March 25, 2020 (MLN): Feroze1888 Mills Limited’s operations will be completely closed till the 6th of April 2020 or till any further notice in light of the global COVID-19 situation and Sindh Government directives for business shutdown from March 23rd to April 6th, 2020.
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April 09, 2020: The Federal Reserve on Thursday announced another series of financing facilities to provide $2.3 trillion to support the US economy amid the coronavirus pandemic.
The programs aim to help businesses, households and state and local governments facing a cash crunch as large parts of the economy have been shut down.
"The Fed's role is to provide as much relief and stability as we can during this period of constrained economic activity, and our actions today will help ensure that the eventual recovery is as vigorous as possible," Federal Reserve Chair Jerome Powell said in a statement.
The measures include changes and increases to existing programs, as well as new facilities.
To "ensure credit flows to small and mid-sized businesses," the Fed opened a new Main Street Lending Program, to purchase up to $600 billion in loans owed by those firms, with the support of funding from the massive $2 trillion that Congress approved late last month.
According to the Fed, the program supports firms "that were in good financial standing before the crisis by offering 4-year loans to companies employing up to 10,000 workers or with revenues of less than $2.5 billion. Principal and interest payments will be deferred for one year."
Treasury Secretary Seven Mnuchin said the program "will make a significant difference for the 40,000 medium-sized businesses that employ 35 million Americans."
Treasury also is backing the new central bank program to "help state and local governments manage cash flow stresses caused by the coronavirus pandemic," the Fed said
This Municipal Liquidity Facility that will offer up to $500 billion in lending to states and municipalities, by directly purchasing short-term debt.
AFP/APP
April 09, 2020 (MLN): Pakistan's Forex Reserves decreased by USD 399.30 Million or 2.3% and the total liquid foreign reserves held by the country stood at USD 16,988.20 Million on Apr 03, 2020.
According to data published by the State Bank of Pakistan (SBP) its reserves decreased by USD 463.10 Million This decline is attributed to external debt repayments of US$465 million. Reserves held by commercial banks, however, increased by USD 63.80 million.
| Foreign reserves held by | Apr 03, 2020 | Mar 27, 2020 | Change | % Change |
|---|---|---|---|---|
| State Bank of Pakistan | 10,722.50 | 11,185.60 | -463.10 | -4.14% |
| Net Foreign Reserves Held by Banks | 6,265.70 | 6,201.90 | 63.80 | 1.03% |
| Total Liquid Foreign Reserves | 16,988.20 | 17,387.50 | -399.30 | -2.30% |
Amount in USD Million
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April 09, 2020: The global coronavirus pandemic is causing an economic crisis unlike any in the past century and will require a massive response to help in the recovery, IMF chief Kristalina Georgieva said Thursday.
She warned that "global growth will turn sharply negative in 2020," with 170 of the International Monetary Fund's 180 members experiencing a decline in per capita income.
"In fact, we anticipate the worst economic fallout since the Great Depression."
Even in the best case, the IMF expects only a "partial recovery" next year, and she urged governments to provide "lifelines" for businesses and households to "avoid scarring of the economy that would make the recovery so much more difficult."
AFP/APP
April 9, 2020 (MLN): K-Electric Limited (KEL), the sole electricity provider in Karachi has unveiled its financial performance for the year ended June 2019 as per which the company has booked net profits of Rs 17.2 billion which was 40% higher than the profits of Rs 12.3 billion earned in the same period of last year.
The has reflected in KEL’s earnings per share which also rose by 40% YoY from Rs 0.45 per share to Rs 0.63 per share.
KEL’s profitability improved mainly on the back of upward tariff adjustment of worth Rs 97.4 billion compared to last year adjustment of Rs 32.9 billion and sustained progress in key financial indicators during the year.
The other important contributing factors towards improved financial results of the company were the marginal increase in company’s generation, transmission and distribution expenses and increase in sales of energy by Rs 7.5 billion.
Furthermore, the company also enjoyed a tax reversal of Rs 8.39 billion which further boosted KEL’s profitability.
Financial Results for the year ended June 30th, 2019 (Rs '000) | |||
|---|---|---|---|
| Jun-19 | Jun-18 | % change |
REVENUE |
|
|
|
sale of Energy-net | 191,674,571 | 184,155,557 | 4% |
Tariff adjustment | 97,444,499 | 32,970,950 | 196% |
| 289,119,070 | 217,126,507 | 33% |
COST OF SALES |
|
|
|
Purchase of Electricity | (95,153,398) | (77,454,783) | 23% |
Consumption of fuel and oil | (120,616,728) | (71,870,026) | 68% |
expenses incurred in generation, transmission and distribution | (22,642,835) | (22,504,522) | 1% |
| (238,412,961) | (171,829,331) | 39% |
GROSS PROFIT | 50,706,109 | 45,297,176 | 12% |
Consumers services and administrative expenses | (25,196,447) | (20,846,255) | 21% |
Impairment loss against trade debts | (12,873,209) | (13,843,173) | -7% |
Other operating expenses | (5,033,029) | (2,122,422) | 137% |
Other income | 7,563,950 | 8,470,214 | -11% |
| (35,538,735) | (28,341,636) | 25% |
PROFIT BEFORE FINANCE COST | 15,167,374 | 16,955,540 | -11% |
Finance cost | (6,284,677) | (3,236,292) | 94% |
PROFIT BEFORE TAXATION | 8,882,697 | 13,719,248 | -35% |
Taxation | 8,390,920 | (1,407,418) |
|
NET PROFIT FOR THE YEAR | 17,273,617 | 12,311,830 | 40% |
EARNING PER SHARE-BASIC AND DILUTED | 0.63 | 0.45 | 40% |
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April 09, 2020: PMEX Commodity Index finally bounced back from the bear market as it gained 487 points to close at 3,765 on Wednesday. The traded value of Metals, Energy and COTS/FX was recorded at PKR 5.047 billion and the number of lots traded was 13,282.
The major business was contributed by Gold amounting to PKR 2.100 billion, followed by Crude Oil (PKR 931.696 million), NSDQ 100 (PKR 570.029 million), DJ (PKR 480.787 million), Currencies through COTS (PKR 412.166 million), SP500 (PKR 161.944 million), Silver (PKR 116.724 million), Natural Gas (PKR 100.946 million), Platinum (PKR 86.027 million), Japan Equity (PKR 81.363 million) and Copper (PKR 5.687 million).
In agriculture commodities, 13 lots of Cotton amounting to PKR 5.849 million were traded.
Press Release
