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Maritime Affairs gets Rs 1067.709 million to execute 10...

March 25, 2019: The government has so far released funds of Rs. 1067.709 million against total allocation of Rs. 8123.134 million for execution of 10 projects of Ministry of Maritime Affairs (MoMA) under the Public Sector Development Programme (PSDP) for the year 2018-19.

According to official data, an amount of Rs. 140 million has been provided for construction of Eastbay Expressway (CPEC) and Rs. 477.949 million for development and construction of Port Allied structures in Mullah Band Area.

Moreover, Rs. 117.600 million have been released for Feasibility Study for Construction of Break Water (CPEC) and Rs. 8.582 million for Establishment of CPEC Support Unit (CSU) for Projects and Activities in GPA while Rs. 45 million for Pak-China Technical and Vocational Institute at Gwadar (CPEC), Rs. 30 million for Business Complex R.O Plant (0.2 m/g/d capacity), Rs. 1 million for Surveys to Find Status, Distribution, Population Dynamics and Management of Faunal Biodiversity of Coastal Areas of Sindh and Baluchistan.

Whereas, the government has released 100 per cent fund for three projects amounting to Rs. 209 million for Up-gradation of Gwadar Port Authority (GPA) Housing Complex , Rs. 30 million for Simulator (ECDIS, GMDSS, Radar-ARPA and High Voltage) and Rs. 8.578 million for Rehabilitation of Auction Hall of Gwadar Mini Port respectively.

(APP)

European markets sink at open

March 25, 2019: European stock markets fell further at the open on Monday, as a global selloff gathered pace on mounting fears of a sharp economic slowdown.

In initial trade, London's benchmark FTSE 100 index slid almost 0.6 percent to stand at 7,166.56 points compared with Friday's closing level.

In the Eurozone, Frankfurt's DAX 30 index shed nearly 0.4 percent to 11,323.20 points and the Paris CAC 40 dived 1.1 percent to 5,211.76.

Asian equity markets also plunged Monday after a fierce pre-weekend sell-off on Wall Street fuelled by concerns about the global economy and a possible recession in the United States.

Economic gloom had descended on world markets on Friday, as monthly US, French and German manufacturing indices all fell.

That rattled investors who were already uneasy after a surprisingly weak outlook from the US Federal Reserve.

"Concerns over the health of the global economy heat up at a rapid pace," said FXTM analyst Jameel Ahmad.

"Perhaps what is even more worrying for investor sentiment is that the US Treasury yield curve has inverted for the first time since 2007.

"This development will psychologically encourage further anxiety and rocket fears that the global economy is heading for another downturn, if recent economic releases across the globe have not already provided indications that the downturn has arrived."

 (APP)

Malaysian Gem Corporation to invest $50 million in Pakistan’s...

March 25, 2019: Executive Chairman of Malaysian Gem Corporation Datuk Ahmed Hasham on Monday said that his company would soon invest fifty million dollars in Pakistan to promote the gemstone business.

In an interview on PTV, he said that his company would sign Memorandum of Understandings with the provincial governments.

"Secondly we would try to establish gemstone cutting and polishing centers in Islamabad," he added.

He said the company would set up a think tank to launch local stones of Pakistan on an international level as Pakistani stones were of the best quality, adding the Pakistani stone carvers could compete any lapidary in the world, he added.

He further praised the stance of Prime Minister Imran Khan for providing the safe and corruption free zone to the gem investors.

(APP)

Corporate Roundup: Byco appoints Mr. Zafar Shahab as CFO

March 25, 2019 (MLN): Several major companies listed on the Pakistan Stock Exchange made important announcements today, mainly pertaining to the change in the management affairs. Some of these announcements are;

The Board of Directors of Byco Petroleum Limited has appointed Mr. Zafar Shahab as the Chief Financial Officer as of 18th March 2019 in place of Mr. Naeem Asghar Malik who has resigned.

Matco Foods Limited has announced the resignation of Mr. Tariq Iqbal from the post of Chief Financial Officer with effect from March 22, 2019, and the appointment of Mr. Muhammad Aamir Farooqui as the new Chief Financial Officer.

Silkbank Limited has appointed Mr. Azmat Shahzad Ahmed Tarin as Director with effect from March 22, 2019, in place of Mr. Shamsul Hassan.

Hinopak Motors Limited has announced the cessation of Mr. Tatsuhei Muto from the designation of Chief Executive Officer of the company on March 22, 2019, and appointed Mr. Yoshihiko Naami as the new Chief Executive Officer of the company.

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Govt borrowing expands by Rs.164 bln

March 25, 2019 (MLN): Pakistan’s government sector borrowed an additional net sum of Rs.164.2 billion during the week that ended on March 15, 2019, bringing the total net borrowing of the sector to Rs.940.2 billion for the ongoing fiscal year 2019.

The State Bank of Pakistan’s weekly report on monetary aggregates shows that the borrowed amount accumulated by this time of year is 86% greater than net borrowing during same period last year (Rs.505.3 billion).

The government sector borrowings are divided into three broad categories based on the purpose of loan, which are budgetary support, commodity operations and others.

Up until March 15, 2019, the government of Pakistan borrowed a net of Rs.1.1 trillion for budgetary support and Rs.834 million for other miscellaneous operations. Meanwhile, Rs.163.8 billion have been retired off Commodity Operations.

Within budgetary borrowing, over Rs.3.3 trillion (net) were borrowed from the central bank while 2.2 trillion were retired of Scheduled Banks.

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