Business
Four Pakistani banks faced massive penalties
Islamabad, August 9, 2019: Some four leading Pakistani banks have faced a cumulative fine of Rs 184.7 million for violation of State Bank of Pakistan’s (SBP) rules and regulations. As a part of steps taken to overcome from Grey List of Financial Action Task Force (FATF), recently the Pakistan’s central bank has announced that it…
IFC and MIGA to support landmark wind farm on Egypt’s Gulf of Suez
Cairo, Egypt, August 8, 2019: IFC and MIGA, members of the World Bank Group, signed an agreement to support the development of a 252-megawatt wind farm by Lekela in Egypt’s Red Sea governorate. IFC will provide $84 million in financing while MIGA will offer $122 million in financial guarantees, helping to bolster the production of…
EFG Hermes records another quarter of strong top and bottom-line growth
The solid increase in profitability for the quarter was largely driven by higher net profits recorded by the Group’s Investment Bank and NBFI platforms, which posted 26 percent and 138 percent Y-o-Y net profit growth, respectively. Cairo, Egypt, August 8, 2019: EFG Hermes, the leading financial services corporation in Frontier Emerging Markets (FEM), reported today…
Engro Fertilizer profit down 2.5pc
Karachi, August 8, 2019: Engro Fertilizer (EFERT) posted earnings of Rs3.2 billion (EPS Rs2.38) down 2.5 percent YoY mainly on the back of higher other operating expenses and finance cost. On a cumulative basis during 1HCY19 earning remained flat at Rs7.18 billion (EPS: Rs5.38). According to Topline, consolidated gross margins of the company increased by…
Ministry of Energy visits Byco’s refinery
Karachi, August 8, 2019: The Petroleum Division Secretary, Ministry of Energy, Mian Asad Hayaud Din, visited Byco’s refinery and Single Point Mooring today. He was briefed on Byco’s operations and received an in-depth briefing on the operations of its floating port, the Single Point Mooring. The Secretary was received by Byco’s Vice President of Operations, Rashid…