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KARACHI: Listed banks’ profitability clocked in at Rs153 billion, down one per cent year-on-year and 2pc quarter-on-quarter in October-December 2024, according to a research report of Topline Securities. “For analysis we have taken all listed banks that have announced their financial results except for Bank of Khyber (BOK), Samba Bank (SBL), and Silk Bank, which have not yet announced their results,” said the report. Despite the decline in interest rates, the sector’s net interest income clocked in at Rs523bn, up 5pc YoY and 4pc QoQ in 3Q2024, led by volumetric growth and favourable re-pricing impact. Interest income declined by 4pc…
• Surging reliance on duty-free imports to cost $5bn• Steps needed to revive growers interest in cotton crop LAHORE: Pakistan’s cotton industry is facing an alarming crisis as national production plunges to the second-lowest level in the country’s history, falling nearly 50 per cent short of the official target and 34pc below last year’s output, reveals the Pakistan Cotton Ginners Association (PCGA) final report for the crop season 2024-25 released on Monday. Interestingly, despite this sharp production decline, approximately 365,000 bales of unsold cotton are stockpiled in ginning factories, sparking fears of an unprecedented reduction in cotton cultivation for the…
ISLAMABAD: Pakistan on Monday assured major international lenders, including the International Monetary Fund, World Bank, and Asian Development Bank, that independent power producers (IPPs) unwilling to renegotiate contracts could opt for either a forensic audit or international arbitration, following recent protests over ‘forced contract revisions’. Power Minister Awais Ahmad Khan Leghari also informed the lenders during a meeting that the government would soon ‘rationalise’ solar net metering while also offering cheaper electricity to select consumers for incremental consumption at ‘marginal cost’ to boost faltering demand. A couple of weeks ago, a group of international lenders, excluding the IMF, sent a…
ISLAMABAD: The existing Pakistan Railways pension policy, which was formulated a decade back, is financially unsustainable, the Senate Standing Committee on Railways was informed on Monday. During the review of budgetary allocations by the parliamentary committee, the Inspector General of Railway Police proposed the introduction of a contributory pension system to alleviate financial pressure on the government. The committee expressed concern over contractual recruitments, emphasising the need for transparency and merit-based appointments. When a senator highlighted the importance of converting contractual positions to regular employment, the railway secretary informed the parliamentary committee that the department had 58,000 positions against the…
ISLAMABAD: The Ministry of National Food Security has decided to shift the focus of its projects under the Public Sector Development Programme (PSDP) to information technology and technological innovation. Secretary Waseem Ajmal Chaudhry informed the Senate Standing Committee on National Food Security and Research on Monday that the ministry was helping farmers using tube-wells to switch to solar energy. But he admitted that progress had not been up to the mark and the execution of projects was quite slow. “Despite these challenges, the ministry remains committed to achieving its targets by June,” he said. Ajmal Chaudhry briefed the committee about…
• Consumer Price Index eases 0.8pc month-on-month; falls to 1.5pc year-on-year• Falling food prices contribute to slowdown; decline exceeds even ministry’s expectations• PM credits economic team, says macroeconomic gains reaching people ISLAMABAD: Annual inflation continued its downward trend, falling to a nearly decade-low of 1.5 per cent year-on-year in February, primarily driven by a decline in perishable food prices, especially wheat flour. The decline even exceeded the Ministry of Finance’s expectations, which had projected inflation to remain between 2pc and 3pc. In its February report, the ministry also predicted that the figure would rise to between 3pc and 4pc by…
The euro rallied in European trade on Monday against a basket of major rivals, starting its recovery from two-week lows against the dollar and on track for the first profit in four days as European leaders agreed to present urgent plans to the US to achieve peace in Ukraine. Additionally, after bullish remarks from some European Central Bank officials, the odds of a March ECB interest rate cut dropped, with traders awaiting important eurozone inflation data later today to gather more clues. The Price The EUR/USD pair rose 0.5% today to $1.0423, with a session-low at $1.0399. …
The US dollar fell in European trade on Monday against a basket of major rivals away from two-week highs, on track for the first loss in four days on profit-taking with demand tapering off. The risk sentiment improved in the markets after European leaders agreed on an emergency peace plan for Ukraine, and after calmer statements from Trump officials on upcoming tariffs. Now investors await important US manufacturing data later today, expected to provide fresh pricing to the odds of a Fed rate cut in upcoming months. The Index The dollar index fell 0.6% today to…
The US dollar fell in European trade on Monday against a basket of major rivals away from two-week highs, on track for the first loss in four days on profit-taking with demand tapering off. The risk sentiment improved in the markets after European leaders agreed on an emergency peace plan for Ukraine, and after calmer statements from Trump officials on upcoming tariffs. Now investors await important US manufacturing data later today, expected to provide fresh pricing to the odds of a Fed rate cut in upcoming months. The Index The dollar index fell 0.6% today to…
As China’s political elite gather for the country’s annual legislative sessions this week, we examine the broader forces likely to influence policies and decision-making for the coming year. The third part of the series delves into how much more investible the nation has become in a short span.As top lawmakers gather in Beijing to decide the policy direction during China’s annual parliamentary meetings this week, the world is keeping its eyes peeled for signs that leadership is doing what needs to be done to reinvigorate the economy and reinforce China’s place in the global tech race.In the lead-up to the…