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Stocks falter after PM warns of harsh IMF conditions

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KARACHI: The benchmark index of the stock market took a plunge on Tuesday as investors resorted to profit-taking on inflation concerns.

Activity on the main board remained dry whereas hefty volumes were recorded in third-tier stocks, said Arif Habib Ltd. The prime minister’s statement about the harsh conditions imposed by the International Monetary Fund also led to the worsening of sentiments on the bourse.

“Tough economic conditions let the market trade in a range-bound trajectory… the index moved in a range of 535 points,” said Topline Securities.

JS Global said investors should stay cautious in coming trading sessions and adopt a buy-on-dip strategy, particularly in banking and energy exploration and production sectors.

The KSE-100 index settled at 41,765.62 points, down 112.95 points or 0.27 per cent from a day ago.

 

The trading volume increased 3.7pc to 257.2 million shares while the traded value went up 4.5pc to $37.3m on a day-on-day basis.

Stocks contributing significantly to the traded volume included K-Electric Ltd (28m shares), Oilboy Energy Ltd (23.89m shares), WorldCall Telecom Ltd (17m shares), Unity Foods Ltd (16.6m shares) and Cnergyico PK Ltd (9.8m shares).

Sectors that took away the highest number of points from the benchmark index included commercial banking (61.38 points), fertiliser (48.46 points), technology and communication (21.05 points), oil and gas marketing (19.63 points) and chemical (13.89 points).

Shares contributing most negatively to the index included Fauji Fertiliser Company Ltd (41.72 points), Bank AL Habib Ltd (20.9 points), Pakistan State Oil Company Ltd (14.83 points), Mari Petroleum Company Ltd (14.42 points) and MCB Bank Ltd (12.83 points).

Stocks that contributed most positively to the index included Lucky Cement Ltd (38.13 points), Nestle Pakistan Ltd (16.54 points), Pakistan Oilfields Ltd (16 points), D.G. Khan Cement Company Ltd (9.75 points) and Thal Ltd (9.64 points).

Foreign investors were net buyers as they purchased shares worth $0.49m.

Published in Dawn, June 29th, 2022

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5 estrategias esenciales de generación de leads B2B para el crecimiento empresarial

Madison Franz

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5 estrategias esenciales de generación de leads B2B para el crecimiento empresarial
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Cuantos más clientes podrían obtener, mejor se verá su canal de ventas y mayores serán las posibilidades de crecimiento comercial”

Estoy casi seguro de que te has encontrado con este consejo, ¿verdad?

Te pones a toda marcha empleando todas las estrategias de generación de leads de las que tiene oído hablar, pero al final; los resultados no coinciden con el esfuerzo que gastaste.

¿Por qué?

Porque ese consejo de arriba está incompleto.

No solo necesita clientes potenciales, debe atraer clientes potenciales de alta calidad con intención y poder adquisitivo. Para esto, tácticas específicas como las que abordaremos a continuación.

1. Marketing omnicanal

Un estudio sobre la eficacia del marketing omnicanal sobre las campañas de un solo canal encontró que aquellos que invirtieron en el primero disfrutaron de un 250% más de participación y conversión. También lograron hasta un 90 % más de retención de clientes.

El marketing omnicanal implica combinar todos sus canales de interacción (digitales y fuera de línea) en una experiencia cohesiva para el consumidor.

En su centro está el cliente, el camino en el que se encuentra y cómo un punto de contacto puede hacer la transición al siguiente hasta que se complete su compra.

El proveedor emite un tono coherente y mensajes personalizados basados ​​en los intereses específicos del cliente potencial según lo informado por interacciones anteriores. El enfoque se siente personalizado, más suave y atractivo.

Para maximizar esta táctica, considere lo siguiente:

Obtenga una pila robusta de Martech. Lo necesario para organizar y administrar campañas y analizar datos. Idealmente, su pila debe admitir la integración perfecta de diversas herramientas para brindar una solución única. Cubra todo, desde la columna vertebral de su sitio web hasta la programación de redes sociales, proveedores de marketing por correo electrónico y herramientas de análisis.

Recopilar datos precisos. Le ayudará a comprender las preferencias de interacción de su cliente potencial, los mensajes que inspiran compromisos y las características que buscan. Esta información informará los puntos de contacto a los que debe prestar atención y fortalecer para personalizar sus experiencias.

Mapee el viaje de su cliente. Describa los pasos que toman los prospectos desde que descubren sus soluciones y hacen compras. Al delinear estos mapas, estará mejor posicionado para considerar los intereses individuales y otros factores que pueden afectar su ruta de compra.

2. Aproveche los datos de intención de búsqueda

Como los compradores B2B confían menos en los vendedores y más en la investigación independiente en línea, el desafío consiste en encontrarlos antes de conformarse con la competencia.

Las personas dejan rastros de señales de intención mientras navegan por la red: piense en los clics en la página, las preguntas en los foros de la comunidad, el tiempo que pasan en ciertas páginas, etc.

El papel de los datos de intención es ayudar a identificar a estos compradores potenciales mientras buscan soluciones activas.

¿Cómo se operacionalizan los datos de intención de búsqueda?

En la personalización de tu estrategia de contenidos. ¿Qué temas consumen ampliamente su público objetivo? ¿Qué contenido los inspira a iniciar un proceso de pago? Aquí, la implementación de la personalización en tiempo real garantiza que los visitantes del sitio reciban el tipo de contenido que se adapta a su industria y necesidades.

En la creación de experiencias publicitarias dirigidas. El análisis de los datos de intención facilita la creación de mensajes relevantes para sus anuncios, de modo que toquen las notas correctas para que los prospectos se muevan.

En la expansión de su alcance de marketing. La intención de búsqueda puede descubrir audiencias completamente nuevas que no pueden estar al tanto de su marca u ofertas. Puede diseñar contenido para estas audiencias y mostrarles anuncios.

3. Llamadas en frío

La estrategia de llamadas en frío de hoy en día es más que marcar varios números y seguir adelante.

Se necesita una planificación estratégica, del tipo que implica investigar y crear una lista personalizada de prospectos que podrían usar lo que estás perdiendo.

Además, si va a hacer una presentación convincente, deberá informarse sobre sus productos/servicios para poder hablar con confianza y autoridad. Ayudará a generar confianza con los posibles clientes.

Otras mejores prácticas implican:

Definición de tus objetivos. Tenga en cuenta que las llamadas en frío son uno de los muchos puntos de contacto en el proceso de ventas. ¿Tu misión es invitar al prospecto a un evento virtual, una demostración o una reunión 1:1? Evite desviarse de este objetivo.

Calificando a su prospecto. Con múltiples prospectos a los que hacer un seguimiento y objetivos que superar, calificar a su prospecto le asegura que se centre en los clientes adecuados. ¿El prospecto tiene un problema y está dispuesto a resolverlo? ¿Tienen presupuesto para ello?

Obtenga su tiempo correcto. Investigue los momentos del día en los que no es conveniente llamar: las personas no están disponibles o los guardianes lo impiden. En el caso de este último, es posible que desee probar temprano en la mañana o después de horas.

Aprende a manejar las objeciones. En su mayor parte, las objeciones son preguntas para las que el prospecto no ha recibido respuestas convincentes. Míralos como preguntas y abórdalos de inmediato porque cuanto más tiempo los dejes, más fuertes crecerán las preocupaciones de tu prospecto.

4. Marketing de contenidos

Blogs, documentos técnicos, estudios de casos, informes de la industria, libros electrónicos y seminarios web. Esto es lo que normalmente viene a la mente cada vez que alguien menciona el marketing de contenidos.

Y tiene razón al pensar tanto, ya que son parte del resultado final más amplio de la estrategia.

Las marcas confían en el marketing de contenidos para educar a las audiencias en general, generar confianza, fomentar el compromiso e impulsar a los clientes potenciales a la acción.

Antes de comprometerse con la estrategia, aquí hay preguntas que vale la pena considerar y responder:

Map your customer journey. Describe the steps prospects take from discovering your solutions to making a purchase. By outlining these maps, you’ll be better positioned to consider individual interests and other factors that may affect your path to purchase.

2. Leverage search intent data

As B2B buyers rely less on sellers and more on independent online research, the challenge is finding them before settling for the competition.

People leave trails of intent signals as they surf the web: think of page clicks, questions in community forums, time spent on certain pages, etc.

The role of intent data is to help you identify these potential buyers as they actively search for solutions.

How is search intent data operationalized?

In customizing your content strategy. What topics are widely consumed by your target audience? What content inspires them to start a checkout process? Here, the implementation of real-time personalization ensures that site visitors receive the type of content that is tailored to their industry and needs.

In the creation of targeted advertising experiences. Analyzing intent data makes it easy to create relevant messaging for your ads, so they hit the right notes to get prospects moving.

In expanding your marketing reach. Search intent can uncover entirely new audiences who may not be aware of your brand or offerings. You can design content for these audiences and show them ads.

3. Cold calling

Today’s cold calling strategy is more than dialing multiple numbers and moving on.

Strategic planning is needed, the kind that involves researching and creating a custom list of prospects who might use what you’re selling.

Also, if you’re going to make a compelling presentation, you’ll need to educate yourself about your products/services so you can speak with confidence and authority. It will help build trust with potential customers.

Other best practices involve:

Definition of your objectives. Keep in mind that cold calling is one of many touch points in the sales process. Is your mission to invite the prospect to a virtual event, a demo or a 1:1 meeting? Avoid drifting from this goal.

Qualifying your prospect. With multiple leads to track and goals to beat, qualifying your lead ensures you target the right customers. Does the prospect have a problem and are you willing to solve it? Do you have the budget for it?

Get your timing right. Investigate the times of day when it is not convenient to call: people are not available or the guards prevent it. In the case of the latter, you may want to try early in the morning or after hours.

Learn to handle objections. For the most part, objections are questions to which the prospect has not received convincing answers. See them as questions and address them immediately because the longer you leave them, the stronger your prospect’s concerns will grow.

4. Content Marketing

Blogs, white papers, case studies, industry reports, ebooks, and webinars. This is what usually comes to mind whenever someone mentions content marketing.

And you’re right to think as much, as they are part of the broader bottom line of the strategy.

Brands rely on content marketing to educate general audiences, build trust, foster engagement, and galvanize leads into action.

Before committing to a strategy, here are questions worth considering and answering:

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Sharjeel invites UK business community to invest in Karachi public transport

Madison Franz

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Sharjeel invites UK business community to invest in Karachi public transport
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Sindh Transport and Information Minister Sharjeel Inam Memon invited UK entrepreneurs to invest in Karachi’s public transport sector, saying the city is peaceful and an ideal destination for investing in Pakistan.

He extended the invitation during a meeting with a delegation from the British Commission, led by Batool Zehra, who visited him here on Thursday.

The delegation was made up of the Second Secretary and Business Manager of the UK diplomatic mission in Pakistan.

Others attending the meeting included Sindh CM Special Assistant on Investment Qasim Naveed and Transport Secretary Abdul Haleem Sheikh.

Memon said Karachi presented great investment opportunities and the Sindh government had put a lot of effort into introducing a modern public transport system in the city.

The People’s Bus Service was recently launched in Karachi, while the Orange Line BRTS service will soon be operational, he added. Memon said it was a government priority to introduce public buses of European standards in Karachi.

He said that the prime minister had sanctioned the release of Rs 1,500 crore to improve Karachi’s road infrastructure, especially the different routes of the People’s Bus Service, and improvement work had been started in this regard.

He informed the delegation that in a month the survey work to improve the routes of the Popular Bus Service would be completed. He said the proposed Karachi circular rail service would be a major public transport project for the city.

Memon said that the CM had raised the issue with the federal government that the KCR should become part of the CPEC regime for its expedited development. He mentioned that the CM had also demanded that the federal government return control of the KCR to Sindh.

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Russians buy Turkish citizenship to establish a new life and business

Madison Franz

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Russians buy Turkish citizenship to establish a new life and business
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The Vice President of the International Real Estate Promotion Association (GIGDER), Bayram Tekci, says Turkish citizenship has become a “plan B” for Russians who are prohibited from traveling to Europe to obtain Spanish or Greek citizenship due to visa restrictions.

Unlike in previous years, “we have a different kind of Russians” who are visiting Turkey this year, says Tekci. People in Nice or Cote d’Azur, who have a higher income and more education, are looking for ways to organize their lives.

Take, the owner of Antalya Homes, says Russians are interested in moving to Turkey to protect their savings. “We sell 20-25 homes to Russians every month, half of them for citizenship and the rest for residence,” he said.

In Europe, Russian business dealings are subject to close scrutiny; However, in Turkey, Turkish citizenship gives Russians a way to transfer their assets and conduct business more freely.

To regain their financial freedom, Tecci said, they would like to become citizens of Turkey. “They are moving their money and business to Turkey.”

As a result of visa restrictions, many Russians cannot travel to Europe to obtain citizenship in Spain or Greece, according to Byram Teksi, vice president of the International Association for Real Estate Development (GIGDER).
“We have a different kind of Russian” in Turkey this year, says Tecci, compared to previous years. The wealthy of Nice and the Côte d’Azur are looking for ways to organize their lives.

Turkish property developer Tekce claims that the Russians are interested in moving to Turkey to protect their investment. He said that at least half of the real estate sold monthly to Russians is for citizenship and the rest for residency.

Unlike in Europe, where Russian business transactions face greater scrutiny, Turkish citizenship allows Russians to operate more freely.

“Tekci said that they would like to become Turkish citizens to regain their financial independence. According to the narrator, “Turkey has become their new home.”

Concern for the United States of America

In June, the US Treasury Department sent Treasury Deputy Secretary Wali Adeimo to Ankara to monitor the flow of Russian money into Turkey. As a result, he warned Turkish officials and companies to avoid acting as a conduit for “illicit financing.”
In Turkey, Tecci claimed to have met Adeyemo. According to him, “We try to explain to him that the Russians who come to Turkey are ordinary people with families and investments, they are not among the few.” Some moms can’t even send a few dollars to their daughter who is studying in France, for example.

Ozkan Tiksi, Bayram’s colleague at Spain Homes, says that Russian companies are also moving to Turkey. “Mail.Ru plans to move approximately 2,000 software developers to Antalya,” he said in a statement.

Turkey’s Dunya newspaper reported this week that Russia’s interest in Turkish infrastructure and facilities goes beyond the fact that Russian citizens and residents are interested in Turkey’s facilities. To deliver its products to Russian consumers, Turkey is used as a staging point.

As stated in the report, goods destined for Russia are first brought to Turkey and then shipped to Russia after being repackaged in new containers. According to logistics experts, Turkey’s warehouses are exploding at docking points with Russian transit cargo.

According to the report, which cites logistics companies, Russian citizens who obtained Turkish citizenship through investments are facilitating trade with the neighboring country. As a result, they established companies in Turkey and then used Turkish shipping companies to import goods into Russia.

There has been a drop in Russian interest in Turkish citizenship since the initial influx, according to Bayram Tekci, but it is still going strong. There is a chance for them, after all.

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Pakistan’s start;up industry is collapsing; Swvl to Airlift—it can’t afford it anymore

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Pakistan’s start-up industry is collapsing. Swvl to Airlift—it can’t afford it anymore
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  • While high-profile casualties during Pakistan’s economic crisis may be an inevitability, Airlift’s shutdown is significant. It’s a sign of a larger problem.

New Delhi: Pakistan’s once burgeoning startup world was rocked last week when e-commerce fast delivery service Airlift — akin to India’s Dunzo and Blinkit — announced its closure. It cited the “devastating impact” of the global economic recession and market downturn on the startup’s ability to meet its capital requirements despite attempts at restructuring.

What was once a promising market that boomed due to the Covid pandemic and government reforms, with prospective entrepreneurs utilising the indoor downtime to explore the digital space, now threatens to go up in flames.

While high-profile casualties and dominoes falling off during Pakistan’s ongoing economic crisis can be considered an inevitability, Airlift’s shutdown is significant. It is due to its status in the eyes of the Pakistani media and the global startup space — it was the country’s ‘poster child’. In August last year, the instant last-mile delivery startup had raised $85 million dollars in its Series B funding round, attracting the cash of venture capitalists from the UK and the US — Harry Stebbings and Josh Buckley, respectively.

“The funding round is the largest ever round for a Pakistani startup and is equivalent to the entire amount raised by local startups so far this year and the highest in the MENA [Middle East and North Africa] region,” Deal Street Asia had reported at the time.

Airlift’s funding in the third quarter of 2021 was one among other 82 startups’ publicly announced funding across stages, from the seed to Series B. According to the documentation work done by local consultancy firm Invest2Innovate and cited by Al Jazeera, these startups raised a ‘record-breaking’ 350 million dollars overall last year.

By contrast, this year, so far, has seen funding records of just 37 startups, 21 of which were during the first quarter with just two — merchant platform Bazaar and versatile e-commerce app Bykea — at the Series B stage.

And that’s not all. Prior to the three-year-old Airlift’s departure, other well-known start-ups like Egyptian bus sharing service Swvl and Turkish second-hand automobile marketplace VavaCars announced a temporary suspension and a permanent exit, respectively, from the Pakistani market in June.

Insiders’ view

But insiders like Golootlo co-founder Ali Meruani say that this is part and parcel of a risky industry where 90 per cent of participants don’t make it in the long run.

“Pushing boundaries means that failure is part of the equation, so we should be comfortable with it. We should celebrate them and celebrate failures. Running a start-up means you must be resilient, so this is just another bump in the road,” Meruani told Dawn, adding that the shock over Airlift’s downfall is more to do with the ‘small’ size of Pakistan’s start-up ecosystem.

The founder of Pakistani venture capital firm i2i ventures, Kalsoom Lakhani, concurs with Meruani about the industry’s size. “The challenge with Pakistan is that we’re not a ‘too big to fail’ ecosystem. We can’t afford anybody failing at this point, as it’s bad for perceptions about our environment. As we’re such a new economy, every single company becomes an ambassador — especially Airlift,” Lakhani told Rest of World, an online publication that covers tech stories in non-Western nations.

However, the reserved optimism expressed by VCs and start-up founders must be taken into account, with systemic issues affecting Pakistan’s start-up space as outlined by Al Jazeera.

Alongside a ‘drastic’ gender inequality, other roadblocks that more directly appear to impact start-ups in the country include a lack of diversity among local angel investors, unclear taxation laws for foreign investors, and a workforce that is not yet trained for senior positions in this new wave of digital firms, the Al Jazeera report added.

“It is imperative that the government and all other key stakeholders understand that we are at a crossroads where addressing the needs of these start-ups and their aliates and creating a favourable environment for them will determine the course of the entire digital economy over the years to come,” Invest2Innovate’s detailed 2021 report warned, with the 2022 downturn acting as a stark reminder for Pakistan.

While high-profile casualties and dominoes falling off during Pakistan’s ongoing economic crisis can be considered an inevitability, Airlift’s shutdown is significant. It is due to its status in the eyes of the Pakistani media and the global startup space — it was the country’s ‘poster child’. In August last year, the instant last-mile delivery startup had raised $85 million dollars in its Series B funding round, attracting the cash of venture capitalists from the UK and the US — Harry Stebbings and Josh Buckley, respectively.

“The funding round is the largest ever round for a Pakistani startup and is equivalent to the entire amount raised by local startups so far this year and the highest in the MENA [Middle East and North Africa] region,” Deal Street Asia had reported at the time.

Airlift’s funding in the third quarter of 2021 was one among other 82 startups’ publicly announced funding across stages, from the seed to Series B. According to the documentation work done by local consultancy firm Invest2Innovate and cited by Al Jazeera, these startups raised a ‘record-breaking’ 350 million dollars overall last year.

By contrast, this year, so far, has seen funding records of just 37 startups, 21 of which were during the first quarter with just two — merchant platform Bazaar and versatile e-commerce app Bykea — at the Series B stage.

And that’s not all. Prior to the three-year-old Airlift’s departure, other well-known start-ups like Egyptian bus sharing service Swvl and Turkish second-hand automobile marketplace VavaCars announced a temporary suspension and a permanent exit, respectively, from the Pakistani market in June.

Insiders’ view

But insiders like Golootlo co-founder Ali Meruani say that this is part and parcel of a risky industry where 90 per cent of participants don’t make it in the long run.

“Pushing boundaries means that failure is part of the equation, so we should be comfortable with it. We should celebrate them and celebrate failures. Running a start-up means you must be resilient, so this is just another bump in the road,” Meruani told Dawn, adding that the shock over Airlift’s downfall is more to do with the ‘small’ size of Pakistan’s start-up ecosystem.

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Big industry grows 11.7pc in 11MFY22

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Big industry grows 11.7pc in 11MFY22
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LSM registers 1.3pc MoM decline in May

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Finance Minister calls for resolving concerns of pharmaceutical industry

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Finance Minister Miftah Ismail has directed the relevant authorities undertake the required measures for addressing the concerns of Pharmaceutical industry.

He directed this during a meeting with representatives of Pakistan Pharmaceutical Industry in Islamabad on Monday.

The Finance Minister acknowledged the contribution of pharmaceutical industry and expressed the government’s commitment to resolve the operational issues being faced by different  sectors of the economy.

The meeting discussed matters related to sales tax on import of raw material and refunds of sales tax faced by the Pharmaceutical industry.

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IndusInd Bank board gives nod to mobilise Rs 20,000 crore

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Private lender

IndusInd Bank

NSE 4.42 % of Monday said its board has approved a proposal to raise Rs 20,000 crore in debt to fund business growth. The bank’s board approved the proposal in its meeting held on Monday, IndusInd Bank said in a statement.

The board approved raising funds through debt securities in any permitted mode on a private placement basis as may be decided, for an aggregate amount not exceeding Rs 20,000 crore.

It can also be raised in foreign currencies as may be necessary subject to the approval of the members of the bank and receipt of other governmental or regulatory approvals, it said.

States urged to exempt banks from Shop & Establishment Act

The finance ministry has written a letter to all states requesting them to exempt banks from the applicability and provisions of the Shop and Establishment (S&E) Act.

This comes after some banks raised concerns about state governments trying to impose certain regulations on the lenders with regard to their specific labour laws.

A government official said banks had also been advised to raise concerns on the matter through the state-level banking committee or SLBC.

“The Indian Banks’ Association had shared the concern of some banks. We accordingly took up the matter with the state governments,” he said, adding that most states are on board given that banks are regulated entities which follow Reserve Bank of India guidelines.

Each state has its own Shop and Establishment Act, which mostly regulates work conditions of people employed in the shop and commercial establishments, which includes payment of wages, work hours, leave, holidays, and terms of service.

IBA chief executive Sunil Mehta confirmed that the lenders association had brought this issue to the government’s notice. “In a few states where there were some issues, the government has assured full support,” he added.

Another bank executive said that the issues were mostly faced by private sector lenders. “State authorities used to try to enforce timings and state laws on contractual workers,” he said, adding that they will also push through SLBCs to ensure that state governments follow the finance ministry directive.

Under the new labour codes, daily and weekly working hours have been restricted to 12 hours and 48 hours. The four labour codes are: the Code on Wages, 2019; the Industrial Relations Code, 2020; the Code on Social Security, 2020; and the Occupational Safety, Health & Working Conditions Code, 2020.

RBI imposes restrictions on Mumbai-based Raigad Sahakari Bank; withdrawals capped at Rs 15,000

Banking regulator Reserve Bank of India (RBI) today imposed several restrictions on Mumbai-based co-operative bank Raigad Sahakari Bank due to worsening of financial situation of the lender. The restrictions include a withdrawal cap of Rs 15,000 per customer and it will remain in force for a period of six months.

“In particular, a sum not exceeding Rs 15,000 of the total balance across all savings bank or current accounts or any other account of a depositor, may be allowed to be withdrawn,” the Reserve Bank said in a statement.

The RBI, however, said the restriction issued to Raigad Sahakari Bank should not per se be construed as cancellation of banking license.

“The bank will continue to undertake banking business with restrictions till its financial position improves,” it said.

The Reserve Bank also said it may consider modifications of the directions depending upon circumstances.

In another statement, the RBI said a penalty of Rs 6 lakh on Shri Chhatrapati Rajarshi Shahu Urban Co-operative Bank Limited, Beed, for contravention of provisions related to ‘Frauds – Classification and Reporting’.

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Companies with overseas liabilities rush to cover currency risk

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Importers and overseas borrowers are rushing to cover their currency risk after the rupee fell to Rs 80 against the US dollar in both over-the-counter and derivatives markets on Thursday, leading to forward premium jumping 11-17 basis points across maturities on Friday.

One basis point is 0.01 percentage point.

With the rupee breaching the psychological Rs 80 versus the US dollar for the first time and the spot market USD-INR gauge heading towards that mark, companies that have significant overseas liabilities fear margin pressure will impact their nascent revival after the pandemic.

Oil companies and diamond merchants are among those rushing to hedge against likely further fall of the rupee.

Importers are now hurrying up to cover their currency risk amid extending rupee’s losses,” said Bhaskar Panda, senior executive vice president at HDFC Bank.

Anindya Banerjee, currency analyst at Kotak Securities, said, “Importers are demonstrating a bit of panic in the past two days with the rupee hitting psychological lifetime low levels. Even the most aggressive risk taker is now inquiring about forward contracts as plunging rupee erodes their profit margins with rising input costs.”

He expects more clients to buy currency hedges “amid a fear factor”.

The rupee hit its latest lifetime low on the spot market on Friday at 79.96/$, and the Reserve Bank of India (RBI) prevented its further slide to 80 during the stipulated trading hours.

Analysts at Nomura have predicted that the Indian currency is likely to fall to 82 against the US dollar in the third quarter of this calendar year, citing the country’s record high trade deficit.

Despite the spike in forward premiums in the weekend, according to HDFC Bank’s Panda, their “existing levels are economically viable given the uncertain environment”. “Companies with significant overseas liabilities can still buy short-term hedges at attractive levels compared to long-term ones,” he said.

The 12-month forward premium yielded 11 basis points higher at 3.08% on Friday, show Bloomberg data compiled by ETIG.

The premium gauge is just doubled when it comes to, say, a two-year or three-year forward contract, dealers said.

Longer tenor forward contracts suit better for companies raising offshore money.

The one-month contract seems to be on high demand as importers primarily are looking for short-term cover. The matrix spiked 17 basis points to 3.16% on Friday.

“Of late, importers have showed concerns to cover their currency risk as the rupee hit 80,” said Abheek Goenka, CEO of foreign exchange advisory service provider IFA Global. “Break of the psychological 80 mark is certain to create panic among importers and those with unhedged dollar liabilities.”

Importers are using bespoke options (products) like ‘risk reversals’ and ‘seagulls’ to protect their risk, Goenka said.

Importers can consider hedging their exposures through long risk reversals, that is, buying a call and selling a put. This strategy is said to be still attractive as RBI intervention has contained rupee volatility.

About a month ago, the forward premiums dropped to decadal lows. A dedicated currency market intervention strategy by the central bank was primarily blamed for the same as it was seen intervening via two legs.

While select banks (on behalf of the RBI) were seen selling dollars on the spot, they are backing it up via buy-sell swaps. The move was aimed at protecting forex reserves, maintaining rupee liquidity in the system, and checking any abrupt fall.

However, RBI’s slew of measures to shore up forex reserves and cut any drastic drop in the rupee’s value against the greenback aided a correction more than a week ago, with the central bank signalling its intent of minimal future interventions in currency derivatives.

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Important Of Choosing A Right Seo Service for Business Promotion

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Important Of Choosing A Right Seo Service for Business Promotion
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Online, many spam and disreputable firms are circulating online. Finding the exemplary Local SEO service for you becomes frustrating and intimidating. SEO is one of the long-term investments that help make your web presence based on how strategy is conducted. When hiring SEO service, users are suggested to follow the below things as well as it works better on you to promote various businesses to the next level.

 Why need o go with Realist offering?

If you are new and do not have ideas for choosing an exemplary Local SEO service, you first need to go with a service that delivers accurate results and never uses guarantees. It is an ongoing process and works best on your website to promote the site to an overall level. When search programs beyond agency monitor which never let to meet first class result as well as 100% ranking. I hope users can promote as well as get the best support as well as solution at all times. It is better to look at how many years the firm has been traveling in business. Then you must ensure that it has a lot of experience in offering the best business support, so it works better to increase the overall site rank to the next level.

 Meet an expert SEO service:

The right firm never has case studies on hand but must be more than glad to show them off. Almost case studies are a central part of the firm to identify the ability to deliver the positive result and ensure that they are offering your best support. Suppose there is no SEO certification per say. In that case, they are considered certification, which many agencies hold for all PPC, as well as other search engines, have their company certificate. This certification has proven skill in each part, like the ads platform. Force your agency on what method of strategies they use, as well as explain it in the form that you understand as strategies let to have manipulative in a proper manner when it is boosted with the help of right equipped by you with ordinary skill. It would help if you had some common questions about the process, which would let to gather the right as well as practical support as well as solution at all times.

 Why need to consider reviews?

It is necessary to look at what the firm has done in the past as well as it is due to reasonable service and users get disappointed at all thing is announced as well as one more. Even you can check out the site of the search engine and other social media and digital agencies sites to collect reviews and gather all details, which might be simple to find out any other contender in a satisfactory manner. It follows the proper method to provide the best support and solution. Therefore, you must go with the exemplary Local SEO service to get the right ideas at all times.

 

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Central banks embrace big rises to bolster currencies and fight inflation

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Central banks embrace big rises to bolster currencies and fight inflation
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Analysts point to signs of ‘reverse currency war’ as policymakers try to stem imported inflation
A string of big rate rises by the Federal Reserve has put pressure on central banks around the world to follow suit to counter soaring inflation and the strong dollar.

A Financial Times analysis found that central banks are now, more than at any other time this century, opting for large rate rises of 50 basis points or more, laying bare the challenges of tackling price pressures and higher US rates.

Rises by the Fed, including its first 75 basis point increase since 1994, and fears over the health of the global economy, have bolstered the US dollar against almost all currencies. As many goods are priced in dollars on international markets, the strong dollar adds to inflationary pressures by raising the cost of imports — creating what analysts have described as a “reverse currency war” between monetary policymakers.

“We’re seeing a rate hike feeding frenzy,” said James Athey, a senior portfolio manager at Abrdn, an investment company. “It’s the reverse of what we saw in the last decade . . . Nowadays the last thing anyone wants is a weak currency.”

Canadian policymakers became the latest to surprise markets with a bigger than expected rise, opting for a 100 basis point increase on Wednesday, the largest by any G7 economy since 1998. The Philippines raised rates by 75 basis points the following day.

In the three months to June, 62 policy rate increases of at least 50 basis points were made by the 55 central banks tracked by the Financial Times. Another 17 big increases of 50 basis points or more have been made in July so far, marking the biggest number of large rate moves at any time since the turn of the millennium and eclipsing the most recent global monetary tightening cycle, which was in the run-up to the global financial crisis.

“We’ve seen this pivot point in the market where 50 is the new 25,” said Jane Foley, head of foreign exchange strategy at Rabobank.

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