled ‘Emerging Economies: Securing Stability Amidst Uncertain Times’, Dr. Patra discussed the global trends, such as geopolitical uncertainties, economic and trade policy uncertainties, supply chain pressures, and financial market spill overs that threaten the economic stability of countries. He also underscored the need for emerging economies to forge pathways to hedge against these significant uncertainties by improving policy frameworks, identifying drivers of productivity and growth, strengthening economic buffers, pursuing climate harmony, and leveraging emerging technologies to safeguard long-term resilience.

The inaugural session of the IRC was followed by two technical sessions chaired by CBSL Senior Deputy Governor Nelumani Daulagala and Deputy Governor Dr. Chandranath Amarasekara. Eight research papers in the areas of inflation forecasting, capital flows, credit dynamics, financial risks, sustainable development, financial inclusion and productivity, which were selected through a rigorous double-blind evaluation process from a large number of submissions, were presented by the local and international researchers. Alongside the Conference, the CBSL published the latest volume of its flagship research journal, Staff Studies3.

On the second day of the Symposium, the CBSL hosted the SF Database Seminar. Sri Lanka held the Chairmanship of the SAARCFINANCE Network in 2024. It is customary for the country that held the SAARCFINANCE Chairmanship in a particular year to host the Database Seminar in the subsequent year. Accordingly, the CBSL hosted the SF Database Seminar in 2025, with delegates from SAARC central banks participating both in person and virtually.

Delivering the keynote address during the inaugural session of the Seminar, Dr. Chandranath Amarasekara highlighted the importance of data and its effective use in achieving macroeconomic policy goals. He also pointed out that SAARCFINANCE Database can serve as a vital anchor in supporting the data-driven processes of the SAARC central banks, thereby strengthening regional stability.

The Seminar featured two technical sessions chaired by CBSL Economic Research Director Dr. Sujeetha Jegajeevan, and Additional Director of Economic Research Dr. Vipula Wickramarachchi. Seven insightful country papers were presented by representatives from Bangladesh Bank, Royal Monetary Authority of Bhutan, Reserve Bank of India, Maldives Monetary Authority, Nepal Rastra Bank, State Bank of Pakistan, and the Central Bank of Sri Lanka. These papers offered policy experiences and practical insights on addressing macroeconomic instabilities caused by external and domestic headwinds across the region as well as the use of novel techniques for policy making.

SAARCFINANCE Nodal Officers’ Meeting was conducted on the sidelines of the Database Seminar. Recent developments and roadmap for the forthcoming year in relation to the database were discussed at this meeting.

The final event under the Symposium was the 6th CBSL-ADB-APAEA Joint Workshop held on 10 December 2025.

Inaugurating the CBSL-ADB-APAEA Conference, CBSL Governor Dr. Nandalal Weerasinghe emphasised that the central banks must upgrade their analytical capabilities continuously and adopt evidence-based policymaking amid rapid global economic changes and technological advancements. He also emphasised the importance of establishing a collaborative research network among the policy practitioners and academia. Further, APAEA Founder and President Prof. Paresh Narayan and ADB Principal Economist Dr. John Beirne also underscored the importance of sustaining research collaboration between institutions and the critical role of research in informed policy making.

The workshop comprised two technical sessions featuring eight research paper presentations by authors from the CBSL, ADB and APAEA, covering contemporary areas such as credit cycles, inflation, capital flows, nowcasting of economic growth, climate shocks, fiscal rules and asset pricing models These sessions were chaired by CBSL Additional Director of the Economic Research Department Dr. Lasitha Pathberiya, and Dr. John Beirne.

The Inland Revenue Department (IRD) has said the implementation of the new tax invoice format and specifications for Value Added Tax (VAT) registered persons has been deferred to 1 April 2026.

The revised timeline follows requests from a large number of VAT registered persons, the IRD said in an official notice issued by the Commissioner General of Inland Revenue.

Under the original order published in Extraordinary Gazette Notification No. 2463/05 dated 17 November 2025, the new tax invoice format was due to come into effect from 1 January 2026.

