AKD Group Holdings Ltd of stockbroker Aqeel Karim Dhedhi said on Wednesday it intends to buy a majority shareholding and control in EFG Hermes Pakistan Ltd, a brokerage house listed on the Pakistan Stock Exchange. The regulatory filing offered few details about the expected price or the exact shareholding that the potential acquirer is looking for, except that it should be at least 51pc of the
PML-N leader Miftah Ismail said on Thursday that Pakistan suffered “a big loss” due to Finance Minister Ishaq Dar’s approach of “giving a cold shoulder” to the International Monetary Fund (IMF). “All of our experts knew this approach was bound to fail and we have seen its result,” the former finance czar said on Geo News programme ‘Geo Pakistan’. This is not the first time that Ismail, who s
As the Pakistani rupee plunged to a record low against the dollar, domestic gold prices hit an all-time high of Rs195,500 per tola after gaining Rs4,900 on Thursday. According to the All Sindh Sarafa Jewellers Association (ASSJA), the 10-gram rate of the yellow metal jumped Rs4,201 to Rs167,610. Further, the rate in the international market jumped to $1,936 after an increase of $11. The d
The forewarning of a meltdown as soon as the ‘unannounced’ peg on the dollar rate would be lifted materialised on Thursday when the USD value shot up by a record Rs24.54 in the interbank market. The government’s move to remove ‘the cap’ and to allow market factors to determine the exchange rate came at the back of the International Monetary Fund’s demand to revive the stalled loan programme.
A day after Pakistan removed the exchange rate cap giving way to over nine per cent depreciation of the rupee, the International Monetary Fund (IMF) on Thursday announced fielding its staff mission to Pakistan on Jan 31 for talks on the 9th quarterly review of a funding programme pending for almost four months. “At the request of the (Pakistan) authorities, an in-person Fund mission is schedule