Oil prices shed value during the first session of 2024, on the back of interest rate jitters and as concerns eased that tensions in the Red Sea could disrupt supplies. Brent crude was down 45 cents, or 0.6 per cent, at $76.59 a barrel at 13:15 p.m. ET (18:15 GMT). US West Texas Intermediate crude was down 60 cents, or 0.8pc, at $71.05. Prices rose briefly in early trade after attacks on vess
The Privatisation Commission on Tuesday completed the divestment process of Heavy Electrical Complex (HEC) by handing over the share certificates to the buyer IMS Engineering (Pvt) Ltd. In a final settlement of the Rs1.4 billion transaction, the buyer has not only made the full payment but also taken over additional liabilities of Rs752 million payable to the Bank of Khyber. The government
The Competition Commission of Pakistan (CCP) has approved a merger in the deep-sea container liner shipping services market. Through the approved merger, PIL Holdings Pte Ltd acquires minor shareholding in PIL Pte Ltd, both entities are registered in Singapore. The PIL Pte has an indirect subsidiary in Pakistan called Pacific Delta Shipping (PDSPL). PDSPL serves as the designated local agent
Some revival in construction activities propelled local cement sales by a mere one per cent year-on-year to 20.223 million tonnes during July-December of FY24, while exports soared by 111pc to 3.653m tonnes from 1.734m tonnes the same period a year ago. As a result, the cumulative cement despatches (domestic and export) grew 9.7pc to 23.876m tonnes in 1HFY24 versus 21.674m tonnes, according to
Merchandise exports grew for the fourth consecutive month in December, reaching an 18-month high, indicating a recovery of export-led industrial growth. In absolute terms, the export proceeds were recorded at $2.82 billion in December against $2.30bn over the corresponding month last year, indicating a growth of 22.21pc, data released by the Pakistan Bureau of Statistics showed on Tuesday. O