Latest news with #ADR
Express Tribune
4 hours ago
- Business
- Express Tribune
Lending to govt hits record high
The decline in ADR highlights banks' reluctance to lend aggressively, due to concerns about borrower creditworthiness, regulatory constraints or a lack of demand from the private sector. photo: file Listen to article At first glance, Pakistan's economy appears to be on the path to recovery, macro indicators are stabilising, and optimism is cautiously returning. But a closer look reveals that many of the country's deep-rooted structural problems remain unresolved. One such issue is the Investment-to-Deposit Ratio (IDR), which has now reached an all-time high of 103%, even exceeding total deposits. This means that banks are channelling the bulk of their deposits into government securities, effectively crowding out the private sector, the true engine of sustainable economic growth. While this trend may bolster short-term bank profitability and fiscal financing, it raises serious concerns about the long-term health of the real economy, which depends on private sector credit to drive investment, innovation, and job creation. Pakistan is bound by restrictions imposed by the International Monetary Fund (IMF), which prohibits the government from directly borrowing from the State Bank of Pakistan (SBP) through money printing. This measure is aimed at curbing unchecked monetary expansion, which fuels inflation and undermines economic stability. In response, the government machinery, including the State Bank of Pakistan (SBP), has resorted to injecting massive liquidity into private banks through Open Market Operations (OMOs), recently reaching an unprecedented Rs14 trillion. This level of intervention is extraordinary, especially when compared to peer economies. The injected funds are then funnelled into government securities, creating a self-serving loop: banks earn risk-free profits by lending to the government, while the government avoids borrowing directly from the SBP. This cycle not only enriches a few without exposing them to market risks but also starves the real economy of credit, depriving millions of people and businesses of the economic opportunities they desperately need. "As of June 2025, the Investment-to-Deposit Ratio (IDR) reached 103%, up 608bps YoY, indicating that banks have invested more than their total deposits — highlighting a tilt towards government papers rather than private sector lending," noted Deputy Head of Trading at Arif Habib Ltd, Ali Najib. This means that banks have now invested more than their total deposits, a clear indication that they are increasingly favouring risk-free government securities over lending to the private sector. The trend underscores a cautious stance amid ongoing economic uncertainty. During the same period, total deposits rose by 14.1% year-on-year to Rs35.5 trillion, while bank investments surged by 21.2% to Rs36.6 trillion. In contrast, advances increased by only 8.7%, reaching Rs13.5 trillion, indicating a slower pace of credit expansion. This divergence in growth has led to a decline in the Advance-to-Deposit Ratio (ADR) to 38.1%, down from 40.0% a year earlier and 39.8% in May 2025. The decline in ADR highlights banks' reluctance to lend aggressively, partly due to concerns about borrower creditworthiness, regulatory constraints, or a lack of demand from the private sector — but mainly due to the fact that when there is a safe avenue, why would anybody take the risk? Looking ahead, the banking sector is expected to remain stable, according to AHL, supported by rising deposit inflows and strong earnings from government-backed investments. However, the continued preference for investment over lending could constrain private sector growth and job creation, unless broader macroeconomic stability and investor confidence are restored. Experts suggest that the central bank and policymakers may need to revisit regulatory and fiscal measures to encourage more balanced credit allocation across the economy.
