Business

Second phase of FTA: Pakistan, China to sign accord on April 28

F.P. Report BEIJING: Pakistan and China will sign the second phase of Free Trade Agreement on this Sunday in Beijing. According to details, under the FTA, China has extended duty free access to Pakistan on three hundred and thirteen items. The agreement will help increase the exports of the country, besides increasing foreign exchange. Earlier…

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Sainsbury’s, Asda merger blocked by regulator

LONDON (BBC News): The proposed merger between Sainsbury’s and Asda has been blocked by the UK’s competition watchdog over fears it would raise prices for consumers. The Competition and Markets Authority (CMA) also said it would raise prices at the supermarkets’ petrol stations and lead to longer checkout queues. Sainsbury’s boss Mike Coupe said the…

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Bookings strong even as 737 MAX remains grounded

NEW YORK (Reuters): Southwest Airlines Co forecast better-than-expected second-quarter revenue growth on Thursday, citing demand from leisure and business customers, even as the low-cost carrier is forced to ground its 34 Boeing 737 MAX jets. Dallas-based Southwest, the world’s largest MAX operator, said it expected closely watched unit revenue to grow by 5.5 percent to…

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EU commercial vehicle market grows 5.1% in Q1

ISTANBUL (AA): The EU market for commercial vehicles recorded an annual growth of 5.1% during the first quarter of 2019 the European Automobile Manufacturers’ Association (ACEA) reported on Thursday. The association said the number of new commercial vehicle registrations amounted to 654,657 in January-March period. Among key markets, Germany (12.8%), the UK (8.9%), France (4.4%)…

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Tesla junk bond spreads widens to a record

NEW YORK (Reuters): Investors are demanding a record risk premium for holding Tesla Inc’s $1.8 billion junk bond after the electric car maker posted a $700 million first-quarter loss and signaled it may be in the market for more capital soon. The price on Tesla’s 5.3% note due August 2025 slipped, nudging its yield to…

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US crude oil stocks, production rise for w/e April 19

ANKARA (AA): Crude oil inventories and production rose in the US last week, according to data released by the Energy Information Administration on Wednesday. Commercial crude oil stocks increased by 5.5 million barrels, or 1.2 percent, to 460.6 million barrels for the week ending April 19, the EIA data showed. Stocks dropped by 1.4 million…

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BankIslami posts PAT of Rs.251m in 1Q of year 2019

F.P. Report KARACHI: The Board of Directors of BankIslami has approved the Bank’s First Quarter Financial Statements for the period ended March 31, 2019 in their meeting held. The Bank has witnessed a promising start of the year 2019 and posted impressive results during first quarter of the current year. The Bank recorded operating profit…

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Bank AL Habib declares profit before tax of Rs.4.44b

F.P. Report KARACHI: The Board of Directors of Bank AL Habib Limited (the Bank) announced the financial results for the period ended March 31, 2019. As per the results, the Bank declared the profit before tax of Rs. 4.44 billion for the quarter ended March 31, 2019 as compared to Rs. 3.41 billion for the…

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PTCL upgrades 13 more exchanges in 7 cities

F.P. Report KARACHI: Pakistan Telecommunication Company Limited (PTCL) has transformed 13 more exchanges in 7 cities as part of its Network Transformation Project (NTP). The upgraded exchanges include Ghakhar, Vaniawala and Pasroor Road exchanges in Gujranwala, Shahdara, Egerton Road and Bahria Town exchanges in Lahore, Chaklala& Islamabad Town exchanges in Islamabad, Charsadda Road &Cantt. exchanges…

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Silkbank declares 1Q operating profit of Rs.456m

F.P. Report KARACHI: The Board of Directors of Silkbank Limited in their meeting held on April 25, 2019 declared an Operating Profit of Rs. 456 million for the first quarter ended March 31, 2019. Gross interest income recorded an increase of 32% whereas Fees, Commissions & Exchange earnings recorded an increase of 7% compared to…

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