Springhill Group Home Loans and Deposits on No Doc Home Loans Pros and Cons

  http://springhillgrouphome.com/2013/05/no-doc-home-loans-pros-cons/

 It sometimes can be very stressful to purchase a new home. And what makes it more difficult is the process that comes along with it more especially if you lack the required documentation to get a traditional home loan. Those who can not provide tax returns or mortgage finance statements like self employed individuals, work on a freelance or contract basis are often at a loss when it comes to providing ample proof that they are in fact credit-worthy when it comes to their incomes.

Ask yourself; is a no doc home loan right for me? Before anything else, you must weigh in the pros and cons of the action.

Lenders identify with your financial state. If it is different does not indicate that you should be reprimand or deprived of the chance to buy or refinance a home loan. This results to no doc home loans; this was intended to help those who are regarded as non-traditional income earners. But this comes with certain costs.

As stated earlier, no doc loans do not require that you prove income contrasting to traditional natures of home loans like fixed rate and low rate basic loans.

Nevertheless, it is still demand that you can actuality pay back your home loan in a procedure that is referred to as self certification.

The Pros of a no doc loan: 

 Convenience - proviso that you agree to disburse the additional money allied with no doc loans in turn to speed up the home buying procedure then no doc home loans can facilitate your needs.

Less paperwork - Purchasing a home obliges much of forms and applications, a lot of which affects your income and debts. By no doc loans you can remove many of those forms.

Variety of loan options - Nearly all lenders recommend a range of no doc loan types to select from that consists of fixed rate and variable loans, which is significant to borrowers who will already be paying significantly more than those who have a traditional loan.

The Cons of a no doc loan:

They may require a much higher deposit - For the reason that borrowers who want a low doc loan are professed as a higher risk, you may be asked to forfeit a substantial sum of money down. This can be a huge amount of money to come up with, chiefly if your income changes.

The interest rate will be slightly higher than traditional loans - over again, given that no doc home loans are perceived as riskier; the existing interest rate will be more than that of traditional loans. This is an essential feature to keep in mind seeing as those who normally pick no doc loans have wobbly income.

May be subject to fees - a number of home loans lenders fix additional fees to their no doc loans; these charges can be for applications and other processing fees. Not considering the reckoning after the fees, this is yet another extra expenditure for no doc borrowers.

Springhill Group Home Loans:Know Why You’re Decline

Been wondering why you are still disapproved and your application is declined even though you have received pre-approval and found a property to purchase? There could be reasons why you are declined for formal approval.

 The most familiar reasons are: 

The pre-approval was worthless: If from the beginning, you had an on the spot approval or system generated approval then you loan was never really approved. In that case, therefore, your loan will be declined because it does not meet and in fact never did meet the lenders policy.
The LMI provider declines your home loan: Your bank possibly will approve the loan; however, ten the bank may need approval from their Lenders Mortgage Insurer as well if your loan amount is more than 90% of the property value. Generally a loan is pre- approved by the LMI provider who has unlike guidelines to the lender. The Insurer may reject your loan.

The security property is unacceptable: The property that you are purchasing is not appraised when you apply for a pre-approval. When you notify the bank of the type of security property you are buying, they may not approve the loan because of the peril implicated. You can find a list of the types of properties that are usually improper to lender on your property types page. Most people aren’t conscious that their bank may not accept inner city apartments, units under 50m2 or hobby farms, so they sometimes buy them without first examination with their bank.

The pre-approval has expired: Pre-approvals are usually valid for three to six months, depending on the lender. Your pre-approval will no longer be valid if it takes you longer than this to find a property.
Your situation has changed: The lender will re-assess your application if you change jobs, get a car loan / credit card or have some other aspect of your situation change, since your loan was pre-approved. If you no longer congregate their lending policy, your loan will be declined.

The lender’s policy has changed: Some lenders will honor pre-approvals that are lodged before their policy changes; others will only formally approve your loan if it meets their new lending policies. Most lenders tweak their lending policy on a monthly basis.

Interest rates have increased: If interest rates boost then the maximum amount you can borrow will cut. Initial home buyers often get a pre-approval for the maximum loan amount possible. This means that if the rates increase, their formal approval for that loan amount may be declined.

