Tag: Debt
Investors wary of NPL as circular debt mounts
KARACHI - Uncertainty regarding circular debt, plant efficiency and timings of dividend payment are likely reasons of Nishat Power Limited's (NPL) inability to gain market strength. Investors are surprised that, despite more than expected earning per share of Rs 3.4 in the first half of the Financial Year 2011, NPL has been unable to gain investors' attention.
With electricity tariffs put on hold for the last several months, government is bearing a monthly subsidy of Rs 15 to16
With electricity tariffs put on hold for the last several months, government is bearing a monthly subsidy of Rs 15 to16
Circular debt weighs on HUBCO
KARACHI - The lingering issue of circular debt has continued to haunt the power sector as the Water and Power Development Authority (WAPDA) is yet to repay at least Rs 88 billion to the Hub Power Company (HUBCO). In addition, WAPDA also failed to provide HUBCO with a Letter of Credit (LoC) worth Rs 12.92 billion, as required under the Power Purchase Agreement (PPA). WAPDA's inability to clear outstanding dues has rendered the power company with a hefty default of at least Rs 75
Circular debt hovering around Rs 230b
ISLAMABAD - The circular debt in net term has reached the mark of Rs 230 billion, with the major contributors being inefficient power distribution companies (DISCOs) that have failed to control massive line losses and theft to the tune of Rs 125 billion per annum.
An official source said the government had decided not to increase power tariff during the current fiscal year and would attempt to bridge the remaining difference through better management and efficiency of DISCOs. The
An official source said the government had decided not to increase power tariff during the current fiscal year and would attempt to bridge the remaining difference through better management and efficiency of DISCOs. The
Gilani directs Shaikh to resolve circular debt issue
ISLAMABAD - Prime Minister Yousaf Raza Gilani on Friday asked Finance Minister Abdul Hafeez Shaikh to hold meetings with all the stakeholders and resolve the circular debt issue. In a meeting held at the Prime Minister's House and also attended by Petroleum Secretary Imtiaz Qazi and PSO MD Irfan Qureshi, Gilani directed Shaikh to discuss the issue and come up with a solution after holding meetings with the secretaries of Petroleum, Water and Power and Railways at the earliest.
Askari Bank leads clients into debt trap
LAHORE - The management of Askari Bank despite promising the provision of settlement letters to customers has done little in this regard and customers are apparently in a bind over the bank's actions. The matter has dragged on for a year and there seems to be no end in sight. The State Bank of Pakistan (SBP) has advised the aggrieved clients of Askari Bank to lodge complaints with the Consumer Protection Department and to take up the matter with the Banking Mohtasib.
Apparently,
Apparently,
Father plunges into debt after saving daughter’s life
KARACHI - Veena, a six-year-old patient of severe aplastic anemia, has finally been operated upon. After media reports, some philanthropists had stepped forward and helped her father Bhooro Meghwar to bear the expenses of the lengthy and costly treatment, but he still needs Rs 1.2 million for paying the bill of the private hospital where the operation took place.
Though Sindh Health Secretary Hashim Raza Zaidi had written a letter to Meghwar ensuring to provide him with financial
Though Sindh Health Secretary Hashim Raza Zaidi had written a letter to Meghwar ensuring to provide him with financial
Cold shoulder adds to Pakistan’s debt woes
KARACHI - The excruciatingly slow transfer of around $5.3 billion, pledged by the Friends of Democratic Pakistan (FoDP) in Tokyo some two year ago, has compelled Pakistan to default on loans of millions of dollars owed to multinational lending agencies.
In April 2009, the supporters of democracy in Pakistan from some 26 nation states and multinational organisations meeting in the Japanese capital, Tokyo, had assured the provision of at least $5.3 billion over the next three
In April 2009, the supporters of democracy in Pakistan from some 26 nation states and multinational organisations meeting in the Japanese capital, Tokyo, had assured the provision of at least $5.3 billion over the next three
Domestic debt hits Rs 5.5 trillion
KARACHI - Pakistan's domestic debt hit the mark of Rs 5.50 trillion in December 2010 because of the government's borrowing policy. In September 2010, the government's domestic debt and liabilities amounted to Rs 5.191 trillion, which shot up to Rs 5.5 trillion in December 2010, showing an increase of Rs 306 billion in just three months.
On a year-on-year basis the domestic debt showed an alarming growth of Rs 1.05 trillion from December 2009 to December 2010. In December 2009,
On a year-on-year basis the domestic debt showed an alarming growth of Rs 1.05 trillion from December 2009 to December 2010. In December 2009,
Pakistan’s debt mounts to Rs 10.745tr
KARACHI - The country's total foreign and domestic debt has increased to a record mark of Rs 10.745 trillion by September 2010, while the debt to GDP ratio surged to 73.3 percent, up from 63.4 percent in September 2009.
In September 2009, the country's combined debt stood at Rs 9.30 trillion, which rose to Rs 10.745 trillion due to the government's massive borrowings to meet its budgetary deficit. The combined debt grew by Rs 445 billion between September 2009 and September 2010.
