12062016Tue
Last update: Tue, 06 Dec 2016 10am

Stocks and Bonds

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Transparency International Pakistan has requested the Supreme Court of Pakistan to ban the recently approved amnesty scheme for real estate sector. A copy of the Transparency International Pakistan letter made available to Business Recorder on Monday also made a plea to the apex court stating: "To consider the new Income Tax (Amendment) Act, 2016, and orders appropriate actions so that this and all such Tax Amnesty Schemes are banned future in Pakistan, as this scheme in incentive to do corruption and then legalises the ill gotten money".

Italy is keen to supply Liquefied Natural Gas (LNG) to Pakistan for which negotiations are under way between the relevant officials, Federal Minister for Petroleum Shahid Khaqan Abbasi said. Talking to Business Recorder, here on Monday after chairing a high-level meeting with Italian delegation led by Italian Minister for Economic Development Ivan Scalfarotto, Abbasi said that Pakistan is also in talks with a number of other suppliers for LNG deals.
Pakistan and Italy Monday agreed to increase the trade volume to real potential and stated that existing trade volume of $1 billion was below the real potential. Parliamentary Secretary on Finance, Rana Muhammad Afzal said the government is working on a strategy to increase the trade volume with Italy to $1.5 billion by the end of current fiscal year from existing $1 billion.
Britain's Supreme Court began an historic hearing Monday to decide whether parliament must approve the government's Brexit negotiations, in a highly-charged case that could delay the country's EU exit. For the first time ever, all 11 Supreme Court judges convened to hear a government challenge against a ruling that Prime Minister Theresa May must seek approval for starting the Brexit process.
Britain is beginning work on becoming an independent member of the World Trade Organisation (WTO) after Brexit, using the EU's current terms as the template, International Trade Secretary Liam Fox said Monday. Britain is currently represented in the 164-member body through its membership of the European Union, but when it leaves the bloc it will need to establish its own terms, or schedules.
The State Bank of Pakistan (SBP) Monday allowed Islamic Banking Branches (IBBs) of the conventional banks direct membership of Real-Time Gross Settlement (RTGS) system aimed at enhancing the outreach of electronic transfer of large value funds. According to PSD Circular No 06 of 2016, issued on December 5, 2015, IBBs can establish a separate Pakistan Real-time Interbank Settlement Mechanism (PRISM) setup for their RTGS operations after meeting the SBP's conditions.
The opening date of bids, submitted by foreign strategic investors and local institutions to acquire 40 percent stake of Pakistan Stock Exchange (PSX), has been extended to December 15, 2016. A meeting of PSX Divestment Committee was held on Monday to open bids and after a long discussion it was decided to extend the bid opening date.