The curtain finally closed on the balance of payments for Pakistan with the current account deficit clocking in at a whopping $4.5 billion for FY12 against a surplus of $214 million in FY11. In fact, the April-June quarter was particularly hard-hitting for the country, recording the worst current account deficit amongst all the four quarters at $1.5 billion.
Can digital footprints lead to greater financial inclusion? This was the question that the researchers at the Consultative Group to Assist the Poor, a reputable research and policy center at the World Bank, set out to explore. After all, there are over two billion people in the world who have mobile phones but no bank accounts, with majority of them in low income segments.
Corporate results are pouring in, and on behalf of the domestic banking industry, United Bank Limited (UBL) performed the ribbon cutting ceremony for 1HCY12 result season on Wednesday after it recorded a fat bottom line of Rs.9.3 billion in the first half of CY12.
The Hub Power Company announced its FY12 annual results yesterday, reporting a massive 51 percent year-on-year increase in after-tax profits. The commendable top line growth translated in the impressive bottom line performance as the Company rode on higher revenues owing to multiple factors.
The holy month of Ramazan is just around the corner. Every long and hot day while fasting and abstaining from food and fluids would give way to feasting in the evening, so trust those taste buds to crave for more of everything. Therefore, the outlook for sweeteners looks bright in Ramazan, as the consumption of confectioneries, bakery items, sweets and soft drinks would grow manifold.
It’s the fourth year of the free fall, but it is still no surprise to anyone. Foreign direct investment signed off FY12 with a dreary performance as prospects for foreign investment in the country continued to be fraught with uncertainties and risks.