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Author: Faisal Shahnawaz

  • Pakistan premier arrives Russia after two decades

    Pakistan premier arrives Russia after two decades

    MOSCOW: Prime Minister Imran Khan on Wednesday arrived Russia, which is the first visit of any Pakistani premier in last two decades.

    The prime minister was accorded a accorded a red carpet welcome upon his arrival to Russia on a two-day official visit.

    Upon arrival at the airport, the prime minister and his delegation was warmly received by Deputy Russian Foreign Minister Igor Morgulov and the high officials of Pakistan Embassy. The prime minister was also given a guard of honour.

    READ MORE: PM Imran visits Russia on February 23-24

    The prime minister is undertaking the visit at the invitation of President of the Russian Federation Vladimir Putin.

    The prime minister is accompanied by a high-level delegation including federal ministers Shah Mahmood Qureshi, Chaudhry Fawad Hussain, Asad Umar, Hammad Azhar, Commerce Advisor Abdur Razzak Dawood, National Security Advisor Moeed Yusuf and Member of the National Assembly Amir Mahmood Kiani.

    After a span of two decades, this is the first visit by a Pakistani prime minister to Russia.

    READ MORE: PM Imran announces setting up technology startup fund

    The bilateral summit will be the highlight of the visit. During the summit meeting, the two leaders will review the entire spectrum of bilateral relations including energy cooperation, according to Foreign Office.

    They will also have a wide-ranging exchange of views on major regional and international issues, including Islamophobia and the situation in Afghanistan.

    READ MORE: Tax reduced on POL products to ease inflation: PM Imran

    The prime minister’s visit will contribute to the further deepening of the multifaceted Pakistan-Russia bilateral relationship and enhancement of mutual cooperation in diverse fields.

    Pakistan-Russia relations have made impressive progress over the past two decades. There has been regular interaction between the two sides at the highest level as well as the working level.

    Prime Minister Imran Khan has spoken thrice to President Putin on August 25, 2021, September 14, 2021 and January 17, 2022. The prime minister has also extended an invitation to President Putin to visit Pakistan.

    READ MORE: PM Imran launches 2nd phase of Raast payment system

  • United Bank posts Rs30.62 billion net profit for 2021

    United Bank posts Rs30.62 billion net profit for 2021

    KARACHI: United Bank Limited (UBL) on Wednesday posted Rs30.62 billion profit after tax for the year ended December 31, 2021, according to financial results submitted to Pakistan Stock Exchange (PSX)

    The bank registered 47 per cent growth in profit after tax for the year under review as compared with Rs20.78 billion in the preceding year.

    The bank announced earnings per share at Rs24.84 for the year ended December 31, 2021 as compared with Rs17.10 in the preceding year.

    READ MORE: UBL gets DD approval to acquire Telenor Microfinance Bank

    Analysts at Arif Habib Limited said that the earnings jumped mainly on the back of reversals in provisioning and a surge in net fee income (NFI).

    The bank announced a dividend of Rs6.00 per share for the quarter taking total payout to PKR 18.00 per share for the year ended December 31, 2021.

    Net Interest Income (NII) of the bank settled at Rs74.7bn during the year under review, decreasing 3 per cent Year on Year YoY/ 2 per cent Quarter on Quarter (QoQ) attributable to significant rate hikes during the previous year leading to sharp increase in interest expense.

    READ MORE: UBL declares 42% growth in net profit in nine months

    NFI depicted a rise of 29 per cent YoY mainly due to massive jump in capital gains (469 per cent YoY) followed by higher dividend income (80 per cent YoY) and foreign exchange income (8 per cent YoY). On a sequential basis, NFI was up 19 per cent QoQ mainly due to a 23 per cent QoQ jump in Fee income.

    The bank booked a net reversal of Rs1.5 billion in the year ended December 31, 2021 compared to huge provisioning of Rs17.2 billion during the preceding year. This could be on the back of stronger economic activity and improved asset quality helping the bank to book reversals against Non-Performing Loans (NPLs).

    The bank’s operating expenses rose 9 per cent YoY/16 per cent QoQ. Cost/Income clocked-in at 49 per cent during the year under review compared to 46 per cent same period last year.

    Effective tax rate was set at 41 per cent during the year ended December 31, 2021 compared to 39 per cent in the preceding year.

  • Customs officer awarded ‘dismissal from service’

    Customs officer awarded ‘dismissal from service’

    ISLAMABAD: An officer of Pakistan Customs has been awarded the major penalty of ‘dismissal from service’ on charges of inefficiency and misconduct.

