Year: 2020

Physical work on two private sector LNG terminals to commence in few months Share:

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ISLAMABAD -Two multinational companies are all set to start physical work on setting up their Liquefied Natural Gas (LNG) terminals during next few months after the government opened up the energy sector under its ease-of-doing-business strategy. “The government had allowed five private sector companies to establish their own LNG terminals, out of which two firms Exxon Consortium and Mitsubishi will start physical work on their projects before end of the current year,” a senior official privy to petroleum sector developments told APP. All agreements, permissions and arrangements in that regard…

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ICAP signs MoU with IBA on launch of ICAP-IBA Research Unit

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ICAP signs MoU with IBA on launch of ICAP-IBA Research Unit KARACHI: To promote research in the field of Accounting and Finance, the Institute of Chartered Accountants of Pakistan (ICAP) and Institute of Business Administration laid the foundation of ICAP-IBA Research Unit (IIRU). The two institutes expressed their intention to promote research and development in Pakistan by attracting and retaining outstanding scholars having research interest in the areas relevant to the profession, including finance, accounting, auditing, corporate governance and taxation. ICAP and IBA sponsors of the IIRU will provide the…

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Four of China’s five largest state-owned banks prepare for bad debt from COVID-19

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BEIJING/SHANGHAI – Four of China’s five largest state-owned banks said they have increased their provisions against bad debt to brace for future losses due to the impact of the global coronavirus pandemic. All five reported their biggest profit falls in at least a decade and an increase in soured loans when announcing their half-year results on Sunday and last week. The results highlight the impact of the pandemic and the economic slowdown on Chinese banks as borrowers struggle to repay debt after months of lockdown and some sectors, such as those in the…

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Chocolate sales spike during lockdown, surpass overall candy sales

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Chocolate is leading the charge on the candy front as the coronavirus pandemic continues. A data-driven report from the National Confectioners Association shows that demand for chocolate has surpassed demand observed in the candy market overall from March 15, 2020 to Aug. 9, 2020. Between those five months, the premium chocolate market saw the largest growth with a sales spike of 12.5%. Non-premium chocolate, on the other hand, saw a sales increase of 5.5%. The candy market, which also includes chocolate products, saw an increase of 3.8%. Grocery stores have been credited as the “key driver for chocolate…

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Successful talks between IPPs, govt to bring an end to circular debt’

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KARACHI: Chairman of the committee probing Independent power producers (IPPs) case, Muhammad Ali, on Monday said that successful negotiations between IPPs and the federal government would bring a halt to rising circular debt, ARY NEWS reported. Speaking during ARY NEWS programme, Power Play, he said that the IPP probe committee covered the entire power sector and pointed out excessive payments to the power plants in the name of fuel and maintenance. “Both government and IPPs have agreed upon resolving the issues with negotiations,” he said adding that committee probing the IPPs’…

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