Pacra, JCR-VIS maintain entity ratings of BoK

PESHAWAR (Staff Reporter): The two leading credit rating agencies, Pakistan Credit Rating Agency Limited (PACRA) and JCR-VIS Credit Rating Company Limited (JCR-VIS) have maintained long term and short term entity ratings of The Bank of Khyber (BoK) at “A” (Single A) and “A1” (A-One), respectively for the period ended June 30, 2016. Both the rating agencies PACRA and JCR-VIS in their rating details mentioned that the assigned ratings denote a low expectation of credit risk emanating from a strong capacity for timely payment of financial commitments. Both PACRA and JCR-VIS have declared the Bank’s outlook as “stable”.  As per the reports issued by PACRA and JCR-VIS, The Bank of Khyber‘s standalone profile exhibits strengths. These include sound liquidity and high capital adequacy, supplemented by improving profitability. These ratings have also taken in to account sound capitalization indicators of the Bank with Capital Adequacy Ratio (CAR) better placed among peer commercial banks.

According to rating agencies, the Deposit base posted healthy growth during Financial Year 2015 and in the ongoing year 2016.


PBIF demands food banks, legislation to cut food wastage

ISLAMABAD (INP): Pakistan Businessmen and Intellectuals Forum (PBIF) President Mian Zahid Hussain on Friday demanded proper storage and food waste management system in the country. A good portion of food is wasted in all the countries of the world including Pakistan which if saved through intervention can eradicate hunger from all the countries, he said. According to estimate by Food and Agriculture Organization of the United Nations (FAO) food grown over 1.4 billion hectares of agricultural land is wasted annually. This is an area larger than China. Mian Zahid Hussain said that wastage of food also waste all efforts, investment on seeds, pesticides, transportation etc. while wasting 250 cubic kilometres of water which is equivalent to 100 million swimming pools which is shocking when presented in the context of global food insecurity and hunger. While 800 million people in the world go hungry every day, nearly 100 million tonnes of Europe’s food is wasted each year that is no longer bearable.

He said that these statistics highlight the need to address the problem while food services industry should be pushed to more competitive food services industry.Management and logistics systems for food and food waste should be improved in cities which are centres of consumption that are also expanding with an alarming pace. A legislation is needed to bar hotels and supermarkets from throwing away food and give it to needy.

He said that government and private sector can establish food banks and initiate food recovery programmes to have a social impact in terms of reducing hunger and providing social benefits.




Country to start importing RON 92 standard petrol from Oct

ISLAMABAD (NNI): Pakistan will start importing RON 92 standard petrol from October, which will improve efficiency of vehicles and give good mileage per litre, official sources in the Ministry of Petroleum and Natural Resources said Friday. “Currently, the country is importing 87 RON petrol, which is not of a very high quality, but from October we are going to replace it with RON 92 standard petrol,” they told APP. Besides, they said the government was making tireless efforts to increase the country’s oil refining capacity. Accordingly, a task to Pakistan Arab Refinery Company (PARCO) to complete Khalifa coastal refinery, having capacity to produce 250,000 barrels per day, which was pending for last several years. They said six oil and gas discoveries were made in June, adding 83 discoveries were made in three years since the present federal government took over. These are a record number of discoveries made in just one month, from where 50.1 mmcfd gas and 2,359 barrels oil per day would be produced.

Following the 83 oil and gas discoveries in last three years, around 631 million cubic feet per day (mmcfd) gas and 27,359 barrels per day Crude Oil production has been added to the system, they added.




Public advised to exchange all old design banknotes

KARACHI (NNI): As per federal government’s gazette notification dated 4th June, 2015, the old design banknotes will cease to be legal tender with effect from 1st December 2016. Therefore, it has now been decided to phase out all remaining old design banknotes.  The Rs 5 banknote and the old design Rs 500 banknote have already been demonetized. It is worth mentioning that the State Bank of Pakistan issued a new design banknote series which started with the issuance of Rs 20 denomination banknote in 2005 to improve the security, durability and aesthetic quality of banknotes. The process of issuance of complete series of new design banknotes comprising eight denominations (Rs 5, 10, 20, 50, 100, 500, 1000 and 5000) was completed in 2008.  The commercial/microfinance banks will accept the old design banknotes of Rs 10, 50, 100 and 1000 and exchange the same with the new design banknotes and coins of all denominations up to 30th November 2016 only.

However, SBP BSC field offices will continue to accept the old design banknotes of Rs 10, 50, 100 & 1000 from general public up to December 31, 2021.

The last day to exchange all old design banknotes from banks is November 30, 2016.All old design banknotes shall cease to be legal tender on December 01, 2016 while last day to exchange all such banknotes from SBP BSC field.