EFU Life posts Rs693m profit

KARACHI: EFU Life Assurance Ltd posted an after-tax-profit of Rs693 million for the half year ended June 30, 2016 as against Rs702m in the corresponding period last year.

The board of directors approved the half year accounts and declared the second interim cash dividend of Re1 per share in addition to already paid first interim cash dividend of Re1 making the total distribution to 20pc, said a press release.

State Life gets takaful licence

KARACHI: The Securities and Exchange Commission of Pakistan has issued the State Life Insurance Corporation of Pakistan window Takaful licence. The corporation aims to become the market leader in Takaful services in future, a press release issued on Tuesday said.

Groundbreaking ceremony for lubricant plant

KARACHI: Chevron Pakistan Lubricants (Pvt) Ltd on Tuesday held a groundbreaking ceremony for its West Wharf Lubricant Blending Plant at Dockyard Road, said a press release on Tuesday.

The plant would provide a state-of-the-art infrastructure including the installation of fully automated high-tech blending equipment and new blending control system. The investment would also include construction of new bulk storage tanks, additive decanting bay and bulk filling facility.

UK banks may lose customers after Brexit

NEW YORK: British banks could lose a good number of European and domestic corporate customers in the aftermath of Britain’s vote to leave the European Union in June, known as Brexit, according to a private study released on Tuesday.

About 40 per cent of European companies and nearly 25pc of UK companies already have or are planning to reallocate their banking business due to Brexit, the survey from Greenwich Associates showed.

Published in Dawn, August 24th, 2016