Forex92 - One of the Best Managed Forex Accounts of 2020
Best Managed Forex Accounts Forex Managed Accounts
Best Forex Managed Accounts 2020 - FXEmpire.com
Forex trading Malaysia - Best Forex brokers Malaysia 2020 ...
Managed Forex Accounts FxMAC
Performance Best Managed Forex Accounts
Best Forex managed investment accounts services Forex ...
Best Managed Forex Accounts Malaysia - Trade with the Pros ...
Forex Managed Accounts - City Of Investment
Hibiscus Petroleum Berhad (5199.KL)
https://preview.redd.it/gp18bjnlabr41.jpg?width=768&format=pjpg&auto=webp&s=6054e7f52e8d52da403016139ae43e0e799abf15 Download PDF of this article here:https://docdro.id/6eLgUPo In light of the recent fall in oil prices due to the Saudi-Russian dispute and dampening demand for oil due to the lockdowns implemented globally, O&G stocks have taken a severe beating, falling approximately 50% from their highs at the beginning of the year. Not spared from this onslaught is Hibiscus Petroleum Berhad (Hibiscus), a listed oil and gas (O&G) exploration and production (E&P) company. Why invest in O&G stocks in this particularly uncertain period? For one, valuations of these stocks have fallen to multi-year lows, bringing the potential ROI on these stocks to attractive levels. Oil prices are cyclical, and are bound to return to the mean given a sufficiently long time horizon. The trick is to find those companies who can survive through this downturn and emerge into “normal” profitability once oil prices rebound. In this article, I will explore the upsides and downsides of investing in Hibiscus. I will do my best to cater this report to newcomers to the O&G industry – rather than address exclusively experts and veterans of the O&G sector. As an equity analyst, I aim to provide a view on the company primarily, and will generally refrain from providing macro views on oil or opinions about secular trends of the sector. I hope you enjoy reading it! Stock code: 5199.KL Stock name: Hibiscus Petroleum Berhad Financial information and financial reports: https://www.malaysiastock.biz/Corporate-Infomation.aspx?securityCode=5199 Company website: https://www.hibiscuspetroleum.com/
Hibiscus Petroleum Berhad (5199.KL) is an oil and gas (O&G) upstream exploration and production (E&P) company located in Malaysia. As an E&P company, their business can be basically described as: · looking for oil, · drawing it out of the ground, and · selling it on global oil markets. This means Hibiscus’s profits are particularly exposed to fluctuating oil prices. With oil prices falling to sub-$30 from about $60 at the beginning of the year, Hibiscus’s stock price has also fallen by about 50% YTD – from around RM 1.00 to RM 0.45 (as of 5 April 2020). https://preview.redd.it/3dqc4jraabr41.png?width=641&format=png&auto=webp&s=7ba0e8614c4e9d781edfc670016a874b90560684 https://preview.redd.it/lvdkrf0cabr41.png?width=356&format=png&auto=webp&s=46f250a713887b06986932fa475dc59c7c28582e While the company is domiciled in Malaysia, its two main oil producing fields are located in both Malaysia and the UK. The Malaysian oil field is commonly referred to as the North Sabah field, while the UK oil field is commonly referred to as the Anasuria oil field. Hibiscus has licenses to other oil fields in different parts of the world, notably the Marigold/Sunflower oil fields in the UK and the VIC cluster in Australia, but its revenues and profits mainly stem from the former two oil producing fields. Given that it’s a small player and has only two primary producing oil fields, it’s not surprising that Hibiscus sells its oil to a concentrated pool of customers, with 2 of them representing 80% of its revenues (i.e. Petronas and BP). Fortunately, both these customers are oil supermajors, and are unlikely to default on their obligations despite low oil prices. At RM 0.45 per share, the market capitalization is RM 714.7m and it has a trailing PE ratio of about 5x. It doesn’t carry any debt, and it hasn’t paid a dividend in its listing history. The MD, Mr. Kenneth Gerard Pereira, owns about 10% of the company’s outstanding shares.
Reserves (Total recoverable oil) & Production (bbl/day)
To begin analyzing the company, it’s necessary to understand a little of the industry jargon. We’ll start with Reserves and Production. In general, there are three types of categories for a company’s recoverable oil volumes – Reserves, Contingent Resources and Prospective Resources. Reserves are those oil fields which are “commercial”, which is defined as below: As defined by the SPE PRMS,Reservesare “… quantities of petroleum anticipated to be commercially recoverable by application of development projects to known accumulations from a given date forward under defined conditions.” Therefore, Reserves must be discovered (by drilling, recoverable (with current technology), remaining in the subsurface (at the effective date of the evaluation) and “commercial” based on the development project proposed.) Note that Reserves are associated with development projects. To be considered as “commercial”, there must be a firm intention to proceed with the project in a reasonable time frame (typically 5 years, and such intention must be based upon all of the following criteria:) - A reasonable assessment of the future economics of the development project meeting defined investment and operating criteria;- A reasonable expectation that there will be a market for all or at least the expected sales quantities of production required to justify development;- Evidence that the necessary production and transportation facilities are available or can be made available; and- Evidence that legal, contractual, environmental and other social and economic concerns will allow for the actual implementation of the recovery project being evaluated. Contingent Resources and Prospective Resources are further defined as below: -Contingent Resources: potentially recoverable volumes associated with a development plan that targets discovered volumes but is not (yet commercial (as defined above); and)-Prospective Resources: potentially recoverable volumes associated with a development plan that targets as yet undiscovered volumes. In the industry lingo, we generally refer to Reserves as ‘P’ and Contingent Resources as ‘C’. These ‘P’ and ‘C’ resources can be further categorized into 1P/2P/3P resources and 1C/2C/3C resources, each referring to a low/medium/high estimate of the company’s potential recoverable oil volumes: - Low/1C/1P estimate: there should be reasonable certainty that volumes actually recovered will equal or exceed the estimate;- Best/2C/2P estimate: there should be an equal likelihood of the actual volumes of petroleum being larger or smaller than the estimate; and- High/3C/3P estimate: there is a low probability that the estimate will be exceeded. Hence in the E&P industry, it is easy to see why most investors and analysts refer to the 2P estimate as the best estimate for a company’s actual recoverable oil volumes. This is because 2P reserves (‘2P’ referring to ‘Proved and Probable’) are a middle estimate of the recoverable oil volumes legally recognized as “commercial”. However, there’s nothing stopping you from including 2C resources (riskier) or utilizing 1P resources (conservative) as your estimate for total recoverable oil volumes, depending on your risk appetite. In this instance, the company has provided a snapshot of its 2P and 2C resources in its analyst presentation: https://preview.redd.it/o8qejdyc8br41.png?width=710&format=png&auto=webp&s=b3ab9be8f83badf0206adc982feda3a558d43e78 Basically, what the company is saying here is that by 2021, it will have classified as 2P reserves at least 23.7 million bbl from its Anasuria field and 20.5 million bbl from its North Sabah field – for total 2P reserves of 44.2 million bbl (we are ignoring the Australian VIC cluster as it is only estimated to reach first oil by 2022). Furthermore, the company is stating that they have discovered (but not yet legally classified as “commercial”) a further 71 million bbl of oil from both the Anasuria and North Sabah fields, as well as the Marigold/Sunflower fields. If we include these 2C resources, the total potential recoverable oil volumes could exceed 100 million bbl. In this report, we shall explore all valuation scenarios giving consideration to both 2P and 2C resources. https://preview.redd.it/gk54qplf8br41.png?width=489&format=png&auto=webp&s=c905b7a6328432218b5b9dfd53cc9ef1390bd604 The company further targets a 2021 production rate of 20,000 bbl (LTM: 8,000 bbl), which includes 5,000 bbl from its Anasuria field (LTM: 2,500 bbl) and 7,000 bbl from its North Sabah field (LTM: 5,300 bbl). This is a substantial increase in forecasted production from both existing and prospective oil fields. If it materializes, annual production rate could be as high as 7,300 mmbbl, and 2021 revenues (given FY20 USD/bbl of $60) could exceed RM 1.5 billion (FY20: RM 988 million). However, this targeted forecast is quite a stretch from current production levels. Nevertheless, we shall consider all provided information in estimating a valuation for Hibiscus. To understand Hibiscus’s oil production capacity and forecast its revenues and profits, we need to have a better appreciation of the performance of its two main cash-generating assets – the North Sabah field and the Anasuria field. North Sabah oil field https://preview.redd.it/62nssexj8br41.png?width=1003&format=png&auto=webp&s=cd78f86d51165fb9a93015e49496f7f98dad64dd Hibiscus owns a 50% interest in the North Sabah field together with its partner Petronas, and has production rights over the field up to year 2040. The asset contains 4 oil fields, namely the St Joseph field, South Furious field, SF 30 field and Barton field. For the sake of brevity, we shall not delve deep into the operational aspects of the fields or the contractual nature of its production sharing contract (PSC). We’ll just focus on the factors which relate to its financial performance. These are: · Average uptime · Total oil sold · Average realized oil price · Average OPEX per bbl With regards to average uptime, we can see that the company maintains relative high facility availability, exceeding 90% uptime in all quarters of the LTM with exception of Jul-Sep 2019. The dip in average uptime was due to production enhancement projects and maintenance activities undertaken to improve the production capacity of the St Joseph and SF30 oil fields. Hence, we can conclude that management has a good handle on operational performance. It also implies that there is little room for further improvement in production resulting from increased uptime. As North Sabah is under a production sharing contract (PSC), there is a distinction between gross oil production and net oil production. The former relates to total oil drawn out of the ground, whereas the latter refers to Hibiscus’s share of oil production after taxes, royalties and expenses are accounted for. In this case, we want to pay attention to net oil production, not gross. We can arrive at Hibiscus’s total oil sold for the last twelve months (LTM) by adding up the total oil sold for each of the last 4 quarters. Summing up the figures yields total oil sold for the LTM of approximately 2,075,305 bbl. Then, we can arrive at an average realized oil price over the LTM by averaging the average realized oil price for the last 4 quarters, giving us an average realized oil price over the LTM of USD 68.57/bbl. We can do the same for average OPEX per bbl, giving us an average OPEX per bbl over the LTM of USD 13.23/bbl. Thus, we can sum up the above financial performance of the North Sabah field with the following figures: · Total oil sold: 2,075,305 bbl · Average realized oil price: USD 68.57/bbl · Average OPEX per bbl: USD 13.23/bbl Anasuria oil field https://preview.redd.it/586u4kfo8br41.png?width=1038&format=png&auto=webp&s=7580fc7f7df7e948754d025745a5cf47d4393c0f Doing the same exercise as above for the Anasuria field, we arrive at the following financial performance for the Anasuria field: · Total oil sold: 1,073,304 bbl · Average realized oil price: USD 63.57/bbl · Average OPEX per bbl: USD 23.22/bbl As gas production is relatively immaterial, and to be conservative, we shall only consider the crude oil production from the Anasuria field in forecasting revenues.
Valuation (Method 1)
Putting the figures from both oil fields together, we get the following data: https://preview.redd.it/7y6064dq8br41.png?width=700&format=png&auto=webp&s=2a4120563a011cf61fc6090e1cd5932602599dc2 Given that we have determined LTM EBITDA of RM 632m, the next step would be to subtract ITDA (interest, tax, depreciation & amortization) from it to obtain estimated LTM Net Profit. Using FY2020’s ITDA of approximately RM 318m as a guideline, we arrive at an estimated LTM Net Profit of RM 314m (FY20: 230m). Given the current market capitalization of RM 714.7m, this implies a trailing LTM PE of 2.3x. Performing a sensitivity analysis given different oil prices, we arrive at the following net profit table for the company under different oil price scenarios, assuming oil production rate and ITDA remain constant: https://preview.redd.it/xixge5sr8br41.png?width=433&format=png&auto=webp&s=288a00f6e5088d01936f0217ae7798d2cfcf11f2 From the above exercise, it becomes apparent that Hibiscus has a breakeven oil price of about USD 41.8863/bbl, and has a lot of operating leverage given the exponential rate of increase in its Net Profit with each consequent increase in oil prices. Considering that the oil production rate (EBITDA) is likely to increase faster than ITDA’s proportion to revenues (fixed costs), at an implied PE of 4.33x, it seems likely that an investment in Hibiscus will be profitable over the next 10 years (with the assumption that oil prices will revert to the mean in the long-term).