Express Tribune
8 hours ago
- Business
- Express Tribune
Top court stays ADRC proceedings
The Supreme Court has ordered a stay on proceedings in all cases currently pending before the Alternative Dispute Resolution Committees (ADRCs), which function under the administrative control of the FBR to handle tax-related matters, especially those involving state entities. The order came from a division bench headed by Chief Justice Yahya Afridi, which issued a two-page directive. It noted that during proceedings, it was brought to the court's attention that the FBR, in consultation with the Ministry of Law and Justice, was in the process of overhauling the mechanism for appointing members to the ADRCs. The FBR's legal member submitted before the bench that the revenue body remains open to constructive suggestions regarding the ADRC proceedings as mandated by law. Taking note, the court observed it would be appropriate for the FBR to first examine the matter in detail. Accordingly, the bench directed the FBR to consult with Shahid Jamil, counsel for the petitioner (ZTBL), counsel for the respondent (FBR), amicus curiae Sultan Mazhar Sher Khan, the Attorney General for Pakistan and the Secretary, Ministry of Law and Justice. The order further directed that the FBR must "duly consider the opinions and input" of these stakeholders before finalising the proposed framework for appointing ADRC members. "A report in this regard shall be submitted before this Court prior to the next date of hearing. In the meantime, proceedings in all cases currently pending before the ADRC shall remain stayed till 24.07.2025," the court stated. Shahid Jamil, counsel for ZTBL, maintained that transparency must be ensured in the appointment of ADRC members. However, legal experts remain divided on the current state of ADRCs and their role in dispute resolution. One lawyer representing a state-owned enterprise (SOE) argued that the ADRC mechanism has proven "destructive" for SOEs. "They are being crushed with taxation and have no remedy against the ADRC," he said, alleging that billions of rupees in taxes were forcibly recovered in June without the legally required notices, simply to meet revenue targets. "All profit-making SOEs are being destroyed," he added. Another lawyer contended that the ADRC should function independently and without FBR's influence to be credible. On the other hand, Hafiz Ehsaan Ahmad, who has represented the FBR in numerous cases, defended the institution. He explained that the FBR was legally empowered to constitute ADR committees for the settlement of tax disputes and to avoid prolonged litigation. However, he acknowledged that the ADR system in Pakistan has struggled due to several structural flaws, including the absence of qualified and independent arbitrators, a lack of transparency in ADRC composition, inadequate digital and institutional infrastructure and, most crucially, the limited binding nature and enforceability of ADR outcomes, particularly when they involve findings of fact.
Yahoo
11 hours ago
- Business
- Yahoo
FUTU or SPXC: Which Is the Better Value Stock Right Now?
Investors interested in Technology Services stocks are likely familiar with Futu Holdings Limited Sponsored ADR (FUTU) and SPX Technologies (SPXC). But which of these two stocks presents investors with the better value opportunity right now? Let's take a closer look. There are plenty of strategies for discovering value stocks, but we have found that pairing a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system produces the best returns. The proven Zacks Rank puts an emphasis on earnings estimates and estimate revisions, while our Style Scores work to identify stocks with specific traits. Currently, Futu Holdings Limited Sponsored ADR has a Zacks Rank of #1 (Strong Buy), while SPX Technologies has a Zacks Rank of #2 (Buy). This system places an emphasis on companies that have seen positive earnings estimate revisions, so investors should feel comfortable knowing that FUTU is likely seeing its earnings outlook improve to a greater extent. But this is just one factor that value investors are interested in. Value investors also try to analyze a wide range of traditional figures and metrics to help determine whether a company is undervalued at its current share price levels. Our Value category highlights undervalued companies by looking at a variety of key metrics, including the popular P/E ratio, as well as the P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that have been used by value investors for years. FUTU currently has a forward P/E ratio of 20.66, while SPXC has a forward P/E of 27.56. We also note that FUTU has a PEG ratio of 1.16. This popular figure is similar to the widely-used P/E ratio, but the PEG ratio also considers a company's expected EPS growth rate. SPXC currently has a PEG ratio of 1.53. Another notable valuation metric for FUTU is its P/B ratio of 5.25. The P/B ratio is used to compare a stock's market value with its book value, which is defined as total assets minus total liabilities. For comparison, SPXC has a P/B of 5.64. These are just a few of the metrics contributing to FUTU's Value grade of B and SPXC's Value grade of C. FUTU stands above SPXC thanks to its solid earnings outlook, and based on these valuation figures, we also feel that FUTU is the superior value option right now. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Futu Holdings Limited Sponsored ADR (FUTU) : Free Stock Analysis Report SPX Technologies, Inc. (SPXC) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Arabian Post
