Monday 7 January 2013

SUNRISE BUSINESS News Updates Tuesday 8,January 2013





                                                                                                                                                                                                                                                                                                   
                                                                                                                                                                                                                                                                                                                                             


SUNRISE CAPITAL “BUSINESS NEWS”
National & International
Tuesday January 8, 2013

SBP unveils the ‘master plan’
KARACHI Governor State Bank of Pakistan (SBP) Yaseen Anwar Monday outlined the central bank’s 10-point banking strategy for the growth of the country’s financial system. This strategy focuses on implementing a financial inclusion program for underserved economic sectors of the country, strengthening consumer protection through legislation and codes of conduct, strengthening competition and efficiency with greater transparency, consolidating the banking sector’s corporate governance and risk management practices, strengthening prudential regulations & supervision of banks, introducing consolidated supervision frameworks that supervise financial groups and conglomerates, developing a safety nets for small depositors, unviable institutions and unforeseen market crises, strengthening the bank’s powers to maintain monetary and financial stability by updating the SBP Act regularly, deepening the financial sector by developing debt markets, stock markets and NBFIs and, lastly, developing the financial infrastructure, including payment systems and credit information systems to facilitate transactions.

Oil prices edge up in quiet Asian trade
SINGAPORE Oil prices edged up in Asia on Tuesday, but trade was subdued as dealers waited for clearer signals on the US and other major economies and a fall in equities weighed on sentiment, analysts said.New York's main contract, light sweet crude for delivery in February was up four cents to $93.24 a barrel in the morning while Brent North Sea crude for February delivery gained 11 cents to $111.51."On the whole, we are seeing quiet and flat trading in Asia," said Jason Hughes, the head of premium client management at IG Markets in Singapore.

US banks pay out fresh billions for mortgage abuse

WASHINGTON Top US banks agreed Monday to pay out $20 billion in fines and compensation as regulators, borrowers and investors extract more payback over the housing and financial crisis.   Bank of America endured the most punishment, mainly due to its 2008 takeover of home lender Countrywide Financial, when it agreed to pay mortgage finance giant Fannie Mae $11.6 billion to settle claims that it sold Fannie hundreds of billions of dollars' worth of dud home loans.   Many of those loans, packed into securities, plunged into default after the housing bubble crashed in 2006, destroying the value of Fannie's investments and forcing it into a government bailout.   Meanwhile 10 banks, including Bank of America, agreed Monday with regulators to shell out $8.5 billion in cash and assistance to homeowners to settle accusations that they had forced millions into foreclosure while ignoring borrowers' attempts to make good on their mortgages. 
Asian markets fall, dealers seek fresh impetus
HONG KONG Asian markets were mostly lower Tuesday following losses in New York as dealers took profits from recent advances while also seeking fresh catalysts.Tokyo was also weighed by a rise in the yen, which has suffered heavy selling in recent weeks, while the South Korean bourse slipped on disappointment over the latest earnings guidance from Samsung Electronics. Tokyo slipped 0.38 percent, Hong Kong lost 0.40 percent, Sydney was flat, Seoul was down 0.36 percent and Shanghai was 0.83 percent lower.
No love lost, my lord.
ISLAMABAD Accepting an unconditional apology submitted by Muttahida Qaumi Movement’s (MQM) Altaf Hussain for his remarks against the superior judiciary, the Supreme Court on Monday discarded its contempt of court notice against the self-exiled leader for putting himself at the mercy of the court. Altaf had passed objectionable remarks against the apex court while addressing his party workers in a telephonic address following an SC verdict on the Karachi law and order.
Following his remarks, the Supreme Court on December 14 issued contempt of court notice to the MQM chief for his address and threatening and ridiculing the judges of the Supreme Court. The bench of Chief Justice Iftikhar Muhammad Chaudhry, Justice Gulzar Ahmed and Justice Sheikh Azmat Saeed accepted the written apology submitted by Dr Farogh Naseem, counsel for Altaf Hussain.
Credit to SMEs dips by 43.2% in last 4yrs as banks stay risk-averse

KARACHI - The central bank Monday reiterated its concern over a more risk-averse posture of the banks towards extending loans to the private sector particularly the Small and Medium Enterprises (SMEs).This, the regulator said, over the last four years had shrunk the banks’ credit by Rs 189 billion or 43.2 percent to the SMEs from Rs 437 billion in 2007 to Rs 248 billion in June 2012. “Lending figures of SMEs are not encouraging in recent years,” said Deputy Governor State Bank of Pakistan (SBP) Kazi Abdul Muktadir while opening a three-day training program on “Scaling Up SME Banking Business” held here at a local hotel by the central bank in collaboration with International Finance Corporation (IFC).

Drone attacks kill seven in North Waziristan
MIRANSHAH At least seven people were killed in two separate drone strikes within an hour in North Waziristan on late Monday night, Geo News reported. According to sources, unmanned aircraft fired three missiles on a house in Haider Khel area of Mir Ali, killing four people. The sources added that in second attack that killed three people, the drone fired missiles in Khaso Khel area.Both the attacks were carried out in Mir Ali of NWA.
Yen bounces back in Asian trade
TOKYO The yen rebounded in Asian trade on Tuesday after suffering weeks of steep declines fuelled by promises from the country's new prime minister to push for more central bank easing. The dollar weakened to 87.48 yen from 87.89 yen in New York trade, where last week it hit a peak of 88.41 yen, its highest level since mid-July 2010.The euro also lost ground to 114.88 yen from 115.09 yen, while the single currency bought $1.3107, against $1.3115 ahead of a closely watched European Central Bank (ECB) meeting later this week.






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