Five of the biggest local banks were awarded an improved outlook on local currency deposit ratings by the market favourite Moody’s Investors Service. The market’s response!? Dull!! Rather surprisingly, each one of the leading five banks fresh from a change in outlook from negative to stable-–saw their share prices dip, while the market made new highs.
Soon after the allowance of window takaful operations, conventional insurers have been itching to adopt the newest wrinkle. Following in the footsteps of Jubilee Insurance, EFU General has now expressed its willingness to get regulatory approvals from SECP to enter into the takaful business.
July 17, 2014, would go down in history as the day when KSE-100 finally crossed the 30,000 mark. A healthy gain of 400 points in a single day helped the index to close at an all time high of 30,177 points, taking CY14 to date return to 19 percent.
A willing borrower, an even more willing lender--good rates ought to be the product. This is what the PIB story has been of late. The most recent auction result threw a few surprises though, both in terms of participation and the yields. For the first time in 2014, the target was missed and that too, considerably, as government accepted bids worth only Rs56 billion.
This Ramazan, it is tough to escape the comfort of removing the box from the freezer, throwing food into the frying pan, for an instantly-served hot Iftar that entails no real cooking. When life gets busy, the frozen entrée can avoid you the stress in the kitchen and precious time.
Downstream state-owned energy companies have been awful for quite some time. It used to be the power discos for the longest time, but the disease has gradually transmitted to gas discos as well. The recipe for disaster has not changed much though. Less than desired tariff increase, ever-increasing inefficiencies, line losses, theft and piling circular debt. All sounds painfully familiar.