14 hours ago
- Business
- Arabian Post
Miggo Revolutionises Vulnerability Management with Predictive VulnDB
Miggo has unveiled VulnDB, a free, predictive vulnerability database designed to overhaul how organisations assess and prioritise software risks. By combining runtime context, exploit simulations and function-level tracing, VulnDB shifts the paradigm from reactive vulnerability tracking to proactive threat prediction, promising to drastically reduce noise from Common Vulnerabilities and Exposures and highlight only those flaws that truly matter in a live environment. At launch, VulnDB distinguishes itself by pinpointing the exact functions that introduce risk and determining whether they are exploitable within an application's runtime. This level of precision enables security teams to focus remediation efforts on actionable threats, rather than sifting through thousands of potential vulnerabilities with uncertain impact. Miggo claims the system begins analysis within seconds of a CVE's publication—tracing, simulating exploits, and providing real‑time insights without human intervention. The platform's open-access offering grants all users technical root‑cause analysis, exploitation conditions, and function‑level mapping—electricity for developers seeking to stay ahead of attackers. Enterprise customers gain an additional layer of protection through dynamic Web Application Firewall rules that adapt based on emerging exploit patterns. ADVERTISEMENT Miggo's predictive approach addresses a significant problem in contemporary cybersecurity: the overwhelming volume of CVEs—tens of thousands annually—that often remain theoretical until they intersect with specific applications. By integrating runtime observability and exploit simulation, VulnDB avoids false positives and delivers prioritisation in line with real-world risk. The company's roots lie in its Application Detection and Response platform, launched last year with US$7.5 million in seed funding from YL Ventures and other top-tier investors. ADR provides visibility into live application behaviour, maps distributed application components, detects deviations and enacts mitigation, enabling precise runtime threat containment. VulnDB extends this capability by delivering predictive intelligence to a broader user base. CEO Daniel Shechter highlights that applications remain a primary attack vector, driven by both architectural complexity and attacker focus on runtime behaviour. CTO Itai Goldman emphasises that 'everyone's drowning in CVEs, but no one's telling you which ones can actually be exploited through your app'. Their message resonates as security teams confront a growing technical debt and shrinking remediation bandwidth. Experts in the security community note that the addition of exploit simulation—a process where potential attacks are modelled in a sandbox—provides tangible value. It shifts vulnerability management from inventory-driven triage to contextual decision-making based on whether a flaw is reachable, exploitable and present in live infrastructure. Miggo's timing aligns with intensifying pressure on organisations to shrink the window between discovery and exploitation. High-profile breaches such as MOVEit, SharePoint and Ivanti have exposed how attackers can weaponise vulnerabilities before manual patching practices can catch up. In such a high‑velocity threat landscape, VulnDB's speedy automation and runtime anchoring offer clear advantages. Miggo also addresses concerns over transparency and data equity by making its intelligence publicly accessible. This open baseline encourages broader adoption, while its enterprise tier amplifies value with live defences and tailored context. Head of Research Liad Eliyahu explains the strategy: 'Security isn't about knowing everything. It's about knowing what matters'. Academic studies on vulnerability prediction, such as the TROVON model, underline the ongoing struggle to differentiate high-risk components from noisy datasets. Miggo bypasses much of this complexity by utilising runtime evidence rather than historical inference, offering a practical complement to academic approaches. Early adopters report that VulnDB has streamlined vulnerability workflows, replacing CVE overwhelm with targeted insights. With free access available now on Miggo's website, developers and security teams are encouraged to trial predictive intelligence and integrate it with existing CI/CD pipelines.
