Latest news with #058
Business Recorder
6 days ago
- Business
- Business Recorder
Monetary policy poll: 50-100bps cut expected
KARACHI: As per the market expectations, the State Bank of Pakistan (SBP) is likely to cut the key policy rate in its Monetary Policy Committee (MPC) meeting to be held on July 30, 2025. In a poll conducted by Topline Securities, 56 percent of the market participants expect a 50-100bps cut in upcoming monetary policy meeting compared to 44 percent in last poll. While 37 percent are expecting no change compared to 56 percent in last MPS. In last MPC meeting, majority was not sure about the rate cut as federal budget announcement was ahead and Iran Israel conflict was leading the surge in oil prices. In line with these concerns, state bank also maintained status quo and kept the rate unchanged at 11 percent. In Topline view, the SBP has further room of around 100bps cut as FY26 inflation is expected to be average between 5-7 percent, translating into real rate of 400-600bps (Policy Rate: 11 percent), higher than historical real rate of 200-300bps. Analysts believed, the left-over room is quite notional and will be gradual. 'We expect central bank to announce cut of 50bps in upcoming MPC meeting,' they said. FY26 inflation is expected to average 5-7 percent with July inflation expected in the vrange of 3-3.5 percent. The inflation is expected to remain in range of 3-5 percent till Jan 2026 and in range of 6-8 percent from Feb 2026 to Jun suggests real rate of 400-600bps based on average FY26 inflation of 5-7 percent. The secondary market yields have come down by 10-39bps on KIBOR and T-bills. The 6M KIBOR is currently at 10.99 percent while T-bill is at 10.75 percent. On question related to interest rate target for Dec 2025, 51 percent believed that policy rate will come down to 10 percent by Dec 2025, while 32 percent believe it will be 9 percent by Dec 2025. In line with market participants, Topline also expect interest rate falling to and bottom out at 10 percent by Dec 2025. On currency side, 51 percent participants are expecting currency in range of Rs285-290 by Dec 2025 and while 15 percent each believes that exchange rate will remain in range of 290-295, 295-300, and over 300, respectively. Meanwhile, in T-Bill auction held on Wednesday, participation of Rs1,058 billion was seen with government raising Rs409 billion against a target of Rs200 billion and maturity of Rs361 billion. Yields decreased by 10-39bps, with the current yields standing at 10.85 percent for the 1-month T-Bill, 10.71 percent for the 3-month T-Bill, 10.71 percent for the 6-month T-Bill, and 10.70 percent for the 12-month T-Bill. Copyright Business Recorder, 2025
TimesLIVE
15-07-2025
- Automotive
- TimesLIVE
Britain offers discounts on EVs to boost demand
The British government will offer discounts worth up to £3,750 (R90,058) to buyers of electric cars priced at £37,000 (R888,574) or below, it said on Monday, under a new scheme that aims to better align consumer demand with net zero emissions targets. The government will spend £650m (R15,610,101) on the discount scheme, which will be available from Wednesday to consumers after carmakers sign up for the scheme. As part of a wider goal of achieving net zero greenhouse gas emissions by 2050, Britain wants to phase out sales of new petrol and diesel cars by 2030. However, demand for electric cars has stalled, with consumers citing high upfront costs as the main barrier. "This EV grant will not only allow people to keep more of their hard-earned money, it'll help our automotive sector seize one of the biggest opportunities of the 21st century," transport secretary Heidi Alexander said. The scheme comes after calls from the automotive industry for EV incentive as carmakers effectively need to sell more EVs every year to meet emissions targets or pay fines. Britain scrapped a previous incentive scheme for electric vehicle purchases in 2022 as the then-Conservative government shifted focus to spending on expanding the public charging network. A number of European countries including Norway, which has the highest percentage of electric cars in Europe, and France and Germany offer incentives for EV buyers, including subsidies and exemption from taxes. The British government in April relaxed some EV sales targets for carmakers as the industry coped with new tariffs on sales to the US, its second largest market after the EU. Ginny Buckley, CEO of advice website said nearly one in two electric models will be cheaper thanks to the "long overdue" incentives. The government said the £650m funding for the Electric Car Grant will be available until 2028/29. By contrast, carmakers had spent around £6.5bn (R156,044,980,000) on electric car discounts since the government's EV sales targets were introduced at the start of 2024, Society of Motor Manufacturers and Traders CEO Mike Hawes told reporters last month. Hawes welcomed the new grant on Monday, saying it was a "clear signal" this was the time for drivers to switch to an electric car.
