Meeting on circular debt today: Ample liquidity to absorb Rs100bn TFCs
As banks have ample liquidity to absorb the proposed government bonds to eliminate the circular debt, a crucial meeting between banks and government officials would be held on Friday, said the industry sources.
PSO signs MoU for LPG retail network
Pakistan State Oil and Associated Group, an LPG producer, has signed a memorandum of understanding (MoU) for developing a sustainable LPG auto- gas market.
PSMC posts historic loss of Rs 22 billion
The country's single largest steel producer - Pakistan Steel Mills Corporation (PSMC) has posted historical loss of over Rs 22 billion in FY09 - first time in nine years due to ineffective policies, non technical management and global economic recession, Business Recorder learnt on Thursday. The government owned PSMC was a profitable organisation till FY08 as it was enjoying good profits since FY01, however it has been suffering massive losses since then.
Atlas Bank gets extension to meet MCR
The State Bank of Pakistan on Thursday granted Atlas Bank Ltd an extension till Nov 30 to meet the minimum capital requirement and capital adequacy ratio.
ICI declares 35pc interim dividend
Board of Directors of ICI Pakistan approved Thursday distribution of 35 per cent interim dividend for its shareholders, translating into a payout of approximately Rs486 million, along with its financial results for the second quarter of the Calendar Year 2009 (2QCY09).
Standard & Poor (S&P) promotes Mobilink to B-minus: Uptick reflects company’s funding profile improved
Standard & Poor's Ratings Services said on Thursday it raised its long-term corporate credit rating of Pakistan-based wireless service provider Pakistan Mobile Communications Ltd (Mobilink) to 'B-' from 'CCC+'. The outlook is stable. At the same time, S&P raised its issue rating on the company's $112.2 million senior unsecured notes due 2013 to 'B-' from 'CCC+'.
Failure to deduct/deposit WHT: proceedings against withholding agents begin
The Federal Board of Revenue (FBR) has initiated penalty proceedings against a large number of the withholding agents, who failed to deduct and deposit the withholding tax from prize bonds winners, non-resident media persons, brokerage/commission and other priority areas. In this connection, the FBR has dispatched a list of priority areas to the field formations to verify deduction of tax under the enforcement plan.