The IRD said an amendment to the relevant Gazette Notification will be issued in due course to give effect to the revised implementation date.

Marking its 25th anniversary this year, HNB Finance PLC, organised a series of multi-faith religious programs to invoke blessings for the company, its employees, customers, and stakeholders as it celebrates this significant milestone its journey of financial inclusion and community empowerment spanning over two and a half decades.

The Buddhist and Christian observances of the multi-religious program were held at the HNB Finance Head Office premises in Nawala. The Buddhist ceremony commenced with an all-night Pirith chanting session, followed by an almsgiving (Sanghika Dana) offered the next day to 25 members of the Maha Sangha. This meritorious event was organised under the guidance of Ven. Kalankuttiye Soratha Thero, Chief Incumbent of the Nawala Wickramasingharama Viharaya. In line with the 25th anniversary celebrations, the Christian service was conducted by Rev. Fr. Prasad Harshana from St. Aloysius Church,

Colombo 08.

The event was attended by HNB Finance PLC Managing Director and Chief Executive Officer Chaminda Prabhath, Deputy Chief Executive Officer Maduranga Heenkenda, members of the senior management team, as well as staff from the Head Office and other branches.

The Hindu religious ceremony of the multi-faith program was held at the Aanaipanthy Sri Siththi Vigneshwara Hindu Kovil in Batticaloa, under the guidance of Balasivaramana Poojagar. The event was attended by a large gathering, including Deputy General Manager – Human Resources, Ruwan Fernando, officials from the Head Office, and employees and customers from the HNB Finance branches operating across the Northern and Eastern regions, including Batticaloa and Kalmunai.

HNB Finance PLC Managing Director and Chief Executive Officer Chaminda Prabhath, stated: ‘Over the past 25 years, HNB Finance has proudly transformed the landscape of Sri Lanka’s financial services sector. From our humble beginnings, we have continuously evolved by understanding and addressing the unique needs of our customers, becoming one of the most trusted and forward-thinking financial institutions in the country.

Despite operating through some of the most challenging periods in recent history, we have successfully maintained profitability, protected livelihoods, and strengthened customer relationships through resilience, innovation, and unwavering commitment.

Our greatest strength has always been our people,the dedicated employees who form the backbone of this organisation, and the loyal customers who have stood by us with trust and confidence over the decades. Their contribution in elevating the HNB Finance name to where it stands today is truly commendable.

I extend my heartfelt gratitude to both these groups and look forward to their continued blessings and support as we move ahead with renewed purpose and strength into the next phase of our journey.’

With a strong nationwide branch network, a loyal customer base, and a reputation for transparency and trust, HNB Finance continues to play a pivotal role in advancing financial inclusion and community development in Sri Lanka. The 25th anniversary celebrations not only mark a proud milestone in the company’s legacy but also reaffirm its enduring commitment to uplifting the lives of people across the nation.

ICA Sri Lanka President Captain Anirban Banerjee

A powerful blend of competition and community, with Male Category Winner of Rs. 1 m Kipsang Icibet Mooses from Kenya donating winnings to the ICA Orphanage water purification project

The Indian Cultural Association (ICA) successfully concluded the second annual Janashakthi Life – ICA International Half-Marathon on Sunday, 14 December in Colombo.

Attracting over 2500 runners from 36 countries, the event showcased world-class athleticism, community spirit, and a strong commitment to social impact.

The 2025 edition was powered by Janashakthi Life and endorsed by the Indian High Commission and the Ministry of Sports, Sri Lanka, along with other statutory bodies. It featured three race categories: the 21.1 km Half-Marathon, 10 km Challengers Run, and 5 km Family Run. The total prize purse of Rs. 5,700,000 was distributed equally across male and female divisions, reinforcing ICA’s commitment to gender equality in sport.

