Business
Meezan Bank announces good results for the first quarter of 2020
Karachi, May 07, 2020: The Board of Directors of Meezan Bank in its meeting, held on May 05, 2020 approved the financial statements of the Bank for the quarter ended on March 31, 2020. The meeting was presided by Mr. Riyadh S.A. A. Edrees – Chairman of the Board; Mr. Faisal A. A. A. Al…
Secured Transactions Registry Inaugurated by Advisor to PM on Finance
Karachi, May 07,2020: Dr. Abdul Hafeez Shaikh, Advisor to the Prime Minister on Finance and Revenue, formally launched the Secured Transactions Registry (STR) today. The STR, established under the Financial Institutions (Secured Transactions) Act, 2016, for registration of security interests/charges created by entities other than companies on their movable assets, has been operationalized by the…
Pakistan fall in oil prices likely to provide liquidity space to Gas Utilities
WACC based return formula likely to increase by 2pc Karachi, May 06, 2020: The Pakistan Gas sector has been facing severe liquidity constraints on account of both natural gas and RLNG. During 9MFY20, SNGP recorded natural gas differential of Rs48.5bn. The annualized indigenous gas differential amount of Rs65bn (9M: Rs48.5bn), translates into Rs/mmbtu of ~Rs177…
Pak reports fiscal deficit at 3.8pc of GDP in 9MFY20
Karachi, May 06, 2020: The government has reported a fiscal deficit of 3.8% of GDP (or Rs1.7trn) in 9MFY20 compared to a fiscal deficit of 5.0% of GDP (Rs1.9trn) in 9MFY19. Importantly, the primary balance during the period clocked in at 0.4% of GDP or Rs194bn (last year was -1.2% of GDP or -Rs463bn), close…
Cement Despatches Declined by 23.65pc in April
Karachi, May 06, 2020: Cement despatches in the country have declined in April 2020 by 23.65 percent to 3.52 million tons from 4.61 million tons in April 2019 as both exports and domestic markets crashed, owing to the devastating impact of COVID-19. According to a statement issued by All Pakistan Cement Manufacturers’ Association (APCMA), the…