    According to an official order issued by the Federal Board of Revenue (FBR) on Wednesday, disciplinary proceedings under the Government Servants (Efficiency & Discipline) Rules, 1973 were initiated against Ghulam Hussain Khoso, Inspector (BS-16) posted in Collectorate of Customs (Enforcement), Quetta through a charge sheet issued on June 20, 2020 on account of ‘Inefficiency’ and ‘Misconduct’ under Rule-3(a)&(b) of the Government Servants (E&D) Rules, 1973.

    READ MORE: Customs I&I impounds smuggled fabric in Islamabad

    Akbar Jan, the then Deputy Collector (PCS/BS-18), Model Customs Collectorate (Enforcement & Compliance), Quetta was appointed as Inquiry Officer to conduct inquiry into the case on account of acts of omission and commission as detailed in the Charge Sheet / Statement of Allegations.

    The inquiry officer submitted the report dated October 09, 2020. According to the report the charges of inefficiency and misconduct were established against the accused officer.

    READ MORE: MCC Gwadar seizes huge quantity of methamphetamine

    Accordingly, the Collector, Collectorate of Customs (Enforcement), Quetta / Authorized Officer served Show Cause Notice dated November 26, 2020 upon the accused.

    Upon receipt of reply to the Show Cause Notice, the accused was granted personal hearings on December 14, 2020, December 22, 2020 and December 31, 2020 to show cause in his defence.

    READ MORE: Peshawar Customs seizes narcotics worth Rs80 million

    The authorized officer, after considering the inquiry report, reply to Show Cause Notice and oral submissions made during the personal hearings, found the accused guilty of “Inefficiency” & “Misconduct” under Rule-3(a)&(b) of the Government Servants (Efficiency & Discipline) Rules, 1973 and recommended to the Authority i.e Member (Administration/Human Resource), FBR to impose major penalty of “Dismissal from Service” upon the accused officer as prescribed under Rule-4(1)(b)(iv) of the Government Servants (Efficiency & Discipline) Rules, 1973.

    READ MORE: Gwadar Customs seizes opium worth Rs80 million

    The Member (Admn/HR) / Authority after having considered all aspects of the case and submissions made by the accused during the personal hearing granted to him by the Authority, has imposed major penalty of “Dismissal from Service” upon Ghulam Hussain Khoso, Inspector (BS-16), Collectorate of Customs Enforcement, Quetta under Rule-4(1)(b)(iv) of the Government Servants (Efficiency & Discipline) Rules, 1973.

    The accused shall have the right of appeal as admissible under the Civil Servants (Appeal) Rules, 1977, according to the FBR.

    READ MORE: FBR invites applications for 952 vacant posts in Pakistan Customs

  • OGDCL declares over 63% net profit for 1HFY22

    OGDCL declares over 63% net profit for 1HFY22

    KARACHI: Oil and Gas Development Company Limited (OGDCL) on Wednesday announced financial results for the half year ended December 31, 2021.

    The company announced over 63 per cent growth in net profit to Rs69 billion for the first half (July – December) 2021/2022 as compared with Rs42.22 billion in the corresponding period of the last fiscal year.

    READ MORE: OGDCL declares Rs33.63 billion net profit in first quarter

    The company announced earnings per share (EPS) at Rs16.02 for the half year ended December 31, 2021 as compared with Rs9.82 announced in the corresponding half of the last year.

    The board of directors of the company in their meeting held on February 23, 2022 approved an interim cash dividend for the quarter ended December 31, 2021 at Rs2 per share i.e. 20 per cent. This is in addition to interim dividend already paid at Rs1.75 per shre i.e. 17.50 per cent.

    READ MORE: OGDCL discovers huge gas deposits in Balochistan

    According to the financial results, the sales of the company registered a massive increase to Rs151.16 billion for the first half of the fiscal year 2021/2022 as compared with Rs110.97 billion in the corresponding half of the last fiscal year.

    Operating expenses of the company were flat at Rs34.37 billion in July – December 2021/2022 as compared with Rs33.3 billion in the same period of the last fiscal year.

    READ MORE: OGDCL announces gas discovery in KPK

    OGDCL paid an amount of Rs17 billion as royalty during the first half of the current fiscal year as compared with Rs12.9 billion in the corresponding half of the last fiscal year.

  • Equity market gains 121 points in volatile trading

    Equity market gains 121 points in volatile trading

    KARACHI: Pakistan equity market gained 121 points on Wednesday in a volatile trading during the day.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 45,133 points as against previous day’s closing of 45,012 points, showing an increase of 1201 points.

    READ MORE: Stocks plunge 351 points on high international oil prices

    Analysts at Arif Habib Limited said that the market remained volatile today due to political unrest and higher commodity prices.

