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Hidden Fees in Electronic Card Payments: A Call for Action
Sumedha Amarasinghe, the Deputy Secretary of the Association of Leasing and Debt Instalment Payers, has highlighted a significant issue with electronic card payments in a recent media disclosure. Amarasinghe noted that some institutions deduct an additional 1% to 5% from customers when they pay with an electronic card. This practice is an issue, as customers […]
Police warn against improper leasing practices; court order mandated for repossession upon resistance
The Inspector General of Police (IGP) has issued a directive to all officers, highlighting concerns regarding the improper acquisition of vehicles and equipment through leasing companies and finance companies. The Finance Leasing Act, No. 56 of 2000 details specific steps for repossessing leased equipment, including notifying authorities and obtaining court orders when necessary. The IGP […]
Harsha de Silva Re-appointed as the Chair to the Committee on Public Finance
Member of Parliament Harsha de Silva has been re-appointed as the Chair to the Committee on Public Finance. The Committee of Selection had nominated Members of Parliament to serve in the Committee on Public Finance and Harsha de Silva has been Re-appointed as the Chair to the Committee. The Speaker of Parliament announce to the […]
Power Purchase Agreement for 100 MW Ground Mount Solar Power Project in Siyambalanduwa
A power purchase agreement for the 100 MW Ground Mount Solar power project in Siyambalanduwa was signed by Rividhanavi (Pvt) Limited with CEB today. The project was advertised by the CEB for a competitive bidding process in September 2022, evaluated in 2023, and was awarded to the lowest & successful bidder at the end of […]
Hemas Holdings reports revenue growth of 10.3-pct in 2023/24 first nine months performance
Amidst the backdrop of relatively stable operating conditions in the domestic economy, Hemas Holdings PLC (HHL) demonstrated a steady performance in the first nine months of the financial year 2023/24, achieving a cumulative revenue growth of 10.3 percent amounting to Rs. 90.2 billion. Operating profits for the period mirrored the revenue growth, reaching Rs. 8.8 […]
Relaxation of restrictions imposed on standing facilities
The Central Bank of Sri Lanka introduced restrictions on the usage of the Standing Facilities by the Licensed Commercial Banks (LCBs) under the Open Market Operations (OMOs), with effect from 16 January 2023 Accordingly, access to the Standing Deposit Facility (SDF) was limited to a maximum of five (05) times per calendar month, while access […]
”; Outlook Stable
Fitch Ratings has assigned Sri Lanka-based Asia Asset Finance PLC a first-time National Long-Term Rating of ‘A+(lka)’ with a Stable outlook. Asia Asset Finance is a 72.9%-owned subsidiary of India-based Muthoot Finance Ltd (MFL, BB/Stable). Its core business is in gold-backed lending, similar to its parent. Asia Asset Finance has a small market share of […]
Patrick McNamara Joins the United States-Sri Lanka Fulbright Commission as Executive Director
The U.S. Embassy in Sri Lanka is pleased to announce Dr. Patrick McNamara, as the new Executive Director of the United States-Sri Lanka Fulbright Commission based in Colombo. U.S. Ambassador to Sri Lanka Julie Chung said, “We are so pleased to welcome Dr. Patrick McNamara as the new Executive Director of our United States-Sri Lanka […]
UNICEF welcomes commencement of amendments to Children & Young Persons Ordinance
UNICEF welcomes the long-awaited amendment to the Children and Young Persons Ordinance (CYPO) coming into force effective January 1, 2024, which marks a significant step towards protecting the rights and welfare of all children in Sri Lanka. The CYPO, a legislation governing justice for children in Sri Lanka since 1939, previously only covered those up […]
Online Safety Act: Transparency International Sri Lanka demands corrective action
Transparency International Sri Lanka (TISL) expressed its strong disapproval regarding the Sri Lankan government’s passage of the Online Safety Act, despite it lacking crucial amendments mandated by the Supreme Court. “We are appalled by the outrageous conduct of the Government, Parliament, Attorney General and the Speaker in signing off on a version of the Online […]