The Advertiser
2 days ago
- Automotive
- The Advertiser
Suzuki Jimny getting significant safety upgrade
The Japanese-built Suzuki Jimny three-door is getting a safety upgrade to match its Indian-built Jimny XL five-door sibling. Japanese outlet Creative Trend reports the updated Jimny, which is set to launch in Japan this August, will gain the following equipment: Of these, only the first will reportedly be fitted to both manual and automatic variants, with the others being exclusive to auto vehicles. No other changes are expected, according to Creative Trend, apart from what claims will be "significant price increase". Hundreds of new car deals are available through CarExpert right now. Get the experts on your side and score a great deal. Browse now. Suzuki Australia confirmed in February 2025 that the three-door Jimny, among other vehicles in its lineup, didn't meet newly introduced Australian Design Rules (ADR) outlining specific technical requirements for autonomous emergency braking (AEB) systems. At the time, it said investigations were underway into making the popular off-roader compliant and that its "position on this product" had "yet to be confirmed". Sales of the Jimny, along with other Suzuki models that fell afoul of the new ADR, have continued as the automaker has secured sufficient stock complied before March 1, 2025, when ADR 98/00 came into effect. The Jimny XL is unaffected by this new ADR. It features a stereo camera instead of a forward-facing monocular camera and laser radar like its three-door sibling, which allows Suzuki to offer both adaptive cruise control and night-time pedestrian detection. Suzuki Australia confirmed earlier this month that the three-door Jimny would be in greater supply during the first quarter of 2026. We've contacted the company to confirm exactly when the updated Jimny will arrive here. From January 1, 2025, the Jimny is unrated by independent safety authority ANCAP. Its three-star rating from 2018 expired on December 31, 2024. The Jimny is by far Suzuki's best-selling vehicle locally. To the end of June, it has delivered 4365 examples so far this year. The Swift light hatch was a distant second with 1953 deliveries. Not only does the Jimny outsell every other Suzuki, it's more popular than almost every other so-called light SUV. The only exceptions are the Mazda CX-3 (8221) and Toyota Yaris Cross (5887). MORE: Explore the Suzuki Jimny showroom Content originally sourced from: The Japanese-built Suzuki Jimny three-door is getting a safety upgrade to match its Indian-built Jimny XL five-door sibling. Japanese outlet Creative Trend reports the updated Jimny, which is set to launch in Japan this August, will gain the following equipment: Of these, only the first will reportedly be fitted to both manual and automatic variants, with the others being exclusive to auto vehicles. No other changes are expected, according to Creative Trend, apart from what claims will be "significant price increase". Hundreds of new car deals are available through CarExpert right now. Get the experts on your side and score a great deal. Browse now. Suzuki Australia confirmed in February 2025 that the three-door Jimny, among other vehicles in its lineup, didn't meet newly introduced Australian Design Rules (ADR) outlining specific technical requirements for autonomous emergency braking (AEB) systems. At the time, it said investigations were underway into making the popular off-roader compliant and that its "position on this product" had "yet to be confirmed". Sales of the Jimny, along with other Suzuki models that fell afoul of the new ADR, have continued as the automaker has secured sufficient stock complied before March 1, 2025, when ADR 98/00 came into effect. The Jimny XL is unaffected by this new ADR. It features a stereo camera instead of a forward-facing monocular camera and laser radar like its three-door sibling, which allows Suzuki to offer both adaptive cruise control and night-time pedestrian detection. Suzuki Australia confirmed earlier this month that the three-door Jimny would be in greater supply during the first quarter of 2026. We've contacted the company to confirm exactly when the updated Jimny will arrive here. From January 1, 2025, the Jimny is unrated by independent safety authority ANCAP. Its three-star rating from 2018 expired on December 31, 2024. The Jimny is by far Suzuki's best-selling vehicle locally. To the end of June, it has delivered 4365 examples so far this year. The Swift light hatch was a distant second with 1953 deliveries. Not only does the Jimny outsell every other Suzuki, it's more popular than almost every other so-called light SUV. The only exceptions are the Mazda CX-3 (8221) and Toyota Yaris Cross (5887). MORE: Explore the