Valuation (Method 2)
Of course, there are a lot of assumptions behind the above method of valuation. Hence, it would be prudent to perform multiple methods of valuation and compare the figures to one another. As opposed to the profit/loss assessment in Valuation (Method 1), another way of performing a valuation would be to estimate its balance sheet value, i.e. total revenues from 2P Reserves, and assign a reasonable margin to it. https://preview.redd.it/o2eiss6u8br41.png?width=710&format=png&auto=webp&s=03960cce698d9cedb076f3d5f571b3c59d908fa8 From the above, we understand that Hibiscus’s 2P reserves from the North Sabah and Anasuria fields alone are approximately 44.2 mmbbl (we ignore contribution from Australia’s VIC cluster as it hasn’t been developed yet). Doing a similar sensitivity analysis of different oil prices as above, we arrive at the following estimated total revenues and accumulated net profit: https://preview.redd.it/h8hubrmw8br41.png?width=450&format=png&auto=webp&s=6d23f0f9c3dafda89e758b815072ba335467f33e Let’s assume that the above average of RM 9.68 billion in total realizable revenues from current 2P reserves holds true. If we assign a conservative Net Profit margin of 15% (FY20: 23%; past 5 years average: 16%), we arrive at estimated accumulated Net Profit from 2P Reserves ofRM 1.452 billion. Given the current market capitalization of RM 714 million, we might be able to say that the equity is worth about twice the current share price. However, it is understandable that some readers might feel that the figures used in the above estimate (e.g. net profit margin of 15%) were randomly plucked from the sky. So how do we reconcile them with figures from the financial statements? Fortunately, there appears to be a way to do just that. Intangible Assets I refer you to a figure in the financial statements which provides a shortcut to the valuation of 2P Reserves. This is the carrying value of Intangible Assets on the Balance Sheet. As of 2QFY21, that amount was RM 1,468,860,000 (i.e. RM 1.468 billion). https://preview.redd.it/hse8ttb09br41.png?width=881&format=png&auto=webp&s=82e48b5961c905fe9273cb6346368de60202ebec Quite coincidentally, one might observe that this figure is dangerously close to the estimated accumulated Net Profit from 2P Reserves of RM 1.452 billion we calculated earlier. But why would this amount matter at all? To answer that, I refer you to the notes of the Annual Report FY20 (AR20). On page 148 of the AR20, we find the following two paragraphs: E&E assets comprise of rights and concession and conventional studies. Following the acquisition of a concession right to explore a licensed area, the costs incurred such as geological and geophysical surveys, drilling, commercial appraisal costs and other directly attributable costs of exploration and appraisal including technical and administrative costs, are capitalised as conventional studies, presented as intangible assets. E&E assets are assessed for impairment when facts and circumstances suggest that the carrying amount of an E&E asset may exceed its recoverable amount. The Group will allocate E&E assets to cash generating unit (“CGU”s or groups of CGUs for the purpose of assessing such assets for impairment. Each CGU or group of units to which an E&E asset is allocated will not be larger than an operating segment as disclosed in Note 39 to the financial statements.) Hence, we can determine that firstly, the intangible asset value represents capitalized costs of acquisition of the oil fields, including technical exploration costs and costs of acquiring the relevant licenses. Secondly, an impairment review will be carried out when “the carrying amount of an E&E asset may exceed its recoverable amount”, with E&E assets being allocated to “cash generating units” (CGU) for the purposes of assessment. On page 169 of the AR20, we find the following: Carrying amounts of the Group’s intangible assets, oil and gas assets and FPSO are reviewed for possible impairment annually including any indicators of impairment. For the purpose of assessing impairment, assets are grouped at the lowest level CGUs for which there is a separately identifiable cash flow available. These CGUs are based on operating areas, represented by the 2011 North Sabah EOR PSC (“North Sabah”, the Anasuria Cluster, the Marigold and Sunflower fields, the VIC/P57 exploration permit (“VIC/P57”) and the VIC/L31 production license (“VIC/L31”).) So apparently, the CGUs that have been assigned refer to the respective oil producing fields, two of which include the North Sabah field and the Anasuria field. In order to perform the impairment review, estimates of future cash flow will be made by management to assess the “recoverable amount” (as described above), subject to assumptions and an appropriate discount rate. Hence, what we can gather up to now is that management will estimate future recoverable cash flows from a CGU (i.e. the North Sabah and Anasuria oil fields), compare that to their carrying value, and perform an impairment if their future recoverable cash flows are less than their carrying value. In other words, if estimated accumulated profits from the North Sabah and Anasuria oil fields are less than their carrying value, an impairment is required. So where do we find the carrying values for the North Sabah and Anasuria oil fields? Further down on page 184 in the AR20, we see the following: Included in rights and concession are the carrying amounts of producing field licenses in the Anasuria Cluster amounting to RM668,211,518 (2018: RM687,664,530, producing field licenses in North Sabah amounting to RM471,031,008 (2018: RM414,333,116)) Hence, we can determine that the carrying values for the North Sabah and Anasuria oil fields are RM 471m and RM 668m respectively. But where do we find the future recoverable cash flows of the fields as estimated by management, and what are the assumptions used in that calculation? Fortunately, we find just that on page 185: 17 INTANGIBLE ASSETS (CONTINUED) (a Anasuria Cluster) The Directors have concluded that there is no impairment indicator for Anasuria Cluster during the current financial year. In the previous financial year, due to uncertainties in crude oil prices, the Group has assessed the recoverable amount of the intangible assets, oil and gas assets and FPSO relating to the Anasuria Cluster. The recoverable amount is determined using the FVLCTS model based on discounted cash flows (“DCF” derived from the expected cash in/outflow pattern over the production lives.) The key assumptions used to determine the recoverable amount for the Anasuria Cluster were as follows: (i Discount rate of 10%;) (ii Future cost inflation factor of 2% per annum;) (iii Oil price forecast based on the oil price forward curve from independent parties; and,) (iv Oil production profile based on the assessment by independent oil and gas reserve experts.) Based on the assessments performed, the Directors concluded that the recoverable amount calculated based on the valuation model is higher than the carrying amount. (b North Sabah) The acquisition of the North Sabah assets was completed in the previous financial year. Details of the acquisition are as disclosed in Note 15 to the financial statements. The Directors have concluded that there is no impairment indicator for North Sabah during the current financial year. Here, we can see that the recoverable amount of the Anasuria field was estimated based on a DCF of expected future cash flows over the production life of the asset. The key assumptions used by management all seem appropriate, including a discount rate of 10% and oil price and oil production estimates based on independent assessment. From there, management concludes that the recoverable amount of the Anasuria field is higher than its carrying amount (i.e. no impairment required). Likewise, for the North Sabah field. How do we interpret this? Basically, what management is saying is that given a 10% discount rate and independent oil price and oil production estimates, the accumulated profits (i.e. recoverable amount) from both the North Sabah and the Anasuria fields exceed their carrying amounts of RM 471m and RM 668m respectively. In other words, according to management’s own estimates, the carrying value of the Intangible Assets of RM 1.468 billionapproximates the accumulated Net Profit recoverable from 2P reserves. To conclude Valuation (Method 2), we arrive at the following:
Accumulated Net Profit from 2P Reserves
RM 1.452 billion
RM 1.468 billion
By now, we have established the basic economics of Hibiscus’s business, including its revenues (i.e. oil production and oil price scenarios), costs (OPEX, ITDA), profitability (breakeven, future earnings potential) and balance sheet value (2P reserves, valuation). Moving on, we want to gain a deeper understanding of the 3 statements to anticipate any blind spots and risks. We’ll refer to the financial statements of both the FY20 annual report and the 2Q21 quarterly report in this analysis. For the sake of brevity, I’ll only point out those line items which need extra attention, and skip over the rest. Feel free to go through the financial statements on your own to gain a better familiarity of the business. https://preview.redd.it/h689bss79br41.png?width=810&format=png&auto=webp&s=ed47fce6a5c3815dd3d4f819e31f1ce39ccf4a0b Income Statement First, we’ll start with the Income Statement on page 135 of the AR20. Revenues are straightforward, as we’ve discussed above. Cost of Sales and Administrative Expenses fall under the jurisdiction of OPEX, which we’ve also seen earlier. Other Expenses are mostly made up of Depreciation & Amortization of RM 115m. Finance Costs are where things start to get tricky. Why does a company which carries no debt have such huge amounts of finance costs? The reason can be found in Note 8, where it is revealed that the bulk of finance costs relate to the unwinding of discount of provision for decommissioning costs of RM 25m (Note 32). https://preview.redd.it/4omjptbe9br41.png?width=1019&format=png&auto=webp&s=eaabfc824134063100afa62edfd36a34a680fb60 This actually refers to the expected future costs of restoring the Anasuria and North Sabah fields to their original condition once the oil reserves have been depleted. Accounting standards require the company to provide for these decommissioning costs as they are estimable and probable. The way the decommissioning costs are accounted for is the same as an amortized loan, where the initial carrying value is recognized as a liability and the discount rate applied is reversed each year as an expense on the Income Statement. However, these expenses are largely non-cash in nature and do not necessitate a cash outflow every year (FY20: RM 69m). Unwinding of discount on non-current other payables of RM 12m relate to contractual payments to the North Sabah sellers. We will discuss it later. Taxation is another tricky subject, and is even more significant than Finance Costs at RM 161m. In gist, Hibiscus is subject to the 38% PITA (Petroleum Income Tax Act) under Malaysian jurisdiction, and the 30% Petroleum tax + 10% Supplementary tax under UK jurisdiction. Of the RM 161m, RM 41m of it relates to deferred tax which originates from the difference between tax treatment and accounting treatment on capitalized assets (accelerated depreciation vs straight-line depreciation). Nonetheless, what you should take away from this is that the tax expense is a tangible expense and material to breakeven analysis. Fortunately, tax is a variable expense, and should not materially impact the cash flow of Hibiscus in today’s low oil price environment. Note: Cash outflows for Tax Paid in FY20 was RM 97m, substantially below the RM 161m tax expense. https://preview.redd.it/1xrnwzm89br41.png?width=732&format=png&auto=webp&s=c078bc3e18d9c79d9a6fbe1187803612753f69d8 Balance Sheet The balance sheet of Hibiscus is unexciting; I’ll just bring your attention to those line items which need additional scrutiny. I’ll use the figures in the latest 2Q21 quarterly report (2Q21) and refer to the notes in AR20 for clarity. We’ve already discussed Intangible Assets in the section above, so I won’t dwell on it again. Moving on, the company has Equipment of RM 582m, largely relating to O&G assets (e.g. the Anasuria FPSO vessel and CAPEX incurred on production enhancement projects). Restricted cash and bank balances represent contractual obligations for decommissioning costs of the Anasuria Cluster, and are inaccessible for use in operations. Inventories are relatively low, despite Hibiscus being an E&P company, so forex fluctuations on carrying value of inventories are relatively immaterial. Trade receivables largely relate to entitlements from Petronas and BP (both oil supermajors), and are hence quite safe from impairment. Other receivables, deposits and prepayments are significant as they relate to security deposits placed with sellers of the oil fields acquired; these should be ignored for cash flow purposes. Note: Total cash and bank balances do not include approximately RM 105 m proceeds from the North Sabah December 2019 offtake (which was received in January 2020) Cash and bank balances of RM 90m do not include RM 105m of proceeds from offtake received in 3Q21 (Jan 2020). Hence, the actual cash and bank balances as of 2Q21 approximate RM 200m. Liabilities are a little more interesting. First, I’ll draw your attention to the significant Deferred tax liabilities of RM 457m. These largely relate to the amortization of CAPEX (i.e. Equipment and capitalized E&E expenses), which is given an accelerated depreciation treatment for tax purposes. The way this works is that the government gives Hibiscus a favorable tax treatment on capital expenditures incurred via an accelerated depreciation schedule, so that the taxable income is less than usual. However, this leads to the taxable depreciation being utilized quicker than accounting depreciation, hence the tax payable merely deferred to a later period – when the tax depreciation runs out but accounting depreciation remains. Given the capital intensive nature of the business, it is understandable why Deferred tax liabilities are so large. We’ve discussed Provision for decommissioning costs under the Finance Costs section earlier. They are also quite significant at RM 266m. Notably, the Other Payables and Accruals are a hefty RM 431m. What do they relate to? Basically, they are contractual obligations to the sellers of the oil fields which are only payable upon oil prices reaching certain thresholds. Hence, while they are current in nature, they will only become payable when oil prices recover to previous highs, and are hence not an immediate cash outflow concern given today’s low oil prices. Cash Flow Statement There is nothing in the cash flow statement which warrants concern. Notably, the company generated OCF of approximately RM 500m in FY20 and RM 116m in 2Q21. It further incurred RM 330m and RM 234m of CAPEX in FY20 and 2Q21 respectively, largely owing to production enhancement projects to increase the production rate of the Anasuria and North Sabah fields, which according to management estimates are accretive to ROI. Tax paid was RM 97m in FY20 and RM 61m in 2Q21 (tax expense: RM 161m and RM 62m respectively).
