The Competition Commission of Pakistan (CCP) has approved the acquisition of 11.9 per cent paid-up ordinary share capital of Sindh Engro Coal Mining Company (SECMC) Ltd by International Electric Power (Pvt) Ltd (IEPWR) under a Share Purchase Agreement (SPA). The IEPWR, established in March for this transaction, is jointly owned by Liberty Power Holding, Soorty Enterprises and Procon Engineeri
Overseas Pakistanis sent 44 per cent more remittances in the first two months (July and August) of the current fiscal year (FY25), compared to the same period of the previous fiscal year. In July, remittances went up by 48 per cent year-on-year, setting a trend of higher inflows. The receipts for July were $2.994 billion, but it dipped to $2.942bn in August. According to data issued by the S
Punjab’s unplanned power subsidies have emerged as the second most significant impediment to Pakistan’s much-anticipated $7 billion bailout from the Intentional Monetary Fund (IMF). In July, Pakistan reached a Staff-Level Agreement (SLA) for a new 37-month $7bn Extended Fund Facility. However, the agreement will take effect following the IMF Executive Board meeting, which has yet to be placed o
Pakistan Stock Exchange (PSX) on Friday ended with thin gains as investors resorted to profit-taking at attractive levels following a spike in the KSE-100 index earlier in the day. The absence of encouraging developments kept investors cautious, leading to limited activity in major stocks while smaller companies attracted the interest of market players. The index opened on a positive note in
The idea that devaluations make a country's goods more "competitive" is pure gold to governments. Enhanced "competitiveness", in turn, is believed to increase exports and reduce imports, thereby improving the country's trade account, employment, balance of payments and domestic budget. Governments also believe that changing the value of their country's currency will, in some way, go unnoticed i