Suzuki Jimny showroom Content originally sourced from: The Japanese-built Suzuki Jimny three-door is getting a safety upgrade to match its Indian-built Jimny XL five-door sibling. Japanese outlet Creative Trend reports the updated Jimny, which is set to launch in Japan this August, will gain the following equipment: Of these, only the first will reportedly be fitted to both manual and automatic variants, with the others being exclusive to auto vehicles. No other changes are expected, according to Creative Trend, apart from what claims will be "significant price increase". Hundreds of new car deals are available through CarExpert right now. Get the experts on your side and score a great deal. Browse now. Suzuki Australia confirmed in February 2025 that the three-door Jimny, among other vehicles in its lineup, didn't meet newly introduced Australian Design Rules (ADR) outlining specific technical requirements for autonomous emergency braking (AEB) systems. At the time, it said investigations were underway into making the popular off-roader compliant and that its "position on this product" had "yet to be confirmed". Sales of the Jimny, along with other Suzuki models that fell afoul of the new ADR, have continued as the automaker has secured sufficient stock complied before March 1, 2025, when ADR 98/00 came into effect. The Jimny XL is unaffected by this new ADR. It features a stereo camera instead of a forward-facing monocular camera and laser radar like its three-door sibling, which allows Suzuki to offer both adaptive cruise control and night-time pedestrian detection. Suzuki Australia confirmed earlier this month that the three-door Jimny would be in greater supply during the first quarter of 2026. We've contacted the company to confirm exactly when the updated Jimny will arrive here. From January 1, 2025, the Jimny is unrated by independent safety authority ANCAP. Its three-star rating from 2018 expired on December 31, 2024. The Jimny is by far Suzuki's best-selling vehicle locally. To the end of June, it has delivered 4365 examples so far this year. The Swift light hatch was a distant second with 1953 deliveries. Not only does the Jimny outsell every other Suzuki, it's more popular than almost every other so-called light SUV. The only exceptions are the Mazda CX-3 (8221) and Toyota Yaris Cross (5887). MORE: Explore the Suzuki Jimny showroom Content originally sourced from: The Japanese-built Suzuki Jimny three-door is getting a safety upgrade to match its Indian-built Jimny XL five-door sibling. Japanese outlet Creative Trend reports the updated Jimny, which is set to launch in Japan this August, will gain the following equipment: Of these, only the first will reportedly be fitted to both manual and automatic variants, with the others being exclusive to auto vehicles. No other changes are expected, according to Creative Trend, apart from what claims will be "significant price increase". Hundreds of new car deals are available through CarExpert right now. Get the experts on your side and score a great deal. Browse now. Suzuki Australia confirmed in February 2025 that the three-door Jimny, among other vehicles in its lineup, didn't meet newly introduced Australian Design Rules (ADR) outlining specific technical requirements for autonomous emergency braking (AEB) systems. At the time, it said investigations were underway into making the popular off-roader compliant and that its "position on this product" had "yet to be confirmed". Sales of the Jimny, along with other Suzuki models that fell afoul of the new ADR, have continued as the automaker has secured sufficient stock complied before March 1, 2025, when ADR 98/00 came into effect. The Jimny XL is unaffected by this new ADR. It features a stereo camera instead of a forward-facing monocular camera and laser radar like its three-door sibling, which allows Suzuki to offer both adaptive cruise control and night-time pedestrian detection. Suzuki Australia confirmed earlier this month that the three-door Jimny would be in greater supply during the first quarter of 2026. We've contacted the company to confirm exactly when the updated Jimny will arrive here. From January 1, 2025, the Jimny is unrated by independent safety authority ANCAP. Its three-star rating from 2018 expired on December 31, 2024. The Jimny is by far Suzuki's best-selling vehicle locally. To the end of June, it has delivered 4365 examples so far this year. The Swift light hatch was a distant second with 1953 deliveries. Not only does the Jimny outsell every other Suzuki, it's more popular than almost every other so-called light SUV. The only exceptions are the Mazda CX-3 (8221) and Toyota Yaris Cross (5887). MORE: Explore the Suzuki Jimny showroom Content originally sourced from:
