Latest news with #PBL
India.com
8 hours ago
- Business
- India.com
Rs 5000000000000 market, Anil Ambani makes historic move, plan is to...
New Delhi: Anil Ambani's Reliance Infrastructure will now expand its business in the defense sector. The company will focus on programmes to improve aircraft. The company expects to get opportunities worth Rs 5,000 crore in the next 7 to 10 years. The company aims to become the first private company in India to improve aircraft. Till now this work was done by government companies and OEMs (original equipment manufacturers). The global market for upgrading military aircraft and helicopters is more than Rs 5 lakh crore annually. Anil Ambani's Reliance Group's Reliance Infrastructure is going to do a big job in the defense sector and is focusing on modernizing aircraft. The company is expected to make good profits in the next few years and is on its way to becoming the first private company in this sector. A company source said that they have completed a project with HAL in collaboration with US company Genesis. In this project, they have improved 55 Dornier-228 aircraft. Earlier the company got the contract of upgrading 37 aircraft. After doing good work, the company got an order for 18 more aircraft. According to sources, this entire project of upgrading Dornier was worth Rs 350 crore. The upgraded Dornier aircraft are deployed with the Indian Air Force, Indian Navy and Indian Coast Guard. Military aircraft and helicopters last for about 30-40 years, therefore, it is necessary to upgrade them from time to time. Especially it is necessary to replace their avionics, mission systems and security equipment. The market for upgrading military aircraft and helicopters worldwide is more than Rs 5,00,000 crore every year and it is estimated that this market will reach Rs 7,00,000 crore in the next seven years. The number of old aircraft in India is very high. Therefore, there are many opportunities in this field here. The Indian Army is also focusing on modernizing its old aircraft. Reliance Infrastructure now wants to further increase its capacity to upgrade aircraft and helicopters. For this, the company is working closely with companies around the world. Apart from upgrading Dornier, the company is also working with France's Thales in the Performance-Based Logistics (PBL) program for Rafale fighter jets in India.
New Indian Express
6 days ago
- Business
- New Indian Express
ADB approves USD 800 million package for Pakistan, despite concerns raised by India: Reports
The Asian Development Bank (ADB) has approved a significant financial package for Pakistan, comprising a USD 300 million policy-based loan (PBL) and a USD 500 million program-based guarantee (PBG). This despite concerns expressed by India, reports said. The development comes a month after Pakistan secured a $1 billion (around Rs 8,500 crore) package from the International Monetary Fund (IMF). Khurram Schehzad, advisor to the finance minister confirmed the development relating to the ADB package in a brief statement on social media, saying that the package includes a USD 300 million policy-based loan (PBL) and a USD 500 million programme-based guarantee (PBG). The ADB package aims at bolstering Pakistan's fiscal sustainability and enhance public financial management through comprehensive reforms. The PTI quoted ADB country director for Pakistan, Emma Fan as saying that Pakistan has made significant progress in improving macroeconomic conditions. This programme, according to the news agency, backs the government's commitment to further policy and institutional reforms that will strengthen public finances and promote sustainable growth. The programme supports far-reaching reforms to improve tax policy, administration, and compliance while enhancing public expenditure and cash management. It also promotes digitalisation, investment facilitation, and private sector development. These measures aim to reduce Pakistan's fiscal deficit and public debt while creating space for social and development spending. Meanwhile, the Moneycontrol quoting sources said that 'India shared deep concerns regarding the potential misuse of ADB resources, particularly in light of Pakistan's increasing defence expenditure, its declining tax-to-GDP ratio, and the lack of demonstrable progress on key macroeconomic reforms.' (With inputs from PTI)
Express Tribune
6 days ago
- Business
- Express Tribune
PSX hits intraday record as KSE-100 crosses 121,000 points for first time
The Pakistan Stock Exchange (PSX) reached a new milestone on Wednesday, with the KSE-100 index breaching the 121,000-point mark for the first time during intra-day trading. The index stood at 121,690.71, gaining 1,239.84 points or 1.03% at the time of this report's filing. The highest point reached during the session so far was 121,736.39, while the lowest was 120,896.13. Total trading volume stood at 218,586,173 shares, with a transaction value of 18,626,764,104. The previous close was 120,450.87. The positive momentum at the PSX follows the recent approval of an $800 million financial package by the Asian Development Bank (ADB) for Pakistan under the Resource Mobilization Reform Program (Subprogram-II). Read more: ADB approves $800m financial package for Pakistan The package consists of a $300 million policy-based loan (PBL) and a $500 million program-based guarantee (PBG), which has helped to bolster investor sentiment. Previously, ADB had postponed the approval of a $800m financing package for Pakistan for five days on the request of India that sought time to evaluate the loan documents, exposing flaws in the lender's rule book that allows such extensions. Earlier on Tuesday, the PSX also saw a record-breaking close, with the KSE-100 index finishing at 120,450.87, marking its first-ever close above the 120,000-point threshold. Also read: PSX closes above 120,000 points for first time The market gained 1,573.07 points, or 1.32%, during the session, reaching an intra-day high of 120,693.83 and a low of 119,129.51. Trading volume that day was 315,235,806 shares, with a total value of 20,897,236,653. The gains on Tuesday were reportedly attributed to positive sentiments in the market ahead of this month's budget announcement. Despite a sharp decline in the market earlier in the week, which saw the KSE-100 index drop by 813 points (0.68%) on Monday due to concerns over proposed tax hikes and inflation, the record highs reflect renewed investor confidence as the country's budget approaches.