In September 2009, the country's combined debt stood at Rs 9.30 trillion, which rose to Rs 10.745 trillion due to the government's massive borrowings to meet its budgetary deficit. The combined debt grew by Rs 445 billion between September 2009 and September 2010.
What is Plan B if China dumps its US debt?
NEW YORK - When borrowing money it's always good to have a Plan B in case a big creditor pulls the plug. That should be true whether the sum is a few thousand dollars or about a trillion, the size of the United States government's debt to China. With Chinese President Hu Jintao due to arrive in Washington on Tuesday, it is worth asking US officials' Plan B just in case one day relations take a surprise turn for the worse and Beijing dumps its holdings of US treasuries.
China is
China is
Standard Chartered wins Best Debt House award
KARACHI - Standard Chartered Pakistan has once again won the Asset Triple A award for the "Best Debt House in Pakistan" for 2010. This is the third year in a row that Standard Chartered has won this accolade. This award is recognition of Standard Chartered's superior structuring and distribution capabilities, while the bank reinforces its dominant leadership position in the capital markets of Pakistan.
Commenting on the recognition Standard Chartered Bank Pakistan Chief
Commenting on the recognition Standard Chartered Bank Pakistan Chief
Speakers urge debt cancellation for rehabilitation of flood survivors
KARACHI - Civil society activists on Thursday termed foreign debt a political issue rather than an economical one that is used as a tool for domination over the poor country.
Delivering presentations at a seminar titled 'Debt Cancellation for Rehabilitation,' organised by the Pakistan Fisherfolk Forum (PFF) in collaboration with Oxfam, the speakers demanded the cancellation of debts to help flood survivors. The seminar was a part of series of a debt cancellation campaign.
In
Delivering presentations at a seminar titled 'Debt Cancellation for Rehabilitation,' organised by the Pakistan Fisherfolk Forum (PFF) in collaboration with Oxfam, the speakers demanded the cancellation of debts to help flood survivors. The seminar was a part of series of a debt cancellation campaign.
In
China to buy
MADRID - Chinese Vice Premier Li Keqiang has said Beijing is willing to buy about
The DEBT
LOS ANGELES - The Debt traces fictional events taking place in 1965 as three young Mossad agents are charged with the duty of bringing Vogel (Jesper Christensen), a Nazi war criminal referred to as the "Surgeon of Birkenau", to justice.
A remake of Assaf Bernstein's 2007 film of the same name, director John Madden (Shakespeare in Love) tells the story of Rachel (Jessica Chastain/Helen Mirren), David (Sam Worthington/Ciaran Hinds) and Josef (Marton Csokas/Tom Wilkinson), covering
A remake of Assaf Bernstein's 2007 film of the same name, director John Madden (Shakespeare in Love) tells the story of Rachel (Jessica Chastain/Helen Mirren), David (Sam Worthington/Ciaran Hinds) and Josef (Marton Csokas/Tom Wilkinson), covering
ECB says it bought 1.1b euros more public debt
FRANKFURT - The European Central Bank said on Monday that its government bond purchases amounted to 1.121 billion euros (1.47 billion dollars) last week, almost double the amount of the previous week.
Total purchases of public debt under the controversial Securities Markets Programme that began in May have now risen to 73.5 billion euros, an ECB statement said. On December 20, the bank said that weekly purchases had fallen to 603 million euros from 2.677 billion in the previous
Total purchases of public debt under the controversial Securities Markets Programme that began in May have now risen to 73.5 billion euros, an ECB statement said. On December 20, the bank said that weekly purchases had fallen to 603 million euros from 2.677 billion in the previous
Egypt hopes for quick accord on Saddam-era debt
BAGHDAD - Egypt's Foreign Minister Ahmed Abul Gheit said in Baghdad on Sunday that Cairo hopes for a quick accord with Iraq on the hundreds of millions of dollars of Saddam-era debt.
"We have indications that there is confirmed intention (by Iraq) to resolve this issue, and we hope to reach a quick settlement," Abul Gheit said at a joint news conference with Iraqi Foreign Minister Hoshyar Zebari. Egypt has put the figure at double Iraq's estimate of the amount.
Mufid Shehab,
"We have indications that there is confirmed intention (by Iraq) to resolve this issue, and we hope to reach a quick settlement," Abul Gheit said at a joint news conference with Iraqi Foreign Minister Hoshyar Zebari. Egypt has put the figure at double Iraq's estimate of the amount.
Mufid Shehab,
Energy circular debt hovering around Rs 180b
KARACHI - The circular debt of the energy sector has been hovering around Rs180 billion that has crippled the financial health of entities operating in this field.
The federal government attempted to tackle this crisis by floating the Term Finance Certificates and also formed a banking consortium, but the debt issued continued to undermine this sector that could make the companies engaged in this business unviable.
The President, Petroleum Marketing Business of Byco Kalim A
The federal government attempted to tackle this crisis by floating the Term Finance Certificates and also formed a banking consortium, but the debt issued continued to undermine this sector that could make the companies engaged in this business unviable.
The President, Petroleum Marketing Business of Byco Kalim A