There are a few obvious and not-so-obvious risks that one should be aware of before investing in Hibiscus. We shall not consider operational risks (e.g. uptime, OPEX) as they are outside the jurisdiction of the equity analyst. Instead, we shall focus on the financial and strategic risks largely outside the control of management. The main ones are: · Oil prices remaining subdued for long periods of time · Fluctuation of exchange rates · Customer concentration risk · 2P Reserves being less than estimated · Significant current and non-current liabilities · Potential issuance of equity Oil prices remaining subdued Of topmost concern in the minds of most analysts is whether Hibiscus has the wherewithal to sustain itself through this period of low oil prices (sub-$30). A quick and dirty estimate of annual cash outflow (i.e. burn rate) assuming a $20 oil world and historical production rates is between RM 50m-70m per year, which considering the RM 200m cash balance implies about 3-4 years of sustainability before the company runs out of cash and has to rely on external assistance for financing. Table 1: Hibiscus EBITDA at different oil price and exchange rates https://preview.redd.it/gxnekd6h9br41.png?width=670&format=png&auto=webp&s=edbfb9621a43480d11e3b49de79f61a6337b3d51 The above table shows different EBITDA scenarios (RM ‘m) given different oil prices (left column) and USD:MYR exchange rates (top row). Currently, oil prices are $27 and USD:MYR is 1:4.36. Given conservative assumptions of average OPEX/bbl of $20 (current: $15), we can safely say that the company will be loss-making as long as oil remains at $20 or below (red). However, we can see that once oil prices hit $25, the company can tank the lower-end estimate of the annual burn rate of RM 50m (orange), while at RM $27 it can sufficiently muddle through the higher-end estimate of the annual burn rate of RM 70m (green). Hence, we can assume that as long as the average oil price over the next 3-4 years remains above $25, Hibiscus should come out of this fine without the need for any external financing. Customer Concentration Risk With regards to customer concentration risk, there is not much the analyst or investor can do except to accept the risk. Fortunately, 80% of revenues can be attributed to two oil supermajors (Petronas and BP), hence the risk of default on contractual obligations and trade receivables seems to be quite diminished. 2P Reserves being less than estimated 2P Reserves being less than estimated is another risk that one should keep in mind. Fortunately, the current market cap is merely RM 714m – at half of estimated recoverable amounts of RM 1.468 billion – so there’s a decent margin of safety. In addition, there are other mitigating factors which shall be discussed in the next section (‘Opportunities’). Significant non-current and current liabilities The significant non-current and current liabilities have been addressed in the previous section. It has been determined that they pose no threat to immediate cash flow due to them being long-term in nature (e.g. decommissioning costs, deferred tax, etc). Hence, for the purpose of assessing going concern, their amounts should not be a cause for concern. Potential issuance of equity Finally, we come to the possibility of external financing being required in this low oil price environment. While the company should last 3-4 years on existing cash reserves, there is always the risk of other black swan events materializing (e.g. coronavirus) or simply oil prices remaining muted for longer than 4 years. Furthermore, management has hinted that they wish to acquire new oil assets at presently depressed prices to increase daily production rate to a targeted 20,000 bbl by end-2021. They have room to acquire debt, but they may also wish to issue equity for this purpose. Hence, the possibility of dilution to existing shareholders cannot be entirely ruled out. However, given management’s historical track record of prioritizing ROI and optimal capital allocation, and in consideration of the fact that the MD owns 10% of outstanding shares, there is some assurance that any potential acquisitions will be accretive to EPS and therefore valuations.
As with the existence of risk, the presence of material opportunities also looms over the company. Some of them are discussed below: · Increased Daily Oil Production Rate · Inclusion of 2C Resources · Future oil prices exceeding $50 and effects from coronavirus dissipating Increased Daily Oil Production Rate The first and most obvious opportunity is the potential for increased production rate. We’ve seen in the last quarter (2Q21) that the North Sabah field increased its daily production rate by approximately 20% as a result of production enhancement projects (infill drilling), lowering OPEX/bbl as a result. To vastly oversimplify, infill drilling is the process of maximizing well density by drilling in the spaces between existing wells to improve oil production. The same improvements are being undertaken at the Anasuria field via infill drilling, subsea debottlenecking, water injection and sidetracking of existing wells. Without boring you with industry jargon, this basically means future production rate is likely to improve going forward. By how much can the oil production rate be improved by? Management estimates in their analyst presentation that enhancements in the Anasuria field will be able to yield 5,000 bbl/day by 2021 (current: 2,500 bbl/day). Similarly, improvements in the North Sabah field is expected to yield 7,000 bbl/day by 2021 (current: 5,300 bbl/day). This implies a total 2021 expected daily production rate from the two fields alone of 12,000 bbl/day (current: 8,000 bbl/day). That’s a 50% increase in yields which we haven’t factored into our valuation yet. Furthermore, we haven’t considered any production from existing 2C resources (e.g. Marigold/Sunflower) or any potential acquisitions which may occur in the future. By management estimates, this can potentially increase production by another 8,000 bbl/day, bringing total production to 20,000 bbl/day. While this seems like a stretch of the imagination, it pays to keep them in mind when forecasting future revenues and valuations. Just to play around with the numbers, I’ve come up with a sensitivity analysis of possible annual EBITDA at different oil prices and daily oil production rates: Table 2: Hibiscus EBITDA at different oil price and daily oil production rates https://preview.redd.it/jnpfhr5n9br41.png?width=814&format=png&auto=webp&s=bbe4b512bc17f576d87529651140cc74cde3d159 The left column represents different oil prices while the top row represents different daily oil production rates. The green column represents EBITDA at current daily production rate of 8,000 bbl/day; the orange column represents EBITDA at targeted daily production rate of 12,000 bbl/day; while the purple column represents EBITDA at maximum daily production rate of 20,000 bbl/day. Even conservatively assuming increased estimated annual ITDA of RM 500m (FY20: RM 318m), and long-term average oil prices of $50 (FY20: $60), the estimated Net Profit and P/E ratio is potentially lucrative at daily oil production rates of 12,000 bbl/day and above. 2C Resources Since we’re on the topic of improved daily oil production rate, it bears to pay in mind the relatively enormous potential from Hibiscus’s 2C Resources. North Sabah’s 2C Resources alone exceed 30 mmbbl; while those from the yet undiagnosed Marigold/Sunflower fields also reach 30 mmbbl. Altogether, 2C Resources exceed 70 mmbbl, which dwarfs the 44 mmbbl of 2P Reserves we have considered up to this point in our valuation estimates. To refresh your memory, 2C Resources represents oil volumes which have been discovered but are not yet classified as “commercial”. This means that there is reasonable certainty of the oil being recoverable, as opposed to simply being in the very early stages of exploration. So, to be conservative, we will imagine that only 50% of 2C Resources are eligible for reclassification to 2P reserves, i.e. 35 mmbbl of oil. https://preview.redd.it/mto11iz7abr41.png?width=375&format=png&auto=webp&s=e9028ab0816b3d3e25067447f2c70acd3ebfc41a This additional 35 mmbbl of oil represents an 80% increase to existing 2P reserves. Assuming the daily oil production rate increases similarly by 80%, we will arrive at 14,400 bbl/day of oil production. According to Table 2 above, this would yield an EBITDA of roughly RM 630m assuming $50 oil. Comparing that estimated EBITDA to FY20’s actual EBITDA:
FY21 (incl. 2C)
Daily oil production (bbl/day)
Average oil price (USD/bbl)
Average OPEX/bbl (USD)
EBITDA (RM ‘m)
Hence, even conservatively assuming lower oil prices and higher OPEX/bbl (which should decrease in the presence of higher oil volumes) than last year, we get approximately the same EBITDA as FY20. For the sake of completeness, let’s assume that Hibiscus issues twice the no. of existing shares over the next 10 years, effectively diluting shareholders by 50%. Even without accounting for the possibility of the acquisition of new oil fields, at the current market capitalization of RM 714m, the prospective P/E would be about 10x. Not too shabby. Future oil prices exceeding $50 and effects from coronavirus dissipating Hibiscus shares have recently been hit by a one-two punch from oil prices cratering from $60 to $30, as a result of both the Saudi-Russian dispute and depressed demand for oil due to coronavirus. This has massively increased supply and at the same time hugely depressed demand for oil (due to the globally coordinated lockdowns being implemented). Given a long enough timeframe, I fully expect OPEC+ to come to an agreement and the economic effects from the coronavirus to dissipate, allowing oil prices to rebound. As we equity investors are aware, oil prices are cyclical and are bound to recover over the next 10 years. When it does, valuations of O&G stocks (including Hibiscus’s) are likely to improve as investors overshoot expectations and begin to forecast higher oil prices into perpetuity, as they always tend to do in good times. When that time arrives, Hibiscus’s valuations are likely to become overoptimistic as all O&G stocks tend to do during oil upcycles, resulting in valuations far exceeding reasonable estimates of future earnings. If you can hold the shares up until then, it’s likely you will make much more on your investment than what we’ve been estimating.
Wrapping up what we’ve discussed so far, we can conclude that Hibiscus’s market capitalization of RM 714m far undershoots reasonable estimates of fair value even under conservative assumptions of recoverable oil volumes and long-term average oil prices. As a value investor, I hesitate to assign a target share price, but it’s safe to say that this stock is worth at least RM 1.00 (current: RM 0.45). Risk is relatively contained and the upside far exceeds the downside. While I have no opinion on the short-term trajectory of oil prices, I can safely recommend this stock as a long-term Buy based on fundamental research.
-Rupee continues to recover, gains Rs4.16 in four months The Pakistani rupee has maintained a gradual uptrend against the US dollar since the beginning of current fiscal year in July and is anticipated to gain more ground in the remaining eight months amid expectations of increase in foreign currency inflows. The rupee gradually strengthened Rs4.16 or 2.60% in the past around four months to Rs155.88 to the US dollar in the inter-bank market on Friday, according to the State Bank of Pakistan (SBP). “The rupee may recover to 145 to the greenback by June 30, 2020,” Forex Association of Pakistan (FAP) President Malik Bostan projected while talking to The Express Tribune. Further: -In a positive development, Pakistani Rupee hits highest level of four months against US dollar The Pakistani rupee has shown recovery against the US dollar as the US currency reached the lowest level in four months. -ExxonMobil to help build LNG terminal in Pakistan After getting a liquefied natural gas (LNG) supply contract from private-sector consumers, US energy giant ExxonMobil is planning to build the third LNG terminal in Karachi as a joint-venture partner. Some time ago, ExxonMobil, in collaboration with Pakistan’s exploration and production companies, drilled an offshore well to search for hydrocarbon reserves in the Arabian Sea. However, the effort could not prove successful. Now, in a new venture with Energas consortium, the US firm is going to invest in setting up an LNG terminal in Pakistan. -Pakistan's Hindu community celebrates Diwali today in a renovated temple reopened by the Pakistan government after 72 years he country’s Hindu community is celebrating the annual religious festival of Diwali. The religious festivities are expected to take place in Shawala Teja Singh Temple, located in Sialkot, after 72 years. All preparations for the upcoming festival have been completed. The festival of Diwali is being seen as more of a cultural than a religious one as people from other faiths will celebrate alongside members of the Hindu community. The temple, where the festivities will take place, was closed down in 1947. The Evacuee Trust Property Board (ETPB) and certain members of the Hindu community decided to open the temple a few months ago, after which the renewal and renovation work had begun. Now, for the first time, this temple is going to celebrate a religious ceremony. -Tax Returns Filed Per Day in 2019 Have Increased by 127 Percent: FBR Chairman Federal Board of Revenue’s (FBR) Chairman Syed Shabbar Zaidi has announced that on average, tax returns filed per day in 2019 have risen by 127 percent compared to last year. In a Twitter post, Zaidi shared details of the tax returns filed so far. As per the records, the number of tax returns filed in 2019 till October 25 stands at 918,027, as compared to 585,209 tax returns filed in the same period last year. Zaidi said that as of November, the FBR will impose strict measures against unauthorized interactions and harassement between its staff and the business community. The business community is suggested to report to FBR if any person contacts them through any manner without proper authorization. -Pakistan, Nepal agree to enhance trade ties President Dr. Arif Alvi on Saturday held a meeting with the Nepal’s Prime Minister Khadga Prasad Sharma Oli on the sidelines of 18th Non Aligned Movement Summit in Baku, ARY News reported. According to a statement issued by the ministry, both the leaders affirmed to enhance trade ties between the two countries and expressed their desire to further strengthen the bonds of friendship. Matters of mutual interest, bilateral relations, regional peace, grave human rights violations and humanitarian crisis in occupied Kashmir and other issues were came under discussion in the meeting. Speaking on the occasion, President Alvi briefed the Nepalese prime minister on Indian illegal actions in occupied Kashmir. He expressed hope that Nepal will play its role as SAARC chair, for strengthening peace and stability in the region. -CPEC enters into 2nd phase: Poverty, agriculture, B2B initiatives prime focus: Khusro Federal Minister for Planning, Development & Reform Makhdoom Khusro Bakhtyar Wednesday said the CPEC has now entered into its second phase with focus on poverty alleviation, agriculture and B2B industrial cooperation. “The Pakistan Tehreek-e-Insaf (PTI) government's economic reform measures will strengthen the country's economy as the investors' confidence is rebounding due to corrective measures," the minister expressed these views while talking to Australian High Commissioner Dr Geoffrey Shaw who called on him on Wednesday. Secretary Planning Zafar Hasan was also present in the meeting. While discussing bilateral relations and foreign investment in various sectors in Pakistan especially in Gwadar, the minister said that ongoing phase of CPEC will bring about socioeconomic benefits for the welfare of the people. He said that CPEC offers enormous potential to boost national economy and reduce poverty. -Pakistan's Defence Exports have reached USD 212.6 MILLION IN 2018-2019 According to the Pakistan Ministry of Defence Production’s (MoDP) “First Year Performance Report,” the country had registered $212.6 million US in defence exports from August 2018 to August 2019. Pakistan Aeronautical Complex (PAC) booked the highest value at $184.38 million US, which was followed by Pakistan Ordnance Factories (POF) at $7.13 million US and Heavy Industries Taxila (HIT) at $1.3 million US. In addition, private sector firms booked $19.36 million US in sales. No additional breakdowns were provided by the MoDP. It is likely that PAC’s exports were fueled by co-production work for FC-1/JF-17 sales to Myanmar and/or Nigeria. Though an agreement was signed with Turkey for the sale of 52 Super Mushshak basic trainers, it is unclear if PAC has started manufacturing these aircraft. -DRAP to launch countrywide drive against substandard, spurious medicines The Drug Regulatory Authority of Pakistan (DRAP) is launching a countrywide campaign against substandard medicines, the PM’s Special Assistant on Health Dr. Zafar Mirza said while addressing the federal and provincial drug inspectors in Islamabad on Thursday. He said a crackdown is being launched throughout the country to eradicate the menace of unregistered, spurious and sub-standard medicine. In addition to medicine quality, he added, DRAP will also take stern action against violation of fixed prices of medicines. -Foreign exchange: SBP reserves increase $79m to $7.89b The foreign exchange reserves held by the central bank increased 1.14% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. Earlier, the reserves had spiralled downwards, falling below the $7-billion mark, which raised concern over Pakistan’s ability to meet its financing requirements. However, financial assistance from the United Arab Emirates (UAE), Saudi Arabia and other friendly nations helped shore up the foreign exchange reserves. On October 18, the foreign currency reserves held by the SBP were recorded at $7,892.7 million, up $79 million compared with $7,813.7 million in the previous week. The report cited no reason for the increase in reserves, which stood below the $8-billion mark. -Ease of business: Pakistan up 28 places on World Bank index Pakistan has jumped up 28 places on the World Bank’s (WB) Ease of Doing Business Index and secured a place among the top 10 countries with the most improved business climate – a development that will greatly improve Islamabad’s image abroad, Pakistan carried out six reforms that helped improving its ranking from 136 to 108, according to the WB’s annual flagship report, ‘Ease of Doing Business 2020’, released on Thursday. It turned out to be the sixth global reformer and first in South Asia that brought ease in doing business in the last one year. The fewer are the regulations the better is the ranking on the index. The key to attain perfection is to cut the bureaucracy hindering business activities in the name of various regulations and procedures. -CM approves Rs 500m for Punjab Housing & Town Planning Agency Punjab Chief Minister Sardar Usman Buzdar has given approval of Rs 500 million for Punjab Housing & Town Planning Agency. He gave approval while presiding over a high-level meeting at CM Office here on Monday. During the meeting progress on Naya Pakistan Housing Project for low-income persons was reviewed and detailed briefing was also given to the participants on Naya Pakistan Housing strategy. While addressing the meeting, Usman Buzdar said that obstacles should be removed in order to ensure completion of Naya Pakistan Housing Scheme and financial conditions of common man should be kept in mind while chalking out housing policy of the project. All out attention should be paid while constructing small houses in the province, he added. It has also been decided during the meeting to launch rural housing project in 17 model villages. -KSE 100 gains 204 points amid improved sentiments The benchmark KSE 100 Index depicted remarkable progress as it gained around 204 points and concluded at 33,861-level.It was a busy start to the week at the Pakistan Stock Exchange (PSX) with earnings season hitting its peak, while volumes remained at par with previous weeks’ average. Biggest single day investment in treasury bills in the previous week of estimated US $87.5 million, increasing total investment to US$440 million since July 2019 was the major rally point in the market sentiments. The bourse recorded an intraday low of 33,572.36 soon after the commencement of the session. However, after regaining the momentum, the index marked its day’s high at 34,008.35 adding 350.89 points. It settled higher by 204.13 points at 33,861.59. The KMI 30 Index accumulated 386.53 points to settle at 55,155.92, while the KSE All Share Index managed to gain 86.13 points, ending at 24,543.78. -Sindh to reserve 0.5% job quota for transgender persons The Sindh Cabinet on Wednesday agreed to reserve 0.5 per cent quota in government jobs for transgender persons. “I want to bring transgender people into the mainstream,” said Sindh Chief Minister Syed Murad Ali Shah during the cabinet meeting. “We want to make them an asset for our society.” CM Murad congratulated the transgender community on behalf of the cabinet and advised them to improve their education. Around 41,000 positions are vacant in different government departments across Sindh out of which 206 will be given to transgender people. A spokesperson from the chief minister’s house stated that out of the 41,000 available jobs 16,000 positions will be filled this fiscal year. Rest of the positions will be filled in the period of next three years. -Malaysia's Mahathir stands by Kashmir comments despite India palm oil boycott Malaysian Prime Minister Mahathir Mohamad said on Tuesday he would not retract his criticism of New Delhi’s actions in occupied Kashmir despite Indian traders calling for an unprecedented boycott of Malaysian palm oil. The impasse could exacerbate what Mahathir described as a trade war between the world’s second biggest producer and exporter of the commodity and its biggest buyer so far this year. India’s top vegetable oil trade body on Monday asked its members to stop buying Malaysian palm oil after Mahathir said at the United Nations General Assembly last month that India had “invaded and occupied” Kashmir. -“World’s two major companies setting up solar panel plants in Pakistan” Federal Minister for Science and Technology Fawad Chaudhry announced on Monday that the world’s two major solar panel firms will establish their plants in Pakistan. The minister tweeted saying “good news gets lost in political plays, yet I am very happy that the world’s two major companies are setting up solar panel’s plants in Pakistan.” Chaudhry added that China’s second-largest Lithium battery producer will also set up its workshop in Pakistan. The Lithium battery-powered buses will also be manufactured in Pakistan, the tweet further said. The Minister for Science and Technology was recently on a visit to Beijing where he met various Chinese officials and the country’s business leaders. -Pakistan Navy organizes free medical camp in Balochistan Navy organized a free medical camp in the village Dam of Balochistan in collaboration with Sahil and Ulfat welfare foundations. According to the spokesperson of Pakistan Navy, specialist doctors of surgical, medical, skin, gynecology, child and general medically inspected patients at the camp. Over 700 patients were provided with free medical treatment, medicines and ordinary surgical facilities. -Lahore to get Tram service soon Citizens of Lahore are getting a modern-day tram service soon, based on the famous British-era tram service. In this regard, the Punjab Transport Department has inked an agreement with CRSC International, a Chinese company specializing in rail transportation control systems, and Inkon Group of the Czech Republic. The development of the project is divided into several phases. In the first phase, a 35 km track will be constructed on Canal Road, Lahore. Up to 50 trams will run on this track. Once operational, the trams will be able to carry 35,000 passengers in 1 hour. The trams will be powered through electricity and batteries. A single tram will have a service life of around 40 years. 2 tram depots will be constructed at different locations as well. -10 Pakistani Universities Ranked Among the World’s Best in ‘University Impact Rankings 2019’ Ten Pakistani universities have been ranked among the top universities in the world in the Times Higher Education (THE)’s list. THE is a weekly UK-based magazine that issues its annual list of world’s most influential universities. The list called ‘University Impact Rankings 2019’ has included 10 Pakistani varsities in different categories, including Gender Equality, Good Health and Well-being, Quality Education, Decent Work, Economic Growth, and others. According to the magazine, the rankings assess universities against the United Nations’ Sustainable Development Goals. -PM Imran Khan inaugurates China-Hub Power Generation Plant in Balochistan Prime Minister (PM) Imran Khan has said that Pakistan is moving forward through China-Pakistan Economic Corridor (CPEC) projects. Addressing inaugural ceremony of China Hub Power Generation Plant in Balochistan, he said this is the first joint project under the CPEC umbrella and he is very happy after inaugurating it. “The government will facilitate joint collaboration between Pakistani and Chinese businesses in various sectors.”, he said. PM Imran Khan said with the help of coal reserves in Thar, Pakistan can generate huge amount of electricity, which can be enough for at least 100 years. -Punjab Forest Department develops ‘record keeping’ mechanism Department of Forest Punjab is managing 1.6 million acres of forest land area – 67 per cent of the entire forest land area in Punjab – under the Geographic Information System (GIS), Pakistan Today learnt reliably on Friday. The program enabled the forests department to ensure sound management and introduce state of the art record-keeping and mapping methods. ‘Development of GIS-Based Forest Management Information System in Punjab’ was approved at PC-1 with a cost of Rs75 million and a gestation period of 36 months (2016-2019) has allowed for transfer of all forest resources and inventories into IT-based inventory systems and achieved extensive field surveys, rapid data collection and its processing for development of the forestry sector on efficient lines. -Hutchison Port Holdings announces $240m investment in Pakistan Prime Minister Imran Khan has welcomed $240 million foreign investment from Hutchison Port Holdings, a Hong Kong-based port operator. A delegation of Hutchison Port Holdings, led by its Group Managing Director Eric Ip, called on Prime Minister Imran Khan on Tuesday. Other delegation members included HPH Middle East & Africa Managing Director Andy Tsoi and Middle East & Africa Business Director Eric Ng. Maritime Affairs Minister Syed Ali Haider Zaidi, Adviser to PM on Commerce Abdul Razzaq Dawood, Special Assistant to PM on Overseas Pakistanis Syed Zulfiqar Abbas Bukhari, Ambassador-at-Large for Foreign Investment Ali Jehangir Siddiqui and Board of Investment Chairman Zubair Haider Gilani were also present on the occasion. Group Managing Director Eric Ip apprised the prime minister of Hutchison’s fresh investment into Pakistan approximating $240 million which will enhance the new container terminal capacity at the Karachi Port, and increase Hutchison Ports’ total investment in Pakistan to $1 billion. -Punjab's tax collection jumps 44% Punjab’s tax collection registered a 44% growth to Rs77 billion in first quarter of the ongoing fiscal year compared to the corresponding period of previous year, despite tough conditions of the federal government for the provinces to get a share in the federal divisible pool of resources. Punjab Finance Minister Makhdoom Hashim Jawan Bakht disclosed this at a review meeting of the Finance Department on Monday. The meeting was briefed that despite the financial backlog left by the previous government, the current government gave a surplus budget of Rs233 billion in order to meet financial requirements of the federal government to comply with conditions of the International Monetary Fund (IMF) loan programme. -‘SECP recognised as 7th most effective regulator in world’ The Securities and Exchange Commission of Pakistan (SECP) has been recognised as the “7th most effective regulator” by the World Economic Forum in its ‘Global Competitiveness Report-2019’. “Pakistan was ranked as the 52nd most dynamic economy in the world. The country secured this by improving 15 points from last year, as it stood at 67th in 2018,” said a statement issued by Mishal Pakistan, Country Partner at WEF’s Institute of the Future of Economic Progress System Initiative, on Wednesday. “The progress of Pakistan’s competitiveness was due to the achievements made during the last 12 months.” The most effective improvements were made due to the initiative and strategies adopted by the apex regulator for the corporate sector and the capital markets; supervision and regulation of insurance, non-banking financial companies and private pension schemes. The SECP improved Pakistan’s competitiveness rankings by improving the “number of days to start a business”, where Pakistan was ranked at the 90th position compared with 96th in 2018. -Pakistan China bilateral trade crosses $19 billion, highest ever in history Pakistan Ambassador to China , Naghmana Hashmi has said the bilateral trade volume between Pakistan and China has now touched US $ 19.08 billion and both countries aimed to raise it further. “The bilateral trade volume between Pakistan and China has now touched US$ 19.08. We aim to raise it further,” Ambassador Hashmi said joint ventures in defence production have led to the manufacture of the MBT 2000 Al-Khalid Tank and JF-17 Thunder, a fighter aircraft. “On the diplomatic front, the two countries are committed to protecting and promoting multilateralism and upholding the United Nations (UN)Charter, while our cooperation has extended to science and technology, socioeconomic sectors and nuclear cooperation for peaceful purposes,” she added. -Foreign Company Agrees to Drop $6 Billion Penalty, Re-Invest in Reko Diq: Reports The International Center of Settlement of Investment Disputes (ICSID) had slapped the country with a $6 billion penalty for revoking the contract without prior knowledge back in 2009. Soon after the development, the Prime Minister had empowered his financial team to contact the executives of the Tethyan Copper Company (TCC) to reach an out-of-court settlement and avoid the penalty. Reportedly, after the Pakistan authority’s approach, the company has not only agreed to take back the penalty but has also agreed to invest in the project again. As per media reports, PM Imran Khan contacted the TCC management and discussed the prospects of the matter. He assured the company his full support if they wanted to revise the investment plan for the project. The company will reportedly withdraw its appeal from the ICSID, while Pakistan will compensate for their damages due to the cancelation of the contract. -Current account deficit shrinks massive 64pc The country’s current account deficit (cad) in the first quarter of current fiscal year declined by a huge 64 per cent mainly on the back of a 21pc reduction in the imports bill. The State Bank’s latest data issued on Friday showed the current account deficit for July-September FY20 clocked in at $1.548 billion compared to $4.287bn in the same period last fiscal year; a decline of $2.739bn. The reduced current account deficit is a positive omen for the government, which is struggling with slow economic growth and high inflation. However, despite massive decline in rupee’s value, the country’s exports have failed to register any noticeable increase during the period. -Food imports down 24pc, exports up 14pc in Q1 FY20 Food group imports into the country during the first quarter of the current financial year (July-Sept 2019-20) decreased considerably by 24.7pc, whereas exports increased by 13.98pc compared with the corresponding period of last year. The import of food commodities into the country during the period under review came down from $1.45 billion to $1 billion, whereas the exports increased from $864 million to $984.7 million, according to latest data released by the Pakistan Bureau of Statistics (PBS). -Chinese Smartphone Company Realme to build mobile phone manufacturing factory in Pakistan Chinese company Realme's Director of Marketing in Pakistan Mr He Shunzi in an interview disclosed that Realme is planning to set up the mobile phone manufacturing factory in Pakistan. He told that company is inspecting locations in Islamabad, Peshawar, and Faisalabad Industrial Estate for suitable land. Pakistani mobile market offers guaranteed capital as Realme ranked top five android brands in Pakistan in less than nine months, capturing 8% of total market share, he added. -Chinese Coal Giant Wants to Convert Thar’s Coal to Diesel China’s Shenhua Ningxia Coal Industry Group will help convert Thar’s coal into oil and the talks between the two parties are underway. The Shenhua Ningxia Coal Industry Group is a subsidiary of China’s biggest coal producer, the Shenhua Group and the company already has the world’s largest plant for converting coal into diesel, with an annual production capacity of 4 million tons in Ningxia in its portfolio. The agreement, if signed, will be a ‘game-changer’ for Pakistan, believes Adviser to Prime Minister on Petroleum Nadeem Babar, who accompanied Imran Khan on his recent visit to China. The Pakistani delegation held talks with the Shenhua Group during the trip: -In a positive development, Pakistan projected among top 20 rising economic growth engines of the World Pakistan projected among 20 top rising economic growth engines of the World that would dominate the global growth in next 5 years. Pakistan has been projected as one of 20 countries that will dominate global growth in five years time in 2024, an assessment made by Bloomberg using data from the International Monetary Fund (IMF). -In a positive development, Pakistan textile exports register increase Textile exports from the country increased by 2.95pc during the first quarter of the current fiscal year (July-Sept FY20) compared with the corresponding period of the last fiscal year. The textile exports during the period under review were recorded at $3,371.974 million as against the exports of $3,275.303 million during July-September 2018-19, according to latest data by the Pakistan Bureau of Statistics (PBS). The textile commodities that contributed to the positive growth included raw cotton, exports of which grew by 53.65pc, from $7.047 million to $10.828 million. Similarly, the exports of yarn (other than cotton yarn) increased by 21.95pc, from $7.759 million last year to $9.462 million, while that of knitwear surged by 11.14pc, from $701.393 million to $779.548 million. -Kartarpur Corridor will open to public on November 9: PM Imran Prime Minister Imran Khan on Sunday announced that Pakistan will inaugurate the Kartarpur Corridor on November 9. The premier’s announcement came via a Facebook post in which he said that construction work on the Pakistani side had entered the final stage. “Pakistan is all set to open its doors for Sikhs from all across the globe,” he wrote. “World’s largest Gurdwara will be visited by Sikhs from across India and other parts of the world,” he said. -'$1.2b penalty in Karkey case likely to be waived' Pakistan Tehreek-e-Insaf (PTI) leader and senior lawyer Babar Awan has said that the $1.2 billion penalty that Pakistan has to pay to Turkey’s Karkey rental power plant is likely to be waived. “International institutions, through high-level backdoor contacts, have agreed to waive off the penalty. This is very good news for Pakistan,” said Awan while addressing the media on Friday. “International institutions have shown their trust in Prime Minister Imran Khan,” he added. -Punjab Govt to Introduce a Unified Tax Collection System Punjab government is contemplating the introduction of a unified tax collection system in the province. The unified system will streamline the tax collection process and facilitate the taxpayers. At the moment, Punjab Revenue Department, Excise and Taxation Department, and local administrations collect taxes in Punjab. On Sunday, Finance Minister of Punjab, Makhdoom Hashim Jawan Bakht, headed a meeting of Punjab Revenue Authority (PRA). Bakht said that a special tax management unit will be set up at the Punjab finance department that will unify tax collection all across the country. -PM To Launch Clean Green Pakistan Index for Multiple Cities Prime Minister’s Adviser on Climate Change, Malik Amin Aslam, said that Imran Khan will launch the Clean Green Pakistan Index (CGPI) at a grand launching ceremony on October 30. The initiative is aimed at introducing competition among cities on various indicators, including public access to clean drinking water, safe sanitation, effective solid waste management, and tree plantation. The prime minister will announce a six-month competition among 19 cities of Punjab and Khyber-Pakhtunkhwa provinces, he added. The adviser said that after six months, these cities will be ranked again and those with prominent progress will be rewarded with special federal and provincial government funds and more cities will be joining the competition. -PM Khan Will Lay The Foundation of Baba Guru Nanak University on Oct. 28 Prime Minister Imran Khan is going to lay the foundation stone of Baba Guru Nanak University on October 28. The establishment of this university in Nankana Sahib was announced earlier this year when PM Khan was in the town for a Spring Tree Plantation Campaign. -Sindh govt invites bids for Dhabeji SEZ The Sindh government has launched the well-connected Dhabeji Special Economic Zone in district Thatta near Port Qasim, according to a statement issued on Monday. In this connection, the Sindh Economic Zones Management Company (SEZMC), being the provincial SEZ custodian, has invited proposals for the development and operation of Dhabeji project through an advertisement published in leading national and international newspapers. Dhabeji SEZ was highlighted in the recent meeting of the China-Pakistan Economic Corridor (CPEC) Joint Working Group on Industrial Cooperation. The senior officials of China’s National Development Reforms Commission (NDRC) appreciated the Sindh government on the progress made so far. The Sindh government launched the project through an international competitive bidding process as a build-up to the upcoming 10th Joint Coordination Committee (JCC) meeting between China and Pakistan, which would be held next month. -Rice exports surge 51pc in first quarter FY20 Rice exports from the country during the first quarter of the financial year 2019-20 grew by 50.76pc as compared to the corresponding period last year. During the July-September period, about 839,356 metric tonnes of rice, worth $470.584 million, were exported as compared the exports of 551.5,86 metric tonnes, valuing $312.147 million, during the same period of FY19. According to data released by the Pakistan Bureau of Statistics, the exports of basmati rice increased by 47.29pc, as 212,873 metric tonnes of basmati rice ($194.669 million) were exported during the first quarter of FY20, as compared the 127,669 metric tonnes ($132.166 million) in the same period of last year. Meanwhile, 34,090 metric tonnes of fish and fish preparations worth $79.549 million were also exported in the period under review as compared to the exports of 25,859 metric tonnes valuing $67.294 million during the same period of last year.
The offshore FX and CFDs broker WISEBANC is managed from Bulgaria. The limited information display raises questions on this from the beginning. This broker features four international offices in the big economies like Malaysia, New Zealand, Singapore, and South Africa. We also felt that this multinational impression of WISEBANC is also fishy. For the same reason, we decided to do this WISEBANC review to know more about this broker.
About WISEBANC :
Upon investigation, it was clear that the broker is unregulated by FSC, the Bulgarian financial authority. The broker features several attractive bonuses and promotional offers. WISEBANC promotes to offer a $250 signup bonus to all subscribers. But the real snag is, to be eligible for the withdrawal of these bonuses, the equitable amount of trading points must be earned. The five trading accounts are similar to that of other brokers namely Basic, Bronze, Silver, Gold, and Platinum. The log in amount is $250, $1000, $2500, $5000, and $10000, and the provided ratio of leverage is 1:500. It also has maximum fixed spreads of 7, 6, 5, 4, and 3 pips and the welcome bonuses of 40, 50, 60, 80, and 100 % respectively. It provides special forex signal service to its premium customers. The deposit of $250 is incomparable considering the unregulated nature of the broker. The only advantage we came across is the leverage levels but it can become disadvantageous if precaution is not taken. As they can drain your trading account in a blink of an eye. Also, the most famous trading platform MetaTrader4 is not supported by this broker. Nonetheless, traders will feel forced to use the broker’s platform as the platform Is slow and crashes continuously. Also, A-1 features in MT are not present in the provided platform. The web is filled with several scams and fraud feedbacks for this multinational broker. The payment and withdrawal gateways are cards, Neteller, wire transfers, and many more.
Is WISEBANC scam or legit??
The only good thing about WISEBANC is its steep levels of leverages. Unfortunately, this advantage has its drawbacks as with high profit is also associated with a huge loss. The spreads available increases the cost of trading. We could not find anything special about WISEBANC but found several resemblances with scam brokers like false advertising, unregulated, providing unusual trading conditions are few to mention. Avoid it can save the reader’s money and time.
Hello, Just wanted to share some of my legitimate concerns around decentralised finance with the broader community. To be quite clear - I am a huge fan of Ethereum and DeFi and believe this could lead to the future of finance. However, I do worry if there is a circle jerk within the community that could lead to a lack of adoption in the coming months. I will try and keep this as short as possible. By all means, do understand I am coming from the pov of sharing constructive criticism and not dissing on the efforts of those building. If you are solving for these problems in particular, please ping me and I'd love to talk further with you
On-ramps The largest problem for much of the developing world is the fact that while DAI can without doubt give dollar exposure, acquiring them is quite a difficult task. In fact if DAI demand goes up substantially in a region, it could have premiums of upto 25% which makes it a bad on-ramp tool without necessary liquidity in place. (check Wazir X p2p USDT rates in India for context). This problem is not endemic to DAI alone but is applicable to stable tokens of all kinds. With regional regulations in nations like Thailand, Vietnam, Indonesia, Phillipines, Malaysia and India not being clear on stable tokens in particular, it becomes an uphill task for developers to build on it. More importantly, it becomes less appealing for the average individual to use. Now typically this wouldnt matter if the point of DeFi was to be a niche project aimed at a small community. However, DeFi has the power to be the first mass market blockchain tool for the world. Consider it to be the "e-mail" or "napster" moment for blockchain based applications. IF we are to scale then on-ramps and off-ramps need to be solved for. This can happen only and if the community begins engaging with regional regulators and exchanges begin providing solutions. In an ideal world, acquiring stable tokens should be as easy as venmo'ing someone $10 dollar and receiving say $9.90 (1% fee) in Incento (incento.io seems interesting, not shilling but do check them out!)
Incumbent Efficiency In order for a system to scale past a certain point, the value add it brings needs to be considerably higher than the incumbent. Depending on the size of the remittance market, there exists multiple payments and wire transfer corridors set up by startups today to solve for quick transfers. In fact during times when a blockchain like those of Ethereum's or Bitcoin's are clogged - transferwise can prove to be a cheaper, better alternative than tokens. This is not to diss on the fact that decentralisation and immutability has a price attached to them, but for the average user today alternatives are far better than token based products. The challenge when it comes to scaling - especially towards L2 is whether products can be incrementally better than their incumbents in exchange for some trade offs (eg: relative centralisation in lightning for minimal fees and quicker confirmation). Today's DeFi apps have to make a call between being ideological and efficient because it seems there is a price attached to ideology and retail users aren't willing to pay that price.
Slippage Much props to Kyber and Uniswap for solving for this on most DeFi apps but there remains challenges in how settlements for defi instruments today happen. As the scale of volume on products like DyDx and Nuo increase and the expected accuracy at which trade settlements are anticipated to be limited to, there will come a point in time where traditional market-makers will have to enter the system. At $500 million the DeFi space's largest traders constantly reel from price slippages and a lack of liquidity. How can we scale to $10 billion or $1 trillion without the kind of liquidity that could instill confidence in large whales. In order to solve this, there will come a point in time where hedge funds and dark pool service providers from traditional markets begin targetting DeFi instruments. The community will likely see this as an all out assault on the principles DeFi has been built upon but to be honest, this will be a quintessential requirement for the space to grow. We are seeing an early variant of this already with the likes of Cred raising $50 million to re-issue as debt (yes, not entirely DeFi) or with MakerDAO having VC partners that come from traditional backgrounds. Even in the case of products like Dharma and compound, the market-makers are hedge funds. We will see a convergence of traditional market products and DeFi soon. That will be an exciting phase imo.
Product-Market Fit Debt is one of the oldest financial innovations in the markets. Quite literally. Some of the first ever tablets recorded debt obligations and as such have been quintessential to the growth of human civilisation. MakerDAO's proposition of issuing token backed debt is by all means revolutionary but in order to see true scale, DeFi has to grow beyond the individuals that can give assets as collateral. I reckon there will be a new layer of growth for DeFi soon that will be powered with open-data and AI. One where an individual's credit worthiness could be checked with the individual's permission on basis of on-chain tx activity and self sovereign identity. I also see a market for AI based lending rate predictions and forex management by central banks. Autonomous agents can realistically analyse tx's in and out of a country, account for macro-economic indicators and optimise internal lending rates and foreign currency reserves. Ofcourse it is too early for any of this to take place but within the next decade our markets will be far more (i) closer due to globalisation and (ii) automated due to improvements in AI. DeFi is all well and good but if we are going to beat the same old drums of economic instruments that were created thousands of years back, there may be no real value proposition here. LsDAI, rDAI, CDAI, DAI... are all interesting but the average user sees no value yet. Which makes me wonder if we are sitting around patting each other's back before we see something productive (a unicorn from the DeFi ecosystem perhaps?)
Scale 4.5 billion. That's the number of unbanked individuals that can be catered to with an L2 payments solution powered by Ethereum. Challenges? On-ramp, storage of private keys, user education and bloody hell - marketing and user education. Emphasis on the last 2 because I feel not much focus is given on it. We can no longer build and hope the markets come. We are in an era of Zombie startups where startups with north of $100 million+ valuations in Mcap, that raised north of $10million in 2017 from ICOs are sitting on ~1000 users a month. People think the alts blood seepage is done but it is likely that that bleeding wont stop until we find users. And when we do find users, we cant expect them to be using a gazillion tokens, each with weird token economics and even more complex functioning to be using them. Standardising of token interactions through wallets and interoperability will solve for these challenges but its time we asked what are the biggest problems DeFi can solve today? Here are some hints.. NFT based Income share agreements -Non collateralised debt for gig economy corporations that are registered as DAOs -DAO treasury management -Forex off-ramps for tourists (P2P) More on these later..
IQ stock broker is a Forex & bitcoin Company in USA Founded in 2012 by a team of highly motivated professionals who are very passionate about trading on the world’s financial market, and are keen on empowering
Bitcoin, Cryptocurrency, forex, make money, online trade, stock exchange IQ Stock Broker IQ stock broker is a Forex & bitcoin Company in USA Founded in 2012 by a team of highly motivated professionals who are very passionate about trading on the world’s financial market, and are keen on empowering others on the same bailiwick. Binary options, or digital options, have continued to gain popularity in the past decade, many ambitious traders see binary options as their preferred choice of investment vehicle in this time of market instability. “IQ Stock Broker” stands out as a leader among the brokers out there with a team that is made up of professionals with experience in Binary trading, risk management, derivatives and international laws and legislation. Their combined knowledge and experience trumps that held by most operators in the market. Learn about bitcoin price in USD here and convert bitcoin to dollar, bitcoin to pounds, bitcoin to euro, bitcoin to yen, bitcoin to naira. Create your own bitcoin wallet. Daily bitcoin news. everything you need about bitcoin mining, bitcoin trade, analysis, bitcoin account, bitcoin atm, bitcoin address, bitcoin stock, bitcoin cash, bitcoin halving, bitcoin stock, bitcoin atm, bitcoin wallet, bitcoin mining, bitcoin news, bitcoin address, bitcoin app, bitcoin atm nyc , bitcoin account, bitcoin atm machine ,bitcoin analysis ,bitcoin all time high , bitcoin address lookup , a bitcoin atm ,a bitcoin worth ,a bitcoin atm near me , bitcoin machine ,a bitcoin wallet ,a bitcoin machine near me ,a bitcoin to naira , a bitcoin to dollar , a bitcoin miner ,a bitcoin address , bitcoin billionaires , bitcoin block explorer , bitcoin buy , bitcoin blockchain , bitcoin bsv , bitcoin bank , bitcoin bubble , bitcoin buy or sell ,bitcoin bloomberg , bitcoin blast ,b bitcoin symbol ,bitcoin code ,b bitcoin price ,bitcoin b text , bitcoin b font , bitcoin b wave ,bitcoin b logo ,bitcoin b unicode , bitcoin b letter ,bitcointool.b ,bitcoin cash news , bitcoin crash ,bitcoin current price , bitcoin core , bitcoin cash halving , bitcoin cost , c bitcoin miner , c bitcoin library ,bitcoin c'mon do something , bitcoin c code ,bitcointicker. c bitcoin c github , bitcoin c implementation , bitcointalk c-note , c-cex itcointalk , bitcoin definition ,bitcoin dominance , bitcoin drop , bitcoin diamond ,bitcoin difficulty , bitcoin debit card ,bitcoin dollar ,bitcoin depot , bitcoin documentary ,bitcoin down , bitcoin d.a.v.e, bitcoins d. lynnwood , bitcoin d day , bitcoin d , d konnect bitcoin , d-wave bitcoin mining , the d bitcoin atm, schedule d bitcoin , bitcoin macd , d lynnwood bitcoins , bitcoin explorer, bitcoin exchange rate ,bitcoin explained ,bitcoin ethereum , bitcoin emoji , bitcoin escape from tarkov ,bitcoin energy consumption, bitcoin evolution ,e bitcoin wallet ,e bitcoin cash , e bitcoin kurs , e bitcoin euro, bitcoin e.g. crossword clue ,bitcoin e wallet login , bitcoin e wallet app , bitcoin e commerce ,bitcoin e wallet malaysia ,bitcoin e blockchain , bitcoin futures ,bitcoin farm tarkov, bitcoin around pretoria ,bitcoin around the world documentary ,bitcoin around the , bitcoin atm around me ,bitcoin machine around me , bitcoin legality around the world , bitcoin atm around the world , bitcoin price around the world , bitcoin as an investment , stock exchange about , stock market about to crash , stock market about ,stock market about to crash 2019 , stock market about to crash 2018, stock exchange on wall street , house flip on android , flip house before after , house flip before and after photos , house after flip ,flip house with chip and jo ,flip at house, stock market about in hindi , stock exchange on wikipedia , stock market about to drop, stock market about to collapse, stock exchange across the world ,stock market across the world, stock exchange after hours ,stock exchange after election , stock exchange after brexit , stock exchange after budget, bitcoin as a currency ,bitcoin as property ,bitcoin as money , bitcoin as a unit of account, bitcoin as a store of value, bitcoin as a safe haven ,bitcoin as a gift, bitcoin as a medium of exchange ,bitcoin as digital gold , bitcoin at its highest , bitcoin atm near me, bitcoin atm uk , stock exchange australia , stock exchange australian , stock market Australia, stock market australian , stock exchange d , stock market d, stock exchange cote d'ivoire, IQ stock broker is among the stock exchange kuwait listed companies , stock exchange market kuwait, stock exchange معنى ,stock exchange pakistan ,stock exchange online, bitcoin شرح , bitcoin system ,bitcoin to kwd house after flip ,flip house with chip and jo ,flip at house, , bitcoin atm London, bitcoin atm machine, bitcoin atm glasgow , bitcoin atm manchester , bitcoin atm fees , bitcoin atm edinburgh , bitcoin atm liverpool ,bitcoin before halving ,bitcoin before and after , bitcoin before and now , bitcoin before 2009 , bitcoin before ,bitcoin before blockchain , bitcoin before recession , before bitcoin there was ,bitcoin price before halving ,bitcoin price before 5 years , bitcoin behind , bitcoin behind the scenes , bitcoin behind tor ,bitcoin behind proxy ,bitcoin behind technology , blockchain beyond bitcoin , bitcoin node behind nat ,bitcoin cash behind the scenes , bitcoin idea behind ,bitcoin year behind , bitcoin below 7000 ,bitcoin below 9000 , bitcoin below 8000 ,bitcoin below 4000 , bitcoin below 5000 bitcoin below 3000 , and bitcoin App. “IQ Stock Broker” stands out as a one of the leaders in the industry, and here’s why: Our trading platform is 100% web based and thus you won’t have to download any software. This makes it easy to trade from anywhere… at any time. You don’t need to have any previous trading experience to get going. It is as easy as 1-2-3. The interface is remarkably user friendly. We have worked hard to ensure processes are fast and intuitive. Using our platform, customers can trade on options such as currencies, indices, stocks and commodities round the clock. We provide the most flexible pricing and the most suitable options on the market among all the Forex & Bitcoin companies in USA. Our objective is to make the trading process as simple and profitable as possible for all level of trader. Our team consists experienced professionals with backgrounds in binary trading, derivatives, risk management, payment processing as well as international laws and legislation. Contact us for Bitcoin, Cryptocurrency, forex, make money, online trade, stock exchange. IQ stock broker is listed in American Stock Exchange. https://iqstockbroker.com Register with us here https://iqstockbroker.com/register then login here https://iqstockbroker.com/login
-Pakistan to be out of FATF's grey list by September, promises Central Bank Islamabad will strictly implement the requirements of the Financial Action Task Force (FATF) in order to get out of the money laundering grey list released by the Paris-based body, a senior official of Pakistan's Central Bank said on Wednesday. FATF had previously placed Pakistan on its watch list of countries that need to do more in relation to anti-money laundering and combating the financing of terrorism. "The FATF challenge has be to be addressed. Pakistan has mandated upon itself to enforce the FATF plan in letter and spirit. Whatever the requirements about the FATF plan are, they will be imposed and Pakistan will be out of grey list by September 2019. FATF is a risk but we are addressing it in the right letter and spirt," said Syed Irfan Ali, executive director for Banking Policy and Regulation Group at the State Bank of Pakistan. -NAB finds 'proof of massive money laundering' against Sharif family The Sharif family’s troubles seem set to worsen as reports suggest the National Accountability Bureau (NAB) has found evidence of massive money laundering through which Shehbaz Sharif and his family members accumulated assets in the United Kingdom. According to sources privy to NAB’s investigation, the illegally accumulated assets are worth Rs85 billion to Rs100 billion and were bought during Shehbaz’s tenure as Punjab chief minister. They said the evidence found was irrefutable and showed striking similarities with the money laundering and fake accounts case against former president Asif Ali Zardari and other Pakistan Peoples Party leaders. -US debunks Indian claims of shooting down PAF F-16 Indian claims of shooting down a Pakistan Air Force (PAF) F-16 on February 27 were debunked by US officials as all aircraft are accounted for. Pakistan invited US officials to physically count the F-16 planes after the incident. Some of the aircraft were not immediately available for inspection due to the conflict, so it took US personnel several weeks to account for all of the jets, one of the officials said. The report stated that two US defence officials with direct knowledge of the matter said US personnel had done a count of Pakistan’s F-16s and found none missing. -Finance minister rules out further rupee devaluation Finance Minister Asad Umar on Friday ruled out the need for further devaluation of the Pakistani rupee as the currency stands at equilibrium. “The International Monetary Fund (IMF) has made no demand for rupee devaluation,” Umar clarified categorically while addressing at Pakistan Stock Exchange (PSX) through online video conference. “Today, the State Bank of Pakistan (SBP) has clarified the rupee is standing at equilibrium,” he said. Dismissing reports of further devaluation, he added: “Stop circulating rumors that Asam Umar has said rupee would depreciate to 160 or 180.” -o For the Centre for Social Justice (CSJ) in Lahore, Christian children have the right to study the Bible, Hindu children have the right to study the Bhagavat Gita and Buddhist children have the right to study the Vedas. Together with the People’s Commission for Minorities Rights (PCMR), the CSJ held a conference on 29 March in which they adopted a resolution entitled ‘Right to education without discrimination’ demanding the right of minorities to teach their own religion in schools, as guaranteed by Article 22 of the Pakistani Constitution. Currently, only Islam is taught in schools. -China’s BeiDou Navigation System Will be Able to Replace GPS in Pakistan Soon Pakistani military reliance on the US-owned Global Positioning System (GPS) will be reduced after the use of China’s Beidou satellite navigation system which is projected to achieve global coverage by 2020. This was the crux of background discussions between former military officials and telecom experts. Beidou is the world’s fourth space-based navigation system, following GPS by the United States, GLONASS by Russia and Galileo by the European Union. According to experts, the satellite-based system plays a vital role in the modern world, especially during wartime. -PM Imran Khan announces unprecedented 10 years development package for tribal districts Prime Minister Imran Khan has announced a ten-year special development package for tribal districts. Addressing a big public meeting at Jamrud, Khyber district this evening, he said one hundred billion rupees will be spent on the development of tribal areas each year. He said health, education and sports facilities in tribal areas will be enhanced. -SBP’s Forex Reserves Cross the $10 Billion Mark The foreign exchange reserves of State Bank of Pakistan (SBP) have crossed the $10 billion mark by March-end. During the week that ended on 29 March 2019, SBP received inflows of RMB 15 billion (equivalent to US$2.2 billion) as proceeds of the loan obtained by the government of Pakistan from China. After taking into account outflows relating to external debt and other official payments, SBP reserves increased by $1.931 billion during the week. -Benami Properties: FBR takes an unprecedented step Federal Board of Revenue has established three Benami Zones at Karachi, Lahore and Islamabad for enforcement of Benami Transaction (Prohibition) Act, 2017. In a press release issued today (Thursday), it was said after examination of available information FBR Benami Zones Karachi and Lahore have issued show cause notices in six cases of Companies holding shares and immovable properties as Benamidar. -Ministry of Finance proposed to amend Foreign Exchange Regulations Act in Pakistan Ministry of Finance has proposed to amend the Foreign Exchange Regulations Act 1947 to prevent illegal foreign exchange transactions. Under the proposal, the previous act will be updated with an amendment act to empower the State Bank of Pakistan to regulate foreign exchange regime in the country more effectively. It said proposed amendment has been approved by the Federal Cabinet and transmitted to Parliament for enactment. The measure is a part of government's efforts to enhance the transparency of financial transactions. -KP government launches 'Pink Bus Service' exclusively for women Khyber Pakhtunkhwa government launched on Thursday ‘Pink Bus Service’ exclusively for women in Mardan. A spokesman of the project told our Peshawar correspondent that a total of seven Pink Buses will ply in Mardan. There are fifteen bus stops each facilitated with the solar panels. -Pakistan makes a new offer to Iran, FTA in works Pakistan has invited Iran for talks on a free trade agreement (FTA). Pakistan has proposed that talks could be held on April 23-24 in Pakistan. The report added that lack of direct banking channel between the two countries is the main hurdle in finalizing the free trade agreement. -Govt Mulling to Withdraw 10% FED on 1,700cc Vehicles: Abdul Razaq The government is considering to withdraw its decision of imposing 10% federal excise duty (FED) on cars with engine capacities exceeding 1,700cc. The Senate’s Standing Committee on Industries and Production, on Wednesday, was informed that the 10 percent FED imposed on locally manufactured cars and SUVs, having engine capacity exceeding 1,700cc, would be withdrawn soon. -Govt to Crackdown Against High Medicine Prices & Launch An Online Price Portal The federal government has ordered a crackdown against pharmaceutical companies that are illegally increasing medicine prices. Minister for National Health Services (NHS), Aamer Mehmood Kiani, ordered an operation against such firms on Wednesday. “Though the Drug Regulatory Authority of Pakistan (DRAP) deals with the matter, as a government representative, I consider myself responsible for providing relief to the masses and answerable to them. I am personally looking into the matter and would not tolerate an illegal and unauthorized increase in the prices of medicines,” the minister said. -Pakistan’s First Environment Friendly Food Festival to Start on 5th April To discourage single-use plastics and promote sustainable food consumption, WWF-Pakistan is organizing the country’s first environmental-friendly food festival in Karachi. The festival, ReFest, aims to reduce food waste and raise awareness about eating food in a responsible way as well as adopting sustainable practices in our daily lives such as reduced use of single-use plastics. The theme of the festival is to spread awareness about the cause and enjoy the festivals responsibly, as per WWF, festivals were one of the reasons of over-littering due to massive use of single-use plastic in food festivals. The idea is to promote a sense of responsibility among citizens about how we can enjoy and be responsible at the same time. -Gilgit is Getting a Dedicated Tourism Police Division Gilgit-Baltistan Inspector General of Police (IGP) Sanaullah Abbasi said that a special tourism force will be formed in the region to ensure the safety of national and foreign tourists. He also told that the GB government will deploy 700 personnel for the protection of the China-Pakistan Economic Corridor route. The special tourism force called, “Tourism Police Division” will be set up on the model of Malaysia and Thailand. -PM takes part in Hyderabad University’s Groundbreaking Ceremony. The project is projected to complete within 3 years, with over Rs. 2 billion as the estimated cost. The land for building the university has been marked in Kohsar. A bill will be passed from the National Assembly for the construction of the university. The name of the university has been decided as “Federal Urdu University Hyderabad”. -Facebook Launches Its Innovation Lab Platform in Pakistan Facebook and Pakistan’s Ministry of Information Technology along with the National Technology Fund (IGNITE) launched the first Facebook Innovation Lab located in the National Incubation Centre (NIC) at the Lahore University of Management Sciences (LUMS). The launch event, held on Wednesday, April 3, 2019, was attended by several thought leaders from across the world who came together and debated on issues such as women and technology; the impact that VR has on social good and impactful ways to harness technology for social good. -UN Adopts Pakistan Sponsored Resolution Against Islamophobia The United Nations General Assembly (UNGA) unanimously adopted a resolution on Tuesday strongly condemning acts of violence and terrorism against religious minorities.mThe resolution, titled ‘Combating terrorism and other acts of violence based on religion or belief’ was moved by Turkey and co-sponsored by Pakistan. Through this, the UNGA condemned the atrocious terrorist attack targeting Muslims during Friday prayers in two mosques at Christchurch, New Zealand this month, while offering deepest condolences to the victim families.The UN assembly called for the protection and promotion of freedom of religion and belief while developing a domestic environment of religious tolerance, respect, and peace. -Government announces changes for new budget With the new budget coming up, the Pakistan Tehreek-e-Insaf (PTI) government announced on Tuesday its first tax amnesty scheme on hidden domestic and offshore assets – in an attempt to boost the sinking tax revenue. Besides, the government announced that it would stop the unchecked outflow of dollars through foreign currency accounts, declaring its intention to amend laws to link the outflows for investment with the approval of the authorities. “An asset declaration scheme will be announced before the budget,” Finance Minister Asad Umar told journalists. -First ever Pakistani international tourism corner opens in Europe Pakistan has opened its first International Information Tourist Corner in Belgium to offer Europeans Pakistan’s unique culture, stunning scenic view of its northern areas and the traditional lifestyle of mountain people. Launched jointly in collaboration with the Embassy of Pakistan in Brussels and Tribes, a Dutch Company established in Brussels, the tourist corner is the first-ever initiative by the Pakistani mission in Belgium to promote tourism in Pakistan -Asad Umar hints at withdrawing tax exemptions for elite Finance Minister Asad Umar on Tuesday hinted at withdrawing tax exemptions being availed by the elite and also announced a drastic reduction in the number of withholding taxes from the next budget including the tax on banking transactions being paid by non-filers of tax returns. The minister expressed these views at the launching ceremony of a book, ‘Growth and Inequality in Pakistan – Agenda for Reforms’. The book has been written by Dr Hafiz A Pasha whom Umar described as Pakistan’s number one economist. Friedrich Ebert Stiftung – a German institute – has financed the book under the theme of ‘Economy of Tomorrow’. The book discusses almost every important aspect of Pakistan’s economy and carries a detailed chapter on elite capture of the state. -PM Imran Khan to perform ground breaking of two Naya Pakistan Housing Programme sites Prime Minister Imran Khan is expected to perform the ground-breaking ceremony of two housing projects in Islamabad and Quetta later this month. Both projects are part of PM Khan’s ambition of Naya Pakistan Housing Program (NPHP) under which he promised to deliver 500,000 low-cost residential units to the underprivileged faction of the society. -PM Khan announces economic corridor between KP Khyber and Afghanistan PM Imran Khan has announced formation of economic corridor between KP Khyber and Afghanistan for improving trade and economic activities in the region. PM Khan announced that he has issued directives for the Torkham border with Afghanistan to be kept open 24/7 in order to facilitate business and trade for locals. -First woman principal appointed at K-P police training centre A police training centre in Khyber Pakhtunkhwa’s (K-P) Mansehra has appointed a woman principal – a first for the province. Sonia Shamroz, an MBA in human resource management and an 18-grade officer, termed her appointment to the billet as a matter of great pride for her family and herself. -Pakistan expected to get significant export orders at Istanbul fair Pakistan Consul General in Istanbul Bilal Khan Pasha has said that the auto industry of Pakistan, especially the manufacturers of auto and tractor parts, tyres and tubes, has the potential to make inroads into the Turkish market. “Turkish automakers and Pakistani engineering companies are negotiating to form joint ventures; in the next phase small and medium enterprises of the two countries will enter into partnerships,” Pasha said while talking to The Express Tribune on the sidelines of the Automechanica exhibition, which kicked off in Istanbul on Thursday. “This year, Pakistani companies manufacturing auto and tractor parts as well as tyre tubes are expected to get significant export orders at Automechanica, which will help increase non-traditional goods export from Pakistan to Turkey,” the consul general said. -PM Imran urges lawmakers to share meal with homeless at govt shelters Prime Minister Imran Khan on Saturday urged lawmakers to visit the homeless at government shelters and “share a meal with the people using them”. The premier asserted that this practice will sensitise public representatives to issues faced by the bottom tier Pakistani society. “In the coming months I will personally monitor effectiveness of our poverty alleviation jihad,” the prime minister went on to add in a tweet.
https://preview.redd.it/i8fzp3rrp0h21.jpg?width=300&format=pjpg&auto=webp&s=7f9c28704785379fa35bedc7f4157cb8614d9978 Wibson is a blockchain-based, decentralized data marketplace that provides the infrastructure for individuals to securely and anonymously sell private information that is validated for accuracy. Wibson is built up on a set of core principles: transparency, anonymity, fairness, censorship resistant, and the individual’s ultimate control over the use of their personal information. The Wibson data marketplace provides infrastructure and financial incentives for individuals to securely sell private information that is validated for accuracy, all without sacrificing personal privacy.The Wibson platform and utility token are giving consumers, for the first time, an easy way to get something back in return for the mountains of personal data they are continually creating.As a reminder to our users, your data remains on your device until you decide to share it, and only then is your data encrypted and sent directly to the Data Buyer. Wibson never receives consumers’ data nor stores it on our servers. The Wibson marketplace orchestrates the transactions based on the terms of the Data Buyers offer. Once a data transaction is confirmed through the blockchain-managed smart contract, you receive your payment in Wibson tokens directly to your Wibson token wallet. Exchange: the Wibson token (WIB) is now listed for trading on the BitForex exchange. Bitforex is a resource trading platform headquartered in Singapore with offices in Germany, Estonia, Hong Kong, Malaysia, and the Philippines, as well as other countries, and is dedicated to providing users with safe, professional and convenient digital currency trading services. Bitforex provides two-factor authentication (2FA) and IP detection on login to make sure that only the intended users can access the account balances. This is second listing for the Wibson token since the Coinsuper debut last week and provides users with an additional pathway into the Wibson consumer data marketplace. https://wibson.org/ https://t.me/wibsoncommunity Bounty0x username: Itsify
Parang pilit lang na kinoconnect to drugs. In 2009, a UNICEF study cited these effects include not being able to adjust socially, gender role confusion, vulnerability to abuse, being more materialistic.
Andanar (or Duterte for that matter) does not cite studies or sources for their claim.
Andanar claims that the govt spoke w/ 150 OFWs in Dubai who were maltreated by their employers. Dubai OFWs earn up to 1500 dirhams only.
At current forex, that's up to P21,113.12
Andanar: Most of you here in the UK are from middle class families. He said OFWs in London are lucky and have better wages.
Andanar enumerated the latest SWS&PulseAsia surveys and said that Duterte is supported by a great majority of the Filipinos.
The SWS Survey showed a drastic drop in both approval and trust ratings for the president.
Andanar calls @TrillanesSonny & @SenLeiladeLima as “maiingay”. He asked: Bakit hindi nakukulong si Trillanes? Crowd erupts in laughter. Andanar claims that Trillanes is not in jail because Duterte respects his freedom of speech.
Andanar to EU: Bahala na sila sa buhay nila. Mag-iyot na lang sila. Crowd laughs and chants “Duterte! Duterte!”.
Pag kabastusan, si Duterte agad ang tinatawag. Bakit kaya?
Andanar: Napakagaling ng ating pangulo. Siya lang ang pangulo sa SEA ang naka-talo sa ISIS in 140+ days. Andanar claims that Duterte managed to defeat “ISIS & Maute” even though the terrorists were supported by ISIS in the middle east.
Thank you brave men and women of the AFP. Duterte didn't fire a single shot towards the Maute. And is in fact on record telling the Maute to burn Marawi
Andanar: Yung mga maiingay na pala-iyot, ang problema sa kanila hanggang ingay lang. Wala naman silang napatunayan.
Andanar: Yung mga Prime Ministers and Presidents of other countries are all supportive of President Duterte.
Teka, diba galit kayo sa EU kasi nakikialam?
READ: Other countries = China.
Andanar: Yung mga nasa baba lang ang maiingay dahil nga kulang sila sa iyot.
Andanar enumerates all SEA countries and said that all those countries have no complains about President Duterte.
Martin Andanar thanks Malcolm Conlan, an ambulance crew in the UK, for his support of President Duterte.
Libre yan, hindi katulad ke sass. Pero akala ko ba ayaw niyo ng may foreigner na nakikialam?
Andanar on @TrillanesSonny: Panahon pa ni Gloria, inaway niya. Inaway nyasi Angie Reyes. Walang nirerespeto si Trillanes.Aabutin din ng karma si @TrillanesSonny. Kakarmahin din yan. Yung kanyang bunganga, hindi talaga mapigilan.
Wag pahalata Andanar.
Andanar said the government is doing its best to reform the country for the betterment of all.
Hafizzat Rusli ||Benefits of Trading on a small account for beginners
Get best trading courses by professional team of Hafizzat Rusli. He is also a famous trader and businessman from Malaysia. He has enough skills to trained people as professional in Trade field. Contact with Hafizzat Rusli via his official web page. Today in this blog Hafizzat offers some important benefits of trading for beginners. Hafizzat Rusli In the field of Forex trading, small is big. With over $5 trillion on the line, traders everywhere look to get a piece of the pie. The hunger for profits leads many to employ sophisticated means and drive towards big profits. One thing to note here is that big profits come with bigger risks. However, when you aim small and try to profit from the more minimal movements, you end up making decent wins and also secure yourself from harrowing market risks. So here comes the dialog of choosing the trading account! Is it to be a little trading record or a higher? All things considered, both of it has their own preferences and disservices. In any case, we will examine here about how picking the littler Forex trading record causes the novices to accomplish benefits in brief time! How about we learn them in the accompanying lines in detail. Here are 4 reasons why trading on smaller accounts is a smart move: 1) Manage Your Investments in good way : The typical trading mentality is that when one has hefty capital, he/she tends to exhaust it on trades completely. But if you follow a tactical minimal approach, not only will each investment be rewarding, you will still have a chunk of capital left at the end of the day. To succeed at Forex trading, you will have to ensure that the majority of your trades are profitable and losses are comfortably affordable, and trading small helps achieve this. 2) Minimize Losses: It is no alien concept that big risks tend to result in big profits. When you play around with large capital on risky trades, you are risking it completely. Keep in mind that large profits aren't worth much if you lose them on the next big risk you take. With minimalistic Forex trading strategies, however, you can minimize losses greatly. Smaller movements in Forex seldom bring in unmanageable losses! 3) Keep Your Income Steady: As a consequence of small losses, you get to make steady profits. Though minimal, the money you make will compound into an amply decent amount at the end of the day! 4) See Higher Rates of Profits: What a few traders neglect to acknowledge is that little exchange developments have a higher shot of happening. Take scalping for instance; it's one of the best present moment Forex trading procedures since exchanges on such little positions will undoubtedly observe development! So when you make exchanges that have a specific surety to them, you will almost certainly keep the benefits continually streaming. Hope you got the top 4 reasons why selecting the smaller trading account benefits you more than the higher! Make the most of it. For more related tips and updates keep following Hafizzat Rusli. Of you want to become a professional Trader then join Hafizzat Rusli Professional Trading Courses For more information visit : http://hafizzatrusli.com
Forex trading is the simultaneous buying of one currency and selling of another… Read more
Before trading currencies, an investor has to understand the basic terminology of the forex market… Read more
Fundamental analysis is the study of the overall economic, financial, political… Read more
Technical analysis is the study of prices over time, with charts being the primary tool… Read more
The term ‘trend’ describes the current direction of the financial instrument… Read more
What is a Technical Indicator
Technical Indicators are a result of mathematical calculations/algorithms… Read more
As an investment, gold is the most popular of the precious metals… Read more
A market order is an order to open a buy or sell position at… Read more We complete our education centre with a breakdown of Gold Trading and details of the different Order Types. You can also review our glossary to find brief definitions of various trading and financial terms you may encounter. Once you have familiarised yourself with the information and concepts, you can open a Demo Trading Account to practice what you have learnt and build on your knowledge and understanding of how to trade successfully. Treat your demo account as you would your real account. Aprender a operar con Forex | Lernen Sie Forex zu handeln
What is Forex? Think the stock market is huge? Think again. Learn about the LARGEST financial market in the world and how to trade in it.
What Is Forex?Learn about this massively huge financial market where fiat currencies are traded.
What Is Traded In Forex?Currencies are the name of the game. Yes, you can buy and sell currencies against each other as a short-term trade, long-term investment, or something in-between.
Buying And Selling Currency PairsThe first thing that you need to know about forex trading is that currencies are traded in pairs; you can’t buy or sell a currency without another.
Know Your Forex History!If it wasn’t for the Bretton Woods System (and the great Al Gore), there would be no retail forex trading! Time to brush up on your history!
When Can You Trade Forex? Now that you know who participates in the forex market, it’s time to learn when you can trade!
Forex Trading SessionsJust because the forex market is open 24 hours a day doesn’t mean it’s always active! See how the forex market is broken up into four major trading sessions and which ones provides the most opportunities.
When Can You Trade Forex: Tokyo SessionGodzilla, Nintendo, and sushi! What’s not to like about Tokyo?!? The Tokyo session is sometimes referred to as the Asian session, which is also the session where we start fresh every day!
When Can You Trade Forex: London SessionNot only is London the home of Big Ben, David Beckham, and the Queen, but it’s also considered the forex capital of the world–raking in about 30% of all forex transactions every day!
When Can You Trade Forex: New York SessionNew York baby! The concrete jungle where forex dreams are made of! Just like Asia and Europe, the U.S. is considered one of the top financial centers in the world, so it definitely sees its fair share of action–and then some!
Types of Forex Orders“Would you like pips with that?” Okay, not that type of order, but buying and selling currencies can be just as simple with a little practice.
Demo Trade Your Way to SuccessCurrency market behavior is constantly evolving. Trade on demo first to get a lot of the rookie mistakes out of the way before risking live capital. There are no take-backs in the real market.
Forex Trading is NOT a Get-Rich-Quick SchemeWhile possible if you’re a trading genius with ice in your veins and you’re luckier than a lottery winner, building wealth through trading takes time and practice to build the skills and experience needed to be successful.
70Trades: The Reason It’s good Broker You Can Invest With
https://preview.redd.it/uzcflkw6jbg21.jpg?width=548&format=pjpg&auto=webp&s=5cb31e0a472fe0a2a4d2e7bbdc0e7111fc7d982d With the increasing number of scam brokers in the Forex industry today, it has become even more difficult to believe there could be any reliable broker to trust in the journey of trading online. It has not only made many lose their trust in the whole online trading thing but has also discouraged many away from it. Does it mean there aren’t reliable brokers out there one can trust when the decision to invest online comes? How can you be sure a company is trustworthy before you choose them? When you have more control over your investments, how can you be sure you are making the right investment choices? If you don’t have a clear-cut answer to these questions, then having a broker like 70Trades will be a perfect decision you could ever make. Either you are an active trader looking to try your hand at beating the market, or just starting out in the online trading journey, you probably have a good idea of what you want in a brokerage; low costs, innovative strategy, premium research and a comprehensive trading platform. What if I tell you that you can find all of this in just a broker? Yes. Now, you know why many people want to invest with 70trades. So, let’s get into business. Let me tell you some things about 70trades to help you decide if you are going to be choosing 70trades or not. What Exactly is 70Trades? If you are going to be choosing your broker, you surely should know who they are. 70Trades is a website that acts as a forex broker. They have dedicated themselves to helping traders have the best experience trading online. Even without any knowledge, you can trade like a pro with 70Trades by your side (many of 70Trades reviews agree with this). This is a very reliable broker every Forex trader will like to partner with – both beginners and the experienced ones. One great thing that has also made them a go-to broker for beginners is their commitment to ensuring beginner investors have a good understanding of how online trading works to help them make the best decisions for themselves when the time comes. Wonder Why They Are Called 70Trades? These brokers are fully committed to making sure their clients succeed when trading with them, and this commitment has led them to discover that it takes around 70Trades to gain a better understanding of how trading works and become a more experienced trader. That way, it becomes easy for them to help their traders keep their money rather than lose it due to lack of knowledge in trading. Most traditional robo-advisors do ask their clients some questions in order to help them build their portfolios. 70Trades takes this a step further by helping their traders refine their portfolios so that making the most from their investment could become a realizable dream. Every Beginner Investor Wants to Trade with Them Irrespective of your trading experience or level, 70Trades provides quality and educative online courses, training sessions, and one-on-one coaching for their users. It is one of the ways 70Trades get to educate their traders. There is more! They also provide different webinars with other investors throughout the whole world in the bid to provide help and support to their traders. https://preview.redd.it/an8xzpiejbg21.jpg?width=800&format=pjpg&auto=webp&s=4cf3e325865e0e9bb5a872c9365236e568654ac6 70Trades Made Trading Much Easier Either you have little or no experience about how online works, you can always count on 70trades. Not only is reaching 70Trades very easy and free, but they also offer 24/7 multilingual customer service to their users. Withdrawing on the platform is super easy and traders have complete control and access to their accounts. To keep things simple and easy to use, they also offer one-click trading to cater for your trading needs right away. How Protected Are You with 70Trades? Of course, trading comes with many risks which is why protection cannot be taken for granted. In order to ease fears and keep traders from losing their hard-earned money, 70Trades offers some protections for their traders. A very good example of such ways they ensure the safety of your money is through their partnership with several banks. They have verified RBI authorized banks as their partners. What this means is that deposit will be very easy and simple, and your capital will be separated from the company’s capital. Your money will be secure and there won’t be any need for paying large commission rates or deal with unnecessary intermediaries, of which many of them are fake and fraud. 70Trades Offers A Demo Account to Further Help Beginners Learn the Rope 70Trades also offers a demo account for people who just started training and are still learning and want to see how everything works. This type of account will allow you to practice your trading skills until you have fully mastered the rope – becoming an account manager. That way, you can build confidence and then move to the deep end of the pool once you are ready. https://preview.redd.it/1h3kgxbhjbg21.jpg?width=740&format=pjpg&auto=webp&s=775f1b2ca38c398b28dc30040490926274f8d88d What About Predicting Currency Behavior? This is another thing that might interest you about 70Trades which will also help you be more assured they aren’t scam. They allow you to predict currency behavior so you can make smart investments. What this means is that it will help you calculate the value of the currencies you are trading with, so you will be able to buy when the price goes down and sell when the price is high. That is a pretty smart way to make a quick return on your money. You Can Be Sure of Getting Your Needs Met Unlike some traditional brokers that give up on traders immediately they go from being new and inexperienced to advanced or professional, 70Trades provides professional training courses and investor guides. That way, they offer a hand of help to traders as they move up the ladder even to investments that come with higher risk. 70Trades is not come scam, fraud, or fake. They are a very reliable broker every young trader can trust. You can also give 70Trades a try Even though there may be tons of shady brokers in forex trading and online trading today, you can always trust 70trades to help you get what you deserve out of trading. The broker already got lots of amazing reviews from satisfied users, and many won’t want to continue trading without having 70trades by their sides. 70Trades aren’t scam but a reliable online broker you can trust. They are licensed and committed to ensuring your success. They offer many great informative courses to help you get started and afloat in the game. You can learn more about this broker in this video.
Wibson - Wibson Token Debuts on Coinsuper Exchange and BitForex Exchange
Wibson Token Debuts on Coinsuper Exchange We are very happy to announce that the Wibson token (WIB) has made its debut on Coinsuper, a leading Hong Kong-based digital currency exchange. The token is now live and available. Have a look at the Coinsuper page for Wibson here and sign-up for a Coinsuper account so you may acquire Wibson tokens. The Wibson token went live with the Wibson marketplace launch in early October last year and has already supported more than 85,000 data transactions from more than 7,000 participants. To date, more than one million WIBS have been used in transactions by Wibson users. With the addition of Coinsuper as a partner exchange for the Wibson token, our community will have an even greater number of options to participate in the marketplace. Coinsuper is a leading digital asset trading platform based in Hong Kong with extensive experience in financial advisory, compliance, wealth management, cryptocurrency and financial technology. Coinsuper deals extensively with fiat trading, meeting the highest standards of compliance and regulatory abidance. Coinsuper leverages their network to bring financial institutions, professional investors and alliance partners together to accelerate a path towards the crypto market and adopts methods such as SSL encryption technology, multi-signature cryptocurrency wallets, and offline capital management to ensure the security and stability of the platform. We look forward to a long and mutually supportive partnership with Coinsuper! ** Please note that Wibson utility tokens will only be available for sale in certain countries. In particular, WIB will not be sold to US residents at this time. Wibson Token Debuts on BitForex Exchange We are pleased to announce that the Wibson token (WIB) is now listed for trading on the BitForex exchange. Bitforex is a resource trading platform headquartered in Singapore with offices in Germany, Estonia, Hong Kong, Malaysia, and the Philippines, as well as other countries, and is dedicated to providing users with safe, professional and convenient digital currency trading services. Bitforex provides two-factor authentication (2FA) and IP detection on login to make sure that only the intended users can access the account balances. This is second listing for the Wibson token since the Coinsuper debut last week and provides users with an additional pathway into the Wibson consumer data marketplace. Ws : https://wibson.org/ Bounty0x Username : caylak135246
Segregated managed forex accounts allocated in insured banks. Fully NFA, CFTC, ASIC regulated brokerage firms. Funds held and operated within an industry known and highly reputed brokers. Investor gets 24/7 real time access to trading activities and detailed report. Funds are managed by proven and experienced fund managers with a disciplined trading approach. Money management techniques with ... These are forex accounts that are not traded by you, but by a money manager on your behalf. This is a similar situation to employing an investment advisor to trade equities and bonds on your behalf. It is suitable for use if you do not have sufficient knowledge or time to trade yourself. Many traders do not want to learn the often complex and intricate mechanisms of this large financial market ... FxMAC Forex Managed Account. If you want to invest in Forex market but you don’t have time to learn how to trade forex, forex managed accounts are what you are looking for. Forex managed accounts give you the possibility to invest in Forex through the management of a trader. Forex market is the most active market in the world because it moves very fast and is more liquid than others. Profitable Forex Managed Accounts in Forex Trading Industry- World Best Financial Strategy Since 1994 - Learn About Forex Are the Managed Forex Accounts in Malaysia Safe? All trading environment comes with risk. Forex markets can be risky, based on how you address them. If you don’t know the market, or how to take advantage of your investments, then you’ll strive to make anything out of your forex trades. The people who get the most out of it are those who discover how to react to financial developments and ... Welcome to our Managed forex account services page. Our goal is to manage your investment with totally stress-free. We are always ready to manage your Investments with calculated risk and Good returns, we will follow your account 24/5. Managed account is a trading account opened in your name with our recommended brokers and traded by our professional Forex account manager. The manager only has ... I will be investing $130,000 in your managed forex trading. I am from Malaysia. I speak to your Forex broker and they told me I can sign up to investment package Safe secure x3. I need to send my investment to my forex broker account and then select fund package. Leave a Reply Cancel reply. post a comment. categories. Forex Managed Accounts; Investment; how can we help you? Contact City Of ... FX Empire’s top picks for the best forex managed accounts. We evaluated online brokers for their regulations, trading platforms, customer service, account types, commissions and more. Managed Forex Accounts. Open a trading account with one of our partner brokers using our tracking link and make at least $10,000 deposit; Get Started Now. Copy Our Trades . Sign up on Zulutrade using this tracking link, fund your account with at least $100, follow this Zulutrade account and start copying our trades; Get Started Now. Frequently Asked Questions (FAQs) I'm interested in your ... Forex traders of the Islamic faith in Malaysia can open Islamic Forex Account or Swap-free trading accounts which comply with Sharia law. Islamic Forex trading account is a popular choice in Malaysia, as Islam is Malaysia’s official religion. Malaysia has a strong financial services sector that specializes in providing Islamic investment products and Islamic accounts. Also, Malaysia’s ...
HOW TO GROW $100 TO $2,000 IN 3 DAYS TRADING FOREX IN 2020 ...
Click Here To Start Trading With Hugosway 👇https://www.hugosway.com/?cmp=3l0g1x2i&refid=2380 SUBSCRIBE FOR MORE VIDEOS LIKE THIS. ️https://www.youtube.com/c... Website: http://www.scgforex.com Are you planning to grow your wealth for a better financial future? Try most profitable Forex Managed Funds! SCG offering Fo... Important Risk Disclaimer: There is no guarantee that any stop loss order will be executed at the stop price. Therefore, there can be no guarantee that placi... How To Start Forex Trading With $100 2 Ways To Manage Your Account FREE: The Complete Price Action Strategy Checklist: http://bit.ly/2wSHj8N In this Forex ... Forex trading trading – We Manage Your Forex trading Account and Binary Options Trading Acount 1. We Apply 98% Accuracy Trading Strategy – 2. We Apply Right ... Forex managed account is for those investors that have no time to manage their funds and are in search of a professional portfolio manager. At the fxtriangle... More analyses on https://www.keonconsultancy.com/forex-analysis