SUNRISE CAPITAL “BUSINESS NEWS”
National & International
Tuesday January 8, 2013
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.
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.
Thanks & Regards
Research & Marketing Department
Sunrise Capital (Pvt.) Ltd
Research & Marketing Department
Sunrise Capital (Pvt.) Ltd
www.sunrisecapital.com.pk | 111-786-772 | research@sunrisecapital.com.pk
faebook.com/sunrisecapitalkse | twitter.com/sunrisecapital1 |
pk.linkedin.com/sunrisecapitalkse
| sunrisecapital.blogspot.com