    Cement sector remained under pressure due to higher international coal prices.

    READ MORE: Equities shed 313 points in lackluster trading

    In banking sector, UBL remained in the limelight due to announcement of tremendous financial result beating market expectations.

    In the last trading hour, value hunting was observed which led the recovery in the market. Activity continued to remain side-ways as market witnessed hefty volumes in the 3rd tier stocks.

    READ MORE: Weekly Review: positive sentiments likely on PM Moscow visit

    Sectors contributing to the performance include Cement (+69.3 points), Banks (+48.0 points), Automobile Assembler (+19.1 points), Tobacco (+11.6 points) and Technology (+11.4 points).

    Volumes decreased from 227.2 million shares to 186.4 million shares (-18.0 per cent DoD). Traded value also decreased by 10.8 per cent to reach US$ 38.6 million as against US$ 43.3 million.

    Stocks that contributed significantly to the volumes include BOP, TELE, WTL, MLCF and TPLP.

    READ MORE: Stocks gain 235 points on declining crude oil prices

  • SBP issues KIBOR rates on February 23, 2022

    SBP issues KIBOR rates on February 23, 2022

    KARACHI: State Bank of Pakistan (SBP) on Wednesday issued the Karachi Interbank Offered Rates (KIBOR) as of February 23, 2022.

    Following are the latest KIBOR rates:

     TenorBIDOFFER
    1 – Week9.7410.24
    2 – Week9.7910.29
    1 – Month9.8910.39
    3 – Month10.2310.48
    6 – Month10.6010.85
    9 – Month10.6711.17
    1 – Year10.7411.24
    SBP issues KIBOR rates on February 22, 2022
  • Customers’ exchange rates on February 23, 2022

    Customers’ exchange rates on February 23, 2022

    Karachi, February 23, 2022: The State Bank of Pakistan (SBP) has published the official exchange rates for February 23, 2022, shedding light on the currency values against the Pakistani Rupee.

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  • PKR gains seven paisas to dollar in interbank

    PKR gains seven paisas to dollar in interbank

    KARACHI: The Pak Rupee (PKR) made a gain of 7 paisas to the dollar on Wednesday as easing prices of international oil.

    The rupee ended Rs176.16 to the dollar from previous day’s closing of Rs176.23 in the interbank foreign exchange market.

    READ MORE: Rupee plummets 48 paisas to dollar

    Currency experts said that the oil prices in the international market witnessed ease which helped the local currency to rebound against the dollar.

    The benchmark Brent crude fell to $76.25 per barrel after hitting $99.50 on Tuesday owing to Russia – Ukraine tensions.

    READ MORE: Dollar falls 11 paisas to PKR

    Pakistan is net importers of oil products to meet the local demand. The oil bill of the country surged by 107 per cent to $11.7 billion during the first seven months (July – January) of the current fiscal year as compared with $5.64 billion in the corresponding months of the last fiscal year.

    READ MORE: PKR slides 47 paisas to dollar on payment demand

    On the other hand, the scheduled repayment of foreign debt by the government was another reason for rupee depreciation.

    The liquid foreign exchange reserves of the country slipped by $231 million to $23.49 billion by the week ended February 11, 2022 as compared with $23.721 billion a week ago. Similarly, the official reserves of the State Bank of Pakistan (SBP) fell by $241 million to $17.096 billion by the week ended February 11, 2022 as compared with $17.337 billion a week ago.

    READ MORE: Rupee rallies 28 paisas to dollar as world oil prices slide

  • Bitcoin to Pak Rupee on February 23, 2022

    Bitcoin to Pak Rupee on February 23, 2022

    The exchange rate of Bitcoin (BTC) has witnessed a notable surge, reaching Rs 6,711,653.43 against the Pakistani Rupee (PKR) in the open exchange market as of February 23, 2022.

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  • Ripple to Pak Rupee on February 23, 2022

    Ripple to Pak Rupee on February 23, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pak Rupee (PKR) is Rs126.62 on February 23, 2022, in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs121.90 on February 22, 2022.

    The rate of Ripple in US Dollar (USD) is $0.72 on February 23, 2022, in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.69 on February 22, 2022.

    Disclaimer: All data and information are provided for informational purposes only. The data has not been provided for trading purposes or financial, investment, tax, legal, accounting, or other advice. In the case of trading, it is advised to consult your broker or financial representative to verify pricing before executing any trade. The exchange rate does not constitute investment advice. Further, it is not a recommendation to buy, sell or hold any security or financial product.

    Ripple to Pak Rupee on February 22, 2022