Beijing, March 5 (AFP/APP): China has set its 2018 economic growth target at “around 6.5 percent”, in line with expectations and lower than the 6.9 percent output registered last year, the official Xinhua news agency said Monday.
The target, which is the same as last year, was presented in a work report for Monday's opening session of the annual National People's Congress.
February 17, 2020 (MLN): The country’s total external debt servicing on outstanding loans soared to $3.9 billion in the 2QFY20 from $3 billion recorded in the preceding quarter of FY20, showing an increase of 27% QoQ.
As per quarterly data released by the State Bank of Pakistan (SBP) today, the government paid $3 billion as principal amount on external debt and liabilities whereas the remaining $849 million was paid as interest.
Going by the data, debt servicing on external public debt rose by 44% QoQ to $2.49 billion while as interest, it surged by 9% QoQ to $629 million.
Furthermore, Pakistan paid $ 1.8 billion and $ 166 million principal amount on government external debt and on IMF loans respectively. Whereas, $517 million and $41 million were paid as interest payments on government’s external loan and on loan from IMF.
Meanwhile, it is pertinent to mention that within government externa debt, the major chunk of $ 1 billion (out of $1.8 billion) was paid as principal amount on Euro/Sukuk global bonds.
Total debt servicing on foreign exchange liabilities as principal payment amounted t0 $500 million at the end of December 2019 while interest payments on these liabilities stood at $71 million, depicting a rise of 46% QoQ.
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February 17, 2020 (MLN): Total Foreign Investment into the country in the month of January 2020 stood at USD 1.613 billion compared to a disinvestment of USD 198.3 million in December 2019.
Of the amount the largest increase was the USD 1.387 billion invested into Government securities, notably T-Bills which came through Foreign Public Investment.
According to data released by the State Bank of Pakistan (SBP), Foreign Private investment (FPI) decreased by 53.54 percent to USD 225.9 million compared to USD 486.3 million in the previous month.
Foreign direct investment (FDI) witnessed an inflow of USD 295.8 million and an outflow of USD 72.7 million, making the net FDI for the month USD 223.1 million. Foreign Private investment (Portfolio) stood at USD 2.77 million compared to an outflow of 0.8 million in the previous month.
Total investment during July - January stood at USD 3.424 Billion compared to 0.534 billion from the corresponding period of last year, marking an increase of 540 Percent.
The largest source of FPI in FY20 continued to be China which invested a net sum of 532.6 million into the country followed by Norway with USD 288.5 million and Malta with 129.6 million.
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February 17, 2020 (MLN): Byco Petroleum Limited (BYCO) has announced its consolidated financial results for the half-year ended December 31, 2019. As per results, the company has posted a net loss of Rs 22.11 million (LPS: Rs.0.004), which declined by 90% YoY against the net losses of Rs 216 million of the same period last year.
During the period, the company’s net revenues were down by 5.46% YoY, but more than a proportionate decrease in the cost of sales led to a massive increase in its gross profit by 97.66% YoY.
However, the company’s other expenses continued to be a burden on the results as it surged massively by around 70%YoY, from Rs 355 million to Rs. 604 million.
On the other hand, the other income rose by 14% YoY to Rs 694 million which kept the losses in check. The finance cost increased by 11.19% YoY, from Rs 1.52 billion to Rs 1.68 billion due to a substantial increase in interest rate.
Consolidated Profit and Loss Account for the half-year ended December 31, 2019 ('000 Rupees) | |||
|---|---|---|---|
| Dec-19 | Dec-18 | % Change |
Gross turnover | 125,693,080 | 123,465,241 | 1.80% |
Sales tax, discount & other duties | (31,056,863) | (23,365,885) | 32.92% |
Turnover - net | 94,636,217 | 100,099,356 | -5.46% |
Cost of sales | (92,511,562) | (99,024,449) | -6.58% |
Gross profit | 2,124,655 | 1,074,907 | 97.66% |
Administrative expenses | (466,970) | (430,532) | 8.46% |
Selling and distribution expenses | (226,758) | (227,662) | -0.40% |
Other expenses | (604,763) | (355,716) | 70.01% |
Other income | 694,432 | 609,753 | 13.89% |
| (604,059) | (404,157) | 49.46% |
Operating profit/(Loss) | 1,520,596 | 670,750 | 126.70% |
Finance cost | (1,689,017) | (1,519,104) | 11.19% |
Loss before taxation | (168,421) | (848,354) | -80.15% |
Taxation |
|
|
|
current | - | (21,494) | - |
Prior | 47,263 | 554,051 | -91.47% |
Deferred | 99,043 | 99,043 | 0.00% |
| 146,306.00 | 631,600.00 | -76.84% |
Loss after taxation | (22,115) | (216,754) | -89.79% |
Loss per ordinary share - basic and diluted (rupees) | (0.004) | (0.04) | -90% |
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February 17, 2020: The government has released around 50.4 percent of the total Rs 581.812 allocation during first seven months of the of current fiscal year to execute petroleum projects under the Public Sector Development Programme (PSDP 2019-20).
According to the official data as of January 24, funds amounting to Rs 293.257 million have been released for seven ongoing and new projects.
As per the available details, an amount of Rs 8.442 million has been provided to explore and evaluate coal in Nosham and Bahlol areas of Balochistan, for which Rs10.553 million have been earmarked in the PSDP.
While, Rs 54 million have been released against the allocation of Rs70 million for expansion and up-gradation of Pakistan Petroleum Corehouse (PETCORE) to ensure its sustainable operations and facilitate oil and gas exploration research in the country.
Similarly, a sum of Rs 60.252 million has been provided under a project to up-grade Hydrocarbon Development Institute of Pakistan (HDIP)’s POL testing facilities at Islamabad, Lahore, Multan, Peshawar, Quetta and ISO Certification of Petroleum Testing Laboratory at Islamabad. This year, the government will spend Rs77.960 million for up-gradation of the HDIP labs.
An amount of Rs 166.614 million has been issued for acquiring new drilling rigs and equipment against allocation of Rs 416.535, while Rs 1.462 for appraisal of newly discovered coal resources in Badin Coal-field and its adjoining areas of southern Sindh, for which the government earmarked Rs 3.655 million in the PSDP.
Whereas, an amount of Rs 2.487 million has been disbursed for exploration and evaluation of metallic minerals in Uthal and Bela areas of Lasbela district, Balochistan, for which the government would Rs 3.109 during the current fiscal year.
APP
February 17, 2020: The per tola price of 24 karat gold depreciated by Rs 100 on Monday and was traded at Rs 90,800 as compared to Rs 90,900 on last trading day, Karachi Sarafa Association reported.
Likewise, the price of 10 gram gold witnessed decrease of Rs 86 and was traded at Rs 77,846 against last closing of Rs 77, 932.
The price of silver remained stable and was traded at Rs 1000 per tola and that of 10 gram silver was traded at Rs 857.33.
In international market, the price of per ounce gold decreased by $3 and was traded at $1,581 against $1,584, Karachi Sarafa association reported.
APP
