ISLAMABAD: Cnergyico Pk Limited, the country’s largest refiner, is eyeing more than $1 billion in investment following the introduction of a new government policy aimed at stimulating the industry. Following its investment, Cnergyico plans to enhance its production of Euro-V compliant motor gasoline and high-speed diesel, simultaneously decreasing its furnace oil output in response to its decli
ISLAMABAD: Pakistan has decided to follow the Turkish model through outsourcing the management of power distribution companies (DISCOs) in an attempt to reduce losses, bring efficiency and attract investment. To adopt the Turkish model, the government of Pakistan has agreed with the International Monetary Fund (IMF) that it will engage a transaction adviser for long-term concessions by the end
KARACHI: Moody’s Investors Service has left Pakistan’s long-term issuer rating unchanged at ‘Caa3’, suggesting the country is facing high credit risk, as doubts arise over the new government’s ability to swiftly negotiate a new International Monetary Fund (IMF) loan programme after the current one expires in April 2024. The global rating agency maintained a ‘stable outlook’ on the credit rating
Alibaba-owned e-commerce platform Daraz Group has announced layoffs across the group to “adopt a more streamlined and agile structure”, acting Chief Executive Officer James Dong said on Tuesday in an internal memo to employees reviewed by Reuters. The memo did not mention the number of people affected by the layoff. Daraz declined to comment on the percentage or absolute number of employees imp
The State Bank of Pakistan (SBP) has eased up the repatriation of profits and dividends on foreign investments, as a result the outflow in January rose to $127 million. For over a year, the SBP has been under serious criticism in and outside the country for imposing restrictions on the outward remittance of profits on foreign investment, which fell sharply during FY23. The SBP data on Tuesda