The Finance Houses Association of Sri Lanka (FHA) the apex body of all Registered Finance companies has announced the introduction of its revised Self-Regulation Code which has been voluntarily practised by member companies over a long period of time, but has to be adapted to changing times.
The timely revisions to the Code were effected with a view to maintaining the highest standards on strategic and business operations in Sri Lanka’s Non-Banking Financial and Leasing Institutions (NBFI) sector.
The FHA collective of 39 Licensed Finance Companies (LFCs) is the driver of financial inclusion of Sri Lanka’s MSME sector which has a large footprint in the Bottom of the Pyramid segment of the country. The MSME sector is no less than the backbone of Sri Lankan economy involving over 70% of businesses in Sri Lanka, providing employment for 45% of the labor force and generating 52% of GDP.
Titled “Code of Conduct of Licensed Finance Companies Sri Lanka” the updated instrument was handed over to the Governor of Central Bank of Sri Lanka Prof. W. D. Lakshman and Bank’s officials by FHA Council members on March 18 at the Central Bank premises.
Niroshan Udage, chairman of FHA elaborated: “FHA’s time tested gentlemen’s agreement that was codified some time ago needed revisions and updates as per the requirements of today’s changing times. The overall objectives of updating the Code were to comply to all current regulatory and legal requirements while adhering to industry best practices. We take humble pride in the fact that the Code was not imposed on our sector by any authority but was self-introduced by all FHA members on their own will, which demonstrates the members’ strong commitment to sectoral integrity and their social responsibility.”
On March 18 members of FHA also handed over their Sustainability Mandate to the Governor of Central Bank Prof. W. D. Lakshman and top officials of the Bank. “The purpose of the Sustainability Mandate is to serve as the guideline for the LFCs to integrate sustainability principles holistically into their businesses, enabling sustainable value creation through their own financing approaches, in line with defined sustainability guidelines that would ultimately contribute towards national sustainability agenda and UN Sustainable Development Goals” said chairman Niroshan Udage.
Rupee devaluation, high shipping rates hurt tea prices at Colombo auctions
by Steve A. Morrell
The Sri Lankan rupee weakening against the US dollar coupled with surging shipping rates reflected adversely on tea prices at the Colombo auctions.
This contributed to regressive price trends in Colombo, Forbes & Walker (F&W) said in its weekly Tea Market report.
The average for April 2021 was Rs. 627. 41 in comparison to Rs. 689.18 the corresponding month in 2020, indicating a minus variant Rs. 61. 77.
Brokering sources collectively said such price trends could result in negative market conditions seriously affecting profits at producer levels.
The depreciation of currencies in importer countries also contributed to depleting prices in Colombo apart from other allied trading disruptions, they said.
Commenting on the National auction average for April 2021, JKH Tea Brokers warned that the declining trend caused by the fall of the rupee against the dollar would trigger further minuses that could be foreseen at future auctions as well.
They said all elevations showed minus variances with low growns recording a higher minus variance of Rs. 93.43 per kilo.
Nevertheless, commenting on positive results for flowery grades at last week’s auctions, they said these grades fetched prices ranging from Rs. 2,300 to Rs. 3,000. per kilo. Quantities, although relatively small, impacted on the overall prices for the week.
The better known garden marks in the Uva High catalogue showed quality trends setting in with prices of Rs. 800 or more. Some Nuwara Eliya garden marks as well were in the Rs. 950 range of the price table.
Comparing production in most tea producing countries, China, India and Kenya were among the first three in production position in the world. Sri Lanka, producing 278.7 million kilos, was fourth in line.
Tip world producers include Indonesia, Bangladesh, Vietnam, Malawi, Uganda, and Tanzania, apart from Argentina supplying Tea to the US market.
Sri Lanka also exports to the US market but in irregular quantities.
Mobiglotech Blockchain Corp seeks investment for EXIP Project
To become a billion dollar company by 2025
The EXIP project, Mobiglotech Blockchain Corp’s flagship initiative in partnership with Dev Ceylon Holdings and Niftron, is looking for a US$ one million investment to become a billion dollar company by 2025.
The EXIP project, themed as ‘By Community for Community’, is expected to create independence on the internet and ensure it remains neutral of any political affiliations.
‘’EXIP ecosystem is custom built to the needs of any individual, private or government institution where they can have the ownership of their domain or TLD other than rent it from present service providers. In future, depending on the way the world is moving with blockchains and decentralizations, all aspects of the project will be decentralized and the community will control it without any monopoly”, says Shashi Meghawarna, the founder and CEO of Mobiglotech, the world’s first decentralized domain and TLD name service.
“We will build this project in such a way that all users have equal rights to access and anyone will be able to create domains and top-level domains whose ownership will be identified through Non fungible tokens’’, he added.
The internet transformed the way we carry out transactions, communicate, share information, promote business, entertain, study and so forth. Nevertheless, the internet was never properly designed for such a global role, he noted.
On the other hand, some organizations have the power to seize, revoke, dismiss, and permanently erase any domain from existence. Once the EXIP project is completed, the community would be able to decide all the major actions in the system based on their voting such as removing or banning a domain or a user, he further said.
EXIP is specially designed to decentralize the internet and overcome the monopolistic control over domains and TLDs. While providing the connectivity of an internet, it assures full security similar to an intranet.
Contactless payments from Sri Lanka Insurance
Sri Lanka Insurance the national insurer has facilitated an array of payment channels at this hour of need honouring customer needs while ensuring their safety and wellbeing.
Sri Lanka Insurance customers can enjoy uninterrupted service through an array of online service platforms without having physical contact during the current pandemic situation
SLIC policy holders can renew their insurance policies and make premium payments via Sri Lanka Insurance Customer Portal www.srilankainsurance.net and SLIC mobile App is available to download on Apple App Store and Google Playstore to fulfill various insurance needs.
Keeping in line mobile payment facilities including Genie, FriMi, mCash and eZ cash are available and further direct bank payments facilities are also available through Sampath Bank (Life – 092960000104 / General – 002960001543 ) , Commercial Bank (Life – 1484444444/ General- 1480020022), People’s Bank ( Life -014100120112337/General – 014100160112335), Bank of Ceylon ( Life -0000164657/General-0000000464), Hatton National Bank (Life -003010313831/General 003010011166 ),National Savings Bank (Life -100011141139) Nations Trust Bank ( Life -011106000275 ), Seylan Bank ( General -086433464695001) for the premium payments.
Established in 1962, Sri Lanka Insurance Corporation is the largest government-owned insurance company in Sri Lanka, with a managed asset base of over Rs.212 billion and a Life fund of Rs. 117 billion, the largest in the local insurance industry. The company is also the first and only local insurer to secure Fitch Ratings AA (lka) rating for its long-term financial stability and sustainability and also Sri Lanka Insurance ranked as the ‘Most Valuable General Insurance Brand’, and ‘Most Loved Insurance Brand’ and the 3rd Most Loved Consumer Brand in the country by Brand Finance. The national insurer is on a mission of being a customer focused company which constantly innovates in providing insurance services to customers and is now serves customers through an extensive network of 158 branches.
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