Weekly inflation up 0.36pc \ Dawn
ISLAMABAD (February 08 2010): The weekly inflation, measured by the Sensitive Price Index (SPI), increased by 0.36 per cent for the combined group during the week ending Feb 4, whereas it registered an increase of 18.18 per cent against the corresponding period last year, data released by the Federal Bureau of Statistics showed on Monday.
MARKETS
Oil inches up \ Business Recorder
NEW YORK (February 09 2010): Oil inched up on Monday, as a weaker US dollar, cold weather and geopolitical disputes provided support after three straight losing sessions. Unusually cold weather will settle across key heating fuel consuming regions in the United States this week, in the wake of heavy snow over the weekend, forecasters said.
EQUITY
KSE puts broker membership card on sale \ Dawn
KARACHI (February 08 2010): The Karachi Stock Exchange placed on the table a broker membership card, ostensibly for sale to the highest bidder.
Govt may impose capital gains tax \ Daily Times
KARACHI (February 09 2010): Government seems determined to impose capital gains tax (CGT) on the stock trading as it has invited the stakeholders of the stock exchanges to give their inputs about the proposed slab system for the imposition of CGT.
SECTORAL
Soneri Bank eyes RBS Pakistan \ Business Recorder
KARACHI (February 09 2010): The Soneri Bank Limited (SBL) has expressed interest for acquisition of controlling shares of Royal Bank of Scotland (RBS) operation in Pakistan. The Soneri Bank has notified the Karachi Stock Exchange (KSE) that the board of directors of SBL in its meeting held on February 08, 2010 has authorised the President/Chief Executive of the bank to convey expression of interest on behalf of the bank for acquisition of controlling shares of their operation in Pakistan and fulfil all the regulatory/statutory requirements in this regard.
Textile seeks end to fertiliser sector cross subsidy \ Business Recorder
ISLAMABAD (February 09 2010): The Textile Ministry has asked Finance and Petroleum Ministries to withdraw cross-subsidy on fertiliser sector, which is putting additional burden on the textile sector, Business Recorder has learnt. The government is giving subsidy on gas to domestic consumers and fertiliser industry.
SBP given powers to take control of banks, impose losses on shareholders \ Business Recorder
ISLAMABAD (February 09 2010): The National Assembly on Monday passed the Banking Companies (Amendment) Bill 2009 enabling the State Bank of Pakistan (SBP) to change management in banks, impose losses on shareholders by writing down their capital, intervene and take control of banks, appoint administrators to manage and restructure banks when symptoms of crises are determined.
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This memorandum is produced by BMA Capital Management Limited and is only for the use of their clients. While the information contained herein is from sources believed reliable, we do not represent that it is accurate or complete and should not be relied upon as such. Opinions expressed may be revised at any time. This memorandum is for information only and is not an offer to buy or sell, or solicitation of any offer to buy or sell the securities mentioned.
