Latest news with #Rs300bn
Business Recorder
11-08-2025
- Business
- Business Recorder
Rs300bn ‘windfall': NA panel seeks sugar mill directors' names
ISLAMABAD: A National Assembly panel headed by PTI stalwart Atif Khan on Monday sought the names of sugar mill directors holding at least 20 percent shares from the Securities and Exchange Commission of Pakistan (SECP), amid reports of Rs 300 billion windfall profits made through price manipulation in connivance with dealers. Officials from the Federal Board of Revenue (FBR) informed the panel that at least 14 FBR officials, allegedly involved in the illegal release of sugar, have been suspended and are currently under investigation. The Additional Secretary of the Ministry of Industries and Production told the committee that millers and dealers manipulated prices following the expiry of the sugar export deadline, earning approximately $440 million from these exports. NA panel to probe Rs300bn sugar windfall He briefed the panel that in the 2024-25 crop year, sugarcane cultivation increased by 1.11% compared to 2023-24. However, due to climate change factors such as heat wave and crop disease, sugarcane yield and sucrose recovery declined. Consequently, sugar production fell to 5.862 million metric tons (MMT), around 1 MMT less than the previous year. Adding carryover stocks of 0.5 MMT, total sugar availability for 2024-25 was estimated at 6.362 MMT, roughly equal to domestic consumption in 2023-24. 'This tight balance between supply and demand led to price increases by the industry from January 2024 onward, following the exports,' he added. The committee, led by the Deputy Prime Minister, held several meetings with key stakeholders including the Pakistan Sugar Mills Association (PSMA), emphasizing price stability. They agreed to cap the ex-mill price at Rs 159/kg and the retail price at Rs 164/kg for one month, until April 19, 2025. 'In May 2025, the committee extended the status quo until June 15, 2025. However, PSMA did not comply and continued to raise prices,' he added. The Ministry of Industries summoned sugar millers, warning them that their actions were unacceptable, but the mills disregarded the ministry's warnings. A track-and-trace system was installed on sugar stocks in November 2021, whereby every sugar sack is stamped with a scanable mark revealing its details, according to FBR officials. However, some sugar bags were released without stamps, allegedly involving officials deputed at the mills. So far, the FBR has seized several trucks carrying unstamped sacks. Sales tax on sugar is deducted at 18% GST rate, amounting to Rs 1,485 per 50 kg sugar bag. Fourteen FBR officials have been suspended, and the Prime Minister has formed a special team including intelligence officials to monitor FBR operations. Sales tax collection from sugar has increased to Rs 100 billion from Rs 65 billion last year, despite a reduction of 1 MMT in sugar production. 'We might not even need to import sugar. The current stock is sufficient until November 15, 2025,' said the Additional Secretary of the Ministry of Industries and Production. It is estimated that only 200,000 tons of sugar may be imported, if any. Notably, 70% of sugar consumption is by industries, not the common man. Officials from the Ministry of National Food Security and Research stated that sugar imports are planned to prevent price hikes and avoid artificial shortages amid concerns about price could rise further in November 2025. After detailed discussions, the panel decided to summon SECP officials to obtain a list of sugar mill directors holding at least 20% shares, which will be shared with the media to reveal any political affiliations. The committee also resolved to review the Public Accounts Committee minutes where the Auditor General of Pakistan claimed sugar millers earned Rs 300 billion in profits within three weeks. Copyright Business Recorder, 2025
Yahoo
03-06-2025
- Business
- Yahoo
Spark Capital launches wealth management operations in Dubai's DIFC
India's Spark Capital Private Wealth Management (Spark Capital PWM) has established its operations in the Dubai International Financial Centre (DIFC) through its subsidiary, Spark Global PWM Private Limited. The move positions DIFC as the hub for Spark Capital's Middle East operations. DIFC hosts 420 wealth and asset management firms, including 75 hedge funds, 48 of which are part of the 'billion-dollar club'. Spark Global PWM Private Limited, a CAT4 firm regulated by the Dubai Financial Services Authority, will facilitate access to diverse markets for global investors, offering comprehensive portfolio diversification opportunities. The DIFC office will be staffed by experienced wealth management professionals with extensive knowledge of global markets. The team will utilise Spark Capital's research capabilities and advanced investment strategies to deliver client-focused solutions in the region. Spark Capital PWM Private Limited senior managing director and co-CEO Arpita Vinay said: 'The establishment of our DIFC office represents a significant milestone in Spark Capital PWM's global growth strategy. 'Dubai's strategic location and robust financial infrastructure provide an ideal platform to connect investors across regions with diverse investment opportunities.' Spark Capital PWM stated that it has experienced 'substantial growth' in recent years, increasing its assets under management from around Rs30bn ($360.24m) in April 2023 to Rs300bn ($3.56bn) by May 2025. The firm's workforce has expanded from 60 to over 400 professionals, including more than 130 relationship managers, and it has established a presence in 12 cities across India. Spark Global PWM Private Limited senior executive officer Neeraj Ojha said: 'DIFC offers an exceptional ecosystem for wealth management firms, with its world-class regulatory framework and access to a wide network of financial institutions. 'Through our presence here, we aim to provide professional clients in the Middle East with comprehensive wealth solutions backed by Spark Capital's expertise and innovation in investment management.' "Spark Capital launches wealth management operations in Dubai's DIFC" was originally created and published by Private Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
