Saudi Arabia spread Wahhabism

WASHINGTON: Saudi Crown Prince Mohammad bin Salman has said that the kingdom, after being asked by its allies during the Cold War, invested in mosques for the spread of Wahhabism to counter Soviet influence, the Washington Post reported.

The statement was made during the Saudi crown prince's 75-minute meeting with the Washington Post editors and reporters on the last day of his four-day stay in Washington.

Apr'15: Banking Sector Review & Outlook

SBP has recently updated the banking spreads for the month of Apr'15. The banking spreads ticked at 5.57% for month of Apr'15. In today's Value Seeker we discuss the banking spreads and the possible impact of falling interest rates on banking sector.

Banking spreads plunge by 35bps MoM

Banking spreads during Apr'15 declined by 35bps MoM to 5.57% as compared to 5.92% in Mar'15 mainly on account of decline in discount rates. The deposit rate of banking industry fell by 17bps to 4.38% while the lending rates dropped by a higher percent to 9.95% and witnessed a dive of 52bps thus squeezed spreads. Similarly, asset yields of private banks descended by 46bps MoM while spreads also reduced by 24bps MoM during Apr'15. Furthermore spreads on gross disbursements and fresh deposits depicted a drop of 39bps MoM to 3.70% in Apr'15.

A YoY analysis revealed the similar picture during Apr'15 and spreads observed a plunge of 49bps YoY as against 13bps YoY drop in Mar'15. Likewise asset yields of banking also observed a notable decline of 114bps YoY in Apr'15 and 66bps YoY drop in deposit costs which led to a decrease in spread YOY. Average spread for 10MFY15 of the sector stood at 5.84% whereas the same was 6.15% in 10MFY14 revealing a decline of 31bps YoY.

Pakistan Textiles: Decline in non-value dragging overall exports

Pakistan Textiles: Decline in non-value dragging overall exports

 

Textile exports continued their downtrend in the month of Apr’15 as 10MFY15 exports declined by 1.4%YoY to clock in at USD11.3bn from USD11.5bn in similar period last year. While on MOM basis, the total exports reported a growth of 4.6% to USD1.1bn from USD1.03bn clocked in the last month. Going forward, we expect the country’s total textile exports to remain flattish at ~USD14bn during the outgoing FY15. While on the budgetary front, the recommended hike on duty of textile exports (from 2%-5%)

Saif power IPO

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Engro Powergen Qadirpur Limited IPO

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