New Straits Times
14-06-2025
- New Straits Times
Scammed haj pilgrims endure days of danger to reach Makkah
JOHOR BARU: Forty-seven Malaysian senior citizens endured a harrowing journey to Makkah — trekking across rocky hills, deserts, highways, and barbed wire fences — after falling prey to a haj scam linked to a well-known religious figure. Lured by sweet promises, the pilgrims found themselves in a dire situation upon arriving in Jeddah. Without valid haj visas and under strict enforcement by the Saudi authorities, they were forced to travel on foot through dangerous and undocumented routes in a desperate attempt to reach Makkah. Among the victims were the parents and aunt of Sharifah Azzahra, who said they left Malaysia on May 9 as part of the agent's group, completely unaware of the nightmare that awaited them. She said the elderly pilgrims were shocked to learn upon arriving in Jeddah that they would not be allowed into Makkah, as none of them had official haj visas. "I was horrified when my 64-year-old mother, 63-year-old father, and 54-year-old aunt told me via WhatsApp that they were forced to walk along dangerous routes to avoid detection by Saudi authorities, carrying only bare essentials, without food or water. "Their luggage had been left behind at various points. "These elderly pilgrims were also split into small groups to reduce the risk of being detected. They were not accompanied by the eight agent representatives assigned to the group and were not given any safety briefing. "To make matters worse, once they reached Makkah, my parents and aunt, along with the rest of the group, were locked up in a small room. They were not allowed to go out, had limited access to food, and no proper medical care. "They were also subjected to psychological manipulation through religious lectures to discourage them from reacting or lodging complaints," she said when contacted. Following the ordeal, Sharifah Azzahra lodged a police report over the abuse and fraud at the Ukay Perdana police station in Ampang, Selangor, yesterday evening. She said that some of the elderly pilgrims suffered from chronic illnesses that required medication, including insulin, which had been left in luggage elsewhere. The group was asked to pay an additional 8,000 Riyals (RM9,058) to have someone retrieve the bags. "This is especially disheartening because most of them had already paid over RM30,000 each to perform the haj with this agent. "My mother told me all the pilgrims were housed in a single accommodation in Makkah and instructed not to leave the premises. "They were packed tightly into one cramped room to avoid detection by the Saudi authorities." She said the food provided was pitiful as it was not only insufficient but also poorly prepared, with undercooked rice and two pieces of chicken had to be shared among five or more people and instant noodles being the only other meal option. She said her parents also informed her that some pilgrims attempted to escape but gave up because they had no legal documents, no knowledge of their whereabouts, and no idea where to go. However, during their journey to Arafah, the group was eventually detained by Saudi authorities. She said that prior to departure, the agent had instructed all pilgrims to remain silent if detained and to claim they had travelled independently.
