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Australian banks say to pass on $4.6 bln tax hit to customers, shareholders

SYDNEY: Australia’s biggest banks will pass on the financial hit from a new A$6.2 billion ($4.60 billion) tax to their customers and shareholders, the companies said on Monday in their first detailed responses to the surprise levy. Commonwealth Bank of Australia ( CBA ) <CBA.AX>, the country’s No. 1 lender, described the tax on liabilities unveiled in last week’s federal ... Read More »

Hungarian’s KELER shareholders put profit HUF2.36B from 2014 in reserves

BUDAPEST: Shareholders of clearing house KELER have collectively decided to place all of last yearʼs HUF 2.36 billion in earnings into profit reserves, and to pay no dividend, Hungarian news agency MTI reported. After-tax profit was up approximately 17% from the previous year. KELER is co-owned by the National Bank of Hungary and the Budapest Stock Exchange. Read More »

Hungarian’s KELER shareholders put profit HUF2.36B from 2014 in reserves

BUDAPEST: Shareholders of clearing house KELER have collectively decided to place all of last yearʼs HUF 2.36 billion in earnings into profit reserves, and to pay no dividend, Hungarian news agency MTI reported. After-tax profit was up approximately 17% from the previous year. KELER is co-owned by the National Bank of Hungary and the Budapest Stock Exchange. Read More »

Shareholders to deliver Holcim-Lafarge merger verdict

BUDAPEST: The on-off merger of cement giants Holcim and Lafarge looks set to pass the acid test of Holcim’s extraordinary general meeting on Friday. Key shareholders now appear to be on board despite earlier scepticism about the merits of the deal. The plan to create the undisputed number one global cement manufacturer has proved far from straightforward since the CHF40 ... Read More »

BSE shareholders approve HUF 95-per-share dividend in 2015

BUDAPEST: Shareholders of the Budapest Stock Exchange (BSE) unanimously approved payment of a HUF 95-per-share dividend on last yearʼs earnings at an annual general meeting yesterday. The BSE will pay a HUF 514million dividend on last yearʼs HUF 520m net profit. Dividend payments will start on June 4. This year could bring a turnaround for the BSE: share prices are ... Read More »

Hungary’s Richter shareholders approve HUF 33-per-share dividend

BUDAPEST: Shareholders of drugmaker Gedeon Richter approved payment of a HUF 33-per share dividend on last yearʼs earnings at an annual general meeting yesterday. The HUF 6.15 bln dividend will be paid from Richterʼs after-tax profit of HUF 19.11 bln, calculated according to Hungarian Accounting Standards. The remaining HUF 12.96 bln will be placed into profit reserves. The boardʼs dividend ... Read More »

BSE shareholders approve HUF 95-per-share dividend in 2015

BUDAPEST: Shareholders of the Budapest Stock Exchange (BSE) unanimously approved payment of a HUF 95-per-share dividend on last yearʼs earnings at an annual general meeting yesterday. The BSE will pay a HUF 514million dividend on last yearʼs HUF 520m net profit. Dividend payments will start on June 4. This year could bring a turnaround for the BSE: share prices are ... Read More »

Hungary’s Richter shareholders approve HUF 33-per-share dividend

BUDAPEST: Shareholders of drugmaker Gedeon Richter approved payment of a HUF 33-per share dividend on last yearʼs earnings at an annual general meeting yesterday. The HUF 6.15 bln dividend will be paid from Richterʼs after-tax profit of HUF 19.11 bln, calculated according to Hungarian Accounting Standards. The remaining HUF 12.96 bln will be placed into profit reserves. The boardʼs dividend ... Read More »

Hungarian OTP shareholders to pay HUF 145-per-share dividend

BUDAPEST: Shareholders of OTP Bank approved at an annual general meeting today a proposal to pay a HUF 145-per-share dividend from profit reserves which amount to HUF 40.6 bln, according to Hungarian news agency MTI. After deducting treasury shares, per-share-dividend is expected to come to HUF 147. The dividend fund reached HUF 40.6 bln. The bank had a HUF 41.7 ... Read More »

Finnish companies’ shareholders being rewarded with higher returns

HELSINKI: Shareholders of the Finnish companies are being rewarded with higher returns as executives struggle to find better use for the company cash along with the delayed economic recovery. Half of the companies listed on the Helsinki stock exchange that have so far announced their dividend proposals for 2014 plan to raise them — four times as many as those ... Read More »

Adani Enterprises announces mega restructuring plan for port operators

ADANI: Gautam Adani owned, Adani Enterprises announced a mega restructuring plan under which port operations of Adani group has been consolidated under Adani Ports Ltd and power business under Adani Power Ltd. The shareholders of AEL will get direct shareholding in the port and power companies while the group’s transmission company will be listed on the stock exchanges. As a ... Read More »

Non-compliance of laws: SECP springs into action against 62 violators

ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) has started show cause proceedings against 62 violators of different legal requirements. These violations pertain to Auditors’ reports, directors’ powers, delayed/non-filling of cost audit reports, investment in associated companies, misstatement of facts, takeover regulations, disclosure of directors’ interests, circulation of financial statements, employees’ provident funds and security deposits. As per details, the ... Read More »

Rs67 billion ‘gas bomb’ ready to explode

ISLAMABAD: People of Pakistan have to bear another burden in account of gas consumption as Ministry of Petroleum & Natural Resources has urged the federal cabinet’s Economic Coordination Committee (ECC) to approve collection of Rs67 billion from gas consumers of Sui Northern Gas Pipelines Limited (SNGPL) and Sui Southern Gas Company (SSGC) within 6 months. Sources said that the government ... Read More »

Indus Motor records 28pc profit, Pakistan Petroleum earns Rs13.6b

KARACHI: Indus Motor Company (IMC) has earned a net profit of Rs1.1 billion during first quarter of current fiscal year, showing a growth of 28 per cent from Rs0.9 billion it recorded during the same period last year. The company’s sales revenue from Completely Knocked Down (CKD), Completely Built Units (CBU) and spare parts business has increased by 21 per ... Read More »

Dar rejects MPCL price restructuring plan

ISLAMABAD: Finance Minister Ishaq Dar declined a gas price restructuring plan for Mari Petroleum Company Limited (MPCL) which could not be implemented through an agreement between two majority shareholders. After a detailed briefing by retired Lt-Gen Nadeem Ahmad, Managing Director of MPCL, the minister did not agree with the proposal and desired the company and the Petroleum Ministry to present ... Read More »