Winners List 2025:

21.1 km Half-Marathon:

1st Place: Kipsang Icibet Mooses, Kenya – Rs. 1,000,000

2nd Place: Eliias Nyaga Muthoni, Kenya – Rs. 500,000

3rd Place: Kiptoo Edwin Yebei, Kenya – Rs. 200,000

1st Place: Weerasuriya Arachchiilage Methmi Wijesooriya, Sri Lanka – Rs. 1,000,000

2nd Place: Bilingaswattage Nayana Sewwandi, Sri Lanka – Rs. 500,000

3rd Place: H.M Shamini Herath, Sri Lanka – Rs. 200,000

Runners navigated a scenic coastal and city route, passing iconic Colombo landmarks including Galle Face Green, Marine Drive, and Colombo Fort, before finishing along the oceanfront. The race kicked off at 6:00 a.m. with enthusiastic spectators cheering participants throughout the course.

Beyond the competition, participants supported ICA’s CSR initiatives, including organ-donation awareness and support for orphanages, combining athletic achievement with social responsibility. ‘The Janashakthi Life – ICA International Half-Marathon is more than a race; it is a celebration of fitness, culture, and community impact,’ said ICA Sri Lanka President Captain Anirban Banerjee. ‘This year, the event grew in scale and significance, strengthening international camaraderie and delivering tangible benefits to communities across Sri Lanka. We are proud to have had a record-breaking number of participants this year, evidence that the event is going from strength to strength. We are thankful to our main sponsor, Janashakthi Life and all our other sponsors for recognising the scope of this endeavour, and for joining hands with us to make it a reality.’

Janashakthi Insurance PLC Director/CEO Ravi Liyanage said: ‘We are proud to support the Janashakthi Life – ICA International Half-Marathon, an event that inspires healthy living and community engagement. This partnership reflects our commitment to empowering communities and promoting positive social change. While congratulating the winners and runners up, we want to commend all those who participated for being part of an event that not only showcases tremendous grit and athleticism, but also makes a positive long-term impact on people across Sri Lanka’

The Janashakthi Life – ICA International Half-Marathon 2025 is made possible through the generous support of leading partners, including Janashakthi Life (Title Sponsor), CARNAGE, CWIT – Adani Ports, Ultratech Cements, Lanka Hospitals (Official Medical Partner), Asia Paints Causeway, Bolt Distribution, Lanka IOC, Dialog, One Galle Face, Caravan Fresh, Emerging Media (Event Facilitator), Nestle, Serendib Flour Mills, Air India, Flamingo Duty Free, Pepsi, Physio Tree, Hangla, amongst many others.

The Colombo stock market yesterday opened the week in red losing Rs. 52.9 billion in value after failing to sustain last week’s five-day rally.

The ASPI ended down 0.95% or 213.49 points to 22,294.77 and the active S and P SL20 closed 0.74% or 45.36 points lower at 6,052.30.

Market turnover was less than Rs. 2.23 billion on nearly 81.3 million shares traded. Foreign investors were net buyers on a net inflow of Rs. 88 million.

First Capital Research called it a subdued start to the week with the ASPI steadily drifting down throughout the day, barring the early trading hours.

Top negative contributors to the ASPI were DOCK, CINS, COMB, CFIN and DFCC. The Construction sector counters depicted a pull-back, opposed to the previous week. Both HNW and retail participation remained modest.

The Capital Goods sector accounted for 35% of total turnover, while the Food, Beverage and Tobacco and Diversified Financials sectors contributed a combined 31%.

Sri Lanka is gearing up to host the first international gem and jewellery exhibition of the year as FACETS Sri Lanka 2026 opens on 3 January. Now in its 33rd year, the exhibition marks a major milestone with its move to The Forum, Cinnamon Life at City of Dreams, creating the most expansive edition of FACETS to date.

Spread across two floors, this year’s exhibition promises an elevated and immersive experience for buyers, traders, collectors and jewellery enthusiasts from around the world. The modern facilities of Cinnamon Life combined with redesigned exhibition spaces bring a new energy to the iconic showcase of Sri Lanka’s gemstone heritage.

A first for Sri Lanka: Gbelin Gem Lab arrives

A landmark highlight this year is the presence of the globally renowned Gbelin Gem Lab as the Official Gem Lab Partner. With more than a century of expertise, Gbelin is one of the industry’s most respected institutions. Its first-ever participation in a Sri Lankan gem exhibition offers exhibitors and visitors access to world-class gem testing and certification during the event.

