Tag: Financial

HONG KONG - The world's highest hotel opened its doors in Hong Kong on Tuesday, housed in the city's tallest skyscraper and offering unrivalled panoramic views of the world famous Victoria Harbour.
Towering some 490 metres (1,600 feet) above the bustling, chaotic streets of the Southern Chinese city, the Ritz-Carlton Hotel is making a grand comeback after temporarily closing in 2008.
Visitors peered out of the floor-to-ceiling windows of the 118th floor of the International

KARACHI - Bad debts of the country's banks and development financial institutions (DFIs) have increased by Rs 54 billion to Rs 562.404 billion in second quarter of the current fiscal year, ranging from October 1 to December 31, 2010-11. Bankers and analysts believe that such an exorbitant growth in NPLs is likely to hurt the country's businesses. "This is not good. They should keep it (NPLs) below five percent - between three to four percent of their net loans," viewed former State

ISLAMABAD - Apart from political interests and other obstacles that are forcing ruling parties in all the provinces not to conduct local government (LG) elections, the financial crunch in the Centre is now another reason blocking the way of LG polls in the next financial year.
The federal government has no fiscal space to conduct the elections at the cost of Rs 3 billion, as estimated by the Election Commission of Pakistan (ECP). Balochistan, Khyber Pakhtunkhwa, Punjab and Sindh

KARACHI - Though the incumbent Sindh government is bemoaning its worst-ever financial crisis, at least Rs 6 millions are set to be spent on the purchase of a new video conferencing system for the World Bank-assisted Sindh Cities Improvement Programme, Pakistan Today has learnt. The expenditure, however, is not needed: the parent department of the Sindh Cities Improvement Programme - the Planning & Development (P&D) Department - is in possession of three sophisticated video

ISLAMABAD - Despite an alarming energy deficit, the production of Large Scale Manufacturing (LSM) grew by 1.03 percent during the first seven months of the current year compared to the same period last year.
The overall Quantum Index Numbers (QIN) of LSM stood at 200.63 points during July-January (2010-11) as compared to 198.59 points in July-January (2010-11) last year, according to data of Federal Bureau of Statistics (FBS).
The QIN shows industrial productivity of 100

KARACHI - State Bank of Pakistan Deputy Governor Yaseen Anwar, on Saturday, disclosed that the central bank would soon launch a 10 million UK pound Financial Innovation Challenge Fund (FICF) to spur innovations in the financial services products and delivery channels in the country. Speaking at the inaugural ceremony of NRSP Microfinance Bank Limited (NRSP MFB) in Bahawalpur, he said that the SBP had also launched Improving Access to Financial Services Fund (IAFSF), for enhancing

KARACHI - Despite clear instructions from the Supreme Court, the provincial government and the City District Government Karachi (CDGK) are yet to ensure proper implementation of the industrial waste disposal plan, it has been learnt.
Well-placed sources told Pakistan Today that the provincial and the city governments seem reluctant to take measures for disposing of industrial waste efficiently, as directed by the apex court.
Taking suo motu notice of environmental pollution

LAHORE - The Punjab Education Foundation (PEF) will help restore 86 partner schools in the flood-affected districts of the province. According to the rehabilitation plan a sum of Rs. 0.1 million each for completely damaged schools and Rs. 35 thousand each for partially damaged schools will be provided by PEF.
This was announced by PEF Chairman Raja Muhammad Anwar while presiding over a departmental meeting of PEF program directors and departmental heads at his office. Raja Anwar

KARACHI - MCB Bank has notched up another strong annual performance in terms of financial results and posted profit before tax of Rs 26 billion, an increase of 13 percent compared to 2009, profit after tax touched Rs 17 billion with an increase of nine percent since last year.
According to a press release, the MCB Board of Directors met under the Chairmanship of Mian Mohammad Mansha and reviewed the performance of the Bank for 2010. The financial results for the year ending on

KARACHI - The rising diplomatic temperature with US, in addition to the deteriorating economic and financial situation, spurred jittery investors' behavior and kept the index under pressure. News of an early MTS implementation failed to ignite buoyancy amidst a dearth of triggers. Investors chose to remain cautious, as average trading volumes dwindled to 94 million shares.
The KSE index suffered a loss of 66.05 points and closed at 12361.31 points. LOTPTA led the volume leader's

KARACHI - The financial cost of Pakistan State Oil (PSO) is expected to record a rise of nine percent in quarterly terms to Rs 3.25 billion in the second quarter FY11, mainly on account of rising trade payables, which witnessed a six percent in the quarter according to the latest financial data.
However, the company is expected to receive Rs 1.0 billion as interest incurred by Independent Power Producers (IPP) on overdue receivables. PSO is due to release its 1st Half of

KARACHI - Visa, one of the leading payment solutions providers, has rolled out a financial literacy programme for the media in Pakistan by organising the first educational workshop on financial literacy at the Karachi Press Club (KPC).
Working with members of KPC and the Karachi Union of Journalists (KUJ), the workshop is aimed at spreading awareness of money management skills among the people of Pakistan. Visa Corporate Communications Manager Lama Kabbani in the Middle East

CAIRO - Egypt has substantial reserves to avoid an external payments crisis but these could be seriously depleted within weeks if political protests continue, while its banks may struggle to cope with a rush of withdrawals. In the two working days after the protests erupted on Tuesday, which was a bank holiday, Egyptians and foreign investors transferred hundreds of millions of dollars out of Egypt, currency traders estimated.
The government had $36 billion in foreign reserves at

LAHORE - The Punjab government will abolish 550 posts including special secretaries and additional inspector generals to counter financial problems and strengthen governance in order to better serve the public, Senior Advisor to the Punjab CM Zulfiqar Khosa said on Sunday.
He was addressing a press conference after meeting of a government committee at the CM's Secretariat. Punjab Law Minister Rana Sanaullah and Punjab government spokesman Pervaiz Rashid were also present on the

Darren Aronofsky was under pressure to "pull the plug" on Black Swan before the cameras rolled, because he struggled to win financial backing for the ballet movie. The director has won rave reviews and critical acclaim, as well as numerous awards nominations, for the dark new film, which stars Natalie Portman as a dancer who descends into madness after landing a leading role. Aronofsky admits 'Black Swan' almost didn't get made as numerous investors refused to fund the film, but he

LAHORE - The cash-stripped Punjab government, already facing an overdraft of more than Rs 22 billion, is passing on its financial brunt to contractors, even the Frontier Works Organisation (FWO), engaged in the Lahore Road Rehabilitation Programme (LRRP) Phase II since 2008, Pakistan Today has learnt. CM's Secretariat sources told Pakistan Today that with advent of 2011, the Punjab government assured all contractors including the FWO to improve their payments system for development

ISLAMABAD - The financially-strapped government has been rendered incapable of establishing an infrastructure bank to meet the ever-rising financial needs because of its commitment with International Monetary Fund (IMF), Secretary Finance Waqar Masood Khan informed the Senate Standing Committee on Finance on Wednesday.
He was replying to complaints by the senators that the rolling back development finance institutions (DFIs) was a major impediment in the country's