Springhill Group Seoul Korea`s largest bank reports 3,000 cases of loan -Mulitply

http://springhillgrouphome.multiply.com/journal/item/124/Koreas-largest-bank-reports-3000-cases-of-loan-doc-fraud-

Korea`s largest ban Kookmin has had 3,000 cases of document manipulation in applications for collective loans for intermediate payment. The bank said five people recently filed a petition to police after suffering losses from manipulation of related documents by bank staff, and has launched an investigation into similar cases. According to the Financial Supervisory Service and the bank, Kookmin probed between the end of last month and Aug. 10 manipulation cases on 200,000 collective loans for intermediate payment on 850 reconstruction and redevelopment apartment sites, and discovered more than 3,000 fraud cases. According to the bank`s findings, most cases involved employee manipulation of the expiration date of collective loans for intermediate payment. In the past, three years of maturity have typically been written for collective loans for intermediate payment regardless of when the borrower would move to the house. If the bank`s headquarters reduced the time to 26 or 27 months, however, bank employees would scrape out the number and put in three years again. If the lending period is shorter than the date written in the contract, the borrower would be pressured for repayment. Collective loans for intermediate payment are shifted to lending with home collateral. So a person can move into a house before the lending maturity expires, but failure to move in within the time frame would mean he or she must make the intermediate payment because it is not shifted to a home equity loan. Since the number of manipulation cases was bigger than expected, a massive filing of lawsuits is likely. Fraud was considerable in cases of apartments that people had signed contracts on, an area that has seen many conflicts between builders and banks. A financial regulatory source said, "Document manipulation cases, if identified, will raise the number of lawsuits by residents."

Springhill Group: warning to borrowers over interest-only mortgages - Tumblr

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Lenders have changed the goal posts considerably over the last few years and many borrowers are faced with being stuck on a variable rate Picture: Getty Images

 

By Jeff Salway 

 

Published on Saturday 8 September 2012 14:10 

 

Borrowers with interest-only mortgages have been urged to seek advice after a leading banker raised concerns over the number of people struggling to repay their loans. 

 

New Barclays chief executive Anthony Jenkins predicted this week that interest-only mortgages may be the next big mis-selling scandal. He identified the loans as a likely source of future complaints and said the bank, which has a large chunk of interest-only loans on its books, had already seen thousands of borrowers with problems repaying their capital.

 

Industry experts have been expressing fears for some time over the number of people with interest-only mortgages but with no viable means of repaying their capital at the end of the term.

 

Interest-only loans work by letting the borrower pay the interest first and clear the actual capital at the end of the term. They sold in massive numbers during the housing market boom, when homeowners and lenders were confident that house prices would continue soaring and enable capital to be repaid with sale proceeds. 

 

But some eight in ten people with interest-only mortgages maturing over the next decade have no adequate repayment strategy in place, according to the Financial Services Authority (FSA), which described the scenario as a “ticking time-bomb”.

 

The problem for borrowers has been exacerbated by a marked tightening of lending criteria. Where they used to offer interest-only loans to those with just 10 per cent deposits, most lenders now demand equity or a deposit of at least 50 per cent. 

 

They have also clamped down on the repayment plans they will accept. The Lloyds Banking Group brands, for example, will no longer accept cash savings (including Isas) as a way of repaying the capital on an interest-only mortgage. 

 

The crackdown came in anticipation of a regulatory ban on interest-only mortgages. The Financial Services Authority (FSA) has now moved away from that option, but it still plans restrictions on the way interest-only deals are repaid. 

 

“Lenders have changed the goal posts massively over the last two years and many borrowers are going to be stuck on a variable rate because they need to retain the interest-only payments,” said Alison Mitchell, mortgage expert at Edinburgh IFA Robson Macintosh. ”Lenders are choosing who they wish to lend to and interest-only is just another way of sifting out the unwanted.” That helps explain why lenders are being increasingly pro-active in checking if borrowers are on course to repay their mortgage.

 

Robin Purdie, director of MOV8 Financial in Edinburgh, said: “Many lenders with interest-only mortgages on their books are now writing to borrowers and asking them for an up-to-date picture of their repayment strategy, and whether it is on target or not.”

 

“They are doing so sooner than they historically might have done, or when a borrower is attempting to renew their product.”

 

If you do want to remortgage while staying on an interest-only loan, the lender will want evidence of a solid repayment strategy. 

