Page 24 - Economy

Carbon maker PCBL Q1 consolidated net profit down 15% to Rs 109 crore

Carbon maker PCBL Ltd's consolidated net profit for the first quarter ended June 2023 of the current fiscal was down 15 per cent to Rs 109 crore compared to the same quarter's profit of Rs 126 crore of the previous year, the company said on Tuesday. Revenue from the operation during the quarter under review was Rs 1,347 crore against Rs 1409 crore registered in the June quarter of 2022. The company informed bourses that the first phase of the greenfield Tamil Nadu project got operationalised with 63,000 tonnes of carbon black production out of the total proposed 1,47,000 tonnes. The company's Mundra plant also commenced its 40,000 tonnes speciality chemicals project, with 20000 tonnes per annum in the first phase.

Pak lost $4 bn remittances due to high exchange rates of illegal channels

Pakistan lost over USD 4 billion in remittances sent by expatriates to illegal channels in the current fiscal year, much higher than the amount the cash-strapped government struggled to secure from the IMF as a bailout. Data released by the State Bank of Pakistan (SBP), the country's central bank, on Monday showed that the month-on-month remittances increased slightly by 4 per cent to USD 2.183 billion in June, while it witnessed a 22 per cent decline when compared with the USD 2.8 billion the country received in June 2022. The country received a total of USD 27.024 billion in remittances during FY23, against a record USD 31.278 billion in FY22, a decline of 13.6 or USD 4.254 billion, the Dawn newspaper reported. The central bank did not offer any reason for the decline of the remittances, but analysts said the government's effort to keep the dollar at lower than actual rates hit the inflows through banking channels. The government tried to maintain the dollar-rupee parity at Rs 22

India registers poverty reduction with 415 mn coming out in 15 years: UN

A total of 415 million people moved out of poverty in India within just 15 years from 2005/2006 to 2019/2021, the UN said on Tuesday, highlighting the remarkable achievement by the world's most populous nation. The latest update of the global Multidimensional Poverty Index (MPI) was released by the United Nations Development Programme (UNDP) and the Oxford Poverty and Human Development Initiative (OPHI) at the University of Oxford. It said that 25 countries, including India, successfully halved their global MPI values within 15 years, showing that rapid progress is attainable. These countries include Cambodia, China, Congo, Honduras, India, Indonesia, Morocco, Serbia, and Vietnam. In April, India surpassed China to become the world's most populous nation with 142.86 crore people, according to UN data. "Notably, India saw a remarkable reduction in poverty, with 415 million people exiting poverty within a span of just 15 years (2005/619/21)," the report said. The report demonstrate

As business bankruptcies surge around the world, next wave could be bigger

Large defaults add to the risk of a vicious cycle of suppliers not being paid, workers losing their jobs, banks further tightening lending criteria and then more companies going bust

Azerbaijan's Covid curbs turn into moneyspinner despite it being over

The self-isolation from its neighbors that include Russia and Iran is the last remaining safety measure imposed by Azerbaijan during the pandemic

Banks, consumer cos to brighten earnings in India amid IT uncertainties

India's banks have largely remained insulated from a global crisis in the industry with their heavy reliance on local markets

CII business confidence index rebounds on capital expenditure push

Capex, domestic drivers & financial system to drive growth in FY24: CII

India's natural gas ambitions tripping even though imported LNG prices fall

The slowdown could impact India's net zero targets

Restaurants watching tomato prices closely, yet to increase prices

Another problem for restaurants is the availability, owing to the crop being damaged

Piyush Goyal to visit UK for FTA negotiations, review progress of TEPA

India and the UK began negotiations on the FTA in January 2022, and set a Diwali deadline last year for the trade pact

Cash-strapped Pak allows foreign investors to remit entire profit abroad

In a major economic policy decision, cash-strapped Pakistan allowed foreign investors to remit the entire profit abroad in their own country's currency. The Cabinet on Friday approved the Pakistan Investment Policy 2023 through the circulation of a summary, which aims to bring USD 20-25 billion in investment, Geo News reported quoting sources. The policy was readied after consultations with the World Bank, International Finance Corporation, and provincial and federal institutions, people, familiar with the matter, said. In the new policy, the minimum equity rate for foreign investment has been abolished, the sources said. Foreign investors will be allowed to invest in all sectors except six, the sources said, without specifying which ones. Under the new policy, foreign investors will be allowed to remit the entire profit abroad in their own country's currency, they said. "Foreign investors will be given special protection," the sources added. The development comes days after Mini

