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Khaleej Times
6 hours ago
- Khaleej Times
Moody's upgrades Pakistan's credit rating to 'Caa1'
Moody's said on Wednesday it had raised Pakistan's credit rating by one notch to 'Caa1' from 'Caa2' due to an improving external financial position and it assigned the country a "stable" outlook. The announcement came within hours of Pakistan's Finance Minister Mohammed Aurangzeb saying there was more room for the central bank to cut the country's key policy rate from 11% on the back of positive economic indicators. "The credit rating's improvement is a sign that economic policies are heading toward the right direction," Prime Minister Shehbaz Sharif said in a statement. Pakistan's international bonds rose as much as 1 cent to between 90 and 100 cents on the dollar following the ratings upgrade. It lifted most of them to their highest since early 2022 when fears of a full-blown debt crisis sent them plunging to as little as 30 cents. Moody's decision to raise the rating by one notch after Fitch and SP did the same will help Pakistan's capability to raise external debt. Pakistan says its economy is on a recovery path after a $7 billion IMF bailout helped to stabilise it. "We changed the outlook for the Government of Pakistan to stable from positive," Moody's said in a statement. "The upgrade to Caa1 reflects Pakistan's improving external position, supported by its progress in reform implementation under the IMF Extended Fund Facility (EFF) program," it said. Pakistan's debt affordability has improved, but remains one of the weakest among rated sovereigns, Moody's said, adding that the Caa1 rating also reflected the country's weak governance and high degree of political uncertainty. Aurangzeb told a gathering of businessmen in Islamabad ahead of the Moody's announcement that he was expecting an improvement in Pakistan's credit rating by other agencies after Fitch and SP. "We are hopeful of progress in terms of the policy rate going south," he added. Aurangzeb said it was his personal view that there was more room for a rate cut towards the end of the year, adding that it was for the central bank to make the final call on the issue. The next policy rate announcement is due on September 15. The central bank left its key interest rate unchanged at 11% on July 30, going against analyst expectations. In a Reuters poll they had forecast a reduction of 50 to 100 basis points. The bank said the inflation outlook had deteriorated due to rising energy prices. Inflation accelerated to 4.1% year-on-year in July.
Zawya
9 hours ago
- Zawya
India set to allow its private firms to mine and import uranium to help nuclear expansion
India aims to allow private firms to mine, import and process uranium as part of plans to end a decades-old state monopoly over the nuclear sector and bring in billions of dollars to boost the industry, two government sources said. Prime Minister Narendra Modi's government plans to expand nuclear power production capacity by 12 times by 2047 and it is also relaxing requirements to allow foreign players to take a minority stake in power plants, Reuters reported in April. If it meets its expansion goal, nuclear will provide 5% of India's total power needs, according to government estimates. Until now, the state has maintained control over the mining, import and processing of uranium fuel because of concerns over the possible misuse of nuclear material, radiation safety and strategic security. It will retain its grip on reprocessing spent uranium fuel and managing plutonium waste, in line with global practice. But to help meet a surge in demand for nuclear fuel as it expands nuclear power production, the government plans to draw up a regulatory framework that would allow private Indian firms to mine, import and process uranium, the two government sources told Reuters. They asked not to be named because the plans are not yet public. The proposed policy, which the sources said was likely to be made public in the current fiscal year, will also permit private players to supply critical control system equipment for nuclear power plants, they said. The Finance Ministry, Department of Atomic Energy and Prime Minister's Office did not respond to Reuters' requests for comment. Outside India, countries including Canada, South Africa and the United States allow private firms to mine and process uranium. DOMESTIC SUPPLY IS NOT ENOUGH India has an estimated 76,000 tonnes of uranium enough to fuel 10,000 megawatts of nuclear power for 30 years, according to government data. But the sources said domestic resources would only be able to meet about 25% of the projected increase. The rest would have to be imported and India would need to increase its processing capacity. In announcing its budget on February 1, the government made public its plans to open up the sector without giving details. Some of India's big conglomerates subsequently began drawing up investment plans. But analysts said amending the legislation could be complex. "It's a major and bold initiative by the Indian Government which is critical for achieving the target," said Charudatta Palekar, independent power sector consultant. "The challenge will be to define quickly the rules of engagement with private sector." New Delhi will have to change five laws, including the ones regulating mining and electricity sectors and India's foreign direct investment policy to enable private participation in many identified activities, the sources said. (Reporting by Sarita Chaganti Singh: editing by Barbara Lewis)
Arabian Business
10 hours ago
- Arabian Business
Abu Dhabi's Zero Two invests in Singapore-based Evolution Data Centres
Abu Dhabi-headquartered Zero Two, an ADQ company involved in digital infrastructure development and investment, has invested in the Singapore-based Evolution Data Centres (Evolution). Zero Two will assume a co-controlling position alongside Warburg Pincus, one of the early investors in the company. Evolution, founded in 2021, is a leading sustainable data centre platform in Southeast Asia. Zero Two did not disclose any financial details of the transaction, but it was the company's first investment in Southeast Asia since its launch in 2022. Zero Two expands into Southeast Asia Since Warburg Pincus' initial investment, Evolution has significantly expanded its portfolio across Thailand, the Philippines, and Vietnam, all of which will be powered by renewable energy via Power Purchase Agreements (PPAs) with leading renewable energy providers. Zero Two's investment in Evolution will provide long-term growth capital aimed at accelerating the deployment of hyperscale-ready data centres across key Southeast Asian markets. Ahmed Al Hameli, CEO of Zero Two, commented: 'We are excited to partner with Evolution and Warburg Pincus to support the expansion of digital infrastructure across Southeast Asia. 'Evolution's strong market positioning and leading execution capabilities make it a compelling fit for Zero Two's long-term capital deployment strategy. Together, we aim to accelerate the scale-up of energy-efficient hyperscale data centres that meet the region's rapidly growing cloud and AI demands.' Darren Webb, CEO and co-founder of Evolution Data Centres, added: 'We are absolutely delighted to welcome Zero Two as a strategic investor. Their support marks a major milestone for Evolution Data Centres and will significantly accelerate our mission to deliver sustainable, high-performance digital infrastructure across Southeast Asia. 'Together, with our investors and partners, we're powering the next phase of digital transformation in the region.'
