Latest news with #TradePolicy
Yahoo
3 days ago
- Business
- Yahoo
Invesco reports second-quarter loss hurt by buyback costs
(Reuters) -Asset manager Invesco swung to a second-quarter loss on Tuesday, as expenses related to share repurchases wiped out gains in investment management fees. Shares of the company fell marginally in premarket trading. Invesco's performance fees, earned when client returns meet agreed-upon expectations, also fell over 70% in the quarter, as total net inflows slumped to $15.2 billion, compared with $28.2 billion a year ago. WHY IT'S IMPORTANT The quarter saw bouts of record volatility as a tumultuous U.S. trade policy and geopolitical tensions fueled recessionary fears and battered investor confidence. This hurt Invesco's inflows and performance fees, as investors took a more cautious approach amid macroeconomic uncertainty. BY THE NUMBERS Invesco ended the quarter with a record $2 trillion in assets under management as of June 30, jumping 16.6% from a year ago, which boosted the corresponding investment management fees. Investment management fees rose 3.3% to $1.1 billion during the reported quarter. But a $159.3 million charge related to its preferred share repurchase program led to a loss of $12.5 million, or 3 cents per share, compared with a profit of $132.2 million, or 29 cents a year ago. CONTEXT Invesco, an independent investment management firm, provides retail and institutional solutions to clients across 120 countries. Larger rival BlackRock last week reported that its assets increased to a record high value in the second quarter. 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
Bloomberg
4 days ago
- Business
- Bloomberg
Japan's Stocks Cling to Gains After Election, Nuclear Tailwinds
Japanese shares rose but pared some of their initial gains in Tokyo as investors digested Prime Minister Shigeru Ishiba's loss in Sunday's upper house election. While the vote's outcome was in line with most investors' expectations, worries about future policy direction, particularly around government spending and trade, are weighing on sentiment.
Business Recorder
4 days ago
- Business
- Business Recorder
Sugar price hike: NA panel to identify ‘beneficiaries'
ISLAMABAD: The National Assembly Standing Committee, headed by Jawed Hanif Khan, on Monday decided to investigate the reasons behind the exorbitant increase in sugar prices in the local market, its export and import patterns, and identify the actual beneficiaries of this cycle. 'The entire episode of the sugar crisis is suspicious. It must be investigated, and criminal proceedings should be initiated if any wrongdoing is found,' said Chairman Jawed Hanif Khan. The Committee also formed a sub-committee to probe the price surge, focusing on sugar exports followed by duty- and tax-free imports—measures allegedly designed to benefit certain actors. The chairman remarked that there appeared to be a nexus among politicians, bureaucrats, and the sugar industry. Members of the Standing Committee — both from the treasury and opposition benches —supported the formation of a special panel to scrutinize the entire sugar supply chain and its beneficiaries. Relevant ministries, organizations, and departments will be summoned for this purpose. PSMA agreed for ex-mill price of sugar at Rs165/kg, ministry says Commerce Ministry's team headed by Additional Secretary, Salman Mufti presented updated status of previous recommendations of the Standing Committee. During the meeting, the Ministry of Commerce presented an overview of its upcoming Trade Policy and the basis for its ambitious export target of $60 billion by 2029. The presentation was met with strong criticism, particularly from PML(N) MNA Shaista Pervaiz Malik, who questioned the feasibility of such a target in light of high energy costs and foreign exchange issues that have forced many industries to shut down. In response to a query by MNA Khurshid Ahmed Junejo, Director General (Trade Policy) Shafiq A. Shehzad admitted that the Commerce Ministry has never achieved its export targets. However, he noted that exports have increased by approximately $5 billion annually in recent years. He also highlighted key challenges such as limited export surplus, lack of competitiveness, and the effects of climate change. Shehzad emphasized that the government had decided to pursue an export-led growth strategy, acknowledging the risks but citing the success of other countries that had adopted similar policies. His views were echoed by the Chief Executive of the Trade Development Authority of Pakistan (TDAP), who shared future plans to boost exports. According to the Ministry of Commerce, Pakistan faces several hurdles in enhancing exports, including: (i) U.S. tariffs and their impact on Pakistani exports; (ii) disruptions in global trade; (iii) decline in domestic crop production (eg, cotton down 30%, maize and cotton 15.4%, rice 1.4%); (iv) slowdown in global commodity prices (eg, sesame seeds, rice), and (v) financial constraints due to limited export financing. Addressing concerns about the US tariffs, Joint Secretary (Tariff) Muhammad Ashfaq—who was part of the recent Pakistani delegation to Washington—said that tariff issues could potentially be resolved through negotiations. The Committee was also informed that Secretary Commerce Jawad Paul had returned from the U.S., where he had accompanied Finance Minister Senator Muhammad Aurangzeb in discussions with American trade representatives. Paul is currently briefing civil and military authorities at the Prime Minister's Office. On the issue of car imports, the Joint Secretary (Trade Policy) clarified that while the import of new cars is allowed—with Regulatory Duty (RD) reduced by 50% on high-value vehicles and by 33% on smaller ones—the government has no plans to allow the import of five-year-old used cars. He added that the Ministry of Industries and Production is working on a new auto policy, set to take effect from July 1, 2026, which will address quality and regulatory issues. Regarding the Trading Corporation of Pakistan (TCP), the Committee adopted recommendations of Sub-Committee headed by Khurshid Ahmed Junejo which include payments to TCP as per agreements between government entities. However, it did not support TCP's request for an exemption from the special audit of loans raised from banks, as the audit had been requested by the Finance Division. 'Since the Finance Division has demanded the special audit of TCP loans, this matter needs to be discussed with them. The Committee does not support an exemption,' said Chairman Jawed Hanif Khan. Copyright Business Recorder, 2025
Zawya
4 days ago
- Business
- Zawya
Mideast Stocks: Gulf markets mixed as strong earnings offset US tariff concerns
Stock markets in the Gulf ended mixed on Monday, as investors weighed positive corporate earnings against concerns over U.S. trade policy changes. The European Union is exploring broader counter-measures against the U.S. as prospects of an acceptable trade agreement with Washington fade, according to EU diplomats. Investors had been hoping for some progress in trade talks ahead of U.S. President Donald Trump's August 1 tariff deadline; Commerce Secretary Howard Lutnick is still confident a deal could be reached with the EU. Saudi Arabia's benchmark index gained 0.2%, ending a nine-day losing streak, led by a 1.6% gain in sharia-compliant lender Al Rajhi Bank and a 1.2% increase in Saudi National Bank, as the duo reported a rise in quarterly net profit. But International Petrochemical Company declined 5.7%, after the firm turned to losses in the second quarter. If upcoming earnings reports are broadly positive, the market may rebound, Osama Al Saifi, managing director for MENA at Traze, said. Dubai's main share index dropped 0.8%, easing from a multi-year high, hit by a 3.7% slide in top lender Emirates NBD. Profit-taking weighed on the market, with noticeable pressure on the financial sector, Saifi said. "Investors could secure their profits after a long period of strong momentum ahead of the Q2 earnings releases." Air Arabia leapt 4.8% to a fresh record high after securing a bid to operate a new Saudi low-cost national airline, set to launch by 2030. In Abu Dhabi, the index fell 0.2%. Oil prices dipped slightly, with the latest European sanctions on Russian oil expected to have minimal impact on supplies while U.S. tariffs ensure demand concerns remain. The Qatari index closed 0.7% higher, with the Gulf's biggest lender Qatar National Bank gaining 1.5%. Outside the Gulf, Egypt's blue-chip index edged 0.2% higher, hitting a new record high. SAUDI ARABIA rose 0.2% to 10,981 Abu Dhabi fell 0.2% to 10,262 Dubai dropped 0.8% to 6,045 QATAR gained 0.7% to 11,022 EGYPT added 0.2% to 34,130 BAHRAIN was down 0.3% to 1,938 OMAN rose 1.5% at 4,743 KUWAIT was up 0.1% to 9,302 (Reporting by Ateeq Shariff in Bengaluru; Editing by Sahal Muhammed)
Business Recorder
12-07-2025
- Business
- Business Recorder
TCP invites bids for import of 0.3m tons of sugar
KARACHI: In line with federal government directives, the Trading Corporation of Pakistan (TCP) has issued an international tender for the import of 300,000 metric tons of white refined sugar. In order to stabilise the rising prices of the commodity and avoid shortage on the domestic market, the federal government has decided to import 0.5 million metric tons of sugar. The Federal Board of Revenue (FBR) has already exempted customs duty on the import of 0.5 million tons sugar and also reduced sales tax rate from 18 percent to 0.25 percent and withholding tax up to 0.25 percent on the import of commodity by the TCP or private sector. Following the export of sugar during the last fiscal year, domestic sugar prices have been on the rise, reaching up to Rs 180 per kilogram compared to less than Rs 140 per kilogram at the time of export. In response to this sharp increase and to stabilize the local market, the government has decided to import sugar. Accordingly, on the directives of the government, state run grain trader has issued an international tender and invited sealed bids from the international white refined sugar suppliers/manufacturers, directly or through their local offices or representatives having capacity to supply 'White Refined Sugar' through worldwide sources, for supply of 300,000 metric tons (+/-5% More Or Less Seller's Option) of white refined sugar (bagged cargo) on CFR Karachi and/or Gwadar basis (in break bulk) including 50,000 metric tons of white refined sugar (bagged cargo) on delivered at place unloaded (TCP Pipri Godown) basis in containers only. The bids, prepared in accordance with the instructions in the tender documents, must be dropped on or before July 18, 2025, latest by 1130 hours. Bids will be opened on the same day at 1200 hours in the TCP's Board Room, in presence of the bidders or their authorized representatives who may wish to be present. As per tender, bids must be made for minimum 25,000 metric tons (+/- 5 percent MOLSO) on CFR Karachi and less than 25,000 metric tons for CFR (Break Bulk) and/or DPU (Containerized) will not be accepted. The validity of bids must for Eighty (80) hours from submission of bids and total quantity of white refined sugar must reach the designated ports/destination in Pakistan in accordance with the shipment schedule given in the Tender Document. However, TCP has made it clear that the interested parties who have previously not fulfilled their contractual obligations with TCP shall not be eligible to participate in the bids, unless they clear their dues along with penalties or fulfil their contractual obligations in services and commodities with TCP, as the case may be, before tender opening date. Furthermore, those firms against which blacklisting procedures have been initiated by TCP shall not be eligible to participate in the tender. The supply/import of white refined sugar will be governed by the Imports and Exports (Control) Act, 1950, provisions of the Trade Policy in force, PPRA Rules 2004 and the orders/notifications issued there under; and shall be in accordance with the requirements/specifications laid down by Pakistan Standards Quality Control Authority (PSQCA), for imported white refined sugar. Successful bidder shall be required to furnish a Performance Guarantee, for due and satisfactory performance of the contract, equal to five percent (5%) of the value of the contracted goods (including +5% of MOLSO) within five (05) working days from award of contract, in the form of a Bank Guarantee in US Dollars from a minimum 'A' rated (PACRA/VIS) Bank in Pakistan or in the form of a Banker's Cheque in PKR (Equivalent to US dollars at the exchange rate on or a day preceding the date of opening of the tender. Copyright Business Recorder, 2025