 

Many, as mentioned already, will lend only to those with 50 or, in some cases, 75 per cent equity in their home. 

 

As Mitchell, pointed out, the change in criteria means a lot of borrowers face being stuck on their bank’s variable rate for the long-term because they don’t have sufficient equity to secure another interest-only mortgage. In other words, they will become mortgage prisoners. Worryingly for that group, lenders are raising the cost of their standard variable rate (SVR) mortgages even while the Bank of England base rate remains at 0.5 per cent. 

 

“The individuals coming off their current products and hoping to grab one of the many great low fixed rates on offer are in for a shock, unless they bite the bullet and switch to repayment.”

 

That switch to a capital repayment plan is the best option for many people, according to Purdie. But it may be unrealistic for those in or near retirement, he warned.

 

“It could be a problem for any older borrowers as their repayment period will be dramatically reduced now that lenders are reluctant to lend into retirement,” said Purdie. “This shortened repayment term could deem this to be an unaffordable option for many.”

 

There are other options, however. One is to work out if there’s another repayment vehicle you can use that will be acceptable to a lender. For instance, most lenders are still happy with savings and investment vehicles, so if you’ve got plenty of time left on your loan you could put together a savings plan that has capital repayment as the eventual goal.

 

Another possibility while mortgage rates are low is to overpay your loan, provided your terms allow it. This may improve your chances of securing either another interest-only mortgage or a decent fixed rate capital repayment deal. 

 

Younger borrowers could also take advantage of some lenders increasing the maximum age on their products – generally up to age 75 – by extending their term. “This potentially allows for a 40-year term and so reduces the monthly payments applicable,” said Mitchell. “By taking the loan over a longer period and reducing the capital, the mortgage can still be affordable.”

 

There are fewer options open to older borrowers, however, with the slow housing market and lower house prices effectively ruling out downsizing as a solution. 

 

There are ways out, though. A growing number of over-55s are looking to lifetime mortgage where interest payments are made, according to Mitchell.

 

“This means that the level of debt remains the same and doesn’t eat away all the equity in the property,” she explained. “There is no requirement to prove income and it can be set up with competitively priced rates. Its gives the borrower peace of mind knowing the debt will be cleared from the property.”

 

But with lenders not in the mood for compromise, the reality is that many borrowers will become mortgage prisoners. If you’ve got no capital repayment vehicle set up you may have little choice but to take whatever you’re offered. 

 

It’s vital to explore the options open to you before settling for that, however, which is why Mitchell urges borrowers to get help from a financial adviser.

 

“By doing this you can ensure all your options are fully considered and that the best route is taken, whether that be remaining with your current lender or finding a way to switch to a repayment mortgage.”

Springhill Group Seoul Korea :Briefs..... - thenews.com.pk - Facebook

 

