Tag: Central Bank
December 13, 2018 (MLN): The Board of Directors of SFL Limited has decided to go for voluntary de-listing of shares from Pakistan Stock Exchange after buy-back of shares from all minority shareholders of the Company, a notification issued to PSX revealed on Thursday.
The management of the company is of the view that it is not heavily dependent on the funds from public at present nor it will be in the future, Keeping in view these factors, the BoD has decided to delist SFL Limited from Pakistan Stock Exchange under its voluntary delisting regulation.
SFL Limited is listed on Pakistan Stock Exchange and approximately 98.125% shareholding are held by Directors/Sponsors, Associated Companies and the remaining in free float.
In this respect, the company has bought back 376,658 ordinary shares being 1.875% of the total Paid Up Capital of SFL Limited at the purchase price of Rs. 150/share from the minority shareholders.
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December 13, 2018 (MLN): The Asian Development Bank (ADB) and the Government of Pakistan have signed loan and grant agreements worth $284 million to improve Pakistan’s power transmission network, today.
The agreement was signed by ADB Country Director for Pakistan Ms. Xiaohong Yang and Secretary of the Economic Affairs Division Mr. Noor Ahmed at a ceremony in Islamabad.
“The project will help provide a more stable and secure electricity supply, so people and businesses can continue their productivity and contribution to the economy," said Ms. Yang. “ADB is working with the government and the private sector to further develop Pakistan’s power supply chain, including expanding the power transmission network.”
The agreement is the third tranche of a multi-tranche financing facility (MFF) under the ADB-supported Second Power Transmission Investment Program. The MFF aims to develop a stronger, smarter, greener, and more climate resilient power transmission system in Pakistan.
The tranche is comprised of a $280 million loan from ADB’s ordinary capital resources and a $4 million grant from the High-Level Technology Fund (HLTF) to help the National Transmission & Dispatch Company Limited (NTDC) meet the country’s electricity demand of 1,150 megawatts efficiently and reliably. To achieve this, it will deploy high-level technologies and climate-resilient transmission systems through load centers in Punjab Province,
The investment in the power transmission network—the first investment of its kind by ADB in Pakistan—will pilot large-scale, grid-connected battery energy storage system, which will help NTDC comply with national standards and best practices in power distribution. It will also enhance the NTDC’s capacity to dispatch intermittent renewable energy. This investment will also facilitate the development of ancillary services market which is an important component of the future competitive power market.
“The capacity building component of Tranche 3 will support the government in preparing an energy storage system roadmap to leverage the country’s rich indigenous renewable energy potential for longer term energy security,” said Ms. Yang.
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SBP Conducted an OMO (Reverse Repo) on Thursday in which it injected Rs.225 Billion into the market for 1 Day.
|Tenor||Type||Offered||Accepted||High - Low||Accepted||Offered||Accepted|
|1D||Reverse Repo (Injection)||286.550||225.000||10.18 % - 10.04 %||10.11 %||16||10|
|Total amount offered at 10.11% was PKR 37,550.00 Mio out of which SBP accepted 14,000.00 Mio on Pro-rata basis|
|OMO Settlement: Same Day (Dec 13, 2018)|
|*Amount in Billions|
December 13, 2018: A chapter of eurozone history will come to a close Thursday, with the European Central Bank widely expected to withdraw a key element of support for the economy while reassuring observers fearful of the growing risks.
The past three years have seen the Frankfurt institution ward off the threat of catastrophic deflation -- a crippling downward spiral of prices and activity -- by buying 2.6 trillion euros ($3.0 trillion) of government and corporate debt.
Policymakers say the programme has boosted growth, helped create millions of jobs and set inflation back on the path towards its target of just below 2.0 percent.
But it has also politicized the bank like never before, as disciples of fiscal rectitude in Germany and other northern countries claimed the scheme indirectly enabled spendthrift policies in the south.
The ECB "should have ended its quantitative easing (QE) programme and its negative interest rate policy a long time ago," the director of the Flossbach von Storch institute in Cologne, Thomas Mayer, told business daily Handelsblatt.
December 13, 2018 (MLN): Oil prices scaled up on Thursday, lifted by a draw down in inventories in the U.S. and by signs of easing trade tensions between US and China.
Oil prices have also been supported by OPEC-led supply curbs announced last week, although gains have been muted after the producer group lowered its 2019 demand forecast.
U.S. West Texas Intermediate (WTI) crude futures were at $51.43 per barrel at 0230 GMT, up 0.57 percent from their last settlement.
International Brent crude oil futures were 0.6 percent higher at $60.50 per barrel.