GMA Network
10-06-2025
- GMA Network
PDEA: Sam Gor syndicate behind P7B worth of shabu found in PH waters
An international crime syndicate called the Sam Gor is behind the sacks containing over P7 billion worth of shabu recovered from Philippine waters recently, the Philippine Drug Enforcement Agency (PDEA) said Tuesday. "Sam Gor is a five-drug triad alliance namely: the 14K, Bamboo Union, Big Circle Gang, Sun Yeen On, and Wo Shing Wo, whose leaders are based in Hong Kong and Taiwan,' PDEA director general Undersecretary Isagani Nerez said in a statement. 'Their members simply called it 'The Company,'' he added. As of Monday, the PDEA said 56 local fishermen have surrendered a total of 1,038 kilos of suspected shabu worth P7,058,400,000 in 40 turnover incidents to authorities. This is one of the country's largest maritime seizures of illegal drugs in recent years, according to the PDEA. The sacks of shabu were found in the coastal areas of Dacap Sur, Bani; Boboy and Macaboboni, Agno; and Luciente I, Balingasay, Concordia and Poblacion, Bolinao—all located in the province of Pangasinan Some were found in Barangay Mantanas and Dili in Sta Cruz, Ilocos Sur. Floating shabu was also found off the waters of Masinloc, Zambales. 'Based on the packaging of shabu packs recovered in Philippine shores, they were contained in teabags with Chinese markings - a signature trademark associated with Sam Gor,' Nerez said. "Sam Gor gained notoriety by engaging in all sorts of unconventional methods of drug smuggling, including the use of the high seas. They dump their illicit goods to be retrieved later by contact local cohorts. It's a good thing that our hero fishermen got there first before the drugs fell into the wrong hands,' he added. Citing reports, the PDEA said Sam Gor operates in various countries across the Asia-Pacific Region, including the Philippines. 'It is largely involved in trafficking methamphetamine, and is believed to have an estimated 40 to 70 percent control of the drug market in the region, raking up profits up to more than $17 billion in revenue a year,' the PDEA said. 'Aside from shabu, the syndicate also funnels big proportions of heroin, ketamine, other synthetic drugs and precursor chemicals,' it added. The PDEA said Sam Gor is named after the nickname of its suspected founder/leader, 'Tse Chi Lop', a Chinese-Canadian who was arrested four years ago in the Netherlands. He was eventually extradited to Australia in December 2022 to face drug trafficking charges. According to the PDEA, he is considered Asia's 'El Chapo', a reference to Joaquin Guzman, a former Mexican drug lord who became one of the world's most powerful traffickers of narcotics. —RF, GMA Integrated News
Time of India
09-06-2025
- Business
- Time of India
Life insurance industry's new business premiums up 13% in May 2025
The life insurance industry recorded nearly 13% year-on-year rise in new business premiums (NBP) in May 2025 to Rs 30,463 crore, up from Rs27,034 crore a year earlier, according to data released by the Life Insurance Council . The month saw a 10.4% fall in the number of life insurance policies sold by the companies as the industry continued to navigate the new surrender value guidelines that kicked in October last year. The growth was primarily driven by the private sector insurer, which reported a 16.6% increase in NBP to Rs12,058 crore. State-run Life Insurance Corporation ( LIC ) posted 10.3% increase to Rs18,405 crore, the data showed. Among listed private players, HDFC Life reported a 33% jump in premiums to Rs3,022 crore, while SBI Life 's total premiums grew over 25% to Rs2,950 crore. ICICI Prudential Life reported a near 7% growth to Rs1,407 crore. 'Typically, the first quarter is a weak season for the life insurance segment as it immediately comes after the fiscal end, where most retail customers rush to buy policies. In May, the YoY growth has come down compared to 15.1% in the same month a year ago mainly because of the impact of revised surrender value guidelines,' said Saurabh Bhalerao Associate Director – BFSI Research, CARE Ratings . In May, the overall industry growth was led by group business, whereas individual business reported a muted number. The growth was led by group single premium, which grew 13% YoY to Rs18,068 crore. The month also saw a fall in volume of policies sold. The fall in the individual non-single segment, which is the regular premium paid by retail customers, was at over 10% with LIC and private life insurers reporting a fall of 14% and 2%, respectively. However, despite the fall in volume in individual non-single premium segments, private insurers reported a premium growth, indicating that they have moved to higher value policies amid changes in surrender value regulations, Bhalerao said. The Life Insurance Council data shows that LIC's individual non-single premium income fell to Rs2,060 crore in May compared to 2,236 crore in the same month a year ago. Meanwhile, the premium income in the same segment for private life insurers stood at 5,025 crore compared to Rs4,681 crore a year ago. Economic Times WhatsApp channel )