Services PMI growth declines to three-month low of 58.5 as inflation weighs

The headline figure has been expanding for 23 months on the trot since August 2021

Debt-trapped Pakistan slashes trade deficit by 43 per cent in FY23

Cash-strapped Pakistan has slashed its trade deficit by a staggering 43 per cent to USD 27.55 billion in the fiscal year 2023, according to a media report on Wednesday. The government's stringent control over imports played a vital role in this significant reduction, as it aimed to stabilise the country's critically low foreign exchange reserves and mitigate the risk of default. In the previous fiscal year 2022, the trade deficit had widened to a daunting USD 48.35 billion, causing concern about the country's economic stability, The Express Tribune newspaper reported. However, the government's strict administrative measures on imports and the impact of floods in 2022 negatively affected the domestic economy, resulting in a provisional growth rate of only 0.3 per cent in FY23, compared to 6.1 per cent in FY22. Recent data from the Pakistan Bureau of Statistics (PBS) said that imports decreased by 31 per cent to USD 55.29 billion in FY2023. This is a significant drop from the record

Hong Kong's reopening brings scant gains for financial hub despite push

Hong Kong, led by former policeman and now Chief Executive John Lee, has been pushing hard to revive the city's reputation with high-level events

Putin says Russian economy faring better than expected; GDP positive

'Our results, at least for the time being, let's say, cautiously, are better than previously expected, better than predicted,' Putin said, according to a transcript on the Kremlin's website

PMI manufacturing: Factory output drops to 57.8 in June from 58.7 in May

According to S&P Global, the overall level of business confidence rose to a six-month high in June

India's external debt rises $5.6 bn to $624.7 bn at end-March 2023

India's external debt rose marginally to USD 624.7 billion annually at end-March 2023, although the debt-GDP ratio declined, as per a Reserve Bank data released on Friday. The external debt rose by USD 5.6 billion from USD 619.1 billion at end-March 2022. "The external debt to GDP ratio declined to 18.9 per cent at end-March 2023 from 20 per cent at end-March 2022," said the Reserve Bank's data on India's External Debt as at end-March 2023. Valuation gains due to the appreciation of the US dollar compared to the Indian rupee and major currencies such as yen, SDR, and euro were placed at USD 20.6 billion. "Excluding the valuation effect, external debt would have increased by USD 26.2 billion instead of USD 5.6 billion at end-March 2023 over end-March 2022," the central bank added. At end-March 2023, as per the data, long-term debt (with original maturity of above one year) was placed at USD 496.3 billion, recording a decline of USD 1.1 billion over its level at end-March 2022. The

IMF approves $3 billion bailout package for Pakistan's ailing economy

In a major relief to cash-strapped Pakistan, the IMF has agreed to inject USD 3 billion into the country's ailing economy after months-long negotiations that pushed it to the brink of default. The Pakistan government and the Washington-based global lender reached a nine-month Stand-By Arrangement (SBA) on Thursday to support the authorities' immediate efforts to stabilise the economy from external shocks. Pakistan's is facing its worst economic crisis since independence from Britain in 1947. The country's economy has been in a free fall mode for the last many years, bringing untold pressure on the poor masses in the form of unchecked inflation, making it almost impossible for a vast number of people to make ends meet. Prime Minister Shehbaz Sharif on Friday said that Staff-Level Agreement with the International Monetary Fund would help strengthen Pakistan's foreign exchange reserves and enable the country to achieve economic stability. "I am pleased to announce that Pakistan has ..

Europe inflation falls to 5.5%, but that won't stop ECB rate hikes

Inflation in Europe slid again in June but fell too slowly to offer much relief to shoppers grumbling over price tags or to stop more interest rate hikes that will raise the cost of borrowing across the economy. The annual rate of 5.5% was down from 6.1% in May in the 20 countries that use the euro currency, the European Union statistics agency Eurostat said Friday. While that is a big drop from the peak of 10.6% in October, persistently high prices in the U.S., Europe and the United Kingdom pushed some of the world's top central bankers to make clear they are going to keep raising rates and leave them there until inflation drops to their 2% goal considered best for the economy. Consumers saw relief on energy prices, which dropped 5.6% after last year's crisis, while food price inflation was up 11.7%, easing from 12.5% in May. Core inflation, which excludes volatile food and fuel and offers a clearer picture of longer-term price pressures, rose slightly to 5.4% from 5.3% the month

China growth momentum slows further amid calls for more policy support

Speculation about potential policy support has been mounting as the recovery for the world's second-largest economy loses traction