Year: 2022

Pakistan to repay $1bn bond early: SBP governor Jameel Ahmad

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There has been growing uncertainty about the ability of Pakistan to meet external financing obligations with the country in the midst of an economic crisis and recovering from devastating floods Pakistan will repay a $1 billion international bond on December 2, three days before its due date, the governor of Pakistan central bank told a briefing on Friday. There has been growing uncertainty about the ability of Pakistan to meet external financing obligations with the country in the midst of an economic crisis and recovering from devastating floods that killed…

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Siemens – of higher new and backlogged orders

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Siemens Pakistan Engineering Company Limited (PSX: SIEM) announced its financial performance for FY22 ending on September 30, 2022 with a whopping jump in profits. The company’s earnings for the year were up by almost double. It operates in gas & power (G&P), smart infrastructure (SI), and digital industries (DI) divisions. SIEM’s sales revenues increased by 50 percent year-on-year, and the company’s gross profits were seen rising twice during 2022.This rise in gross profits continued to reflect in operating profits and net profits despite higher raw material cost, higher logistic costs,…

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Pakistan ‘treading path’ to launching its own digital currency: SBP

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ollowing in the footsteps of other central banks, the State Bank of Pakistan (SBP) is also doing its due diligence on launching its own digital currency, known as the Central Bank Digital Currency (CBDC), and is undertaking the cost and benefit analysis of this venture. SBP Governor Jameel Ahmed shared the development while addressing participants at the ‘1st Pakistan Fintech Forum 2022‘ held at a local hotel on Wednesday. Payments from customers: SBP plans to launch QR Code-based ‘P2M’ system by 2023 “We have examined almost all the jurisdictions that…

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ACWA Power Set to Collaborate with Indonesia’s PERTAMINA NRE to Energise Tuban Refinery

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Bali, Indonesia; November 23, 2022: ACWA Power, a leading Saudi developer, investor, and operator of power generation, water desalination and green hydrogen plants worldwide, and PERTAMINA New & Renewable Energy (PERTAMINA NRE), have signed a joint development agreement (JDA) to develop the core utilities supply for the Tuban Grass Root Refinery and Petrochemical Project. The agreement was signed by Dannif Danusaputro, CEO of PNRE and Paddy Padmanathan, Vice Chairman and Chief Executive Officer of ACWA Power, at the B20 Summit. The ceremony was witnessed by Indonesian Minister of Energy and Mineral…

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December Could Offer ‘The Mother Of All Buying Opportunities’ For Oil

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Oil traders and speculators could see the “mother of all buying opportunities” for WTI crude oil in December, as oil prices are about to dip further in the coming days, CNBC’s Jim Cramer says. Oil prices have traded down so far this month, as fears of recession and China’s surging Covid cases have weighed on market sentiment despite the imminent EU embargo on imports of Russian crude oil by sea. Early on Wednesday, Brent Crude traded at $85 per barrel, and the U.S. benchmark was below $80—at $78 a barrel after…

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