Strengthened by premier partnerships

FACETS 2026 is supported by a strong line-up of partners, including Cinnamon Life as Hotel and Venue Partner, Akbar Brothers and Barista as Tea and Coffee Lounge Partners, John Keells Properties as Real Estate Partner, Alpha Industries as Safe Partner, Universal Travel Bureau (UTB) as Travel Partner, Brinks as Official Security Partner, and LMD as Official Business Magazine.

In addition, 11 leading exporters and jewellers have joined the Sapphire Sponsorship Circle, underscoring the industry’s unified commitment to expanding the reach of Ceylon sapphires on the global stage.

Innovation enhances visitor experience

This year introduces a new Virtual Reality Gem Mine Experience, offering visitors an opportunity to explore Sri Lanka’s gem-mining heritage through immersive storytelling. The Export Development Board (EDB) Pavilion and National Gem and Jewellery Authority (NGJA) Pavilion will also highlight the small and medium enterprise (SME) sector, showcasing emerging jewellers, lapidarists, and gemstone traders alongside established industry leaders.

Organised and endorsed with national support

FACETS 2026 is organised by the Sri Lanka Gem and Jewellery Association (SLGJA), and endorsed by the Sri Lanka Tourism Development Authority, the NGJA, the EDB, and supported by the International Coloured Stone Association.

Voices of leadership

SLGJA President Akram Cassim stated that FACETS 2026 represents an important step forward for the industry as it shifts to a larger venue and introduces new global partnerships. ‘This edition elevates the presence of Sri Lankan gemstones and reflects the brilliance and innovation of our industry,’ he said.

FACETS Chairman Armil Sammoon noted that the exhibition enters a new era in 2026. ‘With a world-class venue and the arrival of Gbelin Gem Lab, we are enhancing every touchpoint of the visitor experience. FACETS 2026 will be bigger, bolder, and truly world-class,’ he added.

A global celebration of Sri Lanka’s gem legacy

FACETS Sri Lanka will run from 3-5 January 2026 at The Forum, Cinnamon Life at City of Dreams. With a modern venue, global collaborations and an expanded program, this edition aims to redefine how Sri Lanka presents its gemstone legacy to the world.

Former Ceylon Petroleum Corporation (CPC) Chairman Dhammika Ranatunga was taken into custody yesterday by officers of the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) in connection with an ongoing investigation.

CIABOC said the arrest relates to alleged irregularities surrounding the cancellation of three long-term fuel procurement tenders during the 2017-2018 period. The cancelled contracts are alleged to have been replaced with spot purchases at substantially higher prices.

Investigators allege that the move resulted in a financial loss of close to Rs. 800 million to the CPC.

Ranatunga was due to be produced before the Colombo Chief Magistrate’s Court in connection with further proceedings.

The Colombo Stock Exchange (CSE) yesterday said it has granted in-principle approval for the listing of Bank of Ceylon’s (BOC) Rs. 20 billion Basel III-compliant Tier II Sustainability Bonds.

The unsecured, subordinated and redeemable Bonds will carry a five-year tenor from 2025 to 2030 and include non-viability write-down features in line with Basel III requirements. The Bonds will be listed, rated, and issued under two coupon structures.

The initial issue will comprise up to 100 million Bonds at an issue price of Rs. 100 each, with an option to issue a further 50 million Bonds in the event of an oversubscription.

The bank also retains the discretion to issue an additional 50 million Bonds under a second tranche, enabling the total issue size to reach a maximum of Rs. 20 billion.

The Bonds will be offered under two types. Type A Bonds will carry a fixed annual coupon of 10.50%, while Type B Bonds will offer a floating rate equivalent to the 12-month Treasury Bill rate plus 2%, payable annually.

The subscription list will open on 22 December. The issue will be limited to qualified investors, as specified in the prospectus.

Sri Lanka’s largest bank, BOC reported total assets of Rs. 5.6 trillion as of end-September 2025, up 11% or Rs. 579 billion from end-December 2024. The State-owned banking giant reported a Rs. 200.5 billion war chest or retained earnings as at end-September.