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Company News: Pakistan


Established in 1942 in Bombay, Habib Insurance is part of Habib Group and was relocated to Karachi in 1947. Being in insurance business, the company focuses on fire, marine, motor, engineering and miscellaneous insurance. Also, the company has reinsurance arrangements with one of the leading reinsurers including Hannover Re, Scor Re, Korean Re, Trust Re, Best Re and Pakistan Reinsurance.

Askari Bank has announced a 10 percent cash dividend. The Bank posted impressive results for the second consecutive quarter and first half of 2014. It reported a profit of Rs 2.1 billion. The Bank also announced a 10 percent interim cash dividend. The announcement leads the banking sector and Askari Bank's results are way ahead of analysts' expectations.
The Bank of Punjab has declared the profit rates on its various PLS deposit schemes for the six months ended Jun e 30, 2014:

The National bank have declared the profit rates on its various PLS deposit schemes for the six months ended Jun e 30, 2014:

The Board of Directors of HBL reviewed performance of the HBL Group (the Group) and have approved financial statements for the six months ended June 30, 2014. The Group has continued to deliver during 2014 with another strong performance. The fundamentals of the Group remain very strong with growth in balance sheet size, improving core CASA deposits, healthy contribution from both mark-up and non mark-up income, effective risk management and strong capitalization.
Hascol Petroleum Limited, a recently public quoted company on the stock exchanges of Pakistan, has acquired 28.48 percent of Class 'A' ordinary share capital, which constitutes 11.40 percent of the total ordinary share capital of Pakistan Refinery Limited. Pakistan Refinery Limited is quoted on the Karachi and Lahore stock exchanges. Hascol Petroleum Limited has informed the stock exchanges on 16th July 2014.
Sunrays Textiles Mills Limited (KSE: SUTM) was established in 1987 as a public limited company and is listed on Karachi Stock Exchange. Sunrays, owned by Mian Mohammad Ahmed as Chairman, is part of family group of companies, Indus Group of companies that is the leading textile group in Pakistan, operating in the sector of yarn manufacturing and cotton ginning. Indus group has been engaged in the textile industry since 1955.


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Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
Trade Balance $-1.558 bln
Exports $2.117 bln
Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln