Business
Govt raises over Rs1tr in treasury auctions | The Express Tribune
KARACHI:
The government raised more than Rs1.03 trillion on Wednesday through auctions of treasury bills, Pakistan Investment Bonds (PIB) and the Government Ijara Sukuk (GIS). The State Bank of Pakistan (SBP) conducted the three auctions, which attracted strong investor participation across conventional and Islamic instruments.
In the T-bill auction, the SBP targeted Rs650 billion but received an overwhelming response as bids totalled Rs1.803 trillion. It accepted Rs749 billion across all four tenors. The one-month paper attracted the highest bids of Rs648 billion against the target of Rs100 billion, though only Rs61 billion was accepted at a cut-off yield of 10.89%, slightly lower than the previous auction. The three-month T-bill saw bids of Rs211 billion against the target of Rs150 billion, with Rs251 billion accepted at a stable cut-off yield of 11%.
For the six-month tenor, bids amounted to Rs177 billion versus the target of Rs200 billion, but acceptance was restricted to Rs69 billion, also at 11% cut-off yield. The 12-month paper received a substantial Rs767 billion in bids, of which Rs368 billion was accepted at a cut-off yield of 11.27%.
Yields across all tenors registered minor downward adjustments compared to the previous auction and the secondary market, indicating continued confidence in short-term government securities. In the PIB segment, the government raised Rs28 billion through the 10-year Pakistan Floating Rate Semi-Annual (PFL-SA) bond against total bids of Rs524 billion and the target of Rs50 billion. The cut-off price was 95.4, reflecting a cut-off rate of 11.70% with a spread of 0.80% over the benchmark.
Separately, the SBP conducted the outright purchase of the Government Ijara Sukuk (GIS) VRR-22 on a deferred payment (Bai Muajjal) basis. Against the offered face value of Rs176.43 billion, the government accepted Rs175.16 billion at a Bai Muajjal cut-off price of 144.97. The total deferred payment obligation amounted to Rs253.93 billion. The Sukuk continued to draw strong demand from Sharia-compliant investors.
The Pakistani rupee edged up slightly against the US dollar, closing at 280.56 in the inter-bank market, a gain of Rs0.01. The local unit had ended Tuesday at 280.57. Meanwhile, gold prices in Pakistan rose, tracking gains in the international market. The price per tola increased by Rs2,300 to Rs438,862, while 10-gram gold climbed Rs1,972 to Rs376,253, according to the All-Pakistan Gems and Jewellers Sarafa Association. International prices were up $23 at $4,165 per ounce.
Business
Govt keeps petrol, diesel prices unchanged for coming fortnight – SUCH TV
The government on Thursday kept petrol and high-speed diesel (HSD) prices unchanged at Rs253.17 per litre and Rs257.08 per litre respectively, for the coming fortnight, starting from January 16.
This decision was notified in a press release issued by the Petroleum Division.
Earlier, it was expected that the prices of all petroleum products would go down by up to Rs4.50 per litre (over 1pc each) today in view of variation in the international market.
Petrol is primarily used in private transport, small vehicles, rickshaws, and two-wheelers, and directly impacts the budgets of the middle and lower-middle classes.
Meanwhile, most of the transport sector runs on HSD. Its price is considered inflationary, as it is mostly used in heavy transport vehicles, trains, and agricultural engines such as trucks, buses, tractors, tube wells, and threshers, and particularly adds to the prices of vegetables and other eatables.
The government is currently charging about Rs100 per litre on petrol and about Rs97 per litre on diesel.
Business
Serial rail fare evader faces jail over 112 unpaid tickets
One of Britain’s most prolific rail fare dodgers could face jail after admitting dozens of travel offences.
Charles Brohiri, 29, pleaded guilty to travelling without buying a ticket a total of 112 times over a two-year period, Westminster Magistrates’ Court heard.
He could be ordered to pay more than £18,000 in unpaid fares and legal costs, the court was told.
He will be sentenced next month.
District Judge Nina Tempia warned Brohiri “could face a custodial sentence because of the number of offences he has committed”.
He pleaded guilty to 76 offences on Thursday.
It came after he was convicted in his absence of 36 charges at a previous hearing.
During Thursday’s hearing, Judge Tempia dismissed a bid by Brohiri’s lawyers to have the 36 convictions overturned.
They had argued the prosecutions were unlawful because they had not been brought by a qualified legal professional.
But Judge Tempia rejected the argument, saying there had been “no abuse of this court’s process”.
Business
JSW Likely To Launch Jetour T2 SUV In India This Year: Reports
JSW Jetour T2 Launch: JSW Motors Limited, the passenger vehicle arm of the JSW Group, is reportedly preparing to enter the Indian car market this year. It has partnered with Jetour, a China-based automotive brand owned by Chery Automobile, and the Jetour T2 SUV could be the company’s first product, according to the reports.
Media reports suggest that the launch will happen independently and not under the JSW MG Motor India joint venture. The SUV will wear a JSW badge and name, instead of the Jetour branding. The upcoming SUV will be assembled at JSW’s upcoming greenfield manufacturing facility in Chhatrapati Sambhaji Nagar, Maharashtra.
According to the reports, the company plans to have the vehicle on sale by the third quarter of this year. With this move, JSW aims to establish itself as a standalone carmaker in India.
Expected Powertrain
The SUV is likely to arrive with a 1.5-litre plug-in hybrid setup. Internationally, this hybrid powertrain is offered with both front-wheel drive and all-wheel drive options. It is still unclear which version will be introduced in India.
Design
In terms of design, the T2 is a large and rugged-looking SUV. It has a boxy and upright stance, similar to vehicles like the Land Rover Defender. Despite its tough appearance, it uses a monocoque chassis instead of a ladder-frame construction.
Size
The SUV measures around 4.7 metres in length and nearly 2 metres in width. This makes it larger than the Tata Safari, even though it is a five-seater. A longer 7-seat version is also sold in some markets.
Price
Pricing details for India are yet to be announced. For reference, the front-wheel-drive five-seat T2 i-DM is priced at AED 1,44,000 (around Rs 35 lakh) in the UAE.
Jetour
Jetour is a brand owned by Chinese automaker Chery. Launched in 2018, it focuses mainly on SUVs and is present in markets across China, the Middle East, Africa, Southeast Asia and Latin America.
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