May 08, 2020: European stock markets climbed higher at the start of trading on Friday, in the wake of an upbeat outlook in Asia.
The London Stock Exchange was closed for the 75th anniversary of the end of World War II in Europe, but in the eurozone, Frankfurt's DAX 30 index gained a solid 1.1 percent to 10,880.98 points and the Paris CAC 40 added 0.81 percent to 4,538.09.
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September 22, 2020 (MLN): Hascol Petroleum Limited has appointed Mr. Adeeb Ahmad as Chief Executive Officer in place of Mr. Aqeel Ahmed Khan.
Mr. Ahmad's career spans over 30 years with premier multilateral, leading private equity firms and several international investment banks primarily in the Gulf region. He has held C-suite positions engaged in multi-sectoral asset management, private equity investments and M&A across multiple emerging markets, including Pakistan. He is serving on the Boards of K-Electric Limited and Al Shaheer Corporation Limited. Mr. Ahmad holds an M.Sc. from the London School of Economics, United Kingdom. and an MBA from the Institute of Business Administration, Pakistan, the notification to PSX said.
Further, Mr. Aqeel Ahmed Khan has been assigned to take a new role as Chief Executive Officer, Hascol Lubricants (Private) Limited, a wholly-owned subsidiary of the Company.
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September 22, 2020 (MLN): Ravi Textile Mills Limited successfully started the cotton ginning operations at its new factory from September 21, 2020, after carrying out its necessary repairs and maintenance.
The company had taken over the possession of Noman Cotton Ginning Pressing Factory on August 13, 2020, with the lease rent of the cotton factory being agreed at an amount of Rs. 1,600,000 for the year 2020-21.
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September 22, 2020 (MLN): The non-government sector has retired another net sum of Rs.1.08 billion during the week ended September 11, 2020, which brings the cumulative net retirment for ongoing fiscal year FY2021 to Rs.168.47 billion. The net retirement as of prior week was recorded at Rs.167.39 billion.
According to weekly data released by the State Bank of Pakistan, the sector's retired amount has risen by Rs.32.09 billion over the year since the amount retired as of corresponding period of last year was recorded at Rs.136.39 billion.
The non government sector is divided into three broad categories namely, the Private Sector, the Public Sector Enterprises and NBFI. Commercial banks are the main source of financing for the private sector, incuding conventional banks, islamic banks and islamic branches of conventional banks.
This fiscal year, the private sector retired a net sum of Rs.161.83 billion, whereas the PSE's have retired Rs.9.81 billion and NBFI has borrowed Rs.3.16 billion.
As we disintegrate the inflows and outflows within the private sector, we see that Conventional Banks were retired a cumulative sum of Rs.160.12 billion, Islamic Banks were retired a net of Rs.7.71 billion and lastly the Islamic branches of Conventional Banks lent Rs.6.01 billion.
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September 22, 2020 (MLN): The government of Pakistan has accumulated Rs.14.21 billion during the week ended September 11, 2020, which brings its total net retirement for ongoing fiscal year FY2021 to Rs.126.59 billion. As of prior week, the government had retired a net sum of Rs.140.8 billion.
According to the State Bank of Pakistan's weekly estimates in this regard, the government had borrowed Rs.145.1 billion net, around the same time last year.
The government sector borrowings are divided into three broad categories based on the purpose of loan which are budgetary support, commodity operations and others.
Split three ways between these broad categories, the cumulative net retirement off budgetary support was Rs.74.66 billion, that for commodity operations stood at Rs.51.59 billion. whereas Rs.337.93 million (net) were retired off other miscellaneous operations.
The two biggest source of financing for budgetary support are the State Bank of Pakistan and the Scheduled Banks. This fiscal year, the central bank has been retired a net sum of Rs.280.14 billion by the government, out of which the Federal Government retired Rs.276.77 billion, the Provincial Government borrowed Rs.12.44 billion, AJK Government retired Rs.9.04 billion, and the GB Government retired Rs.6.77 billion.
On the other hand, the Scheduled Banks have lent out a net total of Rs.205.48 billion out of which the Federal Government borrowed Rs.192.33 billion while the Provincial Government borrowed Rs.13.15 billion.
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September 22, 2020 (MLN): Pakistan's outstanding debts as of August 31, 2020 stand at a massive sum of Rs.22.67 trillion whereas total debt at the end of prior month was Rs.22.63 trillion, meaning that around Rs.39.45 billion were additionally borrowed during this month alone.
As compared to the same period last year when outstanding credit was Rs.20.16 trillion, the current debt position is Rs.2.5 trillion higher this time around, marking a year-on-year expansion of 12.41 percent.
The country's total credit accumulation during the 2 month period (Jun-Aug), has narrowed by Rs.313.58 billion as the total outstanding debt at the beginning of ongoing fiscal year June 30, 2020, stood at Rs.22.98 trillion. This means that Pakistan's outstanding debts have been curtailed by 1.36 percent this fiscal year.
The total outstanding credit is branched into the amount accumulated by government sector and that accumulated by the non-government sector. Out of the total outstanding loan, credit given to the government sector accounts for Rs.14.71 trillion while credit to non-government sectors account for Rs.7.95 trillion.
Credit to Government Sector:
The State Bank of Pakistan’s net credit to the government sector amounts to Rs.6.19 trillion which includes investments in government securities and government deposits, and other direct loans. During these 2 months, the central bank has been retired a sum of Rs.357.61 billion or 5.47 percent.
Meanwhile, the second largest source of financing for the sector, the Scheduled Bank's net credit adds up to Rs.8.53 trillion which is Rs.144.69 billion higher than the outstanding credit at the beginning of the fiscal year thus indicating that the sector accumulated additional loan during the period.
Credit to Non-Government Sector:
The State Bank’s claim to outstanding credit of this particular sector is comparatively negligible (only Rs.25.18 billion), while on the b-side, scheduled banks have a claim to up to Rs.7.93 trillion as of the end of this month.
At the end of previous month (July 2020), the outstanding amount owed to these banks was Rs.7.95 trillion indicating that Rs.17.96 billion were retired during the month whereas during ongoing fiscal year, Rs.100.29 billion were retired.
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