Time of India
7 days ago
- Business
- Time of India
ADB approves $800 million package for Pakistan
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel The Asian Development Bank (ADB) approved USD 800 million for Pakistan to strengthen fiscal sustainability and improve public financial management , an official said on Schehzad, advisor to the finance minister confirmed the development in a brief statement on social media, saying that the package includes a USD 300 million policy-based loan (PBL) and a USD 500 million programme-based guarantee (PBG).He said, "ADB approves USD 800 million financing package for Pakistan" under the Resource Mobilisation Reform the Philippines-based lender also confirmed the development in a statement, saying that subprogramme 2 of the "Improved Resource Mobilisation and Utilisation Reform Programme" includes a policy-based loan of USD 300 million, and ADB's "first-ever policy-based guarantee" of up to USD 500 million, which is expected to mobilise financing of up to USD 1 billion from commercial banks."Pakistan has made significant progress in improving macroeconomic conditions," said ADB country director for Pakistan, Emma Fan. "This programme backs the government's commitment to further policy and institutional reforms that will strengthen public finances and promote sustainable growth."The programme supports far-reaching reforms to improve tax policy, administration, and compliance while enhancing public expenditure and cash management."It also promotes digitalisation, investment facilitation, and private sector development. These measures aim to reduce Pakistan's fiscal deficit and public debt while creating space for social and development spending," it ministry officials, The Express Tribune newspaper reported that it aims to enhance domestic resource mobilisation and stabilise the economy through financial support will help improve the tax system, increase revenues, and promote fiscal discipline. The programme is also expected to broaden the country's revenue base and marks a key step toward economic self-reliance. PTI
San Francisco Chronicle
21-05-2025
- Sport
- San Francisco Chronicle
Sellout crowd embraces Ballers, Oakland's pro baseball team, in season opener
About 80 miles away from where the vagabond Athletics played the Los Angeles Angels on a random Tuesday, baseball resumed in Oakland. Raimondi Park packed in a sellout crowd of 4,200 fans who showed up to watch the Oakland Ballers open their second season in the Pioneer Baseball League against the Ogden Raptors. A few hours before first pitch, someone in a Ballers shirt could be heard saying, 'Looks like, smells like, sounds like baseball,' as he proceeded to the checkpoint where coaches, players and fans alike would enter. It was unclear whether he was a player, a staffer or even a fan owner of the community-owned ballclub. That's kind of the point. The usual barriers meant to separate those who hit, pitch and catch from the thousands more who pay to make memories of watching them play at big-league ballparks just don't exist at 1800 Wood St. After the Ballers improved to 1-0 in an incredible comeback win that was decided by a home run derby (yes, a home run derby), they didn't disappear into some underground clubhouse. Their headquarters remain embedded across the street within the string of B's warehouses, meaning head coach Aaron Miles and his band of 27 walked out of Raimondi as if they were on a neighborhood stroll. Miles, who played nine seasons in the majors, knows any fan he crosses paths with could be one of the 4,000-plus people who've contributed more than $3 million of crowd-funded investments. 'I don't know if they got any say in players getting released or me getting fired, but hopefully I'll make some friends on the way out and get myself some job security,' Miles said. Thanks to rookie shortstop Tremayne Cobb, a recent Troy University alumnus who only needed one swing to clobber one pitch during what the 12-team PBL calls the 'Knockout Round' (in place of extra innings) to secure a Ballers win, Miles sent home the people who help pay his checks with another Oakland baseball memory. 'The crowd was in the game the whole time, even when we was down,' Cobb told the Chronicle. 'So it's cool to know that the city's always going to love us, whether we're down (or) up in the game.' Since their inception, the Ballers have opened up two investments rounds — one in July and another in March. Martin Jíménez was among the 2,200 people who jumped on the bandwagon early last summer. Jíménez lives in Seattle, so the Bay Area native couldn't attend a home game during the Ballers' inaugural season that saw them punch a ticket to the four-team PBL playoffs. He wasn't going to miss Tuesday's season opener, particularly now that the B's are the only game in town. 'People show up to Major League Baseball games because they feel like they have to be there,' said Jíménez, a longtime A's fan who had supported the franchise since the mid-1980s. 'It just feels more real (here). It feels less contrived. … It's just the sport for the sport.' Jíménez proudly wore a black 'Built by Oakland' T-shirt. It wasn't on sale, but served as an easy way to spot fan owners. Justin Collins also repped the merchandise. When asked about his presumed A's fandom, he hesitated. 'I'll say was,' Collins said. 'I liked the Oakland A's.' It's a safe bet that almost everyone in attendance for midweek ball at Raimondi had some sort of connection to the A's, at least when said logo symbolized baseball in Oakland. Jeff Brution remembers his introduction to the organization, via legendary southpaw Vida Blue, a Cy Young winner who helped the A's to their three consecutive World Series wins in the 1970s. Brution isn't a fan owner but took a first look at the Ballers alongside friend Dave Alley, also a diehard A's fan. Alley said he was the one to invite his buddy. Why not, he thought. Neither was going to make the long drive to Sacramento. Alley hoped for a B's win. Brution was simply satisfied with Oakland baseball, letters be damned. 'Already have a win by making it here,' Brution said. For Liana Rodegard, 71, Raimondi is only a 10-minute bike ride away. Sure, she misses the homely atmosphere of afternoons spent at the Oakland Coliseum. But the Ballers are Oakland's team now, as far as she's concerned. 'It's a perfect way to watch baseball,' Rodegard said. 'I'm not going (to Sacramento). No way.' The Ballers were born from the imagination of two baseball fans, for baseball fans in Oakland. The aftermath of a game strangely concluded by a meatball pitch thrown from behind a pitcher's net actually fit that vision. 'Smells like, sounds like the past and I think the future of baseball,' said Paul Freedman, who co-founded the Ballers with Bryan Carmel. 'When baseball was America's pastime, it was played in parks that looked and felt more like Raimondi than the new parks that they're building today.'
