Wathra stresses credit parity across regions

By Kazim Alam KARACHI: State Bank of Pakistan (SBP) Governor Ashraf Mahmood Wathra said on Monday the criterion for Pakistan Banking Awards 2017 should include the geographical distribution of banks’ loans and deposits to promote financial inclusion. Speaking at the launch of the second edition of Pakistan Banking Awards at the Institute of Bankers Pakistan … Continue reading Wathra stresses credit parity across regions

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Data centre to tackle money laundering, terror financing

By Kazim Alam KARACHI: The State Bank of Pakistan on Friday inaugurated a high-tech data centre which will help the Financial Monitoring Unit (FMU) in tracking down money laundering and terrorism financing. The FMU is the financial intelligence unit of the finance ministry tasked with fighting money laundering and terror financing. Established with the financial … Continue reading Data centre to tackle money laundering, terror financing

CDNS profit-collection system draws mixed response

By Kazim Alam KARACHI: Thanks to a recent change in the profit distribution mechanism, widows and pensioners do not have to line up outside 485 offices of Central Directorate of National Savings (CDNS) across the country to collect their monthly returns. All they have to do is take profit coupons and withdrawal slips of CDNS-run … Continue reading CDNS profit-collection system draws mixed response

The journey of a ‘fugitive’ from Wall Street to Khayaban-e-Shahbaz

By Kazim Alam KARACHI: From a government primary school in Karachi’s Sharafabad neighbourhood to the centre stage of high finance on Wall Street, the journey of self-styled investment guru Mir Mohammad Alikhan was unusual. But far more unusual has been his journey back from New York to Karachi. After founding a full-service investment bank in early … Continue reading The journey of a ‘fugitive’ from Wall Street to Khayaban-e-Shahbaz

Engro Foods: Dutch firm buys majority stake for $448 million

KAZIM ALAM KARACHI Engro Corporation has signed an agreement with a Netherlands-based dairy company for the sale of up to 51% shareholding in Engro Foods at an estimated price of $448 million, a securities filing said on Monday. Engro Corporation currently controls approximately 87% shareholding in Engro Foods while the general public owns the rest … Continue reading Engro Foods: Dutch firm buys majority stake for $448 million

How Pakistan’s NFCs have outperformed India, Sri Lanka’s

KAZIM ALAM KARACHI Credit greases the engine of economic growth. In particular, loans to private-sector businesses are considered a mainstay of the modern economy: credit lets private-sector businesses invest in new plants, machinery, inventory and human resources. New jobs are created, consumption goes up, and so does the GDP. In contrast, slow growth in private-sector … Continue reading How Pakistan’s NFCs have outperformed India, Sri Lanka’s

Turkish company says it will acquire Dawlance for $258m

KAZIM ALAM KARACHI Turkish company Arcelik has said it is going to acquire Dawlance, a privately held Pakistani manufacturer of consumer durables, for $258 million. According to a research note issued by Deutsche Bank to its clients, one of the subsidiaries of the Turkish company, Ardutch BV, has signed an agreement to acquire three companies … Continue reading Turkish company says it will acquire Dawlance for $258m

Bhutto and the history of nationalisation in Pakistan

KAZIM ALAM KARACHI In his article published in the May edition of Newsline, an independent monthly news magazine, economic journalist Muhammad Ziauddin says “a levelling phase” began in Pakistan with the advent of the Bhutto era, which forced the “22 families to flee the country with their loot.” He adds that the “phase of levelling … Continue reading Bhutto and the history of nationalisation in Pakistan