03-06-2025
- Business
- Yahoo
Spark Capital launches wealth management operations in Dubai's DIFC
India's Spark Capital Private Wealth Management (Spark Capital PWM) has established its operations in the Dubai International Financial Centre (DIFC) through its subsidiary, Spark Global PWM Private Limited. The move positions DIFC as the hub for Spark Capital's Middle East operations. DIFC hosts 420 wealth and asset management firms, including 75 hedge funds, 48 of which are part of the 'billion-dollar club'. Spark Global PWM Private Limited, a CAT4 firm regulated by the Dubai Financial Services Authority, will facilitate access to diverse markets for global investors, offering comprehensive portfolio diversification opportunities. The DIFC office will be staffed by experienced wealth management professionals with extensive knowledge of global markets. The team will utilise Spark Capital's research capabilities and advanced investment strategies to deliver client-focused solutions in the region. Spark Capital PWM Private Limited senior managing director and co-CEO Arpita Vinay said: 'The establishment of our DIFC office represents a significant milestone in Spark Capital PWM's global growth strategy. 'Dubai's strategic location and robust financial infrastructure provide an ideal platform to connect investors across regions with diverse investment opportunities.' Spark Capital PWM stated that it has experienced 'substantial growth' in recent years, increasing its assets under management from around Rs30bn ($360.24m) in April 2023 to Rs300bn ($3.56bn) by May 2025. The firm's workforce has expanded from 60 to over 400 professionals, including more than 130 relationship managers, and it has established a presence in 12 cities across India. Spark Global PWM Private Limited senior executive officer Neeraj Ojha said: 'DIFC offers an exceptional ecosystem for wealth management firms, with its world-class regulatory framework and access to a wide network of financial institutions. 'Through our presence here, we aim to provide professional clients in the Middle East with comprehensive wealth solutions backed by Spark Capital's expertise and innovation in investment management.' "Spark Capital launches wealth management operations in Dubai's DIFC" was originally created and published by Private Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Times of Oman
06-02-2025
- Business
- Times of Oman
RBI to look for additional measures other than rate cut to infuse enough liquidity: Report
New Delhi: The Reserve Bank of India (RBI) will have to look for additional measures other than a rate cut to infuse enough liquidity in the banking system according to a report by Emkay Research. Among other options suggested by Emkay Research, includes another round of Open Market Operations (OMO) worth Rs 30,000 crore to inject liquidity into the economy. The report highlighted that the total liquidity infusion through OMO in the current financial year (FY25) could surpass Rs 90,000 crore. It said, "We expect another round of ~Rs300bn OMOs, implying Rs900 bn+ in total in FY25E. A CRR cut is a close call, but a temporary cut may not address the underlying banking stress". The report noted that a temporary CRR reduction may not effectively resolve the ongoing stress in the banking sector. Instead, the RBI needs to focus on easing upcoming tighter Liquidity Coverage Ratio (LCR) norms, which are set to take effect from April 2025. Additionally, relaxing lending standards could be a preferred policy tool to address liquidity concerns. The report suggested that while a conventional 25 basis points rate cut in the upcoming Monetary Policy Committee (MPC) meeting is not a major topic of debate in the market, investors and analysts will closely watch for additional policy measures beyond a rate cut. The central bank may continue its strategy of "easing by stealth" through unconventional policy tools, such as liquidity injections and regulatory adjustments. The RBI is also expected to take steps to address stress in the non-sovereign money market. Furthermore, the report indicated that the central bank could consider additional measures to ease capital account restrictions, possibly through the Foreign Currency Non-Resident (FCNR) route. The RBI has already taken significant liquidity-boosting measures in recent months. Despite these efforts, system liquidity remains tight. While the overall liquidity deficit has eased from a high of Rs 3.1 trillion at the end of January 2025, Emkay Research estimates that it could still remain elevated at Rs 2.5-2.8 trillion by the end of FY25. The core deficit is expected to range between Rs 1.1-1.3 trillion. If the RBI finds this level of liquidity shortfall uncomfortable for policy transmission, it may introduce additional measures to support the economy, especially as the outlook for the depth of the interest rate cut cycle remains uncertain. The market will keenly watch RBI's next policy moves, particularly in addressing liquidity constraints and banking sector stress, as these factors will play a crucial role in shaping economic conditions in the coming months.
