Rescheduling NBP loan for TIP: finance links GoP guarantee to ECC nod
The Finance Ministry is reported to have refused to give GoP guarantee in favour of National Bank of Pakistan (NBP) for rescheduling of the loan of Telephone Industries of Pakistan (TIP) until Economic Co-ordination Committee (ECC) of the Cabinet gives green signal, sources told Business Recorder.
RPP to narrow supply, demand gap: Ashraf
Federal Minister for Water and Power Raja Pervaiz Ashraf on Sunday said the government has approved installation of rental power plant until other setup is arranged, adding it is top priority of the government to end load shedding as soon as possible.
Adamjee Insurance Company Limited (AICL) earnings slip for 1HCY09
Adamjee Insurance Company Limited (AICL) for the period ended June 30, 2009 (1HCY09) logged a decrease in profit after tax by 80.53 per cent.
According to financial results, the company reported profit after tax worth Rs582.52 million (EPS: Rs5.18) in first half of the Calendar Year 2009 as compared to profit after tax of Rs2.99 billion (EPS: Rs26.66) during the same period of last year. The company has also declared a cash dividend of Rs1.5 per share, i.e. 15 per cent.
Banking spreads shrink 17bps MoM
The net interest rate spreads of the banking sector declined by 17 basis points on month-on-month basis to 7.35 per cent in July 2009 from 7.52 per cent in previous month. Data released by State Bank of Pakistan (SBP) show that the spreads measured by the difference between lending rates, charged from borrowers, and deposit rates, paid to depositors, are at their lowest level since January 2009. However, on YoY basis, they are still 30bps higher as compared to 7.05 per cent in the same month of the last year.