IMF to urgently grant $450mn aid
The International Monetary Fund agreed Thursday to give Pakistan $450 million in emergency flood aid, providing some relief for a government overwhelmed by the disaster and facing renewed militant violence.
IMF Managing Director Dominique Strauss-Kahn said in Washington that funds would be dispersed in "coming weeks." Strauss-Kahn said discussions with a delegation led by Pakistan's Finance Minister Abdul Hafeez Shaikh on how to "reorganise" an $11 billion IMF loan program would continue.. more... (TFD)
Refiners margins slide 1pc QoQ
The downward price trend of crude oil has adversely affected the domestic Gross Refinery Margin (GRM) for the month of September, declined 17 per cent MoM to $2.61/bbl. more... (TFD)
KSE, SECP cross swords
The run-in between the members of Karachi Stock Exchange and SECP doesn't seems to be a one-off as KSE members Tuesday spelled out their resolve to move on with the restructuring agenda despite the dissent showed by the Chairman apex regulator.
Members of Karachi Stock Exchange held a meeting at KSE Auditorium to consider the statement issued by SECP on Wednesday. more... (TFD)
Moody’s issues 5 Pak banks’ rating
Moody's investors services on Thursday changed to negative from stable the outlook on the long-term local currency deposit ratings and bank financial strength saving of the following 5 Pakistani banks. ABL (d-/ba3), HBL (d-/ba3), MCB (d/ba2), NBP (d/ba2), and UBL (d-/ba3). At the same time Moody's have affirmed the foreign currency deposits savings of b3/not-prime assigned to these banks. more... (TFD)