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China paper hints at anti-Japan sanctions BEIJING: The mouthpiece of China’s Communist Party warned on Monday that Japan’s economy could suffer for up to 20 years if Beijing chose to impose sanctions over an escalating territorial row. Anti-Japanese protests have been held across China in recent days over a dispute on a group of small islands in the East China Sea claimed by both countries but controlled by Tokyo. The row intensified last week when the Japanese government bought three of the islands, effectively nationalising them, and China responded by sending patrol ships into the waters around them. Trade sanctions between Asia’s two biggest economies could cast a pall over growth on the continent, which major Western countries are counting on to drive recovery from the global slowdown. A commentary in the People’s Daily newspaper said the Japanese economy has already experienced two lost decades from the 1990s and was suffering further weakness in the aftermath of the world financial crisis and 2011 earthquake. Digital news offering aims at high ground WASHINGTON: It seems like a terrible time to be launching a news operation.But there are opportunities and niches, and the new digital media launch called Quartz from Atlantic Media Company seeks to exploit them. Quartz is set to launch in the coming weeks as a “100 percent digital” news operation covering “the most important themes of the new global economy,” said editor-in-chief Kevin Delaney. Quartz has been recruiting a small number of veteran journalists for an overall news staff of around 25 people. The operation will feature tablet and mobile displays as well as a desktop website, qz.com. “There is an opportunity to do great journalism on a digital platform,” Delaney, a former managing editor of The Wall Street Journal Online, told AFP.“It’s a great time to launch a proBject like this. We’ve learned the lessons of what works over the last few years.” Quartz will offer free content, with revenue coming from advertising, aiming to cover key global business issues and reach readers around the world.“We’re really confident in the ad-supported model,” Delaney said. “There has been strong advertiser interest.” The name Quartz was chosen “because it embodies the new brand’s essential character: global, disruptive and digital. Quartz, the mineral, is found all over the world, and plays an important role in tectonic activity,” a statement said. South Korea think-tank cuts growth forecast SEOUL: South Korea’s state-run think-tank on Monday cut its forecast for the country’s growth this year to 2.5 percent, citing the Eurozone debt crisis. The Korea Development Institute’s latest outlook is well below the government’s revised growth forecast in June of 3.3 percent, and over a percentage point below a May prediction of 3.6 percent. The country’s exports dropped sharply for a second straight month in August, suggesting the export-reliant economy is struggling with shrinking demand overseas. It said Asia’s fourth-largest economy is expected to expand 3.4 percent next year, gradually recovering from the slowdown caused by slow exports and sluggish domestic demand. Philippines tips economy to grow six percent MANILA: The Philippine economy could grow by almost six percent this year thanks to improving business optimism despite a series of destructive storms in recent months, officials said on Monday. The economy, which grew by 6.1 percent on year in the first half, could do even better in the rest of the year as the government implements measures to boost laggard sectors, socioeconomic planning secretary Arsenio Balisacan said. He added outsourced businesses, trade and tourism were all doing well and agriculture and manufacturing were expected to pick up in the second half. “With the healthy macroeconomic fundamentals and the higher business optimism, we will most likely hit the upper end of the 5-6 (percent) target,” he told a forum with investors. Heavy rains and storms last month and early-September, which left huge parts of the capital flooded, killings scores and displacing millions, had only a minimal effect on the economy, Balisacan added. He said farmers still had time to re-plant after the storms, adding that the floods affected mostly small businesses and not the large factories or call centres. Tourism Secretary Ramon Jimenez cited the 11.68 percent rise in tourist arrivals to 2.2 million in the first half of the year as a further reason for optimism. Central bank governor Amando Tetangco reported a 5.3 percent rise in remittances from the millions of Filipino working overseas to $13.3 billion in the first seven months of 2012.The officials also reported increased interest from potential foreign investors, following President Benigno Aquino’s election in 2010 on an anti-corruption platform. Turkish unemployment rate drops to 8 percent ISTANBUL: Turkey’s unemployment rate fell to eight percent of the workforce in the three months from May to July, the lowest in more than a decade, official data showed on Monday. The number of unemployed people fell by 311,000 over the period to reach 2.226 million, Turkish Statistics Institute (TUIK) said on its website on the basis of a survey of 95,699 people. Unemployed rate stood at 9.2 percent in the same period of 2011. Since then the number of people in jobs increased from 24.901 million to 25.577 million. Turkey’s economy staged a spectacular recovery from the global crisis, growing by 8.9 percent in 2010 and by 8.5 percent in 2011.Unemployment remains a major challenge for the government in a 73 million strong country where many young people enter the workforce each year. Turkey’s jobless rate is determined through household surveys across the country, which are then used to make a nationwide three-month projection. But experts say the figures do not reflect the overall picture because of widespread undeclared or hidden unemployment, or the employment of highly-educated people in menial jobs. Turkish unemployment rocketed to an annual 10.3 percent in 2001 following a major financial crisis, from a steady 6.5 percent in the previous year. Major Companies Declare Results By our correspondent APL announces final cash dividend of Rs32.50 KARACHI: Attock Petroleum Limited (APL) announced on Monday a final cash dividend of Rs32.50 per share though its profit-after-tax for the year ended June 30 slightly down by four percent to Rs4.12 billion from Rs4.25 billion last year, said a statement of the company. The divided was in addition to interim cash dividend of Rs17.50 per share. Therefore, total divided for the year was calculated at Rs50 per share, according to the profit and loss account of the company. The earnings per share stood at Rs59.61 from 61.58 last year. Net sales of the company rose by 39 percent to Rs176.81 billion from Rs127.03 billion last year. However, the financing cost increased by 77 percent to Rs1.21 billion from Rs682.66 million. POL earns profits of Rs11.85bn The profit-after-tax of Pakistan Oilfields Limited increased by 10 percent to Rs11.85 billion for the year ended June 30 from Rs10.81 billion earnings last year, said a statement on Monday. This translated into the earnings per share of Rs50.11 from Rs45.72 last year, according to the profit and loss account of the company. The company announced a final cash dividend of Rs35 per share. This was in addition to Rs17.50 interim dividend. Therefore, the cumulative dividend for the year stood at Rs52.50 per share. Net sales of the company increased to Rs30.82 billion from Rs27.10 billion last year. Exploration cost declined by 45 percent to Rs1.07 billion from Rs593.55 million. However, the financing cost increased by 206 percent to Rs684.57 million from Rs223.93 million. ARL profit rises to Rs2.73bn Attock Refinery Limited posted a net profit of Rs2.73 billion for the year ended June 30, which was 25 percent higher than Rs2.18 billion last year, said a statement. The net profit included profit-after-tax from refinery operations of Rs1.14 billion and income from non-refinery operations of Rs1.58 billion during the period under review. Last year, the company earned Rs1.11 billion from refinery operations and Rs1.06 billion from non-refinery operations, said the profit and loss account of the company. Therefore, total earnings per share stood at Rs32.07 from Rs25.63 last year. The company also announced a final cash dividend of Rs6 per share. This was in addition to Rs1.50 per share the company has already paid to the shareholders The sales of the company surged by 33 percent to Rs154.38 billion during the period under review from Rs116.38 billion last year. The financing cost increased by 22 times to Rs994.73 million from Rs45.45 million last year. Fauji Cement earns over half-a-billion profit Fauji Cement Company Limited reported a profit-after-tax of Rs552.59 million for the year ended June 30, which was 30 percent higher than Rs425.66 million earned in the previous year, said a statement issued by the company. The earnings per share (EPS) were calculated lower at 29 paisas against 52 paisas last year, according to the profit and loss account of the company available with the Karachi Stock Exchange. M Affan Ismail, an analyst at BMA Capital, reported that EPS diluted in the year under review due to addition of 1,905 million shares. The increase in earnings was primarily attributable to strong gross margin coupled with improved sales, he said. Phenomenal surge in cement prices coupled with meager decline in coal prices resulted in gross margin growth of nine percentage points to 27 percent. Moreover, the utilisation of additional capacity of 2.1 million tons resulted in higher sales, which further improved the profits. The net sales of the company surged by 143 percent to Rs11.52 billion from Rs4.74 billion last year. However, financing cost on loan obtained for capacity expansion kept the earnings under pressure, as the cost augmented to Rs1.83 billion from Rs103.92 million last year.

Springhill Group Seoul Korea`s largest bank reports 3,000 cases of loan -Mulitply

http://springhillgrouphome.multiply.com/journal/item/124/Koreas-largest-bank-reports-3000-cases-of-loan-doc-fraud- 

Korea`s largest bank Kookmin has had 3,000 cases of document manipulation in applications for collective loans for intermediate payment.

The bank said five people recently filed a petition to police after suffering losses from manipulation of related documents by bank staff, and has launched an investigation into similar cases.

According to the Financial Supervisory Service and the bank, Kookmin probed between the end of last month and Aug. 10 manipulation cases on 200,000 collective loans for intermediate payment on 850 reconstruction and redevelopment apartment sites, and discovered more than 3,000 fraud cases.

According to the bank`s findings, most cases involved employee manipulation of the expiration date of collective loans for intermediate payment. In the past, three years of maturity have typically been written for collective loans for intermediate payment regardless of when the borrower would move to the house. If the bank`s headquarters reduced the time to 26 or 27 months, however, bank employees would scrape out the number and put in three years again.

If the lending period is shorter than the date written in the contract, the borrower would be pressured for repayment. Collective loans for intermediate payment are shifted to lending with home collateral. So a person can move into a house before the lending maturity expires, but failure to move in within the time frame would mean he or she must make the intermediate payment because it is not shifted to a home equity loan.

Since the number of manipulation cases was bigger than expected, a massive filing of lawsuits is likely. Fraud was considerable in cases of apartments that people had signed contracts on, an area that has seen many conflicts between builders and banks.

