Tag: operating expenses
June 29, 2022 (MLN): Packages Limited (PKGS) has made a public offer to purchase 585,254 ordinary shares of Sanofi-Aventis Pakistan Limited, having a par value of Rs10 each at an offer price of Rs1,704 each, the company's filing on PSX showed today.
The above acquisition by PKGS (the Acquirer) is on behalf and under the consent of the Investor Consortium comprising Packages Limited, IGI Investments (Private) Limited and affiliates of Arshad Ali Gohar Group.
It is pertinent to note that Arif Habib Limited is the Manager to the Offer.
On June 24, 2022, PKGS had extended the timeline for making a Public Announcement of Offer (PAO) to acquire the entire 52.87% shareholding of Sanofi Foreign Participants B.V. held in Sanofi-Aventis Pakistan Limited (SAPL) by an Investor Consortium.
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June 28, 2022 (MLN): In the backdrop of the significant developments on the IMF front and the fresh inflows from the Chinese consortium, the Pakistani rupee (PKR) has gained 1.87 rupees against the US dollar in the interbank market in early trade.
The local unit was quoted at 205.27/205.55 [10:15 PST] compared to the previous close of PKR206.87 per USD.
Since the government on Tuesday received the Memorandum of Economic and Financial Policies (MEFP) received from the fund, it will have to comply with the conditionalities that are included in MEFP.
To cater to this, the government is all set to table the amended Finance Bill in the Parliament in today’s session for approval as it's one of the significant elements to striking a deal with IMF.
Pakistan will have to take at least two more prior actions to secure two combined tranches of about $1.85 billion from IMF by the end of July or early August.
Top government sources said these prior actions — which will be in addition to a series of structural benchmarks for the performance review — would be necessary for the Fund’s executive board to approve the merger of the seventh and eighth quarterly reviews of the 39-month, $6bn loan program that originally began in July 2019, as reported by Dawn News.
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June 29, 2022: Malaysian palm oil futures fell more than 1% on Wednesday, snapping a two-day rally after Indonesia raised export quotas for companies.
The benchmark palm oil contract FCPOc3 for September delivery on the Bursa Malaysia Derivatives Exchange fell 68 ringgit, or 1.36%, to 4,921 ringgit ($1,118.92) a tonne during early trade.
Indonesian palm oil companies will be offered larger export quotas under new plans to adjust rules on local cooking oil sales, officials said on Tuesday, part of government efforts to improve domestic distribution after a months-long price crisis.
Dalian's most-active soyoil contract DBYcv1 rose 0.5%, while its palm oil contract DCPcv1 gained 0.8%. Soyoil prices on the Chicago Board of Trade BOcv1 were down 1.1%.
Palm oil is affected by price movements in related oils, as they compete for a share in the global vegetable oils market.
Palm oil may test a support at 4,742 ringgit per tonne, as it could have completed a bounce from the recent low of 4,493 ringgit, Reuters technical analyst Wang Tao said.
Stocks on global indexes fell sharply on Tuesday, with the S&P 500 down 2% after a report showed U.S. consumer confidence dropped in June amid concerns about inflation, while oil prices gained for the third day.
June 29, 2022: Toyota Motor Corp on Wednesday said it missed its already downgraded global production target for May, falling short for the third month running, as China's COVID-19 lockdowns and semiconductor shortages continued to bite.
The world's largest automaker by sales said it produced 634,940 vehicles globally last month, a 5.3% decline from the same month last year and short of its target of about 700,000.
Toyota in mid-April said it planned to produce 750,000 vehicles in May but soon lowered that by 50,000 due to COVID-19 containment measures in Shanghai.
June 29, 2022: The dollar slipped against most major peers on Wednesday as a decline in U.S. yields took some of the sheen off the currency, with investors mulling the risk of a recession from aggressive Federal Reserve rate hikes.
The dollar index, which measures the greenback against six counterparts, eased 0.08% to 104.39, giving back some of its 0.53% rallies overnight, spurred mainly by weakness in the euro.
Treasury 10-year yields slid more than 1 basis point in Tokyo, trading to around 3.17% as Asian equities followed Wall Street lower. U.S. shares fell after a steep drop in U.S. consumer confidence stoked worries about a slowdown as the Fed rushes to get inflation in check.
The euro rose 0.11% to $1.05315 after dipping to $1.05025 on Tuesday after European Central Bank (ECB) chief Christine Lagarde offered no fresh insight on the path for European interest rates at the ECB's annual forum.
The ECB is widely expected to follow its global peers by raising interest rates in July for the first time in a decade to try to cool soaring inflation, though economists are divided on the magnitude of any hike.
Lagarde and Fed Chair Jerome Powell will speak on a panel at the forum later on Wednesday.
"Recession risk will periodically undercut DXY (but) the broader medium-term uptrend likely persists a while yet," Westpac strategists wrote in a client note, referring to the dollar index, which they see sticking to a range of 101 to 105 for now.
They added: "... the DXY is unlikely to peak until we are closer to the end of the Fed's front-loaded tightening cycle."
The dollar slipped 0.08% to 136.04 yen, while sterling rose 0.16% to $1.2204.
Despite the decline in equities, the risk-sensitive Australian and New Zealand dollars staged small rebounds from Tuesday's declines against the greenback, with the Aussie up 0.07% and the New Zealand dollar rising 0.18%.