SHC dismisses brokers' appeal
The Sindh High Court (SHC) on Monday dismissed the appeal of Karachi Stock Exchange brokers against court ruling for furnishing Rs 7 billion bank guarantee in Continues Funding System (CFS) MK-II transaction lawsuit more... (BR)
Proposal to reduce duty, taxes on LPG import deferred
Government has deferred approval of the proposal to reduce duties and taxes on the import of Liquefied Petroleum Gas (LPG) due to decline in global LPG prices. Sources in Petroleum Ministry revealed exclusively to the Business Recorder that the government deferred the proposal to cut duties and taxes imposed on the LPG import due to decline in its prices in the international market more... (BR)
TFCs listings jet up 310pc in CY08Ghulam Raza Rajani
Listing of new Term Finance Certificates (TFCs) in capital market jumped by a whopping 310 per cent in CY 2008.
During CY08, with the issuance of 7 TFCs, listed debt market grew by Rs26.667 billion against Rs6.5 billion in 2007 that saw only 3 listings. After the increase of Rs26.67 billion, total outstanding TFCs market has now reached Rs43 billion. Out of 7 TFCs issued in CY08, 3 were offered by commercial banks. Faysal Bank Limited offered Rs1.25 billion, NIB Bank Limited Rs4 billion, and United Bank Limited an amount of Rs6 billion. Similarly, one leasing company - Saudi Pak Leasing - offered Rs750 million. On the other hand, three non-financial companies including Engro Chemical Pakistan, Pak-Arab Fertilisers and Pakistan Mobile Communication Limited issued TFCs worth Rs4 billion, Rs5 billion and Rs5.667 billion respectively more... (FD)