A financial regulatory source said, "Document manipulation cases, if identified, will raise the number of lawsuits by residents."

Springhill Group:Briefs..... - thenews.com.pk - Facebook

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China paper hints at anti-Japan sanctions BEIJING: The mouthpiece of China’s Communist Party warned on Monday that Japan’s economy could suffer for up to 20 years if Beijing chose to impose sanctions over an escalating territorial row. Anti-Japanese protests have been held across China in recent days over a dispute on a group of small islands in the East China Sea claimed by both countries but controlled by Tokyo. The row intensified last week when the Japanese government bought three of the islands, effectively nationalising them, and China responded by sending patrol ships into the waters around them. Trade sanctions between Asia’s two biggest economies could cast a pall over growth on the continent, which major Western countries are counting on to drive recovery from the global slowdown. A commentary in the People’s Daily newspaper said the Japanese economy has already experienced two lost decades from the 1990s and was suffering further weakness in the aftermath of the world financial crisis and 2011 earthquake. Digital news offering aims at high ground WASHINGTON: It seems like a terrible time to be launching a news operation.But there are opportunities and niches, and the new digital media launch called Quartz from Atlantic Media Company seeks to exploit them. Quartz is set to launch in the coming weeks as a “100 percent digital” news operation covering “the most important themes of the new global economy,” said editor-in-chief Kevin Delaney. Quartz has been recruiting a small number of veteran journalists for an overall news staff of around 25 people. The operation will feature tablet and mobile displays as well as a desktop website, qz.com. “There is an opportunity to do great journalism on a digital platform,” Delaney, a former managing editor of The Wall Street Journal Online, told AFP.“It’s a great time to launch a proBject like this. We’ve learned the lessons of what works over the last few years.” Quartz will offer free content, with revenue coming from advertising, aiming to cover key global business issues and reach readers around the world.“We’re really confident in the ad-supported model,” Delaney said. “There has been strong advertiser interest.” The name Quartz was chosen “because it embodies the new brand’s essential character: global, disruptive and digital. Quartz, the mineral, is found all over the world, and plays an important role in tectonic activity,” a statement said. South Korea think-tank cuts growth forecast SEOUL: South Korea’s state-run think-tank on Monday cut its forecast for the country’s growth this year to 2.5 percent, citing the Eurozone debt crisis. The Korea Development Institute’s latest outlook is well below the government’s revised growth forecast in June of 3.3 percent, and over a percentage point below a May prediction of 3.6 percent. The country’s exports dropped sharply for a second straight month in August, suggesting the export-reliant economy is struggling with shrinking demand overseas. It said Asia’s fourth-largest economy is expected to expand 3.4 percent next year, gradually recovering from the slowdown caused by slow exports and sluggish domestic demand. Philippines tips economy to grow six percent MANILA: The Philippine economy could grow by almost six percent this year thanks to improving business optimism despite a series of destructive storms in recent months, officials said on Monday. The economy, which grew by 6.1 percent on year in the first half, could do even better in the rest of the year as the government implements measures to boost laggard sectors, socioeconomic planning secretary Arsenio Balisacan said. He added outsourced businesses, trade and tourism were all doing well and agriculture and manufacturing were expected to pick up in the second half. “With the healthy macroeconomic fundamentals and the higher business optimism, we will most likely hit the upper end of the 5-6 (percent) target,” he told a forum with investors. Heavy rains and storms last month and early-September, which left huge parts of the capital flooded, killings scores and displacing millions, had only a minimal effect on the economy, Balisacan added. He said farmers still had time to re-plant after the storms, adding that the floods affected mostly small businesses and not the large factories or call centres. Tourism Secretary Ramon Jimenez cited the 11.68 percent rise in tourist arrivals to 2.2 million in the first half of the year as a further reason for optimism. Central bank governor Amando Tetangco reported a 5.3 percent rise in remittances from the millions of Filipino working overseas to $13.3 billion in the first seven months of 2012.The officials also reported increased interest from potential foreign investors, following President Benigno Aquino’s election in 2010 on an anti-corruption platform. Turkish unemployment rate drops to 8 percent ISTANBUL: Turkey’s unemployment rate fell to eight percent of the workforce in the three months from May to July, the lowest in more than a decade, official data showed on Monday. The number of unemployed people fell by 311,000 over the period to reach 2.226 million, Turkish Statistics Institute (TUIK) said on its website on the basis of a survey of 95,699 people. Unemployed rate stood at 9.2 percent in the same period of 2011. Since then the number of people in jobs increased from 24.901 million to 25.577 million. Turkey’s economy staged a spectacular recovery from the global crisis, growing by 8.9 percent in 2010 and by 8.5 percent in 2011.Unemployment remains a major challenge for the government in a 73 million strong country where many young people enter the workforce each year. Turkey’s jobless rate is determined through household surveys across the country, which are then used to make a nationwide three-month projection. But experts say the figures do not reflect the overall picture because of widespread undeclared or hidden unemployment, or the employment of highly-educated people in menial jobs. Turkish unemployment rocketed to an annual 10.3 percent in 2001 following a major financial crisis, from a steady 6.5 percent in the previous year. Major Companies Declare Results By our correspondent APL announces final cash dividend of Rs32.50 KARACHI: Attock Petroleum Limited (APL) announced on Monday a final cash dividend of Rs32.50 per share though its profit-after-tax for the year ended June 30 slightly down by four percent to Rs4.12 billion from Rs4.25 billion last year, said a statement of the company. The divided was in addition to interim cash dividend of Rs17.50 per share. Therefore, total divided for the year was calculated at Rs50 per share, according to the profit and loss account of the company. The earnings per share stood at Rs59.61 from 61.58 last year. Net sales of the company rose by 39 percent to Rs176.81 billion from Rs127.03 billion last year. However, the financing cost increased by 77 percent to Rs1.21 billion from Rs682.66 million. POL earns profits of Rs11.85bn The profit-after-tax of Pakistan Oilfields Limited increased by 10 percent to Rs11.85 billion for the year ended June 30 from Rs10.81 billion earnings last year, said a statement on Monday. This translated into the earnings per share of Rs50.11 from Rs45.72 last year, according to the profit and loss account of the company. The company announced a final cash dividend of Rs35 per share. This was in addition to Rs17.50 interim dividend. Therefore, the cumulative dividend for the year stood at Rs52.50 per share. Net sales of the company increased to Rs30.82 billion from Rs27.10 billion last year. Exploration cost declined by 45 percent to Rs1.07 billion from Rs593.55 million. However, the financing cost increased by 206 percent to Rs684.57 million from Rs223.93 million. ARL profit rises to Rs2.73bn Attock Refinery Limited posted a net profit of Rs2.73 billion for the year ended June 30, which was 25 percent higher than Rs2.18 billion last year, said a statement. The net profit included profit-after-tax from refinery operations of Rs1.14 billion and income from non-refinery operations of Rs1.58 billion during the period under review. Last year, the company earned Rs1.11 billion from refinery operations and Rs1.06 billion from non-refinery operations, said the profit and loss account of the company. Therefore, total earnings per share stood at Rs32.07 from Rs25.63 last year. The company also announced a final cash dividend of Rs6 per share. This was in addition to Rs1.50 per share the company has already paid to the shareholders The sales of the company surged by 33 percent to Rs154.38 billion during the period under review from Rs116.38 billion last year. The financing cost increased by 22 times to Rs994.73 million from Rs45.45 million last year. Fauji Cement earns over half-a-billion profit Fauji Cement Company Limited reported a profit-after-tax of Rs552.59 million for the year ended June 30, which was 30 percent higher than Rs425.66 million earned in the previous year, said a statement issued by the company. The earnings per share (EPS) were calculated lower at 29 paisas against 52 paisas last year, according to the profit and loss account of the company available with the Karachi Stock Exchange. M Affan Ismail, an analyst at BMA Capital, reported that EPS diluted in the year under review due to addition of 1,905 million shares. The increase in earnings was primarily attributable to strong gross margin coupled with improved sales, he said. Phenomenal surge in cement prices coupled with meager decline in coal prices resulted in gross margin growth of nine percentage points to 27 percent. Moreover, the utilisation of additional capacity of 2.1 million tons resulted in higher sales, which further improved the profits. The net sales of the company surged by 143 percent to Rs11.52 billion from Rs4.74 billion last year. However, financing cost on loan obtained for capacity expansion kept the earnings under pressure, as the cost augmented to Rs1.83 billion from Rs103.92 million last year.