Last update: Sun, 07 Feb 2016 06am

Stocks and Bonds


Members of the Joint Action Committee of Pakistan International Airlines (PIA) employees, led by Sohail Baloch, called on Privatisation Minister Mohammad Zubair late Friday evening, according to Aaj News. The meeting was aimed at resolving the deadlock between the government and the protesting PIA employees, and to reach a consensus on resuming the stalled flight operations of the national flag carrier. However, details of the meeting reveal that the deadlock still prevails as both the parties are not willing to compromise on their respective stance.

The first auction for Fixed Rental Government of Pakistan (GoP) Ijara Sukuk with a borrowing target of Rs 100 billion will be held on Monday (February 8). Recently, in addition to the Variable Rental Rate GoP Ijara Sukuk (VRR-GIS), the State Bank introduced three-year Fixed Rental Rate GoP Ijara Sukuk (FRR-GIS) to facilitate the rapidly growing Islamic banking industry. The rental rate of VRR-GIS was being fixed every three months on the basis of Market Treasury Bills' cut-off yield, while rental rate of FRR-GIS will be fixed once at the time of auction on the basis of three-year Pakistan Investment Bond.
The Federal Board of Revenue (FBR) has proposed a new policy for placing tax defaulters on the Exit Control List (ECL) by reducing the limit of Rs 50 million of tax default to Rs 15 million to ensure that big tax evaders should not escape Pakistan. Sources told Business Recorder here on Friday that the FBR has proposed the new policy of placing tax defaulters on the ECL to the Ministry of Interior. The purpose of the new policy is to review the Exit Control List pertaining to the tax evaders. The proposals of the FBR have been examined by Ministry of Interior and proposals have been finalised to review the Exit Control List of tax defaulters.
The China-initiated Asian Infrastructure Investment Bank (AIIB), viewed by some as a rival to the World Bank, on Friday announced executive appointments including a treasury minister from Britain's former coalition government. The bank, which started business in January, is already led by its president Jin Liqun, formerly a Chinese finance official who has also worked at the Asian Development Bank (ADB).
The Chicago Stock Exchange, one of the oldest US exchanges, said Friday it has agreed to be bought by a Chinese-led investment group. The CHX board of directors unanimously approved the sale to an investor group led by Chongqing Casin Enterprise Group, a private holding company based in Chongqing, the exchange said in a statement. It would be the first Chinese buyout of a US stock exchange if approved by regulators.
The devastating economic impact of the war in Syria and its spillover into nearby countries stands at $35 billion and climbing, the World Bank said Thursday. The estimate, included in a quarterly World Bank report on the Middle East and North Africa, was released on the same day that world leaders in London pledged more than $10 billion through 2020 to help the Syrians.
US Presi-dent Barack Obama on Thursday proposed a controversial $10-a-barrel tax on oil firms to pay for much needed infrastructure improvements. The $10 charge, phased in over five years, would be levied on companies - but the costs could well be passed on to consumers. "For too long, bipartisan support for innovative and expansive transportation investment has not been accompanied by a long-term plan for paying for it," the White House said in a statement.