KARACHI: The government has to make some difficult decisions to narrow the fiscal deficit, increase exports and improve the country’s tax base, said Habib Bank Ltd President and Chief Executive Muhammad Aurangzeb.
This he said in an interview with Bloomberg on the sidelines of the International Monetary Fund and World Bank annual meetings in Bali.
“With dwindling reserves a breathing space is required ... that is where the IMF comes in,” he observed, adding that the “the devaluation will ultimately help exports and Pakistan.”
On China-Pakistan Economic Corridor, he said the project is pivotal to the country’s energy sector, roads and other infrastructure projects and will boost exports and ultimately pay back and create a long-term positive effect on the balance of payments.
Engro Fertiliser CEO to step down: Engro Fertilisers CEO Ruhail Mohammad has opted for early retirement, tendering his resignation as the company’s chief. He would step down on Nov 30.
Rafhan posts Rs3.34bn profit: Rafhan Maize Products posted 9MCY18 profit after tax (PAT) at Rs3.34 billion and earnings per share (EPS) at Rs361.91 from PAT of Rs3.24bn and EPS Rs351.22.
The board declared an interim dividend at Rs100 per share, which follows the already declared two dividends at Rs100 per share each.
PICT earnings dip 28pc: Pakistan International Container Terminal Company recorded 9MCY18 PAT at Rs1.51bn (EPS: Rs13.81), down 27.75 per cent, from earnings of Rs2.09bn (EPS: Rs19.18) in same period last year. The company announced an interim dividend of Rs6 per share, in addition to Rs7.50 already paid.
Intl Steels records Rs841m PAT: International Steels Ltd earned Rs841m and EPS of Rs1.93 for 1QFY19, down from PAT at Rs1bn and EPS Rs2.31. Net sales rose to Rs11.2bn, from Rs10.7bn.
$50m startup fund launched: IdeaGist.com, the world’s largest digital incubator, has announced collaboration with crypto currency fund Oryx Prive Investment to launch an innovative $50 million venture capital fund model with an allocation to IdeaGist Pakistan startups portfolio, said a press release.
Published in Dawn, October 17th, 2018