Pakistan News

corporate watch

corporate watch

CDC conducts investor awareness seminars

KARACHI: Central Depository Company of Pakistan Limited conducted another series of Investor Awareness Seminars in the northern parts of the country including, Azad Kashmir, a press release said on Tuesday. The seminars — conducted in Abbottabad, Muzzafarabad, Peshawar, Rawalpindi, Islamabad and Mirpur — were aimed at enhancing the awareness of investors and business students with respect to investor protection, roles and responsibilities of the investor and the general operations of CDC and the capital market, it added.

Petrobras issues $2.5bn in bonds

RIO AFP JANEIRO: Brazil’s troubled state-run oil giant Petrobras has issued $2.5 billion in bonds as it tapped the market for the first since a corruption scandal cost it a bundle.

The 100-year bonds were issued Monday in dollars and carry an interest rate of 8.45 per cent, the company said in a statement.

It is the first time the company has issued bonds with such a long maturity period.

The bond sale ends Friday.

So far demand for the bonds exceeds supply by a rate of four to one, the newspaper Valor reported.

It said Standard & Poor’s and Fitch Ratings gave the bonds a BBB- rating, which would make them investment grade.—AFP

HSBC set to cut thousands of jobs globally

LONDON: HSBC Holdings Plc could announce thousands of job cuts at a strategy day next week, Sky News reported on Monday, part of chief executive Stuart Gulliver’s overhaul of Europe’s biggest bank.

The plan could also see Gulliver sell operations in Brazil and Turkey and take a knife to HSBC’s investment bank. An estimated 10,000 to 20,000 jobs will be axed, Sky News said, citing unidentified sources. The number has not yet been finalised and Gulliver will lay out the plans at an investor presentation on June 9, the broadcaster said.

HSBC declined to comment on the Sky report.

It was unclear how many of those cuts would

come from moves already announced by the lender.

Published in Dawn, June 3rd, 2015

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