Tag: Economy

SBP Conducted an OMO (Reverse Repo) on Thursday in which it injected Rs.225 Billion into the market for 1 Day.

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.

(APP)

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.

December 13, 2018 (MLN): In a recent notification issued to the Pakistan Stock Exchange from Fauji Cement Company Limited (FCCL), the company has announced the decision of its Board of Directors to appoint Retired Lieutenant General Syed Tariq Nadeem Gilani, HI(M) as the chairman of FCCL Board, and Retired Lieutenant General Muhammad Ahsan Mahmood, HI(M) as the Chief Executive Officer (CEO)/Managing Director (MD) of FCCL.

These appointments are to remain in effect from December 13, 2018 to December 12, 2021.

Previously, the aforementioned members of FCCL were elected as directors during the company’s 10^th Extraordinary General Meeting, on November 29, 2018.

Lieutenant General Syed Tariq Nadeem Gilani was commissioned in Pakistan Army on 26th October 1979 with the coveted President’s Gold Medal. He retired from Pakistan Army in October 2015 and took over as MD Fauji Foundation on 10th January 2018 and Chairman of the Boards of Directors of 21 companies.

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December 12, 2018 (MLN): JCR-VIS Credit Rating Company Limited has upgraded short-term rating of LSE Financial Services Limited (LSEFSL) from ‘A-2’ (A-Two) to 'A-1' (A-One) while, maintaining the medium to long-term entity rating at ‘A’ (Single A).

Outlook on the assigned ratings is ‘Stable’.

According to the rating agency, the medium to long-term rating of ‘A’ denotes good credit quality with adequate protection factors.  

The short-term rating of ‘A-1’ denotes high certainty of timely payment coupled with good company fundamental and liquidity factors.

As per JCR-VIS, ratings assigned to LSEFSL reflect the company’s low business risk profile given its business model wherein relatively stable revenues are emanating from rental income and return on investment in associates.

The ratings also derive comfort from conventional investment policy, sound capital structure, low borrowings and strong liquidity profile.

Ratings are dependent upon maintenance of prudent investment and risk profile of the company with sound liquidity, going forward.

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