Category: Economy and Markets
Tony Weerasinghe launches online retail brokerage Ustocktrade
Jan 18, 2015 (LBO) – Tony Weerasinghe a founder of software company MilleniumIT has launched a low-cost U.S. online retail brokerage, Ustocktrade. Ustocktrade, which generates revenue from a one-dollar-a-month membership fee and a one-dollar-per-trade fee, aims to “bring Wall Street to Main Street” Weerasinghe said. Part of the firm’s goal is to encourage non-traditional investors, […]
Sri Lanka stocks down 1.9-pct; 18 month low
Jan 18, 2016 (LBO) – Sri Lankan stocks closed down 1.89 percent following the negativity in regional markets and local economic concerns with losses in financial sector stocks, brokers said. The Colombo benchmark All Share Price Index closed lower 121.59 points at 6,324.61 down 1.89 percent. S&P SL20 closed 60.08 points down at 3,280.05 down […]
Sri Lanka’s reconciliation process key to its economic success: UK Minister
Jan 14, 2016 (LBO) – Sri Lanka commitment to reconciliation will be a driver of its future economic development, a visiting Minister said. “It is reconciliation that will, I believe, be the bedrock on which Sri Lanka’s future economic success will be built,” Hugo Swire, Minister of State at the Foreign and Commonwealth Office in […]
PTL Watch: Buying interest in long-tenor bonds
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CCP by first quarter 2017: CSE Chairman
Jan 14, 2016 (LBO) – Sri Lanka’s Colombo Stock Exchange aims to establish the Central Counter Party (CCP) system, a new risk management system, by early 2017, a senior official said. “We have to properly draft the laws. This is a difficult task but we are doing that with the help of some consultants,” Vajira […]
Finance Ministry delays budget proposals on VAT & NBT
Jan 13, 2016 (LBO) – Sri Lanka’s Finance Ministry has suspended implementing the budget proposals on VAT and NBT until the relevant legislative enactments are passed by Parliament. However, considering the cost of living impact, restriction on the exempt supplies applicable on wholesale and retail trade (deemed VAT) is removed with effect from 01.01.2016, the […]
Sri Lanka stocks up after 7 days of losses; bargain hunting
Jan 12, 2016 (LBO) – Sri Lankan stocks were up 0.31 percent after seven consecutive days of losses with gains in John Keels Holdings and Telecom stocks, brokers said. The Colombo benchmark All Share Price Index closed lower 20.02 points at 6,554.37 down 0.31 percent. S&P SL20 closed 12.53 points down at 3,405.57 down 0.37 […]
PTL Watch: Bond yields drop further 20 to 25 bps
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Obama gives last state of the union address
Jan 13, 2016 (LBO) – U.S. President Barack Obama gave his final state of the union address on Tuesday attempting to bridge an optimistic assessment of the nation’s progress with public anxiety over terrorism abroad. In a wide-ranging speech Obama painted a hopeful portrait of the nation after seven years in office. “As frustration grows, […]
Sri Lanka stocks close with highest intra-day loss in 5 months
Jan 12, 2016 (LBO) – Sri Lankan stocks closed down at 1.74 percent for a seventh consecutive day with losses across the board as regional markets also dropped, brokers said. The Colombo benchmark All Share Price Index shed 115.97 points to end at 6,534.35 down 1.74 percent. S&P SL20 closed 71.00 points down at 3,392.04 […]
PTL Watch: Long tenor bond yields drop
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Medium term growth prospects for Sri Lanka market: CT CLSA
Jan 12, 2016 (LBO) – The Sri Lankan economy is forecast to grow 6 percent 2016 with fiscal proposals to stimulate manufacturing, export and construction offering growth prospects in the medium term, CT CLSA Securities said in its Sri Lanka Outlook 2016 report. “The 2016E fiscal proposals to stimulate